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Prospect Capital (PSEC) investor relations material
Prospect Capital Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 Nov, 2025
Executive summary
Net investment income for the September quarter was $79.4 million, or $0.17 per share, with net asset value at $3 billion, or $6.45 per share as of September 30, 2025.
Portfolio fair value was $6.51 billion across 92 investments, with 75.7% in floating rate assets and 85% of investments at cost in senior and secured debt.
Distributions to common shareholders totaled $62.4 million for the quarter, with cumulative distributions since IPO exceeding $4.6 billion.
The business is being repositioned toward first lien senior secured middle market loans, with the first lien mix rising to 71.1% and significant reductions in second lien and subordinated structured notes.
No material legal proceedings or changes in internal controls were reported.
Financial highlights
Total investment income for the quarter was $157.6 million, down from $196.3 million year-over-year.
Net investment income was $79.4 million, or $0.17 per share, compared to $89.9 million in the prior year.
Net asset value per share declined to $6.45 from $6.56 sequentially and $8.10 year-over-year.
Repayments and exits reached $235 million, resulting in net repayments of $143 million.
Annualized yield on performing interest-bearing investments was 11.8%.
Outlook and guidance
Future asset sale proceeds are expected to be redeployed primarily into first lien senior secured loans and selected equity-linked investments.
Continued focus on smaller companies with less than $50 million EBITDA, targeting less competitive segments for better returns and protection.
Ongoing exit of real estate and equity-linked assets, with a value-maximizing, gradual approach to asset sales.
Management highlighted continued macroeconomic uncertainty, including inflation, elevated rates, and geopolitical risks.
No guidance changes; company expects to maintain a diversified portfolio and prudent leverage.
Impact of portfolio shift on non-accruals
Drivers of NAV per share decline
Future debt cost impact from new notes?
What drives the decision to hold financial assets?
Future plans for Israeli bond market access?
Rationale for targeting smaller middle market deals?
Quantify NII impact from asset rotation
Financial portfolio NII sensitivity to SOFR
New funding channels' impact on cost of capital
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Next Prospect Capital earnings date
Q2 202610 Feb, 2026
Next Prospect Capital earnings date
Q2 202610 Feb, 2026
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Frequently asked questions
Prospect Capital Corporation is a U.S.-based business development company (BDC) that provides debt and equity financing to middle-market companies across various industries. The company primarily focuses on offering secured and unsecured loans, as well as equity investments, to support corporate growth, acquisitions, and recapitalizations. Prospect Capital's investment strategy covers a range of sectors, including manufacturing, energy, financial services, and real estate. The company aims to generate income and capital appreciation through its diversified portfolio of investments. The company is headquartered in New York, New York, and its shares are listed on the Nasdaq.
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