Welcome to our dedicated page for Prospect Capital Corporation news (Ticker: PSEC), a resource for investors and traders seeking the latest updates and insights on Prospect Capital Corporation 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 (NASDAQ: PSEC) announced financial results for the fiscal quarter and year ended June 30, 2024. Key highlights include:
- Net Investment Income (NII) of $102.9 million ($0.25 per share) for Q4 2024
- Declared 86th consecutive $0.06 monthly dividend
- Total assets of $7.86 billion as of June 30, 2024
- NAV per common share of $8.74 as of June 30, 2024
- Successful completion of amended and extended $2.1 billion credit facility
- 81% of portfolio in first lien, secured, or underlying secured assets
- Annualized current yield on all investments of 9.8%
- Non-accrual loans at 0.3% of total assets
Prospect continues to focus on downside protection and maintaining a diversified investment portfolio across multiple strategies. The company has distributed $21.12 per share since inception, representing 2.4 times June 2024 NAV.
Prospect Capital (NASDAQ: PSEC) has announced its schedule for releasing fiscal year earnings and hosting a conference call. The company expects to file its Form 10-K report and issue an earnings press release on August 28, 2024, after market close. A conference call is scheduled for August 29, 2024, at 9:00 a.m. Eastern Time.
Investors can dial 888-338-7333 to join the call. A replay will be available for approximately 30 days by calling 877-344-7529 with passcode 2929037. Additionally, a live listen-only webcast will be accessible on the company's website at www.prospectstreet.com.
NewStar Exchange, a subsidiary of NEWSTAR, has fully subscribed its NewStar 6 Tranquil Gardens BTR, DST offering, raising $19.1 million from Section 1031 exchange investors. This marks the company's third successful 1031 exchange Delaware Statutory Trust offering, bringing their total equity raised to approximately $50 million since launching two years ago.
The Tranquil Gardens project comprises 73 newly constructed three-bedroom and four-bedroom homes for rent in northwest Atlanta, Georgia. The community has been performing well, meeting investment projections and achieving a 6% annualized increase in in-place rents. Notably, it's commanding a 25% rent premium compared to its competitive set.
Preferred Capital Securities (PCS) served as the managing broker-dealer for this offering. PCS has a strong track record, having raised over $3 billion in retail capital across 8 offerings since 2011.
Prospect Capital (NASDAQ: PSEC) announced its financial results for the quarter ended March 31, 2024, including NII of $94.4 million and a net loss per common share of $0.27. The company declared its 84th consecutive $0.06 dividend to common shareholders, with total assets of $7.9 billion and total liabilities of $2.6 billion. Prospect's strategic focus includes growing NII and NAV through various investment initiatives.
Prospect Capital (NASDAQ: PSEC) announced its upcoming earnings release for the fiscal quarter ended March 31, 2024, scheduled for May 8, 2024. The company will host a conference call on May 9, 2024, providing investors with an opportunity to learn more about the financial results.
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