This article discusses both Nuveen Churchill’s new unsecured note offering – a non-controversial subject. However, we also tackle “spread erosion” occurring at the BDC and across the sector – an unpleasant reality that rarely gets tackled – and offer a warning.
The major indices moved up sharply this week as did – not coincidentally – the BDC sector. We review the week’s performance; have a look at where the sector stands after four weeks of 2025 and offer up a notion on what might drive price performance in the year ahead.
In a momentous development – albeit long expected = a new public BDC is coming to market, sponsored and managed by one of the most popular BDCs out there – Main Street Capital.
This week the markets – including the BDC sector – were sharply up after being just as sharply down the week before. We review the lay of the land in advance of the new administration and IVQ 2024 earnings season.
Blue Owl Capital is offering some preliminary metrics for the IVQ v2024 as well as pro-forma numbers following its just completed merger with its sister BDC.
Here are some of the developments that impacted the BDCX sector in the week ended January 10, 2025, drawn from the BDC Publications News Feed.
Ares Capital has quietly provided some previews into its IVQ 2024 results from a recent Prospectus. The most interesting aspect? Yields.
Week Two of 2025 was not a good one for the major indices – or the BDC sector. We review the weekly data and discuss whether a “correction” lies ahead or a rebound. A case can be made for either, and we do.
Week One of 2025 was relatively quiet and unassuming for all markets, including the BDC sector. We’ve used the coming of the new year to expand our coverage universe and are steeling ourselves for an eventful year ahead.
Here are 3 BDC news stories from the last week and a free article from the BDC Credit Reporter reviewing some industries that have experienced credit stress of late, as reported by Reuters and supplemented by our own analysis.
With the full year 2024 results in hand, the BDC Reporter is in a position to recap performance – both at the sector and individual BDC level. The BDCs may not have reached the heights of the tech-driven. major indices but many investors will be pleased with the results achieved.
We re-publish key BDC news stories and commentary from the week just ended from all three magazines we write.
With 2024 all but done, the BDC Reporter takes a long hard look at how the sector and all the individual BDCs have performed in price and total return terms in 2024. We offer our educated guess for 2025 as well.
After a week away, the BDC Reporter is back to recap a week that saw much sound and fury. The BDC sector didn’t fare too well and many individual BDCs dropped sharply in price but the story is more complex, as we discuss.
We are re-publishing articles that deal with the credit problems at a portfolio company of multiple BDCs. The ultimate losses could reach ($100mn) or more and materially impact at least two BDCs.
Once again the major indices (or at least two of them) moved up while the BDC sector went in the opposite direction, but not too far.
Capital Southwest – one of the most popular and most successful BDCs – had some credit hiccups in the IIIQ 2024. Is this an aberration or early signs of deeper credit troubles?
Everything is coming up roses in the market and for the BDC sector, and we’ve got the numbers. However, the BDC Reporter can’t help expressing skepticism and – yes – we’ve got the numbers to back us up. Not a jolly read, but a necessary one.
4 BDCs of all stripes have reached new record high prices. We provide valuation metrics and discuss why the market animal spirits seem to be reviving.We’ve got one strong theory.
Fresh from publication in the BDC Credit Reporter, we discuss the recent bankruptcy filing of a food manufacturer in which two of the BDCs in our coverage universe have substantial positions.
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