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Prospect Capital (PSEC) investor relations material
Prospect Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net investment income for the June quarter was $79 million ($0.17 per share), down from $102.9 million ($0.25 per share) year-over-year, with NAV at $3 billion or $6.56 per share as of June 30.
Net loss applicable to common shareholders was $226.4 million ($0.50 per share) for the quarter.
Monthly common shareholder distributions of $0.045 per share were announced for September and October, with cumulative distributions since IPO reaching $4.6 billion.
The business is being repositioned to focus on first lien senior secured middle market loans, increasing their mix to 70.5% from last year.
Exited investments since IPO have generated a realized gross IRR of 12% on $12.6 billion invested.
Financial highlights
Net investment income reached $79 million for the quarter.
NAV per share was $6.56 as of June 30, down from $8.74 a year ago.
Aggregate fair value of the portfolio was $6.7 billion, with 97 portfolio companies across 33 industries.
Annualized yield on performing interest-bearing investments was 12.2% for the quarter.
Non-accrual loans as a percentage of total assets at cost increased to 4.0% from 2.7% year-over-year.
Outlook and guidance
Future asset sale proceeds are expected to be redeployed primarily into first lien senior secured middle market loans.
NOI growth in the real estate portfolio is anticipated to accelerate to double-digit growth going forward.
Monthly cash distributions of $0.045 per share declared for September and October, with further distributions expected for November through January.
Focus remains on first lien senior secured middle market loans and prudent exits from non-core assets.
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