lending

Search documents
New Mountain Finance (NMFC) - 2024 Q4 - Earnings Call Transcript
2025-02-27 19:33
New Mountain Finance Corporation (NASDAQ:NMFC) Q4 2024 Earnings Conference Call February 27, 2025 10:00 AM ET Company Participants John Kline - President and CEO Steve Klinsky - Chairman and CEO, New Mountain Capital Laura Holson - Chief Operating Officer Kris Corbett - Chief Financial Officer and Treasurer Conference Call Participants Robert Dodd - Raymond James Operator Good day, and welcome to the New Mountain Finance Corporation's Fourth Quarter 2024 Earnings Call. All participants will be in a listen-o ...
FS KKR Capital (FSK) - 2024 Q4 - Earnings Call Transcript
2025-02-27 17:02
FS KKR Capital Corp (NYSE:FSK) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants Anna Kleinhenn - Head of Investor Relations Michael Forman - Chief Executive Officer Daniel Pietrzak - Co-President and Chief Investment Officer Brian Gerson - Co-President Steven Lilly - Chief Financial Officer Conference Call Participants Kenneth Lee - RBC Capital Markets Casey Alexander - Compass Point, LLC Robert Dodd - Raymond James Finian O'Shea - Wells Fargo Securities Maxwell Fritscher - ...
Owl Rock(OBDC) - 2024 Q4 - Earnings Call Transcript
2025-02-20 15:00
Financial Data and Key Metrics Changes - The company reported a fourth quarter net investment income (NII) of $0.47 per share and a full year NII of $1.89 per share, achieving a return on equity (ROE) of 12.4% for the quarter and 12.2% for the full year [6][24] - The net asset value (NAV) per share at quarter end was $15.26, approximately in line with the prior quarter, reflecting the stability of the portfolio [6][24] - The company paid out record dividends totaling $1.72 per share for 2024, marking a nearly 10% increase year over year [7] Business Line Data and Key Metrics Changes - The company committed over $27 billion in direct originations in 2024, roughly double from 2023, with approximately $1.2 billion deployed in the fourth quarter [16] - First lien investments increased from 68% to 76% of the portfolio, and when combined with OBDE's portfolio, first lien investments rose to 78% pro forma [16] - The average hold size on new direct lending deals grew from $200 million in 2021 to roughly $350 million in 2024, with total deal sizes nearly doubling from $600 million to over $1 billion [11] Market Data and Key Metrics Changes - The non-accrual rate remained low at 40 basis points of the portfolio at fair value, reflecting no new additions this quarter [20] - The median EBITDA of portfolio borrowers was $119 million, with a weighted average EBITDA of $200 million and an average loan-to-value (LTV) of 44% [17] - Interest coverage across the portfolio was approximately 1.8 times, up from a trough of 1.6 times [18] Company Strategy and Development Direction - The company aims to leverage its scale and disciplined investment approach to maintain competitive advantages in the direct lending market [9][10] - The merger with OBDE has positioned the company as the second largest publicly traded BDC by total assets, expected to drive lower financing costs and operational synergies [12][13] - The company plans to optimize its portfolio and asset mix for improved yield, potentially increasing investments in strategic equity and joint ventures [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the portfolio despite macroeconomic uncertainties, noting continued modest growth in revenues and EBITDA across portfolio companies [86] - The company anticipates supportive market conditions in 2025, which may drive a potential pickup in M&A activity [31] - Management highlighted the importance of incumbency relationships, with about 50% of originations in 2024 coming from existing portfolio companies [12][99] Other Important Information - The company established a joint venture across all BDCs to create a more efficient investment structure, winding down OBDC's senior loan fund [29] - Total liquidity at quarter end was $3.2 billion, well in excess of unfunded commitments [28] - The company plans to file a $750 million at-the-market equity issuance program to raise capital under supportive market conditions [28] Q&A Session Summary Question: What can OBDC deliver in terms of ROEs in 2025 and beyond? - Management indicated that while headwinds from lower rates and spreads may impact ROE, they expect to generate an additional 50 to 75 basis points of ROE through the merger benefits and portfolio optimization [40][41] Question: How does the evolution of public BDCs play into the growth of the broader direct lending platform? - Management emphasized the continued execution of the OBDC strategy while expanding credit capabilities, which will enhance the origination funnel and relevance to borrowers [45][46] Question: Where is the portfolio in terms of recognizing Fed rate cuts? - Approximately 70% of the portfolio is recognized in terms of resets from Fed rate cuts [54] Question: What proportion of the portfolio is still above legacy assets with higher spreads? - Management estimated that about 10% to 15% of the portfolio could still be at risk of opportunistic refinancing with lower spreads [66] Question: How is the amendment activity trending? - Amendment activity was flat quarter over quarter, with no significant uptick in material amendments [111]
OneMain (OMF) Conference Transcript
2025-02-12 17:20
OneMain (OMF) Conference February 12, 2025 11:20 AM ET Company Participants Doug Shulman - Chairman & CEO Conference Call Participants Mihir Bhatia - Analyst Mihir Bhatia I guess, maybe some morning. Thank you, everyone, for joining us. I'm Mihir Bhatia. I cover consumer finance here at Bank of America. Next on stage here, we have the OneMain financial session. OneMain is a leading consumer finance company that provides personal loans, auto loans, credit cards with a real focus on the non prime customer. I' ...
Cantaloupe(CTLP) - 2025 Q2 - Earnings Call Transcript
2025-02-06 23:00
Cantaloupe (CTLP) Q2 2025 Earnings Call February 06, 2025 05:00 PM ET Company Participants Magna Mera - Investor RelationsRavi Venkatesan - CEO, President & DirectorScott Stewart - Chief Financial Officer Conference Call Participants Cristopher Kennedy - Research Analyst - Financial Services & TechnologyGary Prestopino - Vice President & Senior Research AnalystMike Latimore - Managing Director & Senior Research AnalystGeorge Sutton - Senior Research AnalystJosh Nichols - Research Analyst Operator Hello. Tha ...
Ares Capital(ARCC) - 2024 Q4 - Earnings Call Transcript
2025-02-05 18:00
Ares Capital (ARCC) Q4 2024 Earnings Call February 05, 2025 12:00 PM ET Company Participants John Stilmar - Partner & Co-Head of Public Markets Investor RelationsKipp deVeer - CEOKort Schnabel - Co-PresidentScott Lem - CFO & TreasurerJim Miller - Co-PresidentMelissa Wedel - Vice President, Equity ResearchKenneth Lee - Vice PresidentPaul Johnson - Vice PresidentRobert Dodd - Director - Finance Conference Call Participants Finian O'shea - AnalystCasey Alexander - Senior Vice President & Research AnalystDougla ...