Another week, another BDC Preview. We discuss the market; the latest and last BDC to report earnings; the merger of the year and two BDCs surprisingly trading down.
The BDC Fixed Income mini slump pauses for the week. We also discuss at length a new and unusual Prospect Capital BaBy Bond and its implications for the sector as a whole.
The week after Thanksgiving was a positive one for BDC common stocks. We also discuss how the sector has performed over a 1 year and 5 year time frame to keep returns in perspective. Glass half full or half empty ?
After reading the transcript of Golub Capital’s Conference Call which discussed its higher leverage plan, we’ve returned to the drawing board/word processor and updated our earlier numbers and conclusions.
Golub Capital – amidst a flurry of major changes – adopts the higher leverage allowed by the Small Business Credit Availability Act. We estimate what the pro-forma numbers will look like and discuss liquidity and risk management.
New Mountain Finance is moving quickly to re-make its balance sheet to take advantage of the Small Business Credit Availability Act. The methods adopted and the pending results will be illuminating for all BDC investors.
FYI: Two BDC asset manager parent organizations are changing their legal status.
The BDC sector fared better than expected in Thanksgiving week but will that continue if the major markets continue into bear territory ? Whatever happens to sector prices, it’s going to be a pretty busy week with three BDC earnings releases to look out for, including the status of an ongoing turnaround and a major shareholder vote just round the corner.
The Thanksgiving week was horrible for most investment sectors, with one notable exception. We look back to place BDC results in a one week and year-to-date context amidst the other markets and look forward to the very different picture forming for 2019-2020.
Nothing happened during the Thanksgiving week where new developments were concerned, but sector prices moved down, setting up the prospect of further drops coming up as market sentiment sours.
With the Thanksgiving week over, we provide an update to our BDC Preview. There were few shockers except that the BDC sector did not behave like the rest of the markets for a change.
TCG BDC reaches a new record low price. We review the possible reasons for the long slide; take a closer look at credit and – gingerly – suggest a course of (in) action.
Apollo Investment ramps up the size of its Revolver to take full advantage of the Small Business Credit Availability Act. Higher profits ahead or will legacy issues block the way ?
Week Four of the BDC Reporter’s preview into what’s coming up in the BDC common stock and debt markets through November 23. With the holiday, our expectations are modest, but we still found plenty of items to talk about.
All very quiet where BDC Fixed Income is concerned, both prices and new developments.
The BDC rally stops in its tracks. We look at returns, both short and longer term as a new BDC is added to our coverage universe.
The BDC Reporter provides an update on the FS Investment price level and uses the opportunity to communicate some hard-to-swallow thoughts about what BDC shareholders might expect in whatever the next crisis might be.
A quick update to an earlier Stock Watch of Garrison Capital, as the dividend cutting BDC reaches a new low.
Now that OHA Investment has reported its quarterly results, we revisit our earlier preview of the key issues and see how things turned out at the struggling BDC whose earnings do not cover its two cents a quarter distribution.
Gladstone Capital closes out its fiscal year with a set-back, discussed at length – along with many other issues – in its Conference Call, to which we’ve added the BDC Reporter’s notes and comments.