As promised for months, Gladstone Capital has called in its Term Preferred. We review the details; the source of funds; the impact on the balance sheet and P&L and project what might happen next as the BDC has big ambitions to “leverage up”.
The BDC Reporter circles back to an article we wrote about Capitala Finance that explains why the BDC’s stock price has been in free fall, and looks forward to what might happen in the weeks ahead.
Saratoga Investment receives a second SBIC license. We review the BDC’s long standing relationship with the Small Business Administration and analyze how its balance sheet, leverage and earnings might be altered by this substantial increase in capital availability.
Capitala Finance wins a round in a long standing lawsuit with disgruntled shareholders. We use the opportunity to offer insights – drawn from the judge Kenneth Bell’s Order – into how securities laws have impacted a BDC. Instructive both where CPTA is concerned and more generally for all BDC investors.
After a major dividend cut and a stock price in the basement, an insider at BlackRock Capital buys a large block of stock.
Second quarter 2019 BDC quarterly results summarized for BlackRockCapital, which were poor. Another in a new series that will eventually cover every BDC we track.
We discuss a record-breaking week for BDC Fixed Income and the continuing shift in who’s financing the BDC unsecured debt pile.
The broad market indices bobbed around in the week and the BDC sector followed suit. We discuss two BDCs that did well, and four that did not and project out how the rest of the year is likely to play out.
Second quarter 2019 BDC quarterly results summarized for Apollo Investment, which were mixed. Third in a new series.
Second quarter 2019 BDC quarterly results summarized for Carlyle’s TCG BDC. Second in a new series and part of a new Earnings Table soon to be added to our Subscriber Tools as soon as the season of reporting comes to a close.
We extract the key elements from the text of Gladstone Investment’s transcript of its annual shareholder meeting for shareholders interested in keeping up with the latest developments.
The BDC Reporter extracts two key items from Solar Senior Capital’s just published 34 page Proxy filing.
The BDC Reporter reviews in great detail the credit performance and outlook of Medley Capital following the publication of the second quarter results. The value of the portfolio is a critical element of the two different transactions currently being weighed by the BDC.
A BDC portfolio company is being acquired and two BDCs with warrants are likely to book a healthy gain.
We review the details of the just proposed merger of Alcentra Capital into soon-to-be public Crescent Capital BDC; discuss what the combined entity might look like and what it’s credit challenges and financial performance might look like going forward. And much more.
We reprint a post from our sister publication about a major BDC portfolio company that’s mulling a Chapter 11 filing, and the implications for the three BDCs involved.
BDC quarterly results summarized, starting with Alcentra Capital. First in a new series and part of a new Earnings Table soon to be added to our Subscriber Tools.
The BDC Fixed Income segment had another good week, with one notable exception where Medley Capital is concerned. We explain why the troubled BDC – and its debt holders – are not out of the woods yet.
The BDC sector followed the major indices down. And then up again. However, the second week of BDC earnings season was not an unalloyed success and future market direction is in question.
Once again, the BDC Reporter annotates the conference call of a BDC, one of our most popular features. In this case, we add analysis and commentary to Monroe Capital’s second quarter 2019 transcript.