Problem right now is that hedges are for the long term, so in the short term with rates still low, they are losing value--most of the GAAP loss is unrealized hedge losses. When the FED increases rates later this year, the value in those hedges will return and so will book value. Important number here is core earnings to support the dividend and they blew that number away. I will be buying this temporary dip--all my opinion of course.
PSEC rebound has nothing to do with oil and everything to do with their earnings report. No real decrease in NAV as many were saying would happen--no real reliance on oil in the total portfolio. Once spin offs and asset sales begin, it will be up,up,up from here--IMHO of course.