Prospect Capital(PSEC_)is a financial services company that lends to and invests in middle market privately-held companies, focusing on energy companies. It is a closed-end investment company investing in senior and subordinated debt and equity of companies in need of capital.
The company has a current dividend yield of 13.1% and will be going ex-dividend on Oct. 27, 2011. The company declared monthly cash distribution of 10.1325 cents per share for Sep. 2011 payable Oct. 25, 2011 to stockholders as of record Sep. 30, 2011.
Monthly cash distribution declared for Oct. 2011 was 10.1350 cents per share payable Nov. 22, 2011 to stockholders as of Oct. 31, 2011.
The company's board has authorized a repurchase plan of up to $100 million of its common stock because it believes the recent market turmoil may cause the company's common stock to be undervalued from time to time.
For the fiscal year ended Jun. 30, 2011, the company recorded net investment income of $94.2 million, an increase of 40.2% from the prior year. The company's net asset value per share rose to $10.36, an increase of 6 cents per share from the prior year. As of Jun. 30, 2011, PSEC had 72 long-term investments with a fair value of $1.463 billion, compared with 58 long-term investments with a fair value of $748.5 million at June 30, 2010.
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