v3.25.2
Transactions with Controlled Companies - Freedom Marine Solutions, LLC (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Freedom Marine Solutions, LLC | Energy Solutions Holdings Inc.        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Ownership interest   100.00%    
Vessel Company, LLC | Freedom Marine Solutions, LLC        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Ownership interest 100.00% 100.00%    
Vessel Company II, LLC | Freedom Marine Solutions, LLC        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Ownership interest 100.00% 100.00%    
Vessel Company III, LLC | Freedom Marine Solutions, LLC        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Ownership interest 100.00% 100.00%    
Reportable Legal Entities | Subsidiaries | Freedom Marine Solutions, LLC        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Additions   $ 975 $ 0 $ 650
Equity financing   975    
Other Receivables   1 0  
Reportable Legal Entities | Subsidiaries | Freedom Marine Solutions, LLC | Prospect Administration        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Reimbursement of Legal, Tax, etc   $ 1 $ 0 $ 0
Reportable Legal Entities | Subsidiaries | Freedom Marine Solutions, LLC        
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]        
Ownership interest   100.00% [1],[2],[3],[4],[5] 100.00% [6],[7],[8],[9],[10]  
[1] 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 CompaniesFair Value at June 30, 2024Gross Additions (Cost)(A)Gross Reductions (Cost)(B)Net unrealized
gains (losses)		Fair Value at June 30, 2025Interest
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, LLC79,230 7,949 — (8,443)78,736 8,711 — — — 
Echelon Transportation, LLC66,923 1,260 (1,260)(1,270)65,653 3,343 — — — 
First Tower Finance Company LLC605,928 27,616 (437)127,411 760,518 65,954 — 421 — 
Freedom Marine Solutions, LLC12,651 975 — (1,966)11,660 — — — — 
InterDent, Inc.463,883 32,479 — (157,581)338,781 39,207 — — — 
Kickapoo Ranch Pet Resort4,742 — (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 LLC43,162 6,484 — (12,866)36,780 3,793 — — — 
NMMB, Inc.94,265 — — (22,058)72,207 4,039 — — 6,366 
Pacific World Corporation104,663 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, LLC68,067 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.
[2] 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.
[3] Represents non-income producing security that has not paid a dividend or other income in the year preceding the reporting date.
[4] 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 NotesUnsecured Debt
Equity (B)
Amortized Cost Total
Control Investments
Aerospace & Defense$55,028 $— $— $— $32,500 $87,528 
Commercial Services & Supplies146,539 — — 7,200 27,349 181,088 
Construction & Engineering83,859 — — — 12,053 95,912 
Consumer Finance552,713 54,997 — — 134,222 741,932 
Diversified Consumer Services700 — — — 2,378 3,078 
Energy Equipment & Services148,663 — — — 175,658 324,321 
Residential Real Estate Investment Trusts (REITs)902,617 — — — 20,030 922,647 
Health Care Providers & Services348,907 — — — 45,118 394,025 
Household Durables84,852 — — — 3,400 88,252 
Machinery47,322 — — — 6,866 54,188 
Marine Transport— — — — 47,117 47,117 
Media29,723 — — — — 29,723 
Personal Care Products114,318 — — — 221,795 336,113 
Trading Companies & Distributors54,739 — — — 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 Components21,906 67,023 — — 25,802 114,731 
Capital Markets— 21,500 — — — 21,500 
Commercial Services & Supplies201,827 153,366 — — 5,000 360,193 
Distributors277,714 86,309 — — 33,382 397,405 
Diversified Consumer Services101,078 — — — — 101,078 
Diversified Telecommunication Services195,805 59,071 — — — 254,876 
Electrical Equipment61,367 — — — — 61,367 
Financial Services67,830 — — — — 67,830 
Food Products18,560 131,653 — — — 150,213 
Health Care Providers & Services252,272 76,377 — — 45,319 373,968 
Health Care Technology132,153 — — — — 132,153 
Hotels, Restaurants & Leisure28,485 — — — — 28,485 
Household Durables2,406 19,206 — — — 21,612 
Interactive Media & Services75,076 — — — — 75,076 
IT Services34,038 69,188 — — — 103,226 
Leisure Products102,148 — — — 1 102,149 
Machinery47,172 — — — — 47,172 
Media88,749 — — — — 88,749 
Personal Care Products10,689 — — — 2,111 12,800 
Pharmaceuticals125,918 — — — — 125,918 
Professional Services71,752 — — — 13,779 85,531 
Software48,478 132,022 — — — 180,500 
Specialty Retail8,178 — — — 23,898 32,076 
Textiles, Apparel & Luxury Goods67,011 — — — 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 NotesUnsecured Debt
Equity (B)
Fair Value TotalFair Value % of Net Assets Applicable to Common Stock
Control Investments
Aerospace & Defense$55,028$—$—$—$47,700$102,7283.4 %
Commercial Services & Supplies74,281——5,40329,252108,9363.7 %
Construction & Engineering83,859———267,432351,29111.8 %
Consumer Finance540,87154,997——357,452953,32031.8 %
Diversified Consumer Services700———3,2173,9170.1 %
Energy Equipment & Services122,189————122,1894.1 %
Residential Real Estate Investment Trusts(REITs)902,617———398,3551,300,97243.6 %
Health Care Providers & Services338,781————338,78111.4 %
Household Durables51,166————51,1661.7 %
Machinery47,322———58,255105,5773.5 %
Marine Transport————11,66011,6600.4 %
Media29,723———42,48472,2072.4 %
Personal Care Products107,970————107,9703.6 %
Trading Companies & Distributors54,739———10,91465,6532.2 %
Total Control Investments$2,409,246$54,997$— $5,403$1,226,721$3,696,367123.7 %
Fair Value % of Net Assets80.6 %1.8 %— %0.2 %41.1 %123.7 %
Affiliate Investments
Commercial Services & Supplies$—$—$—$—$27,057$27,0570.9 %
Total Affiliate Investments$—$—$—$—$27,057$27,0570.9 %
Fair Value % of Net Assets— %— %— %— %0.9 %0.9 %
Non-Control/Non-Affiliate Investments
Air Freight & Logistics$89,641$95,000$—$—$—$184,6416.1 %
Automobile Components20,69560,965——61282,2722.7 %
Capital Markets—21,500———21,5000.7 %
Commercial Services & Supplies201,870153,500——12,950368,32012.3 %
Distributors255,55512,897——1,255269,7079.1 %
Diversified Consumer Services40,152————40,1521.3 %
Diversified Telecommunication Services191,1627,387———198,5496.6 %
Electrical Equipment61,367————61,3672.1 %
Financial Services67,830————67,8302.3 %
Food Products15,071130,895———145,9664.9 %
Health Care Providers & Services266,43744,720——81,589392,74613.2 %
Health Care Technology130,246————130,2464.3 %
Hotels, Restaurants & Leisure26,249————26,2490.9 %
Household Durables2,40617,934———20,3400.7 %
Interactive Media & Services75,076————75,0762.5 %
IT Services33,87341,746———75,6192.5 %
Leisure Products102,373————102,3733.5 %
Machinery46,337————46,3371.5 %
Media88,405————88,4053.0 %
Personal Care Products10,689———6,69717,3860.6 %
Pharmaceuticals133,576————133,5764.5 %
Professional Services70,716———17,34388,0593.0 %
Software48,490124,265———172,7555.7 %
Industry(43)1st Lien
Term Loan		2nd Lien
Term Loan		Subordinated Structured NotesUnsecured Debt
Equity (B)
Fair Value TotalFair Value % of Net Assets Applicable to Common Stock
Specialty Retail5,914————5,9140.2 %
Textiles, Apparel & Luxury Goods69,402———30,30399,7053.3 %
Structured Finance (A)——35,002——35,0021.1 %
Total Non-Control/Non-Affiliate$2,053,532$710,809$35,002$—$150,749$2,950,09298.7 %
Fair Value % of Net Assets68.7 %23.8 %1.2 %— %5.0 %98.7 %
Total Portfolio$4,462,778$765,806$35,002$5,403$1,404,527$6,673,516223.3 %
Fair Value % of Net Assets149.3 %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.
[5] 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.
[6]
(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.
[7] 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 CompanyFair Value at June 30, 2023Gross Additions (Cost)(A)Gross Reductions (Cost)(B)Net unrealized
gains (losses)		Fair Value at June 30, 2024Interest
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, LLC73,642 5,987 — (399)79,230 9,312 — — — 
Echelon Transportation LLC64,198 — (1,861)4,586 66,923 3,470 — — — 
First Tower Finance Company LLC598,382 29,385 (319)(21,520)605,928 62,675 — — — 
Freedom Marine Solutions, LLC12,710 — — (59)12,651 — — — — 
InterDent, Inc.457,967 23,249 — (17,333)463,883 36,946 — — — 
Kickapoo Ranch Pet Resort3,242 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 LLC47,572 9,972 — (14,382)43,162 5,111 — 147 — 
NMMB, Inc.94,180 — — 85 94,265 4,255 657 — 1,040 
Pacific World Corporation65,746 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, LLC45,065 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.
[8] Represents non-income producing security that has not paid a dividend in the year preceding the reporting date.
[9] 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:
Industry1st Lien
Term Loan		2nd Lien
Term Loan		Subordinated Structured NotesUnsecured Debt
Equity (B)
Amortized Cost Total
Control Investments
Aerospace & Defense$54,739 $— $— $— $55,581 $110,320 
Commercial Services & Supplies135,936 — — 7,200 27,349 170,485 
Construction & Engineering83,858 — — — 12,053 95,911 
Consumer Finance540,191 — — — 82,842 623,033 
Diversified Consumer Services1,500 — — — 2,378 3,878 
Energy Equipment & Services123,189 — — — 221,800 344,989 
Equity Real Estate Investment Trusts (REITs)877,151 — — — 20,030 897,181 
Health Care Providers & Services316,428 — — — 45,118 361,546 
Machinery37,322 — — — 6,866 44,188 
Media29,723 — — — — 29,723 
Online Lending20,630 — — — — 20,630 
Personal Products98,601 — — — 221,795 320,396 
Trading Companies & Distributors35,135 — — — 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 Components22,124 66,850 — — 25,697 114,671 
Capital Markets— 42,500 — — — 42,500 
Commercial Services & Supplies185,948 153,326 — — 5,000 344,274 
Communications Equipment22,359 56,671 — — — 79,030 
Distributors224,726 89,853 — — — 314,579 
Diversified Consumer Services145,326 — — — 34,348 179,674 
Diversified Financial Services45,039 — — — — 45,039 
Diversified Telecommunication Services9,405 122,165 — — — 131,570 
Electrical Equipment61,991 — — — — 61,991 
Food & Staples Retailing26,743 — — — — 26,743 
Food Products— 131,504 — — — 131,504 
Health Care Providers & Services255,534 113,145 — — 9,496 378,175 
Health Care Technology133,620 — — — — 133,620 
Hotels, Restaurants & Leisure27,582 — — — — 27,582 
Household Durables118,705 — — — 3,501 122,206 
Interactive Media & Services120,594 — — — — 120,594 
Internet & Direct Marketing Retail2,426 18,683 — — — 21,109 
IT Services196,461 148,451 — — — 344,912 
Leisure Products79,458 — — — 1 79,459 
Machinery50,399 9,994 — — — 60,393 
Media40,107 — — — — 40,107 
Pharmaceuticals107,060 — — — — 107,060 
Professional Services87,175 124,082 — — — 211,257 
Software— 52,405 — — — 52,405 
Textiles, Apparel & Luxury Goods173,114 — — — — 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:
Industry1st Lien
Term Loan		2nd Lien
Term Loan		Subordinated Structured NotesUnsecured Debt
Equity (B)
Fair Value TotalFair Value % of Net Assets
Control Investments
Aerospace & Defense$54,739 $— $— $— $12,184 $66,923 1.8 %
Commercial Services & Supplies73,487 — — 7,200 22,885 103,572 2.8 %
Construction & Engineering83,858 — — — 232,561 316,419 8.5 %
Consumer Finance536,792 — — — 191,528 728,320 19.6 %
Diversified Consumer Services1,500 — — — 3,242 4,742 0.1 %
Energy Equipment & Services110,206 — — — 12,651 122,857 3.3 %
Equity Real Estate Investment Trusts (REITs)877,151 — — — 608,181 1,485,332 40.0 %
Health Care Providers & Services316,428 — — — 147,455 463,883 12.5 %
Machinery37,322 — — — 65,080 102,402 2.8 %
Media29,723 — — — 64,542 94,265 2.5 %
Online Lending20,630 — — — — 20,630 0.6 %
Personal Products98,601 — — — 6,062 104,663 2.8 %
Trading Companies & Distributors35,135 — — — 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 $3,872,575 104.3 %
Fair Value % of Net Assets66.4 %— %— %0.2 %37.7 %104.3 %
Affiliate Investments
Commercial Services & Supplies$— $— $— $— $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 Components22,019 66,788 — — 783 89,590 2.4 %
Capital Markets— 42,500 — — — 42,500 1.1 %
Commercial Services & Supplies186,116 153,500 — — 14,042 353,658 9.5 %
Communications Equipment22,413 46,098 — — — 68,511 1.8 %
Distributors227,805 10,289 — — 13,304 251,398 6.8 %
Diversified Consumer Services127,311 — — — 14,581 141,892 3.8 %
Diversified Financial Services45,039 — — — — 45,039 1.2 %
Diversified Telecommunication Services9,456 122,670 — — — 132,126 3.6 %
Electrical Equipment61,991 — — — — 61,991 1.7 %
Food & Staples Retailing22,251 — — — — 22,251 0.6 %
Food Products— 126,145 — — — 126,145 3.4 %
Health Care Providers & Services251,765 88,148 — — 18,125 358,038 9.6 %
Health Care Technology132,531 — — — — 132,531 3.6 %
Hotels, Restaurants & Leisure21,550 — — — — 21,550 0.6 %
Household Durables118,660 — — — 1,266 119,926 3.2 %
Interactive Media & Services120,594 — — — — 120,594 3.2 %
Internet & Direct Marketing Retail2,406 15,987 — — — 18,393 0.5 %
IT Services196,323 147,225 — — — 343,548 9.3 %
Leisure Products79,291 — — — — 79,291 2.1 %
Machinery50,645 10,000 — — — 60,645 1.6 %
Media40,107 — — — — 40,107 1.1 %
Pharmaceuticals107,588 — — — — 107,588 2.9 %
Professional Services86,031 76,948 — — — 162,979 4.4 %
Software— 47,813 — — — 47,813 1.3 %
Textiles, Apparel & Luxury Goods173,114 — — — — 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 Assets59.0 %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 Assets125.4 %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.
(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.
[10] 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.