Private credit’s aggressive push to court retail investors has exposed the industry to a less familiar threat: public market volatility, which is dragging business development company shares toward their steepest discounts relative to their assets since the pandemic. A string of publicly-traded BDCs have posted earnings over the past month — the first since a number of private BDC vehicles faced a...
Private credit’s aggressive push to court retail investors has exposed the industry to a less familiar threat: public market volatility, which is dragging business development company shares toward their steepest discounts relative to their assets since the pandemic. A string of publicly-traded BDCs have posted earnings over the past month — the first since a number of private BDC vehicles faced a wave of redemptions . And the data were stark: credit losses are climbing, new lending is falling and portfolios are shrinking. Valuations have declined over the last week and a half, with the firms’ shares trading at an average of around 85% of their net asset value, based on averages for the S&P BDC Index. A ratio that low can signal fears of more pain ahead. Blue Owl Capital Corp. and Sixth Street Specialty Lending both reported a loss during the quarter, while Carlyle Secured Lending and FS KKR Capital Corp. reduced their dividend payouts. Executives at BDCs say the best times are still to come and that a saner lending environment is creating opportunities to earn better returns on new loans. But investors have been fearful about credit losses for months, with the ratio of price-to-net asset value having fallen sharply over the last year. “We expect to see even further deterioration from here for certain BDCs,” Chelsea Richardson , a senior director at Fitch Ratings , said in an interview. “We saw continued pressure on net investment income, which we expected with December rate cuts flowing through, as well as more dividend cuts, NAV declines, and upticks in leverage for the sector.” The firms’ shares traded in the first quarter at their steepest discount to net asset value since 2020. That’s based on a Bloomberg comparison of share prices at the end of the period against net asset values for that period that were reported weeks later. For years, private credit executives have pitched a seductive narrative: their portfolios of directly negotiated loans were largely ins...
The FA Cup tends to produce fairytale stories and Antoine Semenyo's sensational winning goal in this season's final provided the latest in chapter in the storied history of the world's oldest cup competition.
The FA Cup tends to produce fairytale stories and Antoine Semenyo's sensational winning goal in this season's final provided the latest in chapter in the storied history of the world's oldest cup competition.
Key PointsKevin Warsh was confirmed as the new Federal Reserve chair on Wednesday, inheriting an economy facing spiking oil prices and inflation that jumped 3.8% in April.
Key PointsKevin Warsh was confirmed as the new Federal Reserve chair on Wednesday, inheriting an economy facing spiking oil prices and inflation that jumped 3.8% in April.
It’s time for the 70th annual musica extravaganza – this time from Vienna (and minus a few of the usual faces). Join us for every wild moment It wouldn’t be Eurovision without a vaguely irresponsible bingo-based drinking game, so take a sip (or a fistful of Pringles, should you prefer) for any occurrence of the following: Mirrors Clothing reveals Fire Knee boots A dance break that arrives before t...
It’s time for the 70th annual musica extravaganza – this time from Vienna (and minus a few of the usual faces). Join us for every wild moment It wouldn’t be Eurovision without a vaguely irresponsible bingo-based drinking game, so take a sip (or a fistful of Pringles, should you prefer) for any occurrence of the following: Mirrors Clothing reveals Fire Knee boots A dance break that arrives before the first chorus Someone lying dramatically on the floor Interpretive dance by men in mesh Artists who style their names entirely in capital letters, for no apparent reason Continue reading...
Key PointsAristotle Capital Boston sold 105,810 shares of ACI Worldwide in the first quarter; the estimated transaction value was $4.44 million based on quarterly average pricing.
Key PointsAristotle Capital Boston sold 105,810 shares of ACI Worldwide in the first quarter; the estimated transaction value was $4.44 million based on quarterly average pricing.
3rd ODI: England 181-7; NZ 141-4. NZ win by 17 runs (DLS) Play halted with tourists ahead on DLS – series is drawn 1-1 New Zealand shared the series spoils – and the ICC Championship points – after winning the final one-day international at Cardiff on Saturday with six wickets in hand. Lauren Bell had initially reduced the tourists to 40 for three, before giving everyone a scare for next month’s W...
3rd ODI: England 181-7; NZ 141-4. NZ win by 17 runs (DLS) Play halted with tourists ahead on DLS – series is drawn 1-1 New Zealand shared the series spoils – and the ICC Championship points – after winning the final one-day international at Cardiff on Saturday with six wickets in hand. Lauren Bell had initially reduced the tourists to 40 for three, before giving everyone a scare for next month’s World Cup when she toppled over in her follow-through and briefly left the field for treatment. She returned to bowl the 26th over of New Zealand’s run-chase, but the umpires called a halt to proceedings shortly afterwards. By then, a combination of Maddy Green, Brooke Halliday and Izzy Gaze had batted together for long enough and with enough assertiveness to ensure New Zealand were well ahead on DLS to level the series 1-1. Continue reading...
Club demand action over scenes at end of title-decider Hearts say authorities must protect ‘integrity of the game’ Hearts have issued a statement castigating the “shameful” and “disgraceful” scenes which marred the conclusion to the Scottish Premiership’s title race at Celtic Park. The Edinburgh club has emphasised “deeply disturbing” treatment of players and staff. Celtic’s last-day victory had s...
Club demand action over scenes at end of title-decider Hearts say authorities must protect ‘integrity of the game’ Hearts have issued a statement castigating the “shameful” and “disgraceful” scenes which marred the conclusion to the Scottish Premiership’s title race at Celtic Park. The Edinburgh club has emphasised “deeply disturbing” treatment of players and staff. Celtic’s last-day victory had secured their fifth title in succession. Callum Osmand’s goal for Celtic, the third in a 3-1 win, fuelled a mass pitch invasion which saw Hearts players antagonised and confronted. Those who entered the pitch were audibly booed by those in the stands. Continue reading...
narvo vexar U.S. electricity providers NextEra Energy ( NEE ) and Dominion Energy ( D ) are in talks to combine in an equity-led deal that would create a utility behemoth valued at more than $400B, The Financial Times reported on Saturday. According to people familiar with the matter, a potential deal could be announced as early as next week. However, discussions for what could be a mostly stock-b...
narvo vexar U.S. electricity providers NextEra Energy ( NEE ) and Dominion Energy ( D ) are in talks to combine in an equity-led deal that would create a utility behemoth valued at more than $400B, The Financial Times reported on Saturday. According to people familiar with the matter, a potential deal could be announced as early as next week. However, discussions for what could be a mostly stock-based transaction are still ongoing and could still fall apart, the people added. NextEra ( NEE ) and Dominion ( D ) did not immediately respond to FT’s requests for comments. Florida-based NextEra ( NEE ), which operates nearly 6M customer accounts, has an enterprise value of $303B, including $100B in net debt. Virginia-based Dominion ( D ), whose power network serves roughly 3.6M homes and businesses, has an enterprise value of $111B, including $50B in net debt. Their purported interest in a tie-up comes at a time when electricity demand is rapidly rising in the U.S., partly fueled by energy-intensive data centers operated by hyperscalers and AI groups such as Microsoft ( MSFT ) and Meta ( META ). More on NextEra Energy, Dominion Energy NextEra Energy: The Utility Built For The Data Center Power Crunch Dominion Energy, Inc. 2026 Q1 - Results - Earnings Call Presentation Dominion Energy, Inc. (D) Q1 2026 Earnings Call Transcript Dominion Energy reaffirms 5%-7% long-term EPS growth as CVOW budget moves to $11.4B and Virginia storage target rises to 20 GW by 2045 Dominion Energy Non-GAAP EPS of $0.95 beats by $0.04, revenue of $5.02B beats by $600M
Tehran Claims US Faces Escalating Economic Fallout From 'War Of Choice' As Hardship Mounts Inside Iran Iranian Foreign Minister Abbas Araghchi warned Saturday that the United States would face mounting economic fallout from its "war of choice" against Iran, as both sides appear settled into a long game of waiting to inflict the most severe economic and political damage on the other. In a post on X...
Tehran Claims US Faces Escalating Economic Fallout From 'War Of Choice' As Hardship Mounts Inside Iran Iranian Foreign Minister Abbas Araghchi warned Saturday that the United States would face mounting economic fallout from its "war of choice" against Iran, as both sides appear settled into a long game of waiting to inflict the most severe economic and political damage on the other. In a post on X, Araghchi said Americans would bear the escalating financial costs of the conflict with Tehran. "Put aside gas price hike and stock market bubble. Real pain begins when U.S. debt and mortgage rates start to jump," he wrote in English. This isn't the first time Iranian officials and state media have tried to directly appeal to the American public . Araghchi also pointed to growing economic strain inside the United States, saying auto loan delinquencies had already climbed to their highest level in more than 30 years. "This was all avoidable," he added, framing the start of the conflict as Trump's 'war of choice' in the Middle East. Of course, the Pentagon has a big card to play too, as on Saturday US Central Command (CENTCOM) announced that four vessels in the Hormuz area were "disabled to ensure compliance." In an official statement it said that that since the imposition of a naval blockade on Iranian ports, 75 commercial vessels have been redirected and four others disabled to “ensure compliance”. There is no doubt the US naval blockade is putting immense economic pressure on the Iranian government, society, and the energy sectors as crude shit-ins loom , or are in progress... The internal Iranian regime narrative has shifted markedly in the past 72 hours. Multiple officials have now openly acknowledged Iran’s structural gasoline deficit, war-damaged energy infrastructure, and the urgent need for consumption management. Fuel shortages and tightened… — Miad Maleki (@miadmaleki) May 16, 2026 One Saudi-funded source alleges of the tightening hardship situation inside Iran : ...
Schools say social media is hurting grades and creating a mental health crisis. | Image: Cath Virginia / The Verge Snap, YouTube, and TikTok have settled the first lawsuit of its kind, alleging that social media addiction has cost public schools massive amounts of money, according to Bloomberg . The suit, filed by the Breathitt County School District in Kentucky, claims that social media has disru...
Schools say social media is hurting grades and creating a mental health crisis. | Image: Cath Virginia / The Verge Snap, YouTube, and TikTok have settled the first lawsuit of its kind, alleging that social media addiction has cost public schools massive amounts of money, according to Bloomberg . The suit, filed by the Breathitt County School District in Kentucky, claims that social media has disrupted learning and created a mental health crisis, straining budgets. The terms of the settlement have not been revealed yet, and Meta is still facing a trial in the same suit, which is viewed as a bellwether for over 1,000 similar lawsuits across the country This follows an earlier case, settled by Snap and TikTok , in which a 19-year-old plaintiff claimed signif … Read the full story at The Verge.
Ford Motor stock surged 13% in a single session the week of May 10 after Morgan Stanley issued a bullish call on the automaker's energy storage business. That was Ford’s biggest one-day gain since March 2020. For context, that kind of move doesn't happen without a serious catalyst. And this one ...
Ford Motor stock surged 13% in a single session the week of May 10 after Morgan Stanley issued a bullish call on the automaker's energy storage business. That was Ford’s biggest one-day gain since March 2020. For context, that kind of move doesn't happen without a serious catalyst. And this one ...
An everyday investor started a discussion after saying they were struggling emotionally while watching people around them appear to make easy money trading options. The poster, writing on the r/stocks subreddit, said they’re in their 30s, work a regular 9-to-6...
An everyday investor started a discussion after saying they were struggling emotionally while watching people around them appear to make easy money trading options. The poster, writing on the r/stocks subreddit, said they’re in their 30s, work a regular 9-to-6...
President Donald Trump's nominee to replace Jerome Powell will have his work cut out for him. After a lengthy process, Kevin Warsh was finally confirmed on Wednesday as the new head of the Federal Reserve. Even as a historic bull market pushes the S&P 500 and the Nasdaq Composite to record highs, Warsh is tasked with helping the American economy navigate some turbulent waters: a President calling ...
President Donald Trump's nominee to replace Jerome Powell will have his work cut out for him. After a lengthy process, Kevin Warsh was finally confirmed on Wednesday as the new head of the Federal Reserve. Even as a historic bull market pushes the S&P 500 and the Nasdaq Composite to record highs, Warsh is tasked with helping the American economy navigate some turbulent waters: a President calling publicly for lower rates while oil prices spike and inflation jumps. Image source: Getty Images. Continue reading
Aristotle Capital Boston cut its stake in ACI Worldwide (NASDAQ:ACIW) by 105,810 shares in the first quarter, an estimated $4.44 million trade based on quarterly average pricing, according to a May 15, 2026, SEC filing. Aristotle Capital Boston disclosed in a May 15, 2026, SEC filing that it sold 105,810 shares of ACI Worldwide during the first quarter. The estimated value of this reduction, based...
Aristotle Capital Boston cut its stake in ACI Worldwide (NASDAQ:ACIW) by 105,810 shares in the first quarter, an estimated $4.44 million trade based on quarterly average pricing, according to a May 15, 2026, SEC filing. Aristotle Capital Boston disclosed in a May 15, 2026, SEC filing that it sold 105,810 shares of ACI Worldwide during the first quarter. The estimated value of this reduction, based on the average closing price for the period, was approximately $4.44 million. The stake’s quarter-end market value decreased by $9.56 million, a figure that includes both share sales and changes in the stock price. ACI Worldwide, Inc. is a global provider of software solutions focused on digital payments and real-time transaction processing. The company leverages a broad product suite and cloud-based platforms to address the evolving needs of financial institutions and merchants. Its scale and deep expertise in payment infrastructure position it as a key enabler of secure, efficient, and innovative payment experiences across diverse industries. Continue reading
Zinkevych/iStock via Getty Images I reviewed two large Technology ETFs in November, and I rated them both Sell. Each has rallied since then, and I am downgrading Vanguard Information Technology ETF ( VGT ) and State Street Technology Select Sector SPDR Fund ( XLK ) now to Strong Sell. Another Look at VGT According to the Vanguard website for VGT , the ETF holds 316 stocks currently, with a median ...
Zinkevych/iStock via Getty Images I reviewed two large Technology ETFs in November, and I rated them both Sell. Each has rallied since then, and I am downgrading Vanguard Information Technology ETF ( VGT ) and State Street Technology Select Sector SPDR Fund ( XLK ) now to Strong Sell. Another Look at VGT According to the Vanguard website for VGT , the ETF holds 316 stocks currently, with a median market cap of about $583 billion as of the end of April. At $113.310, its market cap is about $125 billion, but the fund, which combines mutual funds with this ETF, is larger. The management fee is only 0.09%. This ETF is very popular with readers of Seeking Alpha, as it has 55,720 followers. Seeking Alpha's Quant Rating is 4.43, a Buy. The reason VGT has 317 stocks, unlike the other ETF that I discuss below, is that the index for it is the MSCI US Investable Market Information Technology 25/50 Index , which, according to MSCI, had as of the end of April market caps of just $26 million to as large as $4.1 trillion. The average market cap was $72.9 billion, but the median was just $15.1 billion. Here are the top ten names as of the end of April: MSCI The two largest names made up over 32% of this index, and the top ten made up almost 59%. This is slightly less concentrated than when I reviewed it here nine months ago. Another Look at XLK XLK, which had assets under management at $179.48 of $117 billion as of May 14th (so, smaller than VGT), has the exact same stocks that are Technology stocks in the S&P 500 (73). State Street hosts a the website for XLK , and there is a fact sheet that was last updated as of the end of Q1. The management fee here is slightly below the low management fee of VGT at 0.08%, and the number of followers is higher at 79,110. Seeking Alpha's Quant Rating is 4.45, a Buy. State Street shares the top ten as of May 14th: State Street The ETF is heavily concentrated, though it is less concentrated than VGT, as the top 2 currently total about 27%. The top...
Key PointsAristotle Capital Boston bought 745,994 shares of Perella Weinberg Partners in the first quarter; the estimated transaction value was $14.66 million (based on quarterly average prices).
Key PointsAristotle Capital Boston bought 745,994 shares of Perella Weinberg Partners in the first quarter; the estimated transaction value was $14.66 million (based on quarterly average prices).
Turnout down at second ‘unite the kingdom’ march featuring Islamophobic and ethnonationalist hate speech and flyers The far-right activist Tommy Robinson told tens of thousands of supporters to prepare for the “battle of Britain” during a rally in London on Saturday. Robinson, whose real name is Stephen Yaxley-Lennon, drew tens of thousands of supporters on to the streets of central London for the...
Turnout down at second ‘unite the kingdom’ march featuring Islamophobic and ethnonationalist hate speech and flyers The far-right activist Tommy Robinson told tens of thousands of supporters to prepare for the “battle of Britain” during a rally in London on Saturday. Robinson, whose real name is Stephen Yaxley-Lennon, drew tens of thousands of supporters on to the streets of central London for the second year running in an event where Islamophobic and ethnonationalist hate speech and flyers were distributed to the crowds. Continue reading...