The following information was previously provided to subscribers of Premium BDC Reports along with: CGBD target prices/buying points CGBD risk profile, potential credit issues, and overall rankings. Please see BDC Risk Profiles for additional details. CGBD dividend coverage projections (base, best, worst-case scenarios). Please see BDC Dividend Coverage Levels for additional details. The total yield for CGBD includes $0.20/share of supplemental dividends …
The following information was previously provided to subscribers of Premium BDC Reports along with: MRCC target prices/buying points MRCC risk profile, potential credit issues, and overall rankings MRCC dividend coverage projections (base, best, worst-case scenarios) This update discusses Monroe Capital (MRCC) which is considered a higher risk BDC due to previous/potential credit issues, historical realized losses, higher operating expense ratios, …
Continue reading “MRCC Quick Update: Remains Tier 4 For Now”
The following information was previously provided to subscribers of Premium BDC Reports along with: CGBD target prices/buying points CGBD risk profile, potential credit issues, and overall rankings CGBD dividend coverage projections (base, best, worst-case scenarios) CGBD Summary I have increased the target prices for CGBD to take into account continued improvement in credit quality and earnings potential likely …
The following information was previously provided to subscribers of Premium BDC Reports along with: FSK target prices/buying points FSK risk profile, potential credit issues, and overall rankings FSK dividend coverage projections (base, best, worst-case scenarios) FSK Summary I have updated the projections for FSK to take into account the recently issued unsecured notes, changes to portfolio credit quality, …
Continue reading “FSK Quick Update: Dividend Falling Back To Previous Levels”
The following information was previously provided to subscribers of Premium BDC Reports along with: GAIN target prices/buying points GAIN risk profile, potential credit issues, and overall rankings GAIN dividend coverage projections (base, best, worst-case scenarios) GAIN Summary GAIN currently has among the lowest leverage in the sector (net debt-to-equity 0.58) but management is growing the portfolio including the …
Continue reading “GAIN Quick Update: Another Dividend Increase”
The following information was previously provided to subscribers of Premium BDC Reports along with target prices, dividend coverage and risk profile rankings, earnings/dividend projections, quality of management, fee agreements, and my personal positions for all Business Development Companies (“BDCs”). Each quarter I assess BDC risk rankings that takes into account portfolio credit quality and vintage, quality of …
Continue reading “BDC Leverage Versus Portfolio Mix & Dividend Coverage”
The following is from the GBDC Deep Dive that was previously provided to subscribers of Premium BDC Reports along with revised target prices, dividend coverage and risk profile rankings, potential credit issues, earnings/dividend projections, quality of management, fee agreements, and my personal positions for all business development companies (“BDCs”). GBDC Fiscal Year 2019 Fourth Quarter Portfolio Update On October …
Continue reading “Golub Capital (GBDC) Dividend Coverage & Risk Profile Update”
The following is a post from Institutionalinvestor.com and was previously provided to subscribers of Premium Reports along with business development companies (“BDC”) target prices, dividend coverage and risk profile rankings, potential credit issues, earnings/dividend projections, quality of management, fee agreements, and my personal positions on all BDCs. Business development companies got a little more institutional with the initial public offering of Owl …
Continue reading “How to Get Institutional Investors into a BDC”