BFC Fixed Income prices continue to improve in the new year. However, with most issues trading above par, an old trap for BDC debt investors comes back into focus: will your favorite BDC debt issue purchased at a premium be redeemed early at par ?
BDC sector prices began 2021 with a robust increase. We discuss the week’s winners and losers as well as projecting out how the year might play out following the biggest net total loss in the last 10 years, according to the S&P BDC index.
Saratoga Investment is the first BDC to report fourth quarter 2020 results – albeit through November. The BDC Reporter reviews the latest performance and what we might learn more generally about the state of the BDC sector.
Ares Capital issues new unsecured debt at a historically low yield. The BDC Reporter reviews the implications for the market leader and for the sector generally.
New Mountain Finance announces an extension of its share repurchase program. The BDc Reporter uses the opportunity to review the BDC’s history and approach to buying back its own stock.
In advance of Saratoga Investment’s upcoming earnings release, the BDC Reporter surveys the risks and opportunities of investing. We even offer up a 5 year price target for anyone interested in long term projections.
A public company, which is in the portfolio of three different BDCs, has been charged with accounting fraud by the SEC, as recently mentioned in the BDC Credit Reporter. We re-publish the article and discuss which BDCs are involved and for which dollar amounts.
The BDC Fixed Income market ends 2020 with a flourish and a new post-Covid price record. We look forward into 2021, and even beyond to see what the future holds for publicly traded BDC unsecured debt.
2020 is finally over and the BDC Reporter recaps how the last two weeks – and the year – closed out.
Medley Capital is changing how the BDC is managed and named. We discuss the details and offer up some strong opinions about what’s happening here.
Harvest Capital has provided some updates on underperforming portfolio companies in advance of its merger with Portman Ridge. We use the opportunity to review the BDC’s credit position.
Harvest Capital is to merge into Portman Ridge, continuing a public BDC consolidation process. We analyze what we know about the merger but also look at the bigger picture of a changing BDC landscape.
TriplePoint Venture Growth announces a special distribution for 2020. The BDC Reporter takes the opportunity to review the BDC’s gains and losses in 2020 and to predict what 2021 might bring.
A portfolio company of Medley Capital is involved in Operation Warp Speed. We discuss the possible implications for the BDC’s shareholders.
With less than two weeks till year end BDC Fixed Income prices remain at record YTD levels. The BDC Reporter compares where we currently stand with year-end results back to 2017, but we also speculate about what happens to the public BDC Fixed Income segment in 2021.
The BDC common stock rally is over for the moment. The BDC Reporter sums up the year with two weeks left in 2020 and muses about how 2021 might be different.
Fidus Investment issues new unsecured debt which breaks new ground in terms of pricing and size.
TriplePoint Venture Growth extends and expands its Revolver. The BDC Reporter discusses the broader implications of this routine move.
As expected, Barings BDC does not intend to hold onto MVC Capital’s only Baby Bond (MVCD) once MVC Capital has been acquired. We learn what Barings has in mind for MVCD, which includes a little surprise.
The BDC Reporter has de-constructed Medley Capital’s large cohort of underperforming portfolio companies to ascertain what value remains in this worst performing BDC.