Saratoga Investment issues a new publicly traded Baby Bond – first since the current crisis. We analyze the impact on the BDC’s balance sheet; earnings and liquidity as well as what this might mean for BDC debt issuance in the weeks ahead.

Read the transcript or listen to the recording of the Active Investment Company Alliance webinar about IQ 29020 BDC earnings season, including the contribution to the dialogue by the BDC Reporter. Recorded June 11.

The BDC Reporter welcomes the most recent addition to the public BDC sector : FS KKR Capital II. We discuss how the BDC just switched from non-listed to listed and review the history; balance sheet; dividend and credit quality of the new player. We also place this expansion of the size of the public BDC sector in a broader context and ask some hard questions.

This is nominally an article about an underperforming Great Elm portfolio company, but mostly a dissertation on how BDC credit defaults might divide into three distinct waves in the months ahead. Here we mostly review the “second wave” but keep an eye out for what might be following behind.

The BDC Reporter will be a featured speaker on a panel when the Active Investment Company Alliance reviews IQ 2020 BDC earnings results on Thursday at 2:00 p.m EST. We provide all the details for this free event and a link to the registration form for anyone interested.

Another BDC-portfolio company inches closer to default. We use the opportunity for a broader discussion about sector-wide credit risks going forward and why we’re skeptical that the Fed – successful intervening elsewhere – will succeed to help the thousands of non-investment grade companies getting into credit trouble.

A leading bakery supplies company is in deep financial trouble and four BDCs are at risk of facing a default on their debt.

A compendium of BDC-related credit developments for June 4, 2020. No huge headlines but there’s news out of two famous bankruptcies in which BDCs remain involved.

A compendium of BDC-related credit developments for June 3, 2020. Two more BDC-financed companies file for bankruptcy protection this month, bringing total to 3.