BXSL - BDC Weekly Wrap: Net Income Mostly Falls In Q1
2024-05-24 23:33:48 ET
Summary
- We take a look at the action in business development companies through the third week of May and highlight some of the key themes we are watching.
- BDCs were flat on the week, with a month-to-date gain of nearly 2% supported by decent earnings and a higher-for-longer Fed environment.
- BDC Q1 earnings reports mostly show a drop in net income, due to seasonality, a pivot to first-lien assets, deleveraging, and a shift to higher-coupon debt.
- Blackstone Secured Lending priced $400m of 5.875% 2027 notes.
Welcome to another installment of our BDC Market Weekly Review, where we discuss market activity in the Business Development Company ("BDC") sector from both the bottom-up - highlighting individual news and events - as well as the top-down - providing an overview of the broader market....
BDC Weekly Wrap: Net Income Mostly Falls In Q1