The summer ends well for BDC Fixed Income prices even as several issues are retired. In the fall and winter ahead, we expect a heightened level of activity and much in the way of surprises as BDCs find their way through the new leverage rules.
No summertime blues for the BDC sector, which closed out the summer still in rally mode. We review the metrics and the outlook as investors return from the beach.
In a newer feature at the BDC Reporter we review – with shareholders upmost in our minds – CM Finance’s preliminary Proxy and the two items that are up for a vote.
We make a correction to an article we wrote about how WhiteHorse Finance is tackling manager compensation following shareholder approval of higher statutory leverage.
Prospect Capital’s earnings and stock price are up. Both an analyst and the BDC Reporter – for similar but still different reasons – are not convinced.
The BDC Reporter de-constructs the pro and cons of TPG Specialty’s shareholder vote on higher leverage.
A quiet August week for BDC Fixed Income prices but fundamental changes to the size of the market are beginning to show up, promising a different landscape for investors in the next couple of years.
This was a quintessentially quiet week for the BDC common stock sector, with a few exceptions which we discuss, including a couple of contrarian calls. As we approach Labor Day, which way will market sentiment go ? We have a view.
Only one news development and one dividend announcement on another quiet day that ended a quiet week for the BDC Sector.
Gladstone Investment amends its Revolver, as part of a campaign to grow the BDC’s portfolio. The BDC Reporter questions whether the plans are either practical or advisable, and throws around a lot of numbers to make its point.
The BDC Reporter offers one of its Best Ideas for long term income investors with a potential double digit annual return, while highlighting the risks involved and the importance of timing the purchase right.
A quiet day for BDC common stocks and for the sector as a whole. Nonetheless, there was a big development at Capitala Finance we reviewed in-depth, two developments in BDC Fixed Income and we made two investment choices to boot.
Capitala announces two portfolio company exits. We analyze the news in the wider context of the BDC’s attempted turnaround and portfolio repositioning.
We wrap up Tuesday with a new Baby Bond in the offing; a request to the SEC for further leniency; a look at who was up in price on the day and what the BDC Reporter thinks of a couple of hot stocks.
Saratoga Investment is to issue a second Baby Bond. In advance of getting all the details, we analyze and discuss risk and return.
The BDC Reporter wraps up Monday August 20 with news of a new exciting feature; multiple updates on last week’s developments and several other noteworthy items.
The BDC Fixed Income market barely budged on the week, but conditions are ripening in the short term for a modest shift in price levels. Longer term there are still many uncertainties that could swing the market any number of ways.
With earnings season essentially done, the BDC sector has remained remarkably unchanged, with a few notable exceptions. The BDC Reporter looks back on the week, and projects forward.
Gladstone Investment issues a new Term Preferred to redeem two existing issues. We provide details, analysis and a couple of predictions.