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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (47854)5/8/2012 6:02:03 PM
From: Grommit3 Recommendations  Read Replies (2) of 78672
 
PNNT. there no employees as far as i can tell. they pay a fee for administration and a fee to the investment advisers. for 2011 it looks like PNNT advisers got $27 million, plus $2.6 million of admin services paid. that's 32% of $90 million of income! it seems very rich to me. and they have this strange dividend opt out plan. this doesn't smell right. i'll pass.

" We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend or other distribution, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions."

So I looked at ARCC. they have the same greedy structure. In 2011, they paid $112 million of incentive fees plus $17 million of management fees. that's 20% of $634 million of revenue. who do they think they are? I need to rethink this.
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