<when they had offering at 10.15 they really screwed up the confidence of the investors in this company.>
Yep, Investors are impatient and are not liking all these SPOs from these BDCs & REITs. However, doing SPOs are the only way companies like this can grow, and have enough heft & scale to increase "incremental" profits. Keep in mind that the more business these companies do, without adding costs such as staff, the more revenue they get to spread over a fixed cost base - And the greater their incremental returns as profits from these additional deals fall directly to the bottom line.
Why do you thing BKCC and other BDCs are asking shareholders to do SPOs below book value??? They are trying to scale and underpin the business with enough equity to incease incremental margins and make their debt to equity metrics more palatable to potential lenders and investors. I had a hunch PSEC would do a SPO after that last PR when they said they've done almost $300M of deals so far in 2Q (after $300M in 1Q) with another $400M in the short term pipeline. That amount of business requires some major outlays. I'm looking forward to hearing their investment update when they report 2Q earnings in the next 6 weeks or so late July/early Aug.