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MVC Capital: IVQ 2019 Summary Results

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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.

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Ares Capital: Issues Unsecured Debt

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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.

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Saratoga Investment: IVQ 2019 Results Summary

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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.

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Saratoga Investment: To Retire Baby Bond – UPDATED

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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]

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Capitala Finance: May Issue New Shares

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Capitala Finance – after the close on the last day of 2019 – announced the possibility of raising up to $50.0mn in new equity by issuing shares. We review the details; the possible reason for this move and the likely consequences in 2020.

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