The BDC rally sputters, even more than the week end numbers might suggest. The sector is not alone, but that may be cold comfort, depending on what happens next. The first week of BDC earnings season offered no clear cut solace. Or any outsized disasters.
Medley Capital and Sierra Income have rejected NexPoint Capital’s offer to serve as their Investment Advisor, along with several other proffered benefits. The sometime-in-March shareholder vote on the three way Medley merger now looms larger than ever.
The Medley Capital-Sierra Income-Medley Management merger vote has been postponed but not for the reason you might expect.
The week ahead promises to be jam packed, with the challenge to the Medley merger center stage. But not let’s forget the flurry of earnings releases from ten BDCs and week seven of the market rally.
The BDC Fixed Income sector has almost come full circle. We discuss the numbers and the implications for the many, many BDCs with an eye on the unsecured debt markets.
The BDC rally forges ahead. We compare against the last major drop and rebound and place where we are in the wider context of BDC sector performance.
Hours after NexPoint offered to become Medley Capital and Sierra Income external manager comes a response…The plot thickens and the possible outcomes ever more complex and with major implications for managers and shareholders at three companies.
A last minute challenger arrives for Medley Capital and Sierra Income. We annotate the shocking offer made to shareholders a week before the vote on a three way merger is to be held.
Medley Capital’s activist punches back in another letter to shareholders. Who is right and who is wrong ? More importantly: who will win ? We answer both questions as best we can.
Will the BDC sector continue to rally ? What happens next in the Medley merger dogfight ? How will the first week of BDC earnings season go ?
One year after taking a big position in Alcentra Capital an “activist” shareholder steps up to the plate. But why ?
Medley Capital claims a thumbs up from a shareholder advisory group, which is a snub to one of the foremost opponents of a proposed three-way merger. Is this now a done deal and what happens to Medley’s stock price ?
Very little price movement and very little news where BDC Fixed Income is concerned. Next week – with the beginning of the earnings season deluge – may change all that.
The BDC common stock rally rolls on for a fifth week, but with less forward momentum. Will BDC earnings season – just round the corner – make much of a difference going forward ?
We initiate a new article series. Instead of yet another earnings estimate, we provide a credit outlook in advance of IVQ 2018 filings. First up: Capital Southwest.
A holiday shortened week ahead but the markets continue to bear watching; the Medley merger percolates; we catch up with MVC Capital and prepare for a webinar.
The rally in the BDC Fixed Income segment comes to a stop – for this week at least. Little other news except our second opinion of Prospect Capital’s investment grade thumbs up from a rating company.
Another another brick to the BDC rally wall after four weeks in a sharply upward direction. We look at where we are after a turbulent few months and what might be a catalyst for a change.
Main Street publishes a few key preliminary numbers for 2018. We ask some hard questions about the future.
A dissident Medley Capital shareholder shakes the tree again. We review the arguments and provide our own view and explain why this is likely to be much ado about nothing when shareholders get to the ballot box.