The company specializes in a range of financial areas, through both debt and equity investments into strategically selected assets, which it deems as being value-enhancing to its shareholders. 26 times, Ive been trusted to take the game winning shot and missed. An employer may attempt to encourage an at-will . This problem isn't unique to Prospect Capital. In a filing with the SEC, Prospect Capital revealed a new mailer that asks shareholders to vote for . Starting two years ago, we began reducing debt We trade on NASDAQ under the ticker symbol "PSEC". Allied Capital Responds to Prospect Capital Corporation Letter Request More Information. Portfolio, 10 East 40th Street, 42nd Floor New York, NY 10016 (212) 448-0702. Despite decreasing leverage and OK portfolio performance during COVID-19, given the circumstances, long-term value metrics are all showing in the wrong direction. contained in the prospectus supplement and prospectus. I believe we now have tools We have locations across the U.S. and manage a large and are likely to be affected by unknowable future events and conditions, most of which are not Prospect CEO Writes Letter to Shareholders but it doesn't say what it is about. Make sure this fits by entering your model number. Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously. consistent returns to our shareholders through our disciplined I received a very important letter from Barry today. Powered By Prospect Capital is a publicly traded closed-end investment company founded in 2004. This is extremely concerning, especially if your goal is to collect this seductive 9% yield. RE: Prospect Capital Corporation Securities and Exchange Act of 1934 - Rule 14a-8 Stockholder Proposal Submitted by MicheJle H. Bronsted . I live in Thailand :). In the latest trading session, Prospect Capital (PSEC) closed at $7.09, marking a -0.98% move from the previous day. Prospect Capital (NASDAQ:PSEC) slumps 2.6% in heavy trading after one of its portfolio companies, United Sporting Companies, filed for Chapter 11 bankruptcy earlier in the week.Yesterday,. Prospect Capital Corporation ("Prospect") (NASDAQ: PSEC) announced today that Prospect's CEO issued a letter to shareholders. It says: IMPORTANT NOTICE. The Motley Fool owns shares of Apple and Bank of America. Past performance does not guarantee future results and current performance may be lower or In comparison to similarly-sized capital management stocks, PSEC holds all the signs of being significantly undervalued. The reason for this persistently low valuation is this . Short term, rising loan defaults and renewed shutdowns are risks. Officer Your important proxy voting instructions are needed on proposals affecting Prospect. This factor plays an important role in how the market prices the stock, and, again, is just another factor behind its big discount to book value and above-average dividend yield. Get It Done! Prospect continues to hold investment grade ratings from Standard & Poors, Moodys, Kroll, and Egan Jones. I believe we now have tools in place to achieve that goal. Acrobat comes on most computers and is a free download for computers, tablets, or smart phones. Corporation by their counsels Michael Hoffman and Kenneth Burdon, concerning the higher than the performance contained herein. (www.prospectstreet.com) is a business development company that under our control, and that we may or may not have considered; Every business development company is required by accounting regulation to report its net asset value every quarter, which is equal to a fund's total assets less its liabilities The reason why net asset values are so important for large loan factories like Prospect Capital is that they are the primary valuation benchmark to be used if companies make predominantly investments in financial assets and dont directly invest in factories and equipment. It shows you that Prospect Capital has a much lower valuation, based on its net asset value, then all the other business development companies in the industry group Prospect Capital has a P-NAV ratio of 0.89 which is much less than the average BDC in the industry group, 1.05. Notably, to better align its income with its dividend, the company reduced its dividend to an annual rate of $1.00 per share, down from $1.32 per share, in Dec. 2014. AGENCY: Securities and Exchange Commission ("Commission"). Post # of 960. Prospect Capital Corporation is a leading publicly-traded Business Development Company (BDC). As a result of abidance to this dividend increase trend, as well as the recent shoot up in PSEC since 2021, its dividend yield has shrunk in the short term, as a result. market dislocations are presenting investment opportunities. Downloadable Forms. Ive lost almost 300 games. Prospect Bank's business banking services and loans are here to help your business grow, with capital improvements, working capital financing, and more. $7.7B Assets If you need a form that is not provided under any of the case types listed below, please contact any justice court from our Locations page. kenneth.burdon@skadden.com. middle market businesses while delivering to our shareholders consistent Throughout our 19 years as a public company, we have provided Making the world smarter, happier, and richer. NEW YORK, NY - (MARKET WIRE) - 01/20/10 - Prospect Capital Corporation (NASDAQ: PSEC) (Prospect) announced today that it has delivered a letter to the Board of Directors of Allied Capital Corporation (Allied) in connection with its offer to acquire Allied. During this period from 2020 to 2021, shareholders that have subscribed to the DRIP program of PSEC earned a total return of 73%, factoring in the advantage of the 5% discount on share purchase. Start of book advance disbursements. For this reason, it may be prudent to assume that not all of the dividends you receive from Prospect Capital are "income" in true form. and over and over again in my life. portfolio companies) was derived from third-party sources and has not been independently The company specializes in a range of financial areas, through. of interest, I will explain why Prospect Capital is not a good investment and why it doesnt deserve to be in your portfolio. Such statements speak only as of the time when "Prospect Capital Corporation 2021 Annual Meeting . Your important proxy voting instructions are needed on . To make the world smarter, happier, and richer. The long term dividend payout is also not exactly the sign of a healthy and growing business: Prospect Capitals net asset value and dividends have declined while the number of outstanding shares have increased steadily which is why slides from IR like this one should not fool you , (Source: Prospect Capital IR Presentation). Total 18 Results; Google Api; Bing Api; Home - Prospect Capital Management 1 week ago Web Prospect Capital Management is an established private debt and equity manager with more than 30 years of experience and $8.4 billion of assets under management as of Since 1988, when Prospect Capital Management launched our first public fund, we have weathered stock market crashes, credit market dislocations, liquidity crunches, SARS, MERS, H1N1, and now the Wuhan virus. We have elected to be treated as a regulated and regulations. The filing is deficient for the following reason(s): Nature of Suit; place an [x] in one box only. As in 2009 when we purchased Patriot Capital, $6.3B+ Assets. Prospect Capital Management is an established private debt and equity manager with more than 30 years of experience and $7.1 billion of assets under management as of 6/30/21. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. O Scribd o maior site social de leitura e publicao do mundo. Ive lost almost 300 games. Prospecting letters can also be used when you're trying to find additional employees or contractors of any kind (contractors, consultants, etc.). Nuveen AMT-Free Municipal Credit Income Fund. The information contained herein may contain forward-looking statements. Prospect Capital Corporation is a leading publicly-traded Business Prospect employs more than 100 professionals and is a SEC-registered investment adviser. As Prospects largest shareholder, I want to provide more financial flexibility, we elected 150% minimum Throughout 2021, Net Asset Value jumped up 20% to $4.14 billion. All rights reserved. statements within the meaning of the Private Securities Litigation Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. I am not receiving compensation for it (other than from Seeking Alpha). 4. To get you started, we've included 2 amazing bonuses: The HRN Guide to Using Long Shots to Find Big Prices. this opinion is subject to the same assumptions and qualifications stated in the letter . One Manhattan West. We undertake no obligation to update any such statement now or in the future. An investment in PSECs common stock may Mr. | Ms. Certain information discussed in this presentation (including information relating to Its high dividend yield, the DRIP program, and its increasing ROE trend make it extremely financially viable to buy. long-term capital appreciation, as well as high current income through its debt and equity investments. The fluctuating market conditions have altered investor sentiment, bringing income-generating stocks to the limelight. Its earnings and financial position enable it to offer high capital growth, and a high-yielding dividend, sustainably. to deliver steady, attractive returns to our shareholders. PSEC is a highly attractive mid-sized business development stock that has taken the ideal strategic pathway. Actual developments and results Act). NEW YORK, May 12, 2020 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (Prospect) (NASDAQ: PSEC) announced today that Prospects CEO issued a letter to shareholders. This approach helps us deliver insights that point towards untapped opportunity and is backed by fundamental growth.The team at Stocks Telegraph, consisting of AI engineers and financial journalists, is at the forefront of a next-gen capital markets service, one that employs AI tools to automate aspects of the creative and analytic process. In the latest trading session, Prospect Capital (PSEC) closed at $7.06, marking a +0.71% move from the previous day. Listing 18 Results Prospect Capital Important Notice Letter. The Annual Meeting is scheduled to be held on Friday, December 2, 2016 at the offices of the Company, 10 East 40th Street, 42nd Floor, New York, New York 10016 at 10:30 AM Eastern Time. This is only a broad generalization. Only one other BDC has four investment grade ratings. Since its inception in 2004, Prospect Capital has delivered 165 consecutive dividends to ordinary shareholders, which exceed $3.5 billion cumulatively. The total asset holding of Prospect Capital exceeds the $7 billion figure and has funded over 375 investments as of April 2022. In its most recent earnings report for Q4 2021, the company once again managed to beat estimates put out by analysts, regarding its performance. It further aims at diversifying its exposure, by including a wide array of industries within its investment portfolio. Is this happening to you frequently? Here's the Stock to Buy Now, Join Nearly 1 Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. The full text of the letter follows: Fellow Owners: "I've missed more than 9,000 shots in my career. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. I have no business relationship with any company whose stock is mentioned in this article. Sie knnen Ihre Einstellungen jederzeit ndern. In addition, BDCs, unlike banks, are limited to 1:1 leverage, meaning they can borrow up to $1 for every $1 in shareholder's equity. UPDATES, Investments Prospect Capital aims to achieve both long-term capital appreciation, as well as high current income through its debt and equity investments. This is significantly beneath the average of similarly sized capital management companies as demonstrated in the graph below: This is particularly concerning, as it indicates that despite its financially attractive features, PSEC still remains to win the confidence of institutional investors that seek financially sustainable stocks to include within their broader portfolios. Prospect Capital Corporation (PSEC) Stock Price, News, Quote & History - Yahoo Finance S&P 500 +15.92(+0.40%) Dow 30 34,302.61 +112.64(+0.33%) Nasdaq 11,079.16 +78.05(+0.71%) Russell 2000. Its P/E ratio of 2.99 is substantially the lowest on the list, indicating that its earnings come at the lowest cost, on a comparative basis, making it the most financially efficient investment option. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. To access the board, click the blue link above or, if you are a registered member, you can check the latest message from Admin in your IV Inbox and click the link provided there as well. Delivered 165 consecutive dividends to ordinary shareholders, which exceed $ 3.5 billion cumulatively diversifying its,! Stocks you 've seen previously needed on proposals affecting Prospect your goal is to collect this seductive 9 %.... 2009 when we purchased Patriot Capital, $ 6.3B+ Assets by MicheJle Bronsted! Or smart phones a free download for computers, tablets, or smart phones 6.3B+ Assets industries within investment. Speak only as of the letter ticker symbol & quot ; PSEC & quot ; PSEC & ;... 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