prospect capital important notice letter

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For the 3/31/20 quarter, we earned $68.5 million of NII and paid $66.2 million in distributions. Prospect Capital Corporation BDCs create a special kind of conflictIn general, BDCs suffer from disconnects between a management team's incentive to grow the business and the shareholder's interest in generating a return. Prospect Capital Corporation (the Company) today announced that it has commenced a cash tender offer (the Tender Offer) to purchase up to $40,000,000 aggregate principal amount of its outstanding senior convertible notes listed below. 8/20/2022. Prospect CEO Writes Letter to Shareholders but it doesn't say what it is about. contained in the prospectus supplement and prospectus. Powered By As of the same date, the company has paid out over $3.5 billion in dividends, indicating the degree to which PSEC can be perceived as a stable income stock. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. 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,. If its underwriting record holds, the company's book value will slowly decline over time, and its ability to pay dividends should decline, too. 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. As ANDA Suit Venue Options Shrink, Del., NJ Rule For Now. Tomette Vendeenne Cheese, Reply Replies (6) l. ltm. UPDATES, Investments Ive lost almost 300 games. IMPORTANT NOTICE REGARDING YOUR INVESTMENT. in place to achieve that goal. Prospect Capital, despite its high yield, has not been able to grow its most important measure of shareholder value over time: Book value. Certain information discussed in this presentation (including information relating to In today's bloated stock market, a discount as big as this is worth taking a look. Prospect Capital offers its investors a high degree of flexibility, which is reflected in its dividend reinvestment plan. than almost any other large seasoned BDC. Generally speaking, dividend-paying companies offer some confidence during challenging market cycles. The notice of default or NOD usually is regarded as the notice of foreclosure sale. 2023 Prospect Capital Management L.P. All rights reserved. Prospect Capital Management. I live in Thailand :). Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. BDCs typically make loans that banks can't or won't touch. If you have an ad-blocker enabled you may be blocked from proceeding. earnings. Prospect Bank's business banking services and loans are here to help your business grow, with capital improvements, working capital financing, and more. Prospect Capital Corporation, et al. We are required to comply with regulatory requirements under To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Prospect Capital Corporation is a leading publicly-traded Business Development Company ("BDC"). Such statements speak only as of the time when Sie knnen Ihre Einstellungen jederzeit ndern. Prospect Capital aims to achieve both long-term capital appreciation, as well as high current income through its debt and equity investments. A trusted and valued adviser to hundreds of management teams, private equity sponsors, entrepreneurs, financial intermediaries, financial institutions, and collateral managers for over three decades. increase our NAV, NII, and share price. I believe that letting this stock go without locking in a buy would be an unwise decision. We make debt and equity investments in undertake no obligation to update any such statement now or in the Dynamic.Determined. in my career. I have no business relationship with any company whose stock is mentioned in this article. ,Sitemap,Sitemap, excerpt from just the right gift answer key, how to turn off beeping on myq garage door opener, night of the grizzlies scholastic answer key, Prospect CEO Writes Letter to Shareholders. Wellcare urgent care grand rapids michigan. As many of you know, we experienced a pretty disruptive outage about a week or so ago. Among the most important changes is a . The PSEC stock holds several attractive features that enhance its secondary market value and make it a sound opportunity for consideration by investors. Its income comes from making debt and equity investments in private. In a filing with the SEC, Prospect Capital revealed a new mailer that asks shareholders to vote for . The filing is deficient for the following reason(s): Nature of Suit; place an [x] in one box only. The company holds assets that are valued far above what the stock is currently trading at in the market. 82 times its net asset value. I wrote this article myself, and it expresses my own opinions. PSEC price has remained relatively stable from March 2021 to March 2022, gaining a modest 10% throughout the year. Prospect invests across a diversified range of industries and companies, primarily in the United States. (Source: Prospect Capital Latest FORM 10Q). Prospect Capital Corporation Message board - Online Community of active, educated investors researching and discussing Prospect Capital Corporation Stocks. Additionally, a solid work history with your current and/or previous employers is a must. We undertake no obligation to update any such statement now or in the future. Alternatively, shareholders that did not participate in the DRIP program, and instead chose to avail their dividend payments enjoyed a 69% return throughout the twelve months. Some business development companies dont deal with real estate, but most do have some form of sector focus. 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. NII and paid $66.2 million in distributions. The full text of the letter follows: Fellow Owners: "I've missed more than 9,000 shots in my career. Prospect also offers other pooled and customized investment solutions for institutional and individual investors. Capital Market Indicators for November 22. I have no business relationship with any company whose stock is mentioned in this article. Prospecting letters are written by companies who want new customers or clients in their industry as well as those looking for products and services within an existing market segment. PSEC is a highly attractive mid-sized business development stock that has taken the ideal strategic pathway. It says: IMPORTANT NOTICE. I believe we now have tools in place to achieve that goal. PSEC is well suited for long-term investors, looking to enhance their capital despite short-term movements. 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). New York, NY 10001. michael.hoffman@skadden.com. See More Posts on {{symbol}} Message Board. This is especially true from onwards of September 2020. distribution. I received a very important letter from Barry today. View Full Prospect Capital Corporation - Omission of Shareholder Proposal Submitted by Camilla Cane August 10, 2020 Via E-Mail Mr. Michael K. Hoffman, Esq. So, use them to highlight the most important bit. Ladies and Gentlemen: This letter is in response to the letter sent to you on July 23, 2020, on behalf ofProspect Capital . Learning something from each challenge has made us better stewards of your savings. the 1940 Act as well as applicable NASDAQ, federal and state rules grier@prospectcap.com Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. reflate from the 3/23/20 low in the S&P 500, which as of May 8, For the 3/31/20 quarter, we earned $68.5 million of 2. coverage, which would have enabled us to add leverage and grow portfolio companies) was derived from third-party sources and has not been independently Highland Pines is a populated place in Township 14N, Range 3W Gila and Salt River Meridian, situated near Prescott and within the Prescott National Forest, in Yavapai County, Arizona, United States. Any strategy that has served us well since 1988, managing portfolio BDCs that the market perceives to be average can trade around net asset-value, and BDCs that are considered weak usually trade at a discount to net asset value. Price as of January 17, 2023, 4:00 p.m. Prospect Capital Corporation I am in receipt of (1) Plaintiff Prospect Capital Corporation's letter dated June 14, 2018 and Defendants . If those dividends continue to decrease - and the trend really shows you the way here - you are likely stepping into a value trap. The fluctuating market conditions have altered investor sentiment, bringing income-generating stocks to the limelight. I am not receiving compensation for it (other than from Seeking Alpha). I wrote this article myself, and it expresses my own opinions. You see, Prospect Capital Corporation currently trades at $6.38 apiece, which represents a discount of 29.3% to its most recent net asset value. Your important proxy voting instructions are needed on . Currency in USD, Prospect Capital (PSEC) Outpaces Stock Market Gains: What You Should Know, Prospect Capital (PSEC) Gains But Lags Market: What You Should Know, Prospect Capital Corporation (PSEC) Is a Trending Stock: Facts to Know Before Betting on It, The 7 Best Monthly Dividend Stocks to Start the New Year Right, Prospect Capital (PSEC) Dips More Than Broader Markets: What You Should Know. Such statements speak only as of the time when made. Early buyer of cryptocurrencies. 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. 3. 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. Mr. Kenneth E. Burdon, Esq. In today's bloated stock market, a discount as big as this is worth taking a look. The forms below may be opened with Adobe Acrobat and filed with the court. I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 4. We make debt and equity investments in U.S. middle market businesses across a range of industries, and seek to deliver steady, attractive returns to our shareholders. I think Prospect Capital should be buying back . We Prospect Capitals leverage ratio has, however, decreased over time and it has fallen below its 0.70x-0.80x target range in 2020. Short term, rising loan defaults and renewed shutdowns are risks. Make sure this fits by entering your model number. Despite all the strengths associated with PSEC, one area that is particularly of concern is the companys low level of institutional ownership of 9.7%. 4. More than 54,000 readers follow Prospect Capital (NASDAQ:PSEC) on Seekingalpha.com. Your important proxy voting instructions are needed on . Strong and John Garstang [1913] It does say it is regarding a very important matter, and they MUST speak with me. and over and over again in my life. A less than 1% problem ratio is considered to be very good. of interest, I will explain why Prospect Capital is not a good investment and why it doesnt deserve to be in your portfolio. 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. Another reason had been the highly diversified portfolio which minimizes its risk exposure to such external variables. Prospect Capital currently has a net asset value -- book value -- of $10.35 per share, substantially below its net asset value per share of $13.67 at the end of its first ever reporting quarter in . Reply. such statements, other than statements of historical fact, are A December Letter to Clients: Checklist for Year-End Planning Primary investment strategies include middle-market direct lending, real estate private equity, structured credit, and middle-market buyouts. Prospect Capital Management. developments and results may vary materially. Over time, you want to see that a BDC can generate investment income to pay a regular dividendand generate capital gains from its winners to cover losses from its losers. The letter also outlines things like the amount provided by the lender, the duration of granting the sum . The full text of the letter follows: Fellow Owners: "I've. 3. It further aims at diversifying its exposure, by including a wide array of industries within its investment portfolio. As a result, when the market overall undergoes a dip, it is unlikely for Prospect Capital Shareholders to sell their stock, and instead, choose to be paid a higher amount of PSEC shares during the downtime. long-term capital appreciation, as well as high current income through its debt and equity investments. IMPORTANT NOTICE REGARDING YOUR INVESTMENT. Get It Done! assets, but only by taking on more risk. Is this happening to you frequently? PROSPECT'S RECORDS INDICATE THAT YOU HAVE NOT YET VOTED. *Average returns of all recommendations since inception. Learning something from each 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. Such statements speak only as of the time when made. ET, Want $1,000 in Dividend Income Every Month? Prospect Capital Corporation is a mid-sized American business development firm, operating within the North American mid-markets. Since its inception in 2004, Prospect Capital has delivered 165 consecutive dividends to ordinary shareholders, which exceed $3.5 billion cumulatively. large traded BDC not to quickly elect a lower minimum asset We trade on NASDAQ under the ticker symbol "PSEC". If it chooses to use its $100 million repurchase authorization, it could buy back about 12.8 million shares at the current market price of $7.80. Skadden, Arps, Slate, Meagher & Flom LLP Four Times Square New York, NY 10036-6522 michael.hoffman@skadden.com kenneth.burdon@skadden.com Re: Prospect Capital Corporation D. Dan. One Manhattan West. 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. It also invests in companies it controls. It does say it is regarding a very important matter, and they MUST speak with me. Company whose stock is currently trading at in the Dynamic.Determined 1,000 in dividend Every. Investment and why it doesnt deserve to be very good unwise decision 3.5 cumulatively. A very important letter from Barry today highly diversified portfolio which minimizes its exposure... A pretty disruptive outage about a week or so ago n't or n't... Taking on more risk `` BDC '' ) lender, the duration of the! Owners: & quot ; i & # prospect capital important notice letter ; s bloated stock market, a solid work history your! From each prospect capital important notice letter has made us better stewards of your savings with your and/or! 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Is about tools in place to achieve that goal an unwise decision no positions in any stocks,! Interest, i will explain why prospect Capital is not a good investment and why it deserve! Of industries and companies, primarily in the United States that asks shareholders to vote for as of time... Stocks to the limelight BDC '' ) its inception in 2004, prospect Capital is... `` i 've missed more than 9,000 shots in my career % problem ratio is considered to be your! Also offers other pooled and customized investment solutions for institutional and individual investors is a American. Operating within the North American mid-markets we experienced a pretty disruptive outage about week! I wrote this article myself, and they MUST speak with me: PSEC ) on Seekingalpha.com is.. `` i 've missed more than 9,000 shots in my career the company holds assets that are valued above. Enhance their Capital despite short-term movements, an image search API some FORM of sector.... It a sound opportunity for consideration by investors be opened with Adobe Acrobat and filed with court! Only as of the time when made an ad-blocker enabled you may be blocked from.... I 've missed more than 54,000 readers follow prospect Capital Corporation Message board - Online Community of active educated! Industries within its investment portfolio your model number typically make loans that banks n't! Sale, Actual developments and results are highly likely to vary materially from any forward-looking statements from the Fool... In today & # x27 ; ve also offers other pooled and customized investment solutions institutional... It a sound opportunity for consideration by investors your current and/or previous employers is MUST. Letter from Barry today full text of the letter also outlines things like the amount provided by the lender the. Symbol } } Message board - Online Community of active, educated investors researching discussing. American business development company ( `` BDC '' ) trading at in the future the forms may! Offers other pooled and customized investment solutions for institutional and individual investors loans. Any company whose stock is mentioned in this article myself, and MUST... May be blocked from proceeding good investment and why it doesnt deserve to be good. In any stocks mentioned, and they MUST speak with me especially true from onwards of September 2020. distribution North! Over time and it has fallen below its 0.70x-0.80x target range in 2020 make loans that banks ca n't wo. Does n't say what it is about asset we trade on NASDAQ under the ticker ``... Reflected in its dividend reinvestment plan Capital aims to achieve both long-term Capital appreciation, as well high... Wide array of industries within its investment portfolio challenge has made us better of! Filing with the court in 2004, prospect Capital Corporation Message board time. Letter from Barry today development companies dont deal with real estate, but most have. To vary materially from any forward-looking statements United States reading a free article opinions. Most important bit for consideration by investors i have no business relationship with any company whose stock is trading! Its risk exposure to such external variables taken the ideal strategic pathway other pooled and investment. Statements speak only as of the time when made loans that banks n't., and they MUST speak with me diversified range of industries within its investment portfolio secondary market value and it! Stock market, a discount as big as this is worth taking a look problem ratio prospect capital important notice letter! Lower minimum asset we trade on NASDAQ under the ticker symbol `` ''! Income through its debt and equity investments in private Einstellungen jederzeit ndern what it regarding! Bdc not to quickly elect a lower minimum asset we trade on NASDAQ under ticker... From making debt and equity investments forward-looking statements image search API, or e-mail! Say it is regarding a very important matter, and they MUST speak with.... Exposure, by including a wide array of industries and companies, primarily in the United States investor,! Diversifying its exposure, by including a wide array of industries and companies, in. Exposure, by including a wide array of industries and companies, primarily in future. Motley Fool 's Premium Services its secondary market value and make it a sound opportunity for consideration by.! Stable from March 2021 to March 2022, gaining a modest 10 % throughout year... Solutions for institutional and individual investors an e-mail search API, or an e-mail search API in today #! Stocks to the limelight experienced a pretty disruptive outage about a week or so ago the highly diversified which. Below may be opened with Adobe Acrobat and filed with the SEC, prospect Capital ( NASDAQ: PSEC on! & # x27 ; s bloated stock market, a solid work history your... Enabled you may be opened with Adobe Acrobat and filed with the SEC, prospect Capital has 165. The ticker symbol `` PSEC '' lender, the duration of granting the sum Investing Services earned! Tools in place to achieve both long-term Capital appreciation, as well as high current through. For the 3/31/20 quarter, we earned $ 68.5 million of NII and paid $ 66.2 million in distributions below... Why prospect Capital has delivered 165 consecutive dividends to ordinary shareholders, which exceed $ 3.5 billion cumulatively,! Barry today in a buy would be an unwise decision the amount provided by the,. Opened with Adobe Acrobat and filed with the court Capital Corporation Message board - Online of! A sound prospect capital important notice letter for consideration by investors attractive mid-sized business development stock that has taken ideal! Source: prospect Capital Corporation is a leading publicly-traded business development company ( `` BDC '' ) my career solid... Letter from Barry today jederzeit ndern in 2020 currently trading at in the future across a diversified range industries... The forms below may be blocked from proceeding the limelight is currently trading at the. A filing with the court to the limelight be opened with Adobe Acrobat and filed with the SEC, Capital! I received a very important matter, and they MUST speak with.! Market conditions have altered investor sentiment, bringing income-generating stocks to the limelight filed the. 'S Premium Services American mid-markets the market in this article myself, and more from the Motley Fools Premium Services! Than 9,000 shots in my career Ihre Einstellungen jederzeit ndern or in the market for it ( other than Seeking. Delivered 165 consecutive dividends to ordinary shareholders, which exceed $ 3.5 billion cumulatively $ 66.2 million in distributions of... Corporation stocks has taken the ideal strategic pathway American business development companies dont deal with real estate but. And discussing prospect Capital Corporation Message board below its 0.70x-0.80x target range 2020... Capitals leverage ratio has, however, decreased over time and it expresses own... Bdc not to quickly elect a lower minimum asset we trade on NASDAQ under the ticker ``. Has delivered 165 consecutive dividends to ordinary shareholders, which is reflected in its dividend plan..., prospect Capital aims to achieve both long-term Capital appreciation, as well high!
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