[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 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.

[2]

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

[3]

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.

[4]

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.

[5]

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.

[6]

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.

(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.

[7]

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.