Prospect Capital Q1 net investment income per share declines; company posts net loss
PSEC•Prospect Capital’s fiscal first-quarter net investment income per share fell year over year, and it posted a $53.45 million net loss attributable to common shareholders, compared with a profit a year earlier. The board increased its share repurchase program to $200 million.
1. Quarterly results
Prospect Capital reported a $53.45 million net loss attributable to common shareholders for its fiscal first quarter, compared with a profit in the year-earlier quarter. Net investment income per share declined year over year.
2. Capital and portfolio
The board increased the share repurchase program to $200 million. During the quarter, the company reduced outstanding debt principal by 18%, increased its focus on first-lien senior secured middle-market loans and reduced exposure to second-lien loans and subordinated structured notes.
