Welcome to our dedicated page for Prospect Capital news (Ticker: PSEC), a resource for investors and traders seeking the latest updates and insights on Prospect Capital stock.
Prospect Capital Corporation (NASDAQ: PSEC) is a leading closed-end investment company based in the United States, focusing on generating current income and long-term capital appreciation through flexible private debt and equity investments. As an investment advisor, Prospect Capital Management L.P. guides PSEC under the Investment Company Act of 1940, making it a Business Development Company (BDC).
Prospect Capital Corporation primarily invests in senior and subordinated debt and equity of private companies for a variety of financial situations. These include acquisitions, divestitures, growth, development, and recapitalizations. The company's investment portfolio is diverse, encompassing private equity, sponsored transactions, direct company investments, structured credit, real estate, and syndicated debt.
In recent developments, PSEC has reported financial results for the fiscal quarter ended September 30, 2023. The company announced monthly distributions to its 6.50% preferred shareholders at an annual rate of 6.50% of the stated value of $25.00 per share. As of September 30, 2023, PSEC held over $1.6 billion in preferred stock outstanding, demonstrating substantial financial strength and liquidity.
In its portfolio, PSEC has invested in subordinated structured notes benefiting from individual standalone financings non-recourse to Prospect. This strategy limits risk to the net investment. For the September 2023 quarter, PSEC showcased substantial term debt issuance and repurchase/repayment activity, bolstering its capital and liquidity position. Additionally, PSEC's middle-market loan portfolio continues to perform well, with weighted average EBITDA and net leverage metrics indicating strong financial health.
Prospect Capital Corporation maintains active communication with its investors. For instance, the company hosts regular earnings conference calls, providing detailed updates on financial performance and investment activities. The next earnings call is scheduled for November 9, 2023, at 10:30 a.m. Eastern Time.
Overall, Prospect Capital Corporation stands out for its robust investment strategies and commitment to delivering value to its shareholders through disciplined financial management and strategic investment decisions.
Prospect Capital (PSEC) has reported its financial results for the fiscal quarter ended December 31, 2024. Key highlights include:
- Net Investment Income (NII) of $86.4 million ($0.20 per share), down from $96.9 million ($0.24 per share) year-over-year
- Net loss of $31 million (-$0.07 per share), compared to a loss of $51.4 million (-$0.13 per share) in the same quarter last year
- Monthly cash distributions declared at $0.0450 per share for February, March, and April 2025
- Net Asset Value (NAV) per share decreased to $7.84 from $8.92 year-over-year
The company's portfolio consisted of 114 companies across 33 industries, with 64.9% in first lien debt. The company maintains strong liquidity with $1.88 billion in cash and undrawn revolving credit facility commitments.
Prospect Capital (NASDAQ: PSEC) has announced key dates for its second fiscal quarter financial reporting. The company plans to file its Form 10-Q report with the SEC on February 10, 2025, containing results for the quarter ended December 31, 2024. The earnings press release will be issued after market close on the same day.
A conference call is scheduled for February 11, 2025, at 9:00 a.m. Eastern Time, accessible via dial-in number 888-338-7333. A replay will be available for approximately 30 days at 877-344-7529 using passcode 2146236. Additionally, investors can access a live listen-only webcast through the company's website at www.prospectstreet.com.
Prospect Capital (NASDAQ: PSEC) has made a $65 million investment in Taos Footwear Holdings, a leading footwear brand known for its supportive footbed technology. The investment package includes a first lien senior secured term loan, a first lien senior secured convertible term loan, and a preferred equity investment.
Taos Footwear, established 20 years ago, has built its reputation on providing stylish and supportive footwear products. The company's founder and CEO, Glen Barad, indicated that the partnership with Prospect aims to provide both capital and strategic expertise to elevate the brand and drive continued growth.
NEWSTAR Exchange has acquired Hadley Crossing, a 44-unit single-family rental community in Charlotte, North Carolina, and launched a new Delaware Statutory Trust (DST) offering for accredited investors. The property features 4-bedroom detached homes with premium amenities and achieved the #3 highest build-to-rent rental rates in Charlotte, with average household incomes exceeding $200,000.
The DST offering, Newstar 14 Hadley Crossing, is financed through Fannie Mae with 43% leverage and aims to raise approximately $14 million in equity. This marks NEWSTAR's fourth DST offering, following successful closures of three previous programs that raised over $50 million in equity. The property reached stabilization in less than 8 months and is being distributed by Preferred Capital Securities under Rule 506(c) of Regulation D.
Prospect Capital (NASDAQ: PSEC) announces an upcoming webinar titled 'Preferred Stock as a Low Volatility, Downside Protected, and Income Generating Asset Class' scheduled for December 12, 2024, at 2:00pm ET. The educational session, which offers 1 CFP®/IWI/CFA CE Credit, will focus on explaining the preferred stock asset class and its distinctions from other fixed income investments.
This marks the third webinar in Prospect's ongoing investor education series, organized in collaboration with RIA Channel, a leading provider of educational investment content for financial advisors.
Prospect Capital (NASDAQ: PSEC) has announced its participation in the upcoming 2024 Markets Group NYC Private Credit Conference. Grier Eliasek, President and Chief Operating Officer, will be a panel speaker discussing 'New Ways to Counter Today's Headwinds with Opportunistic and Niche Credit Strategies' on Wednesday, December 4, 2024, at 10:10am.
Prospect Capital announced financial results for Q3 2024, highlighting a strategic shift in its investment focus. The company is rotating from structured credit CLO equity and real estate investments toward first lien senior secured middle market loans, which now comprise 65% of total investments. Interest income reached 94% of total income, an increase of over 800 basis points year-over-year. Net Investment Income was $89,877,000 ($0.21 per share), and the company declared monthly distributions of $0.0450 per share for November 2024 through January 2025.
Prospect Capital (PSEC) announced it will file its Form 10-Q report for the fiscal quarter ended September 30, 2024, on November 8, 2024. The company will release its earnings before market opening on the same day and host a conference call at 9:00 a.m. Eastern Time. Investors can join via phone at 888-338-7333 or through a live webcast on the company's website. A replay will be available for approximately 30 days by calling 877-344-7529 with passcode 3863672.
Prospect Capital (NASDAQ: PSEC) has announced an upsize to its preferred stock offering, which has seen strong demand from various investor channels. The offering has reached $1.8 billion in aggregate liquidation preference issuances since its initial closing in Q4 2020. Prospect is currently the leading issuer of non-traded preferred stock in 2023 and 2024 year-to-date.
The company's A4/M4 preferred stock series offers a 7.28% annualized floating rate dividend structure with a 6.50% dividend rate floor, which Prospect believes is attractive for income-oriented investors, especially with declining interest rates. The ongoing offering is being made through Preferred Capital Securities (PCS), which has raised $5.0 billion of capital since 2011.
Prospect Capital (NASDAQ: PSEC) has provided first lien senior secured term and convertible loans to support the acquisition of Druid City Infusion by Inlet Road Capital Management. Druid City, a leading ownership group within the Vital Care Infusion Services franchise system, operates nine territories across the South and Mountain West regions of the United States. Vital Care is a national home infusion platform with over 160 infusion pharmacy locations in 35 states.
The acquisition aims to enhance Druid City's commitment to patient care and service delivery. Inlet Road partners highlighted Prospect's ability to create a comprehensive financing solution and its collaborative approach as key factors in choosing them for the transaction. Prospect expressed optimism about Druid City's future performance and its value proposition in delivering pharmacy and infusion services.
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