There was a paucity of news affecting the BDC sector in the week ended September but developments out of the SEC could change price dynamics.
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.
By our count, 21 of the 45 public BDCs that have reported results in the IIQ 2019 performed well. Capital Southwest falls into that category, but we provide a balanced picture.
Oaktree Specialty Lending – which recently lost its CEO – had a mixture of positive and negative results in the second quarter 2019, and much remains to be done two years after the new manager took over.
In the second quarter of 2019 Goldman Sachs BDC performed relatively poorly as recurring earnings and book value both dropped, as did analyst future expectations.
As the risk free yield continues to drop, BDC Fixed Income prices moved up, but only slightly. We also discuss the latest unsung development over at Medley Management and predict what the rest of 2019 might bring in term of prices and new activity.
The BDC sector moved upward on the week, following the major indices renewed optimism. The BDC Reporter, though, shares its concerns about what might happen in the remainder of 2019 and into 2020.
In the second quarter of 2019 FS KKR Capital performed better than expected by most measures. Judging by stock price performance, though, investor concerns remain high.
We review and summarize the results of all the public BDCs. In the second quarter of 2019, arguably the worst performer has been Capitala Finance.
Second quarter 2019 BDC quarterly results were good for newer public BDC Bain Capital Specialty Finance. Another report in a series that will eventually cover all the BDCs we track.
A change at the helm of two Oaktree-managed BDCs with the departure of CEO Edgar Lee. We discuss the legacy of the last two years and the challenges facing Oaktree Strategic Income. This is Part I. In Part II, we’ll undertake a similar exercise for Oaktree Specialty Lending.
The BDC Fixed Income market zigged as the risk free rate zagged; a Term Preferred was redeemed and we discuss who will be next and how all that capital going out the door might return later.
A strange week for the broad markets, which filtered through to the BDC sector. We discuss short and longer term price trends; developments out of the SBA that could have major sector ramifications and note early signs of weakness in the credit markets that might make headline status in the weeks ahead.
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.