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.
We republish an article from the BDC Credit Reporter about the seventh BDC-financed company to file for bankruptcy in June. Two public BDCs are affected and will be booking significant realized losses shortly.
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.
A fifth BDC-financed company files for bankruptcy court protection. We re-publish an article from the BDC Credit Reporter but first discuss what we’ve been learning of late about which sort of companies are most likely to be bankrupted. Not what lenders had expected.
The BDC Reporter analyzes the impact of Bain Capital Specialty Finance’s Rights Offering on its NAV Per Share, liquidity, leverage, earnings and dividend going forward.
While BDC common stocks and the markets fluctuated widely this week, BDC Fixed Income’s movements were less spectacular. In terms of news, we focus on MVC Capital’s latest results and the implications for its Baby Bond holders.
“What goes up will come down” as BDC sector prices proved this week as volatility resumed. Also there were other notable developments including equity capital raised; a surprise dividend and important shareholder approvals. We also discuss the surprising change the size of the BDC sector is likely to take in the days and months ahead.
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.
We re-publish an article from the BDC Credit Reporter about an Ares Capital company that has just filed Chapter 11. However, we also use the opportunity to review BDC exposure to the energy sector in 2020. The numbers may surprise some readers.
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.
The BDC Reporter digs into Medley Capital’s latest results to analyze earnings and asset value at a time when the BDC is once again on the auction block.
A leading bakery supplies company is in deep financial trouble and four BDCs are at risk of facing a default on their debt.
The BDC Fixed Income sector was not to be left out of the general price reflation that occurred across all markets in the week ended June 5. Is the market about to “get back to normal” ? We consider the evidence and note a major omission.
BDC common stocks prices are (almost) universally on an upward tear for a third week, and we’ve got the supporting data. Nonetheless, there’s a confusing mismatch between the mood and the fundamentals which leaves the BDC Reporter puzzled.
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.
Capital Southwest was very informative on its IQ 2020 conference call. As a result, the BDC Reporter has copious comments and analysis to offer up as well.
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.
The BDC Reporter republishes and comments about a portfolio company of FS-KKR Capital that has just been downgraded by S&P.