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Prospect Capital: Come On, Admit It, That Was Not A Bad Quarter At All


Prospect Capital's Net Asset Value was $9.61/share at the end of last quarter.

No unrealized depreciation charges on investments were taken in Q3-16.

Prospect Capital's net investment income covered the BDC's dividend.

An investment in PSEC yields 13.50%.

Busines development company Prospect Capital Corporation (NASDAQ:PSEC) reported results for the third quarter this week that largely met my expectations. Prospect Capital and mortgage investment company New Residential Investment (NYSE:NRZ) are the two biggest positions in my $100,000 high-yield income portfolio, which sort of makes Prospect Capital's earnings release an important event for me.

A few weeks ago I wrote a piece on the business development company, titled "Prospect Capital: A Flat Q3 NAV Is All I Am Looking For", in which said that I would be satisfied if Prospect Capital reported a stable Net Asset Value per share for the third fiscal quarter.

Fortunately, that's what happened. Prospect Capital's Q3-16 Net Asset Value was $9.61/share, a slight decrease of $0.04/share compared to Prospect Capital's second fiscal quarter. Importantly, the...