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Prospect Capital Corporation Message Board

jmkdog 60 posts  |  Last Activity: Sep 12, 2014 5:30 PM Member since: May 29, 2001
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  • Reply to

    Every BDC I own

    by gr0operator Sep 12, 2014 5:25 PM
    jmkdog jmkdog Sep 12, 2014 5:30 PM Flag

    The fear of rising rates, which somehow causes dividend stocks to drop although many have fixed costs and generate loans that float with libor

    Sentiment: Strong Buy

  • Reply to

    Dividend sustainability

    by supranationalshanghai Sep 10, 2014 7:59 PM
    jmkdog jmkdog Sep 12, 2014 1:51 PM Flag

    tmf , surely you know and understand why the company missed. Lower interest payments, lower dividends, lower origination and a complete write down(realized) loss from NCT.

    Do you understand the reasons?
    60 plus days of no ATM, 60 plus days of uncertainty due to accounting inquiry from SEC.

    They may not make .33 but they will not hit .25 again either.
    Several hundred million on term sheets, renegotiated revolver and huge spin off coming, surely this improves NII.

    Plus the sale of an asset that added at least 2 cents......

    Prospect Capital Exits Air Mall at a Gross 16.7% Internal Rate of Return and 1.61 x Cash-on-Cash Return.

    It is hard to make points when the pps is falling, but you either believe they can get to the .33 or they cut a penny and a half and reset it so they cover and book spillover again.

    NAV is 1056 and it likely moves UP due to the increased equity positions in the control companies. NII down Asset value UP! balance

    Sentiment: Strong Buy

  • Reply to

    Dividend 9/18

    by steve484842 Sep 12, 2014 10:03 AM
    jmkdog jmkdog Sep 12, 2014 1:37 PM Flag

    Most here have collected much more than 75 cents , you need to dial down your bravado. I respect your investing style but calling others DUMB cause they do not emulate makes an #$%$ out of you

    Sentiment: Strong Buy

  • Reply to

    Undistributed Ordinary Income

    by criminalmindscraft Aug 30, 2014 1:11 PM
    jmkdog jmkdog Sep 8, 2014 9:32 PM Flag

    I recently reviewed the Q3 14 transcript. It was stated we had 26 cents left and had used 4 cents. 26-8 =18 cents...matches the math perfectly

    Sentiment: Strong Buy

  • Reply to

    News flash: ATM machines don't give free money

    by valubyer Aug 31, 2014 7:19 AM
    jmkdog jmkdog Sep 2, 2014 11:28 AM Flag

    "For the tax year ended August 31, 2013, we had taxable income in excess of the distributions made from such taxable income during the year, and therefore, we elected to carry forward the excess for distribution to shareholders in the tax year ending August 31, 2014. The amount carried forward to 2014 was approximately $108,099"

    Page F-67 of SEC form N-2.
    This is the taxable undistributed income avail.
    You must use 108M and subtract what was used in each of the four quarters q1-q4 2014. 12 cents was used but you must convert that to dollars which requires the weighted share count in each period

    We have UNII of 9 cents over the cumulative history of the company. That is not the same thing as the available carry forward for 2014, that will be carried forward for 2015.

    Sentiment: Strong Buy

  • Reply to

    New shelf:

    by carl_icahnt Sep 2, 2014 10:48 AM
    jmkdog jmkdog Sep 2, 2014 11:07 AM Flag

    Lots of GREAT INFO!!!

    The consolidation of all the control companies , significant

    Sentiment: Strong Buy

  • During the three months ended June 30, 2014, we restructured our investment in several of our controlled portfolio companies to replace holding company debt with debt of the associated operating company. These transactions are briefly described below.
    $19,993 of debt that was previously held at AMU Holdings Inc. was assumed by Airmall Inc.
    $167,162 of debt that was previously held at APH Property Holdings, LLC was assumed by American Property REIT Corp.
    $8,216 of debt that was previously held at CCPI Holdings Inc. was assumed by CCPI Inc. and $2 of holding company equity was converted into additional debt investment in the operating company.
    $75,733 of debt that was previously held at CP Energy Services Inc. and $22,500 of debt that was previously held at CP Well Testing Holding Company LLC was assumed by CP Well Testing, LLC.
    $36,333 of debt that was previously held at Credit Central Holdings of Delaware, LLC was assumed by Credit Central Loan Company, LLC and the remaining $3,874 of holding company debt was converted into additional equity investment in the holding company.
    $251,246 of debt that was previously held at First Tower Holdings of Delaware LLC was assumed by First Tower, LLC and the remaining $23,712 of holding company debt was converted into additional equity investment in the holding company.
    $123,000 of debt that was previously held at Harbortouch Holdings of Delaware Inc. was assumed by Harbortouch Payments, LLC and $14,226 of holding company equity was converted into additional debt investment in the operating company.
    $15,769 of debt that was previously held at MITY Holdings of Delaware Inc. was assumed by MITY, Inc. and the remaining $7,200 of holding company debt was converted into additional equity investment in the holding company.
    $14,820 of debt that was previously held at Nationwide Acceptance Holdings LLC was assumed by Nationwide Acceptance LLC and the remaining $9,888 of holding company debt was converted into additional equity

    Sentiment: Strong Buy

  • jmkdog by jmkdog Sep 2, 2014 10:52 AM Flag

    Lets buy some of the common today!!
    We are all counting on you.
    Fly this plane home

    Sentiment: Strong Buy

  • Reply to

    PSEC taking advantage of low rates

    by trumpace Sep 2, 2014 8:49 AM
    jmkdog jmkdog Sep 2, 2014 10:41 AM Flag

    good post bluedreamdreamer2,

    I do not think it is possible to spin the re-tooled revolver in a negative light. This is a BIG deal. It allows even more commitment to the facility and at lower rates. It is quite common for the borrowings under the revolver to be shorter term so lowered costs here will translate directly to SHAREHOLDERS in at least two ways.

    1. Lowered borrowing encumbering only 20% of the assets, leaves 80% in the basket.
    2. Less dilution via ATM sales below NAV.

    Now lets get back to NAV, and work towards a better balance of costs absorbing our NII

    Sentiment: Strong Buy

  • Reply to

    Part of my retirement income

    by textd Aug 29, 2014 11:56 AM
    jmkdog jmkdog Aug 29, 2014 6:02 PM Flag

    He was referring to MANAGEMENT not himself " the insiders have kept buying including over 300,000 shares this year alone"

    Sentiment: Strong Buy

  • Reply to

    Drop of price and chart

    by jimmie5497 Aug 27, 2014 7:52 AM
    jmkdog jmkdog Aug 29, 2014 5:57 PM Flag

    Nice call criminalmindscraft, nice.

    Sentiment: Strong Buy

  • Reply to

    INSIDERS

    by slicktop4 Aug 29, 2014 3:07 PM
    jmkdog jmkdog Aug 29, 2014 3:55 PM Flag

    Stark usually buys 500 so......buying 4000 should tell you SOMETHING

    Sentiment: Strong Buy

  • jmkdog jmkdog Aug 29, 2014 3:42 PM Flag

    INDEED!!

    Sentiment: Strong Buy

  • Good evening fellow shareholders,

    I have owned Prospect Capital since 2009 and have enjoyed a steady income stream.

    It matters not whether I have profit or loss at the time of this post, what matters is the bond we all share as holders of this equity, what matters is we act as one.

    The following is a cut and paste from the recently filed PRE 14A.

    "Unlike many companies where the majority of the outstanding shares are held by institutional investors, a majority of our stockholders
    are retail investors who generally hold smaller numbers of shares than institutional investors. As a result, it is important that every stockholder
    authorize a proxy so that we can achieve a quorum and hold the Annual Meeting".

    This is important to grasp.

    We do matter and we can make a difference in how this equity trades before during and after material events.
    We have had plenty to deal with as a group just the last several months. This is a game as much as it is based on real events. As the SEC drama unfolded and the stock tumbled we assured each other it would result in "no material change" and was not an event worthy of a 10% drop. The negative articles appeared in numbers beyond belief and new posters appeared crafted by skillful traders to pounce on an opportunity to make a buck on your back

    Just prior to the events inspired by the SEC, we had a 12% reduction in institutional holdings and deletions from the S and P and Russell indexes. Once again , we faced the "Get out" I sold" "you idiot longs never learn" "big drop coming" "glad I sold" and so on and so on.

    I will not sell a single share and I will continue to monitor the company we collectively own as closely as the law allows. I hope my fellow longs will be strong and stick together against this all too common foe. Please join me, to hold and protect our shares. Fraternally, JMK

    Sentiment: Strong Buy

  • Reply to

    Looking ahead

    by criminalmindscraft Aug 27, 2014 2:09 AM
    jmkdog jmkdog Aug 27, 2014 9:13 AM Flag

    Good post bluedreamer2,

    I would say one time bump and mainly due to paralyzing nature of the accounting bulletin and resulting SEC interviews

    Sentiment: Strong Buy

  • Reply to

    Hope

    by grandmaster2986 Aug 26, 2014 8:33 PM
    jmkdog jmkdog Aug 27, 2014 8:50 AM Flag

    Shares held yesterday will receive an 11 cent distribution on Sept 21st or so. Every month those shares generate 11 cents. So by 2015 you will have collected 44 cents(around the amount of the drop). What happens if the PPS recovers to 11? then you have nearly a 1.00 return into your account.

    Imagine had you simply held the last 4 years like me. That is an extra 18290 shares after drip. Every passing month lowers your cost and increases your returns.

    Some folks started out here paying 17-18 dollars per share, do not cry for them , currently they have collected 13.26 in cash per share so really playing with house money. Never cry over the drops and simply add if possible. Support is always around net asset value, amazing we reported NAV at 10.56 and where did she close? Yes 10.56.

    Its 10.56 as of end of June 14. It likely rises as this slow origination Q is rare during the last few years.

    GL

    Sentiment: Strong Buy

  • Reply to

    Drop of price and chart

    by jimmie5497 Aug 27, 2014 7:52 AM
    jmkdog jmkdog Aug 27, 2014 8:35 AM Flag

    Good luck we are all counting on you..Buy today and on any drop below NAV.

    Sentiment: Strong Buy

  • jmkdog by jmkdog Aug 20, 2014 8:36 AM Flag

    We seem to still be facing a bit of overhang from the problems encountered earlier in the year. While the short interest is back down to normal historic levels the trading volume is down. Moving forward assuming we get some color in regards to how the new PSEC will look due to a change in how it consolidates holdings should provide a nice valuation change for current equity owners. This is a bonus to following Prospect and its holding company PCM closely.

    The consolidation will return fees , and more equity will be retained in the Parent(Prospect). This is equal to a share buyback in terms of value.

    With the larger equity investments Prospect seems to have been focused on naming its price for leveraged finance transactions vs competing with many others for multiple smaller deals, this should prove to benefit income and could (should) provide for dividend coverage for some time moving forward.

    while we trade above net asset value, we may actually be below net asset value after the consolidation is disseminated and how it changes the asset value moving forward.

    For the many longs that have collected several dollars worth of dividends you certainly know how this works and we all can act to reassure new holders, this is a steady income producing equity and a wonderful alternative for many in need of a boost to monthly income streams.

    Best

    Sentiment: Strong Buy

  • Absolute cream of the crop.

    This is heading higher , last week in the 10's. It is going higher due to INCREASED VALUE despite the New Century BK..

    That 700 million in new loans last two days of the q will be Fully contributing,
    The amount of shares virtually unchanged q/q due to ATM suspension.
    Consolidation in the current q will raise NAV
    Previously collected fees may be paid out to Shareholders

    bad time to be out of this

    Sentiment: Strong Buy

  • Reply to

    LOCO

    by slicktop4 Jul 28, 2014 9:38 AM
    jmkdog jmkdog Jul 28, 2014 6:58 PM Flag

    I bought this at 16.82 but sold it at 24, jeez its flying. Good trade slick,

    We can all get along here, take a deep breathe , smile at your success, no need to throw it in the face of other common holders here.

    GLTA

    Sentiment: Strong Buy

PSEC
10.185-0.125(-1.21%)Sep 12 4:15 PMEDT

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