NEW YORK, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter and year ended June 30, 2022.
FINANCIAL RESULTS
All amounts in $000’s except p er share amounts (on weighted average basis for period numbers)
| Quarter Ended | Quarter Ended | Quarter Ended |
June 30, 2022 | March 31, 2022 | June 30, 2021 |
| | | |
Net Investment Income (“NII”) | $89,969 | $87,005 | $73,229 |
Basic NII per Common Share(1) | $0.21 | $0.20 | $0.19 |
Interest as % of Total Investment Income | 83.3% | 78.5% | 87.5% |
| | | |
Net (Loss) Income Applicable to Common Stockholders | $(56,643) | $157,157 | $242,421 |
Basic Net (Loss) Income per Common Share(2) | $(0.14) | $0.40 | $0.62 |
| | | |
Distributions to Common Shareholders | $70,672 | $70,439 | $69,857 |
Distributions per Common Share | $0.18 | $0.18 | $0.18 |
| | | |
Since Oct 2017 Basic NII per Common Share(1) | $3.75 | $3.54 | $2.93 |
Since Oct 2017 Distributions per Common Share | $3.42 | $3.24 | $2.70 |
Since Oct 2017 Basic NII Less Distributions per Common Share | $0.33 | $0.30 | $0.23 |
| | | |
Net Asset Value (“NAV”) to Common Shareholders | $4,119,123 | $4,236,011 | $3,808,477 |
NAV per Common Share | $10.48 | $10.81 | $9.81 |
| | | |
Net of Cash Debt to Equity Ratio(3) | 56.8% | 53.9% | 55.9% |
Net of Cash Asset Coverage of Debt Ratio(3) | 275% | 284% | 277% |
| | | |
Unsecured Debt as % of Total Debt | 69.7% | 73.3% | 84.3% |
Unsecured and Non-Recourse Debt as % of Total Debt | 100.0% | 100.0% | 100.0% |
(1) Basic NII is calculated by dividing NII, less preferred dividends, by the weighted average number of common shares outstanding.
(2) Basic Net (Loss) Income is calculated by dividing Net (Loss) Income by the weighted average number of common shares outstanding.
(3) Including our preferred stock as equity.
All amounts in $000's except per share amounts
| Year Ended | Year Ended | |
June 30, 2022 | June 30, 2021 | |
| | | |
Net Investment Income ("NII") | $343,900 | $285,737 | |
Basic NII per Common Share(1) | $0.81 | $0.74 | |
| | | |
Net Income applicable to Common Stockholders | $556,649 | $962,096 | |
Basic Net Income per Common Share | $1.43 | $2.51 | |
| | | |
Distributions to Common Shareholders | $281,394 | $276,145 | |
Distributions per Common Share | $0.72 | $0.72 | |
(1) Basic NII is calculated by dividing NII, less preferred dividends, by the weighted average number of common shares outstanding.
CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION
Prospect is declaring distributions to common shareholders as follows:
Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount (per share) |
September 2022 | 9/28/2022 | 10/20/2022 | $0.06 |
October 2022 | 10/27/2022 | 11/17/2022 | $0.06 |
These monthly cash distributions are the 61st and 62nd consecutive $0.06 per share distributions to common shareholders.
Prospect expects to declare November 2022, December 2022, and January 2023 distributions to common shareholders in November 2022.
Based on the declarations above, Prospect’s closing stock price of $7.80 at August 26, 2022 delivers to our common shareholders an annualized distribution yield of 9.2%.
Taking into account past distributions and our current share count for declared distributions, and since inception through our October 2022 declared distribution, Prospect will have distributed $19.68 per share to original common shareholders, aggregating over $3.7 billion in cumulative distributions to all common shareholders.