I strongly disagree. The positives far outweigh the negatives.
1. Discount to NAV unprecedented
2. Less shares = less out per month paying div
3. halts decline in Nav
4. Opportunity to earn similar ROI and benefit current holders
5. Trading floors and bid side pressure
6. The biggest, gives investors confidence , management proactive vs. just collecting fees
7. The benefit of a rising stock price are numerous, but psec need a catalyst other than "general market forces".
The buyback is small, and will not prevent future investment to decline. 100M is available right now on the credit facility. 13% div plus a boost to earnings, anti dilutive. The best choice for management is to pick up about 10-12 million just slightly more than double Mr. Barry's holdings