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Prospect Capital Corporation Message Board

jmkdog 85 posts  |  Last Activity: Jul 12, 2014 12:08 AM Member since: May 29, 2001
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  • Reply to

    dividend

    by vinumalta Apr 14, 2014 1:51 PM
    jmkdog jmkdog Apr 14, 2014 2:47 PM Flag

    x date record date announced pay date amount frequency

    9/26/2014 9/30/2014 02/03/2014 10/22/2014 0.110525 Monthly
    8/27/2014 8/29/2014 02/03/2014 9/18/2014 0.110500 Monthly
    7/29/2014 7/31/2014 02/03/2014 8/21/2014 0.110475 Monthly
    6/26/2014 6/30/2014 11/4/2013 7/24/2014 0.110450 Monthly
    5/28/2014 5/30/2014 11/4/2013 6/19/2014 0.110425 Monthly
    4/28/2014 4/30/2014 11/4/2013 5/22/2014 0.110400 Monthly

    Sentiment: Strong Buy

  • Reply to

    BDC's: Is the selling by the indexes over?

    by adampf9418 Apr 17, 2014 3:06 PM
    jmkdog jmkdog Apr 17, 2014 5:32 PM Flag

    of the 7m shares in the Russell 2000, representing .21 and .44 of the index and one of the ETF's top ten holdings looks like 42,000 shares were sold since 3/31.

    Sentiment: Strong Buy

  • Reply to

    BDC's: Is the selling by the indexes over?

    by adampf9418 Apr 17, 2014 3:06 PM
    jmkdog jmkdog Apr 17, 2014 5:49 PM Flag

    iShares Russell 2000 Value (IWN) still a top ten holding here. holding
    PSEC
    PROSPECT CAPITAL CORP.
    0.42 Financial Services 2,315,551
    PSEC PROSPECT CAPITAL CORP. 0.21 Financial Services 5,272,504 IWM

    Sentiment: Strong Buy

  • Reply to

    BDC's: Is the selling by the indexes over?

    by adampf9418 Apr 17, 2014 3:06 PM
    jmkdog jmkdog Apr 17, 2014 6:08 PM Flag

    ETFs with BDC exposure do not directly bear the cost of BDCs. Rawson points out that the acquired fees do not flow through the funds’ financial statement. Instead, BDC fees are subtracted from the net asset value of the BDC, diminishing the total return of the ETF’s investment in the BDC.

    “Like an automaker, retailer, or any other operating company, a BDC incurs expenses such as employee salaries,” according to Vanguard. “These costs are not paid directly by a fund that owns shares in a BDC, just as the costs of labor and steel are not paid directly by a fund that owns shares in an automaker. SEC rules nevertheless require that any expenses incurred by a BDC be included in a fund’s expense ratio as ‘Acquired Fund Fees and Expenses.’ The expense ratio of a fund that holds a BDC will need to overstate what the fund actually spends on portfolio management, administrative services, and other shareholder services by an amount equal to these Acquired Fund Fees and Expenses.”

    Certainly is far less shares in the Russell sponsored ETF's IWM and IWN, than were held by Intitutional(non) ETF funds. We know from the 13F that Blackrock , our top holder disposed of over 2M shares in Q1. We also know we had around 34% institutional holdings and that has dropped to 26%. Wont be long til we know exactly how many have been sold. My opinion is we see a much smaller impact than the 6% drop from the S and P boot. Looks like 2 days worth of volume over a period extending to 06/30/2014. I dont see that being material

  • June 13

    Preliminary additions and deletions to the Russell Global, Russell 3000® and Russell Microcap® Indexes published after 3:00 p.m. PST
    June 20

    Updates to the list of additions and deletions

    June 27

    Updates to the list of additions and deletions

    Reconstitution final after the close of the U.S. markets
    June 30

    Final membership lists posted for the Russell Global, Russell 3000®, Russell 1000®, Russell 2000®, Russell Midcap® and Russell Microcap® Indexes

    From the Russell Website

    Sentiment: Strong Buy

  • jmkdog jmkdog Apr 20, 2014 7:13 PM Flag

    The average sale price of the stock in 2013 was 11.23. The average convert is 12.64. Not sure how you see this as dilution when the monies are being put to work at 20 plus percent returns. 7 billion currently working to make you a nice monthly income. PPS is only stuck here due to index sell off and Russell reconstitution

    Sentiment: Strong Buy

  • All the shares held by Russell... Could be trouble for them . This hits 11.50 by May 14th

    Sentiment: Strong Buy

  • Sold out of PSEC 12/31/13.. Likely knowing reconstitution was coming six months later. Russell has 7m shares left and has not sold out as of 4/15. That is only 2 days volume...Need someone to buy those shares now as this is such a steal at 1.02 x book

  • Reply to

    FRANK RUSSELL COMPANY Part of Russell Investment

    by jmkdog Apr 22, 2014 1:53 AM
    jmkdog jmkdog Apr 22, 2014 8:58 AM Flag

    I guess you have a difficult time with comprehension. Frank Russell sold out back in December 2013. Currently the Russell ETF's (IWM) and (IWN) own just north of 7m shares. It is not much considering the float is 336m shares. I am not sure where you get "my thoughts on value", I simply stated where Prospect currently trades is barely 1x book. Yes I believe we are under 11 because of the S and P sell off and Russell sell off fear.

    Sentiment: Strong Buy

  • Reply to

    Short interest is higher than

    by jmkdog Apr 22, 2014 1:46 AM
    jmkdog jmkdog Apr 23, 2014 2:33 AM Flag

    how do you dump the stock three cents above the ask? Teach me

    Sentiment: Strong Buy

  • Reply to

    Just bought @10.70

    by criminalmindscraft Apr 7, 2014 7:37 PM
    jmkdog jmkdog Apr 23, 2014 10:46 AM Flag

    Another victory , sorry Rodney , hope you listen to me once and a while. 45 cents plus 11 cents dividend collected .56 in 14 days. Never let FUD con you out of your longs

    Sentiment: Strong Buy

  • Reply to

    should we be buying NICK shares

    by budmasterbud Apr 22, 2014 11:10 PM
    jmkdog jmkdog Apr 23, 2014 10:50 AM Flag

    Interesting. It was my understanding this deal will close in June , @16.00. After reading the NICK financials it seems they should take the 16. It has not traded above 16 in a while

    Sentiment: Strong Buy

  • Reply to

    Short interest is higher than

    by jmkdog Apr 22, 2014 1:46 AM
    jmkdog jmkdog Apr 23, 2014 11:06 AM Flag

    Thanks my man!! I see you winning all the time, so keep it up

  • Reply to

    Early June

    by csurtman Apr 24, 2014 6:49 PM
    jmkdog jmkdog Apr 25, 2014 10:51 AM Flag

    Enough of your BS, stick to facts slick.

    The Blackrock ETF's that are based on Russell 2000 hold approximately 7m shares.

    They have been reporting the AFF fees as required by the SEC since 2006. Many shares were sold and there was a 6 % correction here. To believe all institutions will dump is foolish. It will not happen. To spout "all will dump" is simply FUD.

    Read the fund holdings 13G, you will see the disclosure.

    The Russell reconstitution will effect all 34 BDC's but this news is months and months disseminated giving managers plenty of time to sell off shares.

    Sentiment: Strong Buy

  • And look at the following facts:

    1. No ATM sales since Feb.
    2. Beta is low, stock price steady
    3. Dividend steady and slightly rising
    4. Originations last q highest in history over 1B
    5. Near 1B raised from converts(float steady last 45 days)
    6. Earnings just a few weeks away
    7.The discount here is due to deletion from S and P and Russell 2000.
    8. IWN and IWM will likely sell by 6/27/2014.(Unless carve out from AFF SEC reporting rules)
    9. ETF holdings represent .023% of current float or 1.5 trading days.
    10.Prospect is big enough to be in the S and P 500.
    11. Prospect deletion is due to a outdated SEC rule, deletions due to rule changes dropped far less than deletions due to fundamental company changes.
    12.If we do drop in June, you would be crazy not to buy the dip.

    Ok 12 is JMHO

    Sentiment: Strong Buy

  • Reply to

    They have to stop issuing stock

    by sfiaes Apr 29, 2014 2:47 PM
    jmkdog jmkdog Apr 30, 2014 11:34 AM Flag

    Selling shares on the open market above NAV seems like it has created a low beta steady income stream.

    The last round of sales ending Q3 was at an average price of 11.11.

    Perhaps they should buy back some of those 11.11 sales @ 10.79! Then put the profit on the trade to work.

    I do think you are correct on some of your points:

    1. waiting on a bill to pass that will change the 1dollar income to one dollar debt BDC requirement. Should happen by Q12015.

    2.Yield too high here so pps must rise to lower yield and compression of margins.
    3.ATM sales should only proceed when sale is at a premium to stated net asset value.

    Thanks for the thoughts

    Sentiment: Strong Buy

  • Reply to

    Take a deep breath

    by jmkdog Apr 26, 2014 12:29 PM
    jmkdog jmkdog Apr 30, 2014 11:39 AM Flag

    Sorry guys I posted some incorrect info.
    1.ATM sales continued through Feb but ceased after price dropped due to Russell announcement and S and P removal. The average sale was 11.11 on 35 million shares, thanks to BDC Buzz on SA for pointing this out,

    everything else is good :-)

    Sentiment: Strong Buy

  • Reply to

    They have to stop issuing stock

    by sfiaes Apr 29, 2014 2:47 PM
    jmkdog jmkdog Apr 30, 2014 2:52 PM Flag

    the 12% yield is not a sign of "sickness" yet a clear SIGNAL the stock is UNDERPRICED. A clue for you to BUY!

    Any long knows management needs to do more to get a stronger demand for the equity.

    The reason we are @ 10.80 and not 11.80 is simple....

    Heavy sale pressure from institutional owners, lack of retail guys that understand when to participate.(buy)

    The yield will drop very soon, and the pps will rise, and somebody will kick themselves in the *** as to why they kept complaining instead of taking advantage of the SALE

    Sentiment: Strong Buy

  • Reply to

    They have to stop issuing stock

    by sfiaes Apr 29, 2014 2:47 PM
    jmkdog jmkdog May 1, 2014 10:21 AM Flag

    1.3 Billion in Origination in Q3, that is BIG MONEY

    Sentiment: Strong Buy

  • jmkdog jmkdog May 1, 2014 11:47 AM Flag

    Thank you for submitting a comment to the U.S. Securities and Exchange Commission. This auto-reply is your notification that we received your comment letter.

    Sentiment: Strong Buy

PSEC
10.59+0.02(+0.19%)Jul 11 3:59 PMEDT

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