Group 1 - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors [1] - Occasionally, large-cap companies are analyzed to provide a broader perspective on the equity markets [1] Group 2 - There is no current stock, option, or similar derivative position in any of the companies mentioned, but there may be plans to initiate a beneficial long position in the near future [2] - The article expresses the author's own opinions and is not influenced by compensation from any company mentioned [2]

Turmoil has reached business development companies this year. Falling rates combined with some significant corporate bankruptcies have separated the wheat from the chaff as the golden children of the rising rate era begin to show cracks. TheAnalyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compe ...

Core Insights - Uncommon Equity, a private equity firm based in Chicago, has acquired Project BarFly, the parent company of the HopCat restaurant group, which operates 12 restaurants in Michigan and one in Nebraska [1][2] Company Overview - HopCat, founded in 2008, is recognized as a leader in the craft brew restaurant sector, offering scratch-made cuisine and a selection of local craft beers [2] - The company faced significant challenges during the COVID-19 pandemic, leading to a Chapter 11 bankruptcy filing in June 2020 [2] - In October 2020, HopCat's assets were sold for $17.5 million, resulting in the formation of Project BarFly LLC [2] Transaction Details - The financial specifics of the acquisition by Uncommon Equity were not disclosed [1] - Uncommon Equity's CEO, Dan Kipp, expressed enthusiasm about the acquisition and plans to grow the HopCat brand while maintaining its focus on quality food and a friendly atmosphere [3][5] - Kipp will join HopCat's board of directors, alongside existing leadership [4] Strategic Vision - HopCat's CEO, Craig Stage, emphasized that the acquisition represents a continuation of the brand's mission to bring people together, with plans for investment in team development, new locations, and innovation [5] - The transaction's senior debt was provided by OakNorth Bank PLC, with legal and financial advisory support from Much Shelist, P.C. and Mastodon Ventures, Inc. respectively [5] Uncommon Equity's Portfolio - Uncommon Equity's investment portfolio includes various restaurant franchises such as Redberry Restaurants and Rib Rack Premium BBQ [6]

We do have these credit issues which are hanging over the markets. I think everybody at this point recognizes that. The key questions at this point being are they idiosyncratic and overblown or is this something more widespread.The cockroach issue as Jamie Diamond suggested this week and saying there usually isn't only one. We're trying to figure out investors are I think the markets are. What other issues are there.We've been talking about this on this show for the better part of the last 3 weeks since Sep ...

Ladies and gentlemen, chaos has reached the business development sector. Over the past month, the sector index as represented by the VanEck BDC Income ETF ( BIZD ), has declined by around 10%. The bad newsAnalyst’s Disclosure:I/we have a beneficial long position in the shares of ARCC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationsh ...

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