| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended March 31, 2025 | |||||
OR | |||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Maryland | 43-2048643 | ||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
10 East 40th Street, 42nd Floor | |||||
New York, New York | 10016 | ||||
| (Address of principal executive offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code: (212) 448-0702 | |||||
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||
| Common Stock, $0.001 par value | PSEC | NASDAQ Global Select Market | ||||||
| 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001 | PSEC PRA | New York Stock Exchange | ||||||
| Large accelerated filer | ý | Accelerated filer | o | |||||||||||||||||
| Non-accelerated filer | o | Smaller reporting company | o | |||||||||||||||||
| Emerging growth company | o | |||||||||||||||||||
| (Do not check if a smaller reporting company) | ||||||||||||||||||||
| Page | ||||||||
| PART I | FINANCIAL INFORMATION | |||||||
| PART II | OTHER INFORMATION | |||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
| (Unaudited) | (Audited) | ||||||||||
| Assets | |||||||||||
| Investments at fair value: | |||||||||||
Control investments (amortized cost of $3,339,028 and $3,280,415, respectively)(Note 14) | $ | 3,702,161 | $ | 3,872,575 | |||||||
Affiliate investments (amortized cost of $11,735 and $11,594, respectively) | 22,693 | 18,069 | |||||||||
Non-control/non-affiliate investments (amortized cost of $3,604,248 and $4,155,165, respectively) | 3,176,510 | 3,827,599 | |||||||||
Total investments at fair value (amortized cost of $6,955,011 and $7,447,174, respectively)(Note 3) | 6,901,364 | 7,718,243 | |||||||||
Cash and cash equivalents (restricted cash of $2,300 and $3,974, respectively) | 54,498 | 85,872 | |||||||||
| Receivables for: | |||||||||||
| Interest, net | 16,176 | 26,936 | |||||||||
| Other | 1,910 | 1,091 | |||||||||
| Deferred financing costs on Revolving Credit Facility (Note 4) | 20,018 | 22,975 | |||||||||
| Prepaid expenses | 1,576 | 1,162 | |||||||||
| Due from broker | 715 | 734 | |||||||||
| Due from Affiliate (Note 13) | 55 | 79 | |||||||||
Total Assets | 6,996,312 | 7,857,092 | |||||||||
Liabilities | |||||||||||
| Revolving Credit Facility (Notes 4 and 8) | 459,963 | 794,796 | |||||||||
Public Notes (less unamortized discount and debt issuance costs of $8,841 and $12,433, respectively) (Notes 6 and 8) | 934,106 | 987,567 | |||||||||
Prospect Capital InterNotes® (less unamortized debt issuance costs of $8,975 and $7,999, respectively) (Notes 7 and 8) | 633,923 | 496,029 | |||||||||
Convertible Notes (less unamortized debt issuance costs of $0 and $649, respectively) (Notes 5 and 8) | — | 155,519 | |||||||||
| Due to Prospect Capital Management (Note 13) | 39,781 | 58,624 | |||||||||
| Interest payable | 21,709 | 21,294 | |||||||||
| Dividends payable | 20,460 | 25,804 | |||||||||
| Accrued expenses | 3,674 | 3,591 | |||||||||
| Due to Prospect Administration (Note 13) | 2,809 | 5,433 | |||||||||
| Due to broker | 1,748 | 10,272 | |||||||||
| Other liabilities | 349 | 242 | |||||||||
Total Liabilities | 2,118,522 | 2,559,171 | |||||||||
| Commitments and Contingencies (Note 3 and Note 15) | |||||||||||
Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of March 31, 2025 and June 30, 2024; 27,423,137 and 28,932,457 Series A1 shares issued and outstanding, 1,226,738 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,283,306 and 24,810,648 Series A3 shares issued and outstanding, 2,321,362 and 3,351,101 Series M3 shares issued and outstanding, 2,208,613 and 1,401,747 Series M4 shares issued and outstanding, 6,982,590 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 1,029,762 and 0 Series A5 issued and outstanding, and 193,289 and 0 Series M5 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends (Note 9) | 1,632,426 | 1,586,188 | |||||||||
| Net Assets Applicable to Common Shares | $ | 3,245,364 | $ | 3,711,733 | |||||||
| Components of Net Assets Applicable to Common Shares and Net Assets, respectively | |||||||||||
Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 447,344,378 and 424,846,963 issued and outstanding, respectively) (Note 9) | 447 | 425 | |||||||||
| Paid-in capital in excess of par (Note 9 and 12) | 4,304,253 | 4,208,607 | |||||||||
| Distributions in excess of earnings (Note 12) | (1,059,336) | (497,299) | |||||||||
| Net Assets Applicable to Common Shares | $ | 3,245,364 | $ | 3,711,733 | |||||||
Net Asset Value Per Common Share (Note 16) | $ | 7.25 | $ | 8.74 | |||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Investment Income | |||||||||||||||||||||||
| Interest income (excluding payment-in-kind (“PIK”) interest income): | |||||||||||||||||||||||
| Control investments | $ | 60,584 | $ | 47,295 | $ | 170,352 | $ | 138,111 | |||||||||||||||
| Non-control/non-affiliate investments | 75,874 | 97,665 | 257,943 | 309,770 | |||||||||||||||||||
| Structured credit securities | 3,272 | 4,748 | 11,505 | 30,317 | |||||||||||||||||||
| Total interest income (excluding PIK interest income) | 139,730 | 149,708 | 439,800 | 478,198 | |||||||||||||||||||
| PIK interest income: | |||||||||||||||||||||||
| Control investments | 8,915 | 21,210 | 42,509 | 72,161 | |||||||||||||||||||
| Non-control/non-affiliate investments | 10,611 | 13,014 | 30,360 | 30,651 | |||||||||||||||||||
| Total PIK Interest Income | 19,526 | 34,224 | 72,869 | 102,812 | |||||||||||||||||||
| Total interest income (Note 2) | 159,256 | 183,932 | 512,669 | 581,010 | |||||||||||||||||||
| Dividend income: | |||||||||||||||||||||||
| Control investments | 4,387 | 510 | 8,774 | 737 | |||||||||||||||||||
| Affiliate investments | — | — | 141 | 1,307 | |||||||||||||||||||
| Non-control/non-affiliate investments | 3,366 | 1,469 | 8,209 | 4,334 | |||||||||||||||||||
| Total dividend income | 7,753 | 1,979 | 17,124 | 6,378 | |||||||||||||||||||
| Other income: | |||||||||||||||||||||||
| Control investments | 416 | 14,192 | 15,799 | 55,553 | |||||||||||||||||||
| Non-control/non-affiliate investments | 3,291 | 2,112 | 6,898 | 6,461 | |||||||||||||||||||
| Total other income (Note 10) | 3,707 | 16,304 | 22,697 | 62,014 | |||||||||||||||||||
| Total Investment Income | 170,716 | 202,215 | 552,490 | 649,402 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Base management fee (Note 13) | 35,578 | 39,218 | 111,253 | 117,594 | |||||||||||||||||||
| Income incentive fee (Note 13) | 4,207 | 17,390 | 33,519 | 61,332 | |||||||||||||||||||
| Interest and credit facility expenses | 36,151 | 39,841 | 113,890 | 120,478 | |||||||||||||||||||
| Allocation of overhead from Prospect Administration (Note 13) | 5,318 | 5,708 | 16,734 | 20,073 | |||||||||||||||||||
| Audit, compliance and tax related fees | 583 | 583 | 2,383 | 2,079 | |||||||||||||||||||
| Directors’ fees | 150 | 150 | 450 | 416 | |||||||||||||||||||
| Other general and administrative expenses | 5,240 | 4,950 | 14,464 | 10,516 | |||||||||||||||||||
| Total Operating Expenses | 87,227 | 107,840 | 292,693 | 332,488 | |||||||||||||||||||
| Net Investment Income | 83,489 | 94,375 | 259,797 | 316,914 | |||||||||||||||||||
| Net Realized and Net Change in Unrealized Gains (Losses) from Investments | |||||||||||||||||||||||
| Net realized gains (losses) | |||||||||||||||||||||||
| Control investments | 4 | 1,186 | 6,374 | 1,039 | |||||||||||||||||||
| Non-control/non-affiliate investments | (63,184) | (70,949) | (216,577) | (278,168) | |||||||||||||||||||
| Net realized gains (losses) | (63,180) | (69,763) | (210,203) | (277,129) | |||||||||||||||||||
| Net change in unrealized gains (losses) | |||||||||||||||||||||||
| Control investments | (73,292) | 125,827 | (217,121) | 8,592 | |||||||||||||||||||
| Affiliate investments | 2,481 | (487) | 4,483 | 2,101 | |||||||||||||||||||
| Non-control/non-affiliate investments | (90,058) | (5,523) | (112,078) | 183,012 | |||||||||||||||||||
| Net change in unrealized gains (losses) | (160,869) | 119,817 | (324,716) | 193,705 | |||||||||||||||||||
| Net Realized and Net Change in Unrealized Gains (Losses) from Investments | (224,049) | 50,054 | (534,919) | (83,424) | |||||||||||||||||||
| Net realized gains (losses) on extinguishment of debt | 644 | (68) | 1,128 | (212) | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | (139,916) | 144,361 | (273,994) | 233,278 | |||||||||||||||||||
| Preferred Stock dividends | (26,698) | (24,812) | (80,083) | (72,033) | |||||||||||||||||||
| Net gain (loss) on redemptions of Preferred Stock | (1,586) | (925) | (188) | (46) | |||||||||||||||||||
| Gain (loss) on Accretion to Redemption Value of Preferred Stock | (3,131) | (4,733) | (13,128) | (4,733) | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (171,331) | $ | 113,891 | $ | (367,393) | $ | 156,466 | |||||||||||||||
| Basic and diluted earnings (loss) per common share (Note 11) | |||||||||||||||||||||||
| Basic | $ | (0.39) | $ | 0.27 | $ | (0.84) | $ | 0.38 | |||||||||||||||
| Diluted | $ | (0.39) | $ | 0.20 | $ | (0.84) | $ | 0.33 | |||||||||||||||
| Weighted-average shares of common stock outstanding (Note 11) | |||||||||||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Basic | 443,431,518 | 414,461,972 | 436,278,887 | 410,571,037 | |||||||||||||||||||
| Diluted | 443,431,518 | 678,353,870 | 436,278,887 | 641,275,844 | |||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2025 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Distributions in excess of earnings (1) | Total Net Assets | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024(1) | 71,106,992 | $ | 1,630,514 | 438,851,578 | $ | 439 | $ | 4,267,636 | $ | (828,039) | $ | 3,440,036 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 83,489 | 83,489 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (67,253) | (67,253) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized losses | (160,869) | (160,869) | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings (Note 16) | (86,664) | (86,664) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 1,210,850 | 27,344 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 3,131 | |||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 41,276 | 987 | 1,688,856 | 1 | 7,006 | 7,007 | ||||||||||||||||||||||||||||||||||||||
| Redemption of preferred stock | (62,508) | (1,563) | ||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (1,213,656) | (27,981) | 6,803,944 | 7 | 29,611 | 29,618 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | (6) | |||||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the three months ended March 31, 2025 | (24,038) | 1,912 | 8,492,800 | 8 | 36,617 | (231,297) | (194,672) | |||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2025 | 71,082,954 | $ | 1,632,426 | 447,344,378 | $ | 447 | $ | 4,304,253 | $ | (1,059,336) | $ | 3,245,364 | ||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended March 31, 2024 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Distributions in excess of earnings (1) | Total Net Assets | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2023(1) | 65,944,753 | $ | 1,500,741 | 412,794,121 | $ | 413 | $ | 4,134,455 | $ | (451,219) | $ | 3,683,649 | ||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 94,375 | 94,375 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (75,489) | (75,489) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains | 119,817 | 119,817 | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings (Note 16) | (99,498) | (99,498) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 2,775,820 | 62,165 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 4,719 | |||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 38,180 | 909 | 1,773,143 | 2 | 9,651 | 9,653 | ||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (382,215) | (8,775) | 1,583,622 | 1 | 9,711 | 9,712 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | 5 | |||||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the three months ended March 31, 2024 | 2,431,785 | 59,023 | 3,356,765 | 3 | 19,362 | 39,205 | 58,570 | |||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2024 | 68,376,538 | $ | 1,559,764 | 416,150,886 | $ | 416 | $ | 4,153,817 | $ | (412,014) | $ | 3,742,219 | ||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended March 31, 2025 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Distributions in excess of earnings (1) | Total Net Assets | |||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2024 | 69,466,127 | $ | 1,586,188 | 424,846,963 | $425 | $ | 4,208,607 | $ | (497,299) | $ | 3,711,733 | |||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 259,797 | 259,797 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (222,391) | (222,391) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized losses | (324,716) | (324,716) | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings (Note 16) | (282,961) | (282,961) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 5,004,345 | 111,274 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 13,128 | |||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 122,866 | 2,933 | 5,395,401 | 5 | 24,639 | 24,644 | ||||||||||||||||||||||||||||||||||||||
| Redemption of Preferred Stock | (84,468) | (2,112) | ||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (3,425,916) | (78,968) | 17,102,014 | 17 | 79,241 | 79,258 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | (17) | |||||||||||||||||||||||||||||||||||||||||||
| Tax reclassifications of net assets (Note 12) | (8,234) | 8,234 | — | |||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the nine months ended March 31, 2025 | 1,616,827 | 46,238 | 22,497,415 | 22 | 95,646 | (562,037) | (466,369) | |||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2025 | 71,082,954 | $ | 1,632,426 | 447,344,378 | $ | 447 | $ | 4,304,253 | $ | (1,059,336) | $ | 3,245,364 | ||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended March 31, 2024 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Distributions in excess of earnings (1) | Total Net Assets | |||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2023 | 62,102,009 | $ | 1,418,014 | 404,033,549 | $ | 404 | $ | 4,085,207 | $ | (352,946) | $ | 3,732,665 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 316,914 | 316,914 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (282,120) | (282,120) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains | 193,705 | 193,705 | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings(Note 16) | (287,567) | (287,567) | ||||||||||||||||||||||||||||||||||||||||||
| Return of capital to common stockholders(Note 12) | (6,459) | (6,459) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Preferred Stock | 8,633,867 | 192,809 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 4,719 | |||||||||||||||||||||||||||||||||||||||||||
| Repurchase of Preferred Stock | (711,497) | (17,155) | ||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 103,510 | 2,471 | 4,992,834 | 6 | 28,221 | 28,227 | ||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (1,751,351) | (40,952) | 7,124,503 | 6 | 46,848 | 46,854 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | (142) | — | ||||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the nine months ended March 31, 2024 | 6,274,529 | 141,750 | 12,117,337 | 12 | 68,610 | (59,068) | 9,554 | |||||||||||||||||||||||||||||||||||||
| Balance as of March 31, 2024 | 68,376,538 | $ | 1,559,764 | 416,150,886 | $ | 416 | $ | 4,153,817 | $ | (412,014) | $ | 3,742,219 | ||||||||||||||||||||||||||||||||
| Nine Months Ended March 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating Activities | |||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | (273,994) | $ | 233,278 | |||||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | |||||||||||
| Net realized (gains) losses on extinguishment of debt | (1,128) | 212 | |||||||||
| Net realized losses on investments | 210,203 | 277,129 | |||||||||
| Net change in unrealized losses (gains) on investments | 324,716 | (193,705) | |||||||||
| Accretion of premiums, net | (6,703) | (4,155) | |||||||||
| Amortization of deferred financing costs | 6,717 | 5,610 | |||||||||
| Accretion of original issue discount | 2,145 | 2,156 | |||||||||
| Payment-In-Kind interest | (72,869) | (102,812) | |||||||||
| Structuring fees | (4,401) | (4,816) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Payments for purchases of investments | (544,469) | (414,688) | |||||||||
| Proceeds from sale of investments and collection of investment principal | 856,557 | 298,586 | |||||||||
| Net Reductions to Subordinated Structured Notes and related investment cost | 53,845 | 62,680 | |||||||||
| (Increase) decrease in interest receivable, net | 10,760 | (7,951) | |||||||||
| (Increase) decrease in due from broker | 19 | 617 | |||||||||
| (Increase) decrease in other receivables | (819) | (118) | |||||||||
| (Increase) decrease in due from Affiliate | 24 | (172) | |||||||||
| (Increase) decrease in prepaid expenses | (414) | 561 | |||||||||
| Increase (decrease) in due to broker | (8,524) | 8,810 | |||||||||
| Increase (decrease) in due to Prospect Administration | (2,624) | 1,259 | |||||||||
| Increase (decrease) in due to Prospect Capital Management | (18,843) | (5,043) | |||||||||
| Increase (decrease) in accrued expenses | 83 | (1,639) | |||||||||
| Increase (decrease) in interest payable | 415 | (2,057) | |||||||||
| Increase (decrease) in due to Affiliate | — | (161) | |||||||||
| Increase (decrease) in other liabilities | 107 | (1,358) | |||||||||
| Net Cash Provided by (Used in) Operating Activities | 530,803 | 152,223 | |||||||||
| Financing Activities | |||||||||||
| Borrowings under Revolving Credit Facility (Note 4) | 1,442,300 | 875,300 | |||||||||
| Principal payments under Revolving Credit Facility (Note 4) | (1,777,133) | (983,627) | |||||||||
| Redemptions of Convertible Notes (Note 5) | (156,168) | — | |||||||||
| Redemptions of Public Notes (Note 6) | — | (81,240) | |||||||||
| Repurchase of Public Notes (Note 6) | (55,595) | — | |||||||||
| Issuances of Prospect Capital InterNotes® (Note 7) | 145,859 | 94,165 | |||||||||
| Redemptions of Prospect Capital InterNotes®, net (Note 7) | (6,989) | (9,317) | |||||||||
| Financing costs paid and deferred | (2,971) | (1,940) | |||||||||
| Proceeds from issuance of preferred stock, net of underwriting costs | 113,702 | 196,330 | |||||||||
| Offering costs from issuance of preferred stock | (2,428) | (3,521) | |||||||||
| Repurchase of Preferred Stock | — | (11,301) | |||||||||
| Redemptions of Preferred Stock | (2,015) | — | |||||||||
| Dividends paid and distributions to common and preferred stockholders | (260,739) | (269,238) | |||||||||
| Net Cash Provided by (Used in) Financing Activities | (562,177) | (194,389) | |||||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (31,374) | (42,166) | |||||||||
| Cash, Cash Equivalents and Restricted Cash at beginning of period | 85,872 | 95,646 | |||||||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 54,498 | $ | 53,480 | |||||||
| Supplemental Disclosures | |||||||||||
| Cash paid for interest | $ | 104,613 | $ | 114,769 | |||||||
| Non-Cash Financing Activities | |||||||||||
| Value of shares issued through reinvestment of dividends | 27,577 | 30,698 | |||||||||
| Conversion of preferred stock to common stock | 78,968 | 40,952 | |||||||||
| March 31, 2025 | |||||||||||||||||||||||||||||||||||
| Portfolio Company | Industry(43) | Investments(1)(35) | Acquisition Date(39) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
| Control Investments (greater than 25.00% voting control)(37) | |||||||||||||||||||||||||||||||||||
| MITY, Inc. (23) | Commercial Services & Supplies | First Lien Term Loan A | 9/19/2013 | 13.58% (3M SOFR + 9.02%) | 3.00 | 11/30/2027 | $ | 49,439 | $ | 49,439 | $ | 49,439 | 1.4% | (3)(8) | |||||||||||||||||||||
| First Lien Term Loan B | 6/23/2014 | 11.56% (3M SOFR + 7.00%) plus 10.00% PIK | 3.00 | 11/30/2027 | 8,274 | 8,274 | 8,274 | 0.3% | (8)(36) | ||||||||||||||||||||||||||
| Unsecured Note to Broda Enterprises ULC | 9/19/2013 | 10.00% | — | 1/1/2028 | 5,151 | 7,200 | 5,151 | 0.2% | (12) | ||||||||||||||||||||||||||
Common Stock (42,053 shares) | 9/19/2013 | N/A | 27,349 | 30,900 | 1.0% | (14) | |||||||||||||||||||||||||||||
| 92,262 | 93,764 | 2.9% | |||||||||||||||||||||||||||||||||
| National Property REIT Corp. (24) | Residential Real Estate Investment Trusts (REITs) / Consumer Finance / Structured Finance | First Lien Term Loan A | 12/31/2018 | 4.25% (3M SOFR + 0.25%) plus 2.00% PIK | 3.75 | 3/31/2026 | 659,972 | 659,972 | 659,972 | 20.4% | (8)(36)(33) | ||||||||||||||||||||||||
| First Lien Term Loan C | 10/31/2019 | 14.56% (3M SOFR + 10.00%) plus 2.25% PIK | 1.00 | 3/31/2026 | 53,000 | 53,000 | 53,000 | 1.6% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan D | 6/19/2020 | 4.25% (3M SOFR + 0.25%) plus 2.00% PIK | 3.75 | 3/31/2026 | 183,425 | 183,425 | 183,425 | 5.7% | (8)(36)(33) | ||||||||||||||||||||||||||
| First Lien Term Loan E | 11/14/2022 | 7.00% (3M SOFR + 1.50%) plus 7.00% PIK | 5.50 | 3/31/2026 | 52,652 | 52,652 | 52,652 | 1.6% | (8)(36) | ||||||||||||||||||||||||||
| Residual Profit Interest | 12/31/2018 | N/A | — | 36,696 | 1.1% | (33) | |||||||||||||||||||||||||||||
Common Stock (3,374,914 shares) | 12/31/2013 | N/A | 20,030 | 442,862 | 13.6% | (14)(40) | |||||||||||||||||||||||||||||
| 969,079 | 1,428,607 | 44.0% | |||||||||||||||||||||||||||||||||
| Nationwide Loan Company LLC (25) | Consumer Finance | First Lien Delayed Draw Term Loan A - $7,350 Commitment | 5/15/2024 | 10.00% | — | 5/15/2029 | 5,717 | 5,717 | 5,717 | 0.2% | (12)(13) | ||||||||||||||||||||||||
First Lien Delayed Draw Term Loan B - $8,000Commitment | 12/23/2024 | 10.00% | — | 5/15/2029 | 4,000 | 4,000 | 4,000 | 0.1% | (12)(13) | ||||||||||||||||||||||||||
| First Lien Term Loan | 6/18/2014 | 10.00% | — | 5/15/2029 | 29,083 | 29,083 | 29,083 | 0.9% | (12) | ||||||||||||||||||||||||||
Class A Units (38,550,460 units) | 1/31/2013 | N/A | 20,846 | 1,264 | —% | (12)(14) | |||||||||||||||||||||||||||||
| 59,646 | 40,064 | 1.2% | |||||||||||||||||||||||||||||||||
| NMMB, Inc. (26) | Media | First Lien Term Loan | 12/30/2019 | 13.06% (3M SOFR + 8.50%) | 2.00 | 3/31/2027 | 29,723 | 29,723 | 29,723 | 0.9% | (3)(8) | ||||||||||||||||||||||||
Common Stock (21,418 shares) | 12/30/2019 | N/A | — | 51,414 | 1.6% | (14) | |||||||||||||||||||||||||||||
| 29,723 | 81,137 | 2.5% | |||||||||||||||||||||||||||||||||
| Pacific World Corporation (34) | Personal Care Products | First Lien Term Loan A | 12/31/2014 | 8.57% PIK (1M SOFR + 4.25%) | 1.00 | 3/26/2029 | 112,301 | 112,301 | 105,523 | 3.3% | (8)(36) | ||||||||||||||||||||||||
Convertible Preferred Equity (665,233 shares) | 6/15/2018 | 12.00% PIK | N/A | 221,795 | — | —% | (14) | ||||||||||||||||||||||||||||
Common Stock (6,778,414 shares) | 9/29/2017 | N/A | — | — | —% | (14) | |||||||||||||||||||||||||||||
| 334,096 | 105,523 | 3.3% | |||||||||||||||||||||||||||||||||
| R-V Industries, Inc. | Machinery | First Lien Term Loan | 12/15/2020 | 13.56% (3M SOFR + 9.00%) | 1.00 | 12/15/2028 | 37,322 | 37,322 | 37,322 | 1.2% | (3)(8) | ||||||||||||||||||||||||
| First Lien Term Loan | 12/20/2024 | 7.80% (3M SOFR + 3.50%) | 4.00 | 47102 | 10,000 | 10,000 | 10,000 | 0.3% | (3)(8) | ||||||||||||||||||||||||||
Common Stock (745,107 shares) | 6/26/2007 | N/A | 6,866 | 58,513 | 1.8% | ||||||||||||||||||||||||||||||
| 54,188 | 105,835 | 3.3% | |||||||||||||||||||||||||||||||||
| Universal Turbine Parts, LLC (32) | Aerospace & Defense | First Lien Delayed Draw Term Loan - $6,965 Commitment | 2/28/2019 | 12.31% (3M SOFR + 7.75%) | 1.00 | 2/29/2028 | 5,517 | 5,517 | 5,517 | 0.2% | (8)(13) | ||||||||||||||||||||||||
| First Lien Term Loan A | 7/22/2016 | 10.31% (3M SOFR + 5.75%) | 1.00 | 2/29/2028 | 29,575 | 29,575 | 29,575 | 0.9% | (3)(8) | ||||||||||||||||||||||||||
| First Lien Term Loan A | 1/21/2025 | 12.31% (3M SOFR+ 7.75%) | 2.50 | 2/29/2028 | 4,000 | 4,000 | 4,000 | 0.1% | (3)(8) | ||||||||||||||||||||||||||
| First Lien Term Loan A | 2/28/2025 | 12.31% (3M SOFR+ 7.75%) | 2.50 | 2/29/2028 | 14,988 | 14,988 | 14,988 | 0.5% | (3)(8) | ||||||||||||||||||||||||||
Preferred Units (78,463,993 units) | 3/31/2021 | 12.75% PIK | N/A | 32,500 | 36,515 | 1.1% | (14) | ||||||||||||||||||||||||||||
Common Stock (10,000 units) | 12/10/2018 | N/A | — | — | —% | (14) | |||||||||||||||||||||||||||||
| 86,580 | 90,595 | 2.8% | |||||||||||||||||||||||||||||||||
| Industry(43) | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Cost Total | ||||||||||||||
| Control Investments | ||||||||||||||||||||
| Aerospace & Defense | $ | 54,080 | $ | — | $ | — | $ | — | $ | 32,500 | $ | 86,580 | ||||||||
| Commercial Services & Supplies | 146,140 | — | — | 7,200 | 27,349 | 180,689 | ||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 12,053 | 95,912 | ||||||||||||||
| Consumer Finance | 561,710 | — | — | — | 82,843 | 644,553 | ||||||||||||||
| Diversified Consumer Services | 1,050 | — | — | — | 2,378 | 3,428 | ||||||||||||||
| Energy Equipment & Services | 143,594 | — | — | — | 175,658 | 319,252 | ||||||||||||||
| Residential Real Estate Investment Trusts (REITs) | 896,049 | — | — | — | 20,030 | 916,079 | ||||||||||||||
| Health Care Providers & Services | 336,862 | — | — | — | 45,118 | 381,980 | ||||||||||||||
| Household Durables | 82,112 | — | — | — | — | 82,112 | ||||||||||||||
| Machinery | 47,322 | — | — | — | 6,866 | 54,188 | ||||||||||||||
| Marine Transport | — | — | — | — | 47,116 | 47,116 | ||||||||||||||
| Media | 29,723 | — | — | — | — | 29,723 | ||||||||||||||
| Personal Care Products | 112,301 | — | — | — | 221,795 | 334,096 | ||||||||||||||
| Trading Companies & Distributors | 54,739 | — | — | — | 55,581 | 110,320 | ||||||||||||||
| Structured Finance(A) | 53,000 | — | — | — | — | 53,000 | ||||||||||||||
| Total Control Investments | $ | 2,602,541 | $ | — | $ | — | $ | 7,200 | $ | 729,287 | $ | 3,339,028 | ||||||||
| Affiliate Investments | ||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 11,735 | $ | 11,735 | ||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 11,735 | $ | 11,735 | ||||||||
| Non-Control/Non-Affiliate Investments | ||||||||||||||||||||
| Air Freight & Logistics | $ | 109,055 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 204,055 | ||||||||
| Automobile Components | 21,946 | 66,980 | — | — | 25,802 | 114,728 | ||||||||||||||
| Capital Markets | — | 21,500 | — | — | — | 21,500 | ||||||||||||||
| Commercial Services & Supplies | 203,425 | 153,356 | — | — | 5,000 | 361,781 | ||||||||||||||
| Distributors | 277,960 | 88,803 | — | — | 28,600 | 395,363 | ||||||||||||||
| Diversified Consumer Services | 99,603 | — | — | — | — | 99,603 | ||||||||||||||
| Diversified Telecommunication Services | 151,007 | 59,070 | — | — | — | 210,077 | ||||||||||||||
| Electrical Equipment | 61,523 | — | — | — | — | 61,523 | ||||||||||||||
| Financial Services | 68,001 | — | — | — | — | 68,001 | ||||||||||||||
| Food Products | 18,524 | 131,616 | — | — | — | 150,140 | ||||||||||||||
| Health Care Providers & Services | 205,262 | 112,694 | — | — | 25,732 | 343,688 | ||||||||||||||
| Health Care Technology | 134,353 | — | — | — | — | 134,353 | ||||||||||||||
| Hotels, Restaurants & Leisure | 28,253 | — | — | — | — | 28,253 | ||||||||||||||
| Household Durables | 2,406 | 19,079 | — | — | 2,001 | 23,486 | ||||||||||||||
| Interactive Media & Services | 99,143 | — | — | — | — | 99,143 | ||||||||||||||
| IT Services | 34,125 | 69,142 | — | — | — | 103,267 | ||||||||||||||
| Leisure Products | 115,019 | — | — | — | 1 | 115,020 | ||||||||||||||
| Machinery | 49,360 | — | — | — | — | 49,360 | ||||||||||||||
| Media | 89,136 | — | — | — | — | 89,136 | ||||||||||||||
| Personal Care Products | 8,813 | — | — | — | 1,546 | 10,359 | ||||||||||||||
| Pharmaceuticals | 125,690 | — | — | — | — | 125,690 | ||||||||||||||
| Professional Services | 75,176 | — | — | — | 13,779 | 88,955 | ||||||||||||||
| Software | 48,602 | 131,979 | — | — | — | 180,581 | ||||||||||||||
| Specialty Retail | 7,912 | — | — | — | 23,898 | 31,810 | ||||||||||||||
| Textiles, Apparel & Luxury Goods | 69,063 | — | — | — | 16,753 | 85,816 | ||||||||||||||
| Structured Finance(A) | — | — | 408,560 | — | — | 408,560 | ||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 2,103,357 | $ | 949,219 | $ | 408,560 | $ | — | $ | 143,112 | $ | 3,604,248 | ||||||||
| Total Portfolio Investment Cost | $ | 4,705,898 | $ | 949,219 | $ | 408,560 | $ | 7,200 | $ | 884,134 | $ | 6,955,011 | ||||||||
| 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 | $ | 54,080 | $ | — | $ | — | $ | — | $ | 36,515 | $ | 90,595 | 2.8 | % | |||||||||
| Commercial Services & Supplies | 79,323 | — | — | 5,151 | 30,900 | 115,374 | 3.6 | % | |||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 228,244 | 312,103 | 9.6 | % | |||||||||||||||
| Consumer Finance | 552,004 | — | — | — | 276,525 | 828,529 | 25.5 | % | |||||||||||||||
| Diversified Consumer Services | 1,050 | — | — | — | 3,803 | 4,853 | 0.1 | % | |||||||||||||||
| Energy Equipment & Services | 117,567 | — | — | — | — | 117,567 | 3.6 | % | |||||||||||||||
| Residential Real Estate Investment Trusts(REITs) | 896,049 | — | — | — | 479,558 | 1,375,607 | 42.4 | % | |||||||||||||||
| Health Care Providers & Services | 336,862 | — | — | — | 30,190 | 367,052 | 11.3 | % | |||||||||||||||
| Household Durables | 70,206 | — | — | — | — | 70,206 | 2.2 | % | |||||||||||||||
| Machinery | 47,322 | — | — | — | 58,513 | 105,835 | 3.3 | % | |||||||||||||||
| Marine Transport | — | — | — | — | 12,097 | 12,097 | 0.4 | % | |||||||||||||||
| Media | 29,723 | — | — | — | 51,414 | 81,137 | 2.5 | % | |||||||||||||||
| Personal Care Products | 105,523 | — | — | — | — | 105,523 | 3.3 | % | |||||||||||||||
| Trading Companies & Distributors | 54,739 | — | — | — | 7,944 | 62,683 | 1.9 | % | |||||||||||||||
| Structured Finance(A) | 53,000 | — | — | — | — | 53,000 | 1.6 | % | |||||||||||||||
| Total Control Investments | $ | 2,481,307 | $ | — | $ | — | $ | 5,151 | $ | 1,215,703 | $ | 3,702,161 | 114.1 | % | |||||||||
| Fair Value % of Net Assets | 76.5 | % | — | % | — | % | 0.2 | % | 37.4 | % | 114.1 | % | |||||||||||
| Affiliate Investments | |||||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 22,693 | $ | 22,693 | 0.7 | % | |||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 22,693 | $ | 22,693 | 0.7 | % | |||||||||
| Fair Value % of Net Assets | — | % | — | % | — | % | — | % | 0.7 | % | 0.7 | % | |||||||||||
| Non-Control/Non-Affiliate Investments | |||||||||||||||||||||||
| Air Freight & Logistics | $ | 100,281 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 195,281 | 6.0 | % | |||||||||
| Automobile Components | 20,400 | 60,898 | — | — | 586 | 81,884 | 2.5 | % | |||||||||||||||
| Capital Markets | — | 21,500 | — | — | — | 21,500 | 0.7 | % | |||||||||||||||
| Commercial Services & Supplies | 203,353 | 153,500 | — | — | 13,075 | 369,928 | 11.4 | % | |||||||||||||||
| Distributors | 282,640 | 14,091 | — | — | 15,514 | 312,245 | 9.6 | % | |||||||||||||||
| Diversified Consumer Services | 39,176 | — | — | — | — | 39,176 | 1.2 | % | |||||||||||||||
| Diversified Telecommunication Services | 149,301 | 7,141 | — | — | — | 156,442 | 4.8 | % | |||||||||||||||
| Electrical Equipment | 61,523 | — | — | — | — | 61,523 | 1.9 | % | |||||||||||||||
| Financial Services | 68,001 | — | — | — | — | 68,001 | 2.1 | % | |||||||||||||||
| Food Products | 13,337 | 127,530 | — | — | — | 140,867 | 4.3 | % | |||||||||||||||
| Health Care Providers & Services | 222,438 | 54,816 | — | — | 43,770 | 321,024 | 9.9 | % | |||||||||||||||
| Health Care Technology | 132,590 | — | — | — | — | 132,590 | 4.1 | % | |||||||||||||||
| Hotels, Restaurants & Leisure | 24,902 | — | — | — | — | 24,902 | 0.8 | % | |||||||||||||||
| Household Durables | 2,406 | 17,016 | — | — | — | 19,422 | 0.6 | % | |||||||||||||||
| Interactive Media & Services | 99,143 | — | — | — | — | 99,143 | 3.1 | % | |||||||||||||||
| IT Services | 33,955 | 45,063 | — | — | — | 79,018 | 2.4 | % | |||||||||||||||
| Leisure Products | 115,236 | — | — | — | — | 115,236 | 3.6 | % | |||||||||||||||
| Machinery | 49,414 | — | — | — | — | 49,414 | 1.5 | % | |||||||||||||||
| Media | 89,035 | — | — | — | — | 89,035 | 2.7 | % | |||||||||||||||
| Personal Care Products | 8,813 | — | — | — | 4,307 | 13,120 | 0.4 | % | |||||||||||||||
| Pharmaceuticals | 124,895 | — | — | — | — | 124,895 | 3.8 | % | |||||||||||||||
| 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 | ||||||||||||||||
| Professional Services | 74,495 | — | — | — | 17,581 | 92,076 | 2.8 | % | |||||||||||||||
| Software | 48,617 | 126,142 | — | — | — | 174,759 | 5.4 | % | |||||||||||||||
| Specialty Retail | 5,828 | — | — | — | — | 5,828 | 0.2 | % | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 69,051 | — | — | — | 20,006 | 89,057 | 2.8 | % | |||||||||||||||
| Structured Finance (A) | — | — | 300,144 | — | — | 300,144 | 9.3 | % | |||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 2,038,830 | $ | 722,697 | $ | 300,144 | $ | — | $ | 114,839 | $ | 3,176,510 | 97.9 | % | |||||||||
| Fair Value % of Net Assets | 62.8 | % | 22.3 | % | 9.3 | % | — | % | 3.5 | % | 97.9 | % | |||||||||||
| Total Portfolio | $ | 4,520,137 | $ | 722,697 | $ | 300,144 | $ | 5,151 | $ | 1,353,235 | $ | 6,901,364 | 212.7 | % | |||||||||
| Fair Value % of Net Assets | 139.3 | % | 22.3 | % | 9.3 | % | 0.2 | % | 41.6 | % | 212.7 | % | |||||||||||
| Security Name | PIK Rate - Capitalized | PIK Rate - Paid as cash | Maximum Current PIK Rate | |||||||||||
| Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan | 9.65% | —% | —% | (A) | ||||||||||
| Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan | 12.06% | —% | —% | (A) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 12.56% | —% | —% | (B) | ||||||||||
| Credit Central Loan Company, LLC - First Lien Term Loan | 10.00% | —% | 5.00% | (C) | ||||||||||
| Credit.com Holdings, LLC - First Lien Term Loan A | 15.56% | —% | —% | (D) | ||||||||||
| Druid City Infusion, LLC - First Lien Convertible Note | 2.00% | —% | 2.00% | |||||||||||
| Emerge Intermediate, Inc. - First Lien Term Loan | 4.50% | —% | 4.50% | |||||||||||
| First Tower Finance Company LLC - First Lien Term Loan | 0.89% | 14.11% | 5.00% | (E) | ||||||||||
| InterDent, Inc. - First Lien Term Loan B | 7.00% | —% | 7.00% | |||||||||||
| InterDent, Inc. - First Lien Delayed Draw Term Loan B | 7.00% | —% | 7.00% | |||||||||||
| MITY, Inc. - First Lien Term Loan B | —% | 10.00% | 10.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan A | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan C | —% | 2.25% | 2.25% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan D | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan E | 7.00% | —% | 7.00% | |||||||||||
| Pacific World Corporation - First Lien Term Loan A | —% | 8.57% | 8.57% | |||||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - First Out First Lien Term Loan | 7.25% | —% | 7.25% | |||||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - Second Out First Lien Term Loan | 6.50% | —% | 6.50% | |||||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - Third Out First Lien Term Loan | 6.00% | —% | 6.00% | |||||||||||
| Recovery Solutions Parent, LLC - First Lien Term Loan | 11.80% | —% | —% | (F) | ||||||||||
| Rising Tide Holdings, Inc. - First Lien First Out Term Loan | 15.00% | —% | 15.00% | |||||||||||
| Rising Tide Holdings, Inc. - First Lien Second Out Term Loan | 12.00% | —% | 12.00% | |||||||||||
| Rosa Mexicano - First Lien Term Loan | 6.03% | 6.03% | —% | (G) | ||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B | 2.00% | —% | 2.00% | |||||||||||
| Shutterfly, LLC - Second Lien Term Loan | 4.00% | —% | 4.00% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 8.00% | —% | —% | (H) | ||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 8.00% | —% | —% | (H) | ||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 5.00% | —% | 5.00% | |||||||||||
| TPS, LLC - First Lien Term Loan | 1.50% | —% | 1.50% | |||||||||||
| USES Corp. - First Lien Equipment Term Loan | 13.58% | —% | —% | (I) | ||||||||||
| Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan | —% | 2.50% | 2.50% | |||||||||||
| Valley Electric Company, Inc. - First Lien Term Loan | —% | 10.00% | 10.00% | |||||||||||
| Valley Electric Company, Inc. - First Lien Term Loan B | —% | 5.50% | 5.50% | |||||||||||
| Wellful Inc. - Tranche B Term Loan | 1.75% | —% | 1.75% | |||||||||||
| Controlled Companies | Fair Value at June 30, 2024 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at March 31, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | |||||||||||||||||||||||
| Belnick, LLC (d/b/a The Ubique Group) | $ | — | $ | 70,206 | $ | — | $ | — | $ | 70,206 | (c) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
| CP Energy Services Inc. | 70,721 | 11,505 | — | (3,504) | 78,722 | 9,329 | — | — | — | |||||||||||||||||||||||
| CP Energy - Spartan Energy Services, Inc. | 39,485 | 8,901 | — | (9,541) | 38,845 | 4,424 | — | — | — | |||||||||||||||||||||||
| Credit Central Loan Company, LLC | 79,230 | 5,698 | — | (6,309) | 78,619 | 6,459 | — | — | — | |||||||||||||||||||||||
| Echelon Transportation, LLC | 66,923 | 1,260 | (1,260) | (4,240) | 62,683 | 2,513 | — | — | — | |||||||||||||||||||||||
| First Tower Finance Company LLC | 605,928 | 10,028 | (437) | 94,327 | 709,846 | 49,283 | — | — | — | |||||||||||||||||||||||
| Freedom Marine Solutions, LLC | 12,651 | 975 | — | (1,529) | 12,097 | — | — | — | — | |||||||||||||||||||||||
| InterDent, Inc. | 463,883 | 20,433 | — | (117,264) | 367,052 | 29,170 | — | — | — | |||||||||||||||||||||||
| Kickapoo Ranch Pet Resort | 4,742 | — | (450) | 561 | 4,853 | 139 | — | — | — | |||||||||||||||||||||||
| MITY, Inc. | 85,583 | 2,215 | — | 5,966 | 93,764 | 6,986 | — | 55 | 8 | |||||||||||||||||||||||
| National Property REIT Corp. | 1,696,462 | 74,155 | (213,386) | (128,624) | 1,428,607 | 71,623 | — | 14,825 | — | |||||||||||||||||||||||
| Nationwide Loan Company LLC | 43,162 | 6,230 | — | (9,328) | 40,064 | 3,547 | — | — | — | |||||||||||||||||||||||
| NMMB, Inc. | 94,265 | — | — | (13,128) | 81,137 | 3,057 | — | — | 6,366 | |||||||||||||||||||||||
| Pacific World Corporation | 104,663 | 18,575 | (4,875) | (12,840) | 105,523 | 7,422 | — | 286 | — | |||||||||||||||||||||||
| R-V Industries, Inc. | 102,402 | 10,000 | — | (6,567) | 105,835 | 4,097 | 8,774 | — | — | |||||||||||||||||||||||
| Universal Turbine Parts, LLC | 68,067 | 19,000 | (55) | 3,583 | 90,595 | 3,222 | — | 300 | — | |||||||||||||||||||||||
| USES Corp. | 17,989 | 7,989 | — | (4,368) | 21,610 | 2,057 | — | — | — | |||||||||||||||||||||||
| Valley Electric Company, Inc. | 316,419 | — | — | (4,316) | 312,103 | 9,533 | — | 333 | — | |||||||||||||||||||||||
| Total | $ | 3,872,575 | $ | 267,170 | $ | (220,463) | $ | (217,121) | $ | 3,702,161 | $ | 212,861 | $ | 8,774 | $ | 15,799 | $ | 6,374 | ||||||||||||||
| Affiliated Companies | Fair Value at June 30, 2024 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at March 31, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
| Nixon, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| RGIS Services, LLC | 18,069 | — | 141 | 4,483 | 22,693 | — | 141 | — | — | ||||||||||||||||||||
| Total | $ | 18,069 | $ | — | $ | 141 | $ | 4,483 | $ | 22,693 | $ | — | $ | 141 | $ | — | $ | — | |||||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 8th Avenue Food & Provisions, Inc. | Second Lien Term Loan | 11/17/2020, 9/17/2021 | $ | 7,051 | |||||||
| Apidos CLO XI | Subordinated Structured Note | 11/2/2016, 4/8/2021 | 7,559 | ||||||||
| Apidos CLO XII | Subordinated Structured Note | 1/26/2018 | 4,070 | ||||||||
| Apidos CLO XV | Subordinated Structured Note | 3/29/2018 | 6,480 | ||||||||
| Apidos CLO XXII | Subordinated Structured Note | 2/24/2020 | 1,912 | ||||||||
| Atlantis Health Care Group (Puerto Rico), Inc. | First Lien Term Loan | 12/9/2016 | 42,000 | ||||||||
| Aventiv Technologies, LLC | Second Out Super Priority First Lien Term Loan | 1/2/2025 | 105 | ||||||||
| Aventiv Technologies, LLC | Second Out Super Priority First Lien Term Loan | 6/28/2024 | 834 | ||||||||
| Aventiv Technologies, LLC | Super Priority Second Lien Term Loan | 3/4/2025 | 595 | ||||||||
| Barings CLO 2018-III | Subordinated Structured Note | 5/18/2018 | 9,255 | ||||||||
| BCPE North Star US Holdco 2, Inc. | Second Lien Term Loan | 12/30/2021, 10/28/2022 | 70,133 | ||||||||
| BCPE Osprey Buyer, Inc. | First Lien Revolving Line of Credit | 2/22/2023, 5/23/2023, 9/14/2023, 11/22/2023, 3/28/2024, 7/11/2024, 11/26/2024, 2/27/2025, 3/27/2025 | 7,301 | ||||||||
| BCPE Osprey Buyer, Inc. | First Lien Delayed Draw Term Loan | 9/26/2023 | 4,639 | ||||||||
| Belnick, LLC (d/b/a The Ubique Group) | First Lien Term Loan | 6/27/2022, 12/1/2023 | 18,000 | ||||||||
| California Street CLO IX Ltd. | Subordinated Structured Note | 9/6/2016, 10/17/2016 | 6,842 | ||||||||
| Cent CLO 21 Limited | Subordinated Structured Note | 7/12/2018 | 1,024 | ||||||||
| CIFC Funding 2014-IV-R, Ltd. | Subordinated Structured Note | 10/12/2018, 12/20/2021 | 2,860 | ||||||||
| Collections Acquisition Company, Inc. | First Lien Term Loan | 1/13/2022, 3/14/2024 | 15,800 | ||||||||
| Columbia Cent CLO 27 Limited | Subordinated Structured Note | 12/2/2021 | 7,815 | ||||||||
| CP Energy Services Inc. | First Lien Term Loan | 8/31/2023 | 2,900 | ||||||||
| CP Energy Services Inc. | First Lien Delayed Draw Term Loan | 3/25/2025 | 3,500 | ||||||||
| CP Energy Services Inc. | First Lien Term Loan A to Spartan Energy Services, LLC | 4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024, 11/13/2024, 1/9/2025, 3/25/2025 | 24,281 | ||||||||
| CP Energy Services Inc. | Common Stock | 10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019 | 69,586 | ||||||||
| Credit Central Loan Company, LLC | Class A Units | 12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019 | 11,975 | ||||||||
| Credit Central Loan Company, LLC | First Lien Term Loan | 6/26/2014, 9/28/2016, 12/16/2022, 1/27/2023 | 45,995 | ||||||||
| Credit Central Loan Company, LLC | Class P Units | 1/27/2023 | 1,540 | ||||||||
| DRI Holding, Inc. | First Lien Term Loan | 4/26/2022, 7/21/2022 | 12,999 | ||||||||
| DRI Holding, Inc. | Second Lien Term Loan | 5/18/2022 | 10,000 | ||||||||
| Dukes Root Control Inc. | First Lien Revolving Line of Credit | 4/24/2023, 11/27/2023, 2/2/2024, 2/26/2024, 2/26/2025 | 3,875 | ||||||||
| Dukes Root Control Inc. | First Lien Delayed Draw Term Loan | 5/26/2023, 10/26/2023 | 3,254 | ||||||||
| Echelon Transportation, LLC | Membership Interest | 3/31/2014, 9/30/2014, 12/9/2016 | 22,488 | ||||||||
| Echelon Transportation, LLC | First Lien Term Loan | 11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021, 3/18/2021 | 5,465 | ||||||||
| Emerge Intermediate, Inc. | First Lien Term Loan | 6/14/2024 | 1,467 | ||||||||
| Eze Castle Integration, Inc. | First Lien Delayed Draw Term Loan | 10/7/2022, 9/5/2023, 1/10/2025 | 2,576 | ||||||||
| First Brands Group | First Lien Term Loan | 4/27/2022 | 5,955 | ||||||||
| First Brands Group | Second Lien Term Loan | 5/12/2022 | 4,938 | ||||||||
| First Tower Finance Company LLC | Class A Units | 12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018 | 39,885 | ||||||||
| First Tower Finance Company LLC | First Lien Term Loan to First Tower, LLC | 12/15/2015, 3/9/2018, 3/24/2022 | 43,047 | ||||||||
| Freedom Marine Solutions, LLC | Membership Interest | 10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010, 2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015, 1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017, 6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018, 10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023, 7/2/2024 | 43,093 | ||||||||
| Galaxy XV CLO, Ltd. | Subordinated Structured Note | 8/21/2015, 3/10/2017 | 9,161 | ||||||||
| Galaxy XXVII CLO, Ltd. | Subordinated Structured Note | 6/11/2015 | 1,460 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| Help/Systems Holdings, Inc. (d/b/a Forta, LLC) | Second Lien Term Loan | 5/11/2021, 10/14/2021 | 54,649 | ||||||||
| Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC) | First Lien Term Loan | 10/26/2022, 6/1/2023, 9/30/2024 | 8,190 | ||||||||
| InterDent, Inc. | First Lien Term Loan A | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021, 3/28/2022 | 93,903 | ||||||||
| InterDent, Inc. | First Lien Term Loan B | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014 | 76,125 | ||||||||
| InterDent, Inc. | Delayed Draw Term Loan B | 12/20/2024, 3/24/2025 | 6,000 | ||||||||
| Interventional Management Services, LLC | First Lien Revolving Line of Credit | 2/25/2021, 11/17/2021 | 5,000 | ||||||||
| Jefferson Mill CLO Ltd. | Subordinated Structured Note | 9/21/2018 | 2,047 | ||||||||
| K&N HoldCo, LLC | Class A Membership Units | 7/31/2024 | 105 | ||||||||
| Kickapoo Ranch Pet Resort | Membership Interest | 10/21/2019, 12/4/2019 | 28 | ||||||||
| LCM XIV Ltd. | Subordinated Structured Note | 9/25/2015, 5/18/2018 | 9,422 | ||||||||
| LGC US FINCO, LLC | First Lien Term Loan | 3/2/2022 | 2,095 | ||||||||
| Lucky US BuyerCo LLC | First Lien Revolving Line of Credit | 3/21/2024, 6/24/2024, 3/31/2025 | 2,054 | ||||||||
| MITY, Inc. | Common Stock | 6/23/2014 | 7,200 | ||||||||
| MITY, Inc. | First Lien Term Loan A | 1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024, 9/16/2024, 12/3/2024 | 18,015 | ||||||||
| MITY, Inc. | First Lien Term Loan B | 1/17/2017, 6/3/2019 | 11,000 | ||||||||
| Nationwide Loan Company LLC | Class A Units | 3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016, 8/31/2016, 5/31/2017, 10/31/2017 | 20,469 | ||||||||
| Nationwide Loan Company LLC | First Lien Term Loan | 12/28/2015, 8/31/2016 | 1,999 | ||||||||
| Nationwide Loan Company LLC | First Lien Delayed Draw Term Loan A | 6/26/2024 | 2,250 | ||||||||
| Nationwide Loan Company LLC | First Lien Delayed Draw Term Loan B | 3/6/2025 | 3,000 | ||||||||
| National Property REIT Corp. | First Lien Term Loan A | 4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020, 9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020, 11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021, 5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021, 11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022, 3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022, 7/5/2022, 8/31/2022, 10/6/2022, 1/10/2023, 2/28/2023, 4/4/2023, 4/6/2023, 4/28/2023, 6/9/2023, 6/14/2023, 7/5/2023, 7/14/2023, 8/31/2023, 9/29/2023, 10/4/2023, 10/20/2023, 11/30/2023, 1/3/2024, 1/18/2024, 2/29/2024, 3/8/2024, 4/2/2024, 5/31/2024, 7/8/2024, 8/30/2024, 10/10/2024, 12/02/2024, 1/6/2025, 1/8/2025, 3/20/2025 | 907,900 | ||||||||
| National Property REIT Corp. | First Lien Term Loan C | 10/23/2019, 1/23/2020, 3/31/2020, 4/8/2020, 8/4/2020, 12/7/2021, 1/7/2022, 2/2/2022, 5/12/2022, 5/19/2022, 6/6/2022, 8/1/2022, 9/15/2022, 9/19/2022, 10/21/2022, 6/6/2023, 11/2/2023 | 263,000 | ||||||||
| National Property REIT Corp. | First Lien Term Loan E | 6/26/2024 | 35,300 | ||||||||
| NMMB, Inc. | First Lien Term Loan | 12/30/2019, 3/28/2022 | 40,100 | ||||||||
| Octagon Investment Partners XV, Ltd. | Subordinated Structured Note | 4/27/2015, 8/3/2015, 6/27/2017 | 10,516 | ||||||||
| Octagon Investment Partners 18-R Ltd. | Subordinated Structured Note | 3/23/2018 | 8,908 | ||||||||
| Pacific World Corporation | Convertible Preferred Equity | 4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019, 12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021, 1/26/2024 | 55,100 | ||||||||
| Pacific World Corporation | First Lien Term Loan A | 12/22/2022, 11/25/2024, 3/7/2025 | 19,900 | ||||||||
| PeopleConnect Holdings, Inc. | First Lien Term Loan | 12/22/2022, 11/25/2024 | 82,005 | ||||||||
| Precisely Software Incorporated | Second Lien Term Loan | 5/28/2021, 6/24/2021, 6/3/2022 | 59,333 | ||||||||
| RGIS Services, LLC | Membership Interest | 5/28/2024 | 1,432 | ||||||||
| Redstone Holdco 2 LP | Second Lien Term Loan | 9/10/2021 | 17,903 | ||||||||
| Romark WM-R Ltd. | Subordinated Structured Note | 3/29/2018 | 5,125 | ||||||||
| Rosa Mexicano | First Lien Revolving Line of Credit | 3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024 | 5,400 | ||||||||
| R-V Industries, Inc. | First Lien Term Loan | 3/4/2022, 9/25/2023 | 8,700 | ||||||||
| R-V Industries, Inc. | Common Stock | 12/27/2016 | 1,854 | ||||||||
| Shiftkey, LLC | First Lien Term Loan | 8/26/2022, 9/14/2022, 9/23/2022 | 39,450 | ||||||||
| Shoes West, LLC (d/b/a Taos Footwear) | First Lien Revolving Line of Credit | 2/10/2025 | 2,000 | ||||||||
| Symphony CLO XV, Ltd. | Subordinated Structured Note | 12/7/2018 | 2,655 | ||||||||
| The RK Logistics Group, Inc. | Class B Common Units | 12/19/2023 | 1,250 | ||||||||
| The RK Logistics Group, Inc. | First Lien Term Loan | 6/28/2024 | 13,000 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| Town & Country Holdings, Inc. | First Lien Term Loan | 7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024 | 115,000 | ||||||||
| Town & Country Holdings, Inc. | Common Stock | 10/18/2024, 12/30/2024, 1/6/2025, 1/9/2025 | 27,100 | ||||||||
| United Sporting Companies, Inc. | Second Lien Term Loan | 3/7/2013, 3/14/2024 | 59,325 | ||||||||
| Universal Turbine Parts, LLC | First Lien Delayed Draw Term Loan | 10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023 | 5,716 | ||||||||
| USES Corp. | First Lien Term Loan A | 6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017, 8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019 | 14,100 | ||||||||
| USES Corp. | First Lien Equipment Term Loan | 6/23/2023, 7/3/2024, 11/6/2024, 1/9/2025 | 9,900 | ||||||||
| USG Intermediate, LLC | First Lien Revolving Line of Credit | 7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/18/2021, 5/19/2022, 5/22/2023, 10/12/2023 | 21,700 | ||||||||
| USG Intermediate, LLC | First Lien Term Loan B | 8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023, 12/20/2023, 2/21/2025 | 129,475 | ||||||||
| USG Intermediate, LLC | Equity | 5/12/2023 | 100 | ||||||||
| Valley Electric Company, Inc. | Common Stock | 12/31/2012, 6/24/2014 | 18,502 | ||||||||
| Valley Electric Company, Inc. | First Lien Term Loan | 6/30/2014, 8/31/2018, 3/28/2022 | 18,129 | ||||||||
| Valley Electric Company, Inc. | First Lien Term Loan B | 5/1/2023 | 19,000 | ||||||||
| Voya CLO 2014-1, Ltd. | Subordinated Structured Note | 3/29/2018 | 3,943 | ||||||||
| Wellpath Holdings, Inc. | First Lien Term Loan | 10/8/2019, 10/8/2021, 10/31/2024, 11/5/2024, 11/6/2024, 1/3/2025, 3/19/2025 | 38,938 | ||||||||
| Wellpath Holdings, Inc. | Second Lien Term Loan | 8/20/2019, 10/31/2024, 11/7/2024, 3/26/2025 | 2,826 | ||||||||
| Fiscal Year | Follow-On Investments (NPRC Common Stock, excluding cost of initial investment) | ||||
| 2014 | $ | 4,555 | |||
| 2015 | 68,693 | ||||
| 2016 | 93,857 | ||||
| 2017 | 116,830 | ||||
| 2018 | 137,024 | ||||
| 2019 | 11,582 | ||||
| 2020 | 19,800 | ||||
| 2022 | 15,620 | ||||
| 2023 | 3,600 | ||||
| 2024 | 4,600 | ||||
| 2025 | — | ||||
| June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Portfolio Company | Industry | Investments(1)(35) | Acquisition Date(39) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
| Control Investments (greater than 25.00% voting control)(37) | |||||||||||||||||||||||||||||||||||
| CP Energy Services Inc. (18) | Energy Equipment & Services | First Lien Term Loan | 10/1/2017 | 14.56% (3M SOFR+ 9.00%) | 1.00 | 4/4/2027 | $ | 59,303 | $ | 59,303 | $ | 51,139 | 1.4% | (8)(36) | |||||||||||||||||||||
| First Lien Term Loan | 4/5/2022 | 14.56% (3M SOFR+ 9.00%) | 1.00 | 4/4/2027 | 7,619 | 7,619 | 6,570 | 0.2% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan | 1/6/2023 | 14.56% (3M SOFR + 9.00%) | 1.00 | 4/4/2027 | 15,090 | 15,090 | 13,012 | 0.4% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan A to Spartan Energy Services, LLC | 10/20/2014 | 13.59% PIK (3M SOFR+ 8.00%) | 1.00 | 12/31/2025 | 36,608 | 36,608 | 35,103 | 0.9% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan A to Spartan Energy Services, LLC | 10/20/2014 | 13.60% (3M SOFR+ 8.00%) | 1.00 | 12/31/2025 | 4,569 | 4,569 | 4,382 | 0.1% | (10) | ||||||||||||||||||||||||||
Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares) | 9/25/2020 | 15.00% | N/A | 26,193 | — | —% | (14) | ||||||||||||||||||||||||||||
Series B Redeemable Preferred Stock (790 shares) | 10/30/2015 | 16.00% | N/A | 63,225 | — | —% | (14) | ||||||||||||||||||||||||||||
Common Stock (102,924 shares) | 8/2/2013 | N/A | 86,240 | — | —% | (14) | |||||||||||||||||||||||||||||
| 298,847 | 110,206 | 3.0% | |||||||||||||||||||||||||||||||||
| Credit Central Loan Company, LLC (19) | Consumer Finance | First Lien Term Loan | 12/28/2012 | 5.00% plus 5.00% PIK | — | 9/15/2027 | 82,629 | 82,629 | 79,230 | 2.1% | (12)(36) | ||||||||||||||||||||||||
Class A Units (14,867,312 units) | 12/28/2012 | N/A | 19,331 | — | —% | (12)(14) | |||||||||||||||||||||||||||||
Preferred Class P Shares (12,897,188 units) | 7/1/2022 | 12.75% | N/A | 11,520 | — | —% | (12)(14) | ||||||||||||||||||||||||||||
Net Revenues Interest (25% of Net Revenues) | 1/28/2015 | N/A | — | — | —% | (12)(14) | |||||||||||||||||||||||||||||
| 113,480 | 79,230 | 2.1% | |||||||||||||||||||||||||||||||||
| Echelon Transportation, LLC | Aerospace & Defense | First Lien Term Loan | 3/31/2014 | 6.00% | — | 12/7/2026 | 54,739 | 54,739 | 54,739 | 1.5% | |||||||||||||||||||||||||
Membership Interest (100%) | 3/31/2014 | N/A | 22,738 | — | —% | (14) | |||||||||||||||||||||||||||||
Preferred Units (41,751,342 shares) | 1/31/2022 | 12.75% PIK | N/A | 32,843 | 12,184 | 0.3% | (14) | ||||||||||||||||||||||||||||
| 110,320 | 66,923 | 1.8% | |||||||||||||||||||||||||||||||||
| First Tower Finance Company LLC (21) | Consumer Finance | First Lien Term Loan to First Tower, LLC | 6/24/2014 | 10.00% plus 5.00% PIK | — | 12/18/2027 | 424,992 | 424,992 | 424,992 | 11.4% | (12)(36) | ||||||||||||||||||||||||
Class A Units (95,709,910 units) | 6/14/2012 | N/A | 31,146 | 180,936 | 4.9% | (12)(14) | |||||||||||||||||||||||||||||
| 456,138 | 605,928 | 16.3% | |||||||||||||||||||||||||||||||||
| Freedom Marine Solutions, LLC (22) | Energy Equipment & Services | Membership Interest (100%) | 11/9/2006 | N/A | 46,142 | 12,651 | 0.3% | (14) | |||||||||||||||||||||||||||
| 46,142 | 12,651 | 0.3% | |||||||||||||||||||||||||||||||||
| InterDent, Inc. | Health Care Providers & Services | First Lien Term Loan A/B | 8/1/2018 | 20.11% (1M SOFR+ 14.65%) | 2.00 | 9/5/2025 | 14,249 | 14,249 | 14,249 | 0.4% | (3)(8) | ||||||||||||||||||||||||
| First Lien Term Loan A | 8/3/2012 | 10.96% (1M SOFR+ 5.50%) | 1.00 | 9/5/2025 | 95,823 | 95,823 | 95,823 | 2.6% | (3)(8) | ||||||||||||||||||||||||||
| First Lien Term Loan B | 8/3/2012 | 12.00% PIK | 9/5/2025 | 206,356 | 206,356 | 206,356 | 5.6% | (36) | |||||||||||||||||||||||||||
Common Stock (99,900 shares) | 5/3/2019 | N/A | 45,118 | 147,455 | 4.0% | (14) | |||||||||||||||||||||||||||||
| 361,546 | 463,883 | 12.6% | |||||||||||||||||||||||||||||||||
| Kickapoo Ranch Pet Resort | Diversified Consumer Services | First Lien Term Loan | 1/11/2024 | 12.83% (3M SOFR+ 7.50%) | 3.00 | 1/10/2029 | 1,500 | 1,500 | 1,500 | —% | (8) | ||||||||||||||||||||||||
Membership Interest (100%) | 8/26/2019 | N/A | 2,378 | 3,242 | 0.1% | ||||||||||||||||||||||||||||||
| 3,878 | 4,742 | 0.1% | |||||||||||||||||||||||||||||||||
| MITY, Inc. (23) | Commercial Services & Supplies | First Lien Term Loan A | 9/19/2013 | 12.59% (3M SOFR+ 7.00%) | 3.00 | 4/30/2025 | 37,224 | 37,224 | 37,224 | 1.0% | (3)(8)(36) | ||||||||||||||||||||||||
| First Lien Term Loan B | 6/23/2014 | 12.59% (3M SOFR+ 7.00%) plus 10.00% PIK | 3.00 | 4/30/2025 | 18,274 | 18,274 | 18,274 | 0.5% | (8)(36) | ||||||||||||||||||||||||||
| Unsecured Note to Broda Enterprises ULC | 9/19/2013 | 10.00% | — | 1/1/2028 | 5,380 | 7,200 | 7,200 | 0.2% | (12) | ||||||||||||||||||||||||||
Common Stock (42,206 shares) | 9/19/2013 | N/A | 27,349 | 22,885 | 0.6% | (14) | |||||||||||||||||||||||||||||
| 90,047 | 85,583 | 2.3% | |||||||||||||||||||||||||||||||||
| June 30, 2024 | |||||||||||||||||||||||||||||||||||
| Portfolio Company | Industry | Investments(1)(35) | Acquisition Date(39) | Coupon/Yield | Floor | Legal Maturity | Principal Value | Amortized Cost | Fair Value(2) | % of Net Assets | |||||||||||||||||||||||||
| Control Investments (greater than 25.00% voting control)(37) | |||||||||||||||||||||||||||||||||||
| National Property REIT Corp. (24) | Equity Real Estate Investment Trusts (REITs) / Online Lending / Structured Finance | First Lien Term Loan A | 12/31/2018 | 4.25% (3M SOFR+ 0.25%) plus 2.00% PIK | 4.00 | 3/31/2026 | $ | 643,801 | $ | 643,801 | $ | 643,801 | 17.4% | (8)(36) | |||||||||||||||||||||
| First Lien Term Loan B | 12/31/2018 | 7.60% (3M SOFR+ 2.00%) | 3.00 | 3/31/2026 | 20,630 | 20,630 | 20,630 | 0.6% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan C | 10/31/2019 | 15.60%(3M SOFR+ 10.00%) plus 2.25% PIK | 1.00 | 3/31/2026 | 190,500 | 190,500 | 190,500 | 5.1% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan D | 6/19/2020 | 4.25% (3M SOFR+ 0.25%) plus 2.00% PIK | 4.00 | 3/31/2026 | 183,425 | 183,425 | 183,425 | 4.9% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan E | 11/14/2022 | 7.00% (3M SOFR + 1.50%) plus 7.00% PIK | 5.50 | 3/31/2026 | 49,925 | 49,925 | 49,925 | 1.3% | (8)(36) | ||||||||||||||||||||||||||
| Residual Profit Interest | 12/31/2018 | N/A | — | 46,193 | 1.2% | (33) | |||||||||||||||||||||||||||||
Common Stock (3,374,914 shares) | 12/31/2013 | N/A | 20,030 | 561,988 | 15.1% | (14)(40) | |||||||||||||||||||||||||||||
| 1,108,311 | 1,696,462 | 45.6% | |||||||||||||||||||||||||||||||||
| Nationwide Loan Company LLC (25) | Consumer Finance | First Lien Delayed Draw Term Loan - $7,350 Commitment | 5/15/2024 | 10.00% plus 10.00% PIK | — | 5/15/2029 | 5,378 | 5,378 | 5,378 | 0.2% | (12)(36) | ||||||||||||||||||||||||
| First Lien Term Loan | 6/18/2014 | 10.00% plus 10.00% PIK | — | 5/15/2029 | 27,192 | 27,192 | 27,192 | 0.8% | (12)(36) | ||||||||||||||||||||||||||
Class A Units (38,550,460 units) | 1/31/2013 | N/A | 20,845 | 10,592 | 0.3% | (12)(14) | |||||||||||||||||||||||||||||
| 53,415 | 43,162 | 1.3% | |||||||||||||||||||||||||||||||||
| NMMB, Inc. (26) | Media | First Lien Term Loan | 12/30/2019 | 14.09% (3M SOFR+ 8.50%) | 2.00 | 3/31/2027 | 29,723 | 29,723 | 29,723 | 0.8% | (3)(8) | ||||||||||||||||||||||||
Common Stock (21,418 shares) | 12/30/2019 | N/A | — | 64,542 | 1.7% | ||||||||||||||||||||||||||||||
| 29,723 | 94,265 | 2.5% | |||||||||||||||||||||||||||||||||
| Pacific World Corporation (34) | Personal Products | First Lien Revolving Line of Credit - $26,000 Commitment | 9/26/2014 | 9.59% PIK (1M SOFR+ 3.99%) | 1.00 | 9/26/2025 | 34,174 | 34,174 | 34,174 | 0.9% | (8)(13)(36) | ||||||||||||||||||||||||
| First Lien Term Loan A | 12/31/2014 | 9.59% PIK (1M SOFR+ 3.99%) | 1.00 | 9/26/2025 | 64,427 | 64,427 | 64,427 | 1.7% | (8)(36) | ||||||||||||||||||||||||||
Convertible Preferred Equity (608,048 shares) | 6/15/2018 | 12.00% PIK | N/A | 221,795 | 6,062 | 0.2% | (14) | ||||||||||||||||||||||||||||
Common Stock (6,778,414 shares) | 9/29/2017 | N/A | — | — | —% | (14) | |||||||||||||||||||||||||||||
| 320,396 | 104,663 | 2.8% | |||||||||||||||||||||||||||||||||
| R-V Industries, Inc. | Machinery | First Lien Term Loan | 12/15/2020 | 14.59% (3M SOFR+ 9.00%) | 1.00 | 12/15/2028 | 37,322 | 37,322 | 37,322 | 1.0% | (3)(8) | ||||||||||||||||||||||||
Common Stock (745,107 shares) | 6/26/2007 | N/A | 6,866 | 65,080 | 1.8% | (14) | |||||||||||||||||||||||||||||
| 44,188 | 102,402 | 2.8% | |||||||||||||||||||||||||||||||||
| Universal Turbine Parts, LLC (32) | Trading Companies & Distributors | First Lien Delayed Draw Term Loan - $6,965 Commitment | 2/28/2019 | 13.34% (3M SOFR+ 7.75%) | 1.00 | 10/5/2026 | 5,560 | 5,560 | 5,560 | 0.1% | (8)(13) | ||||||||||||||||||||||||
| First Lien Term Loan A | 7/22/2016 | 11.34% (3M SOFR+ 5.75%) | 1.00 | 10/5/2026 | 29,575 | 29,575 | 29,575 | 0.8% | (3)(8) | ||||||||||||||||||||||||||
Preferred Units (71,039,647 units) | 3/31/2021 | 12.75% PIK | N/A | 32,500 | 32,932 | 0.9% | (14) | ||||||||||||||||||||||||||||
Common Stock (10,000 units) | 12/10/2018 | N/A | — | — | —% | (14) | |||||||||||||||||||||||||||||
| 67,635 | 68,067 | 1.8% | |||||||||||||||||||||||||||||||||
| USES Corp. (28) | Commercial Services & Supplies | First Lien Term Loan | 12/30/2020 | 14.59% (1M SOFR + 9.00%) | 1.00 | 7/29/2024 | 2,000 | 2,000 | 2,000 | 0.1% | (8) | ||||||||||||||||||||||||
| First Lien Equipment Term Loan | 8/3/2022 | 14.59% (1M SOFR + 9.00%) | 1.00 | 7/29/2024 | 12,219 | 12,219 | 12,219 | 0.3% | (8)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan A | 3/31/2014 | 9.00% PIK | — | 7/29/2024 | 71,875 | 30,651 | 3,770 | 0.1% | (7) | ||||||||||||||||||||||||||
| First Lien Term Loan B | 3/31/2014 | 15.50% PIK | — | 7/29/2024 | 122,247 | 35,568 | — | —% | (7) | ||||||||||||||||||||||||||
Common Stock (268,962 shares) | 6/15/2016 | N/A | — | — | —% | (14) | |||||||||||||||||||||||||||||
| 80,438 | 17,989 | 0.5% | |||||||||||||||||||||||||||||||||
| Valley Electric Company, Inc. (29) | Construction & Engineering | First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc. | 12/31/2012 | 10.56% (3M SOFR+ 5.00%) plus 2.50% PIK | 3.00 | 12/31/2024 | 10,452 | 10,452 | 10,452 | 0.3% | (3)(8)(36) | ||||||||||||||||||||||||
| First Lien Term Loan | 6/24/2014 | 8.00% plus 10.00% PIK | — | 4/30/2028 | 38,629 | 38,629 | 38,629 | 1.0% | (3)(36) | ||||||||||||||||||||||||||
| First Lien Term Loan B | 3/28/2022 | 7.00% plus 5.50% PIK | — | 4/30/2028 | 34,777 | 34,777 | 34,777 | 0.9% | (3)(36) | ||||||||||||||||||||||||||
Consolidated Revenue Interest (2.00%) | 6/22/2018 | N/A | — | 1,863 | 0.1% | (10) | |||||||||||||||||||||||||||||
Common Stock (50,000 shares) | 12/31/2012 | N/A | 12,053 | 230,698 | 6.2% | (14) | |||||||||||||||||||||||||||||
| 95,911 | 316,419 | 8.5% | |||||||||||||||||||||||||||||||||
| Total Control Investments | $ | 3,280,415 | $ | 3,872,575 | 104.3% | ||||||||||||||||||||||||||||||
| Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | 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 | ||||||||
| 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 | 0.4 | % | |||||||||
| 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 | % | |||||||||||
| Security Name | PIK Rate - Capitalized | PIK Rate - Paid as cash | Maximum Current PIK Rate | |||||||||||
| Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan | 4.09% | —% | 4.09% | |||||||||||
| Aventiv Technologies, LLC - Second Lien Term Loan | 8.05% | 5.05% | —% | (A) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 14.56% | —% | —% | (B) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 14.56% | —% | —% | (B) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 14.56% | —% | —% | (B) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 13.59% | —% | 13.59% | (C) | ||||||||||
| Credit Central Loan Company, LLC - First Lien Term Loan | 0.62% | 14.38% | 5.00% | (D) | ||||||||||
| Credit.com Holdings, LLC - First Lien Term Loan A | 16.60% | —% | —% | (E) | ||||||||||
| Credit.com Holdings, LLC - First Lien Term Loan B | 17.60% | —% | —% | (E) | ||||||||||
| Eze Castle Integration, Inc. - First Lien Term Loan | 0.75% | —% | —% | |||||||||||
| Eze Castle Integration, Inc. - Delayed Draw Term Loan | 0.75% | —% | —% | |||||||||||
| First Tower Finance Company LLC - First Lien Term Loan | 9.80% | 5.20% | 5.00% | (F) | ||||||||||
| InterDent, Inc. - First Lien Term Loan B | 12.00% | —% | 12.00% | |||||||||||
| MITY, Inc. - First Lien Term Loan B | —% | 10.00% | 10.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan A | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan C | —% | 2.25% | 2.25% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan D | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan E | 7.00% | —% | 7.00% | |||||||||||
| Nationwide Loan Company LLC - First Lien Term Loan | 20.00% | —% | 10.00% | (G) | ||||||||||
| Nationwide Loan Company LLC - Delayed Draw Term Loan | 20.00% | —% | 10.00% | (G) | ||||||||||
| Pacific World Corporation - First Lien Revolving Line of Credit | 9.59% | —% | 9.59% | |||||||||||
| Pacific World Corporation - First Lien Term Loan A | 8.01% | 1.58% | 9.59% | |||||||||||
| Rising Tide Holdings, Inc. - Exit Facility Term Loan | 7.00% | 6.58% | 7.00% | (H) | ||||||||||
| Rosa Mexicano - First Lien Revolving Line of Credit | 9.72% | 6.28% | —% | |||||||||||
| Rosa Mexicano - First Lien Term Loan | 13.11% | —% | —% | |||||||||||
| Shutterfly, LLC - Second Lien Term Loan | 4.00% | —% | 4.00% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 12.00% | —% | 12.00% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 12.00% | —% | 12.00% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | 9.00% | —% | 9.00% | |||||||||||
| TPS, LLC - First Lien Term Loan | 1.50% | —% | 1.50% | |||||||||||
| USES Corp. - First Lien Equipment Term Loan | 14.59% | —% | —% | (I) | ||||||||||
| Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan | —% | 2.50% | 2.50% | |||||||||||
| Valley Electric Company, Inc. - First Lien Term Loan | 10.00% | —% | 10.00% | (J) | ||||||||||
| Valley Electric Company, Inc. - First Lien Term Loan B | 8.00% | —% | 5.50% | (J) | ||||||||||
| 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 | |||||||||||
| Portfolio Company | Fair Value at June 30, 2023 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at June 30, 2024 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
| Nixon, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| RGIS Services, LLC | 10,397 | 1,432 | 1,307 | 4,933 | 18,069 | — | 2,291 | — | — | ||||||||||||||||||||
| 10,397 | 1,432 | 1,307 | 4,933 | 18,069 | — | 2,291 | — | — | |||||||||||||||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 8th Avenue Food & Provisions, Inc. | Second Lien Term Loan | 11/17/2020, 9/17/2021 | $ | 7,051 | |||||||
| Apidos CLO XI | Subordinated Structured Note | 11/2/2016, 4/8/2021 | 7,559 | ||||||||
| Apidos CLO XII | Subordinated Structured Note | 1/26/2018 | 4,070 | ||||||||
| Apidos CLO XV | Subordinated Structured Note | 3/29/2018 | 6,480 | ||||||||
| Apidos CLO XXII | Subordinated Structured Note | 2/24/2020 | 1,912 | ||||||||
| Atlantis Health Care Group (Puerto Rico), Inc. | First Lien Revolving Line of Credit | 4/15/2013, 5/21/2013, 3/11/2014, 6/26/2017, 9/29/2017, 10/12/2017, 10/31/2017, 5/10/2023 | 9,500 | ||||||||
| Atlantis Health Care Group (Puerto Rico), Inc. | First Lien Term Loan | 12/9/2016 | 42,000 | ||||||||
| Aventiv Technologies, LLC | Second Lien Term Loan - Exchanged | 11/13/2017, 11/24/2017, 8/6/2018, 8/24/2018, 3/18/2019, 3/4/2024 | 24,432 | ||||||||
| Aventiv Technologies, LLC | First Lien Term Loan - Exchanged | 2/9/2024, 3/4/2024 | 10,679 | ||||||||
| Aventiv Technologies, LLC | Second Out Super Priority First Lien Term Loan | 6/28/2024 | 834 | ||||||||
| Barings CLO 2018-III | Subordinated Structured Note | 5/18/2018 | 9,255 | ||||||||
| BCPE North Star US Holdco 2, Inc. | Second Lien Delayed Draw Term Loan | 10/28/2022 | 5,133 | ||||||||
| BCPE North Star US Holdco 2, Inc. | Second Lien Term Loan | 12/30/2021 | 65,000 | ||||||||
| BCPE Osprey Buyer, Inc. | First Lien Revolving Line of Credit | 2/22/2023, 5/23/2023, 9/14/2023, 11/22/2023, 3/28/2024 | 5,087 | ||||||||
| BCPE Osprey Buyer, Inc. | First Lien Delayed Draw Term Loan | 9/26/2023 | 4,639 | ||||||||
| Belnick, LLC (d/b/a The Ubique Group) | First Lien Term Loan | 6/27/2022, 12/1/2023 | 18,000 | ||||||||
| Broder Bros., Co. | First Lien Term Loan | 1/29/2019, 2/28/2019, 9/10/2021, 9/30/2021 | 25,370 | ||||||||
| California Street CLO IX Ltd. | Subordinated Structured Note | 9/6/2016, 10/17/2016 | 6,842 | ||||||||
| Cent CLO 21 Limited | Subordinated Structured Note | 7/12/2018 | 1,024 | ||||||||
| CIFC Funding 2014-IV-R, Ltd. | Subordinated Structured Note | 10/12/2018, 12/20/2021 | 2,860 | ||||||||
| Collections Acquisition Company, Inc. | First Lien Term Loan | 1/13/2022, 3/14/2024 | 15,800 | ||||||||
| Columbia Cent CLO 27 Limited | Subordinated Structured Note | 12/2/2021 | 7,815 | ||||||||
| CP Energy Services Inc. | First Lien Term Loan | 8/31/2023 | 2,900 | ||||||||
| CP Energy Services Inc. | First Lien Term Loan A to Spartan Energy Services, LLC | 4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024 | 19,250 | ||||||||
| CP Energy Services Inc. | Common Stock | 10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019 | 69,586 | ||||||||
| Credit Central Loan Company, LLC | Class A Units | 12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019 | 11,975 | ||||||||
| Credit Central Loan Company, LLC | First Lien Term Loan | 6/26/2014, 9/28/2016, 12/16/2022, 1/27/2023 | 45,995 | ||||||||
| Credit Central Loan Company, LLC | Class P Units | 1/27/2023 | 1,540 | ||||||||
| DRI Holding, Inc. | First Lien Term Loan | 4/26/2022, 7/21/2022 | 12,999 | ||||||||
| DRI Holding, Inc. | Second Lien Term Loan | 5/18/2022 | 10,000 | ||||||||
| Dukes Root Control Inc. | First Lien Revolving Line of Credit | 4/24/2023, 11/27/2023, 2/2/2024, 2/26/2024 | 3,161 | ||||||||
| Dukes Root Control Inc. | First Lien Delayed Draw Term Loan | 5/26/2023, 10/26/2023 | 3,254 | ||||||||
| Echelon Transportation, LLC | Membership Interest | 3/31/2014, 9/30/2014, 12/9/2016 | 22,488 | ||||||||
| Echelon Transportation, LLC | First Lien Term Loan | 11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021, 3/18/2021 | 5,465 | ||||||||
| Emerge Intermediate, Inc. | First Lien Term Loan | 6/14/2024 | 1,467 | ||||||||
| Eze Castle Integration, Inc. | First Lien Delayed Draw Term Loan | 10/7/2022, 9/5/2023 | 1,786 | ||||||||
| Faraday Buyer, LLC | First Lien Delayed Draw Term Loan | 5/18/2023 | 4,468 | ||||||||
| First Brands Group | First Lien Term Loan | 4/27/2022 | 5,955 | ||||||||
| First Brands Group | Second Lien Term Loan | 5/12/2022 | 4,938 | ||||||||
| First Tower Finance Company LLC | Class A Units | 12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018 | 39,885 | ||||||||
| First Tower Finance Company LLC | First Lien Term Loan to First Tower, LLC | 12/15/2015, 3/9/2018, 3/24/2022 | 43,047 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| Freedom Marine Solutions, LLC | Membership Interest | 10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010, 2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015, 1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017, 6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018, 10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023 | $ | 42,118 | |||||||
| Galaxy XV CLO, Ltd. | Subordinated Structured Note | 8/21/2015, 3/10/2017 | 9,161 | ||||||||
| Galaxy XXVII CLO, Ltd. | Subordinated Structured Note | 6/11/2015 | 1,460 | ||||||||
| Global Tel*Link Corporation (d/b/a ViaPath Technologies.) | Second Lien Term Loan | 4/10/2019, 8/22/2019, 9/20/2019, 9/14/2021, 9/17/2021, 12/17/2021, 2/7/2022 | 96,743 | ||||||||
| Help/Systems Holdings, Inc. (d/b/a Forta, LLC) | Second Lien Term Loan | 5/11/2021, 10/14/2021 | 54,649 | ||||||||
| Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC) | First Lien Delayed Draw Term Loan | 10/26/2022, 6/1/2023 | 2,310 | ||||||||
| InterDent, Inc. | First Lien Term Loan A | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021, 3/28/2022 | 93,903 | ||||||||
| InterDent, Inc. | First Lien Term Loan B | 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014 | 76,125 | ||||||||
| Interventional Management Services, LLC | First Lien Revolving Line of Credit | 2/25/2021, 11/17/2021 | 5,000 | ||||||||
| Jefferson Mill CLO Ltd. | Subordinated Structured Note | 9/21/2018 | 2,047 | ||||||||
| Kickapoo Ranch Pet Resort | Membership Interest | 10/21/2019, 12/4/2019 | 28 | ||||||||
| LCM XIV Ltd. | Subordinated Structured Note | 9/25/2015, 5/18/2018 | 9,422 | ||||||||
| LGC US FINCO, LLC | First Lien Term Loan | 3/2/2022 | 2,095 | ||||||||
| Lucky US BuyerCo LLC | First Lien Revolving Line of Credit | 3/21/2024, 6/24/2024 | 1,665 | ||||||||
| Medical Solutions Holdings, Inc. | Second Lien Term Loan | 5/4/2022, 9/22/2022 | 1,423 | ||||||||
| MITY, Inc. | Common Stock | 6/23/2014 | 7,200 | ||||||||
| MITY, Inc. | First Lien Term Loan A | 1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024 | 15,800 | ||||||||
| MITY, Inc. | First Lien Term Loan B | 1/17/2017, 6/3/2019 | 11,000 | ||||||||
| Nationwide Loan Company LLC | Class A Units | 3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016, 8/31/2016, 5/31/2017, 10/31/2017 | 20,469 | ||||||||
| Nationwide Loan Company LLC | First Lien Term Loan | 12/28/2015, 8/31/2016 | 1,999 | ||||||||
| Nationwide Loan Company LLC | First Lien Delayed Draw Term Loan | 6/26/2024 | 2,250 | ||||||||
| National Property REIT Corp. | First Lien Term Loan A | 4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020, 9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020, 11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021, 5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021, 11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022, 3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022, 7/5/2022, 8/31/2022, 10/6/2022, 1/10/2023, 2/28/2023, 4/4/2023, 4/6/2023, 4/28/2023, 6/9/2023, 6/14/2023, 7/5/2023, 7/14/2023, 8/31/2023, 9/29/2023, 10/4/2023, 10/20/2023, 11/30/2023, 1/3/2024, 1/18/2024, 2/29/2024, 3/8/2024, 4/2/2024, 5/31/2024 | 836,473 | ||||||||
| National Property REIT Corp. | First Lien Term Loan B | 12/8/2021, 12/17/2021, 1/13/2022, 2/8/2022, 2/14/2022, 2/17/2022, 2/24/2022 | 28,880 | ||||||||
| National Property REIT Corp. | First Lien Term Loan C | 10/23/2019, 1/23/2020, 3/31/2020, 4/8/2020, 8/4/2020, 12/7/2021, 1/7/2022, 2/2/2022, 5/12/2022, 5/19/2022, 6/6/2022, 8/1/2022, 9/15/2022, 9/19/2022, 10/21/2022, 6/6/2023, 11/2/2023 | 263,000 | ||||||||
| National Property REIT Corp. | First Lien Term Loan E | 6/26/2024 | 35,300 | ||||||||
| NH Kronos Buyer, Inc. | First Lien Term Loan | 4/10/2024 | 9,900 | ||||||||
| NMMB, Inc. | First Lien Term Loan | 12/30/2019, 3/28/2022 | 40,100 | ||||||||
| Octagon Investment Partners XV, Ltd. | Subordinated Structured Note | 4/27/2015, 8/3/2015, 6/27/2017 | 10,516 | ||||||||
| Octagon Investment Partners 18-R Ltd. | Subordinated Structured Note | 3/23/2018 | 8,908 | ||||||||
| Pacific World Corporation | First Lien Revolving Line of Credit | 10/21/2014, 12/19/2014, 4/7/2015, 4/22/2015, 8/12/2016, 10/18/2016, 2/7/2017, 2/21/2017, 4/26/2017, 10/11/2017, 10/17/2017, 1/16/2018, 12/27/2018, 3/15/2019, 7/2/2019, 8/15/2019, 9/1/2021, 10/19/2021, 9/6/2022 | 41,325 | ||||||||
| Pacific World Corporation | Convertible Preferred Equity | 4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019, 12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021, 1/26/2024 | 55,100 | ||||||||
| Pacific World Corporation | First Lien Term Loan A | 12/22/2022 | 10,500 | ||||||||
| PeopleConnect Holdings, Inc. | First Lien Term Loan | 10/21/2021 | 82,005 | ||||||||
| Precisely Software Incorporated | Second Lien Term Loan | 5/28/2021, 6/24/2021, 6/3/2022 | 59,333 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| Reception Purchaser, LLC | First Lien Term Loan | 7/29/2022, 9/22/2022 | $ | 9,655 | |||||||
| RGIS Services, LLC | Membership Interest | 5/28/2024 | 1,432 | ||||||||
| Redstone Holdco 2 LP | Second Lien Term Loan | 9/10/2021 | 17,903 | ||||||||
| Research Now Group, LLC and Dynata, LLC | First Lien Term Loan | 2/21/2024 | 1,425 | ||||||||
| Romark WM-R Ltd. | Subordinated Structured Note | 3/29/2018 | 5,125 | ||||||||
| Rosa Mexicano | First Lien Revolving Line of Credit | 3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024 | 5,400 | ||||||||
| R-V Industries, Inc. | First Lien Term Loan | 3/4/2022, 9/25/2023 | 8,700 | ||||||||
| R-V Industries, Inc. | Common Stock | 12/27/2016 | 1,854 | ||||||||
| Shiftkey, LLC | First Lien Term Loan | 8/26/2022, 9/14/2022, 9/23/2022 | 39,450 | ||||||||
| Symphony CLO XV, Ltd. | Subordinated Structured Note | 12/7/2018 | 2,655 | ||||||||
| The RK Logistics Group, Inc. | Class B Common Units | 12/19/2023 | 1,250 | ||||||||
| The RK Logistics Group, Inc. | First Lien Term Loan | 6/28/2024 | 13,000 | ||||||||
| Town & Country Holdings, Inc. | First Lien Term Loan | 7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024 | 115,000 | ||||||||
| United Sporting Companies, Inc. | Second Lien Term Loan | 3/7/2013, 3/14/2024 | 59,325 | ||||||||
| Universal Turbine Parts, LLC | First Lien Delayed Draw Term Loan | 10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023 | 5,716 | ||||||||
| USES Corp. | First Lien Term Loan A | 6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017, 8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019 | 14,100 | ||||||||
| USES Corp. | First Lien Equipment Term Loan | 6/23/2023 | 3,900 | ||||||||
| USG Intermediate, LLC | First Lien Revolving Line of Credit | 7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/18/2021, 5/19/2022, 5/22/2023, 10/12/2023 | 21,700 | ||||||||
| USG Intermediate, LLC | First Lien Term Loan B | 8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023, 12/20/2023 | 104,475 | ||||||||
| USG Intermediate, LLC | Equity | 5/12/2023 | 100 | ||||||||
| Valley Electric Company, Inc. | Common Stock | 12/31/2012, 6/24/2014 | 18,502 | ||||||||
| Valley Electric Company, Inc. | First Lien Term Loan | 6/30/2014, 8/31/2018, 3/28/2022 | 18,129 | ||||||||
| Valley Electric Company, Inc. | First Lien Term Loan B | 5/1/2023 | 19,000 | ||||||||
| Voya CLO 2014-1, Ltd. | Subordinated Structured Note | 3/29/2018 | 3,943 | ||||||||
| Wellful Inc. | First Lien Term Loan | 7/28/2022 | 3,860 | ||||||||
| Wellpath Holdings, Inc. | First Lien Term Loan | 10/8/2019, 10/8/2021 | 9,592 | ||||||||
| Wellpath Holdings, Inc. | Second Lien Term Loan | 8/20/2019 | 1,993 | ||||||||
| Fiscal Year | Follow-On Investments (NPRC Common Stock, excluding cost of initial investment) | ||||
| 2014 | $ | 4,555 | |||
| 2015 | 68,693 | ||||
| 2016 | 93,857 | ||||
| 2017 | 116,830 | ||||
| 2018 | 137,024 | ||||
| 2019 | 11,582 | ||||
| 2020 | 19,800 | ||||
| 2022 | 15,620 | ||||
| 2023 | 3,600 | ||||
| 2024 | 4,600 | ||||
| March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | 76,590 | $ | 76,650 | $ | 87,589 | $ | 86,544 | |||||||||||||||
| First Lien Debt (1) | 4,629,309 | 4,443,487 | 4,686,107 | 4,569,467 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | 5,147 | 4,987 | |||||||||||||||||||
| Second Lien Debt | 949,219 | 722,697 | 1,219,482 | 1,038,882 | |||||||||||||||||||
| Unsecured Debt | 7,200 | 5,151 | 7,200 | 7,200 | |||||||||||||||||||
| Subordinated Structured Notes | 408,559 | 300,144 | 623,700 | 531,690 | |||||||||||||||||||
| Equity | 884,134 | 1,353,235 | 817,949 | 1,479,473 | |||||||||||||||||||
| Total Investments | $ | 6,955,011 | $ | 6,901,364 | $ | 7,447,174 | $ | 7,718,243 | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | — | $ | — | $ | 76,650 | $ | 76,650 | |||||||||||||||
| First Lien Debt(1) | — | 165,946 | 4,277,541 | 4,443,487 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | — | — | |||||||||||||||||||
| Second Lien Debt | — | 38,516 | 684,181 | 722,697 | |||||||||||||||||||
| Unsecured Debt | — | — | 5,151 | 5,151 | |||||||||||||||||||
| Subordinated Structured Notes | — | — | 300,144 | 300,144 | |||||||||||||||||||
| Equity | — | — | 1,353,235 | 1,353,235 | |||||||||||||||||||
| Total Investments | $ | — | $ | 204,462 | $ | 6,696,902 | $ | 6,901,364 | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | — | $ | — | $ | 86,544 | $ | 86,544 | |||||||||||||||
| First Lien Debt (1) | — | 49,651 | 4,519,816 | 4,569,467 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | 4,987 | 4,987 | |||||||||||||||||||
| Second Lien Debt | — | — | 1,038,882 | 1,038,882 | |||||||||||||||||||
| Unsecured Debt | — | — | 7,200 | 7,200 | |||||||||||||||||||
| Subordinated Structured Notes | — | — | 531,690 | 531,690 | |||||||||||||||||||
| Equity | — | — | 1,479,473 | 1,479,473 | |||||||||||||||||||
| Total Investments | $ | — | $ | 49,651 | $ | 7,668,592 | $ | 7,718,243 | |||||||||||||||
| First Lien Revolving Line of Credit | First Lien Debt(2) | Second Lien Revolving Line of Credit | Second Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2024 | $ | 104,279 | $ | 4,484,328 | $ | — | $ | 729,716 | $ | 5,118 | $ | 416,368 | $ | 1,354,205 | $ | 7,094,014 | |||||||||||||||||||||||||||||||
| Net realized gains (losses) on investments | — | 17 | — | (4) | 3 | (63,195) | — | (63,179) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains (losses) | 314 | (70,389) | — | (3,061) | 33 | (39,102) | (47,605) | (159,810) | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) | 314 | (70,372) | — | (3,065) | 36 | (102,297) | (47,605) | (222,989) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 19,645 | 111,792 | — | 536 | — | — | 45,028 | 177,001 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 106 | 18,214 | — | — | — | — | — | 18,320 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 9 | 178 | — | 187 | — | — | — | 374 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (13,819) | — | (13,819) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (6,949) | (161,152) | — | — | (3) | (108) | — | (168,212) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1)(3) | (40,754) | 39,147 | — | — | — | — | 1,607 | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | (144,594) | — | (43,193) | — | — | — | (187,787) | |||||||||||||||||||||||||||||||||||||||
| Fair value as of March 31, 2025 | $ | 76,650 | $ | 4,277,541 | $ | — | $ | 684,181 | $ | 5,151 | $ | 300,144 | $ | 1,353,235 | $ | 6,696,902 | |||||||||||||||||||||||||||||||
| First Lien Revolving Line of Credit | First Lien Debt(2) | Second Lien Revolving Line of Credit | Second Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value as of June 30, 2024 | $ | 86,544 | $ | 4,519,816 | $ | 4,987 | $ | 1,038,882 | $ | 7,200 | $ | 531,690 | $ | 1,479,473 | $ | 7,668,592 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (9,258) | — | (48,092) | 7 | (159,858) | 6,367 | (210,834) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains (losses) | 1,105 | (66,862) | 160 | (46,055) | (2,049) | (16,408) | (192,425) | (322,534) | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) | 1,105 | (76,120) | 160 | (94,147) | (2,042) | (176,266) | (186,058) | (533,368) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 43,664 | 442,775 | (5,147) | 1,263 | — | — | 60,277 | 542,832 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 2,167 | 73,730 | — | 2,187 | — | — | — | 78,084 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 47 | 3,963 | — | 1,066 | — | — | — | 5,076 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (53,845) | — | (53,845) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (10,976) | (588,420) | — | (225,076) | (7) | (1,435) | (6,224) | (832,138) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1)(3) | (45,901) | 36,935 | — | 3,199 | — | — | 5,767 | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | (144,594) | — | (43,193) | — | — | — | (187,787) | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3(1) | — | 9,456 | — | — | — | — | — | 9,456 | |||||||||||||||||||||||||||||||||||||||
| Fair value as of March 31, 2025 | $ | 76,650 | $ | 4,277,541 | $ | — | $ | 684,181 | $ | 5,151 | $ | 300,144 | $ | 1,353,235 | $ | 6,696,902 | |||||||||||||||||||||||||||||||
| First Lien Revolving Line of Credit | First Lien Debt(2) | Second Lien Revolving Line of Credit | Second Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2023 | $ | 76,323 | $ | 4,351,278 | $ | 4,829 | $ | 1,177,221 | $ | 7,200 | $ | 601,491 | $ | 1,364,779 | $ | 7,583,121 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (71,289) | — | — | — | 259 | 1,186 | (69,844) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized (losses) gains | (250) | 35,951 | 54 | (16,724) | — | (6,537) | 110,416 | 122,910 | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized (losses) gains | (250) | (35,338) | 54 | (16,724) | — | (6,278) | 111,602 | 53,066 | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 4,370 | 147,598 | — | 2,357 | — | — | 32,500 | 186,825 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 980 | 29,871 | — | 1,839 | — | — | — | 32,690 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 11 | 704 | 2 | 560 | — | — | — | 1,277 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (22,468) | — | (22,468) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (2,044) | (11,320) | — | (31,601) | — | (259) | (28,179) | (73,403) | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | (43,484) | — | (23,000) | — | — | — | (66,484) | |||||||||||||||||||||||||||||||||||||||
| Fair value as of March 31, 2024 | $ | 79,390 | $ | 4,439,309 | $ | 4,885 | $ | 1,110,652 | $ | 7,200 | $ | 572,486 | $ | 1,480,702 | $ | 7,694,624 | |||||||||||||||||||||||||||||||
| First Lien Revolving Line of Credit | First Lien Debt(2) | Second Lien Revolving Line of Credit | Second Lien Debt | Unsecured Debt | Subordinated Structured Notes | Equity | Total | ||||||||||||||||||||||||||||||||||||||||
| Fair value as of June 30, 2023 | $ | 58,058 | $ | 4,295,314 | $ | 4,646 | $ | 1,257,862 | $ | 7,200 | $ | 665,002 | $ | 1,429,368 | $ | 7,717,450 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (72,794) | — | (179,985) | (1) | (25,592) | 1,039 | (277,333) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized (losses) gains | (492) | 16,391 | 233 | 168,221 | — | (3,985) | 14,769 | 195,137 | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized (losses) gains | (492) | (56,403) | 233 | (11,764) | (1) | (29,577) | 15,808 | (82,196) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 28,181 | 344,652 | — | (7,813) | — | — | 62,248 | 427,268 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 3,031 | 88,788 | — | 3,229 | — | — | — | 95,048 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 95 | 2,197 | 6 | 1,630 | — | — | — | 3,928 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (62,680) | — | (62,680) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (9,483) | (151,942) | — | (109,492) | 1 | (259) | (26,722) | (297,897) | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | (83,297) | — | (23,000) | — | — | — | (106,297) | |||||||||||||||||||||||||||||||||||||||
| Fair value as of March 31, 2024 | $ | 79,390 | $ | 4,439,309 | $ | 4,885 | $ | 1,110,652 | $ | 7,200 | $ | 572,486 | $ | 1,480,702 | $ | 7,694,624 | |||||||||||||||||||||||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||||||||
| Cost | Fair Value | % of Portfolio | Cost | Fair Value | % of Portfolio | ||||||||||||||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | $ | 916,079 | $ | 1,375,607 | 19.9 | % | $ | 897,181 | $ | 1,485,332 | 19.1 | % | |||||||||||||||||||||||
| Consumer Finance | 644,553 | 828,529 | 12.0 | % | 623,033 | 728,320 | 9.4 | % | |||||||||||||||||||||||||||
| Healthcare Providers & Services | 725,688 | 688,076 | 10.0 | % | 739,721 | 821,921 | 10.6 | % | |||||||||||||||||||||||||||
| All Other Industries | 4,668,691 | 4,009,152 | 58.1 | % | 5,187,239 | 4,682,670 | 60.9 | % | |||||||||||||||||||||||||||
| Total | $ | 6,955,011 | $ | 6,901,364 | 100.0 | % | $ | 7,447,174 | $ | 7,718,243 | 100.0 | % | |||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| First Lien Debt | $ | 1,491,091 | Discounted cash flow (Yield analysis) | Market yield | 8.2% | to | 30.9% | 11.6% | ||||||||||||||||||||||||||||||
| First Lien Debt | 896,049 | Discounted cash flow | Discount Rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 5.9% | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 657,947 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.8x | to | 12.8x | 11.0x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 13.0% | to | 29.3% | 15.2% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 434,585 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.0x | to | 3.5x | 3.5x | |||||||||||||||||||||||||||||||
| Earnings multiple | 9.5x | to | 12.5x | 12.5x | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 315,118 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.5x | to | 10.3x | 8.7x | |||||||||||||||||||||||||||||||
| First Lien Debt | 223,090 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.7x | |||||||||||||||||||||||||||||||
| First Lien Debt | 117,419 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.1x | to | 2.2x | 1.9x | |||||||||||||||||||||||||||||||
| First Lien Debt | 79,507 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 1.4x | 0.7x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.8% | to | 28.3% | 16.4% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 55,789 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 6.3% | to | 30.0% | 6.5% | |||||||||||||||||||||||||||||||
| First Lien Debt (1) | 53,000 | Enterprise value waterfall | Discount rate (2) | 11.0% | to | 58.7% | 17.2% | |||||||||||||||||||||||||||||||
| First Lien Debt | 21,183 | Discounted cash flow (Yield analysis) | Market yield | 27.1% | to | 27.1% | 27.1% | |||||||||||||||||||||||||||||||
| Option Pricing Model | Expected volatility | 45.0% | to | 55.0% | 55.0% | |||||||||||||||||||||||||||||||||
| Enterprise value waterfall (Market approach) | EBITDA multiple | 8.0x | to | 9.0x | 9.0x | |||||||||||||||||||||||||||||||||
| First Lien Debt | 9,413 | Discounted cash flow (Yield analysis) | Market yield | 17.5% | to | 17.5% | 17.5% | |||||||||||||||||||||||||||||||
| Option Pricing Model | Expected volatility | 45.0% | to | 55.0% | 55.0% | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 660,939 | Discounted cash flow (Yield analysis) | Market yield | 11.3% | to | 39.4% | 15.6% | |||||||||||||||||||||||||||||||
| Second Lien Debt | 14,091 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 7,141 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.8x | to | 7.8x | 6.3x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 15.0% | to | 17.0% | 16.0% | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 2,010 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.5x | to | 6.5x | 6.0x | |||||||||||||||||||||||||||||||
| Unsecured Debt | 5,151 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 7.0x | 7.0x | |||||||||||||||||||||||||||||||
| Subordinated Structured Notes | 300,144 | Discounted cash flow | Discount rate (2) | 16.1% | to | 155.7% | 18.9% | |||||||||||||||||||||||||||||||
| Preferred Equity | 57,971 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.3x | to | 9.5x | 8.7x | |||||||||||||||||||||||||||||||
| Preferred Equity | 10,918 | Option Pricing Model | Expected volatility | 60.0% | to | 70.0% | 70.0% | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 6.8x | 6.8x | |||||||||||||||||||||||||||||||||
| Preferred Equity | 7,944 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 6.3% | to | 8.3% | 6.3% | |||||||||||||||||||||||||||||||
| Preferred Equity | 4,307 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.1x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 403,657 | Discounted cash flow | Discount rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 5.9% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 344,416 | Enterprise value waterfall (Market approach) | EBITDA multiple | 3.8x | to | 10.8x | 9.1x | |||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 275,261 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.0x | to | 3.5x | 3.5x | |||||||||||||||||||||||||||||||
| Earnings multiple | 9.5x | to | 12.5x | 12.5x | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 154,181 | Enterprise value waterfall (Market approach) | EBITDA multiple | 7.0x | to | 12.8x | 10.6x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 13.0% | to | 29.3% | 18.3% | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (1) | 39,205 | Enterprise value waterfall | Discount rate (2) | 11.0% | to | 58.7% | 17.2% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (3) | 36,696 | Discounted cash flow | Discount rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 5.9% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 12,097 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 5,318 | Enterprise value waterfall (Discounted cash flow) | Discount Rate | 20.0% | to | 30.0% | 20.2% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 1,264 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.1x | to | 2.2x | 1.4x | |||||||||||||||||||||||||||||||
| Total Level 3 Investments | $ | 6,696,902 | ||||||||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| First Lien Debt | $ | 1,803,971 | Discounted cash flow (Yield analysis) | Market yield | 8.3% | to | 34.1% | 12.4% | ||||||||||||||||||||||||||||||
| First Lien Debt | 602,921 | Enterprise value waterfall (Market approach) | EBITDA multiple | 3.3x | to | 11.5x | 8.2x | |||||||||||||||||||||||||||||||
| First Lien Debt | 316,428 | Enterprise value waterfall (Market approach) | EBITDA multiple | 10.5x | to | 12.5x | 11.5x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 9.3% | to | 11.3% | 10.3% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 156,075 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.1x | |||||||||||||||||||||||||||||||
| First Lien Debt | 56,239 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 5.8% | to | 30.0% | 7.2% | |||||||||||||||||||||||||||||||
| First Lien Debt | 40,488 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.9x | to | 1.5x | 1.2x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.0% | to | 55.0% | 34.5% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 5,165 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.4x | to | 0.7x | 0.6x | |||||||||||||||||||||||||||||||
| Discounted cash flow (Yield analysis) | Market yield | 13.7% | to | 19.7% | 16.7% | |||||||||||||||||||||||||||||||||
| First Lien Debt (1) | 20,630 | Enterprise value waterfall | Loss-adjusted discount rate | 8.2% | to | 8.2% | 8.2% | |||||||||||||||||||||||||||||||
| Projected loss rates | 3.0% | to | 3.0% | 3.0% | ||||||||||||||||||||||||||||||||||
| First Lien Debt (1) | 190,500 | Enterprise value waterfall | Discount rate (2) | 11.2% | to | 29.1% | 13.2% | |||||||||||||||||||||||||||||||
| First Lien Debt | 111,800 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.0x | to | 2.1x | 1.6x | |||||||||||||||||||||||||||||||
| First Lien Debt | 424,992 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 2.5x | to | 3.0x | 2.7x | |||||||||||||||||||||||||||||||
| Earnings multiple | 9.0x | to | 12.0x | 10.5x | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 877,151 | Discounted cash flow | Discount Rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| Second Lien Debt | 1,031,632 | Discounted cash flow (Yield analysis) | Market yield | 8.3% | to | 64.6% | 15.3% | |||||||||||||||||||||||||||||||
| Second Lien Debt | 1,948 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.5x | to | 5.5x | 5.0x | |||||||||||||||||||||||||||||||
| Second Lien Debt | 10,289 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Unsecured Debt | 7,200 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 7.0x | 6.4x | |||||||||||||||||||||||||||||||
| Subordinated Structured Notes | 531,690 | Discounted cash flow | Discount rate (2) | 5.4% | to | 20.8% | 11.7% | |||||||||||||||||||||||||||||||
| Preferred Equity | 8,287 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.2x | |||||||||||||||||||||||||||||||
| Preferred Equity | 34,198 | Enterprise value waterfall (Market approach) | EBITDA multiple | 3.3x | to | 9.5x | 8.9x | |||||||||||||||||||||||||||||||
| Preferred Equity | 12,184 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 5.8% | to | 7.8% | 6.8% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 455,535 | Enterprise value waterfall (Market approach) | EBITDA multiple | 3.3x | to | 11.5x | 8.4x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 3,923 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.4x | to | 1.5x | 0.6x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 426 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.9x | to | 1.5x | 1.2x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.0% | to | 55.0% | 34.5% | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 147,455 | Enterprise value waterfall (Market approach) | EBITDA multiple | 10.5x | to | 12.5x | 11.5x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 9.3% | to | 11.3% | 10.3% | |||||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (1) | 53,860 | Enterprise value waterfall | Loss-adjusted discount rate | 8.2% | to | 8.2% | 8.2% | |||||||||||||||||||||||||||||||
| Projected loss rates | 3.0% | to | 3.0% | 3.0% | ||||||||||||||||||||||||||||||||||
| Discount rate (2) | 11.2% | to | 29.1% | 13.2% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (3) | 46,193 | Discounted cash flow | Discount rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 10,592 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.0x | to | 2.1x | 1.2x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 180,936 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 2.5x | to | 3.0x | 2.7x | |||||||||||||||||||||||||||||||
| Earnings multiple | 9.0x | to | 12.0x | 10.5x | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 508,128 | Discounted cash flow | Discount rate | 6.3% | to | 9.8% | 7.2% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 5,105 | Enterprise value waterfall (Discounted cash flow) | Discount Rate | 18.5% | to | 30.0% | 22.8% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 12,651 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Total Level 3 Investments | $ | 7,668,592 | ||||||||||||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 1 | Taco Bell, OK | Yukon, OK | 6/4/2014 | $ | 1,719 | $ | — | |||||||||||||||||||||||||
| 2 | Taco Bell, MO | Marshall, MO | 6/4/2014 | 1,405 | — | |||||||||||||||||||||||||||
| 3 | Abbie Lakes OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 12,600 | 21,569 | |||||||||||||||||||||||||||
| 4 | Kengary Way OH Partners, LLC | Reynoldsburg, OH | 9/30/2014 | 11,500 | 22,945 | |||||||||||||||||||||||||||
| 5 | Lakeview Trail OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 26,500 | 43,656 | |||||||||||||||||||||||||||
| 6 | Lakepoint OH Partners, LLC | Pickerington, OH | 9/30/2014 | 11,000 | 25,935 | |||||||||||||||||||||||||||
| 7 | Sunbury OH Partners, LLC | Columbus, OH | 9/30/2014 | 13,000 | 21,372 | |||||||||||||||||||||||||||
| 8 | Heatherbridge OH Partners, LLC | Blacklick, OH | 9/30/2014 | 18,416 | 31,810 | |||||||||||||||||||||||||||
| 9 | Jefferson Chase OH Partners, LLC | Blacklick, OH | 9/30/2014 | 13,551 | 27,625 | |||||||||||||||||||||||||||
| 10 | Goldenstrand OH Partners, LLC | Hilliard, OH | 10/29/2014 | 7,810 | 17,195 | |||||||||||||||||||||||||||
| 11 | Vesper Tuscaloosa, LLC | Tuscaloosa, AL | 9/28/2016 | 54,500 | 40,509 | |||||||||||||||||||||||||||
| 12 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,162 | |||||||||||||||||||||||||||
| 13 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,337 | |||||||||||||||||||||||||||
| 14 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 30,164 | |||||||||||||||||||||||||||
| 15 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,350 | |||||||||||||||||||||||||||
| 16 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 151,013 | |||||||||||||||||||||||||||
| 17 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 87,404 | |||||||||||||||||||||||||||
| 18 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,219 | |||||||||||||||||||||||||||
| 19 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 53,466 | |||||||||||||||||||||||||||
| 20 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,499 | |||||||||||||||||||||||||||
| 21 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 35,347 | |||||||||||||||||||||||||||
| 22 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,876 | |||||||||||||||||||||||||||
| 23 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,393 | |||||||||||||||||||||||||||
| 24 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 25,173 | |||||||||||||||||||||||||||
| 25 | Crown Pointe Passthrough LLC | Danbury, CT | 8/30/2018 | 108,500 | 89,400 | |||||||||||||||||||||||||||
| 26 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 47,442 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 27 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
| 28 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
| 29 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 77,821 | |||||||||||||||||||||||||||
| 30 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,524 | |||||||||||||||||||||||||||
| 31 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,411 | |||||||||||||||||||||||||||
| 32 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
| 33 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 38,843 | |||||||||||||||||||||||||||
| 34 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,865 | |||||||||||||||||||||||||||
| 35 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,844 | |||||||||||||||||||||||||||
| 36 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
| 37 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
| 38 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
| 39 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 19,000 | |||||||||||||||||||||||||||
| 40 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
| 41 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 42,975 | |||||||||||||||||||||||||||
| 42 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 17,955 | |||||||||||||||||||||||||||
| 43 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 33,203 | |||||||||||||||||||||||||||
| 44 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 38,601 | |||||||||||||||||||||||||||
| 45 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 106,850 | |||||||||||||||||||||||||||
| 46 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 70,723 | |||||||||||||||||||||||||||
| 47 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
| 48 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 36,640 | |||||||||||||||||||||||||||
| 49 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,578 | |||||||||||||||||||||||||||
| 50 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,264 | |||||||||||||||||||||||||||
| 51 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
| 52 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | 27,500 | 17,656 | |||||||||||||||||||||||||||
| 53 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
| 54 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
| 55 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
| 56 | Terraces at Perkins Rowe JV LLC | Baton Rouge, LA | 11/14/2022 | 41,400 | 29,566 | |||||||||||||||||||||||||||
| 57 | NPRC Apex Holdings LLC | Cincinnati, OH | 1/19/2024 | 34,225 | 27,712 | |||||||||||||||||||||||||||
| 58 | NPRC Parkton Holdings LLC | Cincinnati, OH | 1/19/2024 | 45,775 | 37,090 | |||||||||||||||||||||||||||
| $ | 2,534,216 | $ | 2,194,716 | |||||||||||||||||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 91,855 | $ | 111,993 | $ | 333,476 | $ | 365,564 | |||||||||||||||
| Operating expenses | (43,387) | (59,385) | (164,319) | (170,384) | |||||||||||||||||||
| Operating income | 48,468 | 52,608 | 169,157 | 195,180 | |||||||||||||||||||
| Interest expense | (52,925) | (65,196) | (179,162) | (203,820) | |||||||||||||||||||
| Depreciation and amortization | (27,993) | (25,569) | (84,334) | (79,372) | |||||||||||||||||||
| Fair value adjustment | (19,371) | 5,447 | (26,777) | (6,635) | |||||||||||||||||||
| Net (loss) | $ | (51,821) | $ | (32,710) | $ | (121,116) | $ | (94,647) | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 78,928 | $ | 74,629 | $ | 237,445 | $ | 229,664 | |||||||||||||||
| Gross profit | $ | 18,038 | $ | 8,614 | $ | 56,481 | $ | 34,468 | |||||||||||||||
| Net (loss) | $ | (3,725) | $ | (11,999) | $ | (8,851) | $ | (29,694) | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 80,799 | $ | 80,628 | $ | 241,094 | $ | 239,186 | |||||||||||||||
| Gross profit | 13,176 | 14,057 | 40,047 | 35,550 | |||||||||||||||||||
| Net (loss) | $ | (10,042) | $ | (7,102) | $ | (31,519) | $ | (16,378) | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Average stated interest rate | 6.37% | 7.38% | 6.86% | 7.36% | |||||||||||||||||||
| Average outstanding balance | $ | 733,302 | $ | 1,036,938 | $ | 774,279 | $ | 1,055,219 | |||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 57,252 | 6.50% – 7.25% | 6.94% | July 15, 2027 – April 15, 2028 | |||||||||||||||||||||
| 5 | 47,155 | 6.75% – 7.50% | 7.16% | July 15, 2029 – April 15, 2030 | ||||||||||||||||||||||
| 10 | 41,452 | 7.00% – 7.75% | 7.39% | July 15, 2034 – December 15, 2034 | ||||||||||||||||||||||
| $ | 145,859 | |||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 30,025 | 5.75% - 7.25% | 6.57% | July 15, 2026 – March 15, 2027 | |||||||||||||||||||||
| 5 | 27,484 | 6.75% - 7.75% | 7.20% | November 15, 2028 – March 15, 2029 | ||||||||||||||||||||||
| 6 | 899 | 6.00% - 6.25% | 6.02% | July 15, 2029 – November 15, 2029 | ||||||||||||||||||||||
| 7 | 6,467 | 7.50% - 8.00% | 7.87% | November 15, 2030 – December 15, 2030 | ||||||||||||||||||||||
| 10 | 27,384 | 6.25% - 8.00% | 7.56% | July 15, 2033 – March 15, 2034 | ||||||||||||||||||||||
| 20 | 1,906 | 6.50% - 7.50% | 6.58% | July 15, 2043 – November 15, 2043 | ||||||||||||||||||||||
| $ | 94,165 | |||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 120,190 | 5.00% – 7.25% | 6.74% | October 15, 2025 – April 15, 2028 | |||||||||||||||||||||
| 5 | 190,347 | 2.25% – 7.75% | 5.23% | January 15, 2026 – April 15, 2030 | ||||||||||||||||||||||
| 6 | 18,337 | 3.00% – 6.25% | 3.56% | June 15, 2027 – November 15, 2029 | ||||||||||||||||||||||
| 7 | 34,406 | 2.75% – 8.00% | 4.06% | January 15, 2028 – December 15, 2030 | ||||||||||||||||||||||
| 8 | 3,190 | 3.40% – 3.50% | 3.45% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
| 10 | 163,609 | 3.15% – 8.00% | 5.86% | August 15, 2029 – December 15, 2034 | ||||||||||||||||||||||
| 12 | 13,446 | 3.70% – 4.00% | 3.95% | June 15, 2033 – July 15, 2033 | ||||||||||||||||||||||
| 15 | 13,631 | 3.50% – 4.50% | 3.84% | July 15, 2036 – February 15, 2037 | ||||||||||||||||||||||
| 18 | 2,949 | 4.50% – 5.50% | 4.82% | January 15, 2031 – April 15, 2031 | ||||||||||||||||||||||
| 20 | 3,864 | 5.75% – 7.50% | 6.23% | November 15, 2032 – November 15, 2043 | ||||||||||||||||||||||
| 25 | 7,341 | 6.25% – 6.50% | 6.37% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
| 30 | 71,588 | 4.00% – 6.63% | 5.38% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
| Principal Outstanding | $ | 642,898 | ||||||||||||||||||||||||
| Less Discounts | ||||||||||||||||||||||||||
| Unamortized Debt Issuance | (8,975) | |||||||||||||||||||||||||
| Carrying Amount | $ | 633,923 | ||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 64,439 | 2.50% - 7.25% | 6.46% | February 15, 2025 – June 15, 2027 | |||||||||||||||||||||
| 5 | 143,554 | 2.25% - 7.75% | 4.60% | January 15, 2026 – June 15, 2029 | ||||||||||||||||||||||
| 6 | 18,348 | 3.00% - 6.25% | 3.56% | June 15, 2027 – November 15, 2029 | ||||||||||||||||||||||
| 7 | 34,601 | 2.75% - 8.00% | 4.05% | January 15, 2028 – December 15, 2030 | ||||||||||||||||||||||
| 8 | 3,215 | 3.40% - 3.50% | 3.45% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
| 10 | 123,477 | 3.15% - 8.00% | 5.30% | August 15, 2029 – June 15, 2034 | ||||||||||||||||||||||
| 12 | 13,748 | 3.70% - 4.00% | 3.95% | June 15, 2033 – July 15, 2033 | ||||||||||||||||||||||
| 15 | 14,016 | 3.50% - 4.50% | 3.84% | July 15, 2036 – February 15, 2037 | ||||||||||||||||||||||
| 18 | 2,949 | 4.50% - 5.50% | 4.82% | January 15, 2031 – April 15, 2031 | ||||||||||||||||||||||
| 20 | 3,864 | 5.75% - 7.50% | 6.23% | November 15, 2032 – November 15, 2043 | ||||||||||||||||||||||
| 25 | 7,494 | 6.25% - 6.50% | 6.37% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
| 30 | 74,323 | 4.00% - 6.63% | 5.34% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
| Principal Outstanding | $ | 504,028 | ||||||||||||||||||||||||
| Less Discounts | ||||||||||||||||||||||||||
| Unamortized debt issuance | (7,999) | |||||||||||||||||||||||||
| Carrying Amount | $ | 496,029 | ||||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| Credit Facility | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 459,963 | $ | 15,042 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 794,796 | 9,746 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 1,014,703 | 7,639 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 839,464 | 9,015 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 356,937 | 17,408 | — | — | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 237,536 | 22,000 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 167,000 | 34,298 | — | — | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 37,000 | 155,503 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | — | — | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | — | — | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 368,700 | 18,136 | — | — | ||||||||||||||||||||||
| 2015 Notes(4) | ||||||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | $ | 150,000 | $ | 2,241 | — | — | ||||||||||||||||||||
| 2016 Notes(5) | ||||||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | $ | 167,500 | $ | 2,269 | — | — | ||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 167,500 | 2,241 | — | — | ||||||||||||||||||||||
| 2017 Notes(6) | ||||||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | $ | 50,734 | $ | 2,251 | — | — | ||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 129,500 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 130,000 | 2,241 | — | — | ||||||||||||||||||||||
| 2018 Notes(7) | ||||||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | $ | 85,419 | $ | 2,251 | — | — | ||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 200,000 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 200,000 | 2,241 | — | — | ||||||||||||||||||||||
| 2019 Notes(8) | ||||||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | $ | 101,647 | $ | 2,452 | — | — | ||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 200,000 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 200,000 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 200,000 | 2,241 | — | — | ||||||||||||||||||||||
5.00% 2019 Notes(9) | ||||||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | $ | 153,536 | $ | 2,452 | — | — | ||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 300,000 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 300,000 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 300,000 | 2,241 | — | — | ||||||||||||||||||||||
| 2020 Notes(12) | ||||||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | $ | 224,114 | $ | 2,365 | — | — | ||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 392,000 | 2,452 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 392,000 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 392,000 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 392,000 | 2,241 | — | — | ||||||||||||||||||||||
| 2022 Notes(16) | ||||||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | $ | 60,501 | $ | 2,733 | — | — | ||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 111,055 | 2,740 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 258,240 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 328,500 | 2,365 | — | — | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 328,500 | 2,452 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 225,000 | 2,251 | — | — | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| 2023 Notes(10)(17) | ||||||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | $ | 284,219 | $ | 2,733 | — | — | ||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 284,219 | 2,740 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 319,145 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 318,863 | 2,365 | — | — | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 318,675 | 2,452 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 248,507 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 248,293 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 248,094 | 2,241 | — | — | ||||||||||||||||||||||
| 2024 Notes(13) | ||||||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | $ | 233,788 | $ | 2,408 | — | $ | 959 | |||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 234,443 | 2,365 | — | 1,002 | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 199,281 | 2,452 | — | 1,029 | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 199,281 | 2,251 | — | 1,027 | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 161,364 | 2,269 | — | 951 | ||||||||||||||||||||||
6.375% 2024 Notes(10)(18) | ||||||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | $ | 81,240 | $ | 2,970 | — | — | ||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 81,240 | 2,733 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 81,389 | 2,740 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 99,780 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 99,726 | 2,365 | — | — | ||||||||||||||||||||||
| 2025 Notes(19) | ||||||||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 156,168 | 3,155 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 156,168 | 2,970 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 156,168 | 2,733 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 156,168 | 2,740 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 201,250 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 201,250 | 2,365 | — | — | ||||||||||||||||||||||
| 2026 Notes | ||||||||||||||||||||||||||
| Fiscal 2025 (as of March 31, 2025) | $ | 342,947 | $ | 3,382 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 400,000 | 3,155 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 400,000 | 2,970 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 400,000 | 2,733 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 400,000 | 2,740 | — | — | ||||||||||||||||||||||
3.364% 2026 Notes | ||||||||||||||||||||||||||
| Fiscal 2025 (as of March 31, 2025) | $ | 300,000 | $ | 3,382 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 300,000 | 3,155 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 300,000 | 2,970 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 300,000 | 2,733 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 300,000 | 2,740 | — | — | ||||||||||||||||||||||
3.437% 2028 Notes | ||||||||||||||||||||||||||
| Fiscal 2025 (as of March 31, 2025) | $ | 300,000 | $ | 3,382 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 300,000 | 3,155 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 300,000 | 2,970 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 300,000 | 2,733 | — | — | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| 2028 Notes(14) | ||||||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | $ | 70,761 | $ | 2,408 | — | $ | 950 | |||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 70,761 | 2,365 | — | 984 | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 55,000 | 2,452 | — | 1,004 | ||||||||||||||||||||||
| 2029 Notes(15) | ||||||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | $ | 69,170 | $ | 2,740 | — | $ | 1,028 | |||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 69,170 | 2,408 | — | 970 | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 69,170 | 2,365 | — | 983 | ||||||||||||||||||||||
| Prospect Capital InterNotes® | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 642,898 | $ | 3,382 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 504,028 | 3,155 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 358,105 | 2,970 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 347,564 | 2,733 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 508,711 | 2,740 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 680,229 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 707,699 | 2,365 | — | — | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 760,924 | 2,452 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 980,494 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 908,808 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 827,442 | 2,241 | — | — | ||||||||||||||||||||||
Floating Rate Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 229,780 | $ | 45 | $ | 25 | $ | — | ||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 129,198 | 46 | 25 | — | ||||||||||||||||||||||
7.50% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 30,576 | $ | 45 | $ | 25 | $ | — | ||||||||||||||||||
6.50% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 665,117 | $ | 45 | $ | 25 | $ | — | ||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 704,044 | 46 | 25 | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 533,216 | 47 | 25 | — | ||||||||||||||||||||||
5.50% Preferred Stock | ||||||||||||||||||||||||||
| Fiscal 2025 (as of March 31, 2025) | $ | 720,322 | $ | 45 | $ | 25 | — | |||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 772,133 | 46 | 25 | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 870,268 | 47 | 25 | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 590,197 | 54 | 25 | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 137,040 | 65 | 25 | — | ||||||||||||||||||||||
5.35% Preferred Stock | ||||||||||||||||||||||||||
| Fiscal 2025 (as of March 31, 2025) | $ | 131,279 | $ | 45 | $ | 25 | $ | 17.66 | ||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 131,279 | 46 | $ | 25 | 17.25 | |||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 149,066 | 47 | $ | 25 | 15.98 | |||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 150,000 | 54 | $ | 25 | 21.08 | |||||||||||||||||||||
| All Senior Securities(10)(11) | ||||||||||||||||||||||||||
Fiscal 2025 (as of March 31, 2025) | $ | 3,822,882 | $ | 1,810 | — | — | ||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 4,191,646 | 1,848 | — | — | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 4,162,766 | 1,862 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 3,509,353 | 2,156 | — | — | ||||||||||||||||||||||
| Fiscal 2021 (as of June 30, 2021) | 2,404,689 | 2,584 | — | — | ||||||||||||||||||||||
| Fiscal 2020 (as of June 30, 2020) | 2,169,899 | 2,408 | — | — | ||||||||||||||||||||||
| Fiscal 2019 (as of June 30, 2019) | 2,421,526 | 2,365 | — | — | ||||||||||||||||||||||
| Fiscal 2018 (as of June 30, 2018) | 2,346,563 | 2,452 | — | — | ||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | 2,681,435 | 2,251 | — | — | ||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 2,707,465 | 2,269 | — | — | ||||||||||||||||||||||
| Fiscal 2015 (as of June 30, 2015) | 2,983,736 | 2,241 | — | — | ||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 459,963 | $ | 20,018 | $ | 459,963 | (1) | $ | 459,963 | (2) | 1M SOFR + | 2.05% | (5) | |||||||||||||||||||||||||
| 2026 Notes | 342,947 | 1,609 | 341,338 | 334,936 | (3) | 3.99 | % | (6) | ||||||||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 2,374 | 297,626 | 278,658 | (3) | 3.87 | % | (6) | |||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 4,858 | 295,142 | 258,984 | (3) | 3.93 | % | (6) | |||||||||||||||||||||||||||||
| Public Notes | 942,947 | 934,106 | 872,578 | |||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 642,898 | 8,975 | 633,923 | 622,523 | (4) | 5.53 | % | (7) | ||||||||||||||||||||||||||||||
| Total | $ | 2,045,808 | $ | 2,027,992 | $ | 1,955,064 | ||||||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 794,796 | $ | 22,975 | $ | 794,796 | (1) | $ | 794,796 | (2) | 1M SOFR + | 2.05 | % | (5) | ||||||||||||||||||||||||
| 2025 Notes | 156,168 | 649 | 155,519 | 155,632 | (3) | 6.63 | % | (6) | ||||||||||||||||||||||||||||||
| Convertible Notes | 156,168 | 155,519 | 155,632 | |||||||||||||||||||||||||||||||||||
| 2026 Notes | 400,000 | 3,263 | 396,737 | 381,344 | (3) | 3.98 | % | (6) | ||||||||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 3,388 | 296,612 | 275,601 | (3) | 3.60 | % | (6) | |||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 5,782 | 294,218 | 256,050 | (3) | 3.64 | % | (6) | |||||||||||||||||||||||||||||
| Public Notes | 1,000,000 | 987,567 | 912,995 | |||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 504,028 | 7,999 | 496,029 | 479,748 | (4) | 6.33 | % | (7) | ||||||||||||||||||||||||||||||
| Total | $ | 2,454,992 | $ | 2,433,911 | $ | 2,343,171 | ||||||||||||||||||||||||||||||||
| Payments Due by Fiscal Year ending June 30, | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | After 5 Years | |||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 459,963 | $ | — | $ | — | $ | — | $ | — | $ | 459,963 | $ | — | |||||||||||||||||||||||||||
| Public Notes | 942,947 | — | 342,947 | 300,000 | — | 300,000 | — | ||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 642,898 | — | 38,197 | 127,863 | 72,455 | 72,609 | 331,774 | ||||||||||||||||||||||||||||||||||
| Total Contractual Obligations | $ | 2,045,808 | $ | — | $ | 381,144 | $ | 427,863 | $ | 72,455 | $ | 832,572 | $ | 331,774 | |||||||||||||||||||||||||||
| Series | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Issued via Offering | Inception to Date Liquidation Preference Issued via Offering | Preferred Stock Outstanding | Liquidation Preference Outstanding | |||||||||||||||||||||||||||||||||||
| Series A1 | 90,000,000 | (1) | $ | 2,250,000 | (1) | 31,448,021 | 786,201 | 27,423,137 | (4) | $ | 685,578 | ||||||||||||||||||||||||||||||
| Series M1 | 90,000,000 | (1) | 2,250,000 | (1) | 4,110,318 | 102,758 | 1,226,738 | (4) | 30,668 | ||||||||||||||||||||||||||||||||
| Series M2 | 90,000,000 | (1) | 2,250,000 | (1) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series A3 | 90,000,000 | (1) | 2,250,000 | (1) | 25,020,192 | 625,505 | 24,283,306 | (4) | 607,083 | ||||||||||||||||||||||||||||||||
| Series M3 | 90,000,000 | (1) | 2,250,000 | (1) | 3,490,259 | 87,256 | 2,321,362 | (4) | 58,034 | ||||||||||||||||||||||||||||||||
| Series A4 | 90,000,000 | (1) | 2,250,000 | (1) | 7,025,668 | 175,642 | 6,982,590 | (5) | 174,565 | ||||||||||||||||||||||||||||||||
| Series M4 | 90,000,000 | (1) | 2,250,000 | (1) | 938,860 | 23,472 | 2,208,613 | (5) | 55,215 | ||||||||||||||||||||||||||||||||
| Series A5 | 90,000,000 | (1) | 2,250,000 | (1) | 1,029,590 | 25,470 | 1,029,762 | 25,744 | |||||||||||||||||||||||||||||||||
| Series M5 | 90,000,000 | (1) | 2,250,000 | (1) | 181,260 | 4,532 | 193,289 | 4,832 | |||||||||||||||||||||||||||||||||
| Series AA1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series MM1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series AA2 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series MM2 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series A2 | 187,000 | 4,675 | 187,000 | 4,675 | 163,000 | (4) | 4,075 | ||||||||||||||||||||||||||||||||||
| Series A | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 5,251,157 | (6) | 131,279 | ||||||||||||||||||||||||||||||||||
| Total | 106,187,000 | (3) | $ | 2,654,675 | (3) | 79,431,168 | 1,985,510 | (7) | 71,082,954 | $ | 1,777,073 | ||||||||||||||||||||||||||||||
| Series | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Issued via Offering | Inception to Date Liquidation Preference of Shares Issued | Preferred Stock Shares Outstanding | Liquidation Preference of Shares Outstanding | |||||||||||||||||||||||||||||||||||
| Series A1 | 80,000,000 | (1) | $ | 2,000,000 | (1) | 31,448,021 | $ | 786,201 | 28,932,457 | (4) | $ | 723,311 | |||||||||||||||||||||||||||||
| Series M1 | 80,000,000 | (1) | 2,000,000 | (1) | 4,110,318 | 102,758 | 1,788,851 | (4) | 44,721 | ||||||||||||||||||||||||||||||||
| Series M2 | 80,000,000 | (1) | 2,000,000 | (1) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series A3 | 80,000,000 | (1) | 2,000,000 | (1) | 24,932,955 | 623,324 | 24,810,648 | (4) | 620,266 | ||||||||||||||||||||||||||||||||
| Series M3 | 80,000,000 | (1) | 2,000,000 | (1) | 3,473,259 | 86,831 | 3,351,101 | (4) | 83,778 | ||||||||||||||||||||||||||||||||
| Series A4 | 80,000,000 | (1) | 2,000,000 | (1) | 3,765,322 | 94,133 | 3,766,166 | (5) | 94,154 | ||||||||||||||||||||||||||||||||
| Series M4 | 80,000,000 | (1) | 2,000,000 | (1) | 509,948 | 12,749 | 1,401,747 | (5) | 35,044 | ||||||||||||||||||||||||||||||||
| Series AA1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series MM1 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series AA2 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series MM2 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | |||||||||||||||||||||||||||||||||
| Series A2 | 187,000 | 4,675 | 187,000 | 4,675 | 164,000 | (4) | 4,100 | ||||||||||||||||||||||||||||||||||
| Series A | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 5,251,157 | (6) | 131,279 | ||||||||||||||||||||||||||||||||||
| Total | 96,187,000 | (3) | $ | 2,404,675 | (3) | 74,426,823 | $ | 1,860,671 | 69,466,127 | $ | 1,736,653 | ||||||||||||||||||||||||||||||
| Series | June 30, 2024 Shares Outstanding | Shares Issued | Shares issued through Preferred Stock DRIP | Exchanges | Redemptions/Repurchases(1) | March 31, 2025 Shares Outstanding | |||||||||||||||||||||||||||||||||||
| Series A1 | 28,932,457 | — | 50,216 | — | (1,559,536) | 27,423,137 | |||||||||||||||||||||||||||||||||||
| Series M1 | 1,788,851 | — | 614 | (152,898) | (409,829) | 1,226,738 | |||||||||||||||||||||||||||||||||||
| Series A3 | 24,810,648 | 87,237 | 57,965 | — | (672,543) | 24,283,306 | (2) | ||||||||||||||||||||||||||||||||||
| Series M3 | 3,351,101 | 17,000 | 2,507 | (266,238) | (783,007) | 2,321,362 | (2) | ||||||||||||||||||||||||||||||||||
| Series A4 | 3,766,166 | 3,260,346 | 9,418 | — | (53,341) | 6,982,590 | (2) | ||||||||||||||||||||||||||||||||||
| Series M4 | 1,401,747 | 428,912 | 1,945 | 407,132 | (31,123) | 2,208,613 | |||||||||||||||||||||||||||||||||||
| Series A5 | — | 1,029,590 | 172 | — | — | 1,029,762 | |||||||||||||||||||||||||||||||||||
| Series M5 | — | 181,260 | 29 | 12,000 | — | 193,289 | |||||||||||||||||||||||||||||||||||
| Series A2 | 164,000 | — | — | — | (1,000) | 163,000 | |||||||||||||||||||||||||||||||||||
| Series A | 5,251,157 | — | — | — | — | 5,251,157 | |||||||||||||||||||||||||||||||||||
| Total | 69,466,127 | 5,004,345 | (3) | 122,866 | (4) | (4) | (3,510,380) | (2) | 71,082,954 | ||||||||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Amount Per Share | Amount Distributed (in thousands) | ||||||||||||||||||||||
| 5/8/2024 | 7/29/2024 | 8/21/2024 | $ | 0.06 | $ | 25,607 | ||||||||||||||||||||
| 5/8/2024 | 8/28/2024 | 9/19/2024 | 0.06 | 25,739 | ||||||||||||||||||||||
| 8/28/2024 | 9/26/2024 | 10/22/2024 | 0.06 | 26,012 | ||||||||||||||||||||||
| 8/28/2024 | 10/29/2024 | 11/19/2024 | 0.06 | 26,135 | ||||||||||||||||||||||
| 11/8/2024 | 11/26/2024 | 12/19/2024 | 0.045 | 19,671 | ||||||||||||||||||||||
| 11/8/2024 | 12/27/2024 | 1/22/2025 | 0.045 | 19,748 | ||||||||||||||||||||||
| 11/8/2024 | 1/29/2025 | 2/19/2025 | 0.045 | 19,842 | ||||||||||||||||||||||
| 2/10/2025 | 2/26/2025 | 3/20/2025 | 0.045 | 19,995 | ||||||||||||||||||||||
| 2/10/2025 | 3/27/2025 | 4/17/2025 | 0.045 | 20,129 | ||||||||||||||||||||||
| Total declared and payable for the nine months ended March 31, 2025 | $ | 202,878 | ||||||||||||||||||||||||
| 5/9/2023 | 7/27/2023 | 8/22/2023 | $ | 0.06 | $ | 24,317 | ||||||||||||||||||||
| 5/9/2023 | 8/29/2023 | 9/20/2023 | 0.06 | 24,418 | ||||||||||||||||||||||
| 8/29/2023 | 9/27/2023 | 10/19/2023 | 0.06 | 24,517 | ||||||||||||||||||||||
| 8/29/2023 | 10/27/2023 | 11/20/2023 | 0.06 | 24,611 | ||||||||||||||||||||||
| 11/8/2023 | 11/28/2023 | 12/19/2023 | 0.06 | 24,692 | ||||||||||||||||||||||
| 11/8/2023 | 12/27/2023 | 1/18/2024 | 0.06 | 24,753 | ||||||||||||||||||||||
| 11/8/2023 | 1/29/2024 | 2/20/2024 | 0.06 | 24,823 | ||||||||||||||||||||||
| 2/8/2024 | 2/27/2024 | 3/20/2024 | 0.06 | 24,896 | ||||||||||||||||||||||
| 2/8/2024 | 3/27/2024 | 4/18/2024 | 0.06 | 24,966 | ||||||||||||||||||||||
| Total declared and payable for the nine months ended March 31, 2024 | $ | 221,993 | ||||||||||||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Structuring and amendment fees (see Note 3) | $ | 3,512 | $ | 3,234 | $ | 6,948 | $ | 22,799 | |||||||||||||||
| Royalty, net profit and revenue interests | — | 12,867 | 15,165 | 38,650 | |||||||||||||||||||
| Administrative agent fees | 195 | 203 | 584 | 565 | |||||||||||||||||||
| Total other income | $ | 3,707 | $ | 16,304 | $ | 22,697 | $ | 62,014 | |||||||||||||||
| For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Net increase (decrease) in net assets resulting from operations - basic | $ | (171,331) | $ | 113,891 | $ | (367,393) | $ | 156,466 | ||||||||||||
| Adjustment for dividends on Convertible Preferred Stock | — | 22,749 | — | 66,081 | ||||||||||||||||
| Adjustment for interest on Convertible Notes | — | 2,722 | — | — | ||||||||||||||||
| Adjustment for Incentive Fee on Convertible Instruments | — | (5,094) | — | (13,216) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations - diluted | $ | (171,331) | $ | 134,268 | $ | (367,393) | $ | 209,331 | ||||||||||||
| Weighted average common shares outstanding - basic | 443,431,518 | 414,461,972 | 436,278,887 | 410,571,037 | ||||||||||||||||
| Weighted average common shares from assumed conversion of Convertible Preferred Stock | — | 246,597,541 | — | 230,704,807 | ||||||||||||||||
| Weighted average common shares from assumed conversion of Convertible Notes | — | 17,294,357 | — | — | ||||||||||||||||
| Weighted average shares of common stock outstanding - diluted | 443,431,518 | 678,353,870 | 436,278,887 | 641,275,844 | ||||||||||||||||
| Earnings (loss) per share - basic | $ | (0.39) | $ | 0.27 | $ | (0.84) | $ | 0.38 | ||||||||||||
| Earnings (loss) per share - diluted | $ | (0.39) | $ | 0.20 | $ | (0.84) | $ | 0.33 | ||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Ordinary income | $ | 227,508 | $ | 243,085 | $ | 231,984 | ||||||||||||||
| Capital gain | — | — | 49,719 | |||||||||||||||||
| Return of capital | 71,414 | 44,838 | — | |||||||||||||||||
| Total distributions paid to common stockholders | $ | 298,922 | $ | 287,923 | $ | 281,703 | ||||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Ordinary income | $ | 99,131 | $ | 74,975 | $ | 22,551 | ||||||||||||||
| Capital gain | — | — | 6,476 | |||||||||||||||||
| Return of capital | — | — | — | |||||||||||||||||
| Total distributions paid to preferred stockholders | $ | 99,131 | $ | 74,975 | $ | 29,027 | ||||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 234,119 | $ | (88,043) | $ | 735,337 | ||||||||||||||
| Net realized losses on investments | 434,238 | 40,795 | 22,375 | |||||||||||||||||
| Net unrealized losses (gains) on investments | (259,971) | 480,916 | (405,414) | |||||||||||||||||
Other temporary book-to-tax differences(1) | (81,938) | (148,147) | (66,363) | |||||||||||||||||
| Permanent differences | 62 | 27 | 30 | |||||||||||||||||
Taxable income before deductions for distributions | $ | 326,510 | (1) | $ | 285,548 | $ | 285,965 | |||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | $ | 8 | $ | — | $ | 8 | $ | — | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (1) | $ | 949 | $ | — | |||||||
Other Receivables (2) | (47) | — | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||
Interest Income from CP Energy | $ | 3,067 | $ | 2,917 | $ | 9,328 | $ | 8,427 | |||||||||||||||
Interest Income from Spartan | 1,514 | 1,217 | 4,424 | 3,546 | |||||||||||||||||||
| Total Interest Income | $ | 4,581 | $ | 4,134 | $ | 13,752 | $ | 11,973 | |||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | $ | 11 | $ | — | $ | 11 | $ | 77 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | 7,031 | $ | — | $ | 11,131 | $ | 2,900 | |||||||||||||||
| Interest Income Capitalized as PIK | |||||||||||||||||||||||
| CP Energy | $ | — | $ | 2,856 | $ | 5,405 | $ | 5,569 | |||||||||||||||
| Spartan | 452 | 1,203 | 3,870 | 3,126 | |||||||||||||||||||
| Total Interest Income Capitalized as PIK | $ | 452 | $ | 4,059 | $ | 9,275 | $ | 8,695 | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (1) | $ | 59 | $ | 3,923 | |||||||
Other Receivables (2) | 875 | 539 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,173 | $ | 2,069 | $ | 6,459 | $ | 6,118 | |||||||||||||||
Managerial Assistance (1) | 175 | 175 | 525 | 525 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | — | 6 | — | 6 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Accreted Original Issue Discount | $ | — | $ | 288 | $ | — | $ | 809 | |||||||||||||||
| Interest Income Capitalized as PIK | 2,173 | 2,052 | 5,698 | 4,764 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 25 | $ | — | |||||||
| Other Receivables | 7 | — | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 821 | $ | 830 | $ | 2,513 | $ | 2,639 | |||||||||||||||
Managerial Assistance (1) | 63 | 63 | 189 | 188 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | 267 | — | 267 | 6 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | — | $ | — | $ | 1,260 | $ | — | |||||||||||||||
| Repayment of loan receivable | — | — | 1,260 | 1,862 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 547 | $ | 1,387 | |||||||
Other Receivables (4) | 18 | 2 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 16,261 | $ | 15,678 | $ | 49,283 | $ | 46,676 | |||||||||||||||
Managerial Assistance (1) | 600 | 600 | $ | 1,800 | $ | 1,800 | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | 964 | $ | 2,128 | $ | 10,028 | $ | 18,904 | |||||||||||||||
| Repayment of Loan Receivable | — | 318 | 437 | 318 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (2) | $ | 181 | $ | 2,461 | |||||||
Other Receivables (3) | 93 | 1 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | — | $ | 975 | $ | — | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 9,663 | $ | 9,279 | $ | 29,170 | $ | 27,491 | |||||||||||||||
Managerial Assistance (1) | 366 | 366 | 1,098 | 1,097 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | — | — | 15 | 5 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
Additions | $ | 3,000 | $ | — | $ | 9,000 | $ | — | |||||||||||||||
| Interest Income Capitalized as PIK | 3,848 | 5,897 | 11,433 | 17,174 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 110 | $ | 318 | |||||||
Other Receivables (4) | 41 | 1 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 43 | $ | 43 | $ | 139 | $ | 43 | |||||||||||||||
| Dividend Income | $ | — | $ | — | $ | — | $ | 80 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
| Structuring Fee | $ | — | $ | 75 | $ | — | $ | 75 | |||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | $ | — | $ | 12 | $ | — | $ | 12 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Repayment of Loan Receivable | $ | 450 | $ | — | $ | 450 | $ | — | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (2) | $ | (1) | $ | 2 | |||||||
| Other Receivables | 3 | — | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,258 | $ | 2,230 | $ | 6,986 | $ | 6,668 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | — | $ | 63 | $ | 55 | $ | 63 | |||||||||||||||
| Total Other Income | $ | — | $ | 63 | $ | 55 | $ | 63 | |||||||||||||||
Managerial Assistance (1) | $ | 113 | $ | 75 | $ | 263 | $ | 225 | |||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | 1 | 17 | 26 | 23 | |||||||||||||||||||
| Realized (Loss) Gain | 3 | (1) | 7 | (1) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | 2,500 | $ | 2,215 | $ | 2,500 | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 26 | $ | 79 | |||||||
Other Receivables (4) | 59 | 5 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 22,853 | $ | 23,169 | $ | 71,623 | $ | 75,570 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | — | $ | 376 | $ | — | $ | 15,852 | |||||||||||||||
| Royalty, net profit and revenue interests | — | 12,699 | 14,825 | 38,145 | |||||||||||||||||||
| Total Other Income | $ | — | $ | 13,075 | $ | 14,825 | $ | 53,997 | |||||||||||||||
Managerial Assistance (1) | $ | 575 | $ | 1,475 | $ | 1,192 | $ | 2,525 | |||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | 897 | 353 | 1,536 | 979 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
Additions (3) | $ | 26,658 | $ | 63,518 | $ | 71,427 | $ | 187,899 | |||||||||||||||
| Interest Income Capitalized as PIK | 906 | 250 | 2,728 | 736 | |||||||||||||||||||
| Repayment of Loan Receivable | 136,630 | 12,500 | 213,386 | 62,950 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (4) | $ | 192 | $ | 785 | |||||||
Other Receivables (5) | 48 | (2) | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 917 | $ | 1,286 | $ | 3,547 | $ | 3,698 | |||||||||||||||
Managerial Assistance (1) | 100 | — | $ | 300 | $ | — | |||||||||||||||||
Reimbursement of Legal, Tax, etc. (2) | — | — | — | 3 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | 3,000 | $ | — | $ | 4,000 | $ | — | |||||||||||||||
| Interest Income Capitalized as PIK | $ | — | $ | 1,263 | $ | 2,230 | $ | 3,251 | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 11 | $ | 501 | |||||||
Other Receivables (4) | 16 | 1 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 972 | $ | 1,060 | $ | 3,057 | $ | 3,199 | |||||||||||||||
Dividend Income (1) | — | 510 | — | 657 | |||||||||||||||||||
Managerial Assistance (2) | 100 | 100 | 300 | 300 | |||||||||||||||||||
| Realized (Loss) Gain | — | 1,187 | 6,367 | 1,040 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc. (3) | 9 | 1 | 9 | 1 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (4) | $ | 11 | $ | 35 | |||||||
Other Receivables (5) | 9 | 1 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,423 | $ | 2,434 | $ | 7,422 | $ | 7,810 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | 116 | $ | 812 | $ | 286 | $ | 812 | |||||||||||||||
| Total Other Income | $ | 116 | $ | 812 | $ | 286 | $ | 812 | |||||||||||||||
| Reimbursement of Legal, Tax, etc. | $ | 38 | $ | — | $ | 38 | $ | 5 | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | 5,800 | $ | 32,500 | $ | 14,275 | $ | 32,500 | |||||||||||||||
| Interest Income Capitalized as PIK | — | 2,183 | 4,300 | 6,923 | |||||||||||||||||||
| Repayment of loan receivable | 4,875 | — | 4,875 | ||||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (1) | $ | 27 | $ | 79 | |||||||
Other Receivables (2) | 145 | 155 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 1,461 | $ | 1,363 | $ | 4,097 | $ | 3,997 | |||||||||||||||
Dividend Income (1) | 4,387 | — | 8,774 | — | |||||||||||||||||||
| Other Income | |||||||||||||||||||||||
Advisory Fee | $ | — | $ | — | $ | — | $ | 106 | |||||||||||||||
| Total Other Income | $ | — | $ | — | $ | — | $ | 106 | |||||||||||||||
Managerial Assistance (1) | $ | 45 | $ | 45 | $ | 135 | $ | 135 | |||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | 14 | — | 14 | 17 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | — | $ | 10,000 | $ | 3,700 | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 16 | $ | 45 | |||||||
Other Receivables (4) | 8 | — | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 1,194 | $ | 1,037 | $ | 3,222 | $ | 2,996 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | 300 | $ | — | $ | 300 | $ | — | |||||||||||||||
| Total Other Income | $ | 300 | $ | — | |||||||||||||||||||
Managerial Assistance (1) | 3 | 3 | 8 | 8 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc. (2) | 19 | 5 | 19 | 3,345 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | 19,000 | $ | — | $ | 19,000 | $ | 2,500 | |||||||||||||||
| Repayment of Loan Receivable | 26 | 16 | 55 | 35 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 17 | $ | 34 | |||||||
Other Receivables (4) | 8 | 1 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 736 | $ | 503 | $ | 2,057 | $ | 1,471 | |||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | 8 | — | 18 | — | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Additions | $ | 1,400 | $ | — | $ | 6,000 | $ | — | |||||||||||||||
| Interest Income Capitalized as PIK | 668 | 424 | 1,989 | 1,100 | |||||||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (2) | $ | 8 | $ | 153 | |||||||
Other Receivables (3) | 221 | 147 | |||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||
Interest Income from Valley | $ | 316 | $ | 346 | $ | 995 | $ | 1,045 | |||||||||||||||
Interest Income from Valley Electric | 2,825 | 2,756 | 8,538 | 8,069 | |||||||||||||||||||
| Total Interest Income | $ | 3,141 | $ | 3,102 | $ | 9,533 | $ | 9,114 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
| Royalty, net profit and revenue interests | $ | — | $ | 167 | $ | 333 | $ | 500 | |||||||||||||||
| Total Other Income | $ | — | $ | 167 | $ | 333 | $ | 500 | |||||||||||||||
Managerial Assistance (1) | $ | 150 | $ | 150 | $ | 450 | $ | 450 | |||||||||||||||
Reimbursement of Legal, Tax, etc. (2) | — | — | 3 | — | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| March 31, 2025 | March 31, 2024 | March 31, 2025 | March 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | — | $ | 1,589 | $ | — | $ | 3,140 | |||||||||||||||
| As of | |||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||
Interest Receivable (3) | $ | 35 | $ | 2,974 | |||||||
Other Receivables (4) | 7 | 2 | |||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Per Share Data | ||||||||||||||||||||||||||
| Net asset value per common share at beginning of period | $ | 7.84 | $ | 8.92 | $ | 8.74 | $ | 9.24 | ||||||||||||||||||
Net investment income(1) | 0.19 | 0.23 | 0.60 | 0.77 | ||||||||||||||||||||||
Net realized and change in unrealized gains (losses) (1) | (0.51) | 0.11 | (1.25) | (0.22) | ||||||||||||||||||||||
| Net increase (decrease) from operations | (0.33) | (8) | 0.34 | (0.66) | (8) | 0.56 | (8) | |||||||||||||||||||
| Distributions of net investment income to preferred stockholders | (0.06) | (5) | (0.06) | (4) | (0.18) | (5) | (0.18) | (4) | ||||||||||||||||||
| Distributions of capital gains to preferred stockholders | — | (5) | — | (4) | — | (5) | — | (4) | ||||||||||||||||||
| Total distributions to preferred stockholders | (0.06) | (0.06) | (0.18) | (0.18) | ||||||||||||||||||||||
| Net increase (decrease) from operations applicable to common stockholders | (0.39) | 0.27 | (8) | (0.84) | 0.38 | |||||||||||||||||||||
| Distributions of net investment income to common stockholders | (0.14) | (5) | (0.18) | (4) | (0.47) | (5) | (0.52) | (4) | ||||||||||||||||||
| Return of Capital to common stockholders | — | (5) | — | (4) | — | (5) | (0.02) | (4) (7) | ||||||||||||||||||
| Total distributions to common stockholders | (0.14) | (0.18) | (0.47) | (0.54) | ||||||||||||||||||||||
Common stock transactions(2) | (0.08) | (0.03) | (0.21) | (0.09) | ||||||||||||||||||||||
| Net asset value per common share at end of period | $ | 7.25 | (8) | $ | 8.99 | (8) | $ | 7.25 | (8) | $ | 8.99 | |||||||||||||||
| Per common share market value at end of period | $ | 4.10 | $ | 5.52 | $ | 4.10 | $ | 5.52 | ||||||||||||||||||
Total return based on market value(3) | (1.74 | %) | (4.77 | %) | (17.97 | %) | (2.10 | %) | ||||||||||||||||||
Total return based on net asset value(3) | (4.48 | %) | 4.15 | % | (8.22 | %) | 6.98 | % | ||||||||||||||||||
| Shares of common stock outstanding at end of period | 447,344,378 | 416,150,886 | 447,344,378 | 416,150,886 | ||||||||||||||||||||||
| Weighted average shares of common stock outstanding | 443,431,518 | 414,461,972 | 436,278,887 | 410,571,037 | ||||||||||||||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Net assets at end of period | $ | 3,245,364 | $ | 3,742,219 | $ | 3,245,364 | $ | 3,742,219 | ||||||||||||||||||
| Portfolio turnover rate | 2.73 | % | 1.48 | % | 8.51 | % | 4.39 | % | ||||||||||||||||||
Annualized ratio of operating expenses to average net assets applicable to common shares(6) | 10.44 | % | 11.62 | % | 11.22 | % | 11.87 | % | ||||||||||||||||||
Annualized ratio of net investment income to average net assets applicable to common shares(6) | 9.99 | % | 10.17 | % | 9.96 | % | 11.31 | % | ||||||||||||||||||
Monthly Cash 7.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.156250 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.156250 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.156250 | ||||||||
| Monthly Cash Floating Rate Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.135417 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.135417 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.135417 | ||||||||
Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.114583 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.114583 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.114583 | ||||||||
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.135417 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.135417 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.135417 | ||||||||
Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| May 2025 - July 2025 | 7/23/2025 | 8/1/2025 | $0.334375 | ||||||||
| Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| May 2025 | 5/28/2025 | 6/18/2025 | $0.0450 | ||||||||
| June 2025 | 6/26/2025 | 7/22/2025 | $0.0450 | ||||||||
| July 2025 | 7/29/2025 | 8/20/2025 | $0.0450 | ||||||||
| August 2025 | 8/27/2025 | 9/18/2025 | $0.0450 | ||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||
| Type of Investment | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | 76,590 | 1.1 | % | $ | 76,650 | 1.1 | % | $ | 87,589 | 1.2 | % | $ | 86,544 | 1.1 | % | |||||||||||||
| First Lien Debt | 4,629,308 | 66.6 | % | 4,443,487 | 64.4 | % | 4,686,107 | 62.9 | % | 4,569,467 | 59.2 | % | |||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | % | — | — | % | 5,147 | 0.1 | % | 4,987 | 0.1 | % | |||||||||||||||||
| Second Lien Debt | 949,219 | 13.6 | % | 722,697 | 10.5 | % | 1,219,482 | 16.4 | % | 1,038,882 | 13.5 | % | |||||||||||||||||
| Unsecured Debt | 7,200 | 0.1 | % | 5,151 | 0.1 | % | 7,200 | 0.1 | % | 7,200 | 0.1 | % | |||||||||||||||||
| Subordinated Structured Notes | 408,560 | 5.9 | % | 300,144 | 4.2 | % | 623,700 | 8.3 | % | 531,690 | 6.9 | % | |||||||||||||||||
| Preferred Stock | 415,825 | 6.0 | % | 81,140 | 1.2 | % | 399,072 | 5.4 | % | 70,569 | 0.9 | % | |||||||||||||||||
| Common Stock | 267,434 | 3.8 | % | 885,328 | 12.8 | % | 237,005 | 3.2 | % | 1,134,575 | 14.7 | % | |||||||||||||||||
| Membership Interest | 200,875 | 2.9 | % | 348,556 | 5.1 | % | 181,872 | 2.4 | % | 226,273 | 2.9 | % | |||||||||||||||||
| Participating Interest (1) | — | — | % | 38,211 | 0.6 | % | — | — | % | 48,056 | 0.6 | % | |||||||||||||||||
| Total Investments | $ | 6,955,011 | 100.0 | % | $ | 6,901,364 | 100.0 | % | $ | 7,447,174 | 100.0 | % | $ | 7,718,243 | 100.0 | % | |||||||||||||
| March 31, 2025 | June 30, 2024 | ||||||||||||||||||||||||||||
| Industry(2) | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
| Aerospace & Defense | $ | 86,580 | 1.2 | % | $ | 90,595 | 1.3 | % | $ | 110,320 | 1.5 | % | $ | 66,923 | 0.9 | % | |||||||||||||
| Air Freight & Logistics | 204,055 | 2.9 | % | 195,281 | 2.8 | % | 187,897 | 2.5 | % | 174,691 | 2.3 | % | |||||||||||||||||
| Automobile Components | 114,728 | 1.6 | % | 81,884 | 1.2 | % | 114,671 | 1.5 | % | 89,590 | 1.2 | % | |||||||||||||||||
| Capital Markets | 21,500 | 0.3 | % | 21,500 | 0.3 | % | 42,500 | 0.6 | % | 42,500 | 0.6 | % | |||||||||||||||||
| Commercial Services & Supplies | 554,205 | 8.0 | % | 507,995 | 7.4 | % | 526,353 | 7.1 | % | 475,299 | 6.2 | % | |||||||||||||||||
| Communications Equipment | — | — | % | — | — | % | 79,030 | 1.1 | % | 68,511 | 0.9 | % | |||||||||||||||||
| Construction & Engineering | 95,912 | 1.4 | % | 312,103 | 4.5 | % | 95,911 | 1.3 | % | 316,419 | 4.1 | % | |||||||||||||||||
| Consumer Finance | 644,553 | 9.3 | % | 828,529 | 12.0 | % | 623,033 | 8.4 | % | 728,320 | 9.4 | % | |||||||||||||||||
| Distributors | 395,363 | 5.7 | % | 312,245 | 4.5 | % | 314,579 | 4.2 | % | 251,398 | 3.3 | % | |||||||||||||||||
| Diversified Consumer Services | 103,031 | 1.5 | % | 44,029 | 0.6 | % | 183,552 | 2.5 | % | 146,634 | 1.9 | % | |||||||||||||||||
| Diversified Financial Services | — | — | % | — | — | % | 45,039 | 0.6 | % | 45,039 | 0.6 | % | |||||||||||||||||
| Diversified Telecommunication Services | 210,077 | 3.0 | % | 156,442 | 2.3 | % | 131,570 | 1.8 | % | 132,126 | 1.7 | % | |||||||||||||||||
| Electrical Equipment | 61,523 | 0.9 | % | 61,523 | 0.9 | % | 61,991 | 0.8 | % | 61,991 | 0.8 | % | |||||||||||||||||
| Energy Equipment & Services | 319,252 | 4.6 | % | 117,567 | 1.7 | % | 344,989 | 4.6 | % | 122,857 | 1.6 | % | |||||||||||||||||
| Residential Real Estate Investment Trusts (REITs) | 916,079 | 13.2 | % | 1,375,607 | 19.9 | % | 897,181 | 12.1 | % | 1,485,332 | 19.1 | % | |||||||||||||||||
| Financial Services | 68,001 | 1.0 | % | 68,001 | 1.0 | % | — | — | % | — | — | % | |||||||||||||||||
| Food & Staples Retailing | — | — | % | — | — | % | 26,743 | 0.4 | % | 22,251 | 0.3 | % | |||||||||||||||||
| Food Products | 150,140 | 2.2 | % | 140,867 | 2.1 | % | 131,504 | 1.8 | % | 126,145 | 1.6 | % | |||||||||||||||||
| Health Care Providers & Services | 725,668 | 10.4 | % | 688,076 | 10.0 | % | 739,721 | 9.9 | % | 821,921 | 10.6 | % | |||||||||||||||||
| Health Care Technology | 134,353 | 1.9 | % | 132,590 | 1.9 | % | 133,620 | 1.8 | % | 132,531 | 1.7 | % | |||||||||||||||||
| Hotels, Restaurants & Leisure | 28,253 | 0.4 | % | 24,902 | 0.4 | % | 27,582 | 0.4 | % | 21,550 | 0.3 | % | |||||||||||||||||
| Household Durables | 105,598 | 1.5 | % | 89,628 | 1.3 | % | 122,206 | 1.6 | % | 119,926 | 1.6 | % | |||||||||||||||||
| Interactive Media & Services | 99,143 | 1.4 | % | 99,143 | 1.4 | % | 120,594 | 1.6 | % | 120,594 | 1.6 | % | |||||||||||||||||
| Internet & Direct Marketing Retail | — | — | % | — | — | % | 21,109 | 0.3 | % | 18,393 | 0.2 | % | |||||||||||||||||
| IT Services | 103,267 | 1.5 | % | 79,018 | 1.1 | % | 344,912 | 4.6 | % | 343,548 | 4.5 | % | |||||||||||||||||
| Leisure Products | 115,020 | 1.7 | % | 115,236 | 1.7 | % | 79,459 | 1.1 | % | 79,291 | 1.0 | % | |||||||||||||||||
| Machinery | 103,548 | 1.5 | % | 155,249 | 2.3 | % | 104,581 | 1.4 | % | 163,047 | 2.1 | % | |||||||||||||||||
| Marine Transport | 47,116 | 0.7 | % | 12,097 | 0.2 | % | — | — | % | — | — | % | |||||||||||||||||
| Media | 118,859 | 1.7 | % | 170,172 | 2.5 | % | 69,830 | 0.9 | % | 134,372 | 1.7 | % | |||||||||||||||||
| Online Lending | — | — | % | — | — | % | 20,630 | 0.3 | % | 20,630 | 0.3 | % | |||||||||||||||||
| Personal Care Products | 344,455 | 5.0 | % | 118,643 | 1.7 | % | — | — | % | — | — | % | |||||||||||||||||
| Personal Products | — | — | % | — | — | % | 320,396 | 4.3 | % | 104,663 | 1.3 | % | |||||||||||||||||
| Pharmaceuticals | 125,690 | 1.8 | % | 124,895 | 1.8 | % | 107,060 | 1.4 | % | 107,588 | 1.4 | % | |||||||||||||||||
| Professional Services | 88,955 | 1.3 | % | 92,076 | 1.3 | % | 211,257 | 2.8 | % | 162,979 | 2.1 | % | |||||||||||||||||
| Software | 180,581 | 2.6 | % | 174,759 | 2.5 | % | 52,405 | 0.7 | % | 47,813 | 0.6 | % | |||||||||||||||||
| Specialty Retail | 31,810 | 0.4 | % | 5,828 | 0.1 | % | — | — | % | — | — | % | |||||||||||||||||
| Textiles, Apparel & Luxury Goods | 85,816 | 1.2 | % | 89,057 | 1.3 | % | 173,114 | 2.3 | % | 173,114 | 2.2 | % | |||||||||||||||||
| Trading Companies & Distributors | 110,320 | 1.6 | % | 62,683 | 0.9 | % | 67,635 | 0.9 | % | 68,067 | 0.9 | % | |||||||||||||||||
| Subtotal | 6,493,451 | 93.4 | % | 6,548,220 | 94.9 | % | 6,632,974 | 89.1 | % | 6,996,053 | 90.6 | % | |||||||||||||||||
| Structured Finance(1) | 461,560 | 6.6 | % | 353,144 | 5.1 | % | 814,200 | 10.9 | % | 722,190 | 9.4 | % | |||||||||||||||||
| Total Investments | $ | 6,955,011 | 100.0 | % | $ | 6,901,364 | 100.0 | % | $ | 7,447,174 | 100.0 | % | $ | 7,718,243 | 100.0 | % | |||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 1 | Taco Bell, OK | Yukon, OK | 6/4/2014 | $ | 1,719 | $ | — | |||||||||||||||||||||||||
| 2 | Taco Bell, MO | Marshall, MO | 6/4/2014 | 1,405 | — | |||||||||||||||||||||||||||
| 3 | Abbie Lakes OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 12,600 | 21,569 | |||||||||||||||||||||||||||
| 4 | Kengary Way OH Partners, LLC | Reynoldsburg, OH | 9/30/2014 | 11,500 | 22,945 | |||||||||||||||||||||||||||
| 5 | Lakeview Trail OH Partners, LLC | Canal Winchester, OH | 9/30/2014 | 26,500 | 43,656 | |||||||||||||||||||||||||||
| 6 | Lakepoint OH Partners, LLC | Pickerington, OH | 9/30/2014 | 11,000 | 25,935 | |||||||||||||||||||||||||||
| 7 | Sunbury OH Partners, LLC | Columbus, OH | 9/30/2014 | 13,000 | 21,372 | |||||||||||||||||||||||||||
| 8 | Heatherbridge OH Partners, LLC | Blacklick, OH | 9/30/2014 | 18,416 | 31,810 | |||||||||||||||||||||||||||
| 9 | Jefferson Chase OH Partners, LLC | Blacklick, OH | 9/30/2014 | 13,551 | 27,625 | |||||||||||||||||||||||||||
| 10 | Goldenstrand OH Partners, LLC | Hilliard, OH | 10/29/2014 | 7,810 | 17,195 | |||||||||||||||||||||||||||
| 11 | Vesper Tuscaloosa, LLC | Tuscaloosa, AL | 9/28/2016 | 54,500 | 40,713 | |||||||||||||||||||||||||||
| 12 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,213 | |||||||||||||||||||||||||||
| 13 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,405 | |||||||||||||||||||||||||||
| 14 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 30,316 | |||||||||||||||||||||||||||
| 15 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,380 | |||||||||||||||||||||||||||
| 16 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 151,635 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 17 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 87,794 | |||||||||||||||||||||||||||
| 18 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,285 | |||||||||||||||||||||||||||
| 19 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 53,711 | |||||||||||||||||||||||||||
| 20 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,585 | |||||||||||||||||||||||||||
| 21 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 35,516 | |||||||||||||||||||||||||||
| 22 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,876 | |||||||||||||||||||||||||||
| 23 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,393 | |||||||||||||||||||||||||||
| 24 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 25,275 | |||||||||||||||||||||||||||
| 25 | Crown Pointe Passthrough LLC | Danbury, CT | 8/30/2018 | 108,500 | 89,400 | |||||||||||||||||||||||||||
| 26 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 47,621 | |||||||||||||||||||||||||||
| 27 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
| 28 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
| 29 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 78,375 | |||||||||||||||||||||||||||
| 30 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,726 | |||||||||||||||||||||||||||
| 31 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,512 | |||||||||||||||||||||||||||
| 32 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
| 33 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 38,843 | |||||||||||||||||||||||||||
| 34 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,865 | |||||||||||||||||||||||||||
| 35 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,844 | |||||||||||||||||||||||||||
| 36 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
| 37 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
| 38 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
| 39 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 19,000 | |||||||||||||||||||||||||||
| 40 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
| 41 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 42,975 | |||||||||||||||||||||||||||
| 42 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 17,955 | |||||||||||||||||||||||||||
| 43 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 33,203 | |||||||||||||||||||||||||||
| 44 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 38,601 | |||||||||||||||||||||||||||
| 45 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 106,850 | |||||||||||||||||||||||||||
| 46 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 73,000 | |||||||||||||||||||||||||||
| 47 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
| 48 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 36,401 | |||||||||||||||||||||||||||
| 49 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,408 | |||||||||||||||||||||||||||
| 50 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,162 | |||||||||||||||||||||||||||
| 51 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
| 52 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | 27,500 | 17,656 | |||||||||||||||||||||||||||
| 53 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
| 54 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
| 55 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
| 56 | Terraces at Perkins Rowe JV LLC | Baton Rouge, LA | 11/14/2022 | 41,400 | 29,566 | |||||||||||||||||||||||||||
| 57 | NPRC Apex Holdings LLC | Cincinnati, OH | 1/19/2024 | 34,225 | 27,712 | |||||||||||||||||||||||||||
| 58 | NPRC Parkton Holdings LLC | Cincinnati, OH | 1/19/2024 | 45,775 | 37,090 | |||||||||||||||||||||||||||
| $ | 2,534,216 | $ | 2,194,716 | |||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 459,963 | $ | 20,018 | $ | 459,963 | $ | 459,963 | 1M SOFR + | 2.05 | % | ||||||||||||||||||||||||
| 2026 Notes | 342,947 | 1,609 | 341,338 | 334,936 | 3.99 | % | |||||||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 2,374 | 297,626 | 278,658 | 3.87 | % | ||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 4,858 | 295,142 | 258,984 | 3.93 | % | ||||||||||||||||||||||||||||
| Public Notes | 942,947 | 934,106 | 872,578 | ||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 642,898 | 8,975 | 633,923 | 622,523 | 5.53 | % | |||||||||||||||||||||||||||||
| Total | $ | 2,045,808 | $ | 2,027,992 | $ | 1,955,064 | |||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 794,796 | $ | 22,975 | $ | 794,796 | $ | 794,796 | 1M SOFR + | 2.05 | % | ||||||||||||||||||||||||
| 2025 Notes | 156,168 | 649 | 155,519 | 155,632 | 6.63 | % | |||||||||||||||||||||||||||||
| Convertible Notes | 156,168 | 155,519 | 155,632 | ||||||||||||||||||||||||||||||||
| 2026 Notes | 400,000 | 3,263 | 396,737 | 381,344 | 3.98 | % | |||||||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 3,388 | 296,612 | 275,601 | 3.60 | % | ||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 5,782 | 294,218 | 256,050 | 3.64 | % | ||||||||||||||||||||||||||||
| Public Notes | 1,000,000 | 987,567 | 912,995 | ||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 504,028 | 7,999 | 496,029 | 479,748 | 6.33 | % | |||||||||||||||||||||||||||||
| Total | $ | 2,454,992 | $ | 2,433,911 | $ | 2,343,171 | |||||||||||||||||||||||||||||
| Payments Due by Fiscal Year ending June 30, | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2025 | 2026 | 2027 | 2028 | 2029 | After 5 Years | |||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 459,963 | $ | — | $ | — | $ | — | $ | — | $ | 459,963 | $ | — | |||||||||||||||||||||||||||
| Public Notes | 942,947 | — | 342,947 | 300,000 | — | 300,000 | — | ||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 642,898 | — | 38,197 | 127,863 | 72,455 | 72,609 | 331,774 | ||||||||||||||||||||||||||||||||||
| Total Contractual Obligations | $ | 2,045,808 | $ | — | $ | 381,144 | $ | 427,863 | $ | 72,455 | $ | 832,572 | $ | 331,774 | |||||||||||||||||||||||||||
| March 31, 2025 | June 30, 2024 | |||||||||||||
| Net assets available to common stockholders | $ | 3,245,364 | $ | 3,711,733 | ||||||||||
| Shares of common stock issued and outstanding | 447,344,378 | 424,846,963 | ||||||||||||
| Net asset value per common share | $ | 7.25 | $ | 8.74 | ||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Investment income | $ | 170,716 | $ | 202,215 | $ | 552,490 | $ | 649,402 | ||||||||||||||||||
| Operating expenses | 87,227 | 107,840 | 292,693 | 332,488 | ||||||||||||||||||||||
| Net investment income | 83,489 | 94,375 | 259,797 | 316,914 | ||||||||||||||||||||||
| Net realized gains (losses) from investments | (63,180) | (69,763) | (210,203) | (277,129) | ||||||||||||||||||||||
| Net change in unrealized gains (losses) from investments | (160,869) | 119,817 | (324,716) | 193,705 | ||||||||||||||||||||||
| Net realized gains (losses) on extinguishment of debt | 644 | (68) | 1,128 | (212) | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (139,916) | 144,361 | (273,994) | 233,278 | ||||||||||||||||||||||
| Preferred stock dividend | (26,698) | (24,812) | (80,083) | (72,033) | ||||||||||||||||||||||
| Net gain (loss) on redemptions of preferred stock | (1,586) | (925) | (188) | (46) | ||||||||||||||||||||||
| Gain (loss) on Accretion to Redemption Value of Preferred Stock | (3,131) | (4,733) | (13,128) | (4,733) | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (171,331) | $ | 113,891 | $ | (367,393) | $ | 156,466 | ||||||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest income | $ | 159,256 | $ | 183,932 | $ | 512,669 | $ | 581,010 | |||||||||||||||
| Dividend income | 7,753 | 1,979 | 17,124 | 6,378 | |||||||||||||||||||
| Other income | 3,707 | 16,304 | 22,697 | 62,014 | |||||||||||||||||||
| Total investment income | $ | 170,716 | $ | 202,215 | $ | 552,490 | $ | 649,402 | |||||||||||||||
Average debt principal of performing interest bearing investments(1) | $ | 6,906,937 | $ | 7,261,614 | $ | 7,044,491 | $ | 7,238,843 | |||||||||||||||
Weighted average interest rate earned on performing interest bearing investments(1) | 9.22 | % | 10.02 | % | 9.56 | % | 10.51 | % | |||||||||||||||
Average debt principal of all interest bearing investments(2) | $ | 7,572,416 | $ | 7,648,485 | $ | 7,598,228 | $ | 7,666,849 | |||||||||||||||
Weighted average interest rate earned on all interest bearing investments(2) | 8.41 | % | 9.51 | % | 8.86 | % | 9.92 | % | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Dividend income | ||||||||||||||||||||
| R-V Industries, Inc. | $ | 4,387 | $ | — | $ | 8,774 | $ | — | ||||||||||||
| RGIS Services, LLC | — | — | 141 | 1,307 | ||||||||||||||||
| NMMB, Inc. | — | 510 | — | 657 | ||||||||||||||||
| Other | 3,366 | 1,469 | 8,209 | 4,414 | ||||||||||||||||
| Total dividend income | $ | 7,753 | $ | 1,979 | $ | 17,124 | $ | 6,378 | ||||||||||||
| For the Three Months Ended March 31, | For the Nine Months Ended March 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Structuring and amendment fees | ||||||||||||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) | $ | 1,648 | $ | — | $ | 1,648 | $ | — | ||||||||||||
| USG Intermediate, LLC | 733 | — | 733 | 500 | ||||||||||||||||
| PeopleConnect Holdings, Inc | — | — | 531 | — | ||||||||||||||||
| Emerge Intermediate, Inc. | — | 825 | — | 825 | ||||||||||||||||
| Pacific World Corporation | — | 812 | — | 812 | ||||||||||||||||
| Collections Acquisition Company, Inc. | — | 658 | — | 658 | ||||||||||||||||
| Faraday Buyer, LLC | — | — | — | 1,404 | ||||||||||||||||
| The RK Logistics Group, Inc. | — | — | — | 519 | ||||||||||||||||
| Druid City Infusion, LLC | — | — | 1,379 | — | ||||||||||||||||
| National Property REIT Corp. | — | — | — | 15,476 | ||||||||||||||||
| Julie Lindsey, Inc. | — | — | — | 550 | ||||||||||||||||
| Other, net | 1,131 | 939 | 2,657 | 2,055 | ||||||||||||||||
| Total structuring and amendment fees | $ | 3,512 | $ | 3,234 | $ | 6,948 | $ | 22,799 | ||||||||||||
| Royalty, net profit and revenue interests | ||||||||||||||||||||
| National Property REIT Corp. | $ | — | $ | 12,699 | $ | 14,825 | $ | 38,145 | ||||||||||||
| Other, net | — | 168 | 340 | 505 | ||||||||||||||||
| Total royalty and net revenue interests | $ | — | $ | 12,867 | $ | 15,165 | $ | 38,650 | ||||||||||||
| Administrative agent fees | ||||||||||||||||||||
| Other, net | $ | 195 | $ | 203 | $ | 584 | $ | 565 | ||||||||||||
| Total administrative agent fees | $ | 195 | $ | 203 | $ | 584 | $ | 565 | ||||||||||||
| Total other income | $ | 3,707 | $ | 16,304 | $ | 22,697 | $ | 62,014 | ||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Base management fee | $ | 35,578 | $ | 39,218 | $ | 111,253 | $ | 117,594 | |||||||||||||||
| Income incentive fee | 4,207 | 17,390 | 33,519 | 61,332 | |||||||||||||||||||
| Interest and credit facility expenses | 36,151 | 39,841 | 113,890 | 120,478 | |||||||||||||||||||
| Allocation of overhead from Prospect Administration | 5,318 | 5,708 | 16,734 | 20,073 | |||||||||||||||||||
| Audit, compliance and tax related fees | 583 | 583 | 2,383 | 2,079 | |||||||||||||||||||
| Directors’ fees | 150 | 150 | 450 | 416 | |||||||||||||||||||
| Other general and administrative expenses | 5,240 | 4,950 | 14,464 | 10,516 | |||||||||||||||||||
| Total operating expenses | $ | 87,227 | $ | 107,840 | $ | 292,693 | $ | 332,488 | |||||||||||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest on borrowings | $ | 30,656 | $ | 35,610 | $ | 97,658 | $ | 108,211 | |||||||||||||||
| Amortization of deferred financing costs | 2,208 | 1,890 | 6,717 | 5,610 | |||||||||||||||||||
| Accretion of discount on unsecured debt | 711 | 717 | 2,146 | 2,156 | |||||||||||||||||||
| Facility commitment fees | 2,576 | 1,624 | 7,369 | 4,501 | |||||||||||||||||||
| Total interest and credit facility expenses | $ | 36,151 | $ | 39,841 | $ | 113,890 | $ | 120,478 | |||||||||||||||
| Average principal debt outstanding | $2,437,194 | $2,625,284 | $2,499,339 | $2,650,971 | |||||||||||||||||||
Annualized weighted average stated interest rate on borrowings(1) | 5.03 | % | 5.43 | % | 5.21 | % | 5.44 | % | |||||||||||||||
Annualized weighted average interest rate on borrowings(2) | 5.93 | % | 6.07 | % | 6.08 | % | 6.06 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||
| Portfolio Company | 2025 | 2024 | |||||||||
| Other, net | $ | 17 | $ | 80 | |||||||
| Structured Subordinated Notes, net | (63,197) | 259 | |||||||||
| NMMB Inc. | — | 1,188 | |||||||||
| Engine Group, Inc. | — | (28,968) | |||||||||
| Curo Group Holdings Corp. | — | (42,322) | |||||||||
| Net realized gains (losses) from investments | $ | (63,180) | $ | (69,763) | |||||||
| Nine Months Ended March 31, | |||||||||||
| Portfolio Company | 2025 | 2024 | |||||||||
| NMMB Inc. | $ | 6,366 | $ | 1,040 | |||||||
| Other, net | 670 | 159 | |||||||||
| Wellful, Inc. | (3,750) | — | |||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) | (5,511) | — | |||||||||
Research Now Group, LLC and Dynata, LLC (1) | (48,118) | — | |||||||||
| Structured Subordinated Notes, net | (159,860) | (25,592) | |||||||||
| Engine Group, Inc. | — | (28,968) | |||||||||
| Curo Group Holdings Corp. | — | (42,322) | |||||||||
PGX Holdings, Inc. (2) | — | (181,446) | |||||||||
| Net realized gains (losses) from investments | $ | (210,203) | $ | (277,129) | |||||||
| Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Control investments | $ | (73,292) | $ | 125,827 | $ | (217,121) | $ | 8,592 | |||||||||||||||
| Affiliate investments | 2,481 | (487) | 4,483 | 2,101 | |||||||||||||||||||
| Non-control/non-affiliate investments | (90,058) | (5,523) | (112,078) | 183,012 | |||||||||||||||||||
| Net change in unrealized gains (losses) | $ | (160,869) | $ | 119,817 | $ | (324,716) | $ | 193,705 | |||||||||||||||
| Net Change in Unrealized Gains (Losses) | |||||||||||
| First Tower Finance Company LLC | $ | 43,762 | |||||||||
| Recovery Solutions Parent, LLC | 28,422 | ||||||||||
| Other, net | 5,228 | ||||||||||
| Pacific World Corporation | (6,744) | ||||||||||
| Belnick, LLC (d/b/a The Ubique Group) | (7,664) | ||||||||||
| CP Energy Services Inc. | (10,722) | ||||||||||
| Town & Country Holdings, Inc. | (13,866) | ||||||||||
| Wellpath Holdings, Inc. | (14,517) | ||||||||||
| Credit.com Holdings, LLC | (36,357) | ||||||||||
| Subordinated Structured Notes | (39,104) | ||||||||||
| InterDent, Inc. | (46,390) | ||||||||||
| National Property REIT Corp. | (62,917) | ||||||||||
| Net change in unrealized gains (losses) | $ | (160,869) | |||||||||
| Net Change in Unrealized Gains (Losses) | |||||||||||
| Valley Electric Company, Inc. | $ | 104,138 | |||||||||
| Engine Group, Inc. | 28,990 | ||||||||||
| Curo Group Holdings Corp. | 28,967 | ||||||||||
| National Property REIT Corp. | 24,705 | ||||||||||
| Universal Turbine Parts, LLC | 8,221 | ||||||||||
| InterDent, Inc. | 7,610 | ||||||||||
| Subordinated Structured Notes | (6,538) | ||||||||||
| Other, net | (11,319) | ||||||||||
| First Tower Finance Company LLC | (15,003) | ||||||||||
| Research Now Group, LLC and Dynata, LLC | (24,023) | ||||||||||
| Credit.com Holdings, LLC | (25,931) | ||||||||||
| Net change in unrealized gains (losses) | $ | 119,817 | |||||||||
| Net Change in Unrealized Gains (Losses) | |||||||||||
| First Tower Finance Company LLC | $ | 94,327 | |||||||||
Research Now Group, LLC and Dynata, LLC (1) | 47,693 | ||||||||||
| Recovery Solutions Parent, LLC | 28,422 | ||||||||||
| Reception Purchaser, LLC | 7,983 | ||||||||||
| Other, net | 6,874 | ||||||||||
| Rising Tide Holdings, Inc. | (6,014) | ||||||||||
| Credit Central Loan Company, LLC | (6,309) | ||||||||||
| R-V Industries, Inc. | (6,566) | ||||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) | (8,896) | ||||||||||
| Medical Solutions Holdings, Inc. | (9,034) | ||||||||||
| Nationwide Loan Company LLC | (9,328) | ||||||||||
| Belnick, LLC (d/b/a The Ubique Group) | (11,604) | ||||||||||
| Pacific World Corporation | (12,840) | ||||||||||
| CP Energy Services Inc. | (13,045) | ||||||||||
| NMMB, Inc. | (13,128) | ||||||||||
| Wellpath Holdings, Inc. | (16,273) | ||||||||||
| Subordinated Structured Notes | (16,406) | ||||||||||
| Redstone Holdco 2 LP | (19,530) | ||||||||||
| Town & Country Holdings, Inc. | (24,962) | ||||||||||
| Credit.com Holdings, LLC | (42,831) | ||||||||||
| Aventiv Technologies, LLC | (47,361) | ||||||||||
| InterDent, Inc. | (117,264) | ||||||||||
| National Property REIT Corp. | (128,624) | ||||||||||
| Net change in unrealized gains (losses) | $ | (324,716) | |||||||||
| Net Change in Unrealized Gains (Losses) | |||||||||||
PGX Holdings, Inc. (1) | $ | 179,986 | |||||||||
| Valley Electric Company, Inc. | 149,346 | ||||||||||
Curo Group Holdings, Corp. (2) | 29,985 | ||||||||||
Engine Group, Inc.(3) | 29,090 | ||||||||||
| Universal Turbine Parts, LLC | 20,714 | ||||||||||
| R-V Industries, Inc. | 13,441 | ||||||||||
| Other, net | 11,655 | ||||||||||
| MITY, Inc. | 11,430 | ||||||||||
| Rising Tide Holdings, Inc. | (6,142) | ||||||||||
| Reception Purchaser, LLC | (6,835) | ||||||||||
| Nationwide Loan Company LLC | (7,761) | ||||||||||
| Securus Technologies Holdings, Inc. | (10,785) | ||||||||||
| Credit.com Holdings, LLC | (15,000) | ||||||||||
| CP Energy Services, Inc. | (25,942) | ||||||||||
| First Tower Finance Company LLC | (26,532) | ||||||||||
| Research Now Group, LLC and Dynata, LLC | (31,794) | ||||||||||
| National Property REIT Corp. | (121,151) | ||||||||||
| Net change in unrealized gains (losses) | $ | 193,705 | |||||||||
Monthly Cash 7.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.156250 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.156250 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.156250 | ||||||||
| Monthly Cash Floating Rate Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.135417 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.135417 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.135417 | ||||||||
| Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.114583 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.114583 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.114583 | ||||||||
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| June 2025 | 6/18/2025 | 7/1/2025 | $0.135417 | ||||||||
| July 2025 | 7/23/2025 | 8/1/2025 | $0.135417 | ||||||||
| August 2025 | 8/20/2025 | 9/2/2025 | $0.135417 | ||||||||
| Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| May 2025 - July 2025 | 7/23/2025 | 8/1/2025 | $0.334375 | ||||||||
| Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| May 2025 | 5/28/2025 | 6/18/2025 | $0.0450 | ||||||||
| June 2025 | 6/26/2025 | 7/22/2025 | $0.0450 | ||||||||
| July 2025 | 7/29/2025 | 8/20/2025 | $0.0450 | ||||||||
| August 2025 | 8/27/2025 | 9/18/2025 | $0.0450 | ||||||||
| Basis Point Change | Increase (Decrease) in Interest Income | Increase (Decrease) in Interest Expense | Net Increase (Decrease) in Net Income(1) | |||||||||||||||||
| Up 300 basis points | $ | 96,936 | $ | 13,799 | $ | 83,137 | ||||||||||||||
| Up 200 basis points | $ | 64,362 | $ | 9,199 | $ | 55,163 | ||||||||||||||
| Up 100 basis points | $ | 31,900 | $ | 4,600 | $ | 27,300 | ||||||||||||||
| Down 100 basis points | $ | (32,918) | $ | (4,600) | $ | (28,318) | ||||||||||||||
| Down 200 basis points | $ | (59,984) | $ | (9,199) | $ | (50,785) | ||||||||||||||
| Down 300 basis points | $ | (82,596) | $ | (13,799) | $ | (68,797) | ||||||||||||||
| Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
| Corresponding Return to Common Stockholder(1) | (31.1)% | (19.4)% | (7.6)% | 4.2% | 16.0% | ||||||||||||
| Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
| Corresponding Return to Common Stockholder(2) | (19.7)% | (11.6)% | (3.4)% | 4.8% | 12.9% | ||||||||||||
| Stock Price | Premium (Discount) of High to NAV | Premium (Discount) of Low to NAV | |||||||||||||||||||||||||||||||||||||||||||||||||||
| NAV(1) | High(2) | Low(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| First quarter | $ | 10.01 | $ | 8.18 | $ | 6.11 | (18.3) | % | (39.0) | % | |||||||||||||||||||||||||||||||||||||||||||
| Second quarter | 9.94 | 7.82 | 6.39 | (21.3) | % | (35.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Third quarter | 9.48 | 7.66 | 6.67 | (19.2) | % | (29.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fourth quarter | 9.24 | 6.94 | 6.08 | (24.9) | % | (34.2) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended June 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| First quarter | $ | 9.25 | $ | 6.65 | $ | 5.94 | (28.1) | % | (35.8) | % | |||||||||||||||||||||||||||||||||||||||||||
| Second quarter | 8.92 | 6.18 | 5.08 | (30.7) | % | (43.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Third quarter | 8.99 | 6.24 | 5.33 | (30.6) | % | (40.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fourth quarter | 8.74 | 5.69 | 5.21 | (34.9) | % | (40.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Twelve Months Ending June 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| First quarter | $ | 8.10 | $ | 5.60 | $ | 4.75 | (30.9) | % | (41.4) | % | |||||||||||||||||||||||||||||||||||||||||||
| Second quarter | 7.84 | 5.34 | 4.16 | (31.9) | % | (46.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Third quarter | 7.25 | 4.45 | 4.10 | (38.6) | % | (43.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Title of Class of Securities | Amount Authorized | Amount Held by Registrant or for its Account | Amount Outstanding Exclusive of Amount held by Registrant or for its Account | ||||||||||||||||||||
| Common Stock | 1,152,100,000 | — | 451,534,752 | ||||||||||||||||||||
| Preferred Stock | 847,900,000 | — | 70,852,138 | ||||||||||||||||||||
| 2026 Notes | $ | 400,000 | — | $ | 207,216 | ||||||||||||||||||
| 3.364% 2026 Notes | $ | 300,000 | — | $ | 300,000 | ||||||||||||||||||
| 3.437% 2028 Notes | $ | 300,000 | — | $ | 300,000 | ||||||||||||||||||
| Prospect Capital InterNotes® | $ | 1,000,000 | — | $ | 645,221 | (1) | |||||||||||||||||
| Date of Offering | Price Per Share to Investors | Shares Issued | Estimated Net Asset Value per Common Share(1) | Percentage Dilution | ||||||||||
| June 15, 2020 to June 22, 2020(2) | $5.29 - $5.40 | 1,158,222 | $7.93 - 7.94 | 0.10% | ||||||||||
| Stockholder transaction expenses: | Series A5 Shares | Series M5 Shares | ||||||||||||
| Sales Load (as a percentage of offering price) | 10.00% | (1) | 3.00% | (2) | ||||||||||
| Offering expenses borne by the Company (as a percentage of offering price) | 1.50% | (3) | 1.50% | (3) | ||||||||||
| Preferred Stock Dividend reinvestment plan expenses (4) | None | None | ||||||||||||
| Total stockholder transaction expenses (as a percentage of offering price): | 11.50% | 4.50% | ||||||||||||
| Annual expenses (as a percentage of net assets attributable to common stock): | ||||||||||||||
| Management fees (5) | 5.65% | |||||||||||||
| Incentive fees payable under Investment Advisory Agreement (20% of realized capital gains and 20% of pre-incentive fee net investment income) (6) | 1.40% | |||||||||||||
| Total advisory fees | 7.05% | |||||||||||||
| Total interest expenses (7) | 6.74% | |||||||||||||
| Other expenses (8) | 1.41% | |||||||||||||
| Total annual expenses (6)(8) | 15.20% | |||||||||||||
| Dividends on Preferred Stock (9) | 4.33% | |||||||||||||
| Total annual expenses after dividends on Preferred Stock (10) | 19.53% | |||||||||||||
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||
| A5 Shares - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio* | $ | 247 | $ | 516 | $ | 720 | $ | 1,038 | ||||||||||||||||||
| M5 Shares - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio* | $ | 201 | $ | 490 | $ | 705 | $ | 1,040 | ||||||||||||||||||
| A5 Shares - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio** | $ | 256 | $ | 536 | $ | 742 | $ | 1,053 | ||||||||||||||||||
| M5 Shares - You would pay the following expenses on a $1,000 investment in shares of our common stock, assuming a 5% annual return on our portfolio** | $ | 216 | $ | 511 | $ | 728 | $ | 1,056 | ||||||||||||||||||
Exhibit No. | |||||
| 3.1 | |||||
| 3.2 | |||||
| 3.3 | |||||
| 3.4 | |||||
| 3.5 | |||||
| 3.6 | |||||
| 3.7 | |||||
| 3.8 | |||||
| 3.9 | |||||
| 3.10 | |||||
| 3.11 | |||||
| 3.12 | |||||
| 3.13 | |||||
| 3.14 | |||||
| 3.15 | |||||
| 3.16 | |||||
| 3.17 | |||||
| 3.18 | |||||
| 3.19 | |||||
| 4.1 | |||||
| 4.2 | |||||
| 4.3 | |||||
| 4.4 | |||||
| 4.5 | |||||
| 4.6 | |||||
| 10.1 | |||||
| 11 | Computation of Per Share Earnings (included in the notes to the financial statements contained in this report) | ||||
| 12 | Computation of Ratios (included in the notes to the financial statements contained in this report) | ||||
| 31.1 | |||||
| 31.2 | |||||
| 32.1 | |||||
| 32.2 | |||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | ||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | ||||
* | Filed herewith. | ||||
| (1) | |||||
| (2) | |||||
| (3) | |||||
| (4) | |||||
| (5) | |||||
| (6) | |||||
| (7) | |||||
| (8) | |||||
| (9) | |||||
| (10) | |||||
| (11) | |||||
| (12) | |||||
| (13) | |||||
| (14) | |||||
| (15) | |||||
| (16) | |||||
| (17) | |||||
| (18) | |||||
| (19) | |||||
| (20) | |||||
| (21) | |||||
| (22) | |||||
| PROSPECT CAPITAL CORPORATION | |||||||||||
| May 8, 2025 | By: | /s/ JOHN F. BARRY III | |||||||||
| Date | John F. Barry III | ||||||||||
| Chairman of the Board and Chief Executive Officer | |||||||||||
| May 8, 2025 | By: | /s/ KRISTIN L. VAN DASK | |||||||||
| Date | Kristin L. Van Dask | ||||||||||
| Chief Financial Officer | |||||||||||
COMPANY: | |||||
PROSPECT CAPITAL CORPORATION By:/s/ Kristin Van Dask Name: Kristin Van Dask Title: Chief Financial Officer, Chief Compliance Officer, Treasurer and Secretary | |||||
CUSTODIAN: | |||||
U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION By:/s/ Derrik J Pereira Name: Derrik Pereira Title: Vice President | |||||
| Date: | May 8, 2025 | ||||
| /s/ JOHN F. BARRY III | |||||
| John F. Barry III | |||||
| Chairman of the Board and Chief Executive Officer | |||||
| Date: | May 8, 2025 | ||||
| /s/ KRISTIN L. VAN DASK | |||||
| Kristin L. Van Dask | |||||
| Chief Financial Officer | |||||
| Date: | May 8, 2025 | ||||
| /s/ JOHN F. BARRY III | |||||
| John F. Barry III | |||||
| Chairman of the Board and Chief Executive Officer | |||||
| Date: | May 8, 2025 | ||||
| /s/ KRISTIN L. VAN DASK | |||||
| Kristin L. Van Dask | |||||
| Chief Financial Officer | |||||