Core Insights - Prospect Capital Corporation reported financial results for the fiscal quarter ended March 31, 2025, showing a decline in net investment income and a significant net loss applicable to common shareholders [1][2]. Financial Results - Net Investment Income (NII) for the quarter was $83,489,000, down from $86,431,000 in the previous quarter and $94,375,000 in the same quarter last year [2]. - NII per Common Share decreased to $0.19 from $0.20 in the previous quarter and $0.23 year-over-year [2]. - The company reported a net loss applicable to common shareholders of $(171,331,000), compared to a loss of $(30,993,000) in the previous quarter and a profit of $113,891,000 in the same quarter last year [2]. - Total assets decreased to $6,996,312,000 from $7,234,855,000 in the previous quarter and $7,905,794,000 year-over-year [2]. - Net Asset Value (NAV) per Common Share was $7.25, down from $7.84 in the previous quarter and $8.99 a year ago [2]. Distribution Information - The company declared monthly cash distributions of $0.0450 per share for May, June, July, and August 2025 [3][4]. - Cumulative paid and declared distributions to common shareholders reached $4,527,079,000, with a cumulative distribution per common share of $21.57 [5]. Investment Activity - Since its IPO in July 2004, Prospect has invested over $21 billion across more than 450 investments, with an internal rate of return (IRR) of approximately 13% on exited investments [6][7]. - The company focused on first lien senior secured middle market loans, with such investments totaling $149 million of $196 million in originations during the quarter [9]. - The subordinated structured notes portfolio represented 4.2% of total assets, down from 7.3% a year ago [10]. Portfolio Update - As of March 31, 2025, total investments at fair value were $6,901,364,000, with 114 portfolio companies across 33 industries [14]. - The mix of first lien debt increased to 65.5%, while subordinated structured notes decreased to 4.2% [14]. - The annualized current yield for all investments was 9.2%, with performing interest-bearing investments yielding 11.5% [14]. Capital and Liquidity - The company has a diversified funding profile, including a $2.1 billion revolving credit facility and significant capital raised from preferred stock offerings [18][24]. - As of March 31, 2025, the net of cash debt to total assets ratio was 28.7%, and the net of cash debt to equity ratio was 40.8% [21]. Management Ownership - Senior management and employees own 28.8% of all common shares outstanding, valued at approximately $0.9 billion based on NAV [12].