The BDC sector bounces back halfway – dead cat or otherwise – after Christmas. We review where the sector stands with only one day to go in 2018 and look forth on two very different scenarios in 2019.
A non performing Alcentra Capital portfolio company is sold. We analyze the likely impact on the BDC, and review – in great detail – the overall credit picture.
BDC Fixed Income had a better week than common stocks but still the worst on record as prices dropped and yields increased. We offer up various examples and put the numbers in context as we wait for the next shoe to drop. Or not.
We review the horrible week BDC investors endured, which brought a host of new records, and other developments lost in the maelstrom. We also look forward, with a mixture of angst and confidence.
Corporate Capital Trust merges into FS Investment which becomes FSK. We review the challenges shareholders face with a new balance sheet following a two year decline. Turnaround ahead or an endless slog forwards ?
The second largest equity investment made by Capital Southwest has found a buyer. We review what details are available and weigh the benefits for the BDC. Updated with sales price.
Surprise ! KCAP Financial is proposing to take on a new external manager. Or is it two ? We’ve got more questions than the BDC has answers, but it’s a first cut after learning of the proposed change.
Once again, the week will mostly involve watching what the markets will be doing as turmoil continues. We have thoughts and a specific watch list. Otherwise, we prepare to say goodbye to Corporate Capital Trust and ask what’s up to Medley Capital’s activist shareholder.
A memorable week for BDC Fixed Income in a couple of respects, as all markets remain under pressure. To provide some perspective, we look back at the scene one year ago, with surprising results.
The BDC sector had a terrible, horrible, no good week as we are two weeks away from the end of a pretty poor year. We provide the details and a longer term perspective and some solace.
As the BDC market moves downward into new lows, the BDC Reporter provides a quick update on the fly and makes a pitch.
KCAP Financial’s Board changes some of its by-laws. We review what has been altered and the impact on the BDC’s corporate governance as part of our Shareholder series.
One of Monroe Capital’s largest investments is liquidating. We review the timeline and the implications for the BDC’s reputation, stock price and future outlook.
A dissident shareholder of Medley Capital steps up late in the day. We annotate their open letter to MCC shareholders with analysis and to the point commentary.
The BDC Reporter tackles the thorny question of whether Alcentra Capital’s portfolio has stabilized, as new management contends.
Hercules Capital calls a Baby Bond in nearly 6 years early. We discuss the details in the context of the BDC’s liability management and project what HTGC might do next.
With no earnings on the docket and the FS Investment-Corporate Capital Trust merger completed and the markets hyper-ventilating, the BDC Preview focuses mostly on what we’ll be watching rather than doing in the week ahead.
The risk free rate falls out of bed. BDC Fixed Income prices stabilize and the BDC Reporter projects the total return for 2018.
Not as bad a week for the BDC sector as other investors experienced, but the trends remain to the downside. We look to 2019, and name the BDCs that might have credit struggles, but remain optimistic slumping markets notwithstanding.
The BDC Reporter annotates the Oaktree Strategic Income Conference Call transcript in our unique feature. We have a large number of comments, rhetorical questions and asides.