Prospect Capital Management - 2025 update
What's the scoop on these guys? Some very negative reviews on Glassdoor, but not the most credible source. Anybody got some insights?
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CEO’s rant on the earnings call is all I needed to hear about this place
Their BDC isn’t their only product though right? Don’t they have a few drawdown funds across asset classes?
Their marks on First Brands is going to age horribly
bloomberg did a hit piece on them last year(?) after CEO chewed out Finian O'Shea. not sure how culture has changed YTD but seems like there were a lot of disgruntled former employees that lined up to spill tea. the market typically doesn't treat their BDC well because its a hodgepodge of direct lending mix with real estate mixed with CLO equity, etc. So typically will trade at a discount. YTD returns don't seem to be great but I'm not close to it so won't opine (and risk also getting chewed out by John Barry on here).
Their BDC has advantages of scale in terms of market cap relative to other competitors. Also, a listed BDC is a source of permanent capital so that makes the firm very stable with recurring revenue source. Fees are great on those vehicles so mgmt team just has to not f**k it up completely and its a great annuity for them. They've been trying to raise capital for their drawdowns and other vehicles which think has been ok but have no real insight on it.
Usually where there is smoke, there's fire. But tl;dr, they've been around for while, pay decently well, have some smart folks.
PSEC inching closer to delisted status every quarter, First Brands failure, poor deal flow, bad management, high turnover, mediocre pay, odd culture, poor industry reputation, nepotism...if none of those matter to you, Prospect Capital could be the place for you.
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