BlackRock Capital Investment Corp

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  • 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
  • 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///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///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///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///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///Estimates
    Company & Industry Overviews

    Ares Capital Is Expected to See Stable Performance in 3Q

    Ares Capital (ARCC) is expected to post core EPS (earnings per share) of $0.39 in the third quarter compared to $0.41 in the prior year’s quarter.

    By Robert Karr
  • 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///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///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///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///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///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///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///of total
    Company & Industry Overviews

    Prospect Capital Banking on Investment Pipeline for Originations

    Prospect Capital (PSEC) managed originations of $222 million, which was lower than the prior year’s number. Its exits and repayments stood at $258 million.

    By Robert Karr
  • 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///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///PSEC and comp
    Earnings Report

    Prospect Capital Witnesses Fall in Total Investment Income

    Prospect Capital witnessed a fall in its fiscal 4Q17 total investment income, from $193 million in fiscal 4Q16 to $166.7 million last quarter.

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

    Prospect Capital Misses Fiscal 4Q17 Earnings and Revenue Estimates

    Prospect Capital (PSEC) reported EPS (earnings per share) of $0.19 in fiscal 4Q17, missing the analysts’ estimate of $0.21.

    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///ARCC and comp
    Earnings Report

    Ares Capital Corporation Missed Analysts’ Estimates in 2Q17

    Ares Capital Corporation (ARCC) posted its 2Q17 earnings report on August 2. ARCC reported its core earnings of $0.34 per share, missing the analysts’ estimate of $0.36 per share.

    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 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 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///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///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///Prospect Actuals vs Estimates
    Company & Industry Overviews

    Prospect Capital’s Disappointing Performance in Fiscal 3Q17

    Prospect Capital (PSEC) reported a decline in its net investment income in its fiscal 3Q17 earnings. Analysts expect PSEC’s fiscal 4Q17 EPS to reach $0.20, representing no change from fiscal 3Q17.

    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///Valuation
    Earnings Report

    Ares Capital Valuations at a Premium on Relative Outperformance

    Ares Capital stock has risen ~11.7% over the past six months. The company saw a strong performance in 4Q16 on higher deployment, stable yields, and expense management.

    By Robert Karr
  • uploads///Risk profile
    Earnings Report

    Ares Capital’s Preference for Second Lien Continued in 4Q16

    Ares Capital has consistently enhanced its exposure to second lien debt in a bid to generate higher yields. In 4Q16, its second lien debt made up 33% of its new commitments.

    By Robert Karr
  • uploads///Yields
    Earnings Report

    Ares Capital’s Credit Statistics Deteriorated Marginally in 4Q16

    Ares Capital’s (ARCC) portfolio totaled $8.8 billion at fair value on December 31, 2016. Its total assets stood at $9.2 billion.

    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///Valuations
    Earnings Report

    What Boosted Ares Capital’s Valuation?

    Stock performance Ares Capital (ARCC) stock has risen ~14% over the past six months and 37% over the past year due to improved operating performance. In 3Q16, the company saw higher deployments and yields, and lower expenses. The company declared a dividend of $0.38 per share in 3Q16, in line with that of 3Q15. With a dividend […]

    By Robert Karr
  • uploads///Risk profile
    Earnings Report

    Could Ares Capital’s Second-Lien Preference Continue in 4Q?

    Second-lien preference Ares Capital (ARCC) has consistently increased its exposure to investments in second-lien debt to garner higher yields. In 3Q16, second-lien debt made up 23% of its new commitments and exits made up 18%. Second-lien loans formed 32% of the company’s total portfolio, and first-lien senior secured loans fell to 25% from 29% in […]

    By Robert Karr
  • uploads///Yields
    Earnings Report

    Ares Capital’s Credit Statistics Expected to Improve in 4Q16

    Broad markets driving statistics Ares Capital’s (ARCC) portfolio valuation and total assets stood at $8.8 billion and $9.1 billion, respectively, on September 30, 2016. The company’s corporate borrowers posted last-12-month EBITDA (earnings before interest, tax, depreciation, and amortization) growth of ~7% due to adequate growth and repayment capability. In 3Q16, Ares Capital’s credit statistics fell, with non-accrual […]

    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///Interest income
    Earnings Report

    How Prospect Generated Strong Yields

    Generating strong yields Prospect Capital’s (PSEC) valuation gap has narrowed more than its industry peers’ and the broader market’s (SPX) (SPY), reflecting improved performance over the past few quarters. The company didn’t provide any further guidelines on possible spin-offs of profitable divisions in a bid to raise capital. If the stock rises, at least above the […]

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

    A Look at Prospect’s Net Exits and Focus on Retail Lending

    Exits higher than origination In fiscal 2Q17, Prospect Capital (PSEC) made portfolio investments of $470 million, which is a substantial rise over the $347 million invested in fiscal 1Q17. These funds were deployed in new and multiple follow-on investments. The company saw higher net exits than it did in the previous quarter, in line with […]

    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///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///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///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///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///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///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///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///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

    Ares Capital Stock and Valuations Rise on Strong Performance

    Ares Capital (ARCC) stock has risen ~1.6% over the past six months. The company saw a strong performance in 3Q16 on higher deployment, yields, and lower expenses.

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

    Ares Capital Second Lien Preference Evident in Portfolio Changes

    Ares Capital (ARCC) has consistently enhanced its exposure to second lien debt in a bid to generate higher yields.

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

    Ares Capital’s Yields and Credit Statistics Fell in 3Q16

    Ares Capital’s (ARCC) portfolio totaled $8.8 billion at fair value as of September 30, 2016.

    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///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///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///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///Stock performance
    Company & Industry Overviews

    Ares Capital Stock Is Steady despite Difficult Market Conditions

    As of June 2015, Ares Capital (ARCC) stock has declined by ~5% over the last year. The company’s market capitalization has fallen to $5.16 billion.

    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
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