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Jun 30, 2023
Prospect Capital Q4 2023 Earnings Report
Announced financial results for the fiscal quarter and year ended June 30, 2023, and declared stable monthly dividends through October 2023 of $0.06 per common share.
Key Takeaways
Prospect Capital Corporation reported a net investment income of $112.779 million, or $0.23 per share, for the quarter ended June 30, 2023. The company declared monthly dividends of $0.06 per common share through October 2023. Since inception through our October 2023 declared distribution, Prospect will have distributed $20.40 per share to original common shareholders, representing 2.2 times June 2023 common NAV per share, aggregating over $4.01 billion in cumulative distributions to all common shareholders.
Net Investment Income (NII) for the quarter was $112.779 million, or $0.23 per share.
Distributions to common shareholders were $0.18 per share for the quarter.
NAV per Common Share was $9.24 as of June 30, 2023.
The company declared monthly dividends of $0.06 per common share through October 2023.
Revenue by Segment
Forward Guidance
Prospect expects to declare November 2023, December 2023, and January 2024 distributions to common shareholders in November 2023. Drivers focused on enhancing accretive NII per share growth include (1) our $2.05 billion targeted 6.50% perpetual preferred stock offerings (which could potentially be increased in capacity in an accretive fashion), (2) greater utilization of our cost efficient revolving floating rate credit facility, (3) increase of short-term Libor and SOFR rates based on Fed tightening to boost asset yields, and (4) increased primary and secondary originations of senior secured debt and selected equity investments targeting attractive risk-adjusted yields and total returns as we deploy dry powder from our underleveraged balance sheet.
Positive Outlook
- Targeted $2.05 billion 6.50% perpetual preferred stock offerings.
- Greater utilization of cost-efficient revolving floating rate credit facility.
- Increase of short-term Libor and SOFR rates based on Fed tightening to boost asset yields.
- Increased primary and secondary originations of senior secured debt and selected equity investments targeting attractive risk-adjusted yields and total returns.
- Deployment of dry powder from underleveraged balance sheet.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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