We annotate Apollo Investment’s conference call transcript for the third quarter 2019 and tackle some thorny items as even handedly as we know how. As always, our annotations are in bolded italics between the text of the transcript.
We review two Apollo Investment portfolio companies that have filed for bankruptcy and use the opportunity to discuss what we’ve learned about the BDC’s credit underwriting capabilities at this stage.
We summarize Golub Capital’s third quarter 2019 results in the wake of the acquisition of its non-traded sister BDC.
The BDC Reporter undertakes a credit review of Capital Southwest, facing its first credit challenges since becoming a full time lending BDC 4 years ago.
The BDC Fixed Income market ends November in a familiar place, but multiple developments in the segment are likely to be on the way, some very soon.
We are back with the common stocks market recap just as the BDC sector ends November on a high note. Is BDC market enthusiasm justified by the recent fundamentals ?
The BDC Reporter summarizes everything you need to know about Apollo Investment’s third quarter results. Like in the prior period, the BDC’s performance has been a mix of sweet and sour.
The BDC Reporter summarizes the IIIQ 2019 results of Bain Capital Specialty Finance and comes to a different conclusion than the quarter before on only slightly different results.
For a second quarter in a row, the BDC Reporter summarizes a small mountain of data of all sorts regarding TCG BDC’s performance through September 2019. As you’ll find, the trends set in the second quarter have continued into the third…
We annotate with analysis and commentary the conference call transcript of one of the newest public BDCs – and also one of the most leveraged: Bain Capital Specialty Finance
Capital Southwest sells its biggest portfolio investment. We analyze the likely impact on the BDC’s balance sheet and earnings going forward and ask whether this is a Good Thing or not ?
As clinically and quantitatively as we can, the BDC Reporter undertakes a credit review of Apollo Investment’s (AINV) portfolio at September 30, 2019.
The BDC Reporter is back after a hiatus with one of our annotations of a BDC’s Conference Call transcript: in this case PennantPark Floating Rate. As always, we have analysis and commentary to intersperse with management’s prepared remarks and subsequent Q&A.
The BDC Reporter has to take a short break from publication. We explain why.
BlackRock Capital’s stock price moves up on an analyst’s belief that a corner has been turned. We share the new outlook and review the credit downsides to allow readers to evaluate both opportunity and risk.
We compare the three issues we wrote about in advance of Horizon Technology’s third quarter 2019 results against the actual outcome. Plus, we preview the same issues – plus one new key item – for the fourth quarter.
We cannot tell a lie: the week ended November 1 was uneventful where BDC Fixed Income prices and news were concerned. We illustrate with numerous examples, and make some predictions for what to expect.
First week of BDC earnings season and the sector moved up in price, but so did the broader indices. We review our regular metrics and several BDC winners and losers from a price standpoint and identify who might move markets in the weeks ahead.
BlacRock Capital adopts the higher leverage allowed by the Small Business Credit Availability Act. We discuss the implications for the BDC of this long-delayed decision and for its shareholders.
A major realized loss for Ares Capital and – to a much lesser degree – for three other BDCs – discussed.