ARCC - Letter to Stakeholders 2020年3月23

COVID-19に対する現状報告

http://www.arescapitalcorp-ir.com/file/Index?KeyFile=403378552

Highly Diversified, Less Cyclically Positioned Investment Portfolio Focused on Upper Middle Market

2月の投資家向け情報と内容変わらず。

Strong Balance Sheet with Significant Liquidity and Long Dated Financing

 3/15時点で$2.7Bのavailable liquidity.

we have seen increased funding requests from many of our borrowers which we have satisfied, and we continue to have liquidity to meet these contractual requests. Additionally, we believe that our strong liquidity position also provides us with the opportunity to make additional investments on increasingly attractive terms.

liquidityの高さを生かして、困ってる企業への融資を増やす見込み。

The earliest maturity date for any of our bank credit facilities is March 2024 and we do not have any unsecured term notes maturing until 2022

満期日も長めのものが多いので、直近のコロナ下で資金繰りに困る可能性は少ない。

as of March 15, 2020, 57% of our funded debt capital was in unsecured term notes, which gives us significant unencumbered assets and provides meaningful overcollateralization of our secured credit facilities

発行してる負債の六割は無担保社債。

またSmall Business Credit Availability Act (SBCAA)の存在も大きく、これのおかげで2008-09年の状況に悪化する可能性は少ないと言及。

Veteran Management Team with Experience Navigating Volatile Markets

このように考えると、これ以上株価が急落する可能性は少ないとみるべきか。