The median BDC Fixed Income price climbs ever closer to par and even the underperformers are moving upward. Nonetheless, the BDC Reporter has a word of caution amidst a greatly improved overall environment for BDC debt holders.
A week without BDC earnings resulted in a drop in prices. We quantify how much and take a fresh look at where the BDC sector sits price and fundamentals-wise with all but two players having reported their results.
We annotate Stellus Capital’s conference call transcript after a relatively positive second quarter. However, liquidity remains constrained and investors appear undecided as to what to believe.
We annotate Capital Southwest’s second quarter 2020 conference call transcript that covers a lot of ground: earnings, AUM, dividend, credit and – most of all – important news from the SBA.
Several public and private BDCs with over $100mn in exposure are benefiting from an upgrade to a portfolio company. We discuss the details and make an observation about what’s happening in the bankruptcy arena.
Fitch Ratings updates its view on New Mountain Finance. The BDC Reporter analyzes the rating group’s press release and offers its own – very similar – evaluation. This includes initiating our own unsecured debt rating for the BDC’s only Baby Bond.
The BDC Reporter mines the company-by-company research undertaken by the BDC Credit Reporter to undertake a IIQ 2020 Credit Review of Apollo Investment.
Another week, another compendium drawn from the BDC News Feed of all the developments in the sector during the week ended Friday August 14, 2020.
The BDC Fixed Income sector climb upwards towards par pricing continued for another week. There are still a few BDC issuers with question marks around them but the overall outlook for prices is looking good.
BDC earnings season is just about over and sector prices moved up again. We discuss many of the individual BDC gainers and some of the losers and the impetus for both.
Late in the second quarter of BDC earnings season, Oaktree Specialty Lending surprised the BDC Reporter, resulting in a key re-rating of the BDC’s outlook for the future.
Goldman Sachs BDC maintains its dividend unchanged after a better-than-some-expected IIQ 2020 financial performance. The BDC Reporter provides an update.
In a surprise development Barings BDC is acquiring MVC Capital. Here’s the BDC Reporter’s First Look, with a full review to follow a planned conference call.
Pretty much everything that could go wrong for Garrison Capital in the IIQ 2020 did so, starting with a two-thirds cut in the dividend.
FS-KKR Capital reported IIQ 2020 results which – at first approach – seemed neither very good nor very bad, as we explain.
Oaktree Strategic Income’s Net Asset Value Per Share increased sharply in the second quarter. The rest of the numbers we use to evaluate the BDC ? Not so much.
The BDC Reporter collects all the stories from a very busy second week of BDC earnings season
BDc Fixed Income prices are getting very close to returning to par pricing, or better. Still, a few BDC issuers have been left behind, as discussed herein. The future for BDC unsecured debt issuance, though, looks bright.
With a little bit more time on our hands, we take a first look at recently renamed and re-branded First Eagle Alternative Capital BDC (yes, that is the full name given) after second quarter 2020 results are posted. Unfortunately, we worry that the future might be like the past.
Monroe Capital’s second quarter 2020 results were boosted by a one time gain, but progress is undeniable. However, questions remain about what lies ahead.