American Capital Ltd

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  • uploads///ARCC and comp
    Earnings Report

    Ares Capital’s Purchase of Loans from SSLP

    Within one year, Ares Capital Corporation (ARCC) stock is expected to reach $18.21, reflecting a rise of ~11.0% from its current price.

    By Raymond Anderson
  • uploads///Capitalization
    Earnings Report

    Prospect’s Leverage Falls Due to Net Exits in Fiscal 2Q17

    Leverage declines Prospect Capital (PSEC) has been operating at higher leverage to take advantage of low rates. The company saw higher net exits in fiscal 2Q17, which led to lower leverage. Notably, Prospect’s fiscal 2Q17 net debt-to-equity ratio declined to 76.2% from its fiscal 2Q16 debt-to-equity ratio of 80.2% and 77.4% in the two previous quarters. As […]

    By Robert Karr
  • uploads///Control
    Earnings Report

    Prospect Deploying towards Real Estate, Structured Investments

    Controlled, online lending Prospect Capital’s (PSEC) controlled investments in fiscal 2Q17 rose to 31.5% of its total portfolio, compared with 30.6% in the previous quarter. The company targets selective exits to raise capital when it has found attractive pricing. In fiscal 2Q17, it saw net exits of $175.5 million, compared with net investments of $232.8 million […]

    By Robert Karr
  • uploads///Capitalization
    Company & Industry Overviews

    Prospect Capital’s Higher Leverage Could Impact Returns in 2017

    Since the Fed increased interest rates in December 2016, Prospect Capital (PSEC) could see some pressure on its cost of capital in 2017.

    By Robert Karr
  • uploads///Control
    Company & Industry Overviews

    Prospect Capital Focusing on Structured, Controlled Investments

    Prospect Capital (PSEC) has deployed money for equity investments and majority stake when there’s an opportunity for an investment in growing businesses.

    By Robert Karr
  • uploads///Control
    Macroeconomic Analysis

    Originations, Retail Lending Are Key Drivers for Closed-End Funds

    Closed-end funds have seen subdued originations over the past few quarters. Quality originations commanding higher yields continue to drive closed-end funds’ stock performances.

    By Robert Karr
  • uploads///SSLP
    Company & Industry Overviews

    Ares Capital Expands SDLP Portfolio, but SSLP Still Dominates

    After ending the senior secured loan program with GE Capital, Ares Capital (ARCC) is successfully building up a new senior direct lending program (or SDLP).

    By Robert Karr
  • uploads///Capitalization
    Company & Industry Overviews

    Prospect’s Leverage Rises on Higher Origination in Fiscal 1Q17

    Prospect Capital has been operating at higher leverage to take advantage of low rates. But the Fed is expected to raise interest rates in calendar 4Q16.

    By Robert Karr
  • uploads///Control
    Company & Industry Overviews

    Prospect Capital’s Controlled Investments, Structured Credit Expansion

    Prospect Capital’s (PSEC) controlled investments in fiscal 1Q17 rose to 30.6% of its total portfolio, as compared to 29.7% in the previous quarter.

    By Robert Karr
  • uploads///Capitalization
    Earnings Report

    PSEC Reduces Leverage amid Low Originations, Potential Rate Hike

    Prospect Capital (PSEC) has used the low interest rate environment to its advantage by deploying higher leverage over the past couple of years.

    By Robert Karr
  • uploads///Control classification
    Earnings Report

    Exploring PSEC’s Online Lending and Structured Credit Investments

    Prospect Capital has seen strong growth in originations through its online platform. The company has entered into the online lending business with National Property REIT.

    By Robert Karr
  • uploads///Portfolio total
    Earnings Report

    Prospect Could See Higher Originations in Fiscal 1Q17

    In fiscal 4Q16, Prospect Capital (PSEC) made $294 million in investments, a substantial rise compared to its investments of $23 million in fiscal 3Q16.

    By Robert Karr
  • uploads///Stock
    Company & Industry Overviews

    How an Interest Rate Hike Could Impact Closed-End Funds

    Closed-end asset managers (PSP) are expected to see higher interest costs on their leverage positions if there is a substantial hike by the Federal Reserve by the end of 2016. Portfolio yields are expected to remain stable, as the demand for quality borrowers is high among lenders.

    By Robert Karr
  • uploads///Control classification
    Company & Industry Overviews

    Prospect Capitalizes on Its Controlled and Structured Credit in 4Q

    Prospect Capital’s (PSEC) controlled investments in fiscal 4Q16 declined to 29.7% of its total portfolio, as compared to 33.3% in the previous quarter.

    By Robert Karr
  • uploads///Portfolio total
    Company & Industry Overviews

    Prospect Capital’s Net Exits Continue, Investments Expected to Rise

    In fiscal 4Q16, Prospect Capital (PSEC) made portfolio investments of $294 million, which is a substantial rise from the $23 million in fiscal 3Q16.

    By Robert Karr
  • uploads///Control class
    Earnings Report

    Prospect to Deploy More in Control, Online, Structured in 4Q16

    Prospect Capital’s (PSEC) controlled investments in the March quarter stood at 33.3% of its total portfolio compared to 32.5% in the previous quarter.

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    What to Expect of Prospect Capital’s Fiscal 4Q16 Earnings

    Prospect Capital (PSEC) stock has risen 14% over the past three months on its stable operating performance. It’s expected to post $1.03 in EPS for fiscal 2016.

    By Robert Karr
  • uploads///EPS Estimates
    Company & Industry Overviews

    What to Expect from Closed-End Fund Earnings and Consolidation in 2016

    Closed-end funds will be tested on a quality of their portfolios. Companies with higher leverage and lower grade investments will see discounted valuations.

    By Robert Karr
  • uploads///Debt ARCC
    Company & Industry Overviews

    What’s Happening to Closed-End Funds as Interest Rates Remain Low?

    Closed-end funds are replacing their existing debt in order to reduce the effective rate of interest. Prospect Capital’s cost of debt is approximately 5.4%.

    By Robert Karr
  • uploads///Capital Structure
    Macroeconomic Analysis

    Ares Capital Increases Prudence in Capital Structure and Lowers Costs

    Ares Capital’s (ARCC) net DE (debt-to-equity) ratio decreased to 0.77x as of March 31, 2016, marginally above the 0.65x–0.75x the management had targeted.

    By Robert Karr
  • uploads///SSLP
    Macroeconomic Analysis

    How Will New Senior Direct Lending Program Pan Out for Ares Capital?

    Ares Capital’s (ARCC) SDLP will underwrite and hold first lien loans including stretch senior and unitranche loans that are originated by Ares and Varagon.

    By Robert Karr
  • uploads///Control class
    Earnings Report

    PSEC Cashes In on Its Controlled and Structured Credit Strategy

    Prospect Capital’s (PSEC) controlled investments in fiscal 3Q16 stood at 33.3% of its total portfolio compared to 32.5% in the previous quarter.

    By Robert Karr
  • uploads///Portfolio
    Earnings Report

    Why Prospect Made Net Exits on Volatile Markets

    Prospect Capital (PSEC) made portfolio investments of $23 million in fiscal 3Q16, a substantial fall from $692 million in fiscal 2Q16.

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    Prospect Capital Misses Estimates by $0.01 in Fiscal 3Q16

    Prospect Capital (PSEC) reported its fiscal 3Q16 earnings on May 10, 2016. It missed Wall Street analysts’ consensus net income estimate of $0.26 per share.

    By Robert Karr
  • uploads///SSLP
    Macroeconomic Analysis

    Ares Capital Has Built Foundation for Senior Secured Loan Program

    Ares Capital has established a senior direct lending program (or SDLP) under a joint venture with Varagon Capital Partners and AIG (AIG).

    By Robert Karr
  • uploads///Capital Structure
    Macroeconomic Analysis

    Why Ares Capital Is Deploying Higher Leverage

    Ares Capital’s (ARCC) net DE (debt-to-equity) ratio increased to 0.79x as of December 31, 2015, above the 0.65x–0.75x target set by the management.

    By Robert Karr
  • uploads///Debt ARCC
    Company & Industry Overviews

    Why Closed-End Funds Are Increasing Leverage

    Closed-end funds have taken advantage of low interest rates inside and outside the US by deploying capital in asset classes that yield higher returns.

    By Robert Karr
  • uploads///Capitalization
    Macroeconomic Analysis

    The Secret to Prospect Capital’s Successful Leveraging

    Prospect Capital is deploying higher leverage to take advantage of low interest rates. Its fiscal 2Q16 net debt-to-equity ratio rose marginally to 77.9%.

    By Robert Karr
  • uploads///Control classification
    Macroeconomic Analysis

    Prospect Capital: The Effect of Slow Real Estate and Lower Wage Growth

    Prospect Capital (PSEC) has a positive outlook for consumer credit throughout 2016 on the back of falling unemployment rates and commodity prices.

    By Robert Karr
  • uploads///EPS Estimates
    Macroeconomic Analysis

    BlackRock, Prospect, and Ares: What to Expect from Their Earnings

    BlackRock Capital Investment (BKCC) is expected to post $0.26 earnings per share in 1Q16, which would represent growth of 5%.

    By Robert Karr
  • uploads///Capitalization
    Earnings Report

    PSEC Is Leveraging Balance Sheet to Earn Spreads on Low-Cost Debt

    Prospect Capital (PSEC) suspended its market equity issuances for the indefinite future due to unattractive share price levels. This reduction in equity and asset growth has resulted in lower net origination volumes than in previous quarters.

    By Robert Karr
  • uploads///Control classification
    Earnings Report

    PSEC’s Strategy: Online Lending, Real Estate, Control Investments

    Prospect Capital (PSEC) is deploying investments for the online lending industry, with a focus on near-prime, prime, and subprime consumers as well as small business borrowers.

    By Robert Karr
  • uploads///Capital Structure
    Earnings Report

    Ares Capital Stock Benefits from a Strong Balance Sheet

    Ares Capital had cash, revolving lines of credit, and small business administration, or SBA, debentures of $2.4 billion as of June 30, 2015, for investments.

    By Robert Karr
  • uploads///Senior secured loan program
    Earnings Report

    Ares Capital’s Plan to Deal with GE Capital Divestiture

    Since the announcement of General Electric’s divestiture, Ares Capital has focused on how to best capitalize on the exit of GE Capital, one of the largest players in the market.

    By Robert Karr
  • uploads///commercial Propertise Sold
    Macroeconomic Analysis

    Why Public PE Firms Are an Attractive Investment

    In the world of asset allocation, there are three forms of publicly traded private equity business firms.

    By Arthur Penn
  • uploads///Twelve Months Total Return
    Macroeconomic Analysis

    How Do the Top 5 BDCs Compare?

    With a low cost operating structure and differentiated strategy within the lower middle market, Main Street is considered one of the strongest companies in the BDC sector.

    By Arthur Penn
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