Prospect Capital Earnings Call Transcripts
Fiscal Year 2026
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Net investment income reached $91M for the December quarter, with NAV at $3B and a continued focus on first lien senior secured loans. Portfolio rotation reduced riskier assets, and liquidity remains strong with $1.6B in cash and undrawn commitments.
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Net investment income reached $79.4 million with a focus on rotating assets into first lien senior secured loans and reducing exposure to real estate and structured notes. Strong liquidity, diversified funding, and a new Israeli bond issuance support ongoing portfolio optimization.
Fiscal Year 2025
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Net investment income reached $79 million for the June quarter, with a strategic shift toward first lien Senior Secured Middle Market Loans now comprising 70.5% of the portfolio. Real estate headwinds are easing, and the company maintains strong liquidity and diversified funding.
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Shareholders approved the authorization to sell common stock below net asset value per share, subject to a 25% cap per sale over the next 12 months. Quorum was met, voting procedures were followed, and no shareholder questions were raised.
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Net investment income reached $83.5 million for the March quarter, with a focus on first lien senior secured loans and prudent portfolio rotation. Real estate exits slowed due to market volatility, but strong liquidity and diversified funding support ongoing distributions and future growth.
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Net investment income reached $86.4 million with NAV at $3.4 billion. Portfolio rotation into first-lien, senior-secured loans continues, with strong liquidity and diversified funding. Non-accruals remain low at 0.4%, and new preferred shares were issued at a 7.5% coupon.
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Net investment income reached $89.9 million with NAV at $3.51 billion. Portfolio rotation continues toward first-lien senior secured loans, reducing CLO and real estate exposure, while maintaining strong liquidity and low non-accruals.
Fiscal Year 2024
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Net investment income reached $102.9 million for the June quarter, with NAV at $3.71 billion. Portfolio risk was reduced by increasing first-lien debt exposure, and the company maintained strong liquidity and five investment grade ratings.