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PSEC - Gladstone Capital: Monthly 8.7% Yielding BDC I Would Buy On A Pullback
Prospect Capital Corporation
2024-06-09 06:00:00 ET
Summary
Gladstone Capital is a quality monthly-paying BDC with a respectable track record and performed strongly with its share price up roughly 20% in the past year.
The BDC reported a slight decline in net investment income but saw growth in total investment income and overall portfolio fair value.
The company's dividend coverage is tight, and its share price may be overvalued, warranting a hold rating for now.
As a result of their performance, the BDC now trades near its 52-week high of $22.84 and above its 3-year premium of roughly 14%.
GLAD has been increasing its exposure to first-lien, senior secured loans, increasing its overall portfolio quality.