Thank you for your comments. Regarding the arb spreads on PSEC-PCAP, I believe they are all wrong - there is little if any spread. PSEC is scheduled to pay about 40 cent dividend before the deal closes. My readings of the agreement and discussion with PSEC appear to confirm that the PCAP holders will be receiving PSEP post dividend shares. I am amazed that PCAP lawyers let this fall thru the crack.