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  • Noble Corporation plc To Pursue Development Of MLP [View article]
    That went so well with the PGN spinoff. Splitting the assets created so much shareholder value. Even ignoring how shareholders valued the spinoff, leaving PGN to be taxed so high was really bad planning. With that said, I'm not saying that this MLP thing couldn't be a positive, it just sounds like a gimmick. Well if it helps it helps.
    Oct 28, 2014. 03:11 PM | Likes Like |Link to Comment
  • Noble Corporation plc To Pursue Development Of MLP [View article]
    Can you smell the desperation.. trying all kinds of gimmicks.
    Oct 28, 2014. 08:54 AM | Likes Like |Link to Comment
  • Prospect's Ongoing Below-NAV Sales Reach 7mm Shares In A Single Month. Should You Sell Too? [View article]
    I'm glad I was out at around $10.8. Not going to get back in anytime soon either thanks to this costly share issuance and what it might imply about the weakness of PSEC. There's so many better options out there. I agree that PSEC should not be in any retirement portfolio.
    Oct 15, 2014. 12:29 AM | 3 Likes Like |Link to Comment
  • Prospect Capital: More Restructuring Of Senior Portfolio Debt - Meet First Tower [View article]
    Nice find Lawrence. I'm glad I sold PSEC and I doubt I'll buy any of it unless the price goes below $10.35. In which case I'd consider buying some, short-term.
    Aug 26, 2014. 09:14 AM | Likes Like |Link to Comment
  • Prospect: Portfolio Debtor Files For Bankruptcy, Meet New Century Transportation [View article]
    Thanks for posting this lawrence. Articles like this actually provide some new information and are useful even though im long PSEC. Quite pathetic that it moves the stock over 2% however. As if psec had never made investments that didn't work out before..
    Jun 13, 2014. 02:41 PM | 3 Likes Like |Link to Comment
  • Prospect Capital: What Comes Next? Part 1 [View article]
    Just because their originations will go down doesn't mean they won't have enough money to replace any loans/investments they've made that get repaid. They should thus be able to keep their yield as is. Without the ATM program they just won't become bigger but they also won't be diluting the number of shares.
    May 13, 2014. 08:35 AM | 4 Likes Like |Link to Comment
  • Realty Income: 4 Different Insiders Have Sold Shares This Month [View article]
    I think they are far more worried about the effect of increasing interest rates on their business than the regular investors seem to be.
    May 11, 2014. 05:41 AM | 7 Likes Like |Link to Comment
  • Prospect Capital: Intra-Quarter Conversions From Capital Account To Income Through Wholly-Owned Holding Companies [View article]
    If PSEC did indeed fund some of the interest payments/divided paid to PSEC by the wholly owned companies with PSEC's own money.. Thus making the shareholders pay extra fees to the management and/or advisor for nothing. Instead of admitting that their investment is not doing well.. Then I'm glad that bullshit will come to an end thanks to SEC.

    It wouldn't be the first time they were caught masking their failed investments to make it look like nearly 100% of their investments are doing well.. when in fact such is not possible.

    Regardless.. Will this have any effect on the actual value of the company? No. Although it might change the perceived value, and thus the stock price a little. Will it have an effect on distribute-able income? Yes, it will be increased by the amount saved on management/advisor fees.

    NOTE: Long PSEC and I doubled my position yesterday at $10.16.
    May 9, 2014. 06:41 AM | 20 Likes Like |Link to Comment
  • Earn A 3.7% Investment Grade Yield Over 14 Months With Prospect Capital Bonds [View article]
    "Phasmida - It is hard to say that rates will be "far higher" 14 months from now". - I didnt' say "from now", I said far higher than in 2012 May. They are already much higher. With all this said, I wouldn't say that investing in PRY is a bad idea, but it would be a bad idea to count on it being called in 2015.
    Mar 11, 2014. 10:18 AM | Likes Like |Link to Comment
  • Earn A 3.7% Investment Grade Yield Over 14 Months With Prospect Capital Bonds [View article]
    14 months from now bond yields in general will be far higher than in May 2012. It is far from certain that Prospect Capital would call them on May 15, 2015, even if they were considered more creditworthy than on May 2012.
    Mar 10, 2014. 10:40 AM | Likes Like |Link to Comment
  • Total Return BDCs For 2014: Part 7 [View article]
    Nice article. For me the problem with names like MAIN and HTGC is that they are trading at far above book value. (P/BV of 1.7 and such).

    Thus growth is already factored in and thus if their net asset value increases by the projected amounts, the price of the stock is unlikely to move up by the same amount.

    My projection of their total return (stock price movement + dividends) is lower and because they are trading near all-time highs their stock price risk is higher than their portfolio risk.

    I'd consider GLAD but like you said it's risky plus their investment income seems to be declining rather than increasing. So I'll stick to PSEC.
    Feb 17, 2014. 09:03 AM | Likes Like |Link to Comment
  • Prospect Capital Declares Its 72nd, 73rd, and 74th Consecutive Cash Distributions to Shareholders, Exceeding $1.2 Billion in Cumulative Distributions to Shareholders Since 2004 [View article]
    So based on this news release, their 2013 4th quarter net investment income will be ~$0.31 per share.
    Feb 3, 2014. 11:32 AM | Likes Like |Link to Comment
  • Noble Corporation declares $0.375 dividend [View news story]
    The dividend was increased by 50%. NOT in-line with previous.
    Jan 30, 2014. 09:51 AM | 1 Like Like |Link to Comment
  • UCP Inc: Hybrid Real Estate Play Offers The Most Short-Term Upside In Real Estate [View article]
    I wouldn't call 20 - 30% low if the lots they sold had been bought very recently. I simply think that their book value is in fact not too far from the fair market value based on that margin. After all shouldn't you get a decent gross profit just from the work of land development and house building? There doesn't seem to be a lot of lot price appreciation in that margin.

    But the general and administrative costs for 2012 quarters were similar to that 2013 first quarter's cost. It just seems like very high quarterly expenses compared to revenue and potential profits.
    Jul 29, 2013. 09:37 AM | 2 Likes Like |Link to Comment
  • UCP Inc: Hybrid Real Estate Play Offers The Most Short-Term Upside In Real Estate [View article]
    General and administrative costs: $4.5 million on the first quarter of 2013.
    Loss: $1.8 million.

    Their gross margins for the first quarter of 2013 were pretty low.. around 20 - 30%. Net margins were negative. This to me implies that in fact their lots have not appreciated in value as much as you say.. either that or the book value that they mention is quite up to date.

    If that implication is correct, then I think the only guys profiting from this are the managers etc. of the company with a fixed salary.. to me it seems they are going to eat any income as well as slowly eat the asset base of the company.. as evidenced by the fact they have no plan for a future dividend. Also why indeed would PICO sell their shares if they thought they were undervalued at $15.
    Jul 29, 2013. 05:33 AM | 1 Like Like |Link to Comment