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.
Catalent, Inc. (NYSE: CTLT) has appointed Joseph A. Ferraro as its Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary, based in Somerset, New Jersey. Mr. Ferraro brings extensive experience from his tenure at Innovate Corp. (NYSE: VATE) and Prospect Capital (NASDAQ: PSEC), where he managed global legal and compliance operations, including significant M&A transactions. He will lead Catalent's legal and compliance teams and report to Steven Fasman, Chief Administrative Officer. This strategic appointment is expected to enhance Catalent's legal oversight as it navigates the highly regulated life sciences market.
Prospect Capital Corporation (PSEC) reported its financial results for the fiscal quarter ending December 31, 2022, showing a net investment income of $106.7 million, up from $99.3 million in the previous quarter. The basic net income per common share was $0.14, compared to a loss of $0.27 in the prior quarter. PSEC declared monthly distributions of $0.06 per share for February, March, and April 2023, yielding an annualized distribution of 9.6%. The net asset value per common share decreased to $9.94 from $10.01. The debt-to-equity ratio improved to 49.4%, with a significant focus on enhancing net investment income through strategic debt offerings and investments.
Prospect Capital Corporation (NASDAQ: PSEC) announced it will file its Form 10-Q for the fiscal quarter ending December 31, 2022, on February 8, 2023, after market close. An earnings press release will accompany this filing. The company will also host a conference call on February 9, 2023, at 9:30 a.m. ET, with dial-in information provided. A live audio webcast will be available on the company’s website, along with a replay for 30 days. Prospect Capital focuses on lending to and investing in private businesses, aiming for both current income and long-term capital appreciation.
Prospect Capital Corporation (NASDAQ: PSEC) held its annual meeting of stockholders on December 2, 2022, where key proposals were discussed. As of September 12, 2022, the company had approximately 394.8 million shares of common stock and various preferred stocks outstanding. To allow more time for stockholder votes, the meeting was adjourned until December 9, 2022, at 10:30 a.m. ET. The company is a business development entity focused on lending and investing in private firms, aiming for both current income and long-term capital appreciation.
Prospect Capital Corporation has initiated a cash tender offer for its outstanding 5.875% Senior Notes due 2023 totaling $282,364,000. The offer will close on November 18, 2022, with a proposed settlement date on November 23, 2022. Holders can receive $987.50 per $1,000 principal, plus accrued interest. The offer is not dependent on a minimum amount of notes being tendered and may be amended or extended by the company. D.F. King & Co., Inc. is acting as the Information and Tender Agent.
FAQ
What is the current stock price of Prospect Capital Corporation (PSEC)?
What is the market cap of Prospect Capital Corporation (PSEC)?
What is Prospect Capital Corporation (PSEC)?
What types of investments does PSEC make?
How does PSEC manage its risk?
What is the purpose of PSEC's monthly distributions?
What were PSEC's financial highlights for the quarter ended September 30, 2023?
When is PSEC's next earnings call?
Who is the investment advisor for Prospect Capital Corporation?
What is PSEC's primary investment objective?
In which regions does PSEC primarily operate?
How does PSEC communicate with its investors?
