UPDATE: Ladenburg Thalmann Raises Prospect Capital's PT

According to a research report published this morning, Ladenburg Thalmann has increased Prospect Capital's PSEC PT from $11 to $11.50. In the report, Ladenburg Thalmann commented, "During 3Q12 PSEC closed on $171 million of new and follow-on portfolio investments versus $155 million in the previous quarter. New investments included three CLO positions. PSEC's exits, prepayments, and repayments totaled $188 million, up from $120 million in the previous quarter, and resulted in a 1% decline in the net portfolio growth at fair value. PSEC has investments in 78 companies versus 75 the previous quarter. The portfolio is skewed toward secured investments with 51% in senior secured debt, 34% in subordinated secured debt, 4% in subordinated unsecured debt, 2% in CLO debt, 5% in CLO equity, and 4% in equity positions." Ladenburg Thalmann maintains its Buy rating on Prospect Capital, which closed Friday at $10.92.