Lots to like in the PSEC release:
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We have generated cumulative NII in excess of cumulative distributions to shareholders in the current fiscal year to date, in the prior fiscal year, and since Prospect's initial public offering nine years ago. For the current fiscal year as of March 31, 2013, our NII in excess of distributions to shareholders stands at $42.5 million and $0.22 per share.
Broadly diversified across our lines of business, our originations in the March 2013 quarter were weighted toward the last month of the quarter, resulting in only a partial quarter positive income impact from such originations. We expect such originations to generate full-quarter positive impact in the current June 2013 quarter.
None of our loans originated in nearly six years has gone on non-accrual status.
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This isn't my favorite thing for them to do, but they have been doing it right, above NAV:
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"On February 11, 2013, we entered into an equity distribution agreement relating to at-the-market offerings from time to time of our common stock. During the period from February 11, 2013 to May 6, 2013, we sold approximately 17.2 million shares of our common stock at an average price of $11.14 per share, and raised $191.9 million of gross proceeds, with all issuance at prices above net asset value per share." |
