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.
For the third time in a row, the BDC Reporter undertakes a quarterly review of Apollo Investment’s credit performance and outlook.
The BDC Fixed Income sector reached a predicted price milestone in the week ended November 20, 2020. Will 2021 see the sector break all price records ? Some new developments suggest the possibility.
Merrily the BDC price rally rolls along for a third week. Recent BDC IIIQ 2020 results mostly support investors enthusiasm.
PennantPark Investment highlights several portfolio investment gains but the BDC Reporter finds the full picture of IIIQ 2020 results more complex.
For a second quarter in a row Oaktree Specialty Lending outperforms by most metrics. We count the ways but also point out potential weaknesses in a much improved BDC that’s about to get bigger by swallowing up its sister fund.
Great Elm discusses its new investment strategy – following a rights offering- on the IIIQ 2020 conference call. The BDC Reporter provides context and highlights both upside and downside.
BDC Fixed Income prices reach a new post-pandemic record. We discuss details and provide an early estimate of what 2020 might show as a total return for debt investors and speculate about 2021.
Week three of BDC earnings season was also week two of a mighty rally in prices. We discuss causes, impact and the likely way forward with the end of this worst of years in sight.
The BDC Reporter has much to say about FS KKR Capital’s results and conference call commentary.
Newtek Business has announced its IVQ 2020 dividend, bringing its annual total below what the BDC Reporter and the BDC itself had initially hoped for.
Barings BDC had a favorable IIIQ 2020, credit losses notwithstanding. The BDC is undergoing numerous changes, which we discuss.
In a not unexpected move, Great Elm Capital takes a hatchet to its distribution, but switches the payout back to cash from mostly in stock. However, can even the new lower distribution be maintained ?
WhiteHorse Finance’s results for the IIIQ 2020 are better than in the prior quarter and the BDC seems to be on a roll.
BDC Fixed Income prices did not begin to match what happened to their common stock counterparts. Also, some good quarterly results did not have their expected impact on the price of the BDCs involved.
This week saw an unexpected and record-making reversal in BDC prices after weeks of red ink. The BDC Reporter also speaks to the outlook for the rest of 2020.
Bain Capital Specialty Finance had a good third quarter 2020 by all measures but – burdened by the mistakes of the past – the outlook for the dividend remains gloomy.