v3.25.2
Transactions with Controlled Companies
 12 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Transactions with Controlled Companies Transactions with Controlled Companies
The descriptions below detail the transactions which Prospect Capital Corporation (“Prospect”) has entered into with each of our controlled companies. Certain of the controlled entities discussed below were consolidated effective July 1, 2014 (see Note 1). As such, transactions with these Consolidated Holding Companies are presented on a consolidated basis.
Belnick, LLC (d/b/a The Ubique Group)
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 Consolidated Holding Company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which equate to a 99.01% fully diluted 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.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$2,748 $— $— 
Other Income— — 
Structuring Fee
$33 $— $— 
Total Other Income$33 $— $— 
Reimbursement of Legal, Tax, etc. (1)
$8 $— $— 

(1) Paid from Belnick to Prospect Administration LLC (“PA”) as reimbursement for legal, tax, and portfolio level accounting services provided directly to Belnick (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions (2)
$3,400 $— $— 
Interest Income Capitalized as PIK2,740 — — 
As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$31 $— 
Other Receivables (4)
(41)— 
(2) During the year ended June 30, 2025, Prospect provided $3,400 of equity funding.
(3) Interest income recognized but not yet paid.
(4) Represents amounts due to Belnick from Prospect for reimbursement of future expenses paid by Prospect on behalf of Belnick.


CP Energy Services Inc.
Prospect owns 100% of the equity of CP Holdings of Delaware LLC (“CP Holdings”), a Consolidated Holding Company. CP Holdings owns 99.8% of the equity of CP Energy Services, Inc. (“CP Energy”), and the remaining equity is owned by CP Energy management. CP Energy owns directly or indirectly 100% of each of CP Well; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. CP Energy provides oilfield flowback services and fluid hauling and disposal services through its subsidiaries. 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 and $41,177 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2025 and June 30, 2024, respectively. 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 beginning June 30, 2019. Spartan remains the direct borrow and guarantor to Prospect for the Spartan Term Loans.
In December 2019, Wolf Energy Holdings, Inc. (“Wolf Energy Holdings”), our Consolidated Holding Company that previously owned 100% of Appalachian Energy LLC (“AEH”); Wolf Energy Services Company, LLC (“Wolf Energy Services”); and Wolf Energy, LLC (collectively our previously controlled membership interest and net profit interest investments in “Wolf Energy”), merged with and into CP Energy, with CP Energy continuing as the surviving entity. CP Energy acquired 100% of our equity investment in Wolf Energy, which is reflected in our valuation of the CP Energy common stock beginning December 31, 2019.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income
  Interest Income from CP Energy
$12,550 $11,452 $7,969 
  Interest Income from Spartan
6,013 4,840 3,510 
Total Interest Income$18,563 $16,292 $11,479 
Reimbursement of Legal, Tax, etc. (1)
$35 $99 $237 
(1) Paid from CP Energy to Prospect Administration LLC (“PA”) as reimbursement for legal, tax, and portfolio level accounting services provided directly to CP Energy (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions
CP Energy9,600 2,900 10,000 
Spartan5,931 4,569 2,500 
Total Additions15,531 7,469 12,500 
Interest Income Capitalized as PIK
CP Energy$5,574 $8,455 $7,958 
Spartan4,370 3,954 3,506 
Total Interest Income Capitalized as PIK$9,944 $12,409 $11,464 

As of
June 30, 2025June 30, 2024
Interest Receivable (2)
55 3,923 
Other Receivables (3)
778 539 
(2) Interest income recognized but not yet paid.
(3) Represents amounts due from CP Energy and Spartan to Prospect for reimbursement of expenses paid by Prospect on behalf of CP Energy and Spartan.
Credit Central Loan Company, LLC
Prospect owns 100% of the equity of Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a Consolidated Holding Company. Credit Central Delaware owns 99.8% of the equity of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC) (“Credit Central”), with entities owned by Credit Central management owning the remaining equity. 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. Credit Central is a branch-based provider of installment loans.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$8,711 $8,207 $8,040 
Other Income
Structuring Fee
$— $— $123 
Total Other Income$— $— $123 
Managerial Assistance (1)
$700 $700 $700 
Reimbursement of Legal, Tax, etc.(2)
— 6 69 
(1) No income recognized by Prospect. Managerial Assistance (“MA”) payments were paid from Credit Central to Prospect and subsequently remitted to PA.
(2) Paid from Credit Central to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Credit Central (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA.)

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$— $— $6,200 
Accreted Original Issue Discount— 1,105 824 
Interest Income Capitalized as PIK7,949 4,882 7,237 

As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$26 $— 
Other Receivables (4)
11 — 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from Credit Central to Prospect for reimbursement of expenses paid by Prospect on behalf of Credit Central.

Echelon Transportation LLC (f/k/a Echelon Aviation LLC)
Prospect owns 100% of the membership interests of Echelon Transportation LLC (“Echelon”). Echelon owns 60.7% of the equity of AerLift Leasing Limited (“AerLift”).

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$3,343 $3,470 $4,086 
Managerial Assistance (1)
250 250 188 
Reimbursement of Legal, Tax, etc.(2)
288 6 94 
(1) No income recognized by Prospect. MA payments were paid from Echelon to Prospect and subsequently remitted to PA.
(2) Paid from Echelon to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Echelon (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income Capitalized as PIK$1,260 $— $3,391 
Repayment of loan receivable1,260 1,861 — 
As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$1,378 $1,387 
Other Receivables (4)
24 2 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from Echelon to Prospect for reimbursement of expenses paid by Prospect on behalf of Echelon.
Energy Solutions Holdings Inc.
Prospect owns 100% of the equity of Energy Solutions Holdings Inc. (“Energy Solutions”), a Consolidated Holding Company. Energy Solutions owns 100% of each of Freedom Marine Solutions, LLC (“Freedom Marine”) and Yatesville Coal Company, LLC (“Yatesville”). Freedom Marine owns 100% of each of Vessel Company, LLC (“Vessel”); Vessel Company II, LLC (“Vessel II”); and Vessel Company III, LLC (“Vessel III”). Vessel II owns MV JF Jett LLC; MV Clint Jett, LLC; and MV Gulf Endeavor, LLC. Vessel III owns MV FMS Courage, LLC; and MV FMS Endurance, LLC. Energy Solutions also serves as the holding company for our 7,785 Units, or 4.9% voting interest, of Discovery MSO Holdco, LLC. Discovery MSO Holdco, LLC owns 100% of Discovery Point Retreat, LLC.

Energy Solutions owns interests in companies operating in the energy sector. These include companies operating offshore supply vessels, ownership of a non-operating biomass electrical generation plant and several coal mines. Energy Solutions subsidiaries formerly owned interests in gathering and processing business in east Texas.

Transactions between Prospect and Freedom Marine are separately discussed below under “Freedom Marine Solutions, LLC.”
First Tower Finance Company LLC
Prospect owns 100% of the equity of First Tower Holdings of Delaware LLC (“First Tower Delaware”), a Consolidated Holding Company. First Tower Delaware holds 80.10% of the voting interest of First Tower Finance Company LLC (“First Tower Finance”), resulting in a 78.06% ownership of First Tower Finance. First Tower Finance owns 100% of First Tower, LLC (“First Tower”), a multiline specialty finance company.

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$65,954 $62,675 $63,364 
Other Income
Structuring Fee$421 $— $— 
Total Other Income$421 $— $— 
Managerial Assistance (1)
$2,400 $2,400 $2,400 
(1) No income recognized by Prospect. MA payments were paid from First Tower to Prospect and subsequently remitted to PA.

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$17,501 $— $— 
Interest Income Capitalized as PIK$10,115 $29,385 40,688 
Repayment of Loan Receivable437 319 987 
As of
June 30, 2025June 30, 2024
Interest Receivable (2)
$189 $2,461 
Other Receivables (3)
96 1 
(2) Interest income recognized but not yet paid.
(3) Represents amounts due from First Tower to Prospect for reimbursement of expenses paid by Prospect on behalf of First Tower.

Freedom Marine Solutions, LLC
As discussed above, Prospect owns 100% of the equity of Energy Solutions, a Consolidated Holding Company. Energy Solutions owns 100% of Freedom Marine. Freedom Marine owns 100% of each of Vessel, Vessel II, and Vessel III.

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Reimbursement of Legal, Tax, etc.(1)
$1 $— $— 
(1) Paid from Freedom Marine to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Freedom Marine (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA)
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions (2)
$975 $— $650 
(2) During the year ended June 30, 2025, Prospect provided $975 of equity funding.

June 30, 2025June 30, 2024
Other Receivables (3)
$1 $— 

(3) Represents amounts due from Freedom Marine to Prospect for reimbursement of expenses paid by Prospect on behalf of Freedom Marine.

InterDent, Inc.
Prospect owns 100% of the equity of InterDent, Inc. (“InterDent”).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$39,207 $36,946 $32,523 
Managerial Assistance (1)
1,463 1,463 $1,463 
Reimbursement of Legal, Tax, etc.(2)
15 23 — 
(1) No income recognized by Prospect. MA payments were paid from InterDent to Prospect and subsequently remitted to PA.
(2) Paid from InterDent to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to InterDent (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions
$17,000 $— $— 
Interest Income Capitalized as PIK15,479 23,249 20,681 
Repayment of Loan Receivable— — 950 
As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$116 $318 
Other Receivables (4)
55 1 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from InterDent to Prospect for reimbursement of expenses paid by Prospect on behalf of InterDent.

Kickapoo Ranch Pet Resort

Prospect owns 100% of the membership interest of Kickapoo Ranch Pet Resort (“Kickapoo”). Kickapoo is a luxury pet boarding facility.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$160 $92 $— 
Dividend Income— 80 150 
Other Income
Structuring Fee$— $75 $— 
Total Other Income$— $75 $— 
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$— $1,500 $— 
Repayment of Loan Receivable800 — — 
As of
June 30, 2025June 30, 2024
Interest Receivable (1)
$— $2 
Other Receivables (2)
4 — 
(1) Interest income recognized but not yet paid.
(2) Represents amounts due from Kickapoo to Prospect for reimbursement of expenses paid by Prospect on behalf of Kickapoo.


MITY, Inc.
Prospect owns 100% of the equity of MITY Holdings of Delaware Inc. (“MITY Delaware”), a Consolidated Holding Company.
MITY Delaware 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 USA, Inc. (f/k/a Broda Enterprises USA, Inc.) (“Broda USA”); and Broda Enterprises ULC (“Broda Canada”). MITY is a designer, manufacturer and seller of multipurpose room furniture and specialty healthcare seating products.

During the three months ended December 31, 2016, Prospect formed a separate legal entity, 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. We recognize such commission, if any, as other income.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$9,336 $8,988 $8,177 
Other Income
Structuring Fee
$107 $130 $— 
Total Other Income$107 $130 $— 
Managerial Assistance (1)
$376 $300 $300 
Reimbursement of Legal, Tax, etc.(2)
37 23 — 
Realized (Loss) Gain12 (1)(2)
(1) No income recognized by Prospect. MA payments were paid from MITY to Prospect and subsequently remitted to PA.
(2) Paid from Mity to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Mity (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions $4,265 $5,150 $— 
Interest Income Capitalized as PIK— — 2,692 
Repayment of Loan Receivable— — 3,265 
As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$26 $79 
Other Receivables (4)
65 5 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from MITY to Prospect for reimbursement of expenses paid by Prospect on behalf of MITY.
National Property REIT Corp.
Prospect owns 100% of the equity of NPH Property Holdings, LLC (“NPH”), a consolidated holding company. NPH owns 100% of the common equity of National Property REIT Corp. (“NPRC”).
NPRC is a Maryland corporation and a qualified REIT for federal income tax purposes. In order to qualify as a REIT, NPRC issued 125 shares of Series A Cumulative Non-Voting Preferred Stock to 125 accredited investors. The preferred stockholders are entitled to receive cumulative dividends semi-annually at an annual rate of 12.5% and do not have the ability to participate in the management or operation of NPRC.
NPRC was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. NPRC acquires real estate assets, including, but not limited to, industrial, commercial, and multi-family properties. NPRC may acquire real estate assets directly or through joint ventures by making a majority equity investment in a property-owning entity (the “JV”). Additionally, through its wholly owned subsidiaries, NPRC invests in online consumer loans and rated secured structured notes (“RSSN”).
During the year ended June 30, 2025, we provided $96,995 of debt financing to NPRC to fund real estate capital expenditures and provide working capital.
During the year ended June 30, 2025, we received partial repayments of $285,386 of our loans previously outstanding with NPRC and its wholly owned subsidiary.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$89,786 $99,538 $95,004 
Other Income
Structuring Fee
$— $16,470 $261 
Royalty, net profit and revenue interests14,825 50,329 63,531 
Total Other Income$14,825 $66,799 $63,792 
Managerial Assistance (1)
$1,767 $3,525 $2,100 
Reimbursement of Legal, Tax, etc.(2)
2,151 1,664 1,948 
(1) No income recognized by Prospect. MA payments were paid from NPRC to Prospect and subsequently remitted to PA.
(2) Paid from NPRC to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to NPRC (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions (3)
$96,995 $252,944 $213,469 
Interest Income Capitalized as PIK2,728 1,004 488 
Repayment of Loan Receivable285,386 108,950 109,352 
Return of Capital— — 4,000 
(3) During the year ended June 30, 2025, Prospect provided $96,995 of debt financing to NPRC to fund real estate capital expenditures and provide working capital.
As of
June 30, 2025June 30, 2024
Interest Receivable (4)
$1,100 $785 
Other Receivables (5)
(1)(2)
(4) Interest income recognized but not yet paid.
(5) Represents amounts due to NPRC from Prospect for a credit of reimbursements of expenses paid by Prospect on behalf of NPRC.
Nationwide Loan Company LLC
Prospect owns 100% of the membership interests of Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a Consolidated Holding Company. Nationwide Holdings owns 94.22% of the equity of Nationwide Loan Company LLC (“Nationwide”), with members of Nationwide management owning the remaining 5.78% of the equity.
On June 20, 2025 the First Lien Term Loan debt of $29,091 converted to equity.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$3,793 $5,111 $4,306 
Other Income
Structuring Fee
$— $147 $— 
Total Other Income$— $147 $— 
Managerial Assistance (1)
$400 $100 $400 
Reimbursement of Legal, Tax, etc. (2)
115 3 — 
(1) No income recognized by Prospect. MA payments were paid from Nationwide to Prospect and subsequently remitted to PA.
(2) Paid from Nationwide to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Nationwide (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$4,000 $5,350 $— 
Interest Income Capitalized as PIK2,484 4,622 2,337 
As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$3 $501 
Other Receivables (4)
36 1 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from Nationwide to Prospect for reimbursement of expenses paid by Prospect on behalf of Nationwide.

NMMB, Inc.
Prospect owns 100% of the equity of NMMB Holdings, Inc. (“NMMB Holdings”), a Consolidated Holding Company. NMMB Holdings owns 92.77% of the fully-diluted equity of NMMB, Inc. (f/k/a NMMB Acquisition, Inc.) (“NMMB”) as of June 30, 2025 and June 30, 2024, with NMMB management owning the remaining equity. NMMB owns 100% of Refuel Agency, Inc. (“Refuel Agency”). Refuel Agency owns 100% of Armed Forces Communications, Inc. (“Armed Forces”). NMMB is an advertising media buying business.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$4,039 $4,255 $3,754 
Dividend Income (1)
— 657 2,510 
Managerial Assistance (2)
400 400 $400 
Realized (Loss) Gain6,366 1,040 (2,510)
Reimbursement of Legal, Tax, etc. (3)
9 1 4 
(1) All dividends were paid from earnings and profits of NMMB.
(2) No income recognized by Prospect. MA payments were paid from NMMB to Prospect and subsequently remitted to PA.
(3) Paid from NMMB to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to NMMB (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).

As of
June 30, 2025June 30, 2024
Interest Receivable (4)
$11 $35 
Other Receivables (5)
10 1 
(4) Interest income recognized but not yet paid.
(5) Represents amounts due from NMMB to Prospect for reimbursement of expenses paid by Prospect on behalf of NMMB.
Pacific World Corporation
Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% and 99.98% ownership interest of Pacific World as of June 30, 2025 and June 30, 2024, respectively. As a result, Prospect’s investment in Pacific World is classified as a control investment.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$9,865 $10,164 $8,052 
Other Income
Structuring Fee
$286 $812 $105 
Total Other Income$286 $812 $105 
Reimbursement of Legal, Tax, etc. (1)$38 $5 $— 
(1) Paid from Pacific World to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Pacific World (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$14,275 $32,500 $11,000 
Interest Income Capitalized as PIK6,317 9,021 7,479 
Repayment of loan receivable4,875 — — 
As of
June 30, 2025June 30, 2024
Interest Receivable (2)
$27 $79 
Other Receivables (3)
155 155 
(2) Interest income recognized but not yet paid.
(3) Represents amounts due from Pacific World to Prospect for reimbursement of expenses paid by Prospect on behalf of Pacific World.
QC Holdings TopCo, LLC
As of June 30, 2025, Prospect holds a 99.55% 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.

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$37 
Other Income
Structuring Fee
$2,319 $— $— 
Total Other Income$2,319 $— $— 


Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions (1)
$77,286 $— $— 

(1) During the year ended June 30, 2025, Prospect provided $54,997 of debt financing $22,289 of equity financing to QC Holdings.

As of
June 30, 2025June 30, 2024
Interest Receivable (2)
$37 $— 
Other Receivables (3)
(132)

(2) Interest income recognized but not yet paid.
(3) Represents amounts due to QC Holdings from Prospect for a credit of reimbursements of expenses paid by Prospect on behalf of QC Holdings.

R-V Industries, Inc.
Prospect owns 87.75% of the fully-diluted equity of R-V Industries, Inc. (“R-V”), with R-V management owning the remaining 12.25% of the equity. On December 15, 2020 we restructured our $28,622 Senior Subordinated Note with R-V into a $28,622 First Lien Note. No realized gain or loss was recorded as a result of the transaction.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$5,558 $5,358 $4,467 
Dividend Income (1)
8,774 — — 
Other Income
Advisory Fee
$— $106 $158 
Total Other Income$— $106 $158 
Managerial Assistance (2)
$180 $180 $180 
Reimbursement of Legal, Tax, etc.(3)
14 17 18 
(1) All dividends were paid from earnings and profits of R-V.
(2) No income recognized by Prospect. MA payments were paid from R-V to Prospect and subsequently remitted to PA.
(3) Paid from R-V to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to R-V (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$10,000 $3,700 $— 
As of
June 30, 2025June 30, 2024
Interest Receivable (4)
$16 $45 
Other Receivables (5)
8 — 
(4) Interest income recognized but not yet paid.
(5) Represents amounts due from R-V to Prospect for reimbursement of expenses paid by Prospect on behalf of R-V.

Universal Turbine Parts, LLC

On December 10, 2018, UTP Holdings Group, Inc. (“UTP Holdings”) purchased all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and appointed a new board of directors to UTP Holdings, consisting of three employees of the Investment Adviser. At the time UTP Holdings acquired UTP, UTP Holdings (f/k/a Harbortouch Holdings of Delaware) was a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income$4,755 $4,030 $3,280 
Other Income
Structuring Fee
$300 $— — 
Total Other Income$300 $— $— 
Managerial Assistance (1)
10 10 10 
Reimbursement of Legal, Tax, etc. (2)
21 3,345 — 
(1) No income recognized by Prospect. MA payments were paid from UTP to Prospect and subsequently remitted to PA.
(2) Paid from UTP to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to UTP (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions $20,000 $2,500 $— 
Repayment of Loan Receivable107 49 32 

As of
June 30, 2025June 30, 2024
Interest Receivable (3)
$17 $34 
Other Receivables (4)
10 1 
(3) Interest income recognized but not yet paid.
(4) Represents amounts due from UTP to Prospect for reimbursement of expenses paid by Prospect on behalf of UTP.
USES Corp.
On June 15, 2016, we provided additional $1,300 debt financing to USES Corp. (“United States Environmental Services” or “USES”) and its subsidiaries in the form of additional Term Loan A debt and, in connection with such Term Loan A debt financing, USES issued to us 99,900 shares of its common stock. On June 29, 2016, we provided additional $2,200 debt financing to USES and its subsidiaries in the form of additional Term Loan A debt and, in connection with such Term Loan A debt financing, USES issued to us 169,062 shares of its common stock. As a result of such debt financing and recapitalization, as of June 29, 2016, we held 268,962 shares of USES common stock representing a 99.96% common equity ownership interest in USES. As such, USES became a controlled company on June 30, 2016.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income2,775 1,990 1,039 
Reimbursement of Legal, Tax, etc. (2)
74 — 81 
(1) Paid from USES to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to USES (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$6,000 $— $9,900 
Interest Income Capitalized as PIK2,638 1,545 775 
Repayment of Loan Receivable2,300 — — 

As of
June 30, 2025June 30, 2024
Interest Receivable (2)
$8 $153 
Other Receivables (3)
221 147 

(2) Interest income recognized but not yet paid.
(3) Represents amounts due from USES to Prospect for reimbursement of expenses paid by Prospect on behalf of USES.

Valley Electric Company, Inc.
Prospect owns 100% of the common stock of Valley Electric Holdings I, Inc. (“Valley Holdings I”), a Consolidated Holding Company. Valley Holdings I owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), a Consolidated Holding Company. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”), with Valley Electric management owning the remaining 5.01% of the equity. 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. (“Valley”), a leading provider of specialty electrical services in the state of Washington and among the top 50 electrical contractors in the United States.
Year Ended
June 30, 2025June 30, 2024June 30, 2023
Interest Income
Interest Income from Valley
$1,314 $1,389 $1,508 
Interest Income from Valley Electric
11,363 10,927 7,895 
Total Interest Income$12,677 $12,316 $9,403 
Dividend Income (1)
$— $— $547 
Other Income
Structuring Fee
$— $— $380 
Royalty, net profit and revenue interests666 666 666 
Total Other Income$666 $666 $1,046 
Managerial Assistance (2)
$600 $600 $600 
Reimbursement of Legal, Tax, etc. (3)
3 — 85 
(1) All dividends were paid from earnings and profits.
(2) No income recognized by Prospect. MA payments were paid from Valley Electric to Prospect and subsequently remitted to PA.
(3) Paid from Valley to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Valley (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA).

Year Ended
June 30, 2025June 30, 2024June 30, 2023
Additions$— $— $19,000 
Interest Income Capitalized as PIK— 4,763 3,341 
Repayment of loan receivable— — (548)

As of
June 30, 2025June 30, 2024
Interest Receivable (4)
$757 $2,974 
Other Receivables (5)
9 2 
(4) Interest income recognized but not yet paid.
(5) Represents amounts due from Valley Electric to Prospect for reimbursement of expenses paid by Prospect on behalf of Valley Electric.