Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, leveraged buyouts, refinancing, acquisitions, recapitalizations, turnaround, growth capital, development, capital expenditures and subordinated debt tranches of collateralized loan obligations, cash flow term loans, market place lending and bridge transactions. It also makes real estate investments particularly in multi-family residential real estate asset class. The fund makes secured debt, senior debt, senior and secured term loans, unitranche debt, first-lien and second lien, private debt, private equity, mezzanine debt, and equity investments in private and microcap public businesses. It focuses on both primary origination and secondary loans/portfolios and invests in situations like debt financings for private equity sponsors, acquisitions, dividend recapitalizations, growth financings, bridge loans, cash flow term loans, real estate financings/investments. It also focuses on investing in small-sized and medium-sized private companies rather than large public companies. The fund typically invests across all industry sectors, with a particular expertise in the energy and industrial sectors. It invests in aerospace and defense, chemicals, conglomerate services, consumer services, ecological, electronics, financial services, machinery, manufacturing, media, pharmaceuticals, retail, software, specialty minerals, textiles and leather, transportation, oil and gas production, coal production, materials, industrials, consumer discretionary, information technology, utilities, pipeline, storage, power generation and distribution, renewable and clean energy, oilfield services, healthcare, food and beverage, education, business services, and other select sectors. It prefers to invest in the United States and Canada. The fund seeks to invest between $10 million to $500 million per transaction in companies with EBITDA between $5 million and $150 million, sales value between $25 million and $500 million, and enterprise value between $5 million and $1000 million. It fund also co-invests for larger deals. The fund seeks control acquisitions by providing multiple levels of the capital structure. The fund focuses on sole, agented, club, or syndicated deals.
Prospect Capital Corp. (PSEC) on Wednesday reported fiscal third-quarter profit of $89.2 million. The New York-based company said it had profit of 24 cents per share. Earnings, adjusted for investment gains, were 21 cents per share. The business development company posted revenue of $171.1 million in the period. Prospect Capital shares have increased nearly 7% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.73, an increase of slightly more than 4% in the last 12 months. https://uk.finance.yahoo.com/news/prospect-capital-fiscal-3q-earnings-214145030.html
New York May 10, 2019 (Thomson StreetEvents) -- Edited Transcript of Prospect Capital Corp earnings conference call or presentation Thursday, May 9, 2019 at 3:00:00pm GMT https://finance.yahoo.com/news/edited-transcript-psec-earnings-conference-130652286.html
Prospect Capital Corporation Announces Launch of Cash Tender Offer For Any and All of its Outstanding 4.75% Senior Convertible Notes due 2020 Company Release - 6/28/2019 5:33 PM ET NEW YORK, June 28, 2019 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (the “Company”) today announced that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding senior convertible notes listed below. The Tender Offer will expire at 12:00 midnight, New York City time, on July 27, 2019 (one minute after 11:59 p.m., New York City time, on July 26, 2019), or any other date and time to which the Company extends such Tender Offer (such date and time, as it may be extended, the “Expiration Date”). The Tender Offer is made pursuant to an Offer to Purchase dated today, which set forth the terms and conditions of the Tender Offer. http://www.prospectstreet.com/file/Index?KeyFile=398529151
Prospect Capital Corporation’s PSEC first-quarter fiscal 2020 (ended Sep 30) net investment income of 19 cents per share came in line with the Zacks Consensus Estimate. The bottom-line figure decreased 17.4%, year over year. Results benefited from lower expenses. However, decline in value of investment portfolio and lower total investment incomes were the undermining factors. Net investment income came in at $71.1 million, down 16.6% from the prior-year quarter. Total Investment Income & Expenses Fall Total investment income was $161.9 million, down 10.3% year over year. Also, the figure lagged the Zacks Consensus Estimate of $163 million. This downside mainly resulted from lower dividend income and fall in interest income. Total operating expenses decreased 4.7% to $90.8 million, on a year-over-year basis. Total Portfolio Value & Originations The fair value of Prospect Capital’s total investment portfolio was $5.5 billion as of Sep 30, 2019, down 3.6% sequentially. The company originated $94.5 million in new and follow-on investments, in the period under consideration. Balance Sheet As of Sep 30, 2019, Prospect Capital’s net asset value was $8.87 per share compared with $9.39 as of Sep 30, 2018. Further, the company held $4 billion of unencumbered assets as of the same date. At the end of the quarter, net of cash debt to equity ratio was 66.3%, down from 75.1% as of Sep 30, 2018. https://finance.yahoo.com/news/prospect-capital-psec-q1-earnings-143802805.html
Prospect Capital Reports December 2019 Quarterly Results and Declares Additional Monthly Distributions https://finance.yahoo.com/news/prospect-capital-reports-december-2019-210305389.html
Prospect Capital (PSEC) came out with quarterly earnings of $0.19 per share, beating the Zacks Consensus Estimate of $0.14 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 35.71%. A quarter ago, it was expected that this business development company would post earnings of $0.18 per share when it actually produced earnings of $0.18, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Prospect Capital, which belongs to the Zacks Financial - Investment Management industry, posted revenues of $154.50 million for the quarter ended March 2020, surpassing the Zacks Consensus Estimate by 16.28%. This compares to year-ago revenues of $171.11 million. The company has topped consensus revenue estimates two times over the last four quarters. https://uk.finance.yahoo.com/news/prospect-capital-psec-q3-earnings-233511345.html
Prospect Capital Corporation’s PSEC shares gained 8.5% in response to third-quarter fiscal 2020 (ended Mar 31) results. Net investment income of 19 cents per share beat the Zacks Consensus Estimate of 14 cents. However, the bottom line decreased 9.5% year over year. The results benefited from a fall in operating expenses and solid origination volume. However, lower revenues and a decline in the value of its investment portfolio were the undermining factors. Net investment income came in at $68.5 million, down 11.4% from the prior-year quarter. Total Investment Income & Expenses Down Total investment income was $154.5 million, down 9.7% year over year. The fall was mainly due to lower dividend income and interest income. Nonetheless, the figure beat the Zacks Consensus Estimate of $129 million. Total operating expenses fell 8.3% from the prior-year quarter to $86 million. Total Portfolio Value & Originations The fair value of Prospect Capital’s total investment portfolio was $5.14 billion as of Mar 31, 2020, down 9% year over year. In the reported quarter, the company originated $402.4 million in new and follow-on investments. Balance Sheet As of Mar 31, 2020, Prospect Capital’s net asset value was $7.98 per share compared with $9.01 on Jun 30, 2019. Further, the company had $3.56 billion of unencumbered assets as of the same date. At the end of the quarter, net of cash debt to equity ratio was 74.1%, up from 69.1% as of Mar 31, 2019. https://uk.finance.yahoo.com/news/prospect-capital-psec-8-5-162004042.html
What does this mean ? Or what does it mean with any of its cash tender offers? Does it mean they are buying back stock? And why are you out ? This is a high yield dividend stock , right ? Prospect Capital Corporation Announces Launch of Cash Tender Offer For Any and All of its Outstanding 4.75% Senior Convertible Notes due 2020 Company Release - 6/28/2019 5:33 PM ET NEW YORK, June 28, 2019 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (the “Company”) today announced that it has commenced a cash tender offer (the “Tender Offer”) to purchase any and all of the outstanding senior convertible notes listed below. The Tender Offer will expire at 12:00 midnight, New York City time, on July 27, 2019 (one minute after 11:59 p.m., New York City time, on July 26, 2019), or any other date and time to which the Company extends such Tender Offer (such date and time, as it may be extended, the “Expiration Date”). The Tender Offer is made pursuant to an Offer to Purchase dated today, which set forth the terms and conditions of the Tender Offer.
I am out because i made a very nice profit, thats all. I buy shares when they are cheap, in my view the psec shares are at present time not cheap. But, ...i can be wrong.
