AG真人官方

Prospect Capital Corporation (PSEC) intends to issue three new series of senior unsecured Prospect Capital InterNotes庐 under its shelf registration (File No. 333-269714):

• 7.500% Notes due 7/15/2028 (CUSIP 74348GWF3)
• 7.750% Notes due 7/15/2030 (CUSIP 74348GWG1)
• 8.000% Notes due 7/15/2032 (CUSIP 74348GWH9)

Each tranche will be sold in $1,000 denominations at modest discounts to par (selling concessions 1.125% / 1.700% / 1.950%) and will accrue interest from the 7/24/2025 settlement date, payable semi-annually on 1/15 and 7/15, commencing 1/15/2026. The notes are callable at 100% of principal beginning 1/15/2026 and daily thereafter. A Survivor鈥檚 Option allows early repayment upon the death of the beneficial owner, subject to annual volume caps.

The offering is being marketed by InspereX (purchasing agent) with Citigroup and RBC Capital Markets as agents. Net proceeds (after concessions) were not disclosed in dollar terms but will be used for general corporate purposes.

Capital structure implications: As of 2/8/2023, PSEC had $1.9 billion of unsecured senior debt and $0.7 billion of secured debt outstanding. The new issuance will add incremental fixed-rate leverage at coupons materially above the company鈥檚 prior 3.7%鈥�6.4% public notes, signalling a higher cost of capital environment. Management recently refinanced its $342.9 million 3.706% 2026 notes鈥攖endering $135.7 million and redeeming the remaining $207.2 million鈥攖hus eliminating that maturity but replacing it with higher-coupon paper.

Recent portfolio activity: Between May 29 and July 1, 2025, PSEC sold $324.6 million (cost basis) of subordinated structured notes for $74.6 million in gross proceeds, extended $39.6 million of first-lien financing to National Property REIT Corp. and received $19 million in repayments. On 6/30/2025 the company closed the acquisition of QC Holdings, Inc., investing $55 million in senior secured debt and $22.3 million in common equity.

Company profile: PSEC is an externally managed BDC with $7.9 billion in assets and 130 portfolio companies/CLO positions as of 12/31/2022. The performing interest-bearing portfolio yielded 12.9% (10.3% overall). The credit facility (outstanding $744.7 million on 2/8/2023) is secured and structurally senior to the new notes.

Key investor considerations:

• High coupons (7.5%-8.0%) increase interest expense but lock in fixed funding before the Federal Reserve鈥檚 next rate cycle shift.
• Notes rank pari passu with existing unsecured obligations and are effectively subordinated to secured debt.
• Indenture contains limited protective covenants; no change-of-control put or financial maintenance tests.
• Liquidity events鈥攃allable at par after 6 months鈥攊ntroduce reinvestment risk if rates fall.

Prospect Capital Corporation (PSEC) intends to issue three new series of senior unsecured Prospect Capital InterNotes庐 under its shelf registration (File No. 333-269714):

• 7.500% Notes due 7/15/2028 (CUSIP 74348GWF3)
• 7.750% Notes due 7/15/2030 (CUSIP 74348GWG1)
• 8.000% Notes due 7/15/2032 (CUSIP 74348GWH9)

Each tranche will be sold in $1,000 denominations at modest discounts to par (selling concessions 1.125% / 1.700% / 1.950%) and will accrue interest from the 7/24/2025 settlement date, payable semi-annually on 1/15 and 7/15, commencing 1/15/2026. The notes are callable at 100% of principal beginning 1/15/2026 and daily thereafter. A Survivor鈥檚 Option allows early repayment upon the death of the beneficial owner, subject to annual volume caps.

The offering is being marketed by InspereX (purchasing agent) with Citigroup and RBC Capital Markets as agents. Net proceeds (after concessions) were not disclosed in dollar terms but will be used for general corporate purposes.

Capital structure implications: As of 2/8/2023, PSEC had $1.9 billion of unsecured senior debt and $0.7 billion of secured debt outstanding. The new issuance will add incremental fixed-rate leverage at coupons materially above the company鈥檚 prior 3.7%鈥�6.4% public notes, signalling a higher cost of capital environment. Management recently refinanced its $342.9 million 3.706% 2026 notes鈥攖endering $135.7 million and redeeming the remaining $207.2 million鈥攖hus eliminating that maturity but replacing it with higher-coupon paper.

Recent portfolio activity: Between May 29 and July 1, 2025, PSEC sold $324.6 million (cost basis) of subordinated structured notes for $74.6 million in gross proceeds, extended $39.6 million of first-lien financing to National Property REIT Corp. and received $19 million in repayments. On 6/30/2025 the company closed the acquisition of QC Holdings, Inc., investing $55 million in senior secured debt and $22.3 million in common equity.

Company profile: PSEC is an externally managed BDC with $7.9 billion in assets and 130 portfolio companies/CLO positions as of 12/31/2022. The performing interest-bearing portfolio yielded 12.9% (10.3% overall). The credit facility (outstanding $744.7 million on 2/8/2023) is secured and structurally senior to the new notes.

Key investor considerations:

• High coupons (7.5%-8.0%) increase interest expense but lock in fixed funding before the Federal Reserve鈥檚 next rate cycle shift.
• Notes rank pari passu with existing unsecured obligations and are effectively subordinated to secured debt.
• Indenture contains limited protective covenants; no change-of-control put or financial maintenance tests.
• Liquidity events鈥攃allable at par after 6 months鈥攊ntroduce reinvestment risk if rates fall.

Morgan Stanley Finance LLC (guaranteed by Morgan Stanley) is offering $554,000 aggregate principal amount of Callable Contingent Income Securities due July 12 2028. The notes are linked to the worst performance among the EURO STOXX 50, Nasdaq-100 Technology Sector and Russell 2000 indices and are issued under the Series A Global MTN program.

Coupon mechanics: investors may receive a quarterly contingent coupon of 10.15% p.a. (c. $25.375 per $1,000 per period) only if all three indices close at or above their respective coupon-barrier levels (70% of initial) on the observation date. Miss a barrier on any index and no coupon is paid for that quarter.

Principal repayment: at maturity investors receive (i) par if every index is at or above its downside threshold (60% of initial); or (ii) par 脳 performance of the worst performer if any index is below its threshold, exposing holders to a 1-for-1 loss down to zero. No principal is protected.

Early call: beginning 10 Oct 2025 the issuer may redeem the notes on any scheduled redemption date only if an internal risk-neutral valuation model deems redemption economically rational for Morgan Stanley. If called, investors receive par plus any due coupon; no further payments are made.

Key terms: issue price $1,000; estimated value $970.50 (reflects embedded fees and internal funding rate); agent鈥檚 concession $2 per note; first observation 7 Oct 2025; CUSIP 61778NHT1; the securities will not be listed and MS & Co. is not obliged to make a secondary market.

Risk highlights: (1) potential loss of entire principal; (2) uncertain coupon stream; (3) call risk skewed in issuer鈥檚 favour; (4) credit risk of Morgan Stanley; (5) limited liquidity; (6) adverse tax uncertainty for U.S. and non-U.S. investors. The small offering size (<$1 million including fees) is immaterial to Morgan Stanley鈥檚 capital structure but the product entails substantial complexity for retail purchasers.

CarGurus, Inc. (CARG) 鈥� Form 144 filing dated 07/10/2025

The notice discloses that Javier Zamora, an affiliate of the company, plans to sell 6,154 Class A shares through Fidelity Brokerage Services on or about 10 July 2025. The proposed sale is valued at $215,390, based on the market price at the time of filing. CarGurus has 84.63 million Class A shares outstanding, so the sale represents roughly 0.007% of the float.

The shares were acquired via restricted-stock vesting on 04/01/2025 (2,088 shares), 05/01/2025 (2,746 shares) and 07/01/2025 (1,320 shares) as compensation. Over the past three months Zamora has already sold 13,585 shares for $428,313 in gross proceeds (transactions on 06/04/2025 and 06/10/2025).

This Form 144 is a routine disclosure that signals potential insider selling but does not oblige the filer to complete the sale. Given the small size relative to market capitalization, the transaction is unlikely to be materially impactful to CarGurus鈥� share price, yet it provides investors with transparency into insider trading intentions.

On July 1, 2025, Carvana Co. (CVNA) Chief Product Officer Daniel J. Gill filed a Form 4 reporting an insider transaction coded 鈥淔,鈥� which denotes the withholding of shares to satisfy tax obligations at the time of restricted-stock-unit (RSU) vesting.

• Shares withheld: 1,924 Class A common shares
• Price per share: $338.26
• Implied tax value: 鈮� $0.65 million (1,924 脳 $338.26)
• Post-transaction ownership: 197,832 shares held directly

The filing reflects an administrative, non-open-market transaction rather than an elective sale. Gill remains a significant insider with holdings worth roughly $67 million at the reference price, indicating continued alignment with shareholders.