With Capital Southwest’s IVQ 2019 earnings release coming up shortly, we preview which portfolio companies investors should be looking out for from a credit standpoint. We are drawing on the BDC Credit Reporter’s in-depth research into all under-performing BDC companies, which is updated daily as new information rolls in.
A long standing attempt by a BDC trade organization to change a critical rule has foundered. We discuss what we’ve learnt and how BDC investors and managers might benefit if and when the government changes its mind about how exchange traded funds expenses are reported to investors. An arcane but important subject for both existing and prospective investors in the public BDC arena.
There was a slight – and we mean tiny – shift in BDC Fixed Income prices in the week ended January 17, 2020. Also, two BDCs were in the market issuing new debt: one for a very large and one for a very small amount, but both are instructive.
The BDC sector follows the major indices higher in the week ended January 17. We discuss some of the winners in price terms for the week and one notable loser and speculate where BDC prices might go once earnings season begins shortly.
A publicly-traded portfolio company which four BDCs have exposure to falls out with its lenders after months of forbearance. We discuss the possible implications for the company itself and its BDC lenders, which include several well known names.
We review the details of Owl Rock Capital’s latest unsecured debt offering and discuss the broader implication for the BDC sector, and the pluses and minuses for shareholders.
MVC Capital reports fiscal fourth quarter and full year results through October 2019. We review the earnings press release, investor presentation and 10-K to summarize the latest performance.
We re-publish a BDC Credit Reporter about the Chapter 11 exit of a portfolio company of Garrison Capital and Investcorp Credit Management and discuss one of the most favored strategies lenders are adopting when debt investments go awry.
BDC Fixed Income prices reach a new high in the first full week of 2020. We discuss the details. Plus, we review one redemption and two new issuances of unsecured debt that may foretell what will be coming down the pike for the sector as a whole.
BDC sector prices rolled along in much the same way as in recent weeks. However, there were other multiple developments including blow-out results from one BDC and an unexpected equity raise from another.
Ares Capital raises a great deal of new unsecured debt on very favorable terms. We discuss the nitty gritty and the likely impact on balance sheet and income statement. We also consider this new debt issue in a broader BDC context and ponder the implications.
We learn from a TriplePoint Venture Growth disclosure details of its most recent financial performance and how one of its under-performing investments has played out.
Saratoga Investment kicks off IVQ 2019 BDC earnings season because the BDC closes its books one month earlier than most everyone else. That gives the smaller sized BDC a chance to shine, with stellar results. We’ve reviewed everything but the Conference Call to prepare this summary.
Saratoga Investment is calling in the final portion of one of its Baby Bonds. We review the details of the imminent redemption and look forward to what the BDC’s balance sheet might look like in the future. [This article was updated after the publication of the BDC’s 10-Q]
One of the largest public BDCs – FS KKR Capital – is involved in the biggest bankruptcy of the year so far. We discuss what’s at risk and what investors might learn from what is unfolding in a Delaware bankruptcy court.
Monroe Capital is taking action against one of its troubled portfolio companies, whose debt has been on non accrual for over a year.
BDC Fixed Income prices surprise the BDC Reporter in the first few days of the new year. Plus, a BDC taps the unsecured market for the first time.
First few days of 2020 for the BDC sector, whose rally seems to be in neutral. Most of the news developments in the period were on the credit front.
The BDC Reporter dives into reviewing two just-filed lawsuits against the impending merger of Alcentra Capital into Crescent Capital that could change everything. Or nothing.