1. Ares Capital (ARCC) released its Q3 2025 results, highlighting implications for both the company and the broader BDC sector; 2. The article addresses recent negative sentiment toward private credit markets and analyzes whether concerns about the BDC sector are justified; 3. The author updates their investment outlook on ARCC stock and discloses existing positions in related BDCs like MSDL, GLAD, and KBDC.

1. Starbucks faces significant challenges ahead of its Q4 earnings, with expectations of stock decline due to underperformance against rivals like Dutch Bros and Luckin Coffee; 2. Recent U.S. store closures highlight brand retrenchment, weak same-store sales, and stagnant domestic growth prospects; 3. Despite a ~20x forward EBITDA multiple, the stock lacks valuation support, reinforcing a sell rating recommendation.

➀ Nintendo plans to announce the successor to the Nintendo Switch during the fiscal year ending April 2025; ➁ The company emphasizes the importance of the Nintendo Account, which will play a significant role in the next-generation console; ➂ The Nintendo Account will maintain continuity with over 100 million users.