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To: MCsweet who wrote (54722)	1/5/2015 11:20:36 AM
From: Elroy	Read Replies (2) \| Respond to of 78644

I don't know how the Wells analyst could know what PSEC's leverage would be post the spins. PSEC will likely give some of the corporate debt to the newly spun companies (I would imagine) so they could be more or less leveraged than pre-spin, depending on where the debt ends up. Until we have more details, who can say for sure what any of it will look like post spin. I agree MCC will need to cut its dividend. It seems already priced into MCC's share price, but I thought the same thing with PSEC when it was about $9.60. Then they cut the dividend and went down to the low $8s, so who knows. I'll bet MCC cuts the dividend in the Q1 earnings result. Just my guess.