Prospect Capital Corp (LTS:0R25)

Q3 2025 Prospect Capital Corp Earnings Call Transcript

May 9, 2025 / 01:00 PM GMT

Release Date Price: $3.54 (-2.82%)

Transcript 8-K10-Q

Key Points

Positve

Prospect Capital Corp (PSEC) reported a net investment income of $83.5 million for the March quarter.
The company announced monthly common shareholder distributions of $0.05 per share for May, June, July, and August.
PSEC has invested $11.8 billion in over 325 exited investments, achieving a 13% unlevered investment level gross cash internal rate of return.
The company holds a diversified portfolio with 114 portfolio companies across 33 industries, with a fair value of $6.9 billion.
PSEC's interest income constituted 93% of total investment income, indicating a strong recurring revenue profile.

Negative

Other income from the control, particularly from NPR PRC, was low this quarter, impacting total earnings.
The company's subordinated structured notes portfolio, while providing high cash yield, contributes low GAAP yield.
Real estate investments, although providing total returns, yield only about 4.5%, which is lower compared to other investments.
The company is significantly underlevered compared to peers, which may limit growth potential.
Program notes issuance slowed due to market volatility, affecting the company's ability to raise capital.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PSEC.OQ - Prospect Capital Corp
Q3 2025 Prospect Capital Corp Earnings Call
May 09, 2025 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Prospect Capital 3rd fiscal quarter earnings release and conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touchtone phone. To withdraw your question, please press star, then 2. Please note this event is being recorded. I would like now to turn the conference over to Mr. John Barry, Chairman and CEO. Please go ahead.

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Unidentified_2 [2]
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