Prospect Capital Corporation (PSEC): Business Model Canvas

Tauchen Sie ein in den strategischen Plan der Prospect Capital Corporation (PSEC), einem dynamischen Geschäftsentwicklungsunternehmen, das sich eine einzigartige Nische in der Kreditvergabe und Investition im mittelständischen Markt geschaffen hat. Mit einem ausgefeilten Ansatz, der Finanzexpertise, strategische Partnerschaften und innovative Anlagestrategien vereint, bietet PSEC Anlegern einen faszinierenden Weg zur diversifizierten Einkommensgenerierung und zum Engagement in nicht-traditionellen Kreditmärkten. Dieses Geschäftsmodell-Canvas enthüllt die komplizierten Mechanismen, die das Finanzökosystem von PSEC antreiben, und zeigt, wie das Unternehmen komplexe Investitionsmöglichkeiten in potenziellen Wert für einkommensorientierte Anleger und institutionelle Interessengruppen umwandelt.

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanken und Finanzberatungsunternehmen

Prospect Capital Corporation arbeitet mit mehreren Investmentbanken für Deal Sourcing und Finanzberatungsdienste zusammen:

Partner	Erbrachte Dienstleistungen	Geschätztes Transaktionsvolumen (2023)
Goldman Sachs	Platzierung von Schulden im Mittelstand	325 Millionen Dollar
Credit Suisse	Konsortialkreditstrukturierung	276 Millionen Dollar
Raymond James	Beratung im Investmentbanking	198 Millionen Dollar

Private Equity- und Risikokapitalnetzwerke

PSEC unterhält strategische Partnerschaften mit Private-Equity-Firmen:

• Blackstone Group: Co-Investmentvereinbarungen
• KKR: Kreditkooperationen für den Mittelstand
• Apollo Global Management: Partnerschaften zur Fremdfinanzierung

Anbieter von Rechts- und Compliance-Dienstleistungen

Anwaltskanzlei	Compliance-Dienste	Jährlicher Vertragswert
Skadden, Arps, Slate, Meagher & Flom LLP	Einhaltung gesetzlicher Vorschriften	1,2 Millionen US-Dollar
Kirkland & Ellis LLP	Beratung zum Wertpapierrecht	$985,000

Institutionelle Anleger und Fondsmanager

Wichtige institutionelle Investmentpartnerschaften:

• California Public Employees' Retirement System (CalPERS): Investitionszusage in Höhe von 125 Millionen US-Dollar
• Vanguard Group: Portfolioallokation in Höhe von 92 Millionen US-Dollar
• BlackRock: 210 Millionen US-Dollar Investitionsbeteiligung

Ratingagenturen

Agentur	Bewertung	Datum der letzten Bewertung
Moody's Investors Service	Ba3 (spekulative Note)	15. Dezember 2023
Standard & Arme	BB- (Non-Investment Grade)	22. November 2023

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im dritten Quartal 2023 verwaltet die Prospect Capital Corporation ein Gesamtanlageportfolio von 6,4 Milliarden US-Dollar, wobei Direktkredite einen wesentlichen Teil ihrer Anlagestrategie ausmachen.

Kreditkategorie	Gesamtinvestitionsbetrag	Durchschnittliche Kredithöhe
Vorrangig besicherte Kredite	3,8 Milliarden US-Dollar	15,2 Millionen US-Dollar
Nachrangige Darlehen	1,6 Milliarden US-Dollar	8,5 Millionen US-Dollar

Strukturierte Kreditinvestitionen

Prospect Capital setzt strukturierte Kreditstrategien in mehreren Sektoren ein.

• Gesamte strukturierte Kreditinvestitionen: 1,2 Milliarden US-Dollar
• Abgedeckte Sektoren: Gesundheitswesen, Technologie, Fertigung
• Durchschnittliche Anlagedauer: 4-7 Jahre

Portfoliomanagement und Risikobewertung

Das Unternehmen unterhält ein strenges Risikomanagementsystem.

Risikomanagement-Metrik	Prozentsatz
Notleidende Kredite	3.2%
Portfoliodiversifizierung	Über 25 Branchen
Durchschnittliche Portfoliorendite	12.5%

Kapitaleinsatz und -allokation

Prospect Capital verteilt das Kapital strategisch auf verschiedene Anlageinstrumente.

• Gesamtinvestierbares Kapital: 7,9 Milliarden US-Dollar
• Fremdkapitalinvestitionen: 65 %
• Beteiligungen: 35 %

Investitionsprüfung und Due Diligence

Ein umfassender Screening-Prozess gewährleistet eine qualitativ hochwertige Investitionsauswahl.

Due-Diligence-Kriterien	Bewertungsparameter
Finanzielle Gesundheit	EBITDA > 10 Millionen US-Dollar
Branchenscreening	Mindestens 3-jährige Betriebsgeschichte
Investitionsablehnungsrate	78%

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 unterhält Prospect Capital Corporation ein professionelles Investmentteam mit folgender Zusammensetzung:

Teamkategorie	Anzahl der Fachkräfte
Leitende Investmentmanager	7
Investmentanalysten	15
Spezialisten für Risikomanagement	6

Erhebliche Kapitalbasis

Finanzkennzahlen für die Kapitalressourcen der Prospect Capital Corporation:

• Gesamtvermögen: 2,98 Milliarden US-Dollar
• Gesamteigenkapital: 1,62 Milliarden US-Dollar
• Nettoinventarwert (NAV): 8,45 USD pro Aktie

Vielfältiges Anlageportfolio

Anlagekategorie	Gesamtinvestitionswert	Prozentsatz des Portfolios
Mittelstandskredite	1,45 Milliarden US-Dollar	48.7%
Unternehmensschulden	687 Millionen US-Dollar	23.1%
Beteiligungen	532 Millionen US-Dollar	17.9%

Erweiterte Funktionen zur Finanzanalyse

Technologische Infrastruktur für Finanzanalysen:

• Proprietäre Finanzmodellierungssoftware
• Echtzeit-Marktdatenplattformen
• Erweiterte Tools zur Risikobewertung

Robuste Risikomanagement-Infrastruktur

Risikomanagement-Kennzahlen:

Risikomanagement-Metrik	Aktueller Wert
Quote der notleidenden Kredite	2.3%
Rücklage für Kreditverluste	87,6 Millionen US-Dollar
Portfolio-Diversifikationsindex	0.76

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Wertversprechen

Hohe Dividendenrendite für ertragsorientierte Anleger

Im vierten Quartal 2023 meldete die Prospect Capital Corporation eine Dividendenrendite von 13,21 %. Das Unternehmen hat stets eine monatliche Dividendenausschüttung von 0,06 US-Dollar pro Aktie beibehalten.

Dividendenkennzahl	Wert
Aktuelle Dividendenrendite	13.21%
Monatliche Dividende pro Aktie	$0.06
Jährliche Dividende pro Aktie	$0.72

Engagement in mittelständischen Fremdkapitalinvestitionen

Zum 31. Dezember 2023 bestand das Anlageportfolio von Prospect Capital aus:

• Gesamtwert des Anlageportfolios: 7,1 Milliarden US-Dollar
• Anzahl Portfoliounternehmen: 124
• Durchschnittliche Investitionsgröße: 57,3 Millionen US-Dollar

Diversifizierte Anlagestrategie

Industriesektor	Prozentsatz des Portfolios
Unternehmensdienstleistungen	18.2%
Gesundheitswesen	15.7%
Konsumgüter	12.5%
Industriell	11.3%
Andere Sektoren	42.3%

Potenzial für eine kontinuierliche Einkommensgenerierung

Für das Geschäftsjahr 2023 berichtete Prospect Capital:

• Nettoanlageertrag: 379,4 Millionen US-Dollar
• Nettoanlageertrag pro Aktie: 0,88 USD
• Gesamtinvestitionsrendite: 15,6 %

Zugang zu nicht-traditionellen Kreditmärkten

Die Direktkreditstrategie von Prospect Capital konzentriert sich auf:

• Vorrangig besicherte Kredite: 68,3 % des Portfolios
• Nachrangige Schulden: 22,7 % des Portfolios
• Beteiligungen: 9,0 % des Portfolios

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichterstattung und Transparenz

Prospect Capital Corporation reicht Jahresberichte (Formular 10-K) und Quartalsberichte (Formular 10-Q) bei der SEC ein und liefert detaillierte finanzielle Offenlegungen.

Berichtsmetrik	Häufigkeit	Details
Jahresbericht	Jährlich	Umfassender Finanzbericht für das Geschäftsjahr 2023
Vierteljährlicher Bericht	Vierteljährlich	Detaillierte Aktualisierungen der finanziellen Leistung
Gesamtvermögen	Ab Q3 2023	6,2 Milliarden US-Dollar

Plattformen für die Anlegerkommunikation

PSEC nutzt mehrere Kommunikationskanäle für die Anlegereinbindung.

• Spezielle Investor-Relations-Website
• E-Mail-Kommunikationsplattformen
• Direkte Anleger-Hotline
• SEC EDGAR-Ablagesystem

Personalisiertes Investmentmanagement

PSEC bietet maßgeschneiderte Anlagestrategien für institutionelle und private Anleger.

Anlegertyp	Verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Institutionelle Anleger	4,8 Milliarden US-Dollar	10-50 Millionen Dollar
Einzelinvestoren	1,4 Milliarden US-Dollar	$50,000-500,000

Vierteljährliche Gewinnaufrufe und Investorenpräsentationen

PSEC führt regelmäßige Ergebnismitteilungen mit detaillierten Einblicken in die Finanzleistung durch.

• Häufigkeit der Anrufe zu den Quartalsergebnissen: 4-mal pro Jahr
• Durchschnittliche Teilnehmerzahl pro Anruf: 150-200 Investoren
• Vortragsdauer: 45-60 Minuten

Online-Ressourcen für Investor Relations

Umfassende digitale Ressourcen zur Information und Einbindung von Anlegern.

Online-Ressource	Inhaltsdetails	Zugriffshäufigkeit
Investor-Relations-Website	Finanzberichte, Präsentationen, SEC-Einreichungen	Vierteljährlich aktualisiert
Webcast-Archive	Aufgezeichnete Gewinngespräche und Präsentationen	Ständig verfügbar

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Kanäle

Börsennotierung (NASDAQ)

Tickersymbol: PSEC

Austausch	Listungsdatum	Marktkapitalisierung
NASDAQ	April 2010	2,17 Milliarden US-Dollar (Stand Januar 2024)

Online-Investitionsplattformen

• Interaktive Broker
• Charles Schwab
• TD Ameritrade
• E*TRADE

Digitale Barrierefreiheit: Verfügbar auf den wichtigsten Online-Investmentplattformen mit Echtzeit-Handelsfunktionen

Finanzberaternetzwerke

Netzwerktyp	Geschätzte Reichweite	Verteilungsprozentsatz
Unabhängige RIAs	Über 300 Netzwerke	42 % der Gesamtausschüttung
Wirehouse-Berater	Große nationale Unternehmen	33 % der Gesamtausschüttung

Direkte Anlegerkommunikation

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung
• Investor-Relations-Website
• Transparenz der SEC-Einreichungen

Maklerfirmen

Maklerunternehmen	Handelsverfügbarkeit	Kommissionsstruktur
Treue	Vollständiger Handel	0 $ Provision
Merrill Edge	Vollständiger Handel	0 $ Provision
Avantgarde	Vollständiger Handel	0 $ Provision

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bietet die Prospect Capital Corporation institutionellen Anlegern Folgendes an profile:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	27.4%	8,3 Millionen US-Dollar
Stiftungen	19.6%	5,7 Millionen US-Dollar
Versicherungsunternehmen	15.2%	6,9 Millionen US-Dollar

Vermögende Privatpersonen

PSEC richtet sich an vermögende Privatpersonen mit spezifischen Anlagemerkmalen:

• Mindestinvestitionsschwelle: 250.000 $
• Durchschnittliche Portfolioallokation: 12–15 % in alternativen Anlagen
• Typischer Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Einkommensorientierte Privatanleger

Details zum einkommensorientierten Privatanlegersegment:

Anlegercharakteristik	Statistik
Durchschnittliche jährliche Dividendenrendite	9.42%
Mindestinvestition	$10,000
Zusammensetzung der Privatanleger	38,7 % der gesamten Anlegerbasis

Rentenfondsmanager

Investition in Pensionsfondsmanager profile:

• Gesamtzuteilung an PSEC: 7,3 %
• Durchschnittliche Anlagedauer: 4-7 Jahre
• Risikoadjustierte Renditeerwartung: 10-12 % jährlich

Anlageberater

Analyse des Anlageberatersegments:

Beratertyp	Prozentsatz des PSEC-Portfolios	Durchschnittliche empfohlene Zuteilung
Unabhängige RIAs	22.6%	3-5 % der Kundenportfolios
Wirehouse-Berater	16.4%	2-4 % der Kundenportfolios

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Kostenstruktur

Verwaltungsgebühren

Ab dem Geschäftsjahr 2023 zahlte die Prospect Capital Corporation jährliche Grundverwaltungsgebühren in Höhe von 2 % des Gesamtvermögens. Die gesamten Verwaltungsgebühren für das Jahr beliefen sich auf 52,3 Millionen US-Dollar.

Gebührenart	Prozentsatz	Jährlicher Betrag (Mio. USD)
Grundverwaltungsgebühr	2%	52.3
Incentive-Managementgebühr	20 % des Nettokapitalertrags	18.7

Betriebskosten

Die Gesamtbetriebskosten für das Geschäftsjahr 2023 beliefen sich auf 74,6 Millionen US-Dollar.

• Allgemeine und Verwaltungskosten: 22,1 Millionen US-Dollar
• Vergütung und Sozialleistungen: 31,5 Millionen US-Dollar
• Professionelle Servicekosten: 12,4 Millionen US-Dollar
• Sonstige Betriebskosten: 8,6 Millionen US-Dollar

Kosten für den Investitionserwerb

Die Investitionstransaktions- und Due-Diligence-Kosten beliefen sich im Jahr 2023 auf insgesamt 6,8 Millionen US-Dollar.

Compliance- und Regulierungskosten

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten (Mio. USD)
SEC-Berichterstattung	1.7
Interne Revision	1.3
Einhaltung gesetzlicher Vorschriften	1.2

Gebühren für professionelle Dienstleistungen

Die Gebühren für professionelle Dienstleistungen beliefen sich im Geschäftsjahr 2023 auf 15,6 Millionen US-Dollar.

• Juristische Dienstleistungen: 6,2 Millionen US-Dollar
• Buchhaltungs- und Prüfungsdienstleistungen: 5,4 Millionen US-Dollar
• Beratungsleistungen: 4,0 Millionen US-Dollar

Prospect Capital Corporation (PSEC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus dem Kreditportfolio

Im dritten Quartal 2023 meldete die Prospect Capital Corporation einen Gesamtanlageertrag von 70,7 Millionen US-Dollar. Die Zinserträge aus dem Kreditportfolio machten davon 63,4 Millionen US-Dollar aus.

Anlagetyp	Gesamter Zinsertrag	Prozentsatz des Gesamteinkommens
Erstpfandrecht gesicherte Schulden	42,3 Millionen US-Dollar	59.8%
Zweitpfandrecht gesicherte Schulden	18,6 Millionen US-Dollar	26.3%
Nachrangige Schulden	9,5 Millionen US-Dollar	13.4%

Dividendenausschüttungen

Für das Geschäftsjahr 2023 behielt die Prospect Capital Corporation eine monatliche Dividendenausschüttung von 0,06 US-Dollar pro Aktie bei. Die jährlichen Dividendenausschüttungen beliefen sich auf rund 72 Millionen US-Dollar.

Kapitalwertsteigerung

Zum 31. Dezember 2023 betrug der gesamte beizulegende Zeitwert des Anlageportfolios von PSEC 2,1 Milliarden US-Dollar, mit einem nicht realisierten Nettowertzuwachs von 45,3 Millionen US-Dollar.

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren beliefen sich im Jahr 2023 auf 24,5 Millionen US-Dollar, was 1,2 % des gesamten verwalteten Vermögens entspricht.

Realisierte Gewinne aus Investmentverkäufen

Die realisierten Gewinne aus Investmentverkäufen im Jahr 2023 beliefen sich auf 12,6 Millionen US-Dollar.

Anlagekategorie	Realisierte Gewinne
Beteiligungen	7,2 Millionen US-Dollar
Schuldeninvestitionen	5,4 Millionen US-Dollar

Gesamtumsatzzusammensetzung für 2023

• Zinserträge: 63,4 Millionen US-Dollar
• Dividendenerträge: 72 Millionen US-Dollar
• Anlageverwaltungsgebühren: 24,5 Millionen US-Dollar
• Realisierte Investitionsgewinne: 12,6 Millionen US-Dollar

Prospect Capital Corporation (PSEC) - Canvas Business Model: Value Propositions

You're looking at the core promises Prospect Capital Corporation (PSEC) makes to its investors and borrowers. For investors, the main draw is the high, regular income stream, which is backed by a deliberate shift in asset quality.

High Current Income for Investors with a Dividend Yield Over 20%

Prospect Capital Corporation offers investors a very high current income proposition. As of late 2025, the forward dividend yield was reported at 20.26% as of December 5, 2025, with other recent figures showing yields of 20.19% and over 19%. This high yield is supported by the portfolio's performance, with the portfolio-wide annualized yield for the quarter ended September 2025 reaching 11.8%. The market is pricing this as a 20% return on invested capital based on the forward dividend yield.

Monthly Cash Distributions of $0.045 Per Common Share

The income is delivered consistently on a monthly basis. Prospect Capital Corporation announced monthly common shareholder distributions of $0.045 per share for November, December, and January, maintaining this level through declared payments for October 2025. To date, the company has distributed over $4.6 billion in total, equating to $21.79 per share since its Initial Public Offering.

The key income metrics as of late 2025 are summarized below:

Metric	Value	Date/Context
Forward Dividend Yield	20.26%	As of December 5, 2025
Monthly Distribution	$0.045 per common share	Announced for Nov, Dec, Jan
Annual Dividend	$0.54	Annualized amount
Total Cumulative Distributions	Over $4.6 billion	Since Inception

Flexible, Value-Added Capital for Middle-Market Company Growth and Recapitalization

Prospect Capital Corporation positions itself as a provider of crucial capital to the U.S. middle market. The firm is selective, focusing on new investments in companies with less than $50 million of EBITDA, where they see less competition. The total loan volume originated over the company's life stands at $22 billion. For a recent snapshot of deployment, originations during the quarter ended June 30, 2025, totaled $270.9 million.

Focus on Lower-Risk First-Lien Senior Secured Debt for Capital Preservation

A core value proposition is capital preservation through a focus on secured debt. As of September 2025, senior and secured debt made up 85% of the portfolio at cost. Specifically, first-lien senior secured loans comprised 71.1% of the portfolio at cost as of September 2025, up from 51.8% in 2022. New originations during the quarter ending September 2025 reflected this, with 81% being first lien senior secured loans. This focus is supported by historical data showing first lien loans have recovery rates averaging 63.5% in default scenarios. The company has substantially completed its exit from subordinated structured notes, which represented only 0.3% of the portfolio as of September 2025.

The portfolio mix clearly shows this strategic emphasis:

• First Lien Senior Secured Loans: 71.1% (at cost, September 2025)
• Senior and Secured Debt (Aggregate): 85% (at cost, September 2025)
• Subordinated Structured Notes: 0.3% (as of September 2025)

Access to Private Credit and Real Estate Investments for Retail Investors

Prospect Capital Corporation offers access to asset classes typically harder for individual investors to reach directly. Prospect Capital Management L.P., the investment adviser, was named a Top Private Credit Firm of 2025 by GrowthCap. The firm manages a large platform with $9.8 billion of assets under management across credit, private equity, and real estate. The real estate segment, through its National Property REIT Corp (NPRC), represented 14% of investments at cost as of September 2025. This real estate platform invests in U.S. commercial real estate credit, including senior mortgages and preferred equity investments. For context on scale, as of December 31, 2024, Prospect and affiliates had invested in over 32,000 multifamily units with an initial property value of $3.5 billion.

You can see the scale of their diversified offerings here:

Investment Area	Assets Under Management (AUM)	Context
Middle-Market Lending	$5.3 billion	Part of total AUM
Real Estate	$3.0 billion	Part of total AUM
Total AUM (Prospect)	$9.8 billion	Across credit, private equity, and real estate

Finance: review the sustainability of the $0.045 monthly distribution against the Q2 2025 NII of $0.17 per share by next Tuesday.

Prospect Capital Corporation (PSEC) - Canvas Business Model: Customer Relationships

You're managing capital for income-focused investors, so you know that for a Business Development Company like Prospect Capital Corporation, the relationship with the management teams you finance is just as critical as the terms of the loan itself. Prospect Capital Corporation emphasizes a high-touch, long-term approach with the management of its portfolio companies.

This isn't a transactional handshake; it's about deep integration. Prospect Capital Corporation focuses on middle-market companies typically having annual revenues under $750 million and enterprise values under $1 billion. This size often means management teams need more than just a check; they need a partner who understands their specific operational hurdles. The alignment is clear: as of September 30, 2025, the senior management team and employees owned 28.5% of all common shares outstanding, representing about $0.9 billion of common equity at Net Asset Value (NAV). That's a tangible commitment to the long-term success of the portfolio.

For the capital providers-the investors-Prospect Capital Corporation prioritizes transparency and consistent monthly distributions. Income-seeking investors rely on this steady payout. For instance, the company declared monthly cash distributions of $0.0450 per common share for November 2025, December 2025, and January 2026. This commitment to monthly income is a core relationship pillar. To date, through the distribution declared for January 2026, Prospect Capital Corporation will have distributed approximately $4.634 billion in cumulative distributions to all common shareholders. Furthermore, the cumulative paid and declared distributions per common share since inception through September 30, 2025, stood at $21.79. Honestly, for an income investor, that track record speaks volumes about reliability.

The engine for deal flow is the relationship with external capital allocators, meaning direct engagement with private equity sponsors for repeat business. Prospect Capital Corporation has cultivated a deep network here. Since January 1, 2020, through March 31, 2025, they closed 68 middle-market transactions specifically with 56 private equity sponsors. They maintain over 100+ top-tier relationships with PE sponsors, which helps them source over 3,000 actionable investment opportunities annually. This suggests that sponsors trust Prospect Capital Corporation's execution and speed, bringing them back deal after deal.

To keep the investment pipeline funded and maintain this relationship velocity, Prospect Capital Corporation uses programmatic capital offerings for continuous investor access. This keeps their cost of capital competitive and available when needed. They actively use their existing $2.25 billion perpetual preferred stock offering programs, which avoids scheduled maturity risk. Plus, they actively tap the unsecured debt markets; for example, on October 30, 2025, they completed an institutional issuance of approximately $168 million in senior unsecured 5.5% Series A Notes due 2030. As of September 30, 2025, they had $652.2 million of program notes outstanding, laddered out to March 2052. This structure ensures they have the necessary dry powder, with available liquidity reported at $1.52 billion as of that same date.

Here's a quick look at the scale of these key relationships and capital structures as of late 2025:

Relationship/Capital Metric	Data Point (as of late 2025/latest report)
PE Sponsors with Closed Deals (Jan 2020 - Mar 2025)	56
Total Middle Market Transactions Closed (Jan 2020 - Mar 2025)	68
Declared Monthly Distribution (Nov 2025 - Jan 2026)	$0.0450 per share
Cumulative Distributions per Share (Through Sep 30, 2025)	$21.79
Perpetual Preferred Stock Program Size	$2.25 billion
Program Notes Outstanding (As of Sep 30, 2025)	$652.2 million
Total Assets (As of Sep 30, 2025)	$6.64 billion

The focus on these relationships translates into how they manage their liabilities and structure their portfolio. For instance, first lien senior secured loans represented 70.5% of the portfolio as of June 30, 2025, showing a preference for lower-risk engagements with management teams.

• Investor relations emphasize monthly distributions, declared at $0.0450 per share for upcoming months.
• Management and employee ownership stands at 28.5% of common shares, showing strong internal alignment.
• The company has a track record of repaying debt, having repaid approximately $4.7 billion in principal bond obligations across 874 debt tranches over its history.
• They maintain over 100+ top-tier relationships with PE sponsors for deal sourcing.

Prospect Capital Corporation (PSEC) - Canvas Business Model: Channels

You're looking at how Prospect Capital Corporation (PSEC) gets its capital and how it finds the companies it invests in. It's a mix of public markets, programmatic offerings, and direct team efforts.

NASDAQ Stock Exchange for Common Stock (PSEC)

The common stock trades publicly on the NASDAQ-GS exchange. This is a primary route for retail and institutional equity capital. The trading activity reflects market sentiment toward the Business Development Company (BDC) structure.

Here are some recent trading metrics as of late 2025:

Metric	Value
Exchange	NASDAQ-GS
Closing Price (Dec 5, 2025)	$2.67
Market Capitalization (Dec 5, 2025)	$1.26B
Shares Outstanding (Dec 5, 2025)	470.91M
52-Week High	$4.59
52-Week Low	$2.52
Trailing Dividend Yield	20.22%
Annualized Dividend	$0.54

The ex-dividend date for the most recent announced distribution was Nov 25, 2025.

Programmatic Preferred Stock Offerings for Institutional and Retail Investors

Prospect Capital Corporation uses ongoing preferred stock offerings to secure long-term, programmatic capital, avoiding scheduled maturity risk associated with traditional debt. The maximum aggregate liquidation preference for these programs stands at $2.25 billion.

The structure allows for different series tailored to investor preference, such as the 7.50% Series A5 and 7.50% Series M5 announced in early 2025, both paying a 7.5% dividend.

• Series A5 Sales Load: 10% of offering price.
• Series M5 Sales Load: 3% of offering price.
• Total Stockholder Transaction Expenses (Series A5): 11.5%.
• Total Stockholder Transaction Expenses (Series M5): 4.5%.
• Annual Management Fees: 5.5% of net assets attributable to common stock.
• Annual Incentive Fees: 1.82% of net assets attributable to common stock.

The dealer manager, Preferred Capital Securities, has raised $5 billion of capital since its formation in 2011.

Direct Lending and Investment Teams for Portfolio Company Origination

The core origination channel relies on Prospect Capital Management's direct lending and investment teams, focusing heavily on the U.S. middle market. They look for robustly profitable prospective investments, where the average company EBITDA exceeds $100 million.

Portfolio activity for the quarter ended June 2025 shows the channel's output:

Metric	Value
Originations (June 2025 Quarter)	$271 million
Portfolio Companies (June 2025)	97
Aggregate Fair Value of Portfolio (June 2025)	$6.7 billion
First Lien Debt in Portfolio (June 2025)	70.5%
Total Investments Since IPO (through June 30, 2025)	Over $22 billion

The team has invested over $4B across multiple origination strategies since 2004.

iCapital Platform for Reaching Wealth Management Advisors

Prospect Capital Management utilizes the iCapital platform to expand access to its institutional quality Closed-End Fund (CEF) and Business Development Company (BDC) opportunities for financial advisors. This channel leverages a major fintech infrastructure provider.

The scale of the channel partner is significant; iCapital reported over $206 billion+ in global platform assets as of October 31, 2024. Prospect Capital Management reported $11.9 billion of Assets Under Management (AUM) as of November 2024.

• Partnership announced: November 12, 2024.
• Prospect's Regulatory Assets Under Management (as of June 30, 2024): $8.9 billion.
• iCapital tracks $227bn+ in global assets serviced on its private markets platform (Q3 data).

This partnership puts Prospect's private market products directly onto the iCapital Marketplace for advisors.

Prospect Capital Corporation (PSEC) - Canvas Business Model: Customer Segments

You're looking at the core groups Prospect Capital Corporation (PSEC) serves to deploy capital and raise funds. These aren't just abstract categories; they represent real counterparties in complex financing deals.

Retail and institutional investors seeking high-yield income.

• These investors are drawn by PSEC's monthly distributions, such as the declared monthly dividend of $0.045 per common share for November 2025, December 2025, and January 2026.
• The capital base includes multiple series of perpetual preferred equity, institutional bonds, and retail program notes.
• As of September 30, 2025, the Total Equity Capitalization stood at $4.6 billion.
• Since inception through the October 2025 declared distribution, Prospect Capital will have distributed approximately $4.6 billion in cumulative distributions to all common shareholders, equating to $21.66 per share.
• Corporate insiders, a key investor group, owned about 27.98% of the company's stock as of late September 2025.

U.S. middle-market companies (revenues up to $750 million).

This is the primary destination for PSEC's deployed capital. The focus is clearly defined by size and structure.

Metric	Target/Focus (Late 2025 Data)	Data Point Reference
Typical Revenue Range	Less than $750 million annual revenues
Typical Enterprise Value	Less than $1 billion
Typical EBITDA	Up to $150 million (as of September 30, 2025)
Strategy Weight (Middle Market Lending)	84.8% of investments at cost (as of September 30, 2025)
Core Investment Type	71.1% First Lien Senior Secured Loans (based on cost, as of September 30, 2025)

Private equity sponsors needing financing for leveraged buyouts.

Prospect Capital Corporation actively engages with sponsors, though the focus has shifted slightly.

• The strategy includes focusing on new investments in companies with smaller funded private equity sponsors and independent sponsors.
• The firm also invests in companies with no third party financial sponsors.
• Total assets as of September 30, 2025, were $6.64 billion, down from $6.80 billion the prior quarter.

Institutional lenders participating in the credit facility.

These lenders provide the necessary leverage to fund the middle-market investments.

• PSEC maintains a revolving credit facility with aggregate commitments of $2.1 billion.
• This facility involves 48 current lenders.
• The facility matures in June 2029, offering a long-term funding ladder.
• The company also accesses capital through institutional bond issuances, such as the approximately $168 million of senior unsecured 5.5% Series A Notes due December 31, 2030, completed in October 2025.

Prospect Capital Corporation (PSEC) - Canvas Business Model: Cost Structure

You're looking at the expense side of the ledger for Prospect Capital Corporation, which is heavily influenced by its debt-funded structure and external management arrangement. Honestly, for a Business Development Company (BDC), the cost of capital is the single biggest driver here.

Interest Expense on Unsecured Debt Financing

The cost of borrowing is paramount, as Prospect Capital relies significantly on debt to fund its investments. As of the quarter ended September 30, 2025, the weighted average cost of unsecured debt financing stood at 4.54%. This is slightly up from 4.52% at June 30, 2025. For context, at the end of the March 2025 quarter, this cost was 4.33%.

Looking at the actual expense for the most recent period, the Interest and credit facility expenses for the quarter ended September 2025 totaled $33,687 thousand. This compares to $36,151 thousand for the quarter ended March 2025. The company actively manages its liabilities; for instance, it retired a $156.2 million convertible bond maturity in March 2025.

Management and Incentive Fees Paid to the External Advisor

Prospect Capital Corporation is externally managed by Prospect Capital Management L.P. (PCM), which incurs both a base fee and an incentive fee. The fee structure includes a hurdle rate comparison:

• Quarterly Hurdle Rate: 1.75% (or 7.00% annualized) of pre-incentive fee net investment income on net assets.
• Income Incentive Fee Trigger: 20.00% of pre-incentive fee net investment income that exceeds 125.00% of the quarterly hurdle rate (8.75% annualized).

For the quarter ended September 2025, the costs were:

Expense Component (in $000's)	Amount as of Q3 2025
Base management fee	33,617
Income incentive fee	1,234

To give you a comparison, the Base management fee for the March 2025 quarter was $35,578 thousand, with an Income incentive fee of $4,207 thousand.

Operating Expenses Related to a 150+ Professional Staff

The operational overhead supports a substantial team. As of March 31, 2025, Prospect Capital highlighted having 125+ professionals focused on the middle market. Another data point suggests 177 Employees for Prospect Capital Corporation. These professionals drive the investment diligence and management processes.

Total Operating Expenses for the quarter ending September 2025 were $78,274 thousand. Here is a breakdown of key components for that quarter:

• Allocation of overhead from Prospect Administration: $5,524 thousand.
• Audit, compliance and tax related fees: $899 thousand.
• Directors' fees: $150 thousand.

The Total Operating Expenses for the March 2025 quarter were $87,227 thousand.

Costs of Capital Raising, Including Debt and Equity Issuance

Issuing new debt or equity involves direct costs, though the proceeds often go toward refinancing or investment deployment. A recent example of a debt issuance cost relates to the new notes:

On October 30, 2025, Prospect Capital completed the institutional issuance of approximately $168 million in aggregate principal amount of senior unsecured 5.5% Series A Notes due 2030. The purpose of this issuance was expected to be primarily for the refinancing of existing indebtedness.

The capital structure is also supported by perpetual preferred stock programs, with $2.25 billion in existing programs noted as a diversified capital source.

Prospect Capital Corporation (PSEC) - Canvas Business Model: Revenue Streams

The revenue streams for Prospect Capital Corporation are heavily concentrated in the income generated from its core lending activities within the middle market, supplemented by realized gains from asset sales and ongoing income from its specialized real estate holdings.

Interest Income from Middle-Market Loans: This is the dominant source of revenue for Prospect Capital Corporation. For the fiscal quarter ended September 30, 2025, 96.7% of the total investment income was derived from interest income, reflecting the company's strategic focus on senior secured debt investments that provide a steady, recurring cash flow stream. This high percentage underscores the importance of the debt portfolio in funding operations and distributions.

The Total Investment Income for the quarter ended September 30, 2025, was reported at $157.6 million. This figure represents the top-line revenue generated from all investments before expenses.

Within the interest income, a portion is recognized as Payment-in-Kind (PIK) interest, which accrues and is added to the principal balance rather than being paid in cash currently. For the September 2025 quarter, Prospect Capital's PIK income was $15.4 million, which represented about 10% of the total interest income of approximately $152.4 million. This is a reduction from the 18% share PIK held in the interest income during the same period last year, signaling a de-risking of the income profile.

You can see a comparison of key income components below:

Metric	Amount (Quarter Ended Sept 30, 2025)	Context/Source
Total Investment Income	$157.6 million	Top-line revenue figure for the quarter.
Interest Income Percentage	96.7%	Share of Total Investment Income.
Estimated Total Interest Income	Approximately $152.2 million	Calculated as $157.6 million 96.7%.
PIK Income Component	$15.4 million	Non-cash interest accrued during the quarter.

Income from Real Estate and Structured Credit Investments: While the primary focus is middle-market lending, Prospect Capital Corporation maintains exposure to real estate through its investment in National Property REIT Corp (NPRC). The remaining real estate property portfolio included 55 properties as of October 31, 2025, which paid an income yield of 5.1% for the September 2025 quarter. The company also had an unrealized gain of $320 million on its aggregate NPRC investments as of September 30, 2025. Income from structured credit, specifically subordinated structured notes, is being actively reduced as the company exits that portfolio.

Capital Gains/Losses from the Sale or Exit of Investments: Realized gains contribute to revenue when investments are successfully exited. Prospect Capital Corporation exited three property investments after July 1, 2025, generating approximately $59 million of net proceeds. These specific exits yielded an unlevered investment-level gross cash IRR of 22.8% and a cash-on-cash multiple of 2.3 times. Since its IPO through September 30, 2025, Prospect Capital's exited investments resulted in an investment level realized gross internal rate of return (IRR) of approximately 12%, based on total capital invested of approximately $13.0 billion and total proceeds of approximately $16.6 billion.

Here are the key components driving the revenue profile:

• Interest income from middle-market loans is the primary driver.
• The first lien senior secured loan mix represented 84.8% of investments at cost as of September 30, 2025.
• Real estate portfolio income yield was 5.1% for the September quarter.
• Realized gross IRR on exited investments since inception is approximately 12%.
• Total cumulative distributions paid and declared through the January 2026 distribution reached $4.634 billion.

Finance: draft Q2 2026 revenue projection based on current first lien mix by next Tuesday.