Description

Sign up or Log In

Sign up for free guest access to view investment ideas with a 45-day delay and read the full report.

Log in to read the full report.

show sort by

You are not eligible to view 7 messages. To gain access to more recent message posts signup free for membership.

24	member 1/03/18 11:56AM Re: Re: three questions 23
Fair enough but honestly most of what you said is well beyond my limited competence as I'm not a debt investor so I really can't push back on any of it except to say when... login to read the rest view available tags
23	member 1/03/18 11:20AM Re: Re: Re: Re: Re: three questions 22
Appreciate the response. I would push back against your assertion that the 1.5% fee makes the sector uninvestable, though. Good private credit managers can generate 5+ points of alpha on gross assets, so paying 300bps... login to read the rest 1 view available tags
22	member 1/03/18 9:52AM Re: Re: Re: Re: three questions 21
Hi Blaueskobalt, I really have no interest in owning BDC's for the long term absent a distressed situation. The fee structure makes them extremely unattractive. You're not paying just a 1.5% management fee to middle market... login to read the rest view available tags
21	member 1/02/18 9:27PM Re: Re: Re: three questions 13
Majic, appreciate your thoughts on this situation. Is there a price at which you would be a buyer of OCSL? If so could you share your reasoning? Also, do you think that OAK made a mistake... login to read the rest view available tags
20	member 12/29/17 1:08PM Re: Re: Re: Re: Re: Re: Re: Re: Re: three questions 19
Majic - You brought up a 6% number, and 6% also happens to be the hurdle rate before Oaktree begins to collect the incentive fee. I said that I viewed 6% as an acceptable yield... login to read the rest view available tags
19	member 12/29/17 8:58AM Re: Re: Re: Re: Re: Re: Re: Re: three questions 18
Wait, what does this have to do with "Oaktree earning much more than 6% over full cycles?" This is not a distressed debt fund nor a private equity fund. This is mid market lending fund... login to read the rest view available tags
18	member 12/28/17 9:11PM Re: Re: Re: Re: Re: Re: Re: three questions 17
Majic - Again, my writeup does not establish a price target using an 8% yield. Please read it and my other posts more carefully before saying that again. I appreciate that you're just trying to be... login to read the rest view available tags
16	member 12/28/17 4:47PM Re: Re: Re: Re: Re: three questions 15
Majic - You have mischaracterized the price target in my writeup. My writeup focuses solely on the quality of the manager and on where the security should ultimately trade relative to NAV. I include dividend yield... login to read the rest view available tags
14	member 12/28/17 3:20PM Re: Re: Re: three questions 13
Majic - I agree that many of the holders in the retail-oriented BDC space are naively yield focused, but I disagree that we should therefore be thinking like them. In my view, the most important questions... login to read the rest view available tags
12	member 12/26/17 2:18PM Re: three questions 11
Hi Kalman - I really don't have definitive answers to your questions but I'll give my two cents on each: 1. As you point out, the 14% is larger than I expected when I first wrote... login to read the rest view available tags
10	member 11/28/17 4:00PM Re: Re: Re: 8k w/ credit agreement revised 9
I agree that you said you didn't expect a 30% writedown. When I said you mentioned it, I didn't mean to imply that was your expectation and I apologize for any miscommunication. My point was... login to read the rest view available tags
8	member 11/28/17 2:35PM Re: 8k w/ credit agreement revised 7
Yes. I noticed that and I'm sure that's why the shares have traded the way they have in the past week. As I said in the writeup, I thought an NAV hit in the 10%... login to read the rest view available tags
6	member 8/14/17 3:29PM Re: Re: Re: Re: markdowns coming 5
Blaueskobalt - thank you for your perspective. I'm not sure I agree with some of your assertions. On your first point, while it's true that FSC has experienced poor performance, lost talent and their sponsor... login to read the rest 1 view available tags
5	member 8/14/17 11:31AM Re: Re: Re: markdowns coming 4
I'm with creditguy. Four points: the credits that are currently in the portfolio are likely worse than the average they have originated over their history. this is a natural consequence of their poor performance, hemorraging of... login to read the rest view available tags
4	member 8/13/17 1:24PM Re: Re: markdowns coming 3
It's possible but I can't see where your certainty comes from. Again, I would have thought that Oaktree could have gotten in there and diligenced this pretty well by now as it is a consensual... login to read the rest -1 view available tags
3	member 8/12/17 8:51PM Re: markdowns coming
I expect large markdowns in the next quarter's report. Fifth Street (and a number of the other low quality BDCs like Medley) are notorious for overmarking/mismarking positions. Oaktree is highly incentivized to take a big... login to read the rest 6 view available tags
2	member 8/12/17 8:09PM Re: 10% 1
Hi Trev - That is an important question and unfortunately I don't have enough information to do more than look at the shadows on the wall and make assumptions about what is happening. There is nothing... login to read the rest view available tags

load more messages

			2022	2023
Price:	3.79	EPS	.38	.42
Shares Out. (in M):	106	P/E	10	9
Market Cap (in $M):	526	P/FCF	9.7	9
Net Debt (in $M):	-60	EBIT	50	58
TEV (in $M):	466	TEV/EBIT	6.5	5

Description

Sign up or Log In

Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

Sign up for free guest access to view investment ideas with a 45-day delay and read the full report.

Log in to read the full report.