|
|
|
|
||
PSEC Announces March 2023 Financial Results and Declares Monthly DIVProspect Capital Announces March 2023 Financial Results and Declares Stable Monthly Dividends through August 2023 of $0.06 Per ShareNEW YORK, May 09, 2023 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced financial results for our fiscal quarter ended March 31, 2023. FINANCIAL RESULTS
CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION Prospect is declaring distributions to common shareholders as follows:
These monthly cash distributions are the 69 th , 70 th , 71 st and 72 nd consecutive $0.06 per share distributions to common shareholders. Prospect expects to declare September 2023 and October 2023 distributions to common shareholders in August 2023. Based on the declarations above, Prospect’s closing stock price of $6.38 at May 8, 2023 delivers to our common shareholders an annualized distribution yield of 11.3% and an annualized basic NII yield of 13.2%, representing 117% basic NII coverage of common distributions. Prospect's 92.1% interest income as a percent of total investment income in March 2023 was at the highest level since September 2020, demonstrating Prospect's strong recurring revenue model. Prospect's 47.1% net of cash debt to equity level, including our preferred stock as equity, stands at the lowest level since March 2013, demonstrating Prospect's conservative balance sheet capitalization. Taking into account past distributions and our current share count for declared distributions, since inception through our August 2023 declared distribution, Prospect will have distributed $20.28 per share to original common shareholders, representing 2.1 times March 2023 common NAV, aggregating over $3.96 billion in cumulative distributions to all common shareholders. Since inception in 2004, Prospect has invested $20 billion across 414 investments, exiting 278 of these investments. Since October 2017, our NII per common share has aggregated $4.40 while our common shareholder and preferred shareholder distributions per common share have aggregated $3.96, with our NII exceeding common and preferred distributions during this period by $0.44 per common share ($166 million of excess NII) and representing 111% coverage. 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 (with an incremental cost of approximately 6.71% at today’s one month SOFR), (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. Our senior management team and employees own over 27% of all common shares outstanding, over $1.0 billion of our common equity as measured at NAV. |
return to message board, top of board |