Prospect Capital also reduced its monthly cash dividends to shareholders to 8.333 cents a share for February, March, and April 2015. The company will have distributed more than $13.62 a share to original continuing shareholders by April 2015, based on the new reduced dividends.
The asset manager said its loan non-accrual rate stood at 0.03% as of Sept. 30, 2014, a decrease from its rate of 0.32% on Dec. 31, 2013. Prospect Capital's portfolio next leverage fell to 4.14 times EBITDA from 4.49 times EBITDA, while its trailing twelve month first lien origination mix grew to 71.4% from 58.3% in the nine month period.
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TheStreet Ratings team rates PROSPECT CAPITAL CORP as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PROSPECT CAPITAL CORP (PSEC) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and notable return on equity. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."