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Alex Buzby

Senior Associate
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Recent Posts

Sourcing and Utilizing Market Data for The Valuation of Middle Market and Illiquid Loans

Posted by Alex Buzby on Oct 13, 2017 2:19:45 PM

In this summary Advantage Data aims to highlight the challenges faced in sourcing and utilizing market data for valuation of illiquid and middle market loans. We will consider the overall methods of aggregating and applying data to loans in this space and how the issues surrounding the lack of readily available information can be overcome. 

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Topics: Middle Market, Valuation

Energy Market Update

Posted by Alex Buzby on Jun 27, 2017 2:10:03 PM
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Topics: Loans, Middle Market

Apollo Investment Corp. New investments 4Q16

Posted by Alex Buzby on Feb 7, 2017 5:52:36 PM

Apollo Investment Corp. (AINV) filed 4Q16 results yesterday including debt investments at 13 new portfolio companies. Click here to dive into  Apollo New Investments courtesy of our BDC Database.

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Topics: BDC, business development company, New Issues

Unrealized Losses In Top 5 BDCs

Posted by Alex Buzby on Jan 26, 2017 4:06:44 PM

BDC Unrealized Losses and Percentage Loss - First Liens

Looking at the 5 largest public externally managed BDCs by AUM, first lien loans comprise over $9.8 billion or nearly 40% of their holdings as of 3Q16. The health of these loans is a potential indicator of overall BDC well-being given they are by nature the least risky investments they make.  
 
 
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Topics: Middle Market, BDC, First Lien

BDC First Lien Marks Rise While Non-Accruals Stay Relatively Flat

Posted by Alex Buzby on Jan 23, 2017 11:49:45 AM

Interesting divergence between the first and second middle market liens on non-accrual vs. percentage loss over the 12 months from Q4 2015 through Q3 2016. In BDC portfolios, first lien non-accruals as a percentage of cost exceed second liens, while on a percentage loss basis second liens exceed first liens.

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Topics: Middle Market, First Lien, Non-accruals


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