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Prospect Capital Corporation Message Board

jmkdog 21 posts  |  Last Activity: Mar 28, 2015 2:18 PM Member since: May 29, 2001
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  • Reply to

    Bought more

    by jmkdog Mar 25, 2015 5:43 PM
    jmkdog jmkdog Mar 28, 2015 2:18 PM Flag

    I think it would have closed already, looks like the SEC has yet to rule the N-2 effective. I would guess it is done between 4/13-4/30. Prospect had likely wanted to get this in the books this Q but looks like we see it close in q4 2015

    Sentiment: Strong Buy

  • Reply to

    Bought more

    by jmkdog Mar 25, 2015 5:43 PM
    jmkdog jmkdog Mar 26, 2015 1:15 PM Flag

    go direct to sec dot gov it was around 3/11. Not sure why Prospect is not showing it . I do not think it has been ruled effective, perhaps that is why.

    Sentiment: Strong Buy

  • Reply to

    Bought more

    by jmkdog Mar 25, 2015 5:43 PM
    jmkdog jmkdog Mar 26, 2015 12:51 PM Flag

    I read through the N-2, it has been filed but much of the detail has yet to be filed in.
    We will be issued rights depending on our # of shares. Those rights will be opened up for trading on nasdaq under PYLDR. You can pocket the cash , or pick up more rights if you believe PYLD to be of value. The spin will be neutral to NAV and psec earnings as the monies will immediately be used to refill the spun basket of CLO's.

    I will be a buyer of PYLD and am excited to get in a stock at the beginning, the birth.

    Since I have understood the CLO basket to be the best yield and cash producer in the portfolio, I believe PYLD is the one you should own. Hopefully it will pay a few cents and be cheap and then open to public higher adding to your ROI. This is likely to happen real soon as the Q is ending

    Sentiment: Strong Buy

  • Reply to

    Bought more

    by jmkdog Mar 25, 2015 5:43 PM
    jmkdog jmkdog Mar 26, 2015 12:26 PM Flag

    That cut will turn into a raise and or special as dividends are paid out of taxable income not NII. So last Q added to the surplus and it must be paid out by August 31st 2015. Taxable income is coming 2-8 cents higher than NII. I agree the reduction has hurt the pps and managements reputation. I also agree a fee CUT should happen, a smallish one but a cut non the less. When the pps is at NAV they can revisit fee structure.

    Sentiment: Strong Buy

  • Reply to

    Bought more

    by jmkdog Mar 25, 2015 5:43 PM
    jmkdog jmkdog Mar 26, 2015 12:21 PM Flag

    Sorry, minimal dilution as ATM program is on the shelf. Float has been steady this fiscal year.

    Sentiment: Strong Buy

  • jmkdog jmkdog Mar 25, 2015 5:46 PM Flag

    The Nasdaq Composite lost 2.4 percent at 4 p.m. in New York, the biggest drop since April 10. The Standard & Poor’s 500 Index fell 1.5 percent to 2,061.05, below its average price for the past 50 days. The Dow declined 292.60 points, or 1.6 percent, to 17,718.54, erasing its gain for the year. The Russell 2000 Index dropped 2.3 percent, its biggest retreat since Oct. 9.

    More importantly. Buyers in 2015 have beaten the S andP YTD

    Sentiment: Strong Buy

  • jmkdog by jmkdog Mar 25, 2015 5:43 PM Flag

    Easy to understand:
    1. Book value=10.34
    2. Div .0833
    3. Pays monthly
    4. No dilution
    5.Spin off rights to owners of psec
    6. Loans in non accrual .01%

    While the spin off may be confusing to many, the fact is only those owning Prospect stock will be issued the rights.

    Sentiment: Strong Buy

  • Reply to

    Spin news off no good?

    by pet2401 Mar 24, 2015 9:45 AM
    jmkdog jmkdog Mar 24, 2015 1:53 PM Flag

    You have a choice and both of them give you advantages over the non holder retail investor.
    Prospect will be unchanged from a NAV and Income standpoint. You will either own or just accept cash for your rights by trading them. Your earnings from PSEC should be exactly the same before and after spin. If you buy PYLD you will have another income producer as well as a stock that can go up and down. It likely will have less volume and much more wild swings.

    All of the spin offs are simply a way to reset the portfolio and add new investments. For the most part if you participate or not you will get something for your current ownership of psec.

    Since you know from the last several 10qs the CLO income is great , it is likely a wise move to get PYLD on the cheap prior to it being open on the nasdaq to the general public.

    jmo

    Sentiment: Strong Buy

  • Reply to

    Spin news off no good?

    by pet2401 Mar 24, 2015 9:45 AM
    jmkdog jmkdog Mar 24, 2015 11:44 AM Flag

    Spin off news while they have filed an N-2 it has no pricing details, it also is not ruled effective yet.
    The company has not issued any specific details as to record dates, ratio's, number of shares, how much to be raised, value, expiration etc.. So nobody really has learned anything. This should be 9-9.50 but the lack of details and all the fear mongering efforts have held new investment to a minimum.

    Management needs to execute a buyback , lower fees and forecast a clear strategy for the spin off. The low stock price should be #1 on the list of probs to resolve,

    Patience is important but do not fall asleep, big things approach and being in will be the right choice

    Sentiment: Strong Buy

  • Reply to

    CLO earnings - No one knows

    by pet2401 Mar 21, 2015 7:24 PM
    jmkdog jmkdog Mar 22, 2015 7:28 PM Flag

    You must understand: The cash will replace the CLO and yes the cash will immediately go to refill the basket . 1b will stand alone and pay 2-3 cents monthly(guess). 1b will be reinvested. The income from CLO's will not be disrupted IMHO.

    Sentiment: Strong Buy

  • Reply to

    CLO earnings - No one knows

    by pet2401 Mar 21, 2015 7:24 PM
    jmkdog jmkdog Mar 21, 2015 7:47 PM Flag

    The CLO info is clearly presented in the financials, easily discerned,

    It is 16.7% of the portfolio. Currently has little room for new investments. The CLO will be replaced with 1Billion or more in Cash. That cash will be re deployed likely in CLO's as that basket will be needing to be filled. This will bring the yield up over the current 12.3% and a nav neutral event. So the new shares likely are .33 the price of psec. and likely will pay 2-3 cents monthly.

    You guys thinking the 1B comes off psec market cap are wrong because cash is coming in for each share of the PYLD sold.

    I plan of buying the new shares hopefully at a big discount to when the rights offering expires

    Sentiment: Strong Buy

  • Reply to

    So Sad … Slicktop and his Many Aliases

    by jimcooper28 Mar 21, 2015 3:50 PM
    jmkdog jmkdog Mar 21, 2015 7:27 PM Flag

    Good post Jim. Always bewildering when a company q after q talks about excess NII then suddenly bam , a divi cut.

    Sentiment: Strong Buy

  • Reply to

    Were screwed

    by srlabelle1 Mar 20, 2015 5:04 PM
    jmkdog jmkdog Mar 21, 2015 12:01 AM Flag

    I am glad there are some intelligent posters left,
    This is out of control.

    This spin -off is unique to Prospect and its shareholders. They chose not to do the stock split rather issue rights to current holders. This will be our opportunity to participate in a brand new RIC. The public will get the chance as well but it will likely be at much higher prices than what is paid by the shareholders.

    Remember NAV neutral which means the PPS after the spin should not be affected as Net asset value will not drop due to the cash infusion.

    I am excited to buy the rights from others as I believe for at least the next two years CLO income will be excellent. NII should improve at psec as it will replace the CLO basket with more CLO's. so now cash will flow freely monthly easily covering that .25 dividend. I would imagine the new shares will just be 2-3 cents?

    Every spin has risk, but in this case we already know and understand what the spun company does and its earnings! What we have done is increase our capacity to invest in CLO's.

    Sentiment: Strong Buy

  • jmkdog jmkdog Feb 24, 2015 12:46 PM Flag

    Oh MY, I am jumping in..something is brewing, good eye akleyw1

    Sentiment: Strong Buy

  • Reply to

    WOW.

    by kennybear4738 Feb 12, 2015 1:31 PM
    jmkdog jmkdog Feb 16, 2015 12:40 PM Flag

    kennybear4738,
    you are not accurate with your statement,

    PSEC has doubled the performance of KCAP in 2015.
    Rather than loathe it's shareholders perhaps a seasoned and skilled investor like yourself SHOULD BE BUYING BDC's at this tremendous discount.

    Stop whining , you rode KCAP down and likely still hold it just as folks still hold psec. If you fail to participate in the valley you will not benefit from the view from the peak

    Sentiment: Strong Buy

  • Reply to

    Just reviewing the 8k

    by budmasterbud Feb 10, 2015 10:57 PM
    jmkdog jmkdog Feb 11, 2015 10:41 AM Flag

    Slick is actually correct on the oil part.

    http://finance.yahoo.com/echarts?s=USO+Interactive#

    Sentiment: Strong Buy

  • Reply to

    Nice to get the months divi !

    by marketsagame Jan 23, 2015 6:44 AM
    jmkdog jmkdog Jan 23, 2015 9:06 AM Flag

    Very and it was not .083, it was .1105, as is the div in Feb. I am staking the dividend back into the 20% discounted shares

    Sentiment: Strong Buy

  • Reply to

    Payment date?

    by investorwest Jan 20, 2015 11:19 AM
    jmkdog jmkdog Jan 20, 2015 12:23 PM Flag

    1/22

    Sentiment: Strong Buy

  • Reply to

    It is 2015

    by jmkdog Jan 15, 2015 1:37 AM
    jmkdog jmkdog Jan 15, 2015 9:05 AM Flag

    I agree with that, gave you a thumbs up. Please continue to post your options ideas, I may be able to help you with some of the spreads.

    Sentiment: Strong Buy

  • Reply to

    It is 2015

    by jmkdog Jan 15, 2015 1:37 AM
    jmkdog jmkdog Jan 15, 2015 8:22 AM Flag

    You missed the point completely as usual. I do not quarrel with the fact you had one of the best plays on the stock in 2014. Bravo

    Does this mean you will be correct again? Yes you see the tree and the animals around the tree but you are blind to much beyond.

    The drop in price is certainly not specific to Prospect, the charts of the sector are near identical for all BDC's since Oct 2014.

    I would not relish you joining the rest of us in the oops I should have could have. Choose what you may but protect that choice.

    The PTP lending is booming, and the income continues to roll in and can easily cover the newly declared dividend levels.

    Buy here not just psec but a basket of under NAV BDC's. They will all recover as the industry bounces off the bottoms achieved in OCT 2014.

    Good luck swfnf

    Sentiment: Strong Buy

PSEC
8.45+0.04(+0.48%)Mar 31 4:00 PMEDT