Fair value is determined by or under the direction of our Board of Directors. Unless otherwise indicated by endnote 42 below, all of our investments are valued using significant unobservable inputs. In accordance with ASC 820, such investments are classified as Level 3 within the fair value hierarchy. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

[2]

[3]

Certain variable rate securities in our portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. The 1-Month Secured Overnight Financing Rate or “1M SOFR”, was 4.32% as of June 30, 2025. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 4.29% as of June 30, 2025. The PRIME Rate or “PRIME” was 7.50% as of June 30, 2025. The impact of a SOFR credit spread adjustment, if applicable, is included within the stated all-in interest rate.

[4]

As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2025 with these controlled investments were as follows:


Controlled Companies	Fair Value at June 30, 2024		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at June 30, 2025			Interest income		Dividend income		Other income		Net realized gains (losses)
Belnick, LLC (d/b/a The Ubique Group)	$	—	$	76,346	$	—	$	(25,180)	$	51,166	(c)	$	2,748	$	—	$	33	$	—
CP Energy Services Inc.	70,721		15,174		—		(536)		85,359			12,550		—		—		—
CP Energy - Spartan Energy Services, Inc.	39,485		10,301		—		(12,956)		36,830			6,013		—		—		—
Credit Central Loan Company, LLC	79,230		7,949		—		(8,443)		78,736			8,711		—		—		—
Echelon Transportation, LLC	66,923		1,260		(1,260)		(1,270)		65,653			3,343		—		—		—
First Tower Finance Company LLC	605,928		27,616		(437)		127,411		760,518			65,954		—		421		—
Freedom Marine Solutions, LLC	12,651		975		—		(1,966)		11,660			—		—		—		—
InterDent, Inc.	463,883		32,479		—		(157,581)		338,781			39,207		—		—		—
Kickapoo Ranch Pet Resort	4,742		—		(800)		(25)		3,917			160		—		—		—
MITY, Inc.	85,583		4,265		—		4,570		94,418			9,336		—		107		12
National Property REIT Corp.	1,696,462		99,723		(285,386)		(209,827)		1,300,972			89,786		—		14,825		—
Nationwide Loan Company LLC	43,162		6,484		—		(12,866)		36,780			3,793		—		—		—
NMMB, Inc.	94,265		—		—		(22,058)		72,207			4,039		—		—		6,366
Pacific World Corporation	104,663		20,592		(4,875)		(12,410)		107,970			9,865		—		286		—
QC Holdings TopCo, LLC	—		77,286		—		—		77,286			37		—		2,319		—
R-V Industries, Inc.	102,402		10,000		—		(6,825)		105,577			5,558		8,774		—		—
Universal Turbine Parts, LLC	68,067		20,000		(107)		14,768		102,728			4,755		—		300		—
USES Corp.	17,989		8,638		(2,300)		(9,809)		14,518			2,775		—		—		—
Valley Electric Company, Inc.	316,419		—		—		34,872		351,291			12,677		—		666		—
Total	$	3,872,575	$	419,088	$	(295,165)	$	(300,131)	$	3,696,367		$	281,307	$	8,774	$	18,957	$	6,378

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, OID accretion and PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

(C) Belnick, LLC (d/b/a The Ubique Group) was transferred to a control investment effective March 31, 2025 (see endnote 48). Income recognized prior to the reclassification date is reflected as income from non-control/non-affiliate investments on our Consolidated Statement of Operations.

[5]

CP Holdings of Delaware LLC (“CP Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of CP Energy Services Inc. (“CP Energy”) as of June 30, 2025. CP Energy owns directly or indirectly 100% of each of CP Well Testing, LLC; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. We report CP Energy as a separate controlled company. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $51,477 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2025. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loans. In September 2020, we made a new $26,193 Series A preferred stock investment in Spartan Energy Holdings, Inc., which equates to 100% of the Series A non-voting redeemable preferred stock outstanding.

[6]

The interest rate on the below list of investments, which excludes those on non-accrual, contains a paid in kind (“PIK”) provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments.

The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, for the quarter ended June 30, 2025:


Security Name	PIK Rate - Capitalized	PIK Rate - Paid as cash	Maximum Current PIK Rate
Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan	9.65%	—%	9.65%	(A)
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan	12.06%	—%	12.06%	(A)
Belnick, LLC - First Lien Term Loan	13.06%	—%	13.06%	(B)
CP Energy Services Inc. - First Lien Term Loan	—%	13.56%	13.56%
CP Energy Services Inc. - First Lien Term Loan	—%	13.56%	13.56%
CP Energy Services Inc. - First Lien Term Loan	—%	13.56%	13.56%
CP Energy Services Inc. - Delayed Draw Term Loan	10.53%	3.03%	13.56%

CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC	—%	12.56%	12.56%	(C)
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC	3.94%	8.62%	12.56%	(C)
Credit Central Loan Company, LLC - First Lien Term Loan	10.00%	—%	10.00%	(D)
Credit.com Holdings, LLC - First Lien Term Loan A	15.56%	—%	15.56%	(E)

Druid City Infusion, LLC - First Lien Convertible Note	2.00%	—%	2.00%

Emerge Intermediate, Inc. - First Lien Term Loan	4.50%	—%	4.50%
First Tower Finance Company LLC - First Lien Term Loan	0.08%	14.92%	15.00%	(F)
InterDent, Inc. - First Lien Term Loan B	7.00%	—%	7.00%

InterDent, Inc. - First Lien Delayed Draw Term Loan B	7.00%	—%	7.00%
MITY, Inc. - First Lien Term Loan B	—%	10.00%	10.00%
National Property REIT Corp. - First Lien Term Loan A	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan D	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan E	—%	7.00%	7.00%

Nationwide Loan Company LLC - Delayed Draw Term Loan	10.00%	—%	10.00%	(G)
Nationwide Loan Company LLC - Delayed Draw Term Loan	10.00%	—%	10.00%	(G)
New WPCC Parent, LLC. - First Lien Term Loan	—%	8.00%	8.00%
QC Holdings TopCo, LLC - Second Lien Term Loan	—%	14.50%	14.50%	(J)
Pacific World Corporation - First Lien Term Loan A	7.07%	1.51%	8.58%
Recovery Solutions Parent, LLC - First Lien Term Loan	—%	8.50%	8.50%	(H)
STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - First Out First Lien Term Loan	7.25%	—%	7.25%
STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - Second Out First Lien Term Loan	6.50%	—%	6.50%
Rising Tide Holdings, Inc. - First Lien First Out Term Loan	15.00%	—%	15.00%
Rising Tide Holdings, Inc. - First Lien Second Out Term Loan	12.00%	—%	12.00%

Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B	2.00%	—%	2.00%


Town & Country Holdings, Inc. - First Lien Term Loan	—%	5.00%	5.00%

USES Corp. - First Lien Term Loan	—%	13.59%	13.59%
USES Corp. - First Lien Equipment Term Loan	13.59%	—%	13.59%	(I)
Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan	—%	2.50%	2.50%
Valley Electric Company, Inc. - First Lien Term Loan	—%	10.00%	10.00%
Valley Electric Company, Inc. - First Lien Term Loan B	—%	5.50%	5.50%
Wellful Inc. - Tranche B Term Loan	1.75%	—%	1.75%

(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(B) On May 13, 2025, the Belnick, LLC First Lien Term Loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 13.06%.

(C) On August 22, 2022, the Spartan Energy Services, LLC Twenty-Fifth Amendment to Amended and Restated Senior Secured Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.56%.

(D) On September 30, 2022, the Credit Central Senior Subordinated Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 10.00%.

(E) On September 28, 2023, the Credit.com First Lien Term Loan A was amended to allow a portion of interest accruing in cash to be payable in kind.

(F) On December 30, 2022, the First Tower Finance Company LLC Amendment No. 15 was amended to reduce the PIK rate to 5.00% and allow the interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 15.00%.

(G) The Nationwide Loan Company LLC Delayed Draw Term Loan agreement allows for a portion of interest accruing in cash to be payable in kind.

(H) The Recovery Solutions Parent, LLC First Lien Term Loan agreement dated January 27, 2025 allows for a portion of interest accruing in cash to be payable in kind.

(I) On March 28, 2023, the USES Corp. First Lien Equipment Term loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 13.59%.

(J) The QC Holdings TopCo, LLC Senior Secured Term Loan Agreement dated June 30, 2025, allows for a portion of interest accruing in cash to be payable in kind. The first interest payment is due September 30, 2025.

[7]

CP Holdings of Delaware LLC (“CP Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of CP Energy Services Inc. (“CP Energy”) as of June 30, 2024. CP Energy owns directly or indirectly 100% of each of CP Well Testing, LLC; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. We report CP Energy as a separate controlled company. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $41,177 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2024. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loans. In September 2020, we made a new $26,193 Series A preferred stock investment in Spartan Energy Holdings, Inc., which equates to 100% of the Series A non-voting redeemable preferred stock outstanding.

[8]

Certain variable rate securities in our portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. The 1-Month Secured Overnight Financing Rate or “1M SOFR”, was 5.34% as of June 30, 2024. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 5.32% as of June 30, 2024. The 6-Month Secured Overnight Financing Rate or “6M SOFR” was 5.26% as of June 30, 2024. The impact of a SOFR credit spread adjustment, if applicable, is included within the stated all-in interest rate.

[9]

As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2024 with these controlled investments were as follows:


Portfolio Company	Fair Value at June 30, 2023		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at June 30, 2024		Interest income		Dividend income		Other income		Net realized gains (losses)
CP Energy Services Inc.	$	79,355	$	11,355	$	—	$	(19,989)	$	70,721	$	11,452	$	—	$	—	$	—
CP Energy - Spartan Energy Services, Inc.	34,665		8,523		—		(3,703)		39,485		4,840		—		—		—
Credit Central Loan Company, LLC	73,642		5,987		—		(399)		79,230		9,312		—		—		—
Echelon Transportation LLC	64,198		—		(1,861)		4,586		66,923		3,470		—		—		—
First Tower Finance Company LLC	598,382		29,385		(319)		(21,520)		605,928		62,675		—		—		—
Freedom Marine Solutions, LLC	12,710		—		—		(59)		12,651		—		—		—		—
InterDent, Inc.	457,967		23,249		—		(17,333)		463,883		36,946		—		—		—
Kickapoo Ranch Pet Resort	3,242		1,500		—		—		4,742		92		80		75		—
MITY, Inc.	68,178		5,150		—		12,255		85,583		8,988		—		130		(1)
National Property REIT Corp.	1,659,976		253,948		(108,950)		(108,512)		1,696,462		99,538		—		66,799		—
Nationwide Loan Company LLC	47,572		9,972		—		(14,382)		43,162		5,111		—		147		—
NMMB, Inc.	94,180		—		—		85		94,265		4,255		657		—		1,040
Pacific World Corporation	65,746		41,521		—		(2,604)		104,663		10,164		—		812		—
R-V Industries, Inc.	81,508		3,700		—		17,194		102,402		5,358		—		106		—
Universal Turbine Parts, LLC	45,065		2,500		(49)		20,551		68,067		4,030		—		—		—
USES Corp.	19,527		1,545		—		(3,083)		17,989		1,990		—		—		—
Valley Electric Company, Inc.	165,784		4,763		—		145,872		316,419		12,316		—		666		—
Total	$	3,571,697	$	403,098	$	(111,179)	$	8,959	$	3,872,575	$	280,537	$	737	$	68,735	$	1,039

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

[10]

The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of June 30, 2024:


Security Name	PIK Rate - Capitalized	PIK Rate - Paid as cash	Maximum Current PIK Rate
Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan	4.09%	—%	4.09%
Aventiv Technologies, LLC - Second Lien Term Loan	8.05%	5.05%	—%	(A)
CP Energy Services Inc. - First Lien Term Loan	14.56%	—%	—%	(B)
CP Energy Services Inc. - First Lien Term Loan	14.56%	—%	—%	(B)
CP Energy Services Inc. - First Lien Term Loan	14.56%	—%	—%	(B)
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC	13.59%	—%	13.59%	(C)
Credit Central Loan Company, LLC - First Lien Term Loan	0.62%	14.38%	5.00%	(D)
Credit.com Holdings, LLC - First Lien Term Loan A	16.60%	—%	—%	(E)
Credit.com Holdings, LLC - First Lien Term Loan B	17.60%	—%	—%	(E)

Eze Castle Integration, Inc. - First Lien Term Loan	0.75%	—%	—%
Eze Castle Integration, Inc. - Delayed Draw Term Loan	0.75%	—%	—%
First Tower Finance Company LLC - First Lien Term Loan	9.80%	5.20%	5.00%	(F)
InterDent, Inc. - First Lien Term Loan B	12.00%	—%	12.00%

MITY, Inc. - First Lien Term Loan B	—%	10.00%	10.00%
National Property REIT Corp. - First Lien Term Loan A	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan C	—%	2.25%	2.25%
National Property REIT Corp. - First Lien Term Loan D	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan E	7.00%	—%	7.00%
Nationwide Loan Company LLC - First Lien Term Loan	20.00%	—%	10.00%	(G)
Nationwide Loan Company LLC - Delayed Draw Term Loan	20.00%	—%	10.00%	(G)
Pacific World Corporation - First Lien Revolving Line of Credit	9.59%	—%	9.59%
Pacific World Corporation - First Lien Term Loan A	8.01%	1.58%	9.59%
Rising Tide Holdings, Inc. - Exit Facility Term Loan	7.00%	6.58%	7.00%	(H)
Rosa Mexicano - First Lien Revolving Line of Credit	9.72%	6.28%	—%
Rosa Mexicano - First Lien Term Loan	13.11%	—%	—%
Shutterfly, LLC - Second Lien Term Loan	4.00%	—%	4.00%
Town & Country Holdings, Inc. - First Lien Term Loan	12.00%	—%	12.00%
Town & Country Holdings, Inc. - First Lien Term Loan	12.00%	—%	12.00%
Town & Country Holdings, Inc. - First Lien Term Loan	9.00%	—%	9.00%
TPS, LLC - First Lien Term Loan	1.50%	—%	1.50%
USES Corp. - First Lien Equipment Term Loan	14.59%	—%	—%	(I)
Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan	—%	2.50%	2.50%
Valley Electric Company, Inc. - First Lien Term Loan	10.00%	—%	10.00%	(J)
Valley Electric Company, Inc. - First Lien Term Loan B	8.00%	—%	5.50%	(J)

(A) On December 29, 2023, the Aventiv Technologies, LLC Second Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(B) On January 6, 2023, the CP Energy Services, Inc. Amendment No. 16 to Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 14.59%. PIK was due July 1, 2024 for CP Energy Services, Inc. loans.

(E) On September 28, 2023, the Credit.com First Lien Term Loan A and First Lien Term Loan B were amended to allow a portion of interest accruing in cash to be payable in kind.

(G) Nationwide Senior Secured Term Loan and Delayed Draw Term Loan allow a portion interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 20.00%.

(H) On September 12, 2023, the Rising Tide Holdings, Inc. Exit Facility Term loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(I) On March 28, 2023, the USES Corp. First Lien Equipment Term loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 14.59%. PIK was due July 1, 2024 for USES Corp.

(J) PIK was due July 1, 2024 for Valley Electric Company, Inc. loans. The payment of PIK was in cash. The PIK rate was amended to 5.50%.

[11]

(12)Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets as calculated in accordance with regulatory requirements. As of June 30, 2024, our qualifying assets, as a percentage of total assets, stood at 83.78%. We monitor the status of these assets on an ongoing basis.

[12]

(5)This investment is in the equity class of the collateralized loan obligation (“CLO”) security, which is referred to as “Subordinated Structured Note,” or “SSN”. The SSN investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.

[13]

Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets as calculated in accordance with regulatory requirements. As of June 30, 2025, our qualifying assets, as a percentage of total assets, stood at 85.27%. We monitor the status of these assets on an ongoing basis.

[14]

The effective yield has been estimated to be 0% as expected future cash flows are anticipated to not be sufficient to repay the investment at cost. If the expected investment proceeds increase, there is a potential for future investment income from the investment. Distributions, once received, will be recognized as return of capital, and when called, any remaining unamortized investment costs will be written off if the actual distributions are less than the amortized investment cost. To the extent that the cost basis of the SSN is fully recovered, any future distributions will be recorded as realized gains.

[15]

This investment is in the equity class of the collateralized loan obligation (“CLO”) security, which is referred to as “Subordinated Structured Note,” or “SSN”. The SSN investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.

[16]

investment costs will be written off if the actual distributions are less than the amortized investment cost. To the extent that the cost basis of the SSN is fully recovered, any future distributions will be recorded as realized gains.

[17]

Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4). The fair value of the investments held by PCF at June 30, 2025 was $2,520,620, representing 37.8% of our total investments.

[18]

(3)Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4).The fair value of the investments held by PCF at June 30, 2024 was $2,793,051, representing 36.2% of our total investments.

[19]

(43)The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable.

[20]

The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable.

[21]

Investment on non-accrual status as of the reporting date (see Note 2).

[22]

This investment represents a Level 2 security in the ASC 820 table as of June 30, 2025. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

[23]

Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 7.25%. As of June 30, 2024, we had $34,771 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $2,215 are considered at the Company’s sole discretion.

[24]

Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 5.00%. As of June 30, 2025, $40,707 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $15,900 are considered at the Company’s sole discretion.

[25]

The stated interest rate on the drawn revolver and delayed drawn term loan commitments represents a weighted average interest rate for the funded amounts of the investment

[26]

Belnick, LLC (d/b/a The Ubique Group) was transferred to a control investment effective March 31, 2025 (see endnote 48). Income recognized prior to the reclassification date is reflected as income from non-control/non-affiliate investments on our Consolidated Statement of Operations.

[27]

On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick, LLC and certain of its subsidiaries (“Belnick”) to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick is classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Holdings of Delaware, LLC (“Belnick Delaware”), a wholly owned consolidated holdings company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which equates to a 99.01% fully diluted beneficial interest in Belnick as of June 30, 2025. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets.

[28]

Represents non-income producing security that has not paid a dividend or other income in the year preceding the reporting date.

[29]

Represents non-income producing security that has not paid a dividend in the year preceding the reporting date.

[30]

(10)The consolidated revenue interest is equal to the lesser of (i) 2.0% of consolidated revenue for the twelve-month period ending on the last day of the prior fiscal quarter (or portion thereof) and (ii) 25% of the amount of interest accrued on the Notes at the cash interest rate for such fiscal quarter (or portion thereof).

[31]

Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC (“Credit Central”)) as of June 30, 2025. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. We report Credit Central as a separate controlled company.

[32]

Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC (“Credit Central”)) as of June 30, 2024. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. We report Credit Central as a separate controlled company.

[33]

Investment provides future right to acquire voting securities not beneficially owned, subject to certain terms and conditions, including prior notice, which if exercised, could result in such investment becoming an affiliate or control investment.

[34]

(6) As of June 30, 2024, we classify our investment in Credit.com as non-control/non-affiliate.

[35]

(42)This investment represents a Level 2 security in the ASC 820 table as of June 30, 2024. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

[36]

(46)Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.

[37]

Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.

[38]

The stated interest rate on the drawn revolver and delayed drawn term loan commitments represents a weighted average interest rate for the funded amounts of the investment.

[39]

(44)Emerge Intermediate, Inc., HD Research, LLC, ERG Buyer, LLC, and ERG Blocker, Inc. are joint borrowers on the First Lien Term Loan.

[40]

Emerge Intermediate, Inc., HD Research, LLC, ERG Buyer, LLC, and ERG Blocker, Inc. are joint borrowers on the First Lien Term Loan.

[41]

First Tower Holdings of Delaware LLC (“First Tower Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 80.10% of the voting interest and 78.06% of the fully-diluted economic interest of First Tower Finance Company LLC (“First Tower Finance”). First Tower Finance owns 100% of First Tower, LLC, the operating company. We report First Tower Finance as a separate controlled company. Effective March 17, 2021, the First Tower, LLC lenders were granted a first priority security interest in First Tower Finance’s assets and our investment became classified as a First Lien Term Loan.

[42]

(21)First Tower Holdings of Delaware LLC (“First Tower Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 80.10% of the voting interest and 78.06% of the fully-diluted economic interest of First Tower Finance Company LLC (“First Tower Finance”). First Tower Finance owns 100% of First Tower, LLC, the operating company. We report First Tower Finance as a separate controlled company. Effective March 17, 2021, the First Tower, LLC lenders were granted a first priority security interest in First Tower Finance’s assets and our investment became classified as a First Lien Term Loan.

[43]

(22)Energy Solutions Holdings Inc., a consolidated entity in which we own 100% of the equity, owns 100% of Freedom Marine Solutions, LLC (“Freedom Marine”), which owns Vessel Company, LLC, Vessel Company II, LLC and Vessel Company III, LLC. We report Freedom Marine as a separate controlled company.

[44]

Energy Solutions Holdings Inc., a consolidated entity in which we own 100% of the equity, owns 100% of Freedom Marine Solutions, LLC (“Freedom Marine”), which owns Vessel Company, LLC, Vessel Company II, LLC and Vessel Company III, LLC. We report Freedom Marine as a separate controlled company.

[45]

Japs-Olson Company, LLC, Alpha Mail Debt Merger Sub, LLC and J-O Building Company LLC are joint borrowers on the First Lien Term Loan.

[46]

Japs-Olson Company, LLC, Alpha Mail Debt Merger Sub, LLC and J-O Building Company LLC are joint borrowers on the First Lien Term Loan.

[47]

MITY Holdings of Delaware Inc. (“MITY Delaware”), a consolidated entity in which we own 100% of the common stock, owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). We report MITY as a separate controlled company. Our subordinated unsecured note issued and outstanding to Broda Canada is denominated in Canadian Dollars (“CAD”). As of June 30, 2025, the principal balance of this note was CAD 7,371. In accordance with ASC 830, Foreign Currency Matters (“ASC 830”), this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD. We formed a separate legal entity domiciled in the United States, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder.

[48]

(23)MITY Holdings of Delaware Inc. (“MITY Delaware”), a consolidated entity in which we own 100% of the common stock, owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). We report MITY as a separate controlled company. Our subordinated unsecured note issued and outstanding to Broda Canada is denominated in Canadian Dollars (“CAD”). As of June 30, 2024, the principal balance of this note was CAD 7,371. In accordance with ASC 830, Foreign Currency Matters (“ASC 830”), this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD. We formed a separate legal entity domiciled in the United States, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder.

[49]

Medical Solutions Holdings, Inc. and Medical Solutions, LLC are joint borrowers on the Second Lien Term Loan.

[50]

Medical Solutions Holdings, Inc. and Medical Solutions, LLC are joint borrowers on the Second Lien Term Loan.

[51]

NMMB Holdings, Inc. (“NMMB Holdings”), a consolidated entity in which we own 100% of the equity, owns 92.77% of the fully diluted equity of NMMB, Inc. (“NMMB”) as of June 30, 2025. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company.

[52]

(26)NMMB Holdings, Inc. (“NMMB Holdings”), a consolidated entity in which we own 100% of the equity, owns 92.77% of the fully diluted equity of NMMB, Inc. (“NMMB”) as of June 30, 2024. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company.

[53]

(24)NPH Property Holdings, LLC (“NPH”), a consolidated entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (“NPRC”) (f/k/a National Property Holdings Corp.), a property REIT which holds investments in several real estate properties. Additionally, NPRC invests in online consumer loans and rated secured structured notes through American Consumer Lending Limited (“ACLL”) and National General Lending

Limited (“NGL”), respectively, its wholly owned subsidiaries. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC.

[54]

Since Prospect’s initial common equity investment in NPRC on December 31, 2013, we have made numerous additional follow-on investments that have been used to invest in new and existing properties as well as online consumer loans and rated secured structured notes. These follow-on acquisitions are summarized by fiscal year below (excluding effects of return of capital distributions). Details of specific transactions are included in the respective fiscal year Form 10-K filing (refer to endnote 39 for NPRC term loan follow-on investments):


Fiscal Year	Follow-On Investments (NPRC Common Stock, excluding cost of initial investment)
2014	$	4,555
2015	68,693
2016	93,857
2017	116,830
2018	137,024
2019	11,582
2020	19,800
2022	15,620
2023	3,600
2024	4,600

[55]

(33)As of June 30, 2024, the residual profit interest includes both (i) 8.33% of TLA, TLD and TLE residual profit and (ii) 100% of TLC residual profits, with both calculated quarterly in arrears

[56]

NPH Property Holdings, LLC (“NPH”), a consolidated entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (“NPRC”) (f/k/a National Property Holdings Corp.), a property REIT which holds investments in several real estate properties. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC. On July 11, 2025, the NPRC loan agreement was amended, extending the maturity date to March 31, 2027.

[57]


Fiscal Year	Follow-On Investments (NPRC Common Stock, excluding cost of initial investment)
2014	$	4,555
2015	68,693
2016	93,857
2017	116,830
2018	137,024
2019	11,582
2020	19,800
2022	15,620
2023	3,600
2024	4,600
2025	—

[58]

As of June 30, 2025, the residual profit interest includes 8.33% of TLA, TLD and TLE residual profit calculated quarterly in arrears. The investments in TLA and TLD are subject to a maximum SOFR of 4.00%.

[59]

Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.22% of Nationwide Loan Company LLC, the operating company, as of June 30, 2025. We report Nationwide Loan Company LLC as a separate controlled company. Prospect has a first priority security interest in the assets of Nationwide.

[60]

(25)Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.48% of Nationwide Loan Company LLC, the operating company, as of June 30, 2024. We report Nationwide Loan Company LLC as a separate controlled company. Prospect has a first priority security interest in the assets of Nationwide.

[61]

Wellpath Holdings, Inc. (“Wellpath”) filed for Chapter 11 bankruptcy on November 11, 2024. On May 9, 2025 Wellpath Holdings, Inc. consummated a court-approved restructuring pursuant to its Chapter 11 Plan of Reorganization. As part of this transaction, our existing First Lien Term Loan was restructured into new debt and equity positions in New WPCC Parent and our residual Second Lien Senior Secured Term Loan deficiency claims were exchanged for beneficial interests in the Wellpath Holdings, Inc. Liquidation Trust . Our recovery in the Trust is subject to a claim’s reconciliation process and the value of our interest is based on management’s current estimate of expected recovery, using Level 3 unobservable inputs.

[62]

As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2025 with these affiliated investments were as follows:


Affiliated Companies	Fair Value at June 30, 2024		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at June 30, 2025		Interest income		Dividend income		Other income		Net realized gains (losses)

Nixon, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
RGIS Services, LLC	18,069		—		141		8,847		27,057		—		681		—		—
Total	$	18,069	$	—	$	141	$	8,847	$	27,057	$	—	$	681	$	—	$	—

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

[63]

As of June 30, 2025, Prospect owns 8.57% of the equity in Encinitas Watches Holdco, LLC, the parent company of Nixon, Inc.

[64]

(30)As of June 30, 2024, Prospect owns 8.57% of the equity in Encinitas Watches Holdco, LLC, the parent company of Nixon, Inc.

[65]

As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2024 with these affiliated investments were as follows:


Portfolio Company	Fair Value at June 30, 2023		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at June 30, 2024		Interest income		Dividend income		Other income		Net realized gains (losses)
Nixon, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

RGIS Services, LLC	10,397		1,432		1,307		4,933		18,069		—		2,291		—		—

	10,397		1,432		1,307		4,933		18,069		—		2,291		—		—

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

[66]

Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% ownership interest of Pacific World as of June 30, 2025. As a result, Prospect’s investment in Pacific World is classified as a control investment.

[67]

(34)Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.98% ownership interest of Pacific World as of June 30, 2024. As a result, Prospect’s investment in Pacific World is classified as a control investment.

[68]

PeopleConnect Holdings, Inc. and Pubrec Holdings, Inc. are joint borrowers.

[69]

(9)PeopleConnect Holdings, Inc. and Pubrec Holdings, Inc. are joint borrowers.

[70]

Vision Solutions, Inc. and Precisely Software Incorporated are joint borrowers on the Second Lien Term Loan.

[71]

(41)Prospect owns 38.95% of the preferred stock of Legere Pharmaceutical Holdings, Inc. (“Legere”), which represents 4.98% voting interest in Legere. Legere is the parent company of the borrower, Preventics, Inc. (d/b/a Legere Pharmaceuticals).

[72]

On June 30, 2025, Prospect acquired a 99.5% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions.

[73]

Redstone Holdco 2 LP is the parent borrower on the second lien term loan. Redstone Buyer, LLC, Redstone Intermediate (Archer) HoldCo LLC, Redstone Intermediate (FRI) HoldCo LLC, Redstone Intermediate (NetWitness) HoldCo, LLC, and Redstone Intermediate (SecurID) HoldCo, LLC are joint borrowers on the Second Lien Term Loan.

[74]

[75]

(7)Investment on non-accrual status as of the reporting date (see Note 2).

[76]

Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Convertible Term Loan B.

[77]

Represents overriding royalty interests or revenue interests held which receive payments the stated rates based upon the underlying operations.

[78]

The overriding royalty interests held receive payments at the stated rates based upon operations of the borrower.

[79]

(17)Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.

[80]

Prospect owns 99.96% of the equity of USES Corp. as of June 30, 2025

[81]

(28)Prospect owns 99.96% of the equity of USES Corp. as of June 30, 2024

[82]

Ellett Brothers, LLC, Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc. are joint borrowers on the second lien term loan. United Sporting Companies, Inc. (“USC”) is a parent guarantor of this debt investment, and is 100% owned by SportCo Holdings, Inc. (“SportCo”). In June 2019, USC filed for Chapter 11 bankruptcy and began liquidating its remaining assets.

[83]

[84]

UTP Holdings Group, Inc. (“UTP Holdings”) owns all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and has appointed a Board of Directors to UTP Holdings, consisting of three employees of the Investment Adviser. UTP Holdings owns UTP. UTP Holdings is a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment.

[85]

(32)UTP Holdings Group, Inc. (“UTP Holdings”) owns all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and has appointed a Board of Directors to UTP Holdings, consisting of three employees of the Investment Adviser. UTP Holdings owns UTP. UTP Holdings is a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment.

[86]

Valley Electric Holdings I, Inc., a consolidated entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), another consolidated entity. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. We report Valley Electric as a separate controlled company.

[87]

(29)Valley Electric Holdings I, Inc., a consolidated entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), another consolidated entity. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. We report Valley Electric as a separate controlled company.

[88]

The consolidated revenue interest is equal to the lesser of (i) 2.0% of consolidated revenue for the twelve-month period ending on the last day of the prior fiscal quarter (or portion thereof) and (ii) 25% of the amount of interest accrued on the Notes at the cash interest rate for such fiscal quarter (or portion thereof).

[89]

The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of June 30, 2025:


Industry(43)	1st Lien Term Loan		2nd Lien Term Loan		Subordinated Structured Notes		Unsecured Debt		Equity (B)		Amortized Cost Total
Control Investments
Aerospace & Defense	$	55,028	$	—	$	—	$	—	$	32,500	$	87,528
Commercial Services & Supplies	146,539		—		—		7,200		27,349		181,088
Construction & Engineering	83,859		—		—		—		12,053		95,912
Consumer Finance	552,713		54,997		—		—		134,222		741,932
Diversified Consumer Services	700		—		—		—		2,378		3,078
Energy Equipment & Services	148,663		—		—		—		175,658		324,321
Residential Real Estate Investment Trusts (REITs)	902,617		—		—		—		20,030		922,647
Health Care Providers & Services	348,907		—		—		—		45,118		394,025
Household Durables	84,852		—		—		—		3,400		88,252
Machinery	47,322		—		—		—		6,866		54,188
Marine Transport	—		—		—		—		47,117		47,117
Media	29,723		—		—		—		—		29,723

Personal Care Products	114,318		—		—		—		221,795		336,113

Trading Companies & Distributors	54,739		—		—		—		55,581		110,320

Total Control Investments	$	2,569,980	$	54,997	$	—	$	7,200	$	784,067	$	3,416,244
Affiliate Investments
Commercial Services & Supplies	$	—	$	—	$	—	$	—	$	11,735	$	11,735


Total Affiliate Investments	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	109,924	$	95,000	$	—	$	—	$	—	$	204,924
Automobile Components	21,906		67,023		—		—		25,802		114,731

Capital Markets	—		21,500		—		—		—		21,500
Commercial Services & Supplies	201,827		153,366		—		—		5,000		360,193


Distributors	277,714		86,309		—		—		33,382		397,405
Diversified Consumer Services	101,078		—		—		—		—		101,078

Diversified Telecommunication Services	195,805		59,071		—		—		—		254,876
Electrical Equipment	61,367		—		—		—		—		61,367


Financial Services	67,830		—		—		—		—		67,830

Food Products	18,560		131,653		—		—		—		150,213

Health Care Providers & Services	252,272		76,377		—		—		45,319		373,968
Health Care Technology	132,153		—		—		—		—		132,153
Hotels, Restaurants & Leisure	28,485		—		—		—		—		28,485
Household Durables	2,406		19,206		—		—		—		21,612


Interactive Media & Services	75,076		—		—		—		—		75,076

IT Services	34,038		69,188		—		—		—		103,226
Leisure Products	102,148		—		—		—		1		102,149
Machinery	47,172		—		—		—		—		47,172
Media	88,749		—		—		—		—		88,749


Personal Care Products	10,689		—		—		—		2,111		12,800
Pharmaceuticals	125,918		—		—		—		—		125,918
Professional Services	71,752		—		—		—		13,779		85,531

Software	48,478		132,022		—		—		—		180,500
Specialty Retail	8,178		—		—		—		23,898		32,076

Textiles, Apparel & Luxury Goods	67,011		—		—		—		17,139		84,150


Structured Finance(A)	—		—		37,840		—		—		37,840
Total Non-Control/Non-Affiliate	$	2,150,536	$	910,715	$	37,840	$	—	$	166,431	$	3,265,522
Total Portfolio Investment Cost	$	4,720,516	$	965,712	$	37,840	$	7,200	$	962,233	$	6,693,501

The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of June 30, 2025:


Industry(43)	1st Lien Term Loan			2nd Lien Term Loan			Subordinated Structured Notes			Unsecured Debt			Equity (B)			Fair Value Total			Fair Value % of Net Assets Applicable to Common Stock
Control Investments
Aerospace & Defense	$	55,028		$	—		$	—		$	—		$	47,700		$	102,728		3.4	%
Commercial Services & Supplies	74,281			—			—			5,403			29,252			108,936			3.7	%
Construction & Engineering	83,859			—			—			—			267,432			351,291			11.8	%
Consumer Finance	540,871			54,997			—			—			357,452			953,320			31.8	%
Diversified Consumer Services	700			—			—			—			3,217			3,917			0.1	%
Energy Equipment & Services	122,189			—			—			—			—			122,189			4.1	%
Residential Real Estate Investment Trusts(REITs)	902,617			—			—			—			398,355			1,300,972			43.6	%
Health Care Providers & Services	338,781			—			—			—			—			338,781			11.4	%
Household Durables	51,166			—			—			—			—			51,166			1.7	%
Machinery	47,322			—			—			—			58,255			105,577			3.5	%
Marine Transport	—			—			—			—			11,660			11,660			0.4	%
Media	29,723			—			—			—			42,484			72,207			2.4	%

Personal Care Products	107,970			—			—			—			—			107,970			3.6	%

Trading Companies & Distributors	54,739			—			—			—			10,914			65,653			2.2	%

Total Control Investments	$	2,409,246		$	54,997		$	—		$	5,403		$	1,226,721		$	3,696,367		123.7	%
Fair Value % of Net Assets	80.6		%	1.8		%	—		%	0.2		%	41.1		%	123.7		%
Affiliate Investments
Commercial Services & Supplies	$	—		$	—		$	—		$	—		$	27,057		$	27,057		0.9	%


Total Affiliate Investments	$	—		$	—		$	—		$	—		$	27,057		$	27,057		0.9	%
Fair Value % of Net Assets	—		%	—		%	—		%	—		%	0.9		%	0.9		%
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	89,641		$	95,000		$	—		$	—		$	—		$	184,641		6.1	%
Automobile Components	20,695			60,965			—			—			612			82,272			2.7	%

Capital Markets	—			21,500			—			—			—			21,500			0.7	%
Commercial Services & Supplies	201,870			153,500			—			—			12,950			368,320			12.3	%


Distributors	255,555			12,897			—			—			1,255			269,707			9.1	%
Diversified Consumer Services	40,152			—			—			—			—			40,152			1.3	%

Diversified Telecommunication Services	191,162			7,387			—			—			—			198,549			6.6	%
Electrical Equipment	61,367			—			—			—			—			61,367			2.1	%


Financial Services	67,830			—			—			—			—			67,830			2.3	%

Food Products	15,071			130,895			—			—			—			145,966			4.9	%

Health Care Providers & Services	266,437			44,720			—			—			81,589			392,746			13.2	%
Health Care Technology	130,246			—			—			—			—			130,246			4.3	%
Hotels, Restaurants & Leisure	26,249			—			—			—			—			26,249			0.9	%
Household Durables	2,406			17,934			—			—			—			20,340			0.7	%


Interactive Media & Services	75,076			—			—			—			—			75,076			2.5	%

IT Services	33,873			41,746			—			—			—			75,619			2.5	%
Leisure Products	102,373			—			—			—			—			102,373			3.5	%
Machinery	46,337			—			—			—			—			46,337			1.5	%
Media	88,405			—			—			—			—			88,405			3.0	%


Personal Care Products	10,689			—			—			—			6,697			17,386			0.6	%
Pharmaceuticals	133,576			—			—			—			—			133,576			4.5	%
Professional Services	70,716			—			—			—			17,343			88,059			3.0	%

Software	48,490			124,265			—			—			—			172,755			5.7	%


Industry(43)	1st Lien Term Loan			2nd Lien Term Loan			Subordinated Structured Notes			Unsecured Debt			Equity (B)			Fair Value Total			Fair Value % of Net Assets Applicable to Common Stock
Specialty Retail	5,914			—			—			—			—			5,914			0.2	%

Textiles, Apparel & Luxury Goods	69,402			—			—			—			30,303			99,705			3.3	%


Structured Finance (A)	—			—			35,002			—			—			35,002			1.1	%
Total Non-Control/Non-Affiliate	$	2,053,532		$	710,809		$	35,002		$	—		$	150,749		$	2,950,092		98.7	%
Fair Value % of Net Assets	68.7		%	23.8		%	1.2		%	—		%	5.0		%	98.7		%
Total Portfolio	$	4,462,778		$	765,806		$	35,002		$	5,403		$	1,404,527		$	6,673,516		223.3	%
Fair Value % of Net Assets	149.3		%	25.6		%	1.2		%	0.2		%	47.0		%	223.3		%

(A) Our SSN investments do not have industry concentrations and as such have been separated in the tables above.

(B) Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants.

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The terms “Prospect,” “the Company,” “we,” “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. The securities in which Prospect has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold only in transactions that are exempt from registration under the Securities Act.

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The following table shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of June 30, 2024:


Industry	1st Lien Term Loan		2nd Lien Term Loan		Subordinated Structured Notes		Unsecured Debt		Equity (B)		Amortized Cost Total
Control Investments
Aerospace & Defense	$	54,739	$	—	$	—	$	—	$	55,581	$	110,320
Commercial Services & Supplies	135,936		—		—		7,200		27,349		170,485
Construction & Engineering	83,858		—		—		—		12,053		95,911
Consumer Finance	540,191		—		—		—		82,842		623,033
Diversified Consumer Services	1,500		—		—		—		2,378		3,878
Energy Equipment & Services	123,189		—		—		—		221,800		344,989
Equity Real Estate Investment Trusts (REITs)	877,151		—		—		—		20,030		897,181
Health Care Providers & Services	316,428		—		—		—		45,118		361,546
Machinery	37,322		—		—		—		6,866		44,188
Media	29,723		—		—		—		—		29,723
Online Lending	20,630		—		—		—		—		20,630
Personal Products	98,601		—		—		—		221,795		320,396
Trading Companies & Distributors	35,135		—		—		—		32,500		67,635
Structured Finance (A)	190,500		—		—		—		—		190,500
Total Control Investments	$	2,544,903	$	—	$	—	$	7,200	$	728,312	$	3,280,415
Affiliate Investments
Commercial Services & Supplies	$	—	$	—	$	—	$	—	$	11,594	$	11,594


Total Affiliate Investments	$	—	$	—	$	—	$	—	$	11,594	$	11,594
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	92,897	$	95,000	$	—	$	—	$	—	$	187,897
Automobile Components	22,124		66,850		—		—		25,697		114,671

Capital Markets	—		42,500		—		—		—		42,500
Commercial Services & Supplies	185,948		153,326		—		—		5,000		344,274
Communications Equipment	22,359		56,671		—		—		—		79,030

Distributors	224,726		89,853		—		—		—		314,579
Diversified Consumer Services	145,326		—		—		—		34,348		179,674
Diversified Financial Services	45,039		—		—		—		—		45,039
Diversified Telecommunication Services	9,405		122,165		—		—		—		131,570
Electrical Equipment	61,991		—		—		—		—		61,991


Food & Staples Retailing	26,743		—		—		—		—		26,743
Food Products	—		131,504		—		—		—		131,504

Health Care Providers & Services	255,534		113,145		—		—		9,496		378,175
Health Care Technology	133,620		—		—		—		—		133,620
Hotels, Restaurants & Leisure	27,582		—		—		—		—		27,582
Household Durables	118,705		—		—		—		3,501		122,206


Interactive Media & Services	120,594		—		—		—		—		120,594
Internet & Direct Marketing Retail	2,426		18,683		—		—		—		21,109
IT Services	196,461		148,451		—		—		—		344,912
Leisure Products	79,458		—		—		—		1		79,459
Machinery	50,399		9,994		—		—		—		60,393
Media	40,107		—		—		—		—		40,107


Pharmaceuticals	107,060		—		—		—		—		107,060
Professional Services	87,175		124,082		—		—		—		211,257

Software	—		52,405		—		—		—		52,405


Textiles, Apparel & Luxury Goods	173,114		—		—		—		—		173,114


Structured Finance (A)	—		—		623,700		—		—		623,700
Total Non-Control/Non-Affiliate	$	2,228,793	$	1,224,629	$	623,700	$	—	$	78,043	$	4,155,165
Total Portfolio Investment Cost	$	4,773,696	$	1,224,629	$	623,700	$	7,200	$	817,949	$	7,447,174

The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of June 30, 2024:


Industry	1st Lien Term Loan			2nd Lien Term Loan			Subordinated Structured Notes			Unsecured Debt			Equity (B)			Fair Value Total			Fair Value % of Net Assets
Control Investments
Aerospace & Defense	$	54,739		$	—		$	—		$	—		$	12,184		$	66,923		1.8	%
Commercial Services & Supplies	73,487			—			—			7,200			22,885			103,572			2.8	%
Construction & Engineering	83,858			—			—			—			232,561			316,419			8.5	%
Consumer Finance	536,792			—			—			—			191,528			728,320			19.6	%
Diversified Consumer Services	1,500			—			—			—			3,242			4,742			0.1	%
Energy Equipment & Services	110,206			—			—			—			12,651			122,857			3.3	%
Equity Real Estate Investment Trusts (REITs)	877,151			—			—			—			608,181			1,485,332			40.0	%
Health Care Providers & Services	316,428			—			—			—			147,455			463,883			12.5	%
Machinery	37,322			—			—			—			65,080			102,402			2.8	%
Media	29,723			—			—			—			64,542			94,265			2.5	%
Online Lending	20,630			—			—			—			—			20,630			0.6	%
Personal Products	98,601			—			—			—			6,062			104,663			2.8	%
Trading Companies & Distributors	35,135			—			—			—			32,932			68,067			1.8	%
Structured Finance (A)	190,500			—			—			—			—			190,500			5.1	%
Total Control Investments	$	2,466,072		$	—		$	—		$	7,200		$	1,399,303		$	3,872,575		104.3	%
Fair Value % of Net Assets	66.4		%	—		%	—		%	0.2		%	37.7		%	104.3		%
Affiliate Investments
Commercial Services & Supplies	$	—		$	—		$	—		$	—		$	18,069		$	18,069		0.5	%


Total Affiliate Investments	$	—		$	—		$	—		$	—		$	18,069		$	18,069		0.5	%
Fair Value % of Net Assets	—		%	—		%	—		%	—		%	0.5		%	0.5		%
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	84,933		$	89,758		$	—		$	—		$	—		$	174,691		4.7	%
Automobile Components	22,019			66,788			—			—			783			89,590			2.4	%

Capital Markets	—			42,500			—			—			—			42,500			1.1	%
Commercial Services & Supplies	186,116			153,500			—			—			14,042			353,658			9.5	%
Communications Equipment	22,413			46,098			—			—			—			68,511			1.8	%

Distributors	227,805			10,289			—			—			13,304			251,398			6.8	%
Diversified Consumer Services	127,311			—			—			—			14,581			141,892			3.8	%
Diversified Financial Services	45,039			—			—			—			—			45,039			1.2	%
Diversified Telecommunication Services	9,456			122,670			—			—			—			132,126			3.6	%
Electrical Equipment	61,991			—			—			—			—			61,991			1.7	%


Food & Staples Retailing	22,251			—			—			—			—			22,251			0.6	%
Food Products	—			126,145			—			—			—			126,145			3.4	%

Health Care Providers & Services	251,765			88,148			—			—			18,125			358,038			9.6	%
Health Care Technology	132,531			—			—			—			—			132,531			3.6	%
Hotels, Restaurants & Leisure	21,550			—			—			—			—			21,550			0.6	%
Household Durables	118,660			—			—			—			1,266			119,926			3.2	%


Interactive Media & Services	120,594			—			—			—			—			120,594			3.2	%
Internet & Direct Marketing Retail	2,406			15,987			—			—			—			18,393			0.5	%
IT Services	196,323			147,225			—			—			—			343,548			9.3	%
Leisure Products	79,291			—			—			—			—			79,291			2.1	%
Machinery	50,645			10,000			—			—			—			60,645			1.6	%
Media	40,107			—			—			—			—			40,107			1.1	%


Pharmaceuticals	107,588			—			—			—			—			107,588			2.9	%
Professional Services	86,031			76,948			—			—			—			162,979			4.4	%

Software	—			47,813			—			—			—			47,813			1.3	%


Textiles, Apparel & Luxury Goods	173,114			—			—			—			—			173,114			4.7	%


Structured Finance (A)	—			—			531,690			—			—			531,690			14.3	%
Total Non-Control/Non-Affiliate	$	2,189,939		$	1,043,869		$	531,690		$	—		$	62,101		$	3,827,599		103.1	%
Fair Value % of Net Assets	59.0		%	28.1		%	14.3		%	—		%	1.7		%	103.1		%
Total Portfolio	$	4,656,011		$	1,043,869		$	531,690		$	7,200		$	1,479,473		$	7,718,243		207.9	%
Fair Value % of Net Assets	125.4		%	28.1		%	14.3		%	0.2		%	39.9		%	207.9		%

(A) Our SSN investments do not have industry concentrations and as such have been separated in the tables above.

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