Prospect Capital Marks Two Decades of Success in Investment
Celebrating 20 Years of Innovation in Finance
NEW YORK, Oct. 03, 2024 — Prospect Capital Corporation (NASDAQ: PSEC) proudly commemorates its two-decade journey as a prominent provider of private debt and equity investments to U.S. middle-market companies. With over $20 billion invested and more than 300 portfolio company exits, Prospect has established itself as a significant player in the business development company (BDC) space.
A Unique Legacy of Resilience
Founded in 2004, Prospect stands out as one of the few BDCs to have weathered the Global Financial Crisis and emerges stronger from the challenges presented by economic fluctuations. Currently managing $7.9 billion in total assets, Prospect represents a long-standing commitment to strategic investment.
Expertise in Risk Management
Managed by Prospect Capital Management, a team of over 120 dedicated professionals, Prospect draws upon a rich legacy that dates back to 1988. This nearly 37-year timeline encompasses three major business cycles, showcasing the firm’s adeptness at navigating market fluctuations while judiciously managing both risk and investor capital.
Innovative Milestones in the BDC Industry
Prospect Capital has consistently been at the forefront of industry innovation. Throughout its 20 years of operation, the company has achieved numerous significant firsts among BDCs:
- First BDC to earn an investment-grade rating post the Global Financial Crisis.
- First to acquire another BDC, namely Patriot Capital.
- First to implement at-the-market issuance programs for common stocks.
- First BDC to issue a convertible bond, paving the way for future issuances.
- First institution to release medium-term program notes, continuing today to provide investors more tools for diversification.
- First to issue non-traded perpetual preferred stock to unaffiliated investors.
- First and only BDC to issue traded perpetual preferred stock.
Commitment to Middle-Market Growth
John Barry, CEO of Prospect, expressed pride in the firm’s role in providing crucial capital to U.S. middle-market businesses. This commitment underscores the vital service Prospect offers to a crucial segment of the economy.
Operating Within Regulated Frameworks
As a regulated investment company under the Internal Revenue Code of 1986, Prospect is committed to adhering to various restrictions and regulatory requirements. This status not only reinforces its dedication to compliance but also enhances investor confidence.
Looking Ahead
As Prospect Capital continues to evolve, it remains dedicated to building upon its legacy while expanding its impact on the middle-market sector. The firm is well-positioned to embrace future opportunities in the challenging investment landscape.
Frequently Asked Questions
What is the significance of Prospect Capital's 20th anniversary?
The 20th anniversary highlights Prospect Capital's resilience and contributions to the private investment sector, showcasing its growth and innovation.
How much capital has Prospect Capital invested over the years?
Prospect Capital has invested over $20 billion, demonstrating its commitment to supporting U.S. middle-market companies.
What innovative milestones has Prospect achieved?
Prospect has achieved numerous firsts in the BDC industry, including being the first to earn an investment-grade rating post-financial crisis and many more.
Who manages Prospect Capital?
Prospect is managed by a team at Prospect Capital Management, which has over 120 employees and considerable experience in the industry since 1988.
What regulatory framework does Prospect adhere to?
Prospect operates under the Investment Company Act of 1940 and adheres to the Internal Revenue Code as a regulated investment company, ensuring compliance and investor protection.
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