Apollo Investment Corporation

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  • uploads///analysts
    Company & Industry Overviews

    What Analysts Have to Say about Prospect Capital

    Of the five analysts covering Prospect Capital stock, one has recommended a “strong sell,” one has recommended a “sell,” and three have rated it a “hold.”

    By Raymond Anderson
  • uploads///rel val
    Company & Industry Overviews

    A Look at Prospect Capital’s Discounted Valuations

    The PE ratio for Prospect Capital (PSEC) is 8.97x on an NTM (next-12-month) basis, which implies its discounted valuation.

    By Raymond Anderson
  • uploads///PSEC
    Earnings Report

    Prospect’s Fiscal 3Q18 Results Beat Estimates

    Prospect Capital Corporation (PSEC) released its earnings report for fiscal 3Q18 on May 9. The results were for the quarter that ended on March 31.

    By Raymond Anderson
  • uploads///Analysts
    Earnings Report

    How Analysts View Prospect Capital after Its Fiscal 2Q18 Results

    No changes have been seen in analysts’ ratings on Prospect Capital (PSEC) for the past few months.

    By Raymond Anderson
  • uploads///DY
    Earnings Report

    Why Prospect’s Investment Income Fell

    In fiscal 2Q18, Prospect Capital’s (PSEC) total investment income was $162.4 million compared to $183.4 million a year earlier.

    By Raymond Anderson
  • uploads///net income mar
    Earnings Report

    Understanding Prospect Capital’s Operating Expenses

    Prospect Capital (PSEC) incurred total operating expenses of $89.2 million in fiscal 2Q18 compared to $99 million in fiscal 2Q17.

    By Raymond Anderson
  • uploads///ROA
    Earnings Report

    What Does Prospect Capital’s Portfolio Look Like?

    Prospect Capital’s (PSEC) management has indicated a positive view on the company’s future.

    By Raymond Anderson
  • uploads///EBITDA mar
    Earnings Report

    Understanding Prospect Capital’s Originations and Repayments

    Prospect Capital (PSEC) has made first lien, senior, and secured debt a priority in terms of originations because this will help it to hedge downside risk.

    By Raymond Anderson
  • uploads///Rel Val
    Earnings Report

    Behind Prospect Capital’s Valuations after Fiscal 2Q18 Results

    Prospect Capital has a PE (price-to-earnings ratio) of 8.61x on a next-12-month basis compared to its peer average of 8.41x, implying Prospect’s higher valuation.

    By Raymond Anderson
  • uploads///crash _
    Earnings Report

    Prospect Capital Beats Earnings, Revenue Estimates

    Prospect Capital (PSEC) generated NII (net investment income) per share of $0.20 in its fiscal 2Q18, which ended on December 31, 2017.

    By Raymond Anderson
  • uploads///Valuations
    Company & Industry Overviews

    Prospect Capital’s Valuation: Fair or Discounted in Long Term?

    Prospect Capital (PSEC) stock has fallen 14.5% over the past six months and 16.9% over the past year.

    By Robert Karr
  • uploads///recent quarters
    Basic Materials

    Prospect Capital: Impact of Macro Policy Decisions, Reforms

    Prospect Capital (PSEC) is registered as a business development company (or BDC), which means that if it pays 90% of its profits in dividends, it won’t have to pay any taxes.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    What to Expect for Prospect Capital’s Yield Expansion in 2018

    Prospect Capital (PSEC) has seen a decline in yields in recent quarters to 9.9% compared to a high of 13% in 2016.

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

    Prospect Capital: Real Estate, Online, Structure Credit

    Prospect Capital’s (PSEC) exits and repayments have largely been in debt-related investments.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    Prospect Capital: Could Yields Stabilize or Rise in 2018?

    Prospect Capital (PSEC) has experienced yield compression in recent quarters, largely due to its efforts to reduce risk and focus on quality credit.

    By Robert Karr
  • uploads///analysts
    Earnings Report

    Wall Street Ratings after Prospect Capital’s Fiscal 1Q18 Earnings

    Prospect Capital (PSEC) is analyzed by five Wall Street analysts in November 2017. Of these analysts, one has rated the stock a “sell” and another one has given a “strong sell” rating.

    By Raymond Anderson
  • uploads///CY
    Earnings Report

    Understanding Prospect’s Total Investments

    As of September 30, Prospect Capital (PSEC) reported total investments amounting to $5.6 billion (fair value), a marginal fall from its total investments balance as of June 30.

    By Raymond Anderson
  • uploads///market cao
    Earnings Report

    Prospect Capital: Earnings per Share and Revenues Miss Estimates

    Prospect Capital Corporation (PSEC) released its earnings report for fiscal 1Q18 on November 8. The company failed to meet the projections Wall Street analysts had set for earnings per share or EPS and revenues.

    By Raymond Anderson
  • uploads///market cap
    Earnings Report

    Analyzing Prospect Capital’s Net Investment Income

    Prospect Capital has a market capitalization of $2.2 billion.

    By Raymond Anderson
  • uploads///ROA
    Earnings Report

    How Will Prospect Capital Fare in 1Q18?

    Prospect Capital has generated a return of 4.1% on its assets on a last-12-month (or LTM) basis.

    By Raymond Anderson
  • uploads///PSEC originations fiscal Q
    Earnings Report

    Assessing Prospect Capital’s Discounted Valuations

    Analysts have given a one-year price target of $6.88 per share on Prospect Capital stock, which reflects a marginal rise of 0.29% from its current price.

    By Raymond Anderson
  • uploads///PSEC and comp
    Earnings Report

    Behind Prospect Capital’s Total Fiscal 2017 Dividends

    Prospect Capital (PSEC) declared total dividends of $1.00 per share in fiscal 2017, which is the same as it declared in fiscal 2016.

    By Raymond Anderson
  • uploads///PSEC originations fiscal Q
    Earnings Report

    Understanding Prospect Capital’s Decline in Originations

    Prospect Capital (PSEC) witnessed a substantial fall in its originations in fiscal 4Q17, compared with fiscal 3Q17.

    By Raymond Anderson
  • uploads///PSEC total assets
    Earnings Report

    Why Secured Lending Is Prospect Capital’s Priority

    Prospect Capital’s (PSEC) total investments at fair value in fiscal 4Q17 stood at $5.8 billion, reflecting a marginal fall from $6.0 billion in fiscal 3Q17.

    By Raymond Anderson
  • uploads///ARCC analyst rating
    Earnings Report

    Ares Capital Corporation: Behind Analysts’ Positive Ratings

    Of the 14 analysts currently covering Ares Capital Corporation (ARCC), four analysts rated the stock as a “buy,” six analysts gave “strong buy” ratings, and the remaining four analysts gave “hold” ratings.

    By Raymond Anderson
  • uploads///ARCC relative val
    Earnings Report

    Ares Capital’s Premium Valuations amid Declining Net Asset Value

    Ares Capital Corporation (ARCC) currently has a price-to-sales ratio of ~4.6x.

    By Raymond Anderson
  • uploads///ARCC and comp
    Earnings Report

    Ares Capital’s Dividend to Remain the Same in 2017

    Ares Capital Corporation (ARCC) is expected to declare a dividend of $1.52 per share in 2017.

    By Raymond Anderson
  • uploads///ARCC and comp
    Earnings Report

    Insights on Ares Capital’s Portfolio Companies and Exits in 2Q17

    In 2Q17, Ares Capital made exits valued at $1.8 billion.

    By Raymond Anderson
  • 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///Prospect Relative Valuation
    Company & Industry Overviews

    Prospect Capital’s Increasing Valuations in 2017

    Analysts have given PSEC a one-year price target of $8.50 from the current price level, reflecting 0.7% growth.

    By Raymond Anderson
  • uploads///Prospect Analysts ratings
    Company & Industry Overviews

    Prospect Capital’s Ratings: What Wall Street Analysts Have to Say

    Although Prospect Capital (PSEC) has been delivering decent returns to investors, there has not been much change in the analysts’ ratings.

    By Raymond Anderson
  • uploads///Prospect capital Income
    Company & Industry Overviews

    Prospect Capital Prioritizes Secured Lending

    About 70% of Prospect Capital’s portfolio is composed of first and second lien secured loans

    By Raymond Anderson
  • uploads///Prospect portfolio investments
    Company & Industry Overviews

    Prospect Capital’s Total Investments Increase in 2017

    In fiscal 3Q17, Prospect Capital’s total value of investments stood at $6.0 billion in 125 companies, compared to $5.9 billion in fiscal 2Q17 in 123 companies.

    By Raymond Anderson
  • uploads///Annualized current yield
    Company & Industry Overviews

    Prospect Capital Adopts a Conservative Approach in Fiscal 3Q17

    Prospect Capital’s (PSEC) originations decreased in fiscal 3Q17 to $449.6 million compared to $469.5 million in fiscal 2Q17.

    By Raymond Anderson
  • uploads///Analyst ratings
    Miscellaneous

    Ares Capital’s Analyst Ratings Suggest Stable Earnings in 2017

    In February 2017, 12 of the 17 analysts covering Ares Capital, or ~71%, have rated it as a “buy” or a “strong buy.”

    By Robert Karr
  • uploads///Analyst ratings
    Miscellaneous

    What Analyst Ratings Say about Ares Capital’s Performance

    Analysts’ ratings for Ares Capital Ares Capital’s (ARCC) analyst ratings have improved over the past few months due to rising earnings and originations. So far in February 2017, twelve of the 17 analysts covering the company have rated it as a “buy” or a “strong buy.” Five analysts rated it as a “hold.” Since January 2017, Ares […]

    By Robert Karr
  • uploads///Analyst Ratings
    Miscellaneous

    What Analyst Ratings Suggest about Prospect’s Performance

    Analysts’ ratings for Prospect Of the eight analysts covering Prospect Capital (PSEC), two rated it a “buy” or “strong buy” in January 2017. Three analysts, or ~37.5%, rated it a “hold.” One analyst rated Prospect an “underperform” and two analysts rated the company a “sell.” Prospect’s mean target price is $8.05 per share, implying a fall of 7.9% […]

    By Robert Karr
  • uploads///Valuation
    Earnings Report

    With Net Exits and Improved Yields, Prospect’s Valuation Is Fair

    Fiscal 2Q17 net exits Prospect Capital (PSEC) stock has risen 16% over the past three months and 16% over the past year. The company is currently trading near its 52-week high. The company saw net exits of $175.5 million in fiscal 2Q17, with higher exits from first-lien holdings. It saw lower leverage mainly due to higher exits, […]

    By Robert Karr
  • uploads///EPS
    Earnings Report

    Prospect Capital Beats Estimates with Investments, Lower Expenses

    Prospect Capital (PSEC) reported fiscal 2Q17 earnings per share of $0.24 on February 8, 2017—higher than the analyst estimate of $0.22.

    By Robert Karr
  • uploads///v
    Earnings Report

    Apollo Investment Valuations Fair amid Marginal Improvements

    In fiscal 3Q17, Apollo Investment (AINV) repurchased 2.3 million shares at a weighted average price per share of $5.90 for a total cost of $13.6 million.

    By Robert Karr
  • uploads///NII
    Earnings Report

    Apollo Investment Sees Net Investments Turn Positive in Fiscal 3Q17

    In fiscal 3Q17, Apollo Investments (AINV) sold $17.1 million in investments and repaid $178.2 million.

    By Robert Karr
  • uploads///Analyst Ratings
    Miscellaneous

    How Analysts View Apollo Investment in 2017

    Four of the 15 analysts covering Apollo Investment (AINV) rated it a “buy” or “strong buy” in January 2017.

    By Robert Karr
  • uploads///Y
    Earnings Report

    Apollo Investment’s Yields Stabilize on First and Second Liens

    Apollo Investment’s (AINV) yields have declined and stabilized at ~10.9%, on par with average returns garnered by other closed-end funds.

    By Robert Karr
  • uploads///eps
    Earnings Report

    Apollo Investment Earnings Show Signs of Stabilization in Fiscal 4Q17

    On February 6, 2017, Apollo Investment (AINV) posted earnings per share of $0.17 in fiscal 3Q17, beating analyst estimates of $0.16.

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

    Prospect Capital’s Valuations: Fair amid Originations, Leverage

    Prospect Capital (PSEC) stock rose 3.0% over the past three months and 20.0% over the past year. The company is currently trading 5.0% below its 52-week high.

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

    Prospect Capital’s Performance to Rise Marginally in 2017

    In this series, we’ll look at Prospect Capital’s expected performance, deployments, portfolio strategy, yields, balance sheet strength, dividends, and valuations.

    By Robert Karr
  • uploads///Investment yields
    Company & Industry Overviews

    Apollo Investment’s Yields Stabilize, Reduced Exposure in Energy

    At the end of fiscal 2Q17, Apollo Investment’s (AINV) oil and gas investments represented 9.7% of its total portfolio, or $246 million.

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

    Apollo Investments Sees Gains and Reversal on Portfolio

    Apollo Investment’s (AINV) realized and unrealized gains stood at $1.6 million in fiscal 2Q17 compared to realized losses of $42.6 million in fiscal 1Q16.

    By Robert Karr
  • uploads///Net investment activity
    Company & Industry Overviews

    Apollo Investment’s Net Exits Trend Expected to Reverse in 2017

    Apollo Investment’s (AINV) total portfolio stood at ~$2.6 billion in fiscal 2Q17 compared to ~$3.2 billion in fiscal 2Q16.

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

    AINV’s Valuation Fair, Stock Can Rise on Earnings Surprise

    Currently, Apollo Investment (AINV) is trading at 8.5x on a one-year forward earnings basis. Its peers are trading at 8.8x.

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

    Apollo Investment Improved Bottom Line on Select Investments

    Apollo Investment (AINV) posted earnings per share of $0.18 in fiscal 2Q17, compared to analyst estimates of $0.17. In this series, we’ll study AINV’s performance, yields, capital deployment, portfolio, dividends, and valuations.

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

    What to Expect from Prospect’s, Ares’s, BlackRock’s 4Q16 Earnings

    BlackRock Capital Investment (BKCC) is expected to report EPS (earnings per share) of $0.23 in 4Q16, compared to earlier estimates of $0.25.

    By Robert Karr
  • uploads///Capitalization
    Macroeconomic Analysis

    Prospect and Ares Target Innovative Fundraising Methods

    Closed-end funds raise funds via either leverage or stock offerings. Companies tend to keep their leverages in check in the wake of expected rate hikes.

    By Robert Karr
  • uploads///Dividends
    Macroeconomic Analysis

    Prospect, Arlington Reward Shareholders with High Dividend Yields

    Closed-end companies (PEX) tend to pay higher dividends, with dividend payout ratios in the range of 70%–100%.

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

    Why Closed-End Funds Are Deploying Higher Leverages

    Closed-end funds have been deploying leverage in bids to take advantage of near-zero interest rates following the 2007 financial crisis.

    By Robert Karr
  • uploads///Risk profile
    Company & Industry Overviews

    Apollo, BlackRock Target Less Risk, Unlike Ares, Prospect

    Over the past few years, closed-end funds (PSP) have deployed funds in middle market companies with better credit ratings.

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

    Prospect’s, Ares’s Originations Rise, BlackRock’s, Apollo’s Fall

    The availability of credit has led to higher competition among investors and closed-end funds (PEX) seeking better investment options.

    By Robert Karr
  • uploads///Investment income
    Macroeconomic Analysis

    Prospect’s and Ares’s Yields Fell, BlackRock’s Rose in 3Q16

    Closed-end funds (PEX) have been targeting higher yields by investing in second lien—or marginally risky—offerings or companies.

    By Robert Karr
  • uploads///Stock
    Macroeconomic Analysis

    Closed-End Funds Are Affected by Originations, Rates

    Closed-end managers deploy money in middle market companies engaged in businesses across sectors by raising capital through share issuances.

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

    Prospect Valuations Fair amid Rising Originations, Strong Yields

    Prospect Capital’s (PSEC) stock fell ~7% in fiscal 1Q17 (September quarter) but has risen ~6% in the past 12 months.

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

    Prospect Capital’s 1Q17 Results Fall on Lower Deployments

    Prospect Capital (PSEC) reported fiscal 1Q17 EPS of $0.22—lower than the analyst estimates of $0.24. PSEC saw lower earnings on lower investment income.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect’s Valuation Discount Consistent on Lower Originations

    Prospect Capital’s (PSEC) stock has fallen ~3% in the past quarter, and it has risen ~11% in the past year. The company is currently trading 7% lower than its 52-week high.

    By Robert Karr
  • uploads///Estimates
    Earnings Report

    What to Expect of Prospect Capital’s Earnings in Fiscal 1Q17

    Prospect Capital (PSEC) is expected to post earnings per share (or EPS) of $0.24 in fiscal 1Q17, a fall of $0.01 compared to estimates.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    Why Closed-End Funds Are Not That Enthusiastic about Rate Changes

    Prospect Capital (PSEC) is strengthening its capital position in order to take advantage of mispricing during volatile times.

    By Robert Karr
  • uploads///Capital Structure
    Company & Industry Overviews

    Closed-End Funds Face Leverage Issues as Rate Hike Looms

    Ares Capital’s (ARCC) net DE (debt-to-equity) ratio decreased to 0.73x on June 30, 2016. Management had targeted a DE ratio of 0.65x–0.75x.

    By Robert Karr
  • uploads///Risk profile
    Company & Industry Overviews

    How Declining Yields Are Prompting Changes at Closed-End Funds

    Ares Capital (ARCC) has consistently increased its exposure to second lien senior secured debt. However, in the June quarter, second lien debt comprised only 24% of its new commitments.

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

    Volatility Continues to Cause Net Exits for Closed-End Funds

    Prospect Capital (PSEC) made portfolio investments of $294 million in the June quarter, a substantial rise from its investment of $23 million in the March quarter.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    Prospect, BlackRock Lead in Yields among Closed-End Funds

    Closed-end funds (PEX) have been boosting their yields by deploying capital in marginally risky asset classes or companies.

    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///Net investment activity
    Company & Industry Overviews

    Why Apollo Investment Is Reducing Its Investments

    Apollo Investments (AINV) sold $146 million in investments and repaid a total of $193 million in fiscal 1Q17.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect’s Expected Originations in 4Q16 Help Valuation Rise

    The valuation gap has narrowed on Prospect’s relatively strong performance, backed by its originations in structured credit.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    Will Subdued Interest Rates in 2016 Benefit Levered Closed-End Funds?

    Closed-end funds deploy leverage in order to generate returns for shareholders. The method works in tandem with interest rates when they’re low.

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

    Where Do Closed-End Funds Stand on Dividends in 2016?

    Closed-end funds tend to pay higher dividends, with dividend payout ratios in the range of 70%–90%.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect Capital’s Valuation: Can It Improve in Fiscal 3Q16?

    Prospect’s valuation gap has declined over the past one month due to a sharp pullback in stock followed by a strong performance during the December quarter.

    By Robert Karr
  • uploads///Interest income
    Macroeconomic Analysis

    How Subdued Interest Rates Could Continue to Benefit Levered Closed-Ended Funds

    Closed-ended funds deploy leverage in order to generate returns for shareholders. The method works in tandem with interest rates when they’re low.

    By Robert Karr
  • uploads///Interest income
    Company & Industry Overviews

    How an Interest Rate Hike Could Impact Closed-Ended Funds

    As the interest rate is expected to rise, companies with highly leveraged portfolio investments will see lower returns due to higher interest costs.

    By Robert Karr
  • uploads///Valuations
    Macroeconomic Analysis

    Prospect Capital’s Distributable Income Beat Its Payouts

    Prospect Capital generated distributable income of $94.0 million or $0.26 per weighted average share, exceeding $0.25 per share of dividends.

    By Robert Karr
  • uploads///Valuations
    Earnings Report

    Prospect Capital Stock: High Dividend Yields, Lower Valuations

    Prospect Capital’s (PSEC) stock has declined by ~13% over the past six months and ~27% over the past 12 months.

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

    Ares Capital Stock: High Dividend Yields and Nominal Growth

    As of June 2015, Ares Capital’s (ARCC) stock declined by ~5% over the past 12 months. The company paid a dividend of $0.38 per share—at par with the year before.

    By Robert Karr
  • uploads///Risk profile Second lien
    Company & Industry Overviews

    Ares Capital: Where It’s Investing for Future Growth

    Ares Capital (ARCC) has consistently increased its exposure in second lien senior secured debt. It formed 26% of its total portfolio in 1Q15.

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

    Prospect Capital Stock: High Dividend Yields, Oversold Valuations

    Prospect Capital’s ~13% dividend yield is the highest of its investment management peers. Its recent stock troubles are due to declining yields.

    By Robert Karr
  • uploads///Investment income
    Company & Industry Overviews

    Prospect Capital Yields Stabilize in Difficult 3Q15

    Prospect Capital has managed to generate above-market yields through disciplined credit selection and a diverse origination approach.

    By Robert Karr
  • uploads///Portfolio
    Earnings Report

    Prospect Capital’s Selection Is Key to Risk Return Profile

    Prospect Capital (PSEC) announced on May 6 that it has completed one new investment and several follow-on investments totaling $219 million in 3Q15, which ended on March 31, 2015.

    By Robert Karr
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