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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 is offering senior unsecured Prospect Capital InterNotes® under an existing medium-term note program, with its board authorizing up to $1 billion aggregate principal amount of additional notes. Recent pricing supplements include a 6.000% note due 2029 with $97,000 principal and a 6.250% note due 2031 with $10,000 principal, both sold at par and callable at 100% on or after February 15, 2027. Interest is paid semi-annually, and the notes rank equally with other unsecured senior debt.
The company is a long-tenured business development company with approximately $6.5 billion in total assets and a portfolio fair value of about $6.4 billion across 91 investments as of December 31, 2025. The portfolio’s annualized current yield was 10.9% on performing interest-bearing investments and 8.3% across all investments; NAV per share was $6.21.
Recent activity includes the July 2026 sale of a 94.99% equity interest in Valley Electric Company for $280.8 million total consideration, generating a realized equity gain of $131.8 million and $143.9 million cash at closing, plus escrow and earn-out potential. Between May 14 and August 10, 2026, the company repurchased $40.1 million of 3.437% 2028 Notes and $1.4 million of 3.364% 2026 Notes below par.
Prospect Capital Corporation filed Post-Effective Amendment No. 22 to its Form N-2 shelf registration (File No. 333-293349). The company is a business development company and this amendment is made under Rule 462(d) solely to add and update exhibits.
The amendment consists only of the facing page, an explanatory note, and Part C listing financial statements incorporated by reference and an extensive schedule of charter documents, bylaws, indentures, and numerous supplemental indentures for Prospect Capital InterNote® and other notes. It does not modify any other part of the existing registration statement and becomes effective immediately upon filing with the SEC.
Prospect Capital Corporation is offering senior unsecured Prospect Capital InterNotes under an existing medium-term note program, with board authorization to issue up to $1 billion of notes. As of February 6, 2026, $637.2 million aggregate principal amount of InterNotes remained outstanding.
This preliminary supplement outlines three fixed-rate InterNotes: 6.000% Notes due 2029, 6.250% Notes due 2031 and 6.500% Notes due 2033, all paying semi-annual interest and callable at 100% of principal on or after February 15, 2027, with a Survivor’s Option and ranking as unsecured senior obligations under a 2012 indenture. Recent activity includes the agreed sale of Valley Electric for approximately $328.0 million, repurchases of existing 2026 and 2028 notes, and continued monthly and quarterly dividends on multiple preferred series and common stock. The company reports total assets of about $6.5 billion and a net asset value of $6.21 per share as of December 31, 2025.
Prospect Capital Corporation, a business development company focused on middle-market lending, is issuing additional Prospect Capital InterNotes as unsecured senior obligations under its $1 billion medium-term note program. New tranches include 6.000% notes due 2029 and 6.500% notes due 2033, each sold at 100% of principal and callable at par on or after February 15, 2027; all pay semiannual interest starting February 15, 2027 and include a Survivor’s Option.
Across the program, $637.2 million of InterNotes were outstanding as of early 2026, within a broader capital structure of about $1.4 billion unsecured and $0.7 billion secured debt. Prospect reports approximately $6.5 billion of total assets and $6.4 billion of investments across 91 portfolio companies and CLOs, with an 8.3% portfolio yield and NAV of $6.21 per share as of December 31, 2025. Recent actions include a roughly $328.0 million sale of Valley Electric Company, Inc. and opportunistic repurchases of outstanding 2026 and 2028 notes, alongside continued monthly and quarterly dividends on common and multiple preferred stock series.
Prospect Capital Corporation filed Post-Effective Amendment No. 21 to its Form N-2 registration statement under Rule 462(d) solely to add and update exhibits, including an extensive list of indentures and supplemental indentures for various Prospect Capital InterNote and senior note offerings.
The amendment incorporates by reference the company’s audited consolidated financial statements for the years ended June 30, 2022, 2021 and 2020, along with unaudited interim financials as of and for the periods ended December 31, 2022. It becomes effective immediately upon filing and does not modify any other part of the existing registration statement or register additional securities.
Prospect Capital Corporation is offering new series of senior unsecured Prospect Capital InterNotes, including 6.000% Notes due 2029, 6.250% Notes due 2031 and 6.500% Notes due 2033. The notes pay interest semi-annually on February 15 and August 15, beginning February 15, 2027, and are callable at 100% of principal plus accrued interest on or after February 15, 2027. Each series includes a Survivor’s Option, ranks equally with other unsecured senior indebtedness, and is issued in minimum denominations of $1,000 under an existing indenture.
The company has board authorization to issue up to $1 billion of InterNotes in this program, with $637.2 million outstanding as of February 6, 2026. As of December 31, 2025, Prospect Capital reported approximately $6.5 billion of total assets, a diversified portfolio of 91 investments with aggregate fair value of about $6.4 billion, and an annualized current yield of 10.9% on performing interest-bearing investments. Net asset value per share was $6.21 as of that date.
Leverage is significant: as of February 6, 2026, unsecured senior indebtedness totaled about $1.4 billion and secured indebtedness about $0.7 billion, including $743.1 million drawn on the credit facility. Recent activity includes the sale of its investment in Valley Electric Company, Inc. for consideration of approximately $328.0 million (subject to adjustments and earn-out) and repurchases of $34.4 million of 3.437% 2028 Notes and $0.7 million of 3.364% 2026 Notes. The supplement also details extensive risks related to leverage, subordination to secured and subsidiary debt, interest rate movements, limited covenants in the notes and benchmark risks for any floating-rate series based on SOFR, Compounded SOFR or Term SOFR.
Prospect Capital Corporation is issuing Prospect Capital InterNotes® under its medium-term note program, including 6.000% senior unsecured notes due 2029 with $84,000 principal and $83,055 in net proceeds at a 100% selling price and 1.125% concession. These notes pay fixed interest semi-annually on February 15 and August 15, beginning February 15, 2027, and mature on August 15, 2029, with minimum denominations of $1,000. They are callable at 100% of principal plus accrued interest from February 15, 2027.
The notes rank as direct senior unsecured obligations, alongside other unsecured debt, and are effectively subordinated to secured borrowings and structurally subordinated to subsidiary liabilities. As of early 2026, Prospect had about $1.4 billion unsecured and $0.7 billion secured debt outstanding and $637.2 million of InterNotes outstanding within a $1 billion board authorization. The company reports total assets of about $6.5 billion and a NAV of $6.21 per share as of December 31, 2025.
Prospect Capital Corporation files Post-Effective Amendment No. 20 to its Form N-2 registration statement (File No. 333-293349) as a technical update. The amendment is submitted under Rule 462(d) solely to add and organize exhibits, including extensive indentures and supplemental indentures related to Prospect Capital InterNote® offerings and various note issuances.
The amendment expressly states that it does not modify any other part of the existing registration statement, and the prior contents are incorporated by reference. As permitted by Rule 462(d), this post-effective amendment becomes effective immediately upon filing with the SEC. The filing also lists the financial statements that are incorporated by reference into Part A, covering consolidated results through June 30, 2022 and interim data through December 31, 2022.
Prospect Capital Corporation is offering three series of Prospect Capital InterNotes® senior unsecured notes: 6.000% Notes due 2029, 6.250% Notes due 2031 and 6.500% Notes due 2033, each issued at 100% of principal, paying fixed interest semi‑annually on February 15 and August 15, beginning February 15, 2027. The notes are callable at 100% of principal plus accrued interest at Prospect Capital’s option on or after February 15, 2027, and include a Survivor’s Option, allowing certain early repayment upon a beneficial owner’s death, subject to annual issuer caps.
The notes rank as senior unsecured obligations, pari passu with existing Public Notes and other unsecured senior debt, and are effectively subordinated to secured borrowings and structurally subordinated to subsidiary liabilities. As of February 6, 2026, Prospect Capital and its subsidiaries had approximately $1.4 billion of unsecured senior debt and $0.7 billion of secured debt outstanding, including $743.1 million under its credit facility. The company reports total assets of about $6.5 billion and an investment portfolio fair value of roughly $6.4 billion as of December 31, 2025.
Recent developments include the July 1, 2026 sale of the investment in Valley Electric Company, Inc. for consideration of approximately $328.0 million (subject to adjustments and earn‑out) and declarations of regular monthly and quarterly dividends on multiple preferred stock series and common stock. The filing highlights risks related to leverage, covenant compliance, interest‑rate movements, benchmark reform for SOFR‑linked notes and limited protective covenants in the indenture.