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.
The BDC Reporter annotates a press release from Alcentra Capital about its investment activities and stock repurchase program.
The markets remain center stage in the week ahead with no earnings releases scheduled. However, there are other items which may – or may not – hit the headlines.
As elsewhere, the BDC Fixed Income rally goes on but the future may look very different. Otherwise, not much happening in the sector, but this could be the quiet before a storm of new debt issuance.
The snapback in BDC common stock prices – and in leveraged debt values – continues for a third week in the row, which we document with much supporting data. The way ahead, though, may not be as smooth and we discuss the possibilities.
We update what the BDC Reporter learned from the scheduled – and previously previewed – earnings release of Saratoga Investment.
The first full business week of 2019 and the BDC Reporter is back previewing what we might expect to hit the headlines in the next few days. “Whereto the market ?” remains the most important question but there is one earnings release this week and two major shareholder votes pending. Interesting start to an important year.
The BDC Fixed Income sector is halfway back just two weeks after being in the dumps. We also look forward to the possible tantalizing consequences for BDC unsecured debt issuance in 2019.
The first – shortened – week of 2019 brings a run-up in prices, not so long after a drastic drop. Is the rally in its early innings or are there further depths to plumb ? We consider the options and discuss the week’s highlights.
The BDC Fixed Income sector is moving upward. We’ve updated the BDC Fixed Income Table and added new data to assist readers, and offer up a few preliminary findings even as the markets remain open.
Another BDC seeks shareholder approval of higher leverage under the Small Business Credit Availability Act, but offers some fees concessions in return. We analyze the Proxy and offer some controversial views.
KCAP Financial and its would-be new external manager discuss the proposed “externalization” transaction and the accompanying shareholder presentation. The BDC Reporter annotates the full transcript with all sorts of facts, comments and opinions.
Gladstone Investment sells another portfolio company. We review the details, the impact and the recent transaction activity at this busy lower middle market BDC.
BDC Fixed Income had a pretty good last full week and an OK 2018 overall, as we explain with lots of supporting numbers. We even take an early glance at what lies ahead for BDC unsecured debt.
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.