With BDC earnings season around the corner, the sector’s prices stabilized but individual BDCs remained highly volatile both up and down. The BDC Reporter discusses the upcoming earnings and portfolio releases and their importance in the short and longer term in what looks like a critical year in the history of the sector.
We re-publish a new article from the BDC Credit Reporter about a huge, publicly traded portfolio company getting into trouble. Our main purpose, though, is to make a broader – and very important – point about credit expectations across the BDC sector.
Carlyle’s public BDC – TCG BDC – provides an update on key metrics, but leaves much unsaid. The BDC Reporter connects the dots as much as possible and offers up our assessment of the principal challenge that lies ahead for this recently public BDC with the famous parent.
Given the large amounts and the multiple number of public BDCs involved, we re-publish a BDC Credit Reporter article about a troubled restaurant chain.
TPG Specialty offers up – in the form of a slide presentation – its arguments as to why shareholders should agree to selling new shares below book value. We review the case made and make our own views known.
For the last time – given that BDC earnings season launches this week – the BDC Reporter updates its compendium of all BDC developments since the Covid-19 crisis began. Plenty of items to review, but less than we expected.
THL Credit’s new external manager pens a letter to shareholders with news of a new NAV Per Share and much more. The BDC Reporter dissects the information at hand and peers into an uncertain future as best we can.
Goldman Sachs BDC has released its estimate of IQ 2020 balance sheet and earnings highlights. We annotate the entire press release; analyze what we’re told and point out what we’re not.
The shaking and rattling of prices in the BDC Fixed Income sector quieted this week. We review the metrics and news developments affecting issuers. The BDC Reporter, though, explains why coming weeks may not be as quiet as this one.
The huge BDC rally of the week before came to a halt, but there were plenty of interesting and unusual price and news developments. The BDC Reporter takes this opportunity to worry aloud about what may lie ahead from a credit standpoint in a very uncertain economic, political and financial environment. Read with a stiff drink.
The BDC Reporter re-publishes five new articles written by the BDC Credit Reporter just in the last two days about BDC portfolio companies on or just added to the Underperformers list.
TPG Specialty pens a forthcoming Stakeholder Letter packed with key metrics about the BDC’s current state. The BDC Reporter analyzes the main points of the letter and – along with TPG Specialty itself- offers a view of what the future might hold for BDC lenders generally.
We re-publish an article about a Gladstone Capital portfolio company recently added to the underperformers list due to the Covid-19 crisis, one of many such BDC-financed companies impacted by the changed environment.
We republish an article from the BDC Credit Reporter about the downgrade by our sister publication of a Oaktree Specialty Lending portolio company.
Main Street Capital – a little late in the day – gets round to updating shareholders about the impact of the Covid-19 crisis on its balance sheet, earnings and dividends. We analyze what we’ve learned to estimate liquidity; leverage and the likely payouts to expect from this much-beloved BDC.
Golub Capital is preparing for a Rights Offering. In anticipation, the BDC published certain preliminary IQ 2020 metrics which the BDC Reporter has sought to analyze. By the end, we are left confused by the BDC’s new strategy.
BDC Fixed Income prices have a good week, mirroring their common stock counterparts. Yet, we’re far from the days when most every unsecured debt issue traded at par. Just how far and what might need to happen for that to change is discussed in this latest version of the BDC Fixed Income Market Recap.
BDC common stock prices broke records during their surge in the week ended Thursday April 9. The BDC Reporter describes what happened and looks forward to what promises to be yet another historic week as the Covid-19 crisis continues to unfold in both expected and unexpected ways.
The U.S. Government has come to the rescue of middle market, non-investment grade business with an ambitious new program. We worry, though, that without two key changes to the terms of the program this initiative will end badly for most everyone concerned.
At the crack of dawn, the U.S. government announced a number of programs to support middle market companies after weeks of inaction. The markets jumped in reaction. So did the BDC Reporter to pen our initial findings and thoughts on what this historic government intervention means for our readers.