BDC

PDI 50: the takeaways

Every year we run the PDI 50 we get a clearer picture of not only who the leading firms are and the key trends in the industry.

PDI 50: BDCs levelling up

While the same big players continue to dominate the list of the largest BDCs, new legislation could shake up future rankings.

The shifting sands of the BDC market

The march into CLOs and action against the AFFE rule are developments that Andrew Hedlund believes will change the shape of the BDC market in 2019.

Golub BDC to vote on potential leverage change in February – updated

The BDC is seeking approval from shareholders to change its debt-to-equity ratio from 2:1 to 1:1.

TCPC to lower fees when it increases leverage

The BDC will lower its incentive fees and hurdle rate next year to stay “fee-friendly”.

Barings BDC debuts with almost $160m of commitments to mid-market companies

Barings’ latest investment vehicle made $87m in mid-market commitments in the third quarter and $72m from quarter-end through early November.

Bain BDC makes progress toward its IPO

The vehicle expects to list with a stock price between $20.25 and $21.25, with 7.5m shares of common stock being offered.

FSIC, CCT delay plans to merge public and private BDCs

FS Investment Corporation (FSIC) and Corporate Capital Trust (CCT) have set aside plans to merge their publicly-traded business development companies with their four non-traded BDCs. The firms announced the development on their respective third-quarter earnings calls, with both management teams citing stock prices as a driving factor in the decision. Both firms are trading at […]

Strong prepayments help boost GSBD’s increased net investment income

The firm has said it will continue to up its leverage levels if it sees ‘attractive’ first lien loans.

Ares ups expected size of latest direct lending fund by $1.2bn

The firm’s direct lending strategy also holds the keys to the vast majority of its shadow assets under management, or those that have yet to begin earning management fees.