It is all facts. Sorry- they do issue shares below NAV to increase AUM. They do charge a hell of a lot in management fees. I am sorry but that isn't opinion- that is the god's honest truth- even if you don't like it. I have owned PSEC for 5 years and returns have been poor after price erosion- but the market has rocketed. So- excuse me if I don't share your rose tinted spectacles with you.
I tend to agree with you more and more as time progresses. There was a very funny post some time ago suggesting that PSEC was like a pizza with rat spit on it. Maybe it's a loser at any price. Still, the final verdict isn't out yet.
I have been in this stock for donkey's years but I have to say that PSEC management constantly amaze me by their aggressive accounting methodology (the way they 'hide' loan write offs for example) and the level of their fees. Recently they have trumpeted the decrease in incentive fees but as we later learnt- this is also a sleight of hand because they have just moved the charging down to the layer of companies they manage.
In the end, aggressive accounting doesn't add value because the hens will eventually come back to roost. I am seriously re-evaluating my investment in PSEC because over the past few years capital erosion has been greater than the income generated.