Sep. 12 at 9:22 PM
$PSEC John Barry's endgame is an internalization buyout to cash out his private contract and save his personal 90M+ share fortune . The breadcrumbs are clear:The Accumulation: He just spent
$2.73M cash to buy 1.2M more shares, crossing a 90.4M share milestone for total voting control.The Squeeze: They issued
$1.5B in preferred stock, creating a toxic
$106M annual dividend bottleneck ahead of the 2027 debt wall.The Pivot: He will play chicken down to the
$1.40 range to hoard cheap shares. At the floor, the fee model fails and he will force PSEC to buy out his management company.Internalization kills the fees, saves the balance sheet, and forces a re-rating to
$5.71 NAV . I am DRIPing my 300k shares into 766k shares over 5 years, betting entirely on max greed.
