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PSEC on Nasdaq

PROSPECT CAPITAL CORP

Financial services company2

In its 2026 annual report the company says: “We are a closed-end investment company incorporated in Maryland. We have elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. We are one of the longest-running and largest BDCs with approximate ly $6.4 billion o f total assets as of June 30, 2026.”5 It is headquartered in Baltimore, United States.2 Its shares trade on Nasdaq under the symbol PSEC.2

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Last updated Oct 21, 2026.

Overview

$153.7MNet income, fiscal 20263

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  • TickerPSEC on Nasdaq2
  • HeadquartersBaltimore, United States2
  • Incorporated inMD4
  • Business address10 East 40Th Street 44Th Fl, New York, Ny 100164
  • Filer categoryLarge accelerated filer4
  • Legal formStock Corporation2
  • LEI549300FSD8T39P5Q0O472
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O REGISTERED AGENTS INC., 21550 Oakland, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D079006162

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Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. We are a closed-end investment company incorporated in Maryland. We have elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). As a BDC, we have elected to be treated as a regulated investment company (“RIC”), under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). We were organized on April 13, 2004, and were funded in an initial public offering completed on July 27, 2004. We are one of the longest-running and largest BDCs with approximate ly $6.4 billion o f total assets as of June 30, 2026.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

5.2%Return on equity3
0.64×Debt to equity3

Financial statements

Net income6783$153.7M in 2026
-$500.0M0$500.0M$1.0B2020: -$78.9M-$78.9M20202021: $428.1M$428.1M20212022: $735.3M$735.3M2022+72%2023: -$88.0M-$88.0M20232024: $234.1M$234.1M20242025: -$490.5M-$490.5M20252026: $153.7M$153.7M2026

Every line of the income statement as filed: the last 5 fiscal years, latest first.3

Period ending2026-06-302025-08-312025-06-302024-08-312024-06-30
Total interest income (excluding PIK interest income)$515.8M$580.9M$629.3M
Total PIK Interest Income$66.1M$90.3M$141.0M
Total interest income (Note 2)$581.9M$671.1M$770.3M
Total dividend income$47.0M$19.4M$12.0M
Total other income (Note 10)$10.6M$28.9M$79.4M
Total Investment Income$639.5M$719.4M$861.7M
Base management fee (Note 13)$130.9M$145.8M$157.0M
Income incentive fee (Note 13)$26.5M$40.8M$80.5M
Interest and credit facility expenses$129.9M$148.3M$160.2M
Allocation of overhead from Prospect Administration (Note 13)$22.1M$22.3M$25.8M
Audit, compliance and tax related fees$1.7M$4.1M$3.7M
Directors fees$600.0K$600.0K$570.0K
Other general and administrative expenses$18.5M$18.8M$14.0M
Total Operating Expenses$330.2M$380.6M$441.8M
Reimbursement of Administration Expenses (Note 13)-$17.1M$0$0
Total Net Operating Expenses$313.1M$380.6M$441.8M
Net Investment Income$326.4M$338.8M$419.8M
Net Investment Income$326.4M$338.8M$419.8M
Net realized gains (losses)-$223.7M-$518.7M-$417.4M
Net change in unrealized gains (losses)$47.2M-$291.1M$260.7M
Net Realized and Net Change in Unrealized Gains (Losses) from Investments-$176.5M-$809.7M-$156.8M
Net realized gains (losses) on extinguishment of debt$4.2M$972.0K-$248.0K
Net realized gains (losses) from derivative instruments and foreign currency transactions-$1.0M$0$0
Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions$643.0K$0$0
Net Increase (Decrease) in Net Assets Resulting from Operations$153.7M-$490.5M-$469.9M$234.1M$262.8M
Preferred Stock dividends-$106.6M-$106.8M-$98.1M
Net gain (loss) on redemptions of Preferred Stock-$9.6M-$1.9M-$5.2M
Gain (loss) on Accretion to Redemption Value of Preferred Stock-$7.6M-$15.1M-$12.2M
Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders$29.8M-$593.8M$147.4M
Basic (in dollars per share)$0.06-$1.35$0.36
Diluted (in dollars per share)$0.06-$1.35$0.34
Basic (in shares)479.9M shares440.3M shares412.7M shares
Diluted (in shares)479.9M shares440.3M shares625.3M shares

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Corporate structure

PROSPECT CAPITAL CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of PROSPECT CAPITAL CORP

  • John F. Barry Filed SCHEDULE 13D/A on PROSPECT CAPITAL CORP, latest May 21, 2026 (3 filings since Mar 22, 2024)
  • John & Daria Barry Foundation Filed SCHEDULE 13D/A on PROSPECT CAPITAL CORP, latest Mar 3, 2026
  • PROSPECT CAPITAL CORP Baltimore, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What PROSPECT CAPITAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$43.6M3 Jun 30, 2026$50.8M3 Jun 30, 2025−14.2%

Properties, in its own words

We do not own any real estate or other physical properties materially important to our operation. We are located at 10 East 40th Street, New York, New York 10016, where we occupy our office space pursuant to our Administration Agreement with Prospect Administration. The office facilities are leased by our Administrator. We believe that our office facilities are suitable and adequate for our business as currently conducted.

Item 2 of the 10-K filed Aug 20, 2026.5

Leadership

Who has led PROSPECT CAPITAL CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. M. Grier Eliasek2007

President

  1. M. Grier Eliasek2006–2007

Chief financial officer

  1. William E. Vastardis2006–2007
  2. Brian H. Oswald2008–2017
  3. Dask Kristin Lea Van2018–2024

Chief operating officer

  1. M. Grier Eliasek2006–now
2010201520202025
Board members and other officers (9)

Former names

  • PROSPECT ENERGY CORPJul 6, 2004 to Aug 1, 20074
  • PROSPECT STREET ENERGY CORPApr 16, 2004 to Jun 8, 20044

Timeline

  1. Aug 21, 20268-K Results of operations; Regulation FD disclosure25
  2. Jul 7, 20268-K Shareholder vote26
  3. May 8, 20268-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed27
  4. May 7, 20268-K Results of operations; Regulation FD disclosure28
  5. Feb 11, 20268-K Entered a material agreement29
  6. Feb 9, 20268-K Results of operations; Regulation FD disclosure30
  7. Jan 15, 20268-K Shareholder vote31
  8. Nov 6, 20258-K Results of operations; Regulation FD disclosure32
  9. Oct 31, 20258-K Entered a material agreement; New debt or obligation; Other events33
  10. Oct 28, 20258-K Regulation FD disclosure; Other events34
  11. Aug 27, 20258-K Results of operations; Regulation FD disclosure35
  12. Jun 17, 20258-K Shareholder vote36
  13. Oct 4, 2007New chief executive M. Grier Eliasek becomes CEO12
  14. Apr 13, 2004Founded PROSPECT CAPITAL CORP is founded2

Calendar

Coming up

  1. Oct 28, 2026Dividend Ex-dividend; $0.035 a share; paid 2026-11-18.37
  2. Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.17 a share, on Nov 6, 2025.38

When it reported results

  1. Aug 21, 2026Reported quarterly or annual results25
  2. May 7, 2026Reported quarterly or annual results28
  3. Feb 9, 2026Reported quarterly or annual results30
  4. Nov 6, 2025Reported quarterly or annual results32
  5. Aug 27, 2025Reported quarterly or annual results35
  6. May 9, 2025Reported quarterly or annual results39
  7. Feb 10, 2025Reported quarterly or annual results40
  8. Nov 8, 2024Reported quarterly or annual results41

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

954 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 59 major events, 89 insider forms, 4 large holders, 780 other. The latest 20:

  1. Oct 14, 2026N-23C-2 EDGAR
  2. Sep 22, 2026DEFA14A EDGAR
  3. Sep 22, 2026DEF 14A EDGAR
  4. Sep 17, 2026POS EX EDGAR
  5. Sep 14, 2026424B2 EDGAR
  6. Sep 11, 2026POS EX EDGAR
  7. Sep 9, 20264 EDGAR
  8. Sep 8, 2026424B2 EDGAR
  9. Sep 8, 2026424B2 EDGAR
  10. Aug 31, 2026424B2 EDGAR
  11. Aug 24, 2026424B2 EDGAR
  12. Aug 21, 2026POS EX EDGAR
  13. Aug 21, 20268-K EDGAR
  14. Aug 20, 202610-K EDGAR
  15. Aug 17, 2026424B2 EDGAR
  16. Aug 13, 2026POS EX EDGAR
  17. Aug 10, 2026424B2 EDGAR
  18. Aug 10, 2026424B2 EDGAR
  19. Aug 6, 2026POS EX EDGAR
  20. Aug 4, 202640-17G EDGAR

The 954 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

88 open-market trades by officers, directors and large owners since October 2021: 88 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 4, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy1,217,105$2.24$2.7MForm 4
Jun 23, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy1,067,648$2.27$2.4MForm 4
Jun 22, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy1,000,000$2.25$2.2MForm 4
May 26, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy433,000$2.32$1.0MForm 4
May 22, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy232,000$2.32$538.3KForm 4
May 21, 2026Barry John FCHIEF EXECUTIVE OFFICERBuy200,000$2.26$452.0KForm 4
Feb 11, 2026Eliasek M GrierChief Operating OfficerBuy942,800$2.92$2.8MForm 4
Sep 25, 2025Eliasek M GrierChief Operating OfficerBuy370,000$2.71$1.0MForm 4
Sep 25, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy925,000$2.72$2.5MForm 4
Sep 24, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy741,158$2.62$1.9MForm 4
Sep 23, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy384,000$2.66$1.0MForm 4
Sep 22, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy374,500$2.66$996.2KForm 4
Sep 17, 2025Stark Eugene SDirectorBuy2,500$2.79$7.0KForm 4
Jun 23, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy319,000$3.16$1.0MForm 4
Jun 20, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy623,300$3.19$2.0MForm 4
Mar 24, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy24,000$4.24$101.8KForm 4
Mar 21, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy24,000$4.26$102.2KForm 4
Mar 20, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy24,000$4.28$102.7KForm 4
Mar 19, 2025Barry John FCHIEF EXECUTIVE OFFICERBuy24,000$4.30$103.2KForm 4
Mar 18, 2025Gremp WilliamDirectorBuy19,100$4.29$82.0KForm 4

All 88 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Private Management Group Inc20,534,804$47.4M1.2%+6,999,513
Two Sigma Investments, LP14,082,619$32.5M0.0%−1,766,788
Van Eck Associates Corp9,685,724$22.4M0.0%+2,388,990
UBS Group AG6,633,748$15.3M0.0%+1,160,380
Legal & General Group Plc4,032,811$9.3M0.0%+392,146
Gendell Jeffrey L4,009,902$9.3M0.1%No change
Marshall Wace, Llp3,067,650$7.1M0.0%−1,683,570
Morgan Stanley2,686,736$6.2M0.0%+234,820
Independent Financial Group, LLC2,485,356$5.7M0.1%−974,995
Susquehanna International Group, Llp2,246,915$5.2M0.0%+545,146
BlackRock, Inc.1,441,035$3.3M0.0%−131,437
GraniteShares Advisors LLC1,094,360$2.5M1.6%+143,250
LPL Financial LLC919,558$2.1M0.0%−32,004
Commonwealth Equity Services, LLC762,756$1.8M0.0%−37,554
Tudor Investment Corp Et Al709,303$1.6M0.0%−747,567
Naviter Wealth, LLC656,528$1.5M0.1%+85,743
Caxton Associates Llp592,554$1.4M0.0%+459,031
Tactive Advisors, LLC585,111$1.4M0.3%+3,117
180 Wealth Advisors, LLC580,986$1.3M0.1%+180,465
Raymond James Financial Inc509,901$1.2M0.0%+10,141
Kovack Advisors, Inc.491,576$1.1M0.1%+23,035
GatePass Capital, LLC434,050$1.0M0.4%+197,150
Virtus Investment Advisers, LLC428,612$990.1K0.2%+90,666
Concorde Asset Management, LLC357,400$838.0K0.5%−2,560
Brevan Howard Capital Management LP356,327$823.1K0.0%+110,240

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How PROSPECT CAPITAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPROSPECT CAPITAL CORP1
  • CIK0001287032
  • Employer ID (EIN)43-20486435
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inMaryland5
  • Fiscal year endsJune 301
  • Business address10 East 40Th Street 44Th Fl, New York, NY 100161
  • Phone212-448-07021
  • Shares outstanding524,832,496 shares as of Aug 19, 20265
  • Public float$889.5M as of Dec 31, 20255
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceApr 16, 20041
  • Filings3,629 in all: 497 (857), POS EX (683), 424B2 (575), 4 (464), 8-K (343), 497AD (83), DEFA14A (69), 10-Q (66)1
    All 66 form types

    CORRESP (66), DEF 14A (30), N-2/A (29), 10-K (22), 40-17G (22), 4/A (20), PRE 14A (19), 3 (18), EFFECT (18), 424B3 (15), N-2 (15), SC TO-I/A (15), SC TO-I (14), 8-A12B (13), 40-APP/A (12), 5 (11), POS 8C (11), UPLOAD (11), 10-K/A (10), SC 13D/A (10), SC 13G/A (9), 40-APP (8), FWP (8), N-23C-2 (8), SC 13G (6), 425 (5), 8-K/A (5), NT 10-K (5), 25-NSE (4), D (4), 10-Q/A (3), APP NTC (3), CERT (3), N-14 8C/A (3), 40-33 (2), 5/A (2), 8-A12G (2), APP ORDR (2), APP WD (2), N-14 8C (2), N-2ASR (2), NT 10-K/A (2), RW (2), SCHEDULE 13D/A (2), 15-12G (1), 40-33/A (1), 497H2 (1), APP WD/A (1), APP WDG (1), CERTNYS (1), DEFR14A (1), DEL AM (1), N-54A (1), NT 10-Q (1), POS AM (1), PREC14A (1), PRER14A (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Aug 20, 2026
    Quarterly report (10-Q) May 7, 2026
    Proxy statement (DEF 14A) Sep 22, 2026
    Latest 8-K (8-K) Aug 21, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per sharePSECNASDAQ Global Select Market
5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001PSEC PRANew York Stock Exchange

From the cover page of the 10-K filed Aug 20, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks PROSPECT CAPITAL CORP names in Item 1A of its 10-K filed Aug 20, 2026: 75 risks under these headings, as written.5

  • Risks Relating to Our Business
  • Risks Relating to Our Operation as a Business Development Company
  • Risks Relating to Our Investments
  • Risks Relating to Our Securities
  • General Risk Factors
  • We are subject to risks related to corporate social responsibility.
  • Inflation can adversely impact our cost of capital and the value of our portfolio investments.
  • Capital markets may experience periods of disruption and instability, and we cannot predict when these conditions occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations.
  • The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations.
  • Global economic, political and market conditions, including uncertainty about the financial or political stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations.
  • Legislative or other actions relating to taxes could have a negative effect on us.
  • Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations.
The other 68 risks
  • Volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations.
  • Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies.
  • Trade negotiations and other government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies.
  • Our financial condition and results of operations will depend on our ability to manage our future growth effectively.
  • We are dependent upon Prospect Capital Management’s key management personnel for our future success.
  • We operate in a highly competitive market for investment opportunities.
  • We fund a portion of our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us.
  • We need to raise additional capital to grow because we must distribute most of our income.
  • Our most recent NAV was calculated on June 30, 2026 and our NAV when calculated effective September 30, 2026 and thereafter may be higher or lower.
  • Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms.
  • The Investment Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • Potential conflicts of interest could impact our investment returns.
  • Our incentive fee could induce Prospect Capital Management to make speculative investments.
  • We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss.
  • The Investment Adviser and the Administrator have the right to resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our business, financial condition and results of operations.
  • Changes in the laws or regulations governing our business or the businesses of our portfolio companies and any failure by us or our portfolio companies to comply with these laws or regulations could negatively affect the profitability of our operations or the profitability of our portfolio companies.
  • Foreign and domestic political risk may adversely affect our business.
  • If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.
  • We may experience cybersecurity incidents and are subject to cybersecurity risks. The failure in cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.
  • We and our portfolio companies are subject to risks associated with artificial intelligence.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends.
  • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy.
  • If we fail to qualify as a RIC, we will have to pay corporate-level taxes on our income, and our income available for distribution would be reduced.
  • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.
  • Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective.
  • Securitization of our assets subjects us to various risks.
  • Our ability to invest in public companies may be limited in certain circumstances.
  • We may not realize gains or income from our investments.
  • Most of our portfolio investments are recorded at fair value as determined in good faith under the direction of our Board of Directors and, as a result, there is uncertainty as to the value of our portfolio investments.
  • Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.
  • Our investments in prospective portfolio companies may be risky and we could lose all or part of our investment.
  • The lack of liquidity in our investments may adversely affect our business.
  • Economic recessions or downturns could impair our portfolio companies and harm our operating results.
  • Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
  • There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.
  • Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies.
  • When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other debt holders, other equity holders and/or portfolio company management may make decisions that could decrease the value of our portfolio holdings.
  • Our portfolio companies may be highly leveraged.
  • Our portfolio contains a limited number of portfolio companies, some of which comprise a substantial percentage of our portfolio, which subjects us to a greater risk of significant loss if any of these companies defaults on its obligations under any of its debt securities.
  • Our failure to make follow-on investments in our existing portfolio companies could impair the value of our portfolio.
  • We may be unable to invest the net proceeds raised from offerings and repayments from investments on acceptable terms, which would harm our financial condition and operating results.
  • We may have limited access to information about privately-held companies in which we invest.
  • We may not be able to fully realize the value of the collateral securing our debt investments.
  • Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse to us and could impair the value of our stockholders’ investment.
  • Investments in the energy sector are subject to many risks.
  • Our investments in collateralized loan obligations are subject to additional risks.
  • The application of the risk retention rules under Section 941 of the Dodd-Frank Act to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for us.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity
  • Risks affecting investments in real estate.
  • To the extent original issue discount (“OID”) and payment in kind (“PIK”) interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income.
  • Investments in covenant-lite loans may expose us to different and increased risks.
  • Our credit ratings may not reflect all risks of an investment in our debt or preferred equity securities.
  • Senior securities, including debt and preferred equity, expose us to additional risks, including the typical risks associated with leverage and could adversely affect our business, financial condition and results of operations.
  • The Public Notes present other risks to holders of our common stock, including the possibility that such notes could discourage an acquisition of us by a third party and accounting uncertainty.
  • The Unsecured Notes present other risks to holders of our preferred stock.
  • Floating rate securities, like the Floating Rate Preferred Stock, have risks that conventional fixed rate securities do not.
  • We fund a portion of our investments with preferred stock, which magnifies the potential for gain or loss and the risks of investing in us in the same way as our borrowings.
  • We have entered into dealer manager agreements and underwriting agreements pursuant to which we intend to sell shares of 5.50% Preferred Stock and 6.50% Preferred Stock, the terms of which could result in significant dilution to existing common stockholders.
  • The price of our common stock may fluctuate significantly during the period used to calculate any 5-day VWAP with respect to the 5.50% Preferred Stock and 6.50% Preferred Stock and until settlement of any conversion, and this may make it difficult for holders of the 5.50% Preferred Stock and 6.50% Preferred Stock to resell the 5.50% Preferred Stock and 6.50%
  • Preferred Stock or common stock issuable upon conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock when such holder wants or at prices such holder finds attractive.
  • With respect to the 5.50% Preferred Stock and 6.50% Preferred Stock, the consideration paid upon a Holder Optional Conversion and Issuer Optional Conversion is uncertain.
  • Unlike the 5.50% Preferred Stock and 6.50% Preferred Stock, the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature.
  • Redemption of our Floating Rate Preferred Stock and 7.50% Preferred Stock at the Holder’s option is limited.
  • There is no cap on the number of shares of common stock that can be issued upon the conversion of shares of 5.50% Preferred Stock and 6.50% Preferred Stock. The conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock into shares of common stock could cause the price of common stock to decline significantly.
  • Future sales of our common stock in the public market or the issuance of securities senior to our common stock could adversely affect the trading price of our common stock and our ability to raise funds in new stock offerings, and may affect the value of the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock.
  • Shares of common stock, which shares of 5.50% Preferred Stock and 6.50% Preferred Stock may be converted into, rank junior to the 5.50% Preferred Stock and 6.50% Preferred Stock with respect to dividends and upon liquidation.

Legal proceedings

From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to intellectual property, employment, tax, regulation, contract or other matters. The resolution of such matters as may arise will be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources.

We are not aware of any material legal proceedings as of June 30, 2026.

The opening of Item 3, Legal Proceedings.5

Sources

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