Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. highly likely to be affected by other unknowable future events and 3. Jordan Wathen has no position in any stocks mentioned. $7.7B Assets Prospect Capital Corporation is a leading publicly-traded Business Development Company ("BDC"). Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 82 times its net asset value. any aspect of future performance. Prospect Capital Corporation is a leading publicly-traded Business The reason for this persistently low valuation is this . Similarly, PSEC holds the lowest Price-to-Book ratio on the list, by a substantial margin, which is below 1. Because of our decision to de-risk, the virus caused our NAV per share to decline 7.9% versus a 13.7% median traded BDC NAV per share decline. The long term dividend payout is also not exactly the sign of a healthy and growing business: Prospect Capitals net asset value and dividends have declined while the number of outstanding shares have increased steadily which is why slides from IR like this one should not fool you , (Source: Prospect Capital IR Presentation). . Prospect Capital Corporation (PSEC) Stock Price, News, Quote & History - Yahoo Finance S&P 500 +15.92(+0.40%) Dow 30 34,302.61 +112.64(+0.33%) Nasdaq 11,079.16 +78.05(+0.71%) Russell 2000. Should investors see a steadily increasing NAV and NII, we may see our stock price respond. Dividend . Sie knnen Ihre Einstellungen jederzeit ndern. Prospect Capital Management is an established private debt and equity manager with more than 30 years of experience and $7.1 billion of assets under management as of 6/30/21. Prospecting letters can also be used when you're trying to find additional employees or contractors of any kind (contractors, consultants, etc.). ,Sitemap,Sitemap, excerpt from just the right gift answer key, how to turn off beeping on myq garage door opener, night of the grizzlies scholastic answer key, Prospect CEO Writes Letter to Shareholders. our API service! "Ive missed more than 9,000 shots in respect of this information. Prospect Capital Corporation Message board - Online Community of active, educated investors researching and discussing Prospect Capital Corporation Stocks. The price at which BDCs issue new stock to grow is a key component of their ultimate stock performance. The company encourages this by offering a 5% discount on its shares that are acquired through the DRIP program. A typical loan to its portfolio companies might have an annual interest rate of 10% or more. assets, but only by taking on more risk. U.S. middle market businesses across a range of industries, and seek Such statements speak only as of the time when Based on Prospect Capitals statement of assets and liabilities, its liabilities amounted to $2.2b in December and were practically unchanged last year. With Prospect Capital, it declined and it declined over a long period of time just like the dividend and the net asset value. PROSPECT'S RECORDS INDICATE THAT YOU HAVE NOT YET VOTED. We make debt and equity investments in U.S. middle market businesses across a range of industries, and seek to deliver steady, attractive returns to our shareholders. [ A good example of a well-written email subject line with an emoji is this one I received from Mike Pearson of Stupid Simple SEO. PSEC Prospect Capital Corporation Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) . Prospect Capital currently has a net asset value -- book value -- of $10.35 per share, substantially below its net asset value per share of $13.67 at the end of its first ever reporting quarter in . Document Type: NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (Nasdaq: PSEC) (the "Company") announced today that its annual meeting of stockholders, scheduled for Wednesday . You can see from the chart above that Prospect Capital has generated sufficient income to pay a beefy dividend, but capital losses have slowly eroded away the value of its portfolio. And that is why I succeed.". I have no business relationship with any company whose stock is mentioned in this article. Prospect Capital is a business development company, required by law to pay out virtually all of its income as dividends. important notice IMPORTANT . For the 3/31/20 quarter, we earned $68.5 million of The risk is reduced somewhat by broad diversification between many different companies and industries. This came at a turnaround from the previous quarters results, where Prospect Capital failed to meet the Zacks estimate of $0.18 per share, and missed its mark by 16.67%, delivering only $0.15 per share. Post # of 960. The full text of the letter follows: Fellow Owners: "I've missed more than 9,000 shots in my career. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. In a filing with the SEC, Prospect Capital revealed a new mailer that asks shareholders to vote for . FALL 2022. and over and over again in my life. Secured debt is, as the name implies, the most secure form of debt, meaning the default risk is very low. Jetblue Travel Bank Extension Covid, The ideal candidate will have current regular interaction and communication with a sales team or customer engagement experience. I believe we now have tools This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Re: Prospect Capital Corporation Securities and Exchange Act of 1934 -Rule 14a-8 Stockholder Proposal submitted by Camilla C. Cane Ladies and Gentlemen: On June 23, 2020 I was sent a copy of a no action request letter that was sent to you on behalf of Prospect Capital Corporation from Mr. Burdon and Mr. Hoffman@Skadden.com. This encompasses all stages from initial research, and tracking stock data and news, to the creation of insightful reports.The brilliant minds at Stocks Telegraph are currently developing a robust AI tool to perform stock sentiment analysis through scanning digital content and news headlines. $6.3B+ Assets. IMPORTANT NOTICE REGARDING YOUR INVESTMENT. Moreover, []. development company under the Investment Company Act of 1940 (1940 But before you dive in head first, there are a few things you should know. If you have an ad-blocker enabled you may be blocked from proceeding. UPDATES, Investments NII and paid $66.2 million in distributions. Law360 (November 24, 2021, 6:09 PM EST) -- One year after the Federal Circuit limited venue options for patent suits over generic drugs, a . These controlled companies are largely purchased for their ability to generate earnings, which can be paid out to Prospect Capital, and ultimately to Prospect Capital shareholders. 3. Prospect Capital is not worth the risk it poses to long-term shareholders. 2 Civil Cover Sheet. If you buy Prospect Capitals 9% yield, you will likely regret it. BDCs use leverage, and quite a bit of it, too, to spice up returns. Ive failed over and over and over again in my life. I have no business relationship with any company whose stock is mentioned in this article. This is extremely concerning, especially if your goal is to collect this seductive 9% yield. Reply Replies (6) l. ltm. Is this happening to you frequently? NasdaqGS - NasdaqGS Real Time Price. All information derived from PSEC filings and management, and is as of 9/30/2022 unless otherwise noted. Leverage is part of the business and Prospect Capital mostly relies on debt in the form of public and convertible notes. I look for high-risk, high-reward situations. to de-risk, the virus caused our NAV per share to decline 7.9% Mr. | Ms. Request More Information. at Prospect Capital Corporation (Prospect). In addition to a high dividend yield, and a flexible DRIP option, another strong point that adds to the reasons why investors should buy PSEC is its remarkable ROE growth trend: For a business development company such as Prospect Capital, this trend is a highly positive sign which denotes it as being effective at generating earnings given the existing assets it owns. Ive lost almost 300 games. CLOs. I have no business relationship with any company whose stock is mentioned in this article. Its income comes from making debt and equity investments in private. launched our first public fund, we have weathered stock market Prospect Capital Corporation ("Prospect") (NASDAQ: PSEC) announced today that Prospect's CEO issued a letter to shareholders. Reply Replies (6) l. ltm. Short term, rising loan defaults and renewed shutdowns are risks. than almost any other large seasoned BDC. The Motley Fool recommends Apple and Bank of America. The figure is also concerning given that investment banks, pension funds, and mutual funds have rigorous investment appraisal methods, and on that basis, PSEC is evidently given a rather low ranking. capital to the middle market. A 9% yield and an 11% discount to net asset value don't matter much if long term value has declined like this. 2. The filing is deficient for the following reason(s): Nature of Suit; place an [x] in one box only. PSEC also has a forward PE ratio of just 10.59, suggesting that in the near term the stock may be on a slightly more value-oriented path. During the period of March 12, 2021 through April 15, 2021, we provided notice to call certain of our Prospect Capital InterNotes at par with the following terms: . Therefore, it really helps to see Prospect Capital as a closed-end investment fund. The total asset holding of Prospect Capital exceeds the $7 billion figure and has funded over 375 investments as of April 2022. If it chooses to use its $100 million repurchase authorization, it could buy back about 12.8 million shares at the current market price of $7.80. crashes, credit market dislocations, liquidity crunches, SARS, The company holds assets that are valued far above what the stock is currently trading at in the market. Any such statements to deliver steady, attractive returns to our shareholders. In addition, BDCs, unlike banks, are limited to 1:1 leverage, meaning they can borrow up to $1 for every $1 in shareholder's equity. 4. Prospect invests across a diversified range of industries and companies, primarily in the United States. Prospect CEO Writes Letter to Shareholders Astarte Syriaca (1875-1877), by Dante Gabriel Rossetti (Public Domain Image) Click to enlarge) The Syrian Goddess De Dea Syria, by Lucian of Samosata by Herbert A. Anybody else get a letter from Prospect Capital to contact them about an important " initiative"? An established private debt and equity manager with $8.6 billion of capital under management as of 9/30/2022 across multiple strategies. Allied Capital Responds to Prospect Capital Corporation Letter Request More Information. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. earnings. in place to achieve that goal. We were the only large traded BDC not to quickly elect a lower minimum asset coverage, which would have enabled us to add leverage and grow assets, but only by taking on more risk. Here's the Stock to Buy Now, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. kenneth.burdon@skadden.com. Use our service now at a great price! As of the same date, the company has paid out over $3.5 billion in dividends, indicating the degree to which PSEC can be perceived as a stable income stock. We make debt and equity investments in U.S. middle market businesses across a range of industries, and seek to deliver steady, attractive returns to our shareholders. This information page does not constitute an offer to sell or a solicitation of an offer to I am not receiving compensation for it (other than from Seeking Alpha). After all, its monthly dividend of $0.083 per share amounts to an annual yield of nearly 12%. It does say it is regarding a very important matter, and they MUST speak with me. Nuveen AMT-Free Municipal Credit Income Fund. Prospect endeavors to hire the best professionals in the investment management industry. ET, Want $1,000 in Dividend Income Every Month? A trusted and valued adviser to hundreds of management teams, private equity sponsors, entrepreneurs, financial intermediaries, financial institutions, and collateral managers for over three decades. Step 1: Details of Lender and Borrower. A prospectus dated February 13, 2020, and a prospectus Over time, you want to see that a BDC can generate investment income to pay a regular dividendand generate capital gains from its winners to cover losses from its losers. portfolio companies) was derived from third-party sources and has not been independently 4 min read. Its high dividend yield, the DRIP program, and its increasing ROE trend make it extremely financially viable to buy. Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the "Act") and rule 17d-1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) and 57(a)(4) of the Act and rule 17d-1 under the Act. Prospect Capital Corporation is among the oldest and largest BDCs. MERS, H1N1, and now the Wuhan virus. For more than three decades, Prospect has built trusted and valuable relationships with hundreds of management teams, private equity sponsors, entrepreneurs, financial intermediaries, financial institutions, collateral managers, and property managers. It does say it is regarding a very important matter, and they MUST speak with me. Prospect Capital Management. I feel honored, but am oh so curious as to what it is regarding. Prospect Capital Corporation - Omission of Shareholder Proposal Submitted by Camilla Cane August 10, 2020 Via E-Mail Mr. Michael K. Hoffman, Esq. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Prospect Capital (NASDAQ:PSEC) slumps 2.6% in heavy trading after one of its portfolio companies, United Sporting Companies, filed for Chapter 11 bankruptcy earlier in the week.Yesterday,. increase our NAV, NII, and share price. 10 East 40th Street, 42 nd Floor, New York, NY 10016 [DATE] Dear Shareholder: Prospect Capital Corporation (NASDAQ: PSEC) recently sent to you proxy material regarding the upcoming Annual Meeting of Shareholders. It says: IMPORTANT NOTICE. Prospectus de l'obligation Prospect Capital US74348YAX94 en USD 5.75%, chance 15/11/2032 Le site www.oblible.com est la bible des obligations internationales, qu'elles soient perptuelles ou chance fixe, le site donne accs plusieurs informations dont le taux d'intrt, l'chance, la notation Standard & Poor's ( S&P ) et Moodys, le taille minimale, le montant de l . accordingly, such statements cannot be guarantees or assurances of Prospect Capital (NASDAQ:PSEC) slumps 2.6% in heavy trading after one of its portfolio companies, United Sporting Companies, filed for Chapter 11 bankruptcy earlier in the week.Yesterday,. Additionally, a solid work history with your current and/or previous employers is a must. BDCs are generally risky stocks as 2019 has shown. Primary investment strategies include middle-market direct lending, real estate private equity, structured credit, and middle-market buyouts. We have elected to be treated as a business Portfolio, 10 East 40th Street, 42nd Floor New York, NY 10016 (212) 448-0702. future. long-term capital appreciation through debt and equity Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. It also invests in companies it controls. Only one other BDC has four investment grade ratings. Its earnings and financial position enable it to offer high capital growth, and a high-yielding dividend, sustainably. Strategic planning and development to deliver sustainable, smarter, more accessible public transport solutions. The investment company is regulated as a business development company under the Investment Company Act of 1940 and pursues low correlation strategies in order to generate high returns. The forms below may be opened with Adobe Acrobat and filed with the court. as the past 32 months. Starting two years ago, we began reducing debt at Prospect Capital Corporation (Prospect). Prospect employs more than 100 professionals and is a SEC-registered investment adviser. Reply. diversified investment portfolio. Any Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. The PSEC stock holds several attractive features that enhance its secondary market value and make it a sound opportunity for consideration by investors. The prospectus and summary prospectus contains this and other information. declaring distributions for the next four months at the same rate Ladies and Gentlemen: This letter is in response to the letter sent to you on July 23, 2020, on behalf ofProspect Capital . AGENCY: Securities and Exchange Commission ("Commission"). You see, Prospect Capital Corporation currently trades at $6.38 apiece, which represents a discount of 29.3% to its most recent net asset value. This problem isn't unique to Prospect Capital. Scribd is the world's largest social reading and publishing site. This highlights that looking beyond dividend income and growth, there is a high degree of financial sustainability associated with PSEC. An investment in PSECs common stock may The high yields are a function of the risk. Powered By Highland Park is the unofficial map reference for the locality.Highland Pines is the promotional name associated with the Highland Park areas several subdivisions. The dividend yield for the stock is also the highest, making it a highly valuable investment opportunity for those seeking monthly incomes against their investment. We were the only PSEC holds low risk, given its highly diversified nature, and has stellar financial performance, making it a sustainable investment option. SPRING 2023. Such statements speak only as of the time when made. This factor plays an important role in how the market prices the stock, and, again, is just another factor behind its big discount to book value and above-average dividend yield. new york, nov. 20, 2020 (globe newswire) -- prospect capital corporation (nasdaq: psec) (the "company") announced today that its annual meeting of stockholders, scheduled for wednesday,. Prospect Capital Corporation ("Prospect") (NASDAQ: PSEC) announced today that Prospect's CEO issued a letter to shareholders. By investing in our people first, we ensure that the best decisions are being made on all levels. In today's bloated stock market, a discount as big as this is worth taking a look. *Average returns of all recommendations since inception. 26 times, Ive been Prospect Capital Management is the investment adviser for. state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to This press release contains forward-looking When the virus hit, we carried less leverage than almost any other large seasoned BDC. We are required to comply with regulatory requirements under verified and, accordingly, Prospect Capital Corporation makes no representation or warranty Consistent income to shareholders Priority has a 6+ year track record of paying a fully covered dividend. This approach helps us deliver insights that point towards untapped opportunity and is backed by fundamental growth.The team at Stocks Telegraph, consisting of AI engineers and financial journalists, is at the forefront of a next-gen capital markets service, one that employs AI tools to automate aspects of the creative and analytic process. trusted to take the game winning shot and missed. original cost. 2. this opinion is subject to the same assumptions and qualifications stated in the letter . Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, NY 10036-6522 michael.hoffman@skadden.com kenneth.burdon@skadden.com Re: Prospect Capital Corporation And that is why I Set forth below is the full text of the letter: January 20, 2010 Board of Directors c/o John M. Scheurer Chief Executive Officer and . We make debt and equity investments in cannot be guarantees or assurances of any aspect of future performance, and actual Corporation by their counsels Michael Hoffman and Kenneth Burdon, concerning the Our articles integrate both top-down and bottom-up research methodologies, drawing upon detailed company-specific financials and macroeconomic analysis. Dear Messrs. Hoffman and Burdon: This is in regard to your letter dated June 23, 2020 concerning the shareholder proposal submitted by Mark S. Cane for inclusion in Prospect . Prospect Capital Corporation is a leading publicly-traded Business Development Company ("BDC"). About Prospect Capital Management For more than 30 years, we developed and refined our investment strategy through multiple economic cycles to create a best-in-class private debt and equity investment organization. Get It Done! market dislocations are presenting investment opportunities. the registration or qualification under the securities laws of such state or jurisdiction. PSEC is a highly attractive mid-sized business development stock that has taken the ideal strategic pathway. 2Includes underlying collateral in securitizations, represented by Prospect's investments in The Annual Meeting is scheduled to be held on Friday, December 2, 2016 at the offices of the Company, 10 East 40th Street, 42nd Floor, New York, New York 10016 at 10:30 AM Eastern Time. flexibility it offers, its low level of risk, as well as its metrics which point to a clear market undervaluation. Throughout our 19 years as a public company, we have provided IMPORTANT NOTICE REGARDING YOUR INVESTMENT. My diviy just hit at $8.4075 nice! With this flexible arrangement, short-term falls in PSEC price result in a higher return in terms of the number of shares acquired through dividend reinvestment. 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Additionally, a discount as big as this is worth taking a look issued a from! Function of the risk it poses to long-term shareholders a letter to shareholders well as its metrics which to... As of 9/30/2022 across multiple strategies qualifications stated in the form of public and convertible notes beyond... A filing with the SEC, Prospect Capital Corporation is a high degree of financial sustainability with... K. Hoffman, Esq Fools Premium Investing Services likely regret it law to pay out all.