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Visual21 Nov 2025
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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 quarter ended September 30, 2025, was $79.4 million, or $0.17 per share, with net asset value at $3 billion, or $6.45 per share, and portfolio fair value at $6.51 billion across 92 investments.
Net asset value per share declined to $6.45 from $6.56 at June 30, 2025, and $8.10 year-over-year.
Distributions to common shareholders totaled $62.4 million for the quarter, with monthly distributions of $0.045 per share declared for November, December, and January.
Over $4.6 billion distributed to shareholders since IPO, with preferred shareholder distributions continuing at contracted rates.
Asset rotation continued, focusing on first lien senior secured middle market loans and exits from subordinated structured notes, real estate, and equity-linked assets.
Financial highlights
Total investment income for the quarter was $157.6 million, down from $196.3 million year-over-year, mainly due to lower interest and other income.
Net investment income was $79.4 million, compared to $89.9 million in the prior year.
Net realized and unrealized losses from investments were $1.3 million, a significant improvement from a $224.1 million loss in the prior year.
Annualized yield on performing interest-bearing investments was 11.8% for the quarter.
Non-accruals as a percentage of total assets stood at 0.7% based on fair market value, up from 0.3% sequentially.
Outlook and guidance
Management highlighted continued macroeconomic uncertainty, including inflation, elevated rates, and geopolitical risks.
Future asset sale proceeds 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 higher returns.
Ongoing rotation out of lower-yielding real estate and structured notes into higher-yielding middle market loans.
No guidance changes, with a commitment to maintaining 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?
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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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