Prospect Capital(US:PSEC) GlobeNewswire News Roomยท2024-10-03 11:00Core Insights - Prospect Capital Corporation has surpassed its 20th anniversary and is recognized as one of the largest publicly traded business development companies (BDCs) with total assets of $7.9 billion as of the end of the recent fiscal year [1] - The company has invested over $20 billion and has achieved more than 300 portfolio company exits throughout its history [1] Company Background - Founded in 2004, Prospect is one of the few BDCs established before the Global Financial Crisis, distinguishing it from many other BDCs with shorter histories [2] - Prospect is managed by Prospect Capital Management, which has over 120 employees and a nearly 37-year history of managing risk and investor capital through three major business cycles [3] Industry Innovations - Prospect has been an innovator in the BDC industry, achieving several firsts, including: - First BDC to receive an investment grade rating post the Global Financial Crisis, starting with S&P in November 2009 and currently holding five such ratings [3] - First BDC to acquire another BDC (Patriot Capital in December 2009) [3] - First BDC to complete at-the-market issuance programs for common stock (beginning March 2010) and listed senior unsecured notes (beginning July 2018) [3] - First BDC to issue a convertible bond (December 2010) and medium-term program notes (February 2012) [3] - First BDC to issue senior unsecured institutional notes post the Global Financial Crisis (March 2013) [3] - First BDC to issue non-traded perpetual preferred stock to unaffiliated investors (October 2020) and traded perpetual preferred stock (July 2021) [3] Investment Focus - Prospect is a business development company that focuses on lending to and investing in private businesses, aiming to generate both current income and long-term capital appreciation through debt and equity investments [5]