Prospect Capital Corporation announced its fiscal third‑quarter 2025 results on Nov 6, 2025. The company reported net investment income that exceeded expectations and a cumulative distribution of $21.79 per share, totaling roughly $4.6 billion in dividends paid to common shareholders since the IPO. The announcement also confirmed a monthly common‑shareholder distribution of $0.045 for September and October 2025.
The company’s portfolio composition continued to shift toward higher‑quality first‑lien senior secured loans, with the first‑lien mix rising 701 basis points to 71.1% of the portfolio at cost from June 2024. Second‑lien exposure fell 292 basis points to 13.5%, while subordinated structured notes were reduced to 0.3% of the portfolio. Real‑estate holdings under National Property REIT Corp. remained at 14.2% of the portfolio, generating a 5.1% income yield for the quarter.
Capital and liquidity remained robust, with the company’s weighted‑average cost of unsecured debt at 4.54%. It recently issued $168 million of senior unsecured 5.5% Series A notes due 2030 and retired a $400 million convertible bond in March 2025. Program notes outstanding totaled $652.2 million, maturing through March 2052, and unfunded eligible commitments to portfolio companies were $35.9 million.
Prospect Capital will host an earnings conference call on Friday, Nov 7, 2025, at 9:00 a.m. Eastern Time. Management emphasized the continued focus on first‑lien lending and the strategic exit of lower‑yielding assets, positioning the company for higher risk‑adjusted returns. Investors can review the full financial statements and guidance on the company’s investor relations website.
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