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.
The BDC Reporter reviews newly-public Owl Rock Capital’s dividend policy and explains how the BDC handles its distributions could affect shareholder returns for years to come.
Medley Management quietly announces that millions of shares in Medley Capital held in a special purpose vehicle their principals control are being “put” to their owners. Therein hangs a tale that dates back several years and which the BDC Reporter has been covering throughout.
We re-publish a post from the BDC Credit Reporter regarding the latest bankruptcy filing of a BDC-financed company, and review the implications for the public and non-listed BDC lenders involved.
We preview what will be an important quarter for Monroe Capital when IIIQ 2019 earnings are released November 6.
We review price developments and new issuance in the BDC Fixed Income segment for the week ended October 25, 2019.
The major indices and BDC sector prices are all moved together in the week ended October 25, 2019. We discuss market conditions and the most important development of the week: New Mountain Finance’s equity raise.
Venture-debt focused Horizon Technology will be reporting results on October 30, 2019. We preview three key issues to keep track of.
The BDC Reporter discusses 2 key issues to look out for when THL Credit reports third quarter results.
The BDC Reporter discusses three key issues to look out for when the most recently public BDC – Owl Rock Capital – reports third quarter 2019 results.