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.
The BDC common stock rally may have hit the pause button, but the Fixed Income sector marches on and may end up higher by year’s end.
The BDC price rally comes to a halt after five weeks. We discuss some of the winners and losers in the week and the outlook for the rest of the year.
Medley Capital closes BDC earnings season with predictably poor results and leaves the BDC Reporter rhetorically asking: “What’s next ?”
We review Capital Southwest’s latest change to its Revolver and the implications for the BDC’s balance sheet going forward.
The BDC Reporter annotates BlackRock Capital’s conference call transcript regarding anything related to credit following a disastrous IIIQ 2020 performance.
Gladstone Capital taps a buoyant market for new unsecured BDC debt. We analyze the impact on GLAD’s capitalization, liquidity and earnings and on the broader BDC fixed income market.
The BDC Reporter annotates Barings BDC’s IIIQ 2020 conference call transcript, but only where credit issues are concerned. Second in a series.
BDC Fixed Income prices remain at post-Covid highs and new issuance robust. The BDC Reporter looks back on a difficult year for debt investors and comes to a couple of heartening conclusions.
Week Five of the BDC rally and everything is awesome…The BDC Reporter counts the ways but also offers up some countervailing thoughts not in the spirit of the season.
The BDC Reporter tries something new: annotating and commenting on the sections of BDC conference call transcripts that deal with credit matters. First up: Gladstone Investment.
We re-publish an article from the BDC Credit Reporter about the restructuring and realized loss of a Golub Capital portfolio company.
Owl Rock Capital issues new unsecured debt. The BDC Reporter discusses what makes this offering notable.
Before we review Owl Rock Capital’s latest debt offering, we’re offering up a brief review of the IIIQ 2020 results.
Golub Capital’s fiscal fourth quarter results live up to the BDC’s reputation for reliability, which was briefly lost earlier in the year. Still, the BDC still has a major challenge ahead…
The holiday-shortened week saw new records broken for BDC Fixed Income prices and much investor enthusiasm for the more troubled issuers. Plus, we discuss two business developments affecting BDC unsecured debt in a slow week for breaking news.
Thanksgiving coincides with the fourth week of the BDC price rally. We discuss the key metrics and offer up a guess at which way prices might be headed for the rest of the year and what the key issue of 2021 might be.
We re-publish posts from the BDC Credit Reporter about developments at seven Apollo Investment portfolio companies. There’s plenty going on.
The Medley story adds another twist, with an unexpected switch to internal management beginning in the new year. We offer some analysis but no definitive answers.
As expected, the two FS KKR public BDC funds are planning to merge. However, there’s an unexpected change in compensation that will leaves shareholders of the super-sized BDC much poorer.