Prospect Capital (PSEC) Investor presentation summary
Event summary combining transcript, slides, and related documents.
Investor presentation summary
8 May, 2026Operating history and scale
Over 21 years of operating history with $22B+ invested and more than 350 investment exits.
Portfolio includes 89 investments across 31 industries, totaling $6.4B in assets.
Managed by a team of 130 professionals with a vertically integrated platform.
One of the largest listed BDCs, with $8.1B of capital and $4.6B in equity.
Significant insider ownership at 27.5%, totaling $811M based on NAV.
Investment strategy and portfolio
Focus on senior and secured lending, with 84% of the portfolio in these instruments and 72% first lien.
Primarily targets U.S. middle-market companies, especially those with EBITDA under $50M.
Emphasizes capital preservation, risk reduction, and avoidance of yield chasing.
Limited software industry exposure at 3%, compared to a 23% peer average.
Rigorous screening process with less than 2% of sourced opportunities advancing to closing.
Financial performance and credit quality
Achieved a 12% exited gross IRR since inception, with higher returns (16.9%) for sub-$50M EBITDA investments.
Non-accrual loan rate remains low at 0.7% as of March 2026.
Annualized net realized loss rate is 0.2% for sub-$50M EBITDA borrowers, outperforming reference loss rates.
Portfolio companies show strong credit statistics: average net leverage of 4.9x and cash interest coverage of 205%.
92% of LTM investment income is from interest, with a 41% year-over-year reduction in PIK interest.
Latest events from Prospect Capital
- Net investment income was $78.5M, with a focus on first lien loans and strong liquidity.PSEC
Q3 20268 May 2026 - Shareholders are called to vote on a major operating initiative at the June 2026 special meeting.PSEC
Proxy filing16 Apr 2026 - Renewal of approval to issue stock below NAV aims to boost flexibility and shareholder value.PSEC
Proxy filing9 Apr 2026 - Proposal seeks renewed authority to sell common stock below NAV, with Board support and dilution risks.PSEC
Proxy Filing11 Mar 2026 - Shareholders are asked to approve limited sales of stock below net asset value for the next year.PSEC
Proxy Filing11 Mar 2026 - Robust middle-market lender with strong returns, low risk, and disciplined financial management.PSEC
Investor presentation2 Mar 2026 - Shareholders are asked to renew approval for below-NAV stock sales, capped at 25% per sale.PSEC
Proxy Filing27 Feb 2026 - Net investment income was $91M, NAV per share $6.21, and first lien loan exposure increased.PSEC
Q2 202610 Feb 2026 - Net investment income was $102.9M, NAV $8.74, and the 86th straight dividend was declared.PSEC
Q4 202422 Jan 2026