Here are the 10-K annual reports from Prospect Capital Corporation (PSEC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PSEC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PSEC filings page.
Prospect Capital Corporation (PSEC), a Maryland-incorporated closed-end investment company, files its annual report as a business development company. Prospect is a financial services lender focused on privately held U.S. middle-market companies, targeting current income and long-term capital appreciation.
The company primarily invests in senior and secured first lien loans, with additional exposure to second lien loans, subordinated debt, convertible debt, preferred and common equity, and warrants. It also invests a smaller portion of assets in real estate through National Property REIT Corp. and in structured finance, including CLOs. As of June 30, 2026, total assets were approximately $6.4 billion, diversified across 31 industry categories, with no single industry (excluding CLOs) exceeding 18.1% of the portfolio by cost or fair value.
Prospect is externally managed by Prospect Capital Management L.P., earning a 2.00% annual base management fee on gross assets plus a two-part incentive fee: an income incentive fee over a 7.00% annualized hurdle rate, and a 20% capital gains incentive fee on net realized gains. The company maintains BDC and RIC status for regulatory and tax purposes. As of December 31, 2025, the aggregate market value of non-affiliate common equity was $889.5 million at a price of $2.59 per share, and as of August 19, 2026, there were 524,832,496 common shares outstanding.
Prospect Capital Corporation (PSEC) operates as a business development company that lends to and invests in U.S. middle-market private companies. The company reports approximately $7.0 billion of total assets as of June 30, 2025 and an aggregate market value of common equity held by non-affiliates of $1.349 billion as of December 31, 2024. There were 462,343,452 common shares outstanding as of August 25, 2025. Prospect is externally managed by Prospect Capital Management, which receives a 2.00% annual base management fee on gross assets plus a two-part incentive fee (an income-based catch-up/incentive structure and a 20% capital gains fee). The Board unanimously renewed the Investment Advisory Agreement for the 12-month period ending June 20, 2026. The company discloses an asset coverage ratio of 319.4% (based on $2.1 billion principal amount of indebtedness) and an asset coverage on senior securities that are stock of 173.3%. The filing describes valuation policies under ASC 820, monitoring and proxy voting procedures, dividend reinvestment plans (5% discount for common stock DRIP) and material tax-designation metrics for 2024.