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Prospect Capital Corporation (PSEC)

- NASDAQ
  • Thu, Aug. 27, 7:16 AM
    • FQ4 net investment income of $89.5M or $0.25 per share vs. $84.1M and $0.25 one year ago. Dividends were $0.25. For the year ended June 2015, NII of $362.7M or $1.03 per share vs. $357.2M and $1.19 a  year earlier. Dividends were $1.19.
    • FQ4 increase in net assets from operations of $94.8M or $0.26 per share vs. $71.7M and $0.21 one year ago.
    • Net asset value of $10.31 per share up one penny from last quarter.
    • Conference call at 11 ET
    • Previously: Prospect Capital NII in-line, misses on total investment income (Aug. 26)
    • PSEC no trades premarket, but was higher by 3% after hours to $7.25.
    | Thu, Aug. 27, 7:16 AM | 3 Comments
  • Wed, Aug. 26, 5:35 PM
    • Top gainers, as of 5.25 p.m.: NQ +22.0%. NOK +9.0%. EDAP +8.7%. GPS +5.5%. PSEC +4.0%.
    • Top losers, as of 5.25p.m.: VNET -7.4%. WSM -6.1%. TLYS -5.7%. GES -4.7%. RJET -3.3%.
    | Wed, Aug. 26, 5:35 PM | 13 Comments
  • Fri, Jul. 24, 3:01 PM
    • Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
    • Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
    • Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
    • Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
    • MReit ETFs: MORL, REM, MORT, LMBS
    • BDC ETFs: BDCL, BDCS, BIZD, FGB
    | Fri, Jul. 24, 3:01 PM | 82 Comments
  • Fri, Jun. 26, 3:43 PM
    • Continued strong economic data (June consumer confidence beat expectations) and apparently optimism over a Greek deal getting inked this weekend make for good excuses for today's selling in fixed income.
    • The U.S. 10-year yield is up seven basis points to 2.48%. Short-term rate futures continue to read more dovish than the Fed, predicting just one 25 basis point rate hike by year-end.
    • TLT -1.2%, TBT +2.4%.
    • Among the income favorites, utilities (XLU +0.6%) and equity REITs (IYR +0.2%) are being spared punishment today, leaving jittery investors to focus their selling in mortgage REITs.
    • Also in the red are BDCs, led by Prospect Capital (PSEC -2.5%) and Fifth Street Finance (FSC -1.5%). American Capital (ACAS -1.3%), Medley Capital (MDLY +0.1%), THL Credit (TCRD -1.2%), PennantPark (PNNT -1%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Fri, Jun. 26, 3:43 PM | 36 Comments
  • Wed, May 6, 4:54 PM
    • Q1 net investment income of $87.4M or $0.24 per share vs. $91.3M and $0.26 in Q4. Dividend is $0.25.
    • "Our evolving origination mix has increased our percentage of recurring income with 96.7% of total investment income from interest income in the March 2015 quarter versus 82.2% in the March 2014 quarter."
    • Net increase in net assets from operations of $81.5M or $0.23 per share vs. $86M and $0.24 in Q4.
    • Net asset value per share of $10.30 slips from $10.35 in Q4.
    • Conference call tomorrow at 11 ET
    • PSEC +2.7% after hours
    | Wed, May 6, 4:54 PM | 16 Comments
  • Wed, May 6, 12:42 PM
    • What suspiciously looks like the cracking of a major government debt bubble in Europe continues to affect the U.S., where the 10-year Treasury yield is up five more basis points today to 2.24% - its highest level of 2015.
    • German 10-year yields are up another 7 bps to 0.59% - two weeks ago, they were 0.05%.
    • Italian and Spanish 10-year yields have now about doubled since mid-March, but are still under 2%.
    • Income favorites have struggled as rates have gone higher and the BDCs are particularly hard-hit today: Prospect Capital (PSEC -2.5%), Ares Capital (ARCC -1.6%), FS Investment (FSIC -1.3%), Main Street (MAIN -1.4%), Apollo Investment (AINV -3.6%), Triangle (TCAP -2.1%), PennantPark Investment (PNNT -1.4%), KCAP Financial (KCAP -1.5%).
    • Earlier, Prospect Capital declared dividends of $0.083 per share for May, June, July, and August - inline with previous.
    • ETFs: BDCL, BDCS, BIZD
    | Wed, May 6, 12:42 PM | 21 Comments
  • Thu, Feb. 5, 11:47 AM
    | Thu, Feb. 5, 11:47 AM | 27 Comments
  • Tue, Feb. 3, 3:44 PM
    • Lower interest rates hadn't really helped one of income players' favorite sectors as they were accompanied by the plunge in oil prices, and worry about what blowups were lurking in BDC portfolios.
    • So even with the 10-year Treasury yield higher by 11 basis points to 1.78% today, oil's now more than 20% run higher in the past few sessions looks to be easing some of those credit concerns, and alongside the rally in BDCs is a nice move higher in junk bonds (HYG +0.6%), (JNK +0.6%).
    • BDC ETFs: BDCL, BDCS, BIZD
    • Individual names: Prospect Capital (PSEC +2.3%), Fifth Street Finance (FSC +3%), FS Investment (FSIC +1.6%), Main Street Capital (MAIN +2.4%), Apollo Investment (AINV +3%), Triangle Capital (TCAP +2.7%), TICC Capital (TICC +3%), PennantPark Investment (PNNT +3.8%), THL Credit (TCRD +3.5%), Golub Capital (GBDC +1.9%).
    | Tue, Feb. 3, 3:44 PM | 19 Comments
  • Dec. 18, 2014, 10:25 AM
    • Barclays is buying the dip in Ares Capital - upgrading to Overweight from Equal Weight - but the also-beaten-up shares of Prospect Capital (PSEC +2.8%) don't prove as enticing to the team, which downgrades to Equal Weight from Overweight.
    • Prospect is making a nice move higher in line with the rest of the market, and Ares is up a full 4.7%.
    | Dec. 18, 2014, 10:25 AM | 10 Comments
  • Dec. 17, 2014, 3:41 PM
    • Popular high-yield ETFs HYG and JNK are each ahead by 2% in today's session as the energy sector - which makes up a sizable portion of the high-yield universe posts a strong rally, with the XLE higher by 4.1%.
    • BDCs can sort of be considered the equity equivalents of junk bonds, and they're putting in a big rally today as well.
    • Prospect Capital (PSEC +1.5%), Main Street (MAIN +4.1%), Blackrock Kelso (BKCC +2.4%), Triangle Capital (TCAP +6.4%), KCAP Financial (KCAP +2.6%), THL Credit (TCRD +3.5%), Medley Capital (MCC +2.2%), Fifth Street Finance (FSC +1.5%)
    • ETFs: BDCL, BDCS, BIZD
    | Dec. 17, 2014, 3:41 PM | 20 Comments
  • Dec. 11, 2014, 4:42 PM
    | Dec. 11, 2014, 4:42 PM | 31 Comments
  • Dec. 9, 2014, 12:57 PM
    • Unable to catch a bid for a few sessions, mortgage REITs (REM +1%) have turned higher in afternoon action, led by Annaly (NLY +0.7%) and American Capital Agency (AGNC +1.5%).
    • Helping are jitters in the stock market (though U.S. averages are well off the lows), and a 10-year Treasury yield that's retreated all the way to 2.21% after hitting the mid-2.30s on the back of Friday's strong jobs number.
    • Armour (ARR +1.1%), Two Harbors (TWO +0.9%), CYS Investments (CYS +1.4%), Invesco (IVR +1.8%), American Capital Mortgage (MTGE +1%), Hatteras Financial (HTS +2%), Capstead (CMO +2%).
    • Other ETFs: MORT, MORL
    • Also showing some green are the recently beaten-up BDCs, including Prospect Capital (PSEC +0.2%), Fifth Street Finance (FSC +0.2%), Ares Capital (ARCC +0.5%), FS Investment (FSIC), Triangle Capital (TCAP +1.7%).
    • ETFs: BDCL, BDCS, BIZD
    • Previously: Money flows back into fixed income (Dec. 9, 2014)
    | Dec. 9, 2014, 12:57 PM | 16 Comments
  • Dec. 8, 2014, 11:30 AM
    • A bellwether of sorts in the BDC sector, Prospect Capital (PSEC -6.2%) earlier announced a big dividend cut, and the suspension of its stock issuance program so long as the share price is so far south of book value.
    • Prospect has some of its own issues to deal with, but common across the sector is too much money chasing too few deals, and the resultant lower yields for lower quality lending.
    • Fifth Street Capital (FSC -2.9%), Triangle Capital (TCAP -6.1%), TICC Capital (TICC -2.2%), KCAP Financial (KCAP -1.7%), Medley Capital (MCC -2.3%) Gladstone (GLAD -3.6%), OHA Investment (OHAI -5%), Blackrock Kelso (BKCC -1.1%), Main Street Capital (MAIN -0.2%), PennantPark (PNNT -1.3%).
    • ETFs: BDCL, BDCS, BIZD
    • Previously: Prospect Capital suspends ATM stock issuance program as dividend is cut (Dec. 8, 2014)
    | Dec. 8, 2014, 11:30 AM | 47 Comments
  • Dec. 1, 2014, 11:17 AM
    • Fifth Street Finance (FSC -4.1%) reported mediocre FQ4 results earlier this morning, but nothing particularly out of line with the rest of the sector for the quarter ended September 30.
    • Nevertheless, the entire industry (BDCS -2.2%) is lit up red in mid-morning action: Prospect Capital (PSEC -3.7%), Ares Capital (ARCC -2.2%) FS Investment (FSIC -2.4%), Main Street (MAIN -2.1%), Triangle (TCAP -3.5%), OHA Investment (OHAI -3.8%), FIdus Investment (FDUS -4.2%), PennantPark Investmnet (PNNT -3.2%).
    • ETFs: BDCL, BDCS, BIZD
    | Dec. 1, 2014, 11:17 AM | 45 Comments
  • Nov. 7, 2014, 12:22 PM
    • "We're not giving away the crown jewels on this call," says one of Prospect Capital's (PSEC +2.2%) executives on a contentious earnings call following its plan to try and unlock value by spinning of certain of its businesses.
    • Analysts/investors on the call are frustrated by a lack of detail, but the Prospect executive (presumably CEO John Barry or COO Grier Eliasek) notes the company's plans/ideas have been outright stolen by competitors in the past. Management, however, believes the parts - its CLO structured credit, online lending, and real estate businesses - are greater than the market currently values the sum.
    • Still nicely higher on the session, Prospect has given back about one-third of its gains since the call started.
    • Previously: Prospect Capital up 2.6% after announcing spinoff strategy
    | Nov. 7, 2014, 12:22 PM | 26 Comments
  • Nov. 6, 2014, 4:51 PM
    • Prospect (NASDAQ:PSEC) hopes to "unlock value" by spinning off certain "pure play" business strategies to shareholders. Those to be spun are strategies which have grown faster than the company's overall growth rate over the past few years, and that need something less constraining than a BDC structure to continue that growth.
    • Initial focus will be on three separate companies consisting of portions of Prospect's CLO structured credit, online lending, and real estate businesses. The goal is to complete the spinoffs in early 2015.
    • Turning to Q3 operations, NII of $94.5M or $0.28 per share vs. $82.3M and $0.32 one year ago. NII rose and NII per share fell Y/Y thanks to non-recurring dividend and prepayment income in the year-ago period. Dividend is roughly $0.33.
    • Net increase in net assets from operations of $84.1M or $0.24 per share vs. $79.9M and $0.31 one year ago.
    • Net asset value per share of $10.47 vs. $10.56 at the end of Q2.
    • Shares +2.6% after-hours
    • Conference call tomorrow at 11 ET
    • Previously: Prospect Capital NII in-line, misses on revenue
    | Nov. 6, 2014, 4:51 PM | 27 Comments
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Company Description
Prospect Capital Corporation is a closed-end investment company. It invests in senior and subordinated debt and equity of companies in need of capital for acquisitions, divestitures, growth, development, recapitalizations and other purposes.
Sector: Financial
Country: United States