Prospect Capital

Prospect Capital Corp. is a business development company, which engages in lending to and investing in private businesses. It also involves in generating current income and long-term capital appreciation through debt and equity investments. The company was founded on April 13, 2004 and is headquartered in New York, NY.

Earnings data Q3 2021

Earnings data Q4 2021

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Prospect Capital posts solid Q3 results amidst credit risk concerns

Prospect Capital demonstrated a strong financial performance in Q3 2024, supported by robust net investment income and NAV growth.
While facing challenges such as increased nonaccruals and moderate leverage, the company's diversified portfolio and shareholder distributions are key strengths.
Opportunities lie in portfolio expansion through originations, leveraging the success in structured credit business, and optimizing credit risk management.

Prospect Capital reports robust Q4 earnings, eyes diversified growth

Prospect Capital Corporation delivered solid financial performance in the June quarter, with steady net investment income and a well-diversified portfolio. While facing moderate leverage and the need to manage structured notes exposure, the company's expertise in private investments and shareholder distributions are key strengths. Opportunities lie in leveraging the portfolio's composition for stable income and exploring growth potential in property investments.

Prospect Capital posts solid Q1 results amidst diversification challenges

Prospect Capital delivered a strong performance in Q1, maintaining a robust financial position.
While facing challenges related to interest rates and portfolio diversification, the company is well-positioned to capitalize on growth opportunities.
Strategic focus on core business and prudent financial management are key strengths driving Prospect Capital's performance.

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ATLANTA , Dec. 19, 2024 /PRNewswire/ -- NEWSTAR Exchange, a subsidiary of NEWSTAR, announced today that it has acquired Hadley Crossing by Stella Homes, a single-family rental subdivision located in Charlotte, North Carolina, and launched a new Delaware Statutory Trust offering for accredited investors seeking to complete like-kind exchanges under IRC Section 1031. The property was developed by NEWSTAR and features 44, 4-bedroom detached homes with two-car attached garages.

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Prospect Capital's declining NAV and high concentration in a few large investments, like National Property REIT Corp., pose significant risks to stock performance. The shift towards higher-quality debt assets, especially first lien senior secured debt, is a positive development that could reduce portfolio risk over time. The recent dividend cut aligns payouts with net investment income, improving dividend sustainability despite a high percentage of payment-in-kind income.

Prospect Capital: Still Steering Clear For Now (Rating Upgrade)

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NEW YORK, Dec. 13, 2024 (GLOBE NEWSWIRE) -- Keefe, Bruyette & Woods, Inc., a leading specialist investment bank to the financial services and fintech sectors, and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), announces the upcoming index rebalancing for the fourth quarter of 2024.

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NEW YORK, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) is pleased to host an upcoming webinar for financial professionals titled “Preferred Stock as a Low Volatility, Downside Protected, and Income Generating Asset Class”. The webinar will provide attendees an overview of the preferred stock asset class and what makes such asset class different than other fixed income investments. Please join us for the presentation on December 12, 2024, at 2:00pm ET . Registration is available here. This webinar is accepted for 1 CFP® / IWI / CFA CE Credit.

Prospect Capital Corporation Hosting Upcoming Webinar: “Preferred Stock as a Low Volatility, Downside Protected, and Income Generating Asset Class”

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NEW YORK, Nov. 25, 2024 (GLOBE NEWSWIRE) -- National Property REIT Corp. (“NPRC”) announced today it recently sold its Arlington Park (“Arlington”) multifamily residential property in Marietta, Georgia, for $20.0 million, achieving a 2.4 times cash on cash return on the investment.

National Property REIT Corp. Exits Arlington Park Investment with 2.4 Times Cash on Cash Return

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NEW YORK, Nov. 22, 2024 (GLOBE NEWSWIRE) -- Priority Income Fund, Inc. (“Priority Income Fund” or the “Fund”) announced today that it will redeem all outstanding shares of its 6.250% Series G Term Preferred Stock Due 2026 (CUSIP: 74274W 814; NYSE: PRIF PRG) (the “Series G Preferred Shares”) at a price of $25 per Series G Preferred Share, plus accrued but unpaid dividends per Series G Preferred Share from September 30, 2024, to but excluding, the Redemption Date (the “Redemption Price”). The redemption date will be December 23, 2024 (the “Redemption Date”).

Priority Income Fund Announces Redemption of its 6.250% Series G Term Preferred Stock Due 2026

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NEW YORK, Nov. 21, 2024 (GLOBE NEWSWIRE) -- National Property REIT Corp. (“NPRC”) announced today it recently sold its Dylan at Grayson (“Dylan”) multifamily residential property in Grayson, Georgia, for $56.7 million, achieving a 1.7 times cash on cash return on the investment acquired in December 2020.

National Property REIT Corp. Exits Dylan at Grayson Investment with 1.7 Times Cash on Cash Return

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Prospect Capital Corporation's recent 25% dividend cut, despite previous ample coverage, raises concerns about future dividend reliability amid high interest rates and NAV erosion. PSEC's low leverage and strong liquidity position, with a 0.44x leverage level and $1.5 billion in liquidity, are positive aspects. The stock trades at a significant 47% discount to NAV, reflecting investor concerns and recent dividend cut impacts.

Prospect Capital: Out Of The Woods Or Back To The Woodshed?

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We take a look at the action in business development companies through the second week of November and highlight some of the key themes we are watching. BDCs saw a 2% aggregate return on the week; TPVG surged nearly 20%, while PSEC dropped due to a bad quarter and distribution cut. Tax-loss season may pressure some securities; PSEC, HRZN, TPVG, TCPC, OCSL, GSBD, NMFC, and CSWC could weaken further by year-end.

BDC Weekly Review: Tax-Loss Season Is Approaching

Prospect Capital's 25% dividend cut, the first since 2017, shocked the market, causing a 15% stock plunge, but still offers a 12% yield. The dividend cut stems from a strategic shift to focus on higher-quality, secured loans, enhancing long-term return potential and portfolio quality. Despite the cut, Prospect Capital's low non-accrual ratio and excessive NAV discount present a compelling risk/reward opportunity for high-risk-tolerant investors.

Prospect Capital: Why I Am Buying The 25% Dividend Cut

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Management L.P. (“Prospect”, “our”, or “we”) announced today a strategic partnership with iCapital, the global fintech platform driving access to alternative investments for the asset and wealth management industries. This partnership allows financial advisors to access Prospect's institutional quality CEF and BDC opportunities managed by Prospect and its affiliates, and now available on iCapital Marketplace.

Prospect Capital Management Partners with iCapital to Expand Investment Advisor Access to Closed End Fund (CEF) and Business Development Company (BDC) Opportunities

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”) announced today that Grier Eliasek, President and Chief Operating Officer is scheduled to participate at the Markets Group Private Credit Conference. Mr. Eliasek is planned to present on the panel “New Ways to Counter Today's Headwinds with Opportunistic and Niche Credit Strategies” on Wednesday, December 4, 2024, at 10:10am.

Prospect Capital Corporation to Present at the 2024 Markets Group NYC Private Credit Conference

We had rated Prospect Capital with a Buy and also suggested it as an alternative to another weak BDC. The company cut its distribution today and sent the stock hurling 15% lower. The stock now yields 12% and is at a 45% discount to NAV.

Prospect Capital: 12% Yield And 45% Discount To NAV After Cut

NEW YORK, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended September 30, 2024.

Prospect Capital Announces Financial Results for Fiscal September 2024 Quarter

NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (the “Company” or “Prospect”) today announced it expects to file with the Securities and Exchange Commission its report on Form 10-Q containing results for the fiscal quarter ended September 30, 2024 on Friday, November 8, 2024. The Company also expects to issue its earnings press release on Friday, November 8, 2024, before the opening of the markets.

Prospect Capital Schedules First Fiscal Quarter Earnings Release and Conference Call

Prospect Capital (PSEC) operates as a business development company that generates its earnings through a portfolio of various debt investments. PSEC maintains a primary exposure to the real estate sector. This presents unique sensitivity to changes in the interest rate. The current dividend yield sits above 14% but the coverage remains thin. An decrease in portfolio quality could negatively impact the coverage.

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News for Prospect Capital ETF (PSEC)