Prospect Capital CorporationNASDAQ
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  • Mon, Nov. 28, 7:39 AM
    | Mon, Nov. 28, 7:39 AM | 12 Comments
  • Tue, Nov. 8, 5:29 PM
    • Prospect Capital (NASDAQ:PSEC): FQ1 EPS of $0.22 misses by $0.02.
    • Revenue of $179.8M (-10.2% Y/Y) misses by $5.66M.
    • Press Release
    | Tue, Nov. 8, 5:29 PM | 48 Comments
  • Tue, Nov. 8, 5:15 PM
    • FQ1 net investment income of $78.9M or $0.22 per share vs. $91.4M and $0.26 the previous quarter, $91.2M and $0.26 one year ago. Expectations had been for NII of $0.24. Distributable income per share of $0.22 vs. $0.26 the previous quarter and $0.28 one year ago. Distributions of $0.25.
    • Spillback per share (income in excess of distributions) of $0.27 down from $0.31 the previous quarter and flat from one year ago.
    • Management notes the sale of Harbortouch added about a nickel per share to the previous quarter's results. Harbortouch and other significant repayments left the company "underinvested" in FQ1, with an average cash balance of $160.7M.
    • Net asset value per share of $9.60 down two cents from three months earlier. Today's close was $7.47.
    • Earnings call tomorrow at 11 ET
    • Press release
    • PSEC +1.1% after hours
    | Tue, Nov. 8, 5:15 PM | 13 Comments
  • Tue, Nov. 8, 10:04 AM
    • Prospect Capital's (PSEC -0.1%) National Property REIT sold its Abbington Pointe property in Marietta, GA for $37M, achieving a 24% realized IRR and 2.1x cash-on-cash return.
    • NPRC acquired the apartment property four years ago.
    • Prospect over that four year stretch has invested $471.1M in 22 real estate deals, covering 62 properties, and including 39 multifamily properties.
    | Tue, Nov. 8, 10:04 AM | 26 Comments
  • Mon, Nov. 7, 5:35 PM
  • Tue, Oct. 4, 2:51 PM
    • National Property REIT - a private REIT owned by Prospect Capital (PSEC -1.1%) - teamed with a student housing property management firm (Vesper Holdings) to purchase a portfolio of eight student housing properties located at D-1 schools in five states.
    • The purchase price was $72M, and National committed 67% of the junior acquisition capital.
    • Prospect and its partner intend to invest $11M into the properties over the next two years.
    | Tue, Oct. 4, 2:51 PM | 37 Comments
  • Mon, Sep. 12, 10:04 AM
    • The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
    • All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
    • Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
    | Mon, Sep. 12, 10:04 AM | 79 Comments
  • Wed, Aug. 31, 2:40 PM
    • While Prospect (PSEC -0.6%) reported net investment income of $0.26 per share topped estimates, the $328M sale of Harbortouch added advisory fees and prepayment income of about $18M, or $0.04 per share to that figure, says analyst Mark DeVries. Without it, NII of $0.22 would have lagged Street consensus by a full $0.03.
    • While the company has dry powder to redeploy into new earning assets, those new investments would need to yield about 12.3% to meet the required return, and most assets originated this past quarter were below that mark, says DeVries.
    • He retains his Equal-Weight rating on the stock.
    | Wed, Aug. 31, 2:40 PM | 55 Comments
  • Tue, Aug. 30, 7:32 AM
    • FQ4 NII of $91.4M or $0.26 per share vs. $89.5M and $0.25 earned one year ago. FQ4 distributable income of $0.27 per share. Dividend quarterly run rate is $0.25.
    • Full-year NII of $371.1M or $1.04 per share vs. $362.7M and $1.03 in fiscal 2015. Distributable income of $1.07 per share vs. dividends of $1.00.
    • June 30 NAV per share of $9.62 is up one penny for the quarter. Last night's close was $8.47.
    • Portfolio investments of $294M for the quarter. Total portfolio investments at FMV of $5.898B across 125 companies. FMV of non-accrual assets as a percentage of loans of 1.4%, up from 0.4% a quarter earlier - about 0.5% in from the energy industry.
    • CC at 10 ET
    • Previously: Prospect Capital beats by $0.01, beats on total investment income (Aug. 30)
    • PSEC +2% in light premarket trading
    | Tue, Aug. 30, 7:32 AM | 28 Comments
  • Tue, Aug. 30, 12:29 AM
    • Prospect Capital (NASDAQ:PSEC) declares $0.08333/share monthly dividend, in line with previous.
    • Forward yield 11.81%
    • Payable Oct. 20; for shareholders of record Sept. 30; ex-div Sept. 28.
    • Payable Nov. 17; for shareholders of record Oct. 31; ex-div Oct. 27.
    | Tue, Aug. 30, 12:29 AM | 32 Comments
  • Tue, Aug. 30, 12:08 AM
    • Prospect Capital (NASDAQ:PSEC): FQ4 NII of $0.26 beats by $0.01.
    • Total investment income of $193.04M (-2.9% Y/Y) beats by $4.95M.
    • Press Release
    | Tue, Aug. 30, 12:08 AM | 16 Comments
  • Sun, Aug. 28, 5:35 PM
    | Sun, Aug. 28, 5:35 PM | 7 Comments
  • Mon, Jun. 13, 7:27 AM
    • Prospect (NASDAQ:PSEC) invested $17M in first lien senior secured floating rate debt issued by Inpatient Care Management Company. Founded in 2007, Inpatient Care and its affiliates provide general surgery services to hospitals with a focus on emergency care.
    | Mon, Jun. 13, 7:27 AM | 27 Comments
  • Wed, Jun. 1, 7:19 AM
    • The company sold its debt and equity investments in Harbortouch Payments to Searchlight Capital Partners, and expects $328M in proceeds. The total transaction size was not disclosed. As part of the deal, Prospect (NASDAQ:PSEC) invested $27.5M in newly-issued senior secured second-lien debt in Harbortouch.
    • Prospect realized a gross IRR of 14% over the holding period of under three years. The cash-on-cash return was 1.3x.
    | Wed, Jun. 1, 7:19 AM | 94 Comments
  • Wed, May 18, 2:37 PM
    • Encouraged by narrowing credit spreads, and an oil price about to crack $50 (on the way up, not down), business development companies are nevertheless giving up session gains, with most turning negative following the FOMC's hawkish shocker.
    • Prospect Capital (PSEC -1.3%), Ares Capital (ARCC -0.8%), Main Street (MAIN -1.9%), Apollo Investment (AINV -1.7%), Triangle (TCAP -1.1%), PennantPark Investment (PNNT -1.5%), KCAP Financial (KCAP -1.2%), FS Investment (FSIC -0.3%)
    | Wed, May 18, 2:37 PM | 25 Comments
  • Tue, May 17, 4:31 PM
    • Moody's stress-tested the energy portfolios of four of the six largest BDCs - Ares Capital (NASDAQ:ARCC), Apollo Investment (NASDAQ:AINV), FS Investment (NYSE:FSIC), and Prospect Capital (NASDAQ:PSEC).
    • In moderate and severe scenarios, Moody's found lower values for the group's energy investments than what the BDCs are disclosing, suggesting the potential for further write-downs which would cause the companies to breach their asset coverage ratio requirements.
    • Of the four tested, FSIC and AINV have the most exposure to the oil & gas sector, and are thus at greater risk of ACR breach.
    • An observer might wonder whether this is old news. After all, oil has already crashed and then nearly doubled. Where were these tests when oil was $80 and rising?
    | Tue, May 17, 4:31 PM | 32 Comments