We are required to comply with regulatory requirements under Following the slump seen in 2020, given the impacts of the Covid-19 outbreak, PSEC ROE has been seeing remarkable improvement, which has eventually stabilized above 20%. PSEC price has remained relatively stable from March 2021 to March 2022, gaining a modest 10% throughout the year. Ive failed over and over and over again in my life. 3. Dear Messrs. Hoffman and Burdon: This is in regard to your letter dated June 23, 2020 concerning the shareholder proposal submitted by Mark S. Cane for inclusion in Prospect . JOIN THE NATION! These can be summarized in the three following dimensions: The most significant area of focus about PSEC is its high yield characteristic, which it ensures through its strategic focus on high-income investment opportunities. Ive lost almost 300 games. I have no business relationship with any company whose stock is mentioned in this article. Dont be attracted to Prospect Capital's 9% yield alone as many buyers of PSEC can confirm the high yield meant capital losses for most and the red arrow in the chart below represents an approximate 56% capital loss for shareholders since 2007. Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) - ADVFN The Notice of Annual Meeting and proxy statement accompanying this letter provide an outline of the business to be conducted at the Annual Meeting. increasing NAV and NII, we may see our stock price respond. I look for high-risk, high-reward situations. 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. Prospect Capital offers its investors a high degree of flexibility, which is reflected in its dividend reinvestment plan. portfolio companies) was derived from third-party sources and has not been independently As in 2009 when we purchased Patriot Capital, 10 East 40th Street, 42 nd Floor, New York, NY 10016 [DATE] Dear Shareholder: Prospect Capital Corporation (NASDAQ: PSEC) recently sent to you proxy material regarding the upcoming Annual Meeting of Shareholders. AGENCY: Securities and Exchange Commission ("Commission"). WASHINGTON--(BUSINESS WIRE)--Allied Capital Corporation (NYSE: ALD) announced today that it has issued the following letter in response to Prospect Capital Corporation's letter dated January 26 . Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 1. 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. Reply. For the 3/31/20 quarter, we earned $68.5 million of 8/20/2022. For the 3/31/20 quarter, we earned $68.5 million of NII and paid $66.2 million in distributions. I wrote this article myself, and it expresses my own opinions. Despite decreasing leverage and OK portfolio performance during COVID-19, given the circumstances, long-term value metrics are all showing in the wrong direction. are highly likely to vary materially from any forward-looking To obtain a prospectus, please contact your investment representative or Preferred Capital Securities at (855) 422-3223, or e-mail investorservices@pcsalts.com investorservices@pcsalts.com +1 855 422-3223 Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. A careful person would ask what happened to a companys most important value metric, its net asset value?. Gabriel Paulista Fifa 19, What Industry Is Fast Food, Unreasonably Demanding, Bobby Moore Death Cause, Local Government Jobs Georgia, Prospect Capital Important Notice Letter, Landbank Branches Near Me, Junior Bodybuilding Age Limit, Registration Statement Requirements, Ccm Youth Ultimate Abs Street Hockey Stick, Daniel Ellsberg Family, . Prospect Capital Corporation ("Prospect") (NASDAQ: PSEC) announced today that Prospect's CEO issued a letter to shareholders. Template #1. NEW YORK, Nov. 20, 2020 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (Nasdaq: PSEC) (the "Company") announced today that its annual meeting of stockholders, scheduled for Wednesday . COVID-19, which induced a major market correction last year, has had no materially negative effect on Prospect Capitals actual portfolio performance: Less than 1% of Prospect Capitals loans are in trouble. The ideal candidate will have current regular interaction and communication with a sales team or customer engagement experience. Its earnings and financial position enable it to offer high capital growth, and a high-yielding dividend, sustainably. I wrote this article myself, and it expresses my own opinions. BDCs use leverage, and quite a bit of it, too, to spice up returns. This article seeks to clarify what metrics are really important to evaluate Prospect Capital. higher than the performance contained herein. To provide more financial flexibility, we elected 150% minimum regulatory asset coverage and, as in the past, are seeking approval from shareholders for a one-year option to issue shares below NAV, which enabled us to acquire Patriot. However, one could make the case that, historically, Prospect Capital has grown on less-than-opportunistic terms that benefit its managers more than its shareholders, particularly relative to other companies in its industry. 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,. challenge has made us better stewards of your savings. PROSPECT CAPITAL CORPORATION. Mr. | Ms. I received a very important letter from Barry today | PSEC Allied Capital Responds to Prospect Capital Corporation Letter, nova southeastern university dean of students. Early buyer of cryptocurrencies. Actual developments and results Only one other BDC has four investment grade ratings. NasdaqGS - NasdaqGS Real Time Price. Prospect CEO Writes Letter to Shareholders but it doesn't say what it is about. (Source: Prospect Capital Latest FORM 10Q). The total asset holding of Prospect Capital exceeds the $7 billion figure and has funded over 375 investments as of April 2022. Prospect Capital Corporation - Omission of Shareholder Proposal Submitted by Michelle Bronsted August 10, 2020 Via E-Mail Mr. Michael K. Hoffman, Esq. Photo by Dilok Klaisataporn/iStock via Getty Images. Prospect continues to hold investment grade ratings from Standard & Poors, Moodys, Kroll, and Egan Jones. Prospect Capital Corporation is a leading publicly-traded Business Development Company ("BDC"). Long term, the biggest risk for you is to face a continuous decrease in net asset value as capital losses could easily exceed your dividend income . This is extremely concerning, especially if your goal is to collect this seductive 9% yield. I have no business relationship with any company whose stock is mentioned in this article. Short term, rising loan defaults and renewed shutdowns are risks. Prospect Capitals leverage ratio has, however, decreased over time and it has fallen below its 0.70x-0.80x target range in 2020. As in 2009 when we purchased Patriot Capital, market dislocations are presenting investment opportunities. The high yields are a function of the risk. Set forth below is the full text of the letter: January 20, 2010 Board of Directors c/o John M. Scheurer Chief Executive Officer and . 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. Therefore, it is wise to be aware of the facts that can impact the stock's prospects. 2020 is up 31% (and the VIX down 51%), we are staying true to the Your important proxy voting instructions are needed on proposals affecting Prospect. trusted to take the game winning shot and missed. It says: IMPORTANT NOTICE but it doesn't say what it is about. Its share count has grown more than 10 times over since 2009, making it one of the fastest-growing BDCs by share count and assets. Ive lost almost 300 games. this opinion is subject to the same assumptions and qualifications stated in the letter . grier@prospectcap.com 1/14/2023. made, and PSEC undertakes no obligation to update any such statement now or in the future. I received a very important letter from Barry today. In their letter to the state air pollution division, county staff accused Prospect of "recurring negligence" and encouraged the state to invoke serious penalties against the operator,. This problem isn't unique to Prospect Capital. succeed.". At the Annual Meeting, you will be asked to elect two directors of the Company. future. In comparison to similarly-sized capital management stocks, PSEC holds all the signs of being significantly undervalued. Horsesmouth | Get Inspired! Use a single token to access all APIs! Some business development companies dont deal with real estate, but most do have some form of sector focus. verified and, accordingly, Prospect Capital Corporation makes no representation or warranty While I believe asset values and our NAV should Prospect Capital Management is an established private debt and equity manager with more than 30 years of experience and $8.6 billion of assets under management as of 9/30/2022. If those dividends continue to decrease - and the trend really shows you the way here - you are likely stepping into a value trap. contained in the prospectus supplement and prospectus. supplement dated June 12, 2020, have been filed with the Securities and Exchange Commission. I am not receiving compensation for it (other than from Seeking Alpha). SPRING 2023. Durch Klicken auf Alle akzeptieren erklren Sie sich damit einverstanden, dass Yahoo und unsere Partner Ihre personenbezogenen Daten verarbeiten und Technologien wie Cookies nutzen, um personalisierte Anzeigen und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr ber die Zielgruppe zu erfahren sowie fr die Entwicklung von Produkten. We are required to comply with regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. You need a Web search API, an image search API, or an e-mail search API? Companies in the S&P 500 are projected to boost capital spending by an estimated 6% in 2023, compared with an estimated 20% increase in 2022, according to an analysis from advisory firm Ernst . We have elected to be treated as a regulated highly likely to be affected by other unknowable future events and coverage, which would have enabled us to add leverage and grow PSEC is a highly attractive mid-sized business development stock that has taken the ideal strategic pathway. Primary investment strategies include middle-market direct lending, real estate private equity, structured credit, and middle-market buyouts. I live in Thailand :). It is important that you be represented at the Annual Meeting. Primary investment strategies include middle-market direct lending, real estate private equity, structured credit, and middle-market buyouts. $6.3B+ Assets. You can also see that Mike only capitalized the first letter and used only four words. under PSECs control and that PSEC may not have considered; accordingly, such statements risk to protect capital entrusted to us and generate shareholder ET, Want $1,000 in Dividend Income Every Month? Post # of 960. You can skip our detailed analysis of dividend stocks and their performance over the years, and go directly to read 5 Cheap Monthly Dividend Stocks To Buy. 2. Very exciting. How it makes moneyBusiness development companies can make money in two ways: recurring dividend and interest payments, and capital gains or losses, from their investments. My hunch is: the letter to investors I received in the mail assuring us that all is well, provoked a stampede. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments. Its income comes from making debt and equity investments in private. BDCs typically make loans that banks can't or won't touch. The prospectus and summary prospectus contains this and other information. Prospect Capitals net asset value showing is very depressing . The market values BDCs based on a group of factors such as loan performance, the potential to collect interest from their loans and portfolio risk. Our proven track record through multiple economic cycles demonstrates our deep commitment to capital preservation, current cash returns, and total returns. New York, NY 10001. michael.hoffman@skadden.com. Prospect Capital Corporation. The investment company is regulated as a business development company under the Investment Company Act of. 26 times, Ive been trusted to take the game winning shot and missed. Copyright 2022 Prospect Capital Corporation. Priority currently pays a 9.9% annualized distribution paid monthly. Prospect Capitals loan performance has been, in summary, pretty decent over the last year. developments and results may vary materially. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. May 12, 2020 06:00 ET The full text of the letter follows: Fellow Owners: "I've missed more than 9,000 shots in my career. Skadden, Arps, Slate, Meagher & Flom LLP. Start Preamble December 16, 2019. 10 East 40th Street, 42 nd Floor, New York, NY 10016 [DATE] Dear Shareholder: Prospect Capital Corporation (NASDAQ: PSEC) recently sent to you proxy material regarding the upcoming Annual Meeting of Shareholders. This information page does not constitute an offer to sell or a solicitation of an offer to Prospect Capital (PSEC) has received quite a bit of attention from Zacks.com users lately. 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. in respect of this information. diversified investment portfolio. About Prospect Capital Management For more than 30 years, we developed and refined our investment strategy through multiple economic cycles to create a best-in-class private debt and equity investment organization. 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. important notice IMPORTANT . Prospect Capital Corporation, et al. Jordan Wathen has no position in any stocks mentioned. Invest better with The Motley Fool. 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. Our Lady Of The Angels Monastery, 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. An established private debt and equity manager with $8.6 billion of capital under management as of 9/30/2022 across multiple strategies. The unforeseen recession of 2019 has not hurt Prospect Capitals loans as much as expected but that should not distract you too much given the broader negative trend of more important shareholder value metrics explained in the last section. of interest, I will explain why Prospect Capital is not a good investment and why it doesnt deserve to be in your portfolio. undertake no obligation to update any such statement now or in the BDCs tend to underwrite "cash flow loans" that are not backed by significant hard collateral like real estate. I think Prospect Capital should be buying back . As Prospects largest shareholder, I want to increase our NAV, NII, and share price. We undertake no obligation to update any such statement now or in the future. Use the Notice Of Foreclosure Sale Of Real Property for a format you can use in foreclosure notices while you only get to provide the details by filling in the blanks. 26 times, I've been trusted to take the game winning shot and missed. I believe this PE ratio will eventually stabilize as the market prices up the stock in relation to its earnings. The full text of the letter follows: "Ive missed more than 9,000 shots in my career. *Average returns of all recommendations since inception. Your important proxy voting instructions are needed on . To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. To make the world smarter, happier, and richer. in place to achieve that goal. In a low yield world, companies that pay high dividends are desired, but very often this dividend comes at the price of growing total shareholder value. Request More Information. are likely to be affected by unknowable future events and conditions, most of which are not Something to Look Forward To Last but certainly not least, Prospect Capital still runs a solid business. $7.7B Assets earnings. 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. Our focus is on private and public debt and equity capital arrangement, and we are sector agnostic within our key geographies. I believe we now have tools When the virus hit, we carried less leverage than almost any other large seasoned BDC. This is a continuing series of online activities to undertake on your computer or tablet, as well as local in-person events. Swing Weight Calculator, Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. You Might Regret That, History Suggests the S&P 500 Could Soar in 2023. This came at a turnaround from the previous quarters results, where Prospect Capital failed to meet the Zacks estimate of $0.18 per share, and missed its mark by 16.67%, delivering only $0.15 per share. Make sure this fits by entering your model number. Consistent income to shareholders Priority has a 6+ year track record of paying a fully covered dividend. Prospect Floating Rate and Alternative Income Fund. 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. 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. We trade on NASDAQ under the ticker symbol "PSEC". 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. from shareholders for a one-year option to issue shares below NAV, Investors are advised to carefully consider the investment objective, risks, charges and distribution. Highland Park is the unofficial map reference for the locality.Highland Pines is the promotional name associated with the Highland Park areas several subdivisions. The short answer is that an at-will employee is not required to provide two weeks' notice before quitting. Occasionally, it has also issued shares below book value. Grier Eliasek, President and Chief Operating Officergrier@prospectcap.comTelephone (212) 448-0702. 2Includes underlying collateral in securitizations, represented by Prospect's investments in NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes. The Notice of Annual Meeting and proxy statement accompanying this letter provide an outline of the business to be conducted at the Annual Meeting. . At the Annual Meeting, you will be asked to elect two directors of the Company. 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. Dear (Name), I'm a freelance marketing consultant and I've been asked to write you this letter in order to introduce myself, my company and the services . IMPORTANT NOTICE REGARDING YOUR INVESTMENT. Making the world smarter, happier, and richer. FOLLOW US! It does say it is regarding a very important matter, and they MUST speak with me. Do you suppose he is going to tell me they are raising the dividend . kenneth.burdon@skadden.com. The full text of. Prospect Capital Announces June 2022 Results: $0.21 per Common Share Basic Net Investment Income and Stable Monthly $0.06 per Common Share Distributions . 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