A portfolio company of Portman Ridge Financial has filed for bankruptcy. We assess the damage to the BDC and discuss Portman’s long-term performance and what the future might hold.
The markets continue to bounce around- dropping again on Thursday and bringing the BDC sector along. Two BDCs reported results and provided updated credit metrics. BDC earnings season is all but over.
The major indices – and the BDC sector – continue to slump in price. News-wise, nothing to flag but there was an important recapitalization of a company financed by two BDCs.
Inflation is here and the markets flinched. So did the BDC sector, but not much. Otherwise, there were plenty of BDC developments to cover.
For a second day in a row, the BDC sector failed to follow the major indices upward. Also, BDC earnings season begins with high expectations and three BDCs do not disappoint. There’s other news besides on a busy day for BDCs.
The upsurge in market – and BDC – prices hits a pause. Also a smaller player sees its stock drop and a large cap BDC wants to buy back its own debt yet again.
All major indices – and the BDC sector – moved up in price on Monday. Some records were broken. There was news about an expected reverse stock issuance for a small BDC and lowered financing costs at a major player. We also synthesize several studies to discuss the outlook for leveraged lending, partly leaning on data in the BDC Credit Table.
First day of the last week of the month and BDC stock prices – and the markets – are on the rise, with BDC earnings season twenty four hours away. Also a smaller BDC is buying back its stock.
BDC sector prices gained substantially after doing the opposite the day before. Is this drawdown over or have we just begun ? Plus, a BDC raises its dividend and boost its price and two Baby Bonds get early redemption dates.
BDC prices barely budged after the holiday. However, there was a spate of important and not-so-important news items which the BDC Reporter has noted and analyzed.
BDC fixed income prices were unchanged but the number of public unsecured debt issues changed during the week. So did the BDC Reporter’s estimate of what the unsecured debt landscape might look like at year’s end.
BDC prices moved up marginally on Thursday. Moreover, we cover a new private placement and public Baby Bond repayment; an amended revolver and discuss an analyst’s recommendation.
BDC stock prices failed to reach a new high but there were multiple other developments, including a major debt financing and a successful portfolio exit, to discuss.
The BDC sector reached yet another price record – the tenth in a row – on a day where one BDC left the scene and another succeeded in reducing its costs once again.
Not much changed in BDC Fixed Income prices during the week, but there were a series of comings and goings that continues to reshape the sector. Watch out ! There’s more to come.
