NEW YORK, Aug. 26, 2020 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter and year ended June 30, 2020.

FINANCIAL RESULTS

All amounts in $000’s except per share amounts (on weighted average basis for period numbers)	Quarter Ended June 30, 2020			Quarter Ended March 31, 2020			Quarter Ended June 30, 2019
Net Investment Income (“NII”)	$	58,273		$	68,476		$	69,627
Interest as % of Total Investment Income		88.8	%		89.8	%		92.2	%
NII per Share	$	0.16		$	0.19		$	0.19
Net Income (Loss)	$	162,613		$	(185,699	)	$	38,886
Net Income (Loss) per Share	$	0.44		$	(0.51	)	$	0.11
Distributions to Shareholders	$	66,823		$	66,192		$	66,069
Distributions per Share	$	0.18		$	0.18		$	0.18
Since October 2017 NII per Share	$	2.19		$	2.04		$	1.47
Since October 2017 Distributions per Share	$	1.98		$	1.80		$	1.26
Since October 2017 NII Less Distributions per Share	$	0.21		$	0.24		$	0.21
NAV per Share at Period End	$	8.18		$	7.98		$	9.01
Net of Cash Debt to Equity Ratio		69.6	%		74.1	%		70.0	%
Net of Cash Asset Coverage of Debt Ratio		244	%		236	%		246	%
Unsecured Debt as % of Total Debt		89.1	%		92.5	%		93.1	%
Unsecured and Non-Recourse Debt as % of Total Debt		100	%		100	%		100	%

All amounts in $000’s except per share amounts	Year Ended June 30, 2020			Year Ended June 30, 2019
NII	$	265,694		$	312,859
NII per Share	$	0.72		$	0.85
Net (Loss) Income	$	(16,224	)	$	144,487
Net (Loss) Income per Share	$	(0.04	)	$	0.39
Distributions to Shareholders	$	265,277		$	263,624
Distributions per Share	$	0.72		$	0.72
NII / Distributions to Shareholders		100	%		119	%

CASH SHAREHOLDER DISTRIBUTION DECLARATION

Prospect is declaring shareholder distributions as follows:

Monthly Cash Shareholder Distribution	Record Date	Payment Date	Amount ($ per share)
September 2020	9/30/2020	10/22/2020	$0.0600
October 2020	10/30/2020	11/19/2020	$0.0600

These monthly cash distributions represent the 37^th and 38^th consecutive $0.06 per share distributions.

Prospect expects to declare November 2020, December 2020, and January 2021 distributions in November 2020.

Based on the declarations above, Prospect’s closing stock price of $5.17 at August 25, 2020 delivers to shareholders an annualized distribution yield of 13.9%.

Taking into account past distributions and our current share count for declared distributions, Prospect since inception through our October 2020 distribution will have distributed $18.24 per share to original shareholders, aggregating over $3.16 billion in cumulative distributions to all shareholders.

Since October 2017, our NII per share has aggregated $2.19 while our shareholder distributions per share have aggregated $1.98, resulting in our NII exceeding distributions during this period by $0.21 per share.

Initiatives focused on enhancing accretive NII per share growth include (1) our recently announced $1 billion targeted perpetual preferred equity program, (2) a greater utilization of our cost efficient revolving credit facility (with an incremental cost of approximately 1.4% at today’s one month Libor), and (3) increased originations in senior secured debt and selected equity investments to deliver targeted risk-adjusted yields and total returns as we deploy available capital from our current underleveraged balance sheet.

INSIDER PURCHASES

During the month of March 2020, our senior management team made open market purchases of $138 million of Prospect shares. Senior management and employee insider ownership is now over 27% of shares outstanding.

PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

All amounts in $000’s except per unit amounts	As of			As of			As of
	June 30, 2020			March 31, 2020			June 30, 2019
Total Investments (at fair value)	$	5,232,328		$	5,144,542		$	5,653,553
Number of Portfolio Companies		121			121			135
% Controlled Investments (at fair value)		43.2	%		43.0	%		43.8	%
Secured First Lien		46.9	%		44.8	%		43.9	%
Other Senior Secured Debt		24.4	%		23.6	%		23.5	%
Subordinated Structured Notes		13.5	%		13.7	%		15.1	%
Unsecured and Other Debt		1.0	%		0.9	%		1.4	%
Equity Investments		14.2	%		17.0	%		16.1	%
Mix of Investments with Underlying Collateral Security		84.8	%		82.1	%		83.3	%
Annualized Current Yield – All Investments		9.7	%		10.1	%		10.6	%
Annualized Current Yield – Performing Interest Bearing Investments		11.4	%		12.4	%		13.1	%
Top Industry Concentration(1)		15.2	%		14.7	%		14.6	%
Retail Industry Concentration(1)		0	%		0	%		0	%
Energy Industry Concentration(1)		1.6	%		1.7	%		2.7	%
Hotels, Restaurants & Leisure Concentration(1)		0.4	%		0.4	%		0.7	%
Non-Accrual Loans as % of Total Assets (2)		0.9	%		1.6	%		2.9	%
Weighted Average Portfolio Net Leverage(3)	4.51x			4.63x			4.67x
Weighted Average Portfolio EBITDA(3)	$	71,970		$	72,281		$	60,669

      ⁽¹⁾       Excluding our underlying industry-diversified structured credit portfolio.
      ⁽²⁾       Calculated at fair value.
      ⁽³⁾       For additional disclosure see “Weighted Average Portfolio EBITDA and Net Leverage” at the end of this release.

During the June 2020 and March 2020 quarters, our investment origination and repayment activity was as follows:

All amounts in $000’s	Quarter Ended			Quarter Ended
	June 30, 2020			March 31, 2020
Total Originations	$	36,563		$	402,370
Real Estate		52.8	%		0.0	%
Agented Sponsor Debt		35.8	%		62.6	%
Non-Agented Debt		0.0	%		27.3	%
Rated Secured Structured Notes		2.9	%		8.8	%
Corporate Yield Buyouts		8.5	%		1.3	%
Total Repayments	$	64,110		$	266,510
Originations, Net of Repayments	$	(27,547	)	$	135,860

Note: “Agented” debt refers to non-control debt investments where Prospect acts as the administrative agent or similar role, while “Non-agented” debt refers to non-control debt investments where Prospect has no such role. “Sponsor” refers to third-party institutional ownership.

We have invested in structured credit investments benefiting from individual standalone financings non-recourse to Prospect with our risk limited in each case to our net investment. At June 30, 2020 and March 31, 2020, our subordinated structured note portfolio at fair value consisted of the following:

All amounts in $000’s except per unit amounts	As of			As of
	June 30, 2020			March 31, 2020
Total Subordinated Structured Notes	$	708,961		$	704,403
# of Investments		39			39
TTM Average Cash Yield(1)(2)		17.4	%		18.3	%
Annualized Cash Yield(1)(2)		13.0	%		18.1	%
Annualized GAAP Yield on Fair Value(1)(2)		12.5	%		15.0	%
Annualized GAAP Yield on Amortized Cost(2)(3)		8.1	%		9.7	%
Cumulative Cash Distributions	$	1,211,395		$	1,188,308
% of Original Investment		86.6	%		84.9	%
# of Underlying Collateral Loans		1,658			1,683
Total Asset Base of Underlying Portfolio	$	17,530,303		$	17,810,722
Prospect TTM Default Rate		1.46	%		0.91	%
Broadly Syndicated Market TTM Default Rate		3.23	%		1.84	%
Prospect Default Rate Outperformance vs. Market		1.77	%		0.93	%

⁽¹⁾       Calculation based on fair value.
⁽²⁾       Excludes investments being redeemed.
⁽³⁾       Calculation based on amortized cost.

To date, including called investments being liquidated, we have exited nine subordinated structured notes totaling $263.4 million with an expected pooled average realized IRR of 16.7% and cash on cash multiple of 1.48 times.

Since December 31, 2017 through today, 27 of our structured credit investments have completed multi-year extensions of their reinvestment periods (typically at reduced liability spreads and with increased weighted average life asset benefits). We believe further long-term optionality upside exists in our structured credit portfolio through additional refinancings and reinvestment period extensions.

To date during the September 2020 quarter, we have completed new and follow-on investments as follows:

All amounts in $000’s	Quarter Ended
	September 30, 2020
Total Originations	$	109,875
Agented Sponsor Debt		43.9	%
Non-Agented Debt		22.7	%
Rated Secured Structured Notes		20.0	%
Real Estate		13.4	%
Total Repayments	$	64,110
Originations, Net of Repayments	$	45,765

CAPITAL AND LIQUIDITY

Our laddered funding profile includes a revolving credit facility (with 30 lenders), program notes, listed baby bonds, institutional bonds, and convertible bonds. We have retired upcoming maturities, including a recent retirement in April 2020, and as of today have zero debt maturing until July 2022. On September 9, 2019, we completed an amendment of our existing revolving credit facility (the “Facility”) for Prospect Capital Funding, extending the term 5.0 years from such date. Pricing for amounts drawn under the Facility is one-month Libor plus 2.20%.

The combined amount of our balance sheet cash and undrawn revolving credit facility commitments currently stands at approximately $498 million. Our total unfunded eligible commitments to non-control portfolio companies totals approximately $24 million.

All amounts in $000’s	As of June 30, 2020			As of March 31, 2020			As of June 30, 2019
Net of Cash Debt to Equity Ratio		69.6	%		74.1	%		70.0	%
% of Interest-Bearing Assets at Floating Rates		85.9	%		86.1	%		87.4	%
% of Liabilities at Fixed Rates		89.1	%		92.5	%		93.1	%
% of Floating Loans with LIBOR Floors		85.2	%		90.1	%		84.9	%
Weighted Average LIBOR Floor		1.67	%		1.55	%		1.73	%
Unencumbered Assets	$	3,772,478		$	3,561,643		$	4,121,775
% of Total Assets		71.2	%		68.3	%		71.1	%

The below table summarizes our June 2020 quarter term debt issuance and repurchase/repayment activity:

All amounts in $000’s	Principal	Rate	Maturity
Debt Issuances
Prospect Capital InterNotes®	$9,054	5.00% - 6.00%	April 15, 2025 - July 15, 2030
Debt Repurchases/Repayments
2020 Notes	$127,711	4.75%	April 2020
Prospect Capital InterNotes®	$1,384	4.50% - 6.63%	May 2025 - October 2043

$1.0775 billion of Facility commitments have closed to date with 30 lenders. An accordion feature allows the Facility, at Prospect's discretion, to accept up to $1.5 billion of commitments. The Facility matures September 9, 2024. The Facility includes a revolving period that extends through September 9, 2023, followed by an additional one-year amortization period, with distributions allowed to Prospect after the completion of the revolving period.

On November 7, 2019, we commenced a tender offer to purchase up to $50.0 million of our convertible notes that mature in July 2022 (“2022 Notes”). On December 7, 2019, $13.4 million was validly tendered and accepted, representing 4.4% of the outstanding notes. On December 23, 2019, we commenced a tender offer to purchase up to $25.0 million of the 2022 Notes. On January 22, 2020, $1.3 million was validly tendered and accepted, representing 0.5% of the outstanding notes. We repurchased an additional $32.6 million of the 2022 Notes during the March 2020 quarter. On July 23, 2020, we commenced a tender offer to purchase up to $100.0 million of the 2022 Notes during the September 2020 quarter. On August 20, 2020, $29.4 million was validly tendered and accepted, representing 11.4% of the outstanding notes.

On March 20, 2020, we commenced a tender offer to purchase up to $234.4 million of our unsecured notes that mature in June 2024 (“2024 Notes”). On March 31, 2020, $655 thousand was validly tendered and accepted.

We currently have eight separate unsecured debt issuances aggregating $1.9 billion outstanding, not including our program notes, with laddered maturities extending to June 2029. At June 30, 2020, $680.2 million of program notes were outstanding with laddered maturities through October 2043.

On August 3, 2020, we launched a $1 billion 5.50% perpetual preferred stock offering. Prospect expects to use the net proceeds from the Offering to maintain and enhance balance sheet liquidity, including repaying our credit facility and purchasing high quality short-term debt instruments, and to make long-term investments in accordance with its investment objective. The preferred stock provides Prospect with a diversified source of accretive fixed-rate capital without creating maturity risk due to the perpetual term.

Prospect holds investment grade company ratings from Standard & Poor’s (BBB-), Moody’s (Baa3), Kroll (BBB-), and Egan-Jones (BBB). Maintaining our investment grade ratings with prudent asset, liability, and risk management is an important objective for Prospect.

DIVIDEND REINVESTMENT PLAN

We have adopted a dividend reinvestment plan (also known as a “DRIP”) that provides for reinvestment of our distributions on behalf of our shareholders, unless a shareholder elects to receive cash. On April 17, 2020, our board of directors approved amendments to the Company’s DRIP, effective May 21, 2020. These amendments principally provide for the number of newly-issued shares pursuant to the DRIP to be determined by dividing (i) the total dollar amount of the distribution payable by (ii) 95% of the closing market price per share of our stock on the valuation date of the distribution (providing a 5% discount to the market price of our common stock), a benefit to shareholders who participate.

HOW TO PARTICIPATE IN OUR DIVIDEND REINVESTMENT PLAN

Shares held with a broker or financial institution

Many shareholders have been automatically “opted out” of our DRIP by their brokers. Even if you have elected to automatically reinvest your PSEC stock with your broker, your broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and you may therefore not be receiving the 5% pricing discount. Shareholders interested in participating in our DRIP to receive the 5% discount should contact their brokers to make sure each such DRIP participation election has been made through DTC. In making such DRIP election, each shareholder should specify to one’s broker the desire to participate in the "Prospect Capital Corporation DRIP through DTC" that issues shares based on 95% of the market price (a 5% discount to the market price) and not the broker's own "synthetic DRIP” plan (if any) that offers no such discount. Each shareholder should not assume one’s broker will automatically place such shareholder in our DRIP through DTC. Each shareholder will need to make this election proactively with one’s broker or risk not receiving the 5% discount. Each shareholder may also consult with a representative of such shareholder’s broker to request that the number of shares the shareholder wishes to enroll in our DRIP be re-registered by the broker in the shareholder’s own name as record owner in order to participate directly in our DRIP.

Shares registered directly with our transfer agent

If a shareholder holds shares registered in the shareholder’s own name with our transfer agent (less than 0.1% of our shareholders hold shares this way) and wants to make a change to how the shareholder receives dividends, please contact our plan administrator, American Stock Transfer and Trust Company LLC by calling (888) 888-0313 or by mailing American Stock Transfer and Trust Company LLC, 6201 15^th Avenue, Brooklyn, New York 11219.

EARNINGS CONFERENCE CALL

Prospect will host an earnings call on Thursday, August 27, 2020 at 11:00 am. Eastern Time. Dial 888-338-7333. For a replay prior to September 28, 2020 visit www.prospectstreet.com or call 877-344-7529 with passcode 10147561.

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except share and per share data)

	June 30, 2020				June 30, 2019
	(Audited)				(Audited)
Assets
Investments at fair value:
Control investments (amortized cost of $2,286,725 and $2,385,806, respectively)	$	2,259,292			$	2,475,924
Affiliate investments (amortized cost of $163,484 and $177,616, respectively)	187,537				76,682
Non-control/non-affiliate investments (amortized cost of $3,332,509 and $3,368,880, respectively)	2,785,499				3,100,947
Total investments at fair value (amortized cost of $5,782,718 and $5,932,302, respectively)	5,232,328				5,653,553
Cash	44,561				107,098
Receivables for:
Interest, net	11,712				26,504
Other	106				3,326
Deferred financing costs on Revolving Credit Facility	9,145				8,529
Prepaid expenses	1,248				1,053
Due from broker	1,063				—
Total Assets	5,300,163				5,800,063
Liabilities
Revolving Credit Facility	237,536				167,000
Public Notes (less unamortized discount and debt issuance costs of $12,802 and $13,826, respectively)	782,106				780,548
Prospect Capital InterNotes® (less unamortized debt issuance costs of $11,613 and $12,349, respectively)	667,427				695,350
Convertible Notes (less unamortized debt issuance costs of $8,892 and $13,867, respectively)	450,598				739,997
Due to Prospect Capital Management	42,481				46,525
Interest payable	29,066				34,104
Dividends payable	22,412				22,028
Due to Prospect Administration	7,000				1,885
Accrued expenses	3,648				5,414
Due to broker	1				—
Other liabilities	2,027				937
Total Liabilities	2,244,302				2,493,788
Commitments and Contingencies
Net Assets	$	3,055,861			$	3,306,275
Components of Net Assets
Common stock, par value $0.001 per share (1,000,000,000 common shares authorized; 373,538,499 and 367,131,025 issued and outstanding, respectively)	$	374			$	367
Paid-in capital in excess of par	4,070,874				4,039,872
Total distributable earnings (loss)	(1,015,387		)		(733,964		)
Net Assets	$	3,055,861			$	3,306,275
Net Asset Value Per Share	$	8.18			$	9.01

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)

	Three Months Ended June 30,								Year Ended June 30,
	2020				2019				2020				2019
Investment Income
Interest income:
Control investments	$	48,647			$	50,006			$	200,948			$	211,212
Affiliate investments	7,324				312				12,649				943
Non-control/non-affiliate investments	50,901				66,963				229,963				271,907
Structured credit securities	22,083				34,323				110,816				140,054
Total interest income	128,955				151,604				554,376				624,116
Dividend income:
Control investments	1,000				2,850				10,335				34,127
Affiliate investments	—				—				—				659
Non-control/non-affiliate investments	104				462				1,109				1,243
Total dividend income	1,104				3,312				11,444				36,029
Other income:
Control investments	13,299				6,680				47,311				36,011
Affiliate investments	37				—				38				—
Non-control/non-affiliate investments	1,834				2,757				10,361				7,611
Total other income	15,170				9,437				57,710				43,622
Total Investment Income	145,229				164,353				623,530				703,767
Operating Expenses
Base management fee	26,279				29,149				108,910				121,833
Income incentive fee	16,202				17,407				68,057				78,215
Interest and credit facility expenses	34,765				39,721				148,368				157,231
Allocation of overhead from Prospect Administration	4,646				3,746				18,247				14,837
Audit, compliance and tax related fees	1,299				1,552				4,028				5,014
Directors’ fees	115				116				453				457
Other general and administrative expenses	1,316				3,035				9,773				13,321
Total Operating Expenses	86,956				94,726				357,836				390,908
Net Investment Income	58,273				69,627				265,694				312,859
Net Realized and Net Change in Unrealized (Losses) Gains from Investments
Net realized gains (losses)
Control investments	—				—				—				14,309
Affiliate investments	(7,311		)		—								—
Non-control/non-affiliate investments	—				1,167				(7,574		)		375
Net realized gains (losses)	(7,311		)		1,167				(7,574		)		14,684
Net change in unrealized (losses) gains
Control investments	54,775				27,234				(117,552		)		5,105
Affiliate investments	104,241				(11,699		)		67,077				(35,449		)
Non-control/non-affiliate investments	(47,310		)		(45,887		)		(221,167		)		(144,225		)
Net change in unrealized (losses) gains	111,706				(30,352		)		(271,642		)		(174,569		)
Net Realized and Net Change in Unrealized (Losses) Gains from Investments	104,395				(29,185		)		(279,216		)		(159,885		)
Net realized gains (losses) on extinguishment of debt	(55		)		(1,556		)		(2,702		)		(8,487		)
Net (Decrease) Increase in Net Assets Resulting from Operations	$	162,613			$	38,886			$	(16,224	)		$	144,487
Net (decrease) increase in net assets resulting from operations per share	$	0.44			$	0.11			$	(0.04	)		$	0.39
Dividends declared per share	$	(0.18	)		$	(0.18	)		$	(0.72	)		$	(0.72	)

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES
ROLLFORWARD OF NET ASSET VALUE PER SHARE
(in actual dollars)

	Three Months Ended June 30,										Year Ended June 30,
	2020					2019					2020				2019
Per Share Data
Net asset value at beginning of period	$	7.98				$	9.08				$	9.01			$	9.35
Net investment income(1)	0.16					0.19					0.72				0.85
Net realized and change in unrealized gains (losses) (1)	0.28					(0.08		)			(0.76		)		(0.46		)
Net increase (decrease) from operations	0.44					0.11					(0.04		)		0.39
Distributions of net investment income	(0.18		)			(0.18		)			(0.72		)		(0.72		)
Common stock transactions(2)	(0.05		)			—			(3)		(0.07		)		(0.01		)
Net asset value at end of period	$	8.18		(4)		$	9.01				$	8.18			$	9.01

(1) Per share data amount is based on the weighted average number of common shares outstanding for the period presented (except for dividends to shareholders which is based on actual rate per share).

(2) Common stock transactions include the effect of issuances and repurchases of common stock, if any.

(3) Amount is less than $0.01.

(4) Does not foot due to rounding.

WEIGHTED AVERAGE PORTFOLIO EBITDA AND NET LEVERAGE

Weighted Average Portfolio Net Leverage (“Portfolio Net Leverage”) and Weighted Average Portfolio EBITDA (“Portfolio EBITDA”) provide clarity into the underlying capital structure of our portfolio debt investments and the likelihood that our overall portfolio will make interest payments and repay principal.

Portfolio Net Leverage reflects the net leverage of each of our portfolio company debt investments, weighted based on the current debt principal outstanding of such investments. The net leverage for each portfolio company is calculated based on our investment in the capital structure of such portfolio company, with a maximum limit of 10.0x adjusted EBITDA. This calculation excludes debt subordinate to our position within the capital structure because our exposure to interest payment and principal repayment risk is limited beyond that point. Additionally, structured credit residual interests and equity investments, for which principal repayment is not fixed, are also not included in the calculation. The calculation does not exceed 10.0x adjusted EBITDA for any individual investment because 10.0x captures the highest level of risk to us. Portfolio Net Leverage provides us with some guidance as to our exposure to the interest payment and principal repayment risk of our overall debt portfolio.  We monitor our Portfolio Net Leverage on a quarterly basis.

Portfolio EBITDA is used by Prospect to supplement Portfolio Net Leverage and generally indicates a portfolio company’s ability to make interest payments and repay principal.  Portfolio EBITDA is calculated using the weighted average dollar amount EBITDA of each of our portfolio company debt investments.  The calculation provides us with insight into profitability and scale of the portfolio companies within our overall debt investments. 

These calculations include addbacks that are typically negotiated and documented in the applicable investment documents, including but not limited to transaction costs, share-based compensation, management fees, foreign currency translation adjustments and other nonrecurring transaction expenses.

Together, Portfolio Net Leverage and Portfolio EBITDA assist us in assessing the likelihood that we will timely receive interest and principal payments.  However, these calculations are not meant to substitute for an analysis of our underlying portfolio company debt investments, but to supplement such analysis.

ABOUT PROSPECT CAPITAL CORPORATION

Prospect Capital Corporation (www.prospectstreet.com) is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

We have elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). We are required to comply with regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made. We undertake no obligation to update any such statement now or in the future.

For additional information, contact:

Grier Eliasek, President and Chief Operating Officer
grier@prospectcap.com
Telephone (212) 448-0702

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