Prospect Capital Sets 4 Months of Dividends

Business development company Prospect Capital (NASDAQ: PSEC  ) announced today that based on its earnings expectations for the rest of the year it set dividends for the following four months:

  • September: $0.110225 per share, payable on Oct. 24 for holders of record on Sept. 30.
  • October: $0.110250 per share, payable on Nov. 21 for holders of record on Oct. 31.
  • November: $0.110275 per share, payable on Dec. 19 to holders of record Nov. 29.
  • December: $0.110300 per share, payable on Jan. 23, 2014, to holders of record on Dec. 31.

The four payouts mark Prospect's 62nd, 63rd, 64th, and 65th consecutive cash dividends to shareholders. Based on Prospect's closing stock price as of June 14, its payouts to shareholders offer a12.7% dividend yield, according to the company.

Prospect Capital Chairman and CEO John F. Barry III said: "Given the stable and predictable profitability of our business, our board has declared monthly shareholder dividends through the end of 2013 to enhance visibility and planning for investors who might otherwise be concerned by recent interest rate volatility."

Based on past dividends and assuming its current share count for upcoming dividends, Prospect says that since its inception through December 2013, the business development company will have distributed approximately $12 per share to shareholders and approximately $900 million in cumulative dividends.

PSEC Dividend Chart

PSEC Dividend data by YCharts. Chart does not reflect current dividend announcement.

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Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On June 17, 2013, at 3:26 PM, bmc007 wrote:

    ...which is why I already hold shares in this BDC.

  • Report this Comment On June 17, 2013, at 4:45 PM, mlgilbert wrote:

    Chart is misleading. The big drop is because they switched from quarterly to monthly dividends.

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