A mid-sized portfolio company of Bain Capital Specialty Finance is tottering on the edge of bankruptcy, after a multi-quarter downward slide. We review the details and the likely impact on the BDC’s earnings and book value.
Two weeks into February and there are 4 new loans in default amongst some of the largest non-investment grade leveraged borrowers, according to S&P Global Market Intelligence. We review which BDCs are involved; to what degree and what this tells us about the private credit industry.
BDC Fixed Income prices didn’t move much in the week, but there are two huge trends underway in the sector that could change everything…
Another week of BDC Earnings Season and another week of a sector-wide price rally. We review the highlights of both, and add some context about longer term trends underway.
The BDC Reporter re-publishes an article from Leveraged Commentary & Data about third quarter 2019 trends and uses the opportunity to discuss some of the fundamental changes going on before our eyes in how the sector does business.
We re-publish an article from the BDC Credit Reporter about an under-performing portfolio company of FS-KKR Capital and three of its non-listed sister BDCs.
We launch a new Investor Tool: a table summarizing the performance of every BDC every quarter.
Prospect Capital had a rough IVQ 2019 where its results were concerned, with both earnings and book value dropping from the prior period. We delve into the details.
Following months of not hearing from Medley Capital, we get an opportunity to ascertain where the BDC stands thanks to the publication of the IVQ 2019 results.
We review PennantPark Floating Rate’s earnings release, 10-Q and Conference call and summarize IVQ 2019 results and offer up our quarterly assessment of overall performance.
We review how BDC Fixed Income prices reacted to the latest “black swan” event, and how ever lower yields on new issues is bifurcating the debt market, with long term consequences for issuers and investors alike.
Stock market investors were not fazed by the possible global pandemic, nor were BDC investors, in the first week of full blown earnings season. Records are close to breaking…
We circle back on Capital Southwest and update an earlier Credit Preview article with an update now IVQ 2019 results have been published.
We’ve been reading the Apollo Investment Conference Call transcript with an eye on how the BDC might address its recent downgrade by Fitch to non-investment status. We’ve developed a pretty good idea of what to expect next from the veteran BDC with the famous name.
The stock markets may have pulled back on coronavirus fears but BDC Fixed Income prices did not flinch. Also notable during the week was an unexpected change of heart by a rating group and also one new debt issue and one debt redemption. Looking down the road, we also question how the public BDC debt space might change in the months ahead.
The coronavirus causes all major indices – and the BDC sector is no exception – to move into reverse. With earnings season about to begin, is the momentum to the upside or downside ?
A Gladstone Capital funded company is sold. The BDC was both lender and investor and should benefit from the conclusion of the investment. We provide the details.
A long troubled retailer – whose debt is held by four different BDCs – moves closer to a restructuring or bankruptcy. We review the credit history and look forward to the possible impact on the BDC lenders involved.
Horizon Technology Finance’s only troubled portfolio company has been sold. We discuss the back story of the credit; its impact on Horizon and what we’ve learned from the publicly available information on the subject.
An under-performing portfolio company of Goldman Sachs BDC has been sold. Good news ?