BDC earnings season is just around the corner and the BDC Reporter will be expanding and improving our BDC Earnings Preview Calendar where we offer up to our premium subscribers in-depth and unique data and insights into what to look forward to when the quarterly reports start coming in. We argue that this is a critical time to be on top of what’s happening to your favorite BDC stocks, and what could go wrong.

A publicly traded BDC portfolio company is dropping in price and impacting the fair market value of three listed-BDCs for a second quarter in a row.

Owl Rock Capital raises a third unsecured debt issue. We compare pricing and terms to existing funding and to its BDC peers and come to some favorable conclusions.

PennantPark Investment issues a new Baby Bond. The BDC Reporter considers the implications for the BDC’s balance sheet and analyzes the risk-return calculus for shareholders.

BlackRock TCP Capital has been growing very fast of late but the second quarter 2019 results were a mixture of positive and negative metrics; reflecting the market’s ambivalent attitude to this larger BDC.

The last BDC to report IIQ 2019 results is the newly renamed Investcorp Credit Management BDC. We review all the key results, the outlook and the stock price to assess how the quarter went.

Ares Capital is raising unsecured debt again, according to a draft Prospectus. We review the details; discuss the mix of secured and unsecured borrowings on the balance sheet and speculate how this development fits into the BDC’s plans for ambitious balance sheet expansion.

We alert readers to several credit developments affecting multiple BDCs that we’ve covered in our sister publication, the BDC Credit Reporter, and discuss some lessons learned.