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Prospect Capital's (PSEC) net asset value ("NAV") per share has declined by 15% over the last 5 years and heading lower for the reasons discussed in this article. Also discussed is an excellent replacement for selling PSEC shareholders while maintaining an 11% dividend yield.
As mentioned in my BDC Market Update blog, PSEC's portfolio company United Sporting Companies (“USC”) filed for bankruptcy earlier this week:
United Sporting Companies (“USC”) filed for bankruptcy today due to falling gun sales and tightening credit lines. The company plans to liquidate, hurt by falling sales after