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Phasmida Capital

 
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  • 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 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 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 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 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 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 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 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 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 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 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 05:33 AM | 1 Like Like |Link to Comment
  • Shares of RadioShack (RSH -17.5%) fall further into the abyss with reports out that the company is looking to hire bankers to help find a way to shore up its balance sheet. More than a few retail watchers think the bankers are going to come back to the boardroom with a bankruptcy plan wrapped up with a bow. [View news story]
    Sold my gamble RSH bonds based on this.. I felt that the price of the bonds didn't fall enough considering the severity of what was reported by Debtwire. More about the topic at: http://bit.ly/15k1xS8
    Jul 11 03:24 PM | Likes Like |Link to Comment
  • Another beaten-up income favorite puts the sellers on notice (CYS on Monday) with Prospect Capital (PSEC) guiding Q2 estimated NII to $0.35/share from $0.31 previously. The company also announces a new $112M senior loan to a leading 3rd party logistics company servicing shippers globally. With no borrowing under its credit line, Prospect has $800M in new investment capacity. Shares +2% premarket. (PR[View news story]
    Yep.. now my only remaining question mark is how much of a book value loss will we see for this quarter considering that bonds have lost value. It would be much easier to estimate that if I knew the average duration of the debt investments in PSEC's portfolio.
    Jun 12 09:59 AM | Likes Like |Link to Comment
  • Billed as a private equity ETF, the newly listed PEX owns no Blackstone, KKR, or Fortress. The top U.S. holdings - ARCC, ACAS, PSEC, AINV, FSC - will be well-known to fans of BDCs though. [View news story]
    lol what a ripoff ETF.
    May 7 05:46 AM | Likes Like |Link to Comment
  • Is It The Perfect Time To Buy Intel? [View article]
    I for one want an ultrabook.. But I'm waiting for haswell before buying one. I need the reliability and speed of an SSD harddrive (currently found only in ultrabooks and macbooks I think, as far as laptops go), combined with the fact I can plug in the ultrabook to any monitor and keyboard and mouse at home and use it like a powerful desktop PC. Then when I want to go to a coffee shop or on a vacation, I just unplug all that and take just the ultrabook with me.
    I don't necessarily need the tablet mode however, but it's cool in case I want to take it to my bed and read an ebook or watch a video.
    Apr 16 06:42 AM | 1 Like Like |Link to Comment
COMMENTS STATS
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