NAT released a letter to share holders. He seem upset that the market is devaluing his company at a time where tankers are benefiting the most from low oil prices.
I have 30k shares of assorted cumulative preferred shares, I make $5,000 a month or 15k every quarter. The volume is very low on all of them.
I would just hold long term and collect the dividend. The transportation index IYT just broke above a technical trend line, maybe this sector catch a bid with other transporters.
I use PSEC as the bench mark for the bottom. I was waiting for it to hit $5.30 and I had a good until cancel order in place which got filled the day before they announced earnings. $5.30 was the all time low that was set on a freak sell off day (8/28/15). I was there when it happen. I remember buying 10k shares on the bottom and selling at the top, in one day cleared over $15,000. I agree, this could be a possible bottom. The capitulation volume was greater than 8/28/15. However, PSEC need to get above $6.15 to break the $5 target curse still in play.
It seem like all the BDC's adjusted their NAV with the uncertainty of the market. MCC closed at a major support, if it breaks, the next level down would be 2.36. An institution or mgt must step in to support the stock tomorrow or sell it and buy it back cheaper. I still have some left in my IRA, I forgot all about it. Its not dead yet.
You should really look into the preferred shares I deleted and do your own due diligence. However, it is like MDLY it will lock you in until they buy it back for $25.
Its called a crack and snap. They usually do that, so they can buy it cheaper. The stock goes below major support and snaps back and closes above it.
PSEC mgt set the standard in the BDC sector with third party verification. That was their idea. Also, the way they were buying their own shares for their personal account told us they were setting it up.
Also, on their web site you can find the details on the preferred shares under the sec filling dated 07/07/14, 8-A12B
You need to do your due diligence. Go to web site and down load latest quarter presentation. NM is a holding company, they own more than 20.10% of NMM, 46.50% NNA (which owns 60.9% of NAP) and 63.80% NSAL ( very profitable logistic co). NNA will report on wednesday.
They just sold an apartment building for twice the amount of cash they used and earned over 30% while holding it. They will beat earnings.
NM-pH is paying 50% cumulative preferred, I think the dividend is secure with their tanker and product tankers offsetting the weakness in dry bulk.
I set my account up to generate 20% or more in dividends and when the market sold off during the beginning part of January my stop lost triggered and then the market bounced. I experienced two types of fears, one was holding during a market crash and second was getting left behind on a market rally. To me the second one was like a death sentence because my average yield on my preferred and common stock was around 20%. I feel more secure collecting my dividend, its like getting paid while we wait. Fortunately, I was patient and I was given another opportunity to build my dividend cash flow, now my average yield on my common and preferred stocks are 30%.
$6.30 was a technical level for MCC, so I bought some shares at $6.30. Like wise, $5.53 was a retest of PSEC's hammer low, so I bought some shares at $5.53.