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 Corporation (NASDAQ: PSEC) plans to file its Form 10-K on August 24, 2022, reporting fiscal results for the year ended June 30, 2022. The earnings announcement will coincide with the filing, occurring after market closure. Following this, a conference call is scheduled for August 25, 2022, at 12:00 p.m. ET. Interested parties can join via a dial-in number, and a recording will be accessible for 30 days. Prospect Capital focuses on private business lending, aiming for current income and long-term capital growth.
Prospect Capital Corporation (NASDAQ: PSEC) raised over $100 million in its recent closing of the Series A1, M1, and M2 Preferred Stock offerings, totaling approximately $687 million sold to date. The offering size increased from $1 billion to $1.5 billion, now allowing for $813 million more to be sold. Since December 2020, these Preferred Stock issuances have exceeded $840 million. The company's President highlighted the recurring cash income and liquidity benefits of the preferred stock. The offering is managed by Preferred Capital Securities LLC, which has raised about $3 billion since 2011.
On June 9, 2022, Prospect Capital Corporation (NASDAQ: PSEC) announced an increase in its Series A1, M1, and M2 Preferred Stock offering from $1 billion to $1.5 billion. Approximately $565 million has already been raised, leaving $935 million available. This initiative has collectively exceeded $700 million in aggregate liquidation preference since December 2020. President Grier Eliasek emphasized the stable cash income and liquidity of these offerings. Preferred Capital Securities LLC is the dealer manager for this offering, having raised approximately $3 billion since 2011.
Prospect Capital Corporation (NASDAQ: PSEC) reported its financial results for the third quarter ended March 31, 2022. Net Investment Income (NII) rose to $87 million, with basic NII per share at $0.22. Net Income applicable to common stockholders reached $157 million, down from $246 million year-on-year. The company declared monthly distributions of $0.06 per share for four consecutive months, yielding 9.2% based on a closing stock price of $7.81. NAV increased to $10.81 per share. Prospect has invested $18.7 billion across 394 investments since its inception in 2004.
Prospect Capital Corporation (NASDAQ: PSEC) has rescheduled its conference call to Tuesday, May 10, 2022, at 4:00 p.m. ET, originally set for 11:00 a.m. The call will follow the release of its Form 10-Q for the fiscal quarter ended March 31, 2022, which is expected to be filed after market close on May 9, 2022. A recording of the call will be available for 30 days. Investors can tune in through the company’s website for a live listen-only webcast and access an audio replay afterward.
Prospect Capital Corporation (NASDAQ: PSEC) will file its Form 10-Q for the fiscal quarter ended March 31, 2022, on May 9, 2022, after market close. The earnings press release will also be issued on the same day.
A conference call is scheduled for May 10, 2022, at 11:00 a.m. Eastern Time, with the dial-in number 888-338-7333. A replay will be available for 30 days. The call can also be accessed via a live webcast on the company’s website.
Prospect Capital Corporation (NASDAQ: PSEC) has announced that its preferred stock offerings have reached approximately $650 million in aggregate liquidation preference since December 31, 2020. These offerings provide investors with recurring cash income, stable value, and liquidity, supported by over $4 billion in junior common equity. Various investment channels have participated in the preferred stock offerings, highlighting investor confidence. The ongoing offering of Series A1, M1, and M2 Preferred Stock is managed by Preferred Capital Securities LLC.
On March 28, 2022, Prospect Capital Corporation (NASDAQ: PSEC) announced that its preferred stock offerings have amassed approximately $600 million in aggregate liquidation preference since December 31, 2020. According to President Grier Eliasek, the preferred stock provides investors with recurring cash income, stability, and over $4 billion in junior common equity credit support. The offering involves Series A1, M1, and M2 Preferred Stock managed by Preferred Capital Securities LLC.
Prospect Capital Corporation (NASDAQ: PSEC) has announced that its preferred stock offerings have surpassed $550 million in total liquidation preference since late 2020. The President, Grier Eliasek, highlighted the benefits of these investments, including recurring cash income and robust equity support exceeding $4 billion. The offerings cater to various investor channels, including institutional and independent wealth managers. The ongoing offering includes Series A1, M1, and M2 Preferred Stock, managed by Preferred Capital Securities LLC.
Prospect Capital Corporation (PSEC) reported its Q2 financial results for the period ending December 31, 2021. Net Investment Income (NII) reached $85.6 million, with a basic NII per share of $0.22. Total income amounted to $175.4 million. Net income applicable to common stockholders was $246.4 million, translating to a basic net income per share of $0.63. The company declared monthly cash distributions of $0.06 per share, maintaining an annual yield of 8.6%. Total investments at fair value increased to $7 billion, reflecting strong performance in originations and a focus on enhancing NII growth through strategic initiatives.
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