Prospect Capital Q1 NII Falls to $78.5M, Declares $0.035 Monthly Distributions
Prospect Capital reported Q1 NII of $78.5M ($0.16/share), down from $90.9M last quarter, and generated net income of $26.4M ($0.05/share) versus a prior loss. NAV per share dropped to $6.05, and it declared monthly $0.035 distributions through August.
1. Financial Results
Prospect Capital’s Q1 net investment income totaled $78.5 million ($0.16 per share), down from $90.9 million ($0.19 per share) in Q4, while net income applicable to common shareholders rose to $26.4 million ($0.05 per share) versus a $6.6 million loss last quarter and a $171.3 million loss a year earlier.
2. Balance Sheet and NAV
The company reported total assets of $6.38 billion with net of cash debt to assets at 27.0%, and disclosed net asset value per common share declined to $6.05 from $6.21 in the prior quarter.
3. Distributions and Track Record
Prospect declared monthly common distributions of $0.035 per share through August, and noted an exited gross IRR of 14.4% on $11.4 billion of investments with an annualized net realized loss rate of 0.2%.