| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the quarterly period ended December 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 | |||||
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 | |||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Investments at fair value: | |||||||||||
Control investments (amortized cost of $3,364,482 and $3,416,244, respectively)(Note 14) | $ | 3,695,903 | $ | 3,696,367 | |||||||
Affiliate investments (amortized cost of $12,835 and $11,735, respectively) | 33,902 | 27,057 | |||||||||
Non-control/non-affiliate investments (amortized cost of $3,012,298 and $3,265,522, respectively) | 2,711,731 | 2,950,092 | |||||||||
Total investments at fair value (amortized cost of $6,389,615 and $6,693,501, respectively)(Note 3) | 6,441,536 | 6,673,516 | |||||||||
Cash and cash equivalents (restricted cash of $3,562 and $4,282, respectively) | 38,059 | 50,788 | |||||||||
| Receivables for: | |||||||||||
| Interest, net | 22,035 | 25,144 | |||||||||
| Other | 6,782 | 1,642 | |||||||||
| Deferred financing costs on Revolving Credit Facility (Note 4) | 16,466 | 18,842 | |||||||||
| Due from Prospect Administration (Note 13) | 5,448 | — | |||||||||
| Due from broker | 2,730 | 33,393 | |||||||||
| Prepaid expenses | 985 | 1,488 | |||||||||
| Derivative Assets, at fair value (Note 6) | 484 | — | |||||||||
| Due from Affiliate (Note 13) | 53 | 125 | |||||||||
Total Assets | 6,534,578 | 6,804,938 | |||||||||
Liabilities | |||||||||||
| Revolving Credit Facility (Notes 4 and 8) | 512,343 | 856,322 | |||||||||
Public Notes (less unamortized discount and debt issuance costs of $12,462 and $6,556, respectively) (Notes 6 and 8) | 706,103 | 593,444 | |||||||||
Prospect Capital InterNotes® (less unamortized debt issuance costs of $7,982 and $8,687, respectively) (Notes 7 and 8) | 629,250 | 638,545 | |||||||||
| Due to Prospect Capital Management (Note 13) | 48,968 | 41,757 | |||||||||
| Dividends payable | 29,783 | 28,836 | |||||||||
| Interest payable | 15,800 | 15,116 | |||||||||
| Due to broker | 6,047 | 5,639 | |||||||||
| Accrued expenses | 2,876 | 3,490 | |||||||||
| Due to Prospect Administration (Note 13) | — | 2,602 | |||||||||
| Derivative Liabilities, at fair value (Note 6) | 968 | — | |||||||||
| Other liabilities | 188 | 515 | |||||||||
Total Liabilities | 1,952,326 | 2,186,266 | |||||||||
| Commitments and Contingencies (Note 3 and Note 15) | |||||||||||
Preferred Stock, par value $0.001 per share (847,900,000 and 847,900,000 shares of preferred stock authorized; 70,562,640 and 70,915,937 issued and outstanding, respectively) (Note 9) | 1,623,497 | 1,629,900 | |||||||||
| Net Assets Applicable to Common Shares | $ | 2,958,755 | $ | 2,988,772 | |||||||
| 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 1,152,100,000 common shares authorized; 476,461,879 and 455,902,826 issued and outstanding, respectively) (Note 9) | 476 | 456 | |||||||||
| Paid-in capital in excess of par (Note 9 and 12) | 4,300,694 | 4,242,196 | |||||||||
| Accumulated other comprehensive income (loss) | (3,759) | — | |||||||||
| Distributions in excess of earnings (Note 12) | (1,338,656) | (1,253,880) | |||||||||
| Net Assets Applicable to Common Shares | $ | 2,958,755 | $ | 2,988,772 | |||||||
Net Asset Value Per Common Share (Note 16) | $ | 6.21 | $ | 6.56 | |||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Investment Income | |||||||||||||||||||||||
| Interest income (excluding payment-in-kind (“PIK”) interest income): | |||||||||||||||||||||||
| Control investments | $ | 58,329 | $ | 57,386 | $ | 117,545 | $ | 109,768 | |||||||||||||||
| Non-control/non-affiliate investments | 75,575 | 87,159 | 153,337 | 182,069 | |||||||||||||||||||
| Structured credit securities | — | 4,054 | — | 8,233 | |||||||||||||||||||
| Total interest income (excluding PIK interest income) | 133,904 | 148,599 | 270,882 | 300,070 | |||||||||||||||||||
| PIK interest income: | |||||||||||||||||||||||
| Control investments | 12,490 | 13,884 | 24,284 | 33,594 | |||||||||||||||||||
| Non-control/non-affiliate investments | 2,654 | 6,315 | 6,276 | 19,749 | |||||||||||||||||||
| Total PIK Interest Income | 15,144 | 20,199 | 30,560 | 53,343 | |||||||||||||||||||
| Total interest income (Note 2) | 149,048 | 168,798 | 301,442 | 353,413 | |||||||||||||||||||
| Dividend income: | |||||||||||||||||||||||
| Control investments | 17,038 | 4,387 | 17,915 | 4,387 | |||||||||||||||||||
| Affiliate investments | 985 | — | 985 | 141 | |||||||||||||||||||
| Non-control/non-affiliate investments | 5,961 | 2,574 | 8,657 | 4,843 | |||||||||||||||||||
| Total dividend income | 23,984 | 6,961 | 27,557 | 9,371 | |||||||||||||||||||
| Other income: | |||||||||||||||||||||||
| Control investments | 392 | 8,416 | 746 | 15,383 | |||||||||||||||||||
| Non-control/non-affiliate investments | 2,578 | 1,291 | 3,881 | 3,607 | |||||||||||||||||||
| Total other income (Note 10) | 2,970 | 9,707 | 4,627 | 18,990 | |||||||||||||||||||
| Total Investment Income | 176,002 | 185,466 | 333,626 | 381,774 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Base management fee (Note 13) | 32,932 | 37,069 | 66,549 | 75,675 | |||||||||||||||||||
| Income incentive fee (Note 13) | 16,035 | 13,632 | 17,269 | 29,312 | |||||||||||||||||||
| Interest and credit facility expenses | 32,790 | 37,979 | 66,477 | 77,739 | |||||||||||||||||||
| Allocation of overhead from Prospect Administration (Note 13) | 23 | 5,708 | 5,547 | 11,416 | |||||||||||||||||||
| Audit, compliance and tax related fees | (239) | 80 | 660 | 1,800 | |||||||||||||||||||
| Directors’ fees | 150 | 150 | 300 | 300 | |||||||||||||||||||
| Other general and administrative expenses | 3,423 | 4,417 | 6,586 | 9,224 | |||||||||||||||||||
| Total Operating Expenses | 85,114 | 99,035 | 163,388 | 205,466 | |||||||||||||||||||
| Net Investment Income | 90,888 | 86,431 | 170,238 | 176,308 | |||||||||||||||||||
| Net Realized and Net Change in Unrealized Gains (Losses) from Investments | |||||||||||||||||||||||
| Net realized gains (losses) | |||||||||||||||||||||||
| Control investments | (66,216) | 3 | (65,369) | 6,370 | |||||||||||||||||||
| Non-control/non-affiliate investments | (75,087) | (46,656) | (77,825) | (153,393) | |||||||||||||||||||
| Net realized gains (losses) | (141,303) | (46,653) | (143,194) | (147,023) | |||||||||||||||||||
| Net change in unrealized gains (losses) | |||||||||||||||||||||||
| Control investments | 37,117 | 30,419 | 51,298 | (143,829) | |||||||||||||||||||
| Affiliate investments | 1,982 | (1,446) | 5,746 | 2,002 | |||||||||||||||||||
| Non-control/non-affiliate investments | 32,208 | (69,053) | 14,862 | (22,020) | |||||||||||||||||||
| Net change in unrealized gains (losses) | 71,307 | (40,080) | 71,906 | (163,847) | |||||||||||||||||||
| Net Realized and Net Change in Unrealized Gains (Losses) from Investments | (69,996) | (86,733) | (71,288) | (310,870) | |||||||||||||||||||
| Net realized gains (losses) on extinguishment of debt | 2,896 | 236 | 2,819 | 484 | |||||||||||||||||||
| Net realized gains (losses) from derivative instruments and foreign currency transactions | (224) | — | (224) | — | |||||||||||||||||||
| Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions | 155 | — | 155 | — | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | 23,719 | (66) | 101,700 | (134,078) | |||||||||||||||||||
| Preferred Stock dividends | (26,740) | (26,228) | (53,507) | (53,385) | |||||||||||||||||||
| Net gain (loss) on redemptions of Preferred Stock | (1,349) | (906) | (2,711) | 1,398 | |||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Gain (loss) on Accretion to Redemption Value of Preferred Stock | (2,206) | (3,793) | (3,971) | (9,997) | |||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (6,576) | $ | (30,993) | $ | 41,511 | $ | (196,062) | |||||||||||||||
| Basic and diluted earnings (loss) per common share (Note 11) | |||||||||||||||||||||||
| Basic | $ | (0.01) | $ | (0.07) | $ | 0.09 | $ | (0.45) | |||||||||||||||
| Diluted | $ | (0.01) | $ | (0.07) | $ | 0.08 | $ | (0.45) | |||||||||||||||
| Weighted-average shares of common stock outstanding (Note 11) | |||||||||||||||||||||||
| Basic | 472,257,137 | 436,687,429 | 466,806,584 | 432,780,318 | |||||||||||||||||||
| Diluted | 472,257,137 | 436,687,429 | 895,122,730 | 432,780,318 | |||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 23,719 | $ | (66) | $ | 101,700 | $ | (134,078) | |||||||||||||||
| Other comprehensive income (loss): | |||||||||||||||||||||||
| Gains (losses) on derivative instruments designated as cash flow hedges | 467 | — | 467 | — | |||||||||||||||||||
| Gains (losses) on excluded components relating to forward points | (4,226) | — | (4,226) | — | |||||||||||||||||||
| Total other comprehensive income (loss) | (3,759) | — | (3,759) | — | |||||||||||||||||||
| Total comprehensive income (loss) | $ | 19,960 | $ | (66) | $ | 97,941 | $ | (134,078) | |||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, 2025 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Accumulated Other Comprehensive Income | Distributions in excess of earnings (1) | Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||
| Balance as of September 30, 2025(1) | 70,649,762 | $ | 1,624,519 | 465,916,352 | $ | 466 | $ | 4,272,510 | $ | — | $ | (1,268,186) | $ | 3,004,790 | ||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 90,888 | 90,888 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (142,186) | (142,186) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains | 71,462 | 71,462 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) on derivatives designated as cash flow hedges | 467 | 467 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gains (losses) on excluded components relating to forward points | (4,226) | (4,226) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(Note 12)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings | (90,634) | (90,634) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 872,656 | 18,814 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 2,206 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 40,286 | 964 | 2,637,333 | 3 | 6,618 | 6,621 | ||||||||||||||||||||||||||||||||||||||||||||
| Redemption of preferred stock | (113,803) | (2,845) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (886,261) | (20,166) | 7,908,194 | 7 | 21,566 | 21,573 | ||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the three months ended December 31, 2025 | (87,122) | (1,022) | 10,545,527 | 10 | 28,184 | (3,759) | (70,470) | (46,035) | ||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | 70,562,640 | $ | 1,623,497 | 476,461,879 | $ | 476 | $ | 4,300,694 | $ | (3,759) | $ | (1,338,656) | $ | 2,958,755 | ||||||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended December 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 September 30, 2024(1) | 70,373,165 | $ | 1,612,302 | 433,560,728 | $ | 434 | $ | 4,178,691 | $ | (668,312) | $ | 3,510,813 | ||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 86,431 | 86,431 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (51,116) | (51,116) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized losses | (40,080) | (40,080) | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(Note 12)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings | (91,782) | (91,782) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 1,422,214 | 30,986 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 3,793 | |||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 41,433 | 990 | 1,872,463 | 2 | 8,363 | 8,365 | ||||||||||||||||||||||||||||||||||||||
| Redemption of Preferred Stock | (20,116) | (503) | ||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (709,704) | (16,464) | 3,418,387 | 3 | 17,402 | 17,405 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | (590) | |||||||||||||||||||||||||||||||||||||||||||
| Tax reclassifications of net assets (Note 12) | (8,234) | 8,234 | — | |||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the three months ended December 31, 2024 | 733,827 | 18,212 | 5,290,850 | 5 | 17,531 | (88,313) | (70,777) | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | 71,106,992 | $ | 1,630,514 | 438,851,578 | $ | 439 | $ | 4,196,222 | $ | (756,625) | $ | 3,440,036 | ||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended December 31, 2025 | Shares | Carrying Value | Shares | Par | Paid-in capital in excess of par(1) | Accumulated Other Comprehensive Income | Distributions in excess of earnings (1) | Total Net Assets | ||||||||||||||||||||||||||||||||||||||||||
| Balance as of June 30, 2025 | 70,915,937 | $ | 1,629,900 | 455,902,826 | $456 | $ | 4,242,196 | $ | — | $ | (1,253,880) | $ | 2,988,772 | |||||||||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 170,238 | 170,238 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (147,281) | (147,281) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains | 72,061 | 72,061 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain (loss) on derivatives designated as cash flow hedges | 467 | 467 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Gains (losses) on excluded components relating to forward points | (4,226) | (4,226) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders (Note 12) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings | (179,794) | (179,794) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of preferred stock | 1,583,625 | 34,156 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 3,971 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 81,942 | 1,961 | 4,999,939 | 5 | 13,327 | 13,332 | ||||||||||||||||||||||||||||||||||||||||||||
| Redemption of Preferred Stock | (165,885) | (4,147) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (1,852,979) | (42,349) | 15,559,114 | 15 | 45,171 | 45,186 | ||||||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tax reclassifications of net assets (Note 12) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the six months ended December 31, 2025 | (353,297) | (6,403) | 20,559,053 | 20 | 58,498 | (3,759) | (84,776) | (30,017) | ||||||||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2025 | 70,562,640 | $ | 1,623,497 | 476,461,879 | $ | 476 | $ | 4,300,694 | $ | (3,759) | $ | (1,338,656) | $ | 2,958,755 | ||||||||||||||||||||||||||||||||||||
| Preferred Stock Classified as Temporary Equity | Common Stock | |||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended December 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, 2024 | 69,466,127 | $ | 1,586,188 | 424,846,963 | $ | 425 | $ | 4,147,587 | $ | (436,279) | $ | 3,711,733 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations: | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 176,308 | 176,308 | ||||||||||||||||||||||||||||||||||||||||||
| Net realized losses | (155,138) | (155,138) | ||||||||||||||||||||||||||||||||||||||||||
| Net change in unrealized losses | (163,847) | (163,847) | ||||||||||||||||||||||||||||||||||||||||||
| Distributions to Shareholders(Note 12)(1) | ||||||||||||||||||||||||||||||||||||||||||||
| Distributions from earnings | (185,903) | (185,903) | ||||||||||||||||||||||||||||||||||||||||||
| Return of capital to common stockholders | (10,394) | (10,394) | ||||||||||||||||||||||||||||||||||||||||||
| Capital Transactions | ||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Preferred Stock | 3,793,495 | 83,930 | ||||||||||||||||||||||||||||||||||||||||||
| Accretion of preferred stock to redemption value | 9,997 | |||||||||||||||||||||||||||||||||||||||||||
| Shares issued through reinvestment of dividends | 81,590 | 1,946 | 3,706,545 | 4 | 17,633 | 17,637 | ||||||||||||||||||||||||||||||||||||||
| Redemption of Preferred Stock | (21,960) | (549) | ||||||||||||||||||||||||||||||||||||||||||
| Conversion of preferred stock to common stock | (2,212,260) | (50,987) | 10,298,070 | 10 | 49,630 | 49,640 | ||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) in preferred dividend accrual | (11) | — | ||||||||||||||||||||||||||||||||||||||||||
| Tax reclassification of net assets (Note 12) | (8,234) | 8,234 | — | |||||||||||||||||||||||||||||||||||||||||
| Total increase (decrease) for the six months ended December 31, 2024 | 1,640,865 | 44,326 | 14,004,615 | 14 | 48,635 | (320,346) | (271,697) | |||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2024 | 71,106,992 | $ | 1,630,514 | 438,851,578 | $ | 439 | $ | 4,196,222 | $ | (756,625) | $ | 3,440,036 | ||||||||||||||||||||||||||||||||
| Six Months Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating Activities | |||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | 101,700 | $ | (134,078) | |||||||
| Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | |||||||||||
| Net realized losses (gains) on extinguishment of debt | (2,819) | (484) | |||||||||
| Net realized losses on investments | 143,194 | 147,023 | |||||||||
| Net realized (gains) losses from derivative instruments and foreign currency transactions | 224 | — | |||||||||
| Net change in unrealized (gains) losses on investments | (71,906) | 163,847 | |||||||||
| Net change in unrealized (gains) losses from derivative instruments and foreign currency transactions | (155) | — | |||||||||
| Accretion of premiums, net | (2,955) | (4,762) | |||||||||
| Amortization of deferred financing costs | 4,294 | 4,509 | |||||||||
| Accretion of original issue discount | 851 | 1,434 | |||||||||
| Payment-In-Kind interest | (35,420) | (53,343) | |||||||||
| Structuring fees | (1,078) | (1,604) | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Payments for purchases of investments | (135,503) | (370,648) | |||||||||
| Proceeds from sale of investments and collection of investment principal | 316,256 | 664,777 | |||||||||
| Net Reductions to Subordinated Structured Notes and related investment cost | 19,392 | 40,026 | |||||||||
| (Increase) decrease in interest receivable, net | 3,109 | 8,508 | |||||||||
| (Increase) decrease in due from broker | 30,663 | 734 | |||||||||
| (Increase) decrease in other receivables | (5,140) | (823) | |||||||||
| (Increase) decrease in due from Affiliate | 72 | 75 | |||||||||
| (Increase) decrease in due from Prospect Administration | (5,448) | — | |||||||||
| (Increase) decrease in prepaid expenses | 503 | 521 | |||||||||
| Increase (decrease) in due to broker | 408 | (7,510) | |||||||||
| Increase (decrease) in due to Prospect Administration | (2,602) | (363) | |||||||||
| Increase (decrease) in due to Prospect Capital Management | 7,211 | (7,924) | |||||||||
| Increase (decrease) in accrued expenses | (614) | 437 | |||||||||
| Increase (decrease) in interest payable | 684 | 1,920 | |||||||||
| Increase (decrease) in other liabilities | (327) | (43) | |||||||||
| Net Cash Provided by (Used in) Operating Activities | 364,594 | 452,229 | |||||||||
| Financing Activities | |||||||||||
| Borrowings under Revolving Credit Facility (Note 4) | 481,100 | 806,200 | |||||||||
| Principal payments under Revolving Credit Facility (Note 4) | (825,079) | (1,299,474) | |||||||||
| Issuances of Public Notes, net of original issue discount (Note 6) | 164,452 | — | |||||||||
| Repurchase of Public Notes (Note 6) | (49,490) | (23,066) | |||||||||
| Issuances of Prospect Capital InterNotes® (Note 7) | 17,359 | 143,493 | |||||||||
| Redemptions of Prospect Capital InterNotes®, net (Note 7) | (27,359) | (3,687) | |||||||||
| Financing costs paid and deferred | (5,037) | (2,787) | |||||||||
| Proceeds from issuance of preferred stock, net of underwriting costs | 36,159 | 86,141 | |||||||||
| Offering costs from issuance of preferred stock | (2,003) | (2,211) | |||||||||
| Redemptions of Preferred Stock | (4,017) | (508) | |||||||||
| Dividends paid and distributions to common and preferred stockholders | (163,548) | (182,442) | |||||||||
| Net Cash Provided by (Used in) Financing Activities | (377,463) | (478,341) | |||||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (12,869) | (26,112) | |||||||||
| Effect of foreign currency exchange rates | 140 | — | |||||||||
| Cash, Cash Equivalents and Restricted Cash at beginning of period | 50,788 | 85,872 | |||||||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 38,059 | $ | 59,760 | |||||||
| Supplemental Disclosures | |||||||||||
| Cash paid for interest | $ | 60,648 | $ | 69,876 | |||||||
| Non-Cash Financing Activities | |||||||||||
| Value of shares issued through reinvestment of dividends | 15,293 | 19,583 | |||||||||
| Conversion of preferred stock to common stock | 42,349 | 50,987 | |||||||||
| Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Amortized Cost Total | ||||||||||||||
| Control Investments | ||||||||||||||||||||
| Aerospace & Defense | $ | 54,909 | $ | — | $ | — | $ | — | $ | 34,516 | $ | 89,425 | ||||||||
| Commercial Services & Supplies | 83,681 | — | — | 7,200 | 28,053 | 118,934 | ||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 12,053 | 95,912 | ||||||||||||||
| Consumer Finance | 552,707 | 56,703 | — | — | 134,222 | 743,632 | ||||||||||||||
| Diversified Consumer Services | 700 | — | — | — | 2,378 | 3,078 | ||||||||||||||
| Energy Equipment & Services | 156,542 | — | — | — | 175,658 | 332,200 | ||||||||||||||
| Residential Real Estate Investment Trusts (REITs) | 883,640 | — | — | — | 20,030 | 903,670 | ||||||||||||||
| Health Care Providers & Services | 368,582 | — | — | — | 45,118 | 413,700 | ||||||||||||||
| Household Durables | 90,575 | — | — | — | 3,400 | 93,975 | ||||||||||||||
| Machinery | 56,322 | — | — | — | 6,866 | 63,188 | ||||||||||||||
| Marine Transport | — | — | — | — | 47,467 | 47,467 | ||||||||||||||
| Media | 29,723 | — | — | — | — | 29,723 | ||||||||||||||
| Personal Care Products | 118,457 | — | — | — | 233,794 | 352,251 | ||||||||||||||
| Trading Companies & Distributors | 21,746 | — | — | — | 55,581 | 77,327 | ||||||||||||||
| Total Control Investments | $ | 2,501,443 | $ | 56,703 | $ | — | $ | 7,200 | $ | 799,136 | $ | 3,364,482 | ||||||||
| Affiliate Investments | ||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 12,835 | $ | 12,835 | ||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 12,835 | $ | 12,835 | ||||||||
| Non-Control/Non-Affiliate Investments | ||||||||||||||||||||
| Air Freight & Logistics | $ | 110,203 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 205,203 | ||||||||
| Automobile Components | 33,619 | 67,000 | — | — | 25,802 | 126,421 | ||||||||||||||
| Commercial Services & Supplies | 158,494 | 153,386 | — | — | 5,000 | 316,880 | ||||||||||||||
| Distributors | 276,723 | 8,590 | — | — | 42,782 | 328,095 | ||||||||||||||
| Diversified Consumer Services | 102,627 | — | — | — | — | 102,627 | ||||||||||||||
| Diversified Telecommunication Services | 196,805 | 59,071 | — | — | — | 255,876 | ||||||||||||||
| Electrical Equipment | 61,054 | — | — | — | — | 61,054 | ||||||||||||||
| Financial Services | 77,982 | — | — | — | — | 77,982 | ||||||||||||||
| Food Products | 18,521 | 69,013 | — | — | — | 87,534 | ||||||||||||||
| Health Care Providers & Services | 265,334 | 83,176 | — | — | 51,578 | 400,088 | ||||||||||||||
| Health Care Technology | 130,170 | — | — | — | — | 130,170 | ||||||||||||||
| Hotels, Restaurants & Leisure | 29,931 | — | — | — | — | 29,931 | ||||||||||||||
| Household Durables | 2,406 | 19,026 | — | — | — | 21,432 | ||||||||||||||
| Interactive Media & Services | 60,776 | — | — | — | — | 60,776 | ||||||||||||||
| IT Services | 33,863 | 69,279 | — | — | — | 103,142 | ||||||||||||||
| Leisure Products | 70,688 | — | — | — | 1 | 70,689 | ||||||||||||||
| Machinery | 18,373 | — | — | — | — | 18,373 | ||||||||||||||
| Media | 89,269 | — | — | — | — | 89,269 | ||||||||||||||
| Personal Care Products | 10,634 | — | — | — | 2,111 | 12,745 | ||||||||||||||
| Pharmaceuticals | 116,762 | — | — | — | — | 116,762 | ||||||||||||||
| Professional Services | 70,641 | — | — | — | 13,779 | 84,420 | ||||||||||||||
| Software | 48,228 | 133,420 | — | — | — | 181,648 | ||||||||||||||
| Specialty Retail | 10,034 | — | — | — | 23,898 | 33,932 | ||||||||||||||
| Textiles, Apparel & Luxury Goods | 66,620 | — | — | — | 18,395 | 85,015 | ||||||||||||||
| Structured Finance(A) | — | — | 12,234 | — | — | 12,234 | ||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 2,059,757 | $ | 756,961 | $ | 12,234 | $ | — | $ | 183,346 | $ | 3,012,298 | ||||||||
| Total Portfolio Investment Cost | $ | 4,561,200 | $ | 813,664 | $ | 12,234 | $ | 7,200 | $ | 995,317 | $ | 6,389,615 | ||||||||
| Industry | 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 | $ | 54,909 | $ | — | $ | — | $ | — | $ | 47,320 | $ | 102,229 | 3.5 | % | |||||||||
| Commercial Services & Supplies | 73,287 | — | — | 5,392 | 25,411 | 104,090 | 3.6 | % | |||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 234,524 | 318,383 | 10.8 | % | |||||||||||||||
| Consumer Finance | 542,970 | 56,703 | — | — | 511,571 | 1,111,244 | 37.5 | % | |||||||||||||||
| Diversified Consumer Services | 700 | — | — | — | 3,012 | 3,712 | 0.1 | % | |||||||||||||||
| Energy Equipment & Services | 133,060 | — | — | — | — | 133,060 | 4.4 | % | |||||||||||||||
| Residential Real Estate Investment Trusts(REITs) | 883,640 | — | — | — | 289,622 | 1,173,262 | 39.8 | % | |||||||||||||||
| Health Care Providers & Services | 337,872 | — | — | — | — | 337,872 | 11.5 | % | |||||||||||||||
| Household Durables | 76,264 | — | — | — | — | 76,264 | 2.6 | % | |||||||||||||||
| Machinery | 56,322 | — | — | — | 46,342 | 102,664 | 3.5 | % | |||||||||||||||
| Marine Transport | — | — | — | — | 11,882 | 11,882 | 0.4 | % | |||||||||||||||
| Media | 29,723 | — | — | — | 54,366 | 84,089 | 2.8 | % | |||||||||||||||
| Personal Care Products | 107,626 | — | — | — | — | 107,626 | 3.6 | % | |||||||||||||||
| Trading Companies & Distributors | 21,746 | — | — | — | 7,780 | 29,526 | 1.0 | % | |||||||||||||||
| Total Control Investments | $ | 2,401,978 | $ | 56,703 | $ | — | $ | 5,392 | $ | 1,231,830 | $ | 3,695,903 | 124.9 | % | |||||||||
| Fair Value % of Net Assets | 81.2 | % | 1.9 | % | — | % | 0.2 | % | 41.6 | % | 124.9 | % | |||||||||||
| Affiliate Investments | |||||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 33,902 | $ | 33,902 | 1.1 | % | |||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 33,902 | $ | 33,902 | 1.1 | % | |||||||||
| Fair Value % of Net Assets | — | % | — | % | — | % | — | % | 1.1 | % | 1.1 | % | |||||||||||
| Non-Control/Non-Affiliate Investments | |||||||||||||||||||||||
| Air Freight & Logistics | $ | 65,162 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 160,162 | 5.4 | % | |||||||||
| Automobile Components | 1,649 | 26,504 | — | — | 374 | 28,527 | 0.9 | % | |||||||||||||||
| Commercial Services & Supplies | 159,102 | 152,979 | — | — | 17,461 | 329,542 | 11.2 | % | |||||||||||||||
| Distributors | 273,400 | 8,590 | — | — | 1,533 | 283,523 | 9.6 | % | |||||||||||||||
| Diversified Consumer Services | 13,350 | — | — | — | — | 13,350 | 0.5 | % | |||||||||||||||
| Diversified Telecommunication Services | 194,371 | 7,904 | — | — | — | 202,275 | 6.9 | % | |||||||||||||||
| Electrical Equipment | 61,054 | — | — | — | — | 61,054 | 2.1 | % | |||||||||||||||
| Financial Services | 77,982 | — | — | — | — | 77,982 | 2.6 | % | |||||||||||||||
| Food Products | 15,206 | 69,093 | — | — | — | 84,299 | 2.8 | % | |||||||||||||||
| Health Care Providers & Services | 279,079 | 45,824 | — | — | 121,153 | 446,056 | 15.1 | % | |||||||||||||||
| Health Care Technology | 129,320 | — | — | — | — | 129,320 | 4.4 | % | |||||||||||||||
| Hotels, Restaurants & Leisure | 28,437 | — | — | — | — | 28,437 | 0.9 | % | |||||||||||||||
| Household Durables | 2,406 | 18,211 | — | — | — | 20,617 | 0.7 | % | |||||||||||||||
| Interactive Media & Services | 60,776 | — | — | — | — | 60,776 | 2.1 | % | |||||||||||||||
| IT Services | 33,863 | 34,997 | — | — | — | 68,860 | 2.3 | % | |||||||||||||||
| Leisure Products | 70,688 | — | — | — | — | 70,688 | 2.4 | % | |||||||||||||||
| Machinery | 18,373 | — | — | — | — | 18,373 | 0.6 | % | |||||||||||||||
| Media | 88,533 | — | — | — | — | 88,533 | 3.0 | % | |||||||||||||||
| Personal Care Products | 10,634 | — | — | — | 4,866 | 15,500 | 0.6 | % | |||||||||||||||
| Pharmaceuticals | 129,846 | — | — | — | — | 129,846 | 4.4 | % | |||||||||||||||
| Professional Services | 70,109 | — | — | — | 16,409 | 86,518 | 2.9 | % | |||||||||||||||
| Software | 48,236 | 120,558 | — | — | — | 168,794 | 5.7 | % | |||||||||||||||
| Industry | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets Applicable to Common Stock | ||||||||||||||||
| Specialty Retail | 7,034 | — | — | — | — | 7,034 | 0.2 | % | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 73,414 | — | — | — | 44,241 | 117,655 | 4.0 | % | |||||||||||||||
| Structured Finance (A) | — | — | 14,010 | — | — | 14,010 | 0.4 | % | |||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 1,912,024 | $ | 579,660 | $ | 14,010 | $ | — | $ | 206,037 | $ | 2,711,731 | 91.7 | % | |||||||||
| Fair Value % of Net Assets | 64.6 | % | 19.6 | % | 0.5 | % | — | % | 7.0 | % | 91.7 | % | |||||||||||
| Total Portfolio | $ | 4,314,002 | $ | 636,363 | $ | 14,010 | $ | 5,392 | $ | 1,471,769 | $ | 6,441,536 | 217.7 | % | |||||||||
| Fair Value % of Net Assets | 145.8 | % | 21.5 | % | 0.5 | % | 0.2 | % | 49.7 | % | 217.7 | % | |||||||||||
| 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 | 9.02% | —% | 9.02% | (A) | ||||||||||
| Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan | 11.43% | —% | 11.43% | (A) | ||||||||||
| Belnick, LLC - First Lien Term Loan | 12.50% | —% | 12.50% | (B) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 3.85% | 9.08% | 12.93% | |||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 12.93% | —% | 12.93% | |||||||||||
| CP Energy Services Inc. - First Lien Term Loan | 12.93% | —% | 12.93% | |||||||||||
| CP Energy Services Inc. - Delayed Draw Term Loan | 12.93% | —% | 12.93% | |||||||||||
| CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 5.70% | 6.23% | 11.93% | (C) | ||||||||||
| CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC | 11.93% | —% | 11.93% | (C) | ||||||||||
| Druid City Infusion, LLC - First Lien Convertible Note | 2.00% | —% | 2.00% | |||||||||||
| Emerge Intermediate, Inc. - First Lien Term Loan | 4.00% | —% | 4.00% | (D) | ||||||||||
| First Brands Group - First Lien DIP Term Loan A | 8.45% | —% | 8.45% | |||||||||||
| First Tower Finance Company LLC - First Lien Term Loan | —% | 16.00% | 16.00% | (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 D | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan E | —% | 7.00% | 7.00% | |||||||||||
| Nationwide Loan Company LLC - Delayed Draw Term Loan | 10.00% | —% | 10.00% | (F) | ||||||||||
| Nationwide Loan Company LLC - Delayed Draw Term Loan | 10.00% | —% | 10.00% | (F) | ||||||||||
| New WPCC Parent, LLC. - Series A Preferred Interests | 13.00% | —% | 13.00% | |||||||||||
| Pacific World Corporation - First Lien Term Loan A | 6.62% | 1.35% | 7.97% | |||||||||||
| QC Holdings TopCo, LLC - Second Lien Term Loan | —% | 14.00% | 14.00% | (G) | ||||||||||
| QC Holdings TopCo, LLC - Second Lien Delayed Draw Term Loan | —% | 14.00% | 14.00% | (G) | ||||||||||
| Rising Tide Holdings, Inc. - First In Last Out Term Loan | 30.00% | —% | 30.00% | (H) | ||||||||||
| Rising Tide Holdings, Inc. - First In Last Out Term Loan | 20.00% | —% | 20.00% | (H) | ||||||||||
| 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% | |||||||||||
| ShiftKey, LLC - First Lien Term Loan | 0.50% | —% | 0.50% | |||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B | 2.00% | —% | 2.00% | |||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) - Class A Preferred Units of Taos Footwear Holdings, LLC | 8.00% | —% | 8.00% | |||||||||||
| STG Distribution, LLC - First Out First Lien Term Loan | 7.25% | —% | 7.25% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | —% | 5.00% | 5.00% | |||||||||||
| Universal Turbine Parts, LLC - Preferred A Units | 12.75% | —% | 12.75% | |||||||||||
| USES Corp. - First Lien Equipment Term Loan | 1.88% | 11.10% | 12.98% | (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% | |||||||||||
| Controlled Companies | Fair Value at June 30, 2025 | Gross Additions (Cost)(A) | Gross Reductions (Cost) (B) | Net unrealized gains (losses) | Fair Value at December 31, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
| Belnick, LLC (d/b/a The Ubique Group) | $ | 51,166 | $ | 5,723 | $ | — | $ | 19,375 | $ | 76,264 | $ | 5,724 | $ | — | $ | 25 | $ | — | |||||||||||
| CP Energy Services Inc. | 85,359 | 3,104 | — | (1,657) | 86,806 | 6,704 | — | — | — | ||||||||||||||||||||
| CP Energy - Spartan Energy Services, Inc. | 36,830 | 4,774 | — | 4,650 | 46,254 | 3,349 | — | — | — | ||||||||||||||||||||
| Credit Central Loan Company, LLC | 78,736 | 2,315 | — | 2,105 | 83,156 | 3,669 | — | — | — | ||||||||||||||||||||
| Echelon Transportation, LLC | 65,653 | — | (32,993) | (3,134) | 29,526 | 1,123 | — | — | — | ||||||||||||||||||||
| First Tower Finance Company LLC | 760,518 | 31 | (2,867) | 143,338 | 901,020 | 35,816 | — | — | — | ||||||||||||||||||||
| Freedom Marine Solutions, LLC | 11,660 | 350 | — | (128) | 11,882 | — | — | — | — | ||||||||||||||||||||
| InterDent, Inc. | 338,781 | 19,675 | — | (20,584) | 337,872 | 21,047 | — | — | — | ||||||||||||||||||||
| Kickapoo Ranch Pet Resort | 3,917 | — | — | (205) | 3,712 | 42 | — | — | — | ||||||||||||||||||||
| MITY, Inc. | 94,418 | 3,520 | — | (4,556) | 93,382 | 4,777 | — | 88 | 8 | ||||||||||||||||||||
| National Property REIT Corp. | 1,300,972 | 25,568 | (44,545) | (108,733) | 1,173,262 | 31,533 | — | — | — | ||||||||||||||||||||
| Nationwide Loan Company LLC | 36,780 | 515 | — | (5,899) | 31,396 | 516 | — | — | — | ||||||||||||||||||||
| NMMB, Inc. | 72,207 | — | — | 11,882 | 84,089 | 1,960 | — | — | 842 | ||||||||||||||||||||
| Pacific World Corporation | 107,970 | 16,138 | — | (16,482) | 107,626 | 4,994 | — | 300 | — | ||||||||||||||||||||
| QC Holdings TopCo, LLC | 77,286 | 1,706 | — | 16,680 | 95,672 | 6,779 | — | — | — | ||||||||||||||||||||
| R-V Industries, Inc. | 105,577 | 9,000 | — | (11,913) | 102,664 | 2,963 | 8,774 | — | — | ||||||||||||||||||||
| Strategic Chemical Solutions Corp. (f/k/a USES Corp.) | 14,518 | 544 | (66,219) | 61,865 | 10,708 | 1,433 | — | — | (66,219) | ||||||||||||||||||||
| Universal Turbine Parts, LLC | 102,728 | 2,017 | (118) | (2,398) | 102,229 | 3,114 | 2,017 | — | — | ||||||||||||||||||||
| Valley Electric Company, Inc. | 351,291 | — | — | (32,908) | 318,383 | 6,286 | 7,124 | 333 | — | ||||||||||||||||||||
| Total | $ | 3,696,367 | $ | 94,980 | $ | (146,742) | $ | 51,298 | $ | 3,695,903 | $ | 141,829 | $ | 17,915 | $ | 746 | $ | (65,369) | |||||||||||
| Affiliated Companies | Fair Value at June 30, 2025 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at December 31, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
| Nixon, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| RGIS Services, LLC | 27,057 | 1,099 | — | 5,746 | 33,902 | — | 985 | — | — | ||||||||||||||||||||
| Total | $ | 27,057 | $ | 1,099 | $ | — | $ | 5,746 | $ | 33,902 | $ | — | $ | 985 | $ | — | $ | — | |||||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 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 | 6/28/2024 | 834 | ||||||||
| Aventiv Technologies, LLC | Second Out Super Priority First Lien Term Loan | 3/4/2025 | 595 | ||||||||
| Aventiv Technologies, LLC | Super Priority Second Lien Term Loan | 1/2/2025 | 105 | ||||||||
| 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, 8/27/2025, 9/26/2025 | 8,714 | ||||||||
| 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 | ||||||||
| Cent CLO 21 Limited | Subordinated Structured Note | 7/12/2018 | 1,024 | ||||||||
| Collections Acquisition Company, Inc. | First Lien Term Loan | 1/13/2022, 3/14/2024, 10/30/2025 | 25,850 | ||||||||
| 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, 6/24/2025, 9/25/2025 | 7,400 | ||||||||
| 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, 6/24/2025, 9/25/2025, 12/17/2025 | 27,981 | ||||||||
| 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, 9/30/2025 | 48,310 | ||||||||
| Credit Central Loan Company, LLC | Class P Units | 1/27/2023 | 1,540 | ||||||||
| Discovery Point Retreat, LLC | First Lien Term Loan | 5/9/2025 | 3,700 | ||||||||
| 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 | ||||||||
| 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, 9/19/2025 | 8,880 | ||||||||
| 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, 5/30/2025, 6/27/2025 | 60,548 | ||||||||
| 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, 8/12/2025 | 43,443 | ||||||||
| 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 | ||||||||
| Help/Systems Holdings, Inc. (d/b/a Forta, LLC) | Second Lien Term Loan | 5/11/2021, 10/14/2021 | 54,649 | ||||||||
| Imperative 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 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 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, 5/27/2025, 6/23/2025, 9/25/2025, 12/23/2025 | 25,000 | ||||||||
| Interventional Management Services, LLC | First Lien Revolving Line of Credit | 2/25/2021, 11/17/2021 | 5,000 | ||||||||
| 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 | ||||||||
| Lucky US BuyerCo LLC | First Lien Revolving Line of Credit | 3/21/2024, 6/24/2024, 3/31/2025, 7/15/2025, 12/11/2025 | 2,520 | ||||||||
| 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, 4/4/2025, 10/29/2025 | 22,881 | ||||||||
| 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 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, 4/3/2025, 5/15/2025, 7/3/2025, 8/18/2025 | 959,035 | ||||||||
| National Property REIT Corp. | First Lien Term Loan E | 6/26/2024 | 35,300 | ||||||||
| New WPCC Parent, LLC | First Lien Term Loan | 7/8/2025, 7/9/2025, 9/26/2025 | 4,471 | ||||||||
| New WPCC Parent, LLC | Series A Preferred Interests | 9/4/2025, 9/11/2025, 9/12/2025, 11/14/2025, 12/17/2025 | 498 | ||||||||
| New WPCC Parent, LLC | Class A Common Interests | 11/14/2025, 12/17/2025 | 19 | ||||||||
| 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 | ||||||||
| 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, 7/31/2025, 8/15/2025, 9/12/2025, 12/19/2025 | 67,100 | ||||||||
| 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 | 10/21/2021 | 82,005 | ||||||||
| Precisely Software Incorporated | Second Lien Term Loan | 5/28/2021, 6/24/2021, 6/3/2022 | 59,333 | ||||||||
| Preventics, Inc. | First Lien Term Loan 2 | 4/30/2025 | 1,900 | ||||||||
| Preventics, Inc. | Preferred Units | 4/30/2025 | 38 | ||||||||
| Preventics, Inc. | Preferred Units | 4/30/2025 | 527 | ||||||||
| Recovery Solutions Parent, LLC | First Lien Term Loan | 6/27/2025, 7/8/2025 | 2,232 | ||||||||
| Recovery Solutions Parent, LLC | Common Stock | 5/30/2025, 9/4/2025, 9/5/2025, 9/11/2025, 9/15/2025, 9/25/2025, 11/21/2025 | 2,737 | ||||||||
| Redstone Holdco 2 LP | Second Lien Term Loan | 9/10/2021 | 17,903 | ||||||||
| RGIS Services, LLC | Membership Interest | 5/28/2024, 12/12/2025 | 2,532 | ||||||||
| RME Group Holding Company | First Lien Term Loan B | 12/29/2025 | 2,000 | ||||||||
| Rosa Mexicano | First Lien Revolving Line of Credit | 3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024, 8/12/2025, 11/3/2025 | 7,000 | ||||||||
| R-V Industries, Inc. | First Lien Term Loan | 3/4/2022, 9/25/2023, 11/24/2025 | 17,700 | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| Town & Country Holdings, Inc. | Common Stock | 10/18/2024, 12/30/2024, 1/6/2025, 1/9/2025, 5/7/2025, 7/11/2025, 10/1/2025 | 41,282 | ||||||||
| United Sporting Companies, Inc. | Second Lien Term Loan | 3/7/2013, 3/14/2024 | 59,325 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 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, 6/27/2025 | 6,716 | ||||||||
| 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 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 | ||||||||
| 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 | ||||||||
| 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 | — | ||||
| 2026 | — | ||||
| Counterparty | Contract | Currency Purchased (1) | Currency Sold | Settlement Date | Maturity Date Range | Derivative Asset Fair Value | % of Net Assets (2) | Derivative Liability Fair Value | % of Net Assets (2) | ||||||||||||||||||||
| Mizuho Capital Markets LLC | Foreign Currency Forward Contracts | ILS 700,776 | $ | 227,481 | 10/28/2025 | 3/24/2026 - 12/23/2030 | $ | 484 | — | % | $ | (968) | — | % | |||||||||||||||
| Industry(43) | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Amortized Cost Total | ||||||||||||||
| Control Investments | ||||||||||||||||||||
| Aerospace & Defense | $ | 55,028 | $ | — | $ | — | $ | — | $ | 32,500 | $ | 87,528 | ||||||||
| Commercial Services & Supplies | 146,539 | — | — | 7,200 | 27,349 | 181,088 | ||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 12,053 | 95,912 | ||||||||||||||
| Consumer Finance | 552,713 | 54,997 | — | — | 134,222 | 741,932 | ||||||||||||||
| Diversified Consumer Services | 700 | — | — | — | 2,378 | 3,078 | ||||||||||||||
| Energy Equipment & Services | 148,663 | — | — | — | 175,658 | 324,321 | ||||||||||||||
| Residential Real Estate Investment Trusts (REITs) | 902,617 | — | — | — | 20,030 | 922,647 | ||||||||||||||
| Health Care Providers & Services | 348,907 | — | — | — | 45,118 | 394,025 | ||||||||||||||
| Household Durables | 84,852 | — | — | — | 3,400 | 88,252 | ||||||||||||||
| Machinery | 47,322 | — | — | — | 6,866 | 54,188 | ||||||||||||||
| Marine Transport | — | — | — | — | 47,117 | 47,117 | ||||||||||||||
| Media | 29,723 | — | — | — | — | 29,723 | ||||||||||||||
| Personal Care Products | 114,318 | — | — | — | 221,795 | 336,113 | ||||||||||||||
| Trading Companies & Distributors | 54,739 | — | — | — | 55,581 | 110,320 | ||||||||||||||
| Total Control Investments | $ | 2,569,980 | $ | 54,997 | $ | — | $ | 7,200 | $ | 784,067 | $ | 3,416,244 | ||||||||
| Affiliate Investments | ||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 11,735 | $ | 11,735 | ||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 11,735 | $ | 11,735 | ||||||||
| Non-Control/Non-Affiliate Investments | ||||||||||||||||||||
| Air Freight & Logistics | $ | 109,924 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 204,924 | ||||||||
| Automobile Components | 21,906 | 67,023 | — | — | 25,802 | 114,731 | ||||||||||||||
| Capital Markets | — | 21,500 | — | — | — | 21,500 | ||||||||||||||
| Commercial Services & Supplies | 201,827 | 153,366 | — | — | 5,000 | 360,193 | ||||||||||||||
| Distributors | 277,714 | 86,309 | — | — | 33,382 | 397,405 | ||||||||||||||
| Diversified Consumer Services | 101,078 | — | — | — | — | 101,078 | ||||||||||||||
| Diversified Telecommunication Services | 195,805 | 59,071 | — | — | — | 254,876 | ||||||||||||||
| Electrical Equipment | 61,367 | — | — | — | — | 61,367 | ||||||||||||||
| Financial Services | 67,830 | — | — | — | — | 67,830 | ||||||||||||||
| Food Products | 18,560 | 131,653 | — | — | — | 150,213 | ||||||||||||||
| Health Care Providers & Services | 252,272 | 76,377 | — | — | 45,319 | 373,968 | ||||||||||||||
| Health Care Technology | 132,153 | — | — | — | — | 132,153 | ||||||||||||||
| Hotels, Restaurants & Leisure | 28,485 | — | — | — | — | 28,485 | ||||||||||||||
| Household Durables | 2,406 | 19,206 | — | — | — | 21,612 | ||||||||||||||
| Interactive Media & Services | 75,076 | — | — | — | — | 75,076 | ||||||||||||||
| IT Services | 34,038 | 69,188 | — | — | — | 103,226 | ||||||||||||||
| Leisure Products | 102,148 | — | — | — | 1 | 102,149 | ||||||||||||||
| Machinery | 47,172 | — | — | — | — | 47,172 | ||||||||||||||
| Media | 88,749 | — | — | — | — | 88,749 | ||||||||||||||
| Personal Care Products | 10,689 | — | — | — | 2,111 | 12,800 | ||||||||||||||
| Pharmaceuticals | 125,918 | — | — | — | — | 125,918 | ||||||||||||||
| Professional Services | 71,752 | — | — | — | 13,779 | 85,531 | ||||||||||||||
| Software | 48,478 | 132,022 | — | — | — | 180,500 | ||||||||||||||
| Specialty Retail | 8,178 | — | — | — | 23,898 | 32,076 | ||||||||||||||
| Textiles, Apparel & Luxury Goods | 67,011 | — | — | — | 17,139 | 84,150 | ||||||||||||||
| Structured Finance(A) | — | — | 37,840 | — | — | 37,840 | ||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 2,150,536 | $ | 910,715 | $ | 37,840 | $ | — | $ | 166,431 | $ | 3,265,522 | ||||||||
| Total Portfolio Investment Cost | $ | 4,720,516 | $ | 965,712 | $ | 37,840 | $ | 7,200 | $ | 962,233 | $ | 6,693,501 | ||||||||
| Industry(43) | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets Applicable to Common Stock | ||||||||||||||||
| Control Investments | |||||||||||||||||||||||
| Aerospace & Defense | $ | 55,028 | $ | — | $ | — | $ | — | $ | 47,700 | $ | 102,728 | 3.4 | % | |||||||||
| Commercial Services & Supplies | 74,281 | — | — | 5,403 | 29,252 | 108,936 | 3.7 | % | |||||||||||||||
| Construction & Engineering | 83,859 | — | — | — | 267,432 | 351,291 | 11.8 | % | |||||||||||||||
| Consumer Finance | 540,871 | 54,997 | — | — | 357,452 | 953,320 | 31.8 | % | |||||||||||||||
| Diversified Consumer Services | 700 | — | — | — | 3,217 | 3,917 | 0.1 | % | |||||||||||||||
| Energy Equipment & Services | 122,189 | — | — | — | — | 122,189 | 4.1 | % | |||||||||||||||
| Residential Real Estate Investment Trusts(REITs) | 902,617 | — | — | — | 398,355 | 1,300,972 | 43.6 | % | |||||||||||||||
| Health Care Providers & Services | 338,781 | — | — | — | — | 338,781 | 11.4 | % | |||||||||||||||
| Household Durables | 51,166 | — | — | — | — | 51,166 | 1.7 | % | |||||||||||||||
| Machinery | 47,322 | — | — | — | 58,255 | 105,577 | 3.5 | % | |||||||||||||||
| Marine Transport | — | — | — | — | 11,660 | 11,660 | 0.4 | % | |||||||||||||||
| Media | 29,723 | — | — | — | 42,484 | 72,207 | 2.4 | % | |||||||||||||||
| Personal Care Products | 107,970 | — | — | — | — | 107,970 | 3.6 | % | |||||||||||||||
| Trading Companies & Distributors | 54,739 | — | — | — | 10,914 | 65,653 | 2.2 | % | |||||||||||||||
| Total Control Investments | $ | 2,409,246 | $ | 54,997 | $ | — | $ | 5,403 | $ | 1,226,721 | $ | 3,696,367 | 123.7 | % | |||||||||
| Fair Value % of Net Assets | 80.6 | % | 1.8 | % | — | % | 0.2 | % | 41.1 | % | 123.7 | % | |||||||||||
| Affiliate Investments | |||||||||||||||||||||||
| Commercial Services & Supplies | $ | — | $ | — | $ | — | $ | — | $ | 27,057 | $ | 27,057 | 0.9 | % | |||||||||
| Total Affiliate Investments | $ | — | $ | — | $ | — | $ | — | $ | 27,057 | $ | 27,057 | 0.9 | % | |||||||||
| Fair Value % of Net Assets | — | % | — | % | — | % | — | % | 0.9 | % | 0.9 | % | |||||||||||
| Non-Control/Non-Affiliate Investments | |||||||||||||||||||||||
| Air Freight & Logistics | $ | 89,641 | $ | 95,000 | $ | — | $ | — | $ | — | $ | 184,641 | 6.1 | % | |||||||||
| Automobile Components | 20,695 | 60,965 | — | — | 612 | 82,272 | 2.7 | % | |||||||||||||||
| Capital Markets | — | 21,500 | — | — | — | 21,500 | 0.7 | % | |||||||||||||||
| Commercial Services & Supplies | 201,870 | 153,500 | — | — | 12,950 | 368,320 | 12.3 | % | |||||||||||||||
| Distributors | 255,555 | 12,897 | — | — | 1,255 | 269,707 | 9.1 | % | |||||||||||||||
| Diversified Consumer Services | 40,152 | — | — | — | — | 40,152 | 1.3 | % | |||||||||||||||
| Diversified Telecommunication Services | 191,162 | 7,387 | — | — | — | 198,549 | 6.6 | % | |||||||||||||||
| Electrical Equipment | 61,367 | — | — | — | — | 61,367 | 2.1 | % | |||||||||||||||
| Financial Services | 67,830 | — | — | — | — | 67,830 | 2.3 | % | |||||||||||||||
| Food Products | 15,071 | 130,895 | — | — | — | 145,966 | 4.9 | % | |||||||||||||||
| Health Care Providers & Services | 266,437 | 44,720 | — | — | 81,589 | 392,746 | 13.2 | % | |||||||||||||||
| Health Care Technology | 130,246 | — | — | — | — | 130,246 | 4.3 | % | |||||||||||||||
| Hotels, Restaurants & Leisure | 26,249 | — | — | — | — | 26,249 | 0.9 | % | |||||||||||||||
| Household Durables | 2,406 | 17,934 | — | — | — | 20,340 | 0.7 | % | |||||||||||||||
| Interactive Media & Services | 75,076 | — | — | — | — | 75,076 | 2.5 | % | |||||||||||||||
| IT Services | 33,873 | 41,746 | — | — | — | 75,619 | 2.5 | % | |||||||||||||||
| Leisure Products | 102,373 | — | — | — | — | 102,373 | 3.5 | % | |||||||||||||||
| Machinery | 46,337 | — | — | — | — | 46,337 | 1.5 | % | |||||||||||||||
| Media | 88,405 | — | — | — | — | 88,405 | 3.0 | % | |||||||||||||||
| Personal Care Products | 10,689 | — | — | — | 6,697 | 17,386 | 0.6 | % | |||||||||||||||
| Pharmaceuticals | 133,576 | — | — | — | — | 133,576 | 4.5 | % | |||||||||||||||
| Professional Services | 70,716 | — | — | — | 17,343 | 88,059 | 3.0 | % | |||||||||||||||
| Software | 48,490 | 124,265 | — | — | — | 172,755 | 5.7 | % | |||||||||||||||
| Industry(43) | 1st Lien Term Loan | 2nd Lien Term Loan | Subordinated Structured Notes | Unsecured Debt | Equity (B) | Fair Value Total | Fair Value % of Net Assets Applicable to Common Stock | ||||||||||||||||
| Specialty Retail | 5,914 | — | — | — | — | 5,914 | 0.2 | % | |||||||||||||||
| Textiles, Apparel & Luxury Goods | 69,402 | — | — | — | 30,303 | 99,705 | 3.3 | % | |||||||||||||||
| Structured Finance (A) | — | — | 35,002 | — | — | 35,002 | 1.1 | % | |||||||||||||||
| Total Non-Control/Non-Affiliate | $ | 2,053,532 | $ | 710,809 | $ | 35,002 | $ | — | $ | 150,749 | $ | 2,950,092 | 98.7 | % | |||||||||
| Fair Value % of Net Assets | 68.7 | % | 23.8 | % | 1.2 | % | — | % | 5.0 | % | 98.7 | % | |||||||||||
| Total Portfolio | $ | 4,462,778 | $ | 765,806 | $ | 35,002 | $ | 5,403 | $ | 1,404,527 | $ | 6,673,516 | 223.3 | % | |||||||||
| Fair Value % of Net Assets | 149.3 | % | 25.6 | % | 1.2 | % | 0.2 | % | 47.0 | % | 223.3 | % | |||||||||||
| 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% | —% | 9.65% | (A) | ||||||||||
| Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan | 12.06% | —% | 12.06% | (A) | ||||||||||
| Belnick, LLC - First Lien Term Loan | 13.06% | —% | 13.06% | (B) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan | —% | 13.56% | 13.56% | |||||||||||
| CP Energy Services Inc. - First Lien Term Loan | —% | 13.56% | 13.56% | |||||||||||
| CP Energy Services Inc. - First Lien Term Loan | —% | 13.56% | 13.56% | |||||||||||
| CP Energy Services Inc. - Delayed Draw Term Loan | 10.53% | 3.03% | 13.56% | |||||||||||
| CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC | —% | 12.56% | 12.56% | (C) | ||||||||||
| CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC | 3.94% | 8.62% | 12.56% | (C) | ||||||||||
| Credit Central Loan Company, LLC - First Lien Term Loan | 10.00% | —% | 10.00% | (D) | ||||||||||
| Credit.com Holdings, LLC - First Lien Term Loan A | 15.56% | —% | 15.56% | (E) | ||||||||||
| 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 | 0.08% | 14.92% | 15.00% | (F) | ||||||||||
| 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 D | —% | 2.00% | 2.00% | |||||||||||
| National Property REIT Corp. - First Lien Term Loan E | —% | 7.00% | 7.00% | |||||||||||
| Nationwide Loan Company LLC - Delayed Draw Term Loan | 10.00% | —% | 10.00% | (G) | ||||||||||
| Nationwide Loan Company LLC - Delayed Draw Term Loan | 10.00% | —% | 10.00% | (G) | ||||||||||
| New WPCC Parent, LLC. - First Lien Term Loan | —% | 8.00% | 8.00% | |||||||||||
| QC Holdings TopCo, LLC - Second Lien Term Loan | —% | 14.50% | 14.50% | (J) | ||||||||||
| Pacific World Corporation - First Lien Term Loan A | 7.07% | 1.51% | 8.58% | |||||||||||
| Recovery Solutions Parent, LLC - First Lien Term Loan | —% | 8.50% | 8.50% | (H) | ||||||||||
| STG Distribution, LLC - First Out First Lien Term Loan | 7.25% | —% | 7.25% | |||||||||||
| STG Distribution, LLC - Second Out First Lien Term Loan | 6.50% | —% | 6.50% | |||||||||||
| 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% | |||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B | 2.00% | —% | 2.00% | |||||||||||
| Town & Country Holdings, Inc. - First Lien Term Loan | —% | 5.00% | 5.00% | |||||||||||
| USES Corp. - First Lien Term Loan | —% | 13.59% | 13.59% | |||||||||||
| USES Corp. - First Lien Equipment Term Loan | 13.59% | —% | 13.59% | (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% | |||||||||||
| 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 June 30, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | |||||||||||||||||||||||
| Belnick, LLC (d/b/a The Ubique Group) | $ | — | $ | 76,346 | $ | — | $ | (25,180) | $ | 51,166 | (c) | $ | 2,748 | $ | — | $ | 33 | $ | — | |||||||||||||
| CP Energy Services Inc. | 70,721 | 15,174 | — | (536) | 85,359 | 12,550 | — | — | — | |||||||||||||||||||||||
| CP Energy - Spartan Energy Services, Inc. | 39,485 | 10,301 | — | (12,956) | 36,830 | 6,013 | — | — | — | |||||||||||||||||||||||
| Credit Central Loan Company, LLC | 79,230 | 7,949 | — | (8,443) | 78,736 | 8,711 | — | — | — | |||||||||||||||||||||||
| Echelon Transportation, LLC | 66,923 | 1,260 | (1,260) | (1,270) | 65,653 | 3,343 | — | — | — | |||||||||||||||||||||||
| First Tower Finance Company LLC | 605,928 | 27,616 | (437) | 127,411 | 760,518 | 65,954 | — | 421 | — | |||||||||||||||||||||||
| Freedom Marine Solutions, LLC | 12,651 | 975 | — | (1,966) | 11,660 | — | — | — | — | |||||||||||||||||||||||
| InterDent, Inc. | 463,883 | 32,479 | — | (157,581) | 338,781 | 39,207 | — | — | — | |||||||||||||||||||||||
| Kickapoo Ranch Pet Resort | 4,742 | — | (800) | (25) | 3,917 | 160 | — | — | — | |||||||||||||||||||||||
| MITY, Inc. | 85,583 | 4,265 | — | 4,570 | 94,418 | 9,336 | — | 107 | 12 | |||||||||||||||||||||||
| National Property REIT Corp. | 1,696,462 | 99,723 | (285,386) | (209,827) | 1,300,972 | 89,786 | — | 14,825 | — | |||||||||||||||||||||||
| Nationwide Loan Company LLC | 43,162 | 6,484 | — | (12,866) | 36,780 | 3,793 | — | — | — | |||||||||||||||||||||||
| NMMB, Inc. | 94,265 | — | — | (22,058) | 72,207 | 4,039 | — | — | 6,366 | |||||||||||||||||||||||
| Pacific World Corporation | 104,663 | 20,592 | (4,875) | (12,410) | 107,970 | 9,865 | — | 286 | — | |||||||||||||||||||||||
| QC Holdings TopCo, LLC | — | 77,286 | — | — | 77,286 | 37 | — | 2,319 | — | |||||||||||||||||||||||
| R-V Industries, Inc. | 102,402 | 10,000 | — | (6,825) | 105,577 | 5,558 | 8,774 | — | — | |||||||||||||||||||||||
| Universal Turbine Parts, LLC | 68,067 | 20,000 | (107) | 14,768 | 102,728 | 4,755 | — | 300 | — | |||||||||||||||||||||||
| USES Corp. | 17,989 | 8,638 | (2,300) | (9,809) | 14,518 | 2,775 | — | — | — | |||||||||||||||||||||||
| Valley Electric Company, Inc. | 316,419 | — | — | 34,872 | 351,291 | 12,677 | — | 666 | — | |||||||||||||||||||||||
| Total | $ | 3,872,575 | $ | 419,088 | $ | (295,165) | $ | (300,131) | $ | 3,696,367 | $ | 281,307 | $ | 8,774 | $ | 18,957 | $ | 6,378 | ||||||||||||||
| Affiliated Companies | Fair Value at June 30, 2024 | Gross Additions (Cost)(A) | Gross Reductions (Cost)(B) | Net unrealized gains (losses) | Fair Value at June 30, 2025 | Interest income | Dividend income | Other income | Net realized gains (losses) | ||||||||||||||||||||
| Nixon, Inc. | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
| RGIS Services, LLC | 18,069 | — | 141 | 8,847 | 27,057 | — | 681 | — | — | ||||||||||||||||||||
| Total | $ | 18,069 | $ | — | $ | 141 | $ | 8,847 | $ | 27,057 | $ | — | $ | 681 | $ | — | $ | — | |||||||||||
| 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 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 | 6/28/2024 | 834 | ||||||||
| Aventiv Technologies, LLC | Second Out Super Priority First Lien Term Loan | 3/4/2025 | 595 | ||||||||
| Aventiv Technologies, LLC | Super Priority Second Lien Term Loan | 1/2/2025 | 105 | ||||||||
| 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 | ||||||||
| Cent CLO 21 Limited | Subordinated Structured Note | 7/12/2018 | 1,024 | ||||||||
| Collections Acquisition Company, Inc. | First Lien Term Loan | 1/13/2022, 3/14/2024 | 15,800 | ||||||||
| 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, 6/24/2025 | 7,000 | ||||||||
| 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, 6/24/2025 | 25,181 | ||||||||
| 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 | ||||||||
| Discovery Point Retreat, LLC | First Lien Term Loan | 5/9/2025 | 3,700 | ||||||||
| 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, 5/30/2025, 6/27/2025 | 60,548 | ||||||||
| 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 | ||||||||
| Help/Systems Holdings, Inc. (d/b/a Forta, LLC) | Second Lien Term Loan | 5/11/2021, 10/14/2021 | 54,649 | ||||||||
| Imperative Worldwide, LLC | First Lien Term Loan | 10/26/2022, 6/1/2023, 9/30/2024 | 8,190 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| 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, 5/27/2025, 6/23/2025 | 14,000 | ||||||||
| Interventional Management Services, LLC | First Lien Revolving Line of Credit | 2/25/2021, 11/17/2021 | 5,000 | ||||||||
| 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, 4/4/2025 | 20,065 | ||||||||
| 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 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, 4/3/2025, 5/15/2025 | 933,468 | ||||||||
| 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 | ||||||||
| 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 | 10/21/2021 | 82,005 | ||||||||
| Precisely Software Incorporated | Second Lien Term Loan | 5/28/2021, 6/24/2021, 6/3/2022 | 59,333 | ||||||||
| Preventics, Inc. | First Lien Term Loan 2 | 4/30/2025 | 1,900 | ||||||||
| Preventics, Inc. | Preferred Units | 4/30/2025 | 38 | ||||||||
| Preventics, Inc. | Preferred Units | 4/30/2025 | 527 | ||||||||
| Recovery Solutions Parent, LLC | First Lien Term Loan | 6/27/2025 | 2,190 | ||||||||
| Recovery Solutions Parent, LLC | Common Stock | 5/30/2025 | 102 | ||||||||
| Redstone Holdco 2 LP | Second Lien Term Loan | 9/10/2021 | 17,903 | ||||||||
| RGIS Services, LLC | Membership Interest | 5/28/2024 | 1,432 | ||||||||
| 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 | ||||||||
| 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 | ||||||||
| Town & Country Holdings, Inc. | Common Stock | 10/18/2024, 12/30/2024, 1/6/2025, 1/9/2025, 5/7/2025 | 31,882 | ||||||||
| 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, 6/27/2025 | 6,716 | ||||||||
| 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 | ||||||||
| Portfolio Company | Investment | Follow-On Acquisition Dates | Follow-On Acquisitions (Excluding initial investment cost) | ||||||||
| USG Intermediate, LLC | First Lien Revolving Line of Credit | 7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/8/2021, 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 | ||||||||
| 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 | ||||||||
| 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 | — | ||||
| December 31, 2025 | June 30, 2025 | ||||||||||||||||||||||
| Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | 66,344 | $ | 62,712 | $ | 83,721 | $ | 81,551 | |||||||||||||||
First Lien Debt(1) | 4,494,856 | 4,251,290 | 4,636,795 | 4,381,227 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | 1,706 | 1,706 | — | — | |||||||||||||||||||
| Second Lien Debt | 811,958 | 634,657 | 965,712 | 765,806 | |||||||||||||||||||
| Unsecured Debt | 7,200 | 5,392 | 7,200 | 5,403 | |||||||||||||||||||
| Subordinated Structured Notes | 12,234 | 14,010 | 37,840 | 35,002 | |||||||||||||||||||
| Equity | 995,317 | 1,471,769 | 962,233 | 1,404,527 | |||||||||||||||||||
| Total Investments | $ | 6,389,615 | $ | 6,441,536 | $ | 6,693,501 | $ | 6,673,516 | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | — | $ | — | $ | 62,712 | $ | 62,712 | |||||||||||||||
First Lien Debt(1) | — | 1,649 | 4,249,641 | 4,251,290 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | 1,706 | 1,706 | |||||||||||||||||||
| Second Lien Debt | — | 18,387 | 616,270 | 634,657 | |||||||||||||||||||
| Unsecured Debt | — | — | 5,392 | 5,392 | |||||||||||||||||||
| Subordinated Structured Notes | — | — | 14,010 | 14,010 | |||||||||||||||||||
| Equity | — | — | 1,471,769 | 1,471,769 | |||||||||||||||||||
| Total Investments | $ | — | $ | 20,036 | $ | 6,421,500 | $ | 6,441,536 | |||||||||||||||
Derivative Instruments(2) | |||||||||||||||||||||||
| Foreign currency forward contracts - Assets | $ | — | $ | 484 | $ | — | $ | 484 | |||||||||||||||
| Total Foreign currency forward contracts - Assets | $ | — | $ | 484 | $ | — | $ | 484 | |||||||||||||||
| Foreign currency forward contracts - Liabilities | $ | — | $ | (968) | $ | — | $ | (968) | |||||||||||||||
| Total Foreign currency forward contracts - Liabilities | $ | — | $ | (968) | $ | — | $ | (968) | |||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| First Lien Revolving Line of Credit | $ | — | $ | — | $ | 81,551 | $ | 81,551 | |||||||||||||||
First Lien Debt(1) | — | 42,651 | 4,338,576 | 4,381,227 | |||||||||||||||||||
| Second Lien Revolving Line of Credit | — | — | — | — | |||||||||||||||||||
| Second Lien Debt | — | 39,434 | 726,372 | 765,806 | |||||||||||||||||||
| Unsecured Debt | — | — | 5,403 | 5,403 | |||||||||||||||||||
| Subordinated Structured Notes | — | — | 35,002 | 35,002 | |||||||||||||||||||
| Equity | — | — | 1,404,527 | 1,404,527 | |||||||||||||||||||
| Total Investments | $ | — | $ | 82,085 | $ | 6,591,431 | $ | 6,673,516 | |||||||||||||||
| 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 September 30, 2025 | $ | 69,867 | $ | 4,317,768 | $ | 1,706 | $ | 620,521 | $ | 5,291 | $ | 20,667 | $ | 1,444,996 | $ | 6,480,816 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (66,219) | — | (73,733) | 3 | (1,932) | — | (141,881) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized (losses) gains | (2,958) | 17,755 | — | 65,237 | 101 | 200 | 9,313 | 89,648 | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized (losses) gains | (2,958) | (48,464) | — | (8,496) | 104 | (1,732) | 9,313 | (52,233) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments | 9,321 | 25,270 | — | 6,784 | — | — | 13,252 | 54,627 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 631 | 13,794 | — | 1,313 | — | — | 4,208 | 19,946 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 3 | 2,219 | — | 135 | — | — | — | 2,357 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(3) | — | — | — | — | — | (4,925) | — | (4,925) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments | (14,152) | (60,946) | — | (3,987) | (3) | — | — | (79,088) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2025 | $ | 62,712 | $ | 4,249,641 | $ | 1,706 | $ | 616,270 | $ | 5,392 | $ | 14,010 | $ | 1,471,769 | $ | 6,421,500 | |||||||||||||||||||||||||||||||
| 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, 2025 | $ | 68,350 | $ | 4,351,777 | $ | — | $ | 726,372 | $ | 5,403 | $ | 35,002 | $ | 1,404,527 | $ | 6,591,431 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (66,215) | — | (73,733) | 8 | (4,672) | 842 | (143,770) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized (losses) gains | (2,617) | 43,916 | — | 56,398 | (11) | 4,615 | 34,158 | 136,459 | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized (losses) gains | (2,617) | (22,299) | — | (17,335) | (3) | (57) | 35,000 | (7,311) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 14,578 | 72,696 | 1,706 | 6,784 | — | — | 28,876 | 124,640 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 1,196 | 28,920 | — | 1,313 | — | — | 4,208 | 35,637 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | (20) | 2,691 | — | 318 | — | — | — | 2,989 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (20,296) | — | (20,296) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (18,775) | (206,100) | — | (88,232) | (8) | (639) | (842) | (314,596) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1)(3) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | — | — | (34,450) | — | — | — | (34,450) | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3(1) | — | 21,956 | — | 21,500 | — | — | — | 43,456 | |||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2025 | $ | 62,712 | $ | 4,249,641 | $ | 1,706 | $ | 616,270 | $ | 5,392 | $ | 14,010 | $ | 1,471,769 | $ | 6,421,500 | |||||||||||||||||||||||||||||||
| 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 September 30, 2024 | $ | 96,663 | $ | 4,714,369 | $ | — | $ | 826,848 | $ | 5,456 | $ | 473,792 | $ | 1,319,452 | $ | 7,436,580 | |||||||||||||||||||||||||||||||
| Net realized (losses) gains on investments | — | (9,278) | — | 30 | 3 | (37,733) | — | (46,978) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized (losses) gains | 472 | 10,830 | — | (69,880) | (338) | 114 | 19,753 | (39,049) | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) | 472 | 1,552 | — | (69,850) | (335) | (37,619) | 19,753 | (86,027) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 9,653 | 89,434 | — | (406) | — | — | 15,000 | 113,681 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 861 | 20,221 | — | 193 | — | — | — | 21,275 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 29 | 2,068 | — | 188 | — | — | — | 2,285 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (18,675) | — | (18,675) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (3,399) | (343,316) | — | (27,257) | (3) | (1,130) | — | (375,105) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2024 | $ | 104,279 | $ | 4,484,328 | $ | — | $ | 729,716 | $ | 5,118 | $ | 416,368 | $ | 1,354,205 | $ | 7,094,014 | |||||||||||||||||||||||||||||||
| 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 gains (losses) on investments | — | (9,275) | — | (48,088) | 4 | (96,663) | 6,366 | (147,656) | |||||||||||||||||||||||||||||||||||||||
| Net change in unrealized gains (losses) | 791 | 3,524 | 160 | (42,994) | (2,082) | 22,694 | (144,817) | (162,724) | |||||||||||||||||||||||||||||||||||||||
| Net realized and unrealized gains (losses) | 791 | (5,751) | 160 | (91,082) | (2,078) | (73,969) | (138,451) | (310,380) | |||||||||||||||||||||||||||||||||||||||
| Purchases of portfolio investments(3) | 24,019 | 330,983 | (5,147) | 727 | — | — | 15,249 | 365,831 | |||||||||||||||||||||||||||||||||||||||
| Payment-in-kind interest | 2,061 | 55,516 | — | 2,187 | — | — | — | 59,764 | |||||||||||||||||||||||||||||||||||||||
| Accretion of discounts and premiums, net | 38 | 3,785 | — | 879 | — | — | — | 4,702 | |||||||||||||||||||||||||||||||||||||||
| Decrease to Subordinated Structured Notes cost, net(4) | — | — | — | — | — | (40,026) | — | (40,026) | |||||||||||||||||||||||||||||||||||||||
| Repayments and sales of portfolio investments(3) | (4,027) | (427,265) | — | (225,076) | (4) | (1,327) | (6,226) | (663,925) | |||||||||||||||||||||||||||||||||||||||
| Transfers within Level 3(1) | (5,147) | (2,212) | — | 3,199 | — | — | 4,160 | — | |||||||||||||||||||||||||||||||||||||||
| Transfers out of Level 3(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
| Transfers into Level 3(1) | — | 9,456 | — | — | — | — | — | 9,456 | |||||||||||||||||||||||||||||||||||||||
| Fair value as of December 31, 2024 | $ | 104,279 | $ | 4,484,328 | $ | — | $ | 729,716 | $ | 5,118 | $ | 416,368 | $ | 1,354,205 | $ | 7,094,014 | |||||||||||||||||||||||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||||||||||||||||||||||||||
| Cost | Fair Value | % of Portfolio | Cost | Fair Value | % of Portfolio | ||||||||||||||||||||||||||||||
| Equity Real Estate Investment Trusts (REITs) | $ | 903,670 | $ | 1,173,262 | 18.2 | % | $ | 922,647 | $ | 1,300,972 | 19.5 | % | |||||||||||||||||||||||
| Consumer Finance | 743,632 | 1,111,244 | 17.3 | % | 741,932 | 953,320 | 14.3 | % | |||||||||||||||||||||||||||
| Healthcare Providers & Services | 813,788 | 783,928 | 12.2 | % | 767,993 | 731,527 | 11.0 | % | |||||||||||||||||||||||||||
| All Other Industries | 3,928,525 | 3,373,102 | 52.3 | % | 4,260,929 | 3,687,697 | 55.2 | % | |||||||||||||||||||||||||||
| Total | $ | 6,389,615 | $ | 6,441,536 | 100.0 | % | $ | 6,693,501 | $ | 6,673,516 | 100.0 | % | |||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| First Lien Debt | $ | 1,439,619 | Discounted cash flow (Yield analysis) | Market yield | 6.7% | to | 27.9% | 11.5% | ||||||||||||||||||||||||||||||
| First Lien Debt | 883,640 | Discounted cash flow | Discount Rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.1% | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 674,343 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.3x | to | 12.8x | 9.9x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 15.5% | to | 35.0% | 16.9% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 449,336 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.5x | to | 4.0x | 4.0x | |||||||||||||||||||||||||||||||
| Earnings multiple | 8.8x | to | 13.3x | 12.5x | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 433,362 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.0x | to | 14.0x | 9.4x | |||||||||||||||||||||||||||||||
| First Lien Debt | 281,879 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.3x | 1.6x | |||||||||||||||||||||||||||||||
| First Lien Debt | 83,156 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.4x | to | 2.2x | 2.2x | |||||||||||||||||||||||||||||||
| First Lien Debt | 21,746 | Enterprise value waterfall | Sale Proceeds | n/a | n/a | |||||||||||||||||||||||||||||||||
| First Lien Debt | 16,352 | Discounted cash flow (Yield analysis) | Market yield | 13.1% | to | 13.1% | 13.1% | |||||||||||||||||||||||||||||||
| Option Pricing Model | Expected volatility | 50.0% | to | 60.0% | 60.0% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 11,178 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 10.0% | to | 30.0% | 15.3% | |||||||||||||||||||||||||||||||
| First Lien Debt | 10,708 | Enterprise value waterfall (Market approach) | Revenue multiple | 1.0x | to | 1.5x | 1.5x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 18.5% | to | 20.5% | 18.5% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 7,034 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 0.5x | 0.4x | |||||||||||||||||||||||||||||||
| Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||||
| Second Lien Debt | 502,494 | Discounted cash flow (Yield analysis) | Market yield | 10.9% | to | 23.9% | 13.8% | |||||||||||||||||||||||||||||||
| Second Lien Debt | 98,988 | Enterprise value waterfall (Market approach) | EBITDA multiple | 6.0x | to | 8.0x | 7.2x | |||||||||||||||||||||||||||||||
| Second Lien Debt | 8,590 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 7,904 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.3x | to | 7.8x | 6.0x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.5% | to | 16.5% | 15.5% | |||||||||||||||||||||||||||||||||
| Subordinated Structured Notes | 14,010 | Discounted cash flow | Discount rate (2) | 12.3% | to | 13.0% | 12.6% | |||||||||||||||||||||||||||||||
| Unsecured Debt | 5,392 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.5x | to | 6.8x | 6.8x | |||||||||||||||||||||||||||||||
| Preferred Equity | 108,644 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.3x | to | 14.0x | 8.5x | |||||||||||||||||||||||||||||||
| Preferred Equity | 32,560 | Option Pricing Model | Expected volatility | 60.0% | to | 70.0% | 70.0% | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Market approach) | EBITDA multiple | 5.5x | to | 7.3x | 6.8x | |||||||||||||||||||||||||||||||||
| Preferred Equity | 7,780 | Enterprise value waterfall | Sale Proceeds | n/a | n/a | |||||||||||||||||||||||||||||||||
| Preferred Equity | 4,866 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.3x | 1.1x | |||||||||||||||||||||||||||||||
| Liquidation Trust | 8,839 | Deficiency claim analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 476,402 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.5x | to | 11.0x | 8.6x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 451,684 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.5x | to | 4.0x | 4.0x | |||||||||||||||||||||||||||||||
| Earnings multiple | 8.8x | to | 13.3x | 12.5x | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 257,429 | Discounted cash flow | Discount rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.1% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 54,366 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 12.8x | 10.5x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 16.0% | to | 35.0% | 33.0% | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 23,930 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 10.0% | to | 30.0% | 15.6% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (3) | 23,403 | Discounted cash flow | Discount rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.1% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 11,882 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (1) | 8,790 | Enterprise value waterfall | Discount rate (2) | —% | to | —% | —% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 1,194 | Discounted cash flow | Discount Rate | 21.3% | to | 22.3% | 21.3% | |||||||||||||||||||||||||||||||
| Total Level 3 Investments | $ | 6,421,500 | ||||||||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| First Lien Debt | $ | 1,605,991 | Discounted cash flow (Yield analysis) | Market yield | 7.8% | to | 28.9% | 11.8% | ||||||||||||||||||||||||||||||
| First Lien Debt | 902,617 | Discounted cash flow | Discount Rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 630,095 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.8x | to | 12.8x | 10.6x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.5% | to | 38.8% | 17.2% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 452,172 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.0x | to | 3.5x | 3.5x | |||||||||||||||||||||||||||||||
| Earnings multiple | 8.0x | to | 12.5x | 12.5x | ||||||||||||||||||||||||||||||||||
| First Lien Debt | 351,480 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.0x | to | 11.5x | 9.8x | |||||||||||||||||||||||||||||||
| First Lien Debt | 236,073 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.7x | |||||||||||||||||||||||||||||||
| First Lien Debt | 78,736 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 1.4x | to | 2.2x | 2.2x | |||||||||||||||||||||||||||||||
| First Lien Debt | 54,739 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 6.0% | to | 8.0% | 6.0% | |||||||||||||||||||||||||||||||
| Enterprise value waterfall | Indicative bid estimate | n/a | n/a | |||||||||||||||||||||||||||||||||||
| First Lien Debt | 49,114 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.4x | to | 1.6x | 0.9x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 15.5% | to | 31.0% | 17.8% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 30,673 | Discounted cash flow (Yield analysis) | Market yield | 26.4% | to | 26.4% | 26.4% | |||||||||||||||||||||||||||||||
| 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 | 11,852 | Discounted cash flow (Yield analysis) | Market yield | 17.2% | to | 17.2% | 17.2% | |||||||||||||||||||||||||||||||
| Option Pricing Model | Expected volatility | 45.0% | to | 55.0% | 55.0% | |||||||||||||||||||||||||||||||||
| First Lien Debt | 10,663 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 10.0% | to | 30.0% | 15.3% | |||||||||||||||||||||||||||||||
| First Lien Debt | 5,922 | Option Pricing Model | Expected volatility | 30.0% | to | 40.0% | 40.0% | |||||||||||||||||||||||||||||||
| Second Lien Debt | 651,091 | Discounted cash flow (Yield analysis) | Market yield | 11.0% | to | 48.5% | 15.6% | |||||||||||||||||||||||||||||||
| Second Lien Debt | 54,997 | Enterprise value waterfall | Purchase price | n/a | n/a | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 12,897 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Second Lien Debt | 7,387 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.8x | to | 7.8x | 6.3x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 14.5% | to | 16.5% | 15.5% | |||||||||||||||||||||||||||||||||
| Subordinated Structured Notes | 35,002 | Discounted cash flow | Discount rate (2) | 16.0% | to | 60.2% | 17.7% | |||||||||||||||||||||||||||||||
| Unsecured Debt | 5,403 | Enterprise value waterfall (Market approach) | EBITDA multiple | 5.8x | to | 7.0x | 7.0x | |||||||||||||||||||||||||||||||
| Preferred Equity | 89,912 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.3x | to | 11.3x | 8.9x | |||||||||||||||||||||||||||||||
| Preferred Equity | 21,092 | Option Pricing Model | Expected volatility | 55.0% | to | 70.0% | 65.2% | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Market approach) | EBITDA multiple | 3.3x | to | 6.8x | 5.3x | |||||||||||||||||||||||||||||||||
| Preferred Equity | 10,914 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 6.0% | to | 8.0% | 6.0% | |||||||||||||||||||||||||||||||
| Enterprise value waterfall | Indicative bid estimate | n/a | n/a | |||||||||||||||||||||||||||||||||||
| Preferred Equity | 6,697 | Enterprise value waterfall (Market approach) | Revenue multiple | 0.3x | to | 2.0x | 1.1x | |||||||||||||||||||||||||||||||
| Liquidation Trust | 6,500 | Deficiency claim analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Unobservable Input | ||||||||||||||||||||||||||||||||||||||
| Asset Category | Fair Value | Primary Valuation Approach or Technique | Input | Range | Weighted Average (4) | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 454,847 | Enterprise value waterfall (Market approach) | EBITDA multiple | 4.5x | to | 11.5x | 10.2x | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 354,269 | Discounted cash flow | Discount rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 308,346 | Enterprise value waterfall (Market approach) | Tangible book value multiple | 3.0x | to | 3.5x | 3.5x | |||||||||||||||||||||||||||||||
| Earnings multiple | 8.0x | to | 12.5x | 12.5x | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 42,484 | Enterprise value waterfall (Market approach) | EBITDA multiple | 7.0x | to | 12.8x | 11.8x | |||||||||||||||||||||||||||||||
| Enterprise value waterfall (Discounted cash flow) | Discount rate | 16.0% | to | 38.8% | 36.8% | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (3) | 32,206 | Discounted cash flow | Discount rate | 6.5% | to | 10.3% | 7.3% | |||||||||||||||||||||||||||||||
| Terminal Cap Rate | 5.3% | to | 8.3% | 6.0% | ||||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 26,817 | Enterprise value waterfall (Discounted cash flow) | Discount rate | 10.0% | to | 30.0% | 15.5% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 22,289 | Enterprise value waterfall | Purchase price | n/a | n/a | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants (1) | 11,880 | Enterprise value waterfall | Discount rate (2) | 12.3% | to | 16.0% | 13.0% | |||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 11,660 | Asset recovery analysis | Recoverable amount | n/a | n/a | |||||||||||||||||||||||||||||||||
| Common Equity/Interests/Warrants | 4,614 | Enterprise value waterfall (Discounted cash flow) | Discount Rate | 20.0% | to | 30.0% | 20.5% | |||||||||||||||||||||||||||||||
| Total Level 3 Investments | $ | 6,591,431 | ||||||||||||||||||||||||||||||||||||
| 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 Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,010 | |||||||||||||||||||||||||||
| 12 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,139 | |||||||||||||||||||||||||||
| 13 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 29,714 | |||||||||||||||||||||||||||
| 14 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,265 | |||||||||||||||||||||||||||
| 15 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 149,203 | |||||||||||||||||||||||||||
| 16 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 86,262 | |||||||||||||||||||||||||||
| 17 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,027 | |||||||||||||||||||||||||||
| 18 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 52,746 | |||||||||||||||||||||||||||
| 19 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,248 | |||||||||||||||||||||||||||
| 20 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 34,851 | |||||||||||||||||||||||||||
| 21 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,160 | |||||||||||||||||||||||||||
| 22 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,134 | |||||||||||||||||||||||||||
| 23 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 29,883 | |||||||||||||||||||||||||||
| 24 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 46,925 | |||||||||||||||||||||||||||
| 25 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
| 26 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
| 27 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 76,124 | |||||||||||||||||||||||||||
| 28 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
| 29 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 38,843 | |||||||||||||||||||||||||||
| 30 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,806 | |||||||||||||||||||||||||||
| 31 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,399 | |||||||||||||||||||||||||||
| 32 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
| 33 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
| 34 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
| 35 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 18,715 | |||||||||||||||||||||||||||
| 36 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
| 37 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 42,975 | |||||||||||||||||||||||||||
| 38 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 17,955 | |||||||||||||||||||||||||||
| 39 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 33,203 | |||||||||||||||||||||||||||
| 40 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 38,601 | |||||||||||||||||||||||||||
| 41 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 106,850 | |||||||||||||||||||||||||||
| 42 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 70,723 | |||||||||||||||||||||||||||
| 43 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
| 44 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 36,893 | |||||||||||||||||||||||||||
| 45 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,831 | |||||||||||||||||||||||||||
| 46 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,537 | |||||||||||||||||||||||||||
| 47 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 48 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | $ | 27,500 | $ | 17,656 | |||||||||||||||||||||||||
| 49 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
| 50 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
| 51 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
| 52 | Terraces at Perkins Rowe JV LLC | Baton Rouge, LA | 11/14/2022 | 41,400 | 29,566 | |||||||||||||||||||||||||||
| 53 | NPRC Apex Holdings LLC | Cincinnati, OH | 1/19/2024 | 34,225 | 27,712 | |||||||||||||||||||||||||||
| 54 | NPRC Parkton Holdings LLC | Cincinnati, OH | 1/19/2024 | 45,775 | 37,090 | |||||||||||||||||||||||||||
| $ | 2,304,316 | $ | 1,996,887 | |||||||||||||||||||||||||||||
| 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 | 40,312 | |||||||||||||||||||||||||||
| 12 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,112 | |||||||||||||||||||||||||||
| 13 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,272 | |||||||||||||||||||||||||||
| 14 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 30,016 | |||||||||||||||||||||||||||
| 15 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,323 | |||||||||||||||||||||||||||
| 16 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 150,423 | |||||||||||||||||||||||||||
| 17 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 87,031 | |||||||||||||||||||||||||||
| 18 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,156 | |||||||||||||||||||||||||||
| 19 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 53,231 | |||||||||||||||||||||||||||
| 20 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,417 | |||||||||||||||||||||||||||
| 21 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 35,185 | |||||||||||||||||||||||||||
| 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 | 25,075 | |||||||||||||||||||||||||||
| 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 | 47,274 | |||||||||||||||||||||||||||
| 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 | 77,261 | |||||||||||||||||||||||||||
| 30 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,329 | |||||||||||||||||||||||||||
| 31 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,313 | |||||||||||||||||||||||||||
| 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 | 18,906 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 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 | 36,704 | |||||||||||||||||||||||||||
| 49 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,673 | |||||||||||||||||||||||||||
| 50 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,383 | |||||||||||||||||||||||||||
| 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 | $ | 2,191,789 | |||||||||||||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 173,585 | $ | 130,893 | $ | 314,479 | $ | 241,622 | |||||||||||||||
| Operating expenses | (53,792) | (62,806) | (108,890) | (120,932) | |||||||||||||||||||
| Operating income | 119,793 | 68,087 | 205,589 | 120,690 | |||||||||||||||||||
| Interest expense | (42,438) | (63,808) | (86,223) | (126,237) | |||||||||||||||||||
| Depreciation and amortization | (25,948) | (26,282) | (52,495) | (56,342) | |||||||||||||||||||
| Fair value adjustment | (1,662) | (2,730) | (4,304) | (7,406) | |||||||||||||||||||
| Net Income (loss) | $ | 49,745 | $ | (24,733) | $ | 62,567 | $ | (69,295) | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 92,377 | $ | 81,076 | $ | 180,511 | $ | 158,517 | |||||||||||||||
| Gross profit | $ | 30,069 | $ | 19,624 | $ | 56,087 | $ | 38,443 | |||||||||||||||
| Net Profit (loss) | $ | 5,635 | $ | (2,338) | $ | 8,878 | $ | (5,126) | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| Summary Statement of Operations | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| Total income | $ | 80,498 | $ | 81,898 | $ | 162,864 | $ | 160,295 | |||||||||||||||
| Gross profit | 11,672 | 15,678 | 24,389 | 27,297 | |||||||||||||||||||
| Net (loss) | $ | (11,014) | $ | (5,773) | $ | (22,658) | $ | (18,483) | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Average stated interest rate | 6.03% | 6.77% | 6.21% | 7.08% | |||||||||||||||||||
| Average outstanding balance | $ | 785,667 | $ | 741,064 | $ | 855,532 | $ | 794,322 | |||||||||||||||
| Derivative Instruments | Notional Amount to be Purchased | Notional Amount to be Sold | Maturity Date Range | Gross Fair Value of Recognized Assets | Consolidated Statement of Assets and Liabilities Location | Gross Fair Value Amount of Recognized Liabilities | Consolidated Statement of Assets and Liabilities Location | |||||||||||||||||||||||||||||||||||||
| Forward Contracts designated as cash flow hedging instruments | ILS 155,066 | $ | 48,958 | March 24, 2026 - December 23, 2030 | $ | 484 | Derivative Assets | $ | (17) | Derivative Liabilities | ||||||||||||||||||||||||||||||||||
| Forward Contracts designated as fair value hedging instruments | ILS 545,710 | $ | 178,523 | December 31, 2030 | $ | — | Derivative Assets | $ | (951) | Derivative Liabilities | ||||||||||||||||||||||||||||||||||
| $ | 484 | $ | (968) | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||||
| Derivative Instruments | Consolidated Statement of Operations Location | Effect of Derivative Instruments | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Forward Contracts designated as cash flow hedging instruments | Interest Expense | Total gain (loss) reclassified from accumulated other comprehensive income (loss) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
Forward Contracts designated as fair value hedging instruments (1) | Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions | Gain (loss) recognized in Income | $ | 3,645 | $ | — | $ | 3,645 | $ | — | ||||||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 11,846 | 6.25% – 7.50% | 6.58% | July 15, 2028 – January 15, 2029 | |||||||||||||||||||||
| 5 | 2,143 | 6.50% – 7.75% | 7.06% | July 15, 2030 – January 15, 2031 | ||||||||||||||||||||||
| 7 | 3,370 | 6.75% – 8.00% | 7.49% | July 15, 2032 – January 15, 2033 | ||||||||||||||||||||||
| $ | 17,359 | |||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 55,876 | 6.50% - 7.25% | 6.93% | July 15, 2027 – December 15, 2027 | |||||||||||||||||||||
| 5 | 46,165 | 6.75% - 7.50% | 7.16% | July 15, 2029 – December 15, 2029 | ||||||||||||||||||||||
| 10 | 41,452 | 7.00% - 7.75% | 7.39% | July 15, 2034 – December 15, 2034 | ||||||||||||||||||||||
| $ | 143,493 | |||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 113,504 | 6.00% – 7.50% | 7.26% | January 15, 2027 – January 15, 2029 | |||||||||||||||||||||
| 5 | 193,983 | 2.25% – 7.75% | 5.57% | January 15, 2026 – January 15, 2031 | ||||||||||||||||||||||
| 6 | 18,232 | 3.00% – 6.25% | 3.91% | June 15, 2027 – November 15, 2029 | ||||||||||||||||||||||
| 7 | 38,290 | 2.75% – 8.00% | 4.73% | January 15, 2028 – January 15, 2033 | ||||||||||||||||||||||
| 8 | 3,090 | 3.40% – 3.50% | 3.74% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
| 10 | 162,162 | 3.15% – 8.00% | 6.12% | August 15, 2029 – December 15, 2034 | ||||||||||||||||||||||
| 12 | 12,592 | 3.70% – 4.00% | 4.20% | June 15, 2033 – July 15, 2033 | ||||||||||||||||||||||
| 15 | 13,099 | 3.50% – 4.50% | 4.08% | July 15, 2036 – February 15, 2037 | ||||||||||||||||||||||
| 18 | 2,852 | 4.50% – 5.50% | 5.21% | January 15, 2031 – April 15, 2031 | ||||||||||||||||||||||
| 20 | 3,864 | 5.75% – 7.50% | 6.43% | November 15, 2032 – November 15, 2043 | ||||||||||||||||||||||
| 25 | 7,198 | 6.25% – 6.50% | 6.58% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
| 30 | 68,366 | 4.00% – 6.63% | 5.59% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
| Principal Outstanding | $ | 637,232 | ||||||||||||||||||||||||
| Unamortized Debt Issuance | (7,982) | |||||||||||||||||||||||||
| Carrying Amount | $ | 629,250 | ||||||||||||||||||||||||
| Tenor at Origination (in years) | Principal Amount | Interest Rate Range | Weighted Average Interest Rate | Maturity Date Range | ||||||||||||||||||||||
| 3 | $ | 123,367 | 5.00% - 7.50% | 6.75% | October 15, 2025 – July 15, 2028 | |||||||||||||||||||||
| 5 | 192,095 | 2.25% - 7.75% | 5.26% | January 15, 2026 – July 15, 2030 | ||||||||||||||||||||||
| 6 | 18,312 | 3.00% - 6.25% | 3.56% | June 15, 2027 – November 15, 2029 | ||||||||||||||||||||||
| 7 | 35,069 | 2.75% - 8.00% | 4.14% | January 15, 2028 – July 15, 2032 | ||||||||||||||||||||||
| 8 | 3,190 | 3.40% - 3.50% | 3.45% | June 15, 2029 – July 15, 2029 | ||||||||||||||||||||||
| 10 | 163,288 | 3.15% - 8.00% | 5.86% | August 15, 2029 – December 15, 2034 | ||||||||||||||||||||||
| 12 | 13,404 | 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 | 7,287 | 6.25% - 6.50% | 6.37% | November 15, 2038 – May 15, 2039 | ||||||||||||||||||||||
| 30 | 70,776 | 4.00% - 6.63% | 5.38% | November 15, 2042 – March 15, 2052 | ||||||||||||||||||||||
| Principal Outstanding | $ | 647,232 | ||||||||||||||||||||||||
| Unamortized debt issuance | (8,687) | |||||||||||||||||||||||||
| Carrying Amount | $ | 638,545 | ||||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| Credit Facility | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 512,343 | $ | 12,578 | — | — | ||||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 856,322 | 7,846 | — | — | ||||||||||||||||||||||
| 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) | — | — | — | — | ||||||||||||||||||||||
| 2016 Notes(4) | ||||||||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | $ | 167,500 | $ | 2,269 | — | — | ||||||||||||||||||||
| 2017 Notes(5) | ||||||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | $ | 50,734 | $ | 2,251 | — | — | ||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 129,500 | 2,269 | — | — | ||||||||||||||||||||||
| 2018 Notes(6) | ||||||||||||||||||||||||||
| Fiscal 2017 (as of June 30, 2017) | $ | 85,419 | $ | 2,251 | — | — | ||||||||||||||||||||
| Fiscal 2016 (as of June 30, 2016) | 200,000 | 2,269 | — | — | ||||||||||||||||||||||
| 2019 Notes(7) | ||||||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
5.00% 2019 Notes(8) | ||||||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| 2020 Notes(11) | ||||||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| 2022 Notes(15) | ||||||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| 2023 Notes(9)(16) | ||||||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| 2024 Notes(12) | ||||||||||||||||||||||||||
| 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) | $ | 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(9)(17) | ||||||||||||||||||||||||||
| 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(18) | ||||||||||||||||||||||||||
| 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(19) | ||||||||||||||||||||||||||
| 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 2026 (as of December 31, 2025) | $ | 267,533 | $ | 3,450 | — | — | ||||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 300,000 | 3,194 | — | — | ||||||||||||||||||||||
| 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 2026 (as of December 31, 2025) | $ | 279,750 | $ | 3,450 | — | — | ||||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 300,000 | 3,194 | — | — | ||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| 2028 Notes(13) | ||||||||||||||||||||||||||
| 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(14) | ||||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
5.50% 2030 Notes(20) | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 171,282 | $ | 3,450 | — | — | ||||||||||||||||||||
| Prospect Capital InterNotes® | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 637,232 | $ | 3,450 | — | — | ||||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 647,232 | 3,194 | — | — | ||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
Floating Rate Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 225,865 | $ | 44 | $ | 25 | $ | — | ||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 229,771 | 43 | 25 | — | ||||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 129,198 | 46 | 25 | — | ||||||||||||||||||||||
7.50% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 93,029 | $ | 44 | $ | 25 | $ | — | ||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 51,575 | 43 | 25 | — | ||||||||||||||||||||||
6.50% Preferred Stock | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 639,859 | $ | 44 | $ | 25 | $ | — | ||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 659,069 | 43 | 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 2026 (as of December 31, 2025) | $ | 674,034 | $ | 44 | $ | 25 | — | |||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 701,205 | 43 | 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 2026 (as of December 31, 2025) | $ | 131,279 | $ | 44 | $ | 25 | $ | 16.49 | ||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 131,279 | 43 | 25 | 17.12 | ||||||||||||||||||||||
| 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(9)(10) | ||||||||||||||||||||||||||
Fiscal 2026 (as of December 31, 2025) | $ | 3,632,206 | $ | 1,774 | — | — | ||||||||||||||||||||
| Fiscal 2025 (as of June 30, 2025) | 3,876,453 | 1,733 | — | — | ||||||||||||||||||||||
| Fiscal 2024 (as of June 30, 2024) | 4,191,646 | 1,848 | — | — | ||||||||||||||||||||||
| Fiscal 2023 (as of June 30, 2023) | 4,162,766 | 1,862 | — | — | ||||||||||||||||||||||
| Fiscal 2022 (as of June 30, 2022) | 3,509,353 | 2,156 | — | — | ||||||||||||||||||||||
| Total Amount Outstanding(1) | Asset Coverage per Unit(2) | Involuntary Liquidating Preference per Unit | Average Market Value per Unit(3) | |||||||||||||||||||||||
| 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 | — | — | ||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 512,343 | $ | 16,466 | $ | 512,343 | (1) | $ | 512,343 | (2) | 1M SOFR + | 2.05% | (5) | |||||||||||||||||||||||||
| 3.364% | 2026 Notes | 267,533 | 1,121 | 266,412 | 261,425 | (3) | 3.89 | % | (6) | |||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 279,750 | 3,639 | 276,111 | 247,565 | (3) | 3.95 | % | (6) | |||||||||||||||||||||||||||||
| 5.50% | 2030 Notes | 171,282 | 7,702 | 163,580 | 163,643 | (3) | 6.76 | % | (6) | |||||||||||||||||||||||||||||
| Public Notes | 718,565 | 706,103 | 672,633 | |||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 637,232 | 7,982 | 629,250 | 608,413 | (4) | 5.87 | % | (7) | ||||||||||||||||||||||||||||||
| Total | $ | 1,868,140 | $ | 1,847,696 | $ | 1,793,389 | ||||||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | ||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 856,322 | $ | 18,842 | $ | 856,322 | (1) | $ | 856,322 | (2) | 1M SOFR + | 2.05 | % | (5) | ||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 2,019 | 297,981 | 286,707 | (3) | 3.87 | % | (6) | |||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 4,537 | 295,463 | 268,671 | (3) | 3.93 | % | (6) | |||||||||||||||||||||||||||||
| Public Notes | 600,000 | 593,444 | 555,378 | |||||||||||||||||||||||||||||||||||
Prospect Capital InterNotes® | 647,232 | 8,687 | 638,545 | 607,339 | (4) | 5.85 | % | (7) | ||||||||||||||||||||||||||||||
| Total | $ | 2,103,554 | $ | 2,088,311 | $ | 2,019,039 | ||||||||||||||||||||||||||||||||
| Payments Due by Fiscal Year ending June 30, | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | After 5 Years | |||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 512,343 | $ | — | $ | — | $ | — | $ | 512,343 | $ | — | $ | — | |||||||||||||||||||||||||||
| Public Notes | 718,565 | — | 267,533 | — | 279,750 | — | 171,282 | ||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 637,232 | 29,418 | 114,543 | 74,888 | 84,870 | 70,443 | 263,070 | ||||||||||||||||||||||||||||||||||
| Total Contractual Obligations | $ | 1,868,140 | $ | 29,418 | $ | 382,076 | $ | 74,888 | $ | 876,963 | $ | 70,443 | $ | 434,352 | |||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Amount ($ per share), before pro ration for partial periods | Amount Distributed | ||||||||||||||||||||||
5.50% Preferred Stockholders | ||||||||||||||||||||||||||
| 5/8/2025 | 7/23/2025 | 8/1/2025 | $ | 0.114583 | $ | 3,196 | ||||||||||||||||||||
| 5/8/2025 | 8/20/2025 | 9/2/2025 | 0.114583 | 3,175 | ||||||||||||||||||||||
| 8/26/2025 | 9/18/2025 | 10/1/2025 | 0.114583 | 3,148 | ||||||||||||||||||||||
| Series | Shares Authorized | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Sold via Offering | Inception to Date Liquidation Preference Issued via Offering | Preferred Stock Issued and Outstanding(5) | Liquidation Preference Outstanding | ||||||||||||||||||||||||||||||||||||||||
| Series A1 | 80,000,000 | 90,000,000 | (1) | $ | 2,250,000 | (1) | 31,448,021 | $ | 786,201 | 25,798,635 | (4) | $ | 644,966 | ||||||||||||||||||||||||||||||||||
| Series M1 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 4,110,318 | 102,758 | 999,753 | (4) | 24,994 | |||||||||||||||||||||||||||||||||||||
| Series M2 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series A3 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 25,020,192 | 625,505 | 23,621,806 | (4) | 590,545 | |||||||||||||||||||||||||||||||||||||
| Series M3 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 3,490,259 | 87,256 | 1,972,544 | (4) | 49,314 | |||||||||||||||||||||||||||||||||||||
| Series A4 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 7,025,668 | 175,642 | 6,924,711 | (5) | 173,118 | |||||||||||||||||||||||||||||||||||||
| Series M4 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 938,860 | 23,472 | 2,109,881 | (5) | 52,747 | |||||||||||||||||||||||||||||||||||||
| Series A5 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 2,932,268 | 73,307 | 2,936,239 | 73,406 | ||||||||||||||||||||||||||||||||||||||
| Series M5 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 642,799 | 16,070 | 784,914 | 19,623 | ||||||||||||||||||||||||||||||||||||||
| Series AA1 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series MM1 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series AA2 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series MM2 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series A2 | 1,000,000 | 187,000 | 4,675 | 187,000 | 4,675 | 163,000 | (4) | 4,075 | |||||||||||||||||||||||||||||||||||||||
| Series A | 6,900,000 | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 5,251,157 | (6) | 131,279 | |||||||||||||||||||||||||||||||||||||||
| Total | 847,900,000 | 106,187,000 | (3) | $ | 2,654,675 | (3) | 81,795,385 | $ | 2,044,885 | (7) | 70,562,640 | $ | 1,764,066 | (7) | |||||||||||||||||||||||||||||||||
| Series | Shares Authorized | Maximum Offering Size (Shares) | Maximum Aggregate Liquidation Preference of Offering | Inception to Date Preferred Shares Sold via Offering | Inception to Date Liquidation Preference Issued via Offering | Preferred Stock Shares Issued and Outstanding(5) | Liquidation Preference Outstanding | ||||||||||||||||||||||||||||||||||||||||
| Series A1 | 80,000,000 | 90,000,000 | (1) | $ | 2,250,000 | (1) | 31,448,021 | $ | 786,201 | 26,763,091 | (4) | $ | 669,077 | ||||||||||||||||||||||||||||||||||
| Series M1 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 4,110,318 | 102,758 | 1,122,110 | (4) | 28,053 | |||||||||||||||||||||||||||||||||||||
| Series M2 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series A3 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 25,020,192 | 625,505 | 24,081,697 | (4) | 602,042 | |||||||||||||||||||||||||||||||||||||
| Series M3 | 80,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 3,490,259 | 87,256 | 2,281,053 | (4) | 57,026 | |||||||||||||||||||||||||||||||||||||
| Series A4 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 7,025,668 | 175,642 | 6,981,297 | (5) | 174,532 | |||||||||||||||||||||||||||||||||||||
| Series M4 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 938,860 | 23,472 | 2,209,528 | (5) | 55,238 | |||||||||||||||||||||||||||||||||||||
| Series A5 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 1,645,964 | 41,149 | 1,647,217 | 41,180 | ||||||||||||||||||||||||||||||||||||||
| Series M5 | 90,000,000 | 90,000,000 | (1) | 2,250,000 | (1) | 345,478 | 8,637 | 415,787 | 10,395 | ||||||||||||||||||||||||||||||||||||||
| Series AA1 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series MM1 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series AA2 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series MM2 | 20,000,000 | 10,000,000 | (2) | 250,000 | (2) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Series A2 | 1,000,000 | 187,000 | 4,675 | 187,000 | 4,675 | 163,000 | (4) | 4,075 | |||||||||||||||||||||||||||||||||||||||
| Series A | 6,900,000 | 6,000,000 | 150,000 | 6,000,000 | 150,000 | 5,251,157 | (6) | 131,279 | |||||||||||||||||||||||||||||||||||||||
| Total | 847,900,000 | 106,187,000 | (3) | $ | 2,654,675 | (3) | 80,211,760 | $ | 2,005,294 | (7) | 70,915,937 | $ | 1,772,897 | ||||||||||||||||||||||||||||||||||
| Series | June 30, 2025 Shares Outstanding | Shares Issued | Shares issued through Preferred Stock DRIP | Exchanges | Redemptions/Repurchases(1) | December 31, 2025 Shares Outstanding | |||||||||||||||||||||||||||||||||||
| Series A1 | 26,763,091 | — | 30,974 | — | (995,431) | 25,798,635 | (2) | ||||||||||||||||||||||||||||||||||
| Series M1 | 1,122,110 | — | 247 | (35,094) | (87,510) | 999,753 | |||||||||||||||||||||||||||||||||||
| Series A3 | 24,081,697 | — | 37,083 | — | (496,974) | 23,621,806 | |||||||||||||||||||||||||||||||||||
| Series M3 | 2,281,053 | — | 1,087 | (36,532) | (273,064) | 1,972,544 | |||||||||||||||||||||||||||||||||||
| Series A4 | 6,981,297 | — | 7,428 | — | (64,014) | 6,924,711 | |||||||||||||||||||||||||||||||||||
| Series M4 | 2,209,528 | — | 1,945 | — | (101,591) | 2,109,881 | (2) | ||||||||||||||||||||||||||||||||||
| Series A5 | 1,647,217 | 1,286,304 | 2,998 | — | (280) | 2,936,239 | |||||||||||||||||||||||||||||||||||
| Series M5 | 415,787 | 297,321 | 180 | 71,626 | — | 784,914 | |||||||||||||||||||||||||||||||||||
| Series A2 | 163,000 | — | — | — | — | 163,000 | |||||||||||||||||||||||||||||||||||
| Series A | 5,251,157 | — | — | — | — | 5,251,157 | |||||||||||||||||||||||||||||||||||
| Total | 70,915,937 | 1,583,625 | (3) | 81,942 | — | (2,018,864) | 70,562,640 | (2) | |||||||||||||||||||||||||||||||||
| Series | June 30, 2024 Shares Outstanding | Shares Issued | Shares issued through Preferred Stock DRIP | Exchanges | Redemptions/Repurchases(1) | December 31, 2024 Shares Outstanding | |||||||||||||||||||||||||||||||||||
| Series A1 | 28,932,457 | — | 33,775 | — | (997,788) | 27,968,443 | (2) | ||||||||||||||||||||||||||||||||||
| Series M1 | 1,788,851 | — | 422 | (138,618) | (340,749) | 1,309,907 | (2) | ||||||||||||||||||||||||||||||||||
| Series A3 | 24,810,648 | 87,237 | 38,804 | — | (459,862) | 24,476,826 | (2) | ||||||||||||||||||||||||||||||||||
| Series M3 | 3,351,101 | 17,000 | 1,741 | (224,665) | (412,859) | 2,732,317 | (2) | ||||||||||||||||||||||||||||||||||
| Series A4 | 3,766,166 | 3,260,346 | 5,638 | — | (19,692) | 7,012,458 | |||||||||||||||||||||||||||||||||||
| Series M4 | 1,401,747 | 428,912 | 1,210 | 363,278 | (2,264) | 2,192,884 | (2) | ||||||||||||||||||||||||||||||||||
| Series A2 | 164,000 | — | — | — | (1,000) | 163,000 | |||||||||||||||||||||||||||||||||||
| Series A | 5,251,157 | — | — | — | — | 5,251,157 | |||||||||||||||||||||||||||||||||||
| Total | 69,466,127 | (2) | 3,793,495 | (3) | 81,590 | (4) | (2) (4) | (2,234,215) | (2) | 71,106,992 | (2) | ||||||||||||||||||||||||||||||
| Declaration Date | Record Date | Payment Date | Amount Per Share | Amount Distributed (in thousands) | ||||||||||||||||||||||
| 5/8/2025 | 7/29/2025 | 8/20/2025 | $ | 0.045 | $ | 20,623 | ||||||||||||||||||||
| 5/8/2025 | 8/27/2025 | 9/18/2025 | 0.045 | 20,805 | ||||||||||||||||||||||
| 8/26/2025 | 9/26/2025 | 10/22/2025 | 0.045 | 20,965 | ||||||||||||||||||||||
| 8/26/2025 | 10/29/2025 | 11/18/2025 | 0.045 | 21,145 | ||||||||||||||||||||||
| 11/6/2025 | 11/25/2025 | 12/18/2025 | 0.045 | 21,308 | ||||||||||||||||||||||
| 11/6/2025 | 12/29/2025 | 1/21/2026 | 0.045 | 21,441 | ||||||||||||||||||||||
| Total declared and payable for the six months ended December 31, 2025 | $ | 126,287 | ||||||||||||||||||||||||
| 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 | ||||||||||||||||||||||
| Total declared and payable for the six months ended December 31, 2024 | $ | 142,912 | ||||||||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Structuring and amendment fees (see Note 3) | $ | 2,526 | $ | 1,192 | $ | 3,825 | $ | 3,436 | ||||||||||||||||||
| Royalty, net profit and revenue interests | 167 | 8,326 | 334 | 15,165 | ||||||||||||||||||||||
| Administrative agent fees | 277 | 189 | 468 | 389 | ||||||||||||||||||||||
| Total other income | $ | 2,970 | $ | 9,707 | $ | 4,627 | $ | 18,990 | ||||||||||||||||||
| For the Three Months Ended December 31, | For the Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations - basic | $ | (6,576) | $ | (30,993) | $ | 41,511 | $ | (196,062) | |||||||||||||||
| Adjustment for dividends on Convertible Preferred Stock | — | — | 38,836 | — | |||||||||||||||||||
| Adjustment for Incentive Fee on Convertible Instruments | — | — | (7,767) | — | |||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations - diluted | $ | (6,576) | $ | (30,993) | $ | 72,580 | $ | (196,062) | |||||||||||||||
| Weighted average common shares outstanding - basic | 472,257,137 | 436,687,429 | 466,806,584 | 432,780,318 | |||||||||||||||||||
| Weighted average common shares from assumed conversion of Convertible Preferred Stock | — | — | 428,316,146 | — | |||||||||||||||||||
| Weighted average shares of common stock outstanding - diluted | 472,257,137 | 436,687,429 | 895,122,730 | 432,780,318 | |||||||||||||||||||
| Earnings (loss) per share - basic | $ | (0.01) | $ | (0.07) | $ | 0.09 | $ | (0.45) | |||||||||||||||
| Earnings (loss) per share - diluted | $ | (0.01) | $ | (0.07) | $ | 0.08 | $ | (0.45) | |||||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Ordinary income | $ | 191,765 | $ | 227,508 | $ | 243,085 | ||||||||||||||
| Capital gain | — | — | — | |||||||||||||||||
| Return of capital | 67,310 | 71,414 | 44,838 | |||||||||||||||||
| Total distributions paid to common stockholders | $ | 259,075 | $ | 298,922 | $ | 287,923 | ||||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Ordinary income | $ | 106,977 | $ | 99,253 | $ | 74,975 | ||||||||||||||
| Capital gain | — | — | — | |||||||||||||||||
| Return of capital | — | — | — | |||||||||||||||||
| Total distributions paid to preferred stockholders | $ | 106,977 | $ | 99,253 | $ | 74,975 | ||||||||||||||
| Tax Year Ended August 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | $ | (490,501) | $ | 234,119 | $ | (88,043) | ||||||||||||||
| Net realized losses on investments | 539,089 | 434,238 | 40,795 | |||||||||||||||||
| Net unrealized (gains) losses on investments | 289,399 | (259,971) | 480,916 | |||||||||||||||||
Other temporary book-to-tax differences(1) | (39,848) | (81,794) | (148,147) | |||||||||||||||||
| Permanent differences | 97 | 62 | 27 | |||||||||||||||||
Taxable income before deductions for distributions | $ | 298,236 | (1) | $ | 326,654 | $ | 285,548 | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,861 | $ | — | $ | 5,724 | $ | — | |||||||||||||||
| Other Income | |||||||||||||||||||||||
| Administrative Agent | $ | 13 | $ | — | $ | 25 | $ | — | |||||||||||||||
| Total Other Income | $ | 13 | $ | — | $ | 25 | $ | — | |||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | $ | — | $ | — | $ | 84 | $ | — | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | 2,860 | $ | — | $ | 5,723 | $ | — | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (2) | $ | 31 | $ | 31 | |||||||
Other Receivables (3) | (15) | (41) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||
Interest Income from CP Energy | $ | 3,337 | $ | 3,097 | $ | 6,704 | $ | 6,261 | |||||||||||||||
Interest Income from Spartan | 1,695 | 1,450 | 3,350 | 2,910 | |||||||||||||||||||
| Total Interest Income | $ | 5,032 | $ | 4,547 | $ | 10,054 | $ | 9,171 | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | |||||||||||||||||||||||
| CP Energy | $ | — | $ | 4,100 | $ | 400 | $ | 4,100 | |||||||||||||||
| Spartan | 1,400 | — | 2,800 | — | |||||||||||||||||||
| Total Additions | $ | 1,400 | $ | 4,100 | $ | 3,200 | $ | 4,100 | |||||||||||||||
| Interest Income Capitalized as PIK | |||||||||||||||||||||||
| CP Energy | $ | 1,837 | $ | — | $ | 2,704 | $ | 5,405 | |||||||||||||||
| Spartan | 995 | 1,274 | 1,974 | 3,418 | |||||||||||||||||||
| Total Interest Income Capitalized as PIK | $ | 2,832 | $ | 1,274 | $ | 4,678 | $ | 8,823 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (1) | $ | 55 | $ | 55 | |||||||
Other Receivables (2) | 1,104 | 778 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 1,365 | $ | 2,165 | $ | 3,669 | $ | 4,286 | |||||||||||||||
Managerial Assistance (1) | $ | 175 | $ | 175 | $ | 350 | $ | 350 | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | — | $ | 2,315 | $ | — | |||||||||||||||
| Interest Income Capitalized as PIK | — | 2,164 | — | 3,525 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (2) | $ | 15 | $ | 26 | |||||||
Other Receivables (3) | 15 | 11 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 366 | $ | 840 | $ | 1,123 | $ | 1,692 | |||||||||||||||
Managerial Assistance (1) | 63 | 63 | 126 | 126 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | — | — | 13 | — | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | — | $ | — | $ | — | $ | 1,260 | |||||||||||||||
| Repayment of loan receivable | 2,193 | 1,110 | 32,993 | 1,260 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 11 | $ | 1,387 | |||||||
Other Receivables (4) | 45 | 24 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 18,483 | $ | 16,561 | $ | 35,816 | $ | 33,022 | |||||||||||||||
Managerial Assistance (1) | 600 | 600 | 1,200 | 1,200 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc. (2) | 5 | — | 11 | — | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | — | $ | 3,065 | $ | 31 | $ | 9,064 | |||||||||||||||
| Repayment of Loan Receivable | 2,867 | — | 2,867 | 437 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 193 | $ | 189 | |||||||
Other Receivables (4) | 256 | 96 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | — | $ | 350 | $ | 975 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Other Receivables (1) | $ | 7 | $ | 1 | |||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 10,592 | $ | 9,771 | $ | 21,047 | $ | 19,507 | |||||||||||||||
Managerial Assistance (1) | 366 | 366 | 732 | 732 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | — | 15 | 21 | 15 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
Additions | $ | 8,000 | $ | 3,000 | $ | 11,000 | $ | 6,000 | |||||||||||||||
| Interest Income Capitalized as PIK | 4,403 | 3,813 | 8,675 | 7,585 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 118 | $ | 116 | |||||||
Other Receivables (4) | 61 | 55 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 20 | $ | 47 | $ | 42 | $ | 96 | |||||||||||||||
| Dividend Income | $ | — | $ | — | — | 80 | |||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (1) | $ | — | $ | — | |||||||
Other Receivables (2) | 8 | 4 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,262 | $ | 2,197 | $ | 4,505 | $ | 4,728 | |||||||||||||||
Interest Income from Broda Canada | 135 | 135 | 272 | — | |||||||||||||||||||
| Total Interest Income | $ | 2,397 | $ | 2,332 | $ | 4,777 | $ | 4,728 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | 88 | $ | 18 | $ | 88 | $ | 55 | |||||||||||||||
| Total Other Income | $ | 88 | $ | 18 | $ | 88 | $ | 55 | |||||||||||||||
Managerial Assistance (1) | $ | 113 | $ | 75 | $ | 226 | $ | 150 | |||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | — | — | — | 25 | |||||||||||||||||||
| Realized (Loss) Gain | 3 | 3 | 8 | 4 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | 3,520 | $ | 715 | $ | 3,520 | $ | 2,215 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 26 | $ | 26 | |||||||
Other Receivables (4) | 88 | 65 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 15,704 | $ | 24,454 | $ | 31,533 | $ | 48,770 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
| Royalty, net profit and revenue interests | $ | — | $ | 8,160 | $ | — | $ | 14,825 | |||||||||||||||
| Total Other Income | $ | — | $ | 8,160 | $ | — | $ | 14,825 | |||||||||||||||
Managerial Assistance (1) | $ | 575 | $ | 575 | $ | 1,150 | $ | 617 | |||||||||||||||
Reimbursement of Legal, Tax, etc.(2) | 428 | 201 | 1,184 | 639 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | 22,244 | $ | 25,568 | $ | 43,859 | |||||||||||||||
| Interest Income Capitalized as PIK | — | 909 | — | 1,822 | |||||||||||||||||||
| Repayment of Loan Receivable | 21,941 | 62,756 | 44,545 | 76,756 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 165 | $ | 1,100 | |||||||
Other Receivables (4) | — | (1) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 261 | $ | 882 | $ | 516 | $ | 2,630 | |||||||||||||||
Managerial Assistance (1) | 100 | 100 | $ | 200 | $ | 200 | |||||||||||||||||
Reimbursement of Legal, Tax, etc. (2) | — | — | 3 | — | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income Capitalized as PIK | $ | 261 | $ | — | $ | 515 | $ | 2,230 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | 3 | $ | 3 | |||||||
Other Receivables (4) | 54 | 36 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 969 | $ | 1,015 | $ | 1,960 | $ | 2,085 | |||||||||||||||
Managerial Assistance (1) | 100 | 100 | 200 | 200 | |||||||||||||||||||
| Realized (Loss) Gain | — | — | 842 | 6,366 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (2) | $ | 10 | $ | 11 | |||||||
Other Receivables (3) | 11 | 10 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 2,472 | $ | 2,464 | $ | 4,994 | $ | 4,999 | |||||||||||||||
| Other Income | |||||||||||||||||||||||
Structuring Fee | $ | 125 | $ | 72 | $ | 300 | $ | 170 | |||||||||||||||
| Total Other Income | $ | 125 | $ | 72 | $ | 300 | $ | 170 | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | 5,000 | $ | 3,600 | $ | 12,000 | $ | 8,476 | |||||||||||||||
| Interest Income Capitalized as PIK | 2,052 | 2,082 | 4,138 | 4,300 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (1) | $ | 26 | $ | 27 | |||||||
Other Receivables (2) | 192 | 155 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 3,405 | $ | — | $ | 6,779 | $ | — | |||||||||||||||
| Managerial Assistance | 163 | — | 326 | — | |||||||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | — | 269 | — | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | — | $ | 1,706 | $ | — | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (2) | $ | 3,442 | $ | 37 | |||||||
Other Receivables (3) | (126) | (132) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 1,507 | $ | 1,316 | $ | 2,963 | $ | 2,636 | |||||||||||||||
Dividend Income (1) | 7,897 | 4,387 | 8,774 | 4,387 | |||||||||||||||||||
Managerial Assistance (2) | $ | 45 | $ | 45 | $ | 90 | $ | 90 | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | 10,000 | $ | 9,000 | $ | 10,000 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (3) | $ | — | $ | 16 | |||||||
Other Receivables (4) | 9 | 8 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 712 | $ | 677 | 1,433 | 1,321 | |||||||||||||||||
Reimbursement of Legal, Tax, etc. (1) | — | 5 | — | 10 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Additions | $ | — | $ | 1,800 | $ | — | $ | 4,600 | |||||||||||||||
| Interest Income Capitalized as PIK | 93 | 605 | 544 | 1,321 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (2) | $ | 8 | $ | 8 | |||||||
Other Receivables (3) | 258 | 221 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | $ | 1,535 | $ | 981 | $ | 3,114 | $ | 2,027 | |||||||||||||||
Dividend Income (1) | 2,017 | — | |||||||||||||||||||||
Managerial Assistance (2) | 3 | 3 | 6 | 5 | |||||||||||||||||||
Reimbursement of Legal, Tax, etc. (3) | — | — | 1 | 5 | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Repayment of Loan Receivable | $ | 64 | $ | 14 | $ | 118 | $ | 28 | |||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (4) | $ | 16 | $ | 17 | |||||||
Other Receivables (5) | 18 | 10 | |||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||||||||
| Interest Income | |||||||||||||||||||||||
| Interest Income from Valley | $ | 314 | $ | 330 | $ | 636 | $ | 679 | |||||||||||||||
| Interest Income from Valley Electric | 2,825 | 2,888 | 5,650 | 5,713 | |||||||||||||||||||
| Total Interest Income | $ | 3,139 | $ | 3,218 | $ | 6,286 | $ | 6,392 | |||||||||||||||
Dividend Income (1) | $ | 7,124 | $ | — | $ | 7,124 | $ | — | |||||||||||||||
| Other Income | |||||||||||||||||||||||
| Royalty, net profit and revenue interests | $ | 167 | $ | 166 | $ | 334 | $ | 333 | |||||||||||||||
| Total Other Income | $ | 167 | $ | 166 | $ | 334 | $ | 333 | |||||||||||||||
Managerial Assistance (2) | $ | 150 | $ | 150 | $ | 300 | $ | 300 | |||||||||||||||
Reimbursement of Legal, Tax, etc. (3) | 12 | — | 12 | 3 | |||||||||||||||||||
| As of | |||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||
Interest Receivable (4) | $ | 35 | $ | 757 | |||||||
Other Receivables (5) | 11 | 9 | |||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Per Share Data (10) | ||||||||||||||||||||||||||
| Net asset value per common share at beginning of period | $ | 6.45 | $ | 8.10 | $ | 6.56 | $ | 8.74 | ||||||||||||||||||
| Net investment income | 0.19 | 0.20 | 0.36 | 0.41 | ||||||||||||||||||||||
Net realized and change in unrealized gains (losses) (1) | (0.15) | (0.21) | (0.17) | (0.74) | ||||||||||||||||||||||
Net increase (decrease) from operations(10) | 0.04 | (0.01) | 0.20 | (8) | (0.33) | |||||||||||||||||||||
| Distributions of net investment income to preferred stockholders | (0.06) | (5) | (0.06) | (4) | (0.11) | (5) | (0.12) | (4) | ||||||||||||||||||
Total distributions to preferred stockholders(10) | (0.06) | (0.06) | (0.11) | (0.12) | ||||||||||||||||||||||
| Net increase (decrease) from operations applicable to common stockholders | (0.02) | (0.07) | 0.09 | (0.45) | ||||||||||||||||||||||
| Distributions of net investment income to common stockholders | (0.14) | (5) | (0.15) | (4) | (0.27) | (5) | (0.31) | (4) (7) | ||||||||||||||||||
| Return of Capital to common stockholders | — | (5) | — | (4) | — | (5) | (0.02) | (4) (7) | ||||||||||||||||||
| Total distributions to common stockholders | (0.14) | (0.15) | (0.27) | (0.33) | ||||||||||||||||||||||
Effect of other comprehensive income (9) | — | (11) | — | — | (11) | — | ||||||||||||||||||||
Common stock transactions(2) | (0.08) | (0.04) | (0.16) | (0.13) | ||||||||||||||||||||||
| Net asset value per common share at end of period | $ | 6.21 | (8) | $ | 7.84 | $ | 6.21 | $ | 7.84 | (8) | ||||||||||||||||
| Per common share market value at end of period | $ | 2.59 | $ | 4.31 | $ | 2.59 | $ | 4.31 | ||||||||||||||||||
Total return based on market value(3) | (0.67 | %) | 16.71 | % | (9.94 | %) | (16.52 | %) | ||||||||||||||||||
Total return based on net asset value(3) | 1.54 | % | 0.07 | % | 4.68 | % | (3.92 | %) | ||||||||||||||||||
| Shares of common stock outstanding at end of period | 476,461,879 | 438,851,578 | 476,461,879 | 438,851,578 | ||||||||||||||||||||||
| Weighted average shares of common stock outstanding | 472,257,137 | 436,687,429 | 466,806,584 | 432,780,318 | ||||||||||||||||||||||
| Ratios/Supplemental Data | ||||||||||||||||||||||||||
| Net assets at end of period | $ | 2,958,755 | $ | 3,440,036 | $ | 2,958,755 | $ | 3,440,036 | ||||||||||||||||||
| Portfolio turnover rate | 1.22 | % | 1.85 | % | 2.63 | % | 5.72 | % | ||||||||||||||||||
Annualized ratio of operating expenses to average net assets applicable to common shares(6) | 11.42 | % | 11.40 | % | 10.95 | % | 11.56 | % | ||||||||||||||||||
Annualized ratio of net investment income to average net assets applicable to common shares(6) | 12.19 | % | 9.95 | % | 11.41 | % | 9.92 | % | ||||||||||||||||||
Monthly Cash 7.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.156250 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.156250 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.156250 | ||||||||
| Monthly Cash Floating Rate Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.135417 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.135417 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.135417 | ||||||||
Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.114583 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.114583 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.114583 | ||||||||
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.135417 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.135417 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.135417 | ||||||||
Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| February 2026 - April 2026 | 4/21/2026 | 5/1/2026 | $0.334375 | ||||||||
| Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| February 2026 | 2/25/2026 | 3/19/2026 | $0.0450 | ||||||||
| March 2026 | 3/27/2026 | 4/21/2026 | $0.0450 | ||||||||
| April 2026 | 4/28/2026 | 5/19/2026 | $0.0450 | ||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||||||||||||||||||||
| Level of Control | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
| Control Investments | $ | 3,364,482 | 52.7 | % | $ | 3,695,903 | 57.4 | % | $ | 3,416,244 | 51.0 | % | $ | 3,696,367 | 55.4 | % | |||||||||||||
| Affiliate Investments | 12,835 | 0.2 | % | 33,902 | 0.5 | % | 11,735 | 0.2 | % | 27,057 | 0.4 | % | |||||||||||||||||
| Non-Control/Non-Affiliate Investments | 3,012,298 | 47.1 | % | 2,711,731 | 42.1 | % | 3,265,522 | 48.8 | % | 2,950,092 | 44.2 | % | |||||||||||||||||
Total Investments | $ | 6,389,615 | 100.0 | % | $ | 6,441,536 | 100.0 | % | (1) | $ | 6,693,501 | 100.0 | % | $ | 6,673,516 | 100.0 | % | ||||||||||||
| December 31, 2025 | June 30, 2025 | ||||||||||||||||||||||||||||
| Industry | Cost | % of Portfolio | Fair Value | % of Portfolio | Cost | % of Portfolio | Fair Value | % of Portfolio | |||||||||||||||||||||
| Aerospace & Defense | $ | 89,425 | 1.4 | % | $ | 102,229 | 1.6 | % | $ | 87,528 | 1.3 | % | $ | 102,728 | 1.5 | % | |||||||||||||
| Air Freight & Logistics | 205,203 | 3.2 | % | 160,162 | 2.5 | % | 204,924 | 3.1 | % | 184,641 | 2.8 | % | |||||||||||||||||
| Automobile Components | 126,421 | 2.0 | % | 28,527 | 0.4 | % | 114,731 | 1.7 | % | 82,272 | 1.2 | % | |||||||||||||||||
| Capital Markets | — | — | % | — | — | % | 21,500 | 0.3 | % | 21,500 | 0.3 | % | |||||||||||||||||
| Commercial Services & Supplies | 448,649 | 7.0 | % | 467,534 | 7.3 | % | 553,016 | 8.3 | % | 504,313 | 7.6 | % | |||||||||||||||||
| Construction & Engineering | 95,912 | 1.6 | % | 318,383 | 4.9 | % | 95,912 | 1.4 | % | 351,291 | 5.3 | % | |||||||||||||||||
| Consumer Finance | 743,632 | 11.6 | % | 1,111,244 | 17.3 | % | 741,932 | 11.1 | % | 953,320 | 14.2 | % | |||||||||||||||||
| Distributors | 328,095 | 5.1 | % | 283,523 | 4.4 | % | 397,405 | 5.9 | % | 269,707 | 4.0 | % | |||||||||||||||||
| Diversified Consumer Services | 105,705 | 1.7 | % | 17,062 | 0.3 | % | 104,156 | 1.6 | % | 44,069 | 0.7 | % | |||||||||||||||||
| Diversified Telecommunication Services | 255,876 | 4.0 | % | 202,275 | 3.1 | % | 254,876 | 3.8 | % | 198,549 | 3.0 | % | |||||||||||||||||
| Electrical Equipment | 61,054 | 1.0 | % | 61,054 | 0.9 | % | 61,367 | 0.9 | % | 61,367 | 0.9 | % | |||||||||||||||||
| Energy Equipment & Services | 332,200 | 5.2 | % | 133,060 | 2.1 | % | 324,321 | 4.8 | % | 122,189 | 1.8 | % | |||||||||||||||||
| Residential Real Estate Investment Trusts (REITs) | 903,670 | 14.1 | % | 1,173,262 | 18.2 | % | 922,647 | 13.8 | % | 1,300,972 | 19.5 | % | |||||||||||||||||
| Financial Services | 77,982 | 1.2 | % | 77,982 | 1.2 | % | 67,830 | 1.0 | % | 67,830 | 1.0 | % | |||||||||||||||||
| Food Products | 87,534 | 1.4 | % | 84,299 | 1.3 | % | 150,213 | 2.2 | % | 145,966 | 2.2 | % | |||||||||||||||||
| Health Care Providers & Services | 813,788 | 12.7 | % | 783,928 | 12.2 | % | 767,993 | 11.5 | % | 731,527 | 11.0 | % | |||||||||||||||||
| Health Care Technology | 130,170 | 2.0 | % | 129,320 | 2.0 | % | 132,153 | 2.0 | % | 130,246 | 2.0 | % | |||||||||||||||||
| Hotels, Restaurants & Leisure | 29,931 | 0.5 | % | 28,437 | 0.4 | % | 28,485 | 0.4 | % | 26,249 | 0.4 | % | |||||||||||||||||
| Household Durables | 115,407 | 1.8 | % | 96,881 | 1.5 | % | 109,864 | 1.6 | % | 71,506 | 1.1 | % | |||||||||||||||||
| Interactive Media & Services | 60,776 | 1.0 | % | 60,776 | 0.9 | % | 75,076 | 1.1 | % | 75,076 | 1.1 | % | |||||||||||||||||
| IT Services | 103,142 | 1.7 | % | 68,860 | 1.2 | % | 103,226 | 1.5 | % | 75,619 | 1.1 | % | |||||||||||||||||
| Leisure Products | 70,689 | 1.1 | % | 70,688 | 1.1 | % | 102,149 | 1.5 | % | 102,373 | 1.5 | % | |||||||||||||||||
| Machinery | 81,561 | 1.3 | % | 121,037 | 1.9 | % | 101,360 | 1.6 | % | 151,914 | 2.3 | % | |||||||||||||||||
| Marine Transport | 47,467 | 0.7 | % | 11,882 | 0.2 | % | 47,117 | 0.7 | % | 11,660 | 0.2 | % | |||||||||||||||||
| Media | 118,992 | 1.9 | % | 172,622 | 2.7 | % | 118,472 | 1.8 | % | 160,612 | 2.4 | % | |||||||||||||||||
| Personal Care Products | 364,996 | 5.7 | % | 123,126 | 1.9 | % | 348,913 | 5.2 | % | 125,356 | 1.9 | % | |||||||||||||||||
| Pharmaceuticals | 116,762 | 1.8 | % | 129,846 | 2.0 | % | 125,918 | 1.9 | % | 133,576 | 2.0 | % | |||||||||||||||||
| Professional Services | 84,420 | 1.3 | % | 86,518 | 1.3 | % | 85,531 | 1.3 | % | 88,059 | 1.3 | % | |||||||||||||||||
| Software | 181,648 | 2.8 | % | 168,794 | 2.6 | % | 180,500 | 2.7 | % | 172,755 | 2.6 | % | |||||||||||||||||
| Specialty Retail | 33,932 | 0.5 | % | 7,034 | 0.1 | % | 32,076 | 0.5 | % | 5,914 | 0.1 | % | |||||||||||||||||
| Textiles, Apparel & Luxury Goods | 85,015 | 1.3 | % | 117,655 | 1.8 | % | 84,150 | 1.3 | % | 99,705 | 1.5 | % | |||||||||||||||||
| Trading Companies & Distributors | 77,327 | 1.2 | % | 29,526 | 0.5 | % | 110,320 | 1.6 | % | 65,653 | 1.0 | % | |||||||||||||||||
| Subtotal | 6,377,381 | 99.8 | % | 6,427,526 | 99.8 | % | 6,655,661 | 99.4 | % | 6,638,514 | 99.5 | % | |||||||||||||||||
| Structured Finance(1) | 12,234 | 0.2 | % | 14,010 | 0.2 | % | 37,840 | 0.6 | % | 35,002 | 0.5 | % | |||||||||||||||||
| Total Investments | $ | 6,389,615 | 100.0 | % | $ | 6,441,536 | 100.0 | % | $ | 6,693,501 | 100.0 | % | $ | 6,673,516 | 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 Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,010 | |||||||||||||||||||||||||||
| 12 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,139 | |||||||||||||||||||||||||||
| 13 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 29,714 | |||||||||||||||||||||||||||
| 14 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,265 | |||||||||||||||||||||||||||
| 15 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 149,203 | |||||||||||||||||||||||||||
| 16 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 86,262 | |||||||||||||||||||||||||||
| 17 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,027 | |||||||||||||||||||||||||||
| 18 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 52,746 | |||||||||||||||||||||||||||
| 19 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,248 | |||||||||||||||||||||||||||
| 20 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 34,851 | |||||||||||||||||||||||||||
| 21 | Olentangy Commons Owner LLC | Columbus, OH | 6/1/2018 | 113,000 | 92,160 | |||||||||||||||||||||||||||
| 22 | Villages of Wildwood Holdings LLC | Fairfield, OH | 7/20/2018 | 46,500 | 58,134 | |||||||||||||||||||||||||||
| 23 | Falling Creek Holdings LLC | Richmond, VA | 8/8/2018 | 25,000 | 29,883 | |||||||||||||||||||||||||||
| 24 | Lorring Owner LLC | Forestville, MD | 10/30/2018 | 58,521 | 46,925 | |||||||||||||||||||||||||||
| 25 | Hamptons Apartments Owner, LLC | Beachwood, OH | 1/9/2019 | 96,500 | 79,520 | |||||||||||||||||||||||||||
| 26 | 5224 Long Road Holdings, LLC | Orlando, FL | 6/28/2019 | 26,500 | 21,200 | |||||||||||||||||||||||||||
| 27 | Druid Hills Holdings LLC | Atlanta, GA | 7/30/2019 | 96,000 | 76,124 | |||||||||||||||||||||||||||
| 28 | Sterling Place Holdings LLC | Columbus, OH | 10/28/2019 | 41,500 | 34,196 | |||||||||||||||||||||||||||
| 29 | SPCP Hampton LLC | Dallas, TX | 11/2/2020 | 36,000 | 38,843 | |||||||||||||||||||||||||||
| 30 | Palmetto Creek Holdings LLC | North Charleston, SC | 11/10/2020 | 33,182 | 25,806 | |||||||||||||||||||||||||||
| 31 | Valora at Homewood Holdings LLC | Homewood, AL | 11/19/2020 | 81,250 | 63,399 | |||||||||||||||||||||||||||
| 32 | NPRC Fairburn LLC | Fairburn, GA | 12/14/2020 | 52,140 | 43,900 | |||||||||||||||||||||||||||
| 33 | NPRC Taylors LLC | Taylors, SC | 1/27/2021 | 18,762 | 14,075 | |||||||||||||||||||||||||||
| 34 | Parkside at Laurel West Owner LLC | Spartanburg, SC | 2/26/2021 | 57,005 | 42,025 | |||||||||||||||||||||||||||
| 35 | Willows at North End Owner LLC | Spartanburg, SC | 2/26/2021 | 23,255 | 18,715 | |||||||||||||||||||||||||||
| 36 | SPCP Edge CL Owner LLC | Webster, TX | 3/12/2021 | 34,000 | 25,496 | |||||||||||||||||||||||||||
| 37 | Jackson Pear Orchard LLC | Ridgeland, MS | 6/28/2021 | 50,900 | 42,975 | |||||||||||||||||||||||||||
| 38 | Jackson Lakeshore Landing LLC | Ridgeland, MS | 6/28/2021 | 22,600 | 17,955 | |||||||||||||||||||||||||||
| 39 | Jackson Reflection Pointe LLC | Flowood, MS | 6/28/2021 | 45,100 | 33,203 | |||||||||||||||||||||||||||
| 40 | Jackson Crosswinds LLC | Pearl, MS | 6/28/2021 | 41,400 | 38,601 | |||||||||||||||||||||||||||
| 41 | Elliot Apartments Norcross, LLC | Norcross, GA | 11/30/2021 | 128,000 | 106,850 | |||||||||||||||||||||||||||
| 42 | Orlando 442 Owner, LLC (West Vue Apartments) | Orlando, FL | 12/30/2021 | 97,500 | 70,723 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 43 | NPRC Wolfchase LLC | Memphis, TN | 3/18/2022 | 82,100 | 60,000 | |||||||||||||||||||||||||||
| 44 | NPRC Twin Oaks LLC | Hattiesburg. MS | 3/18/2022 | 44,850 | 36,893 | |||||||||||||||||||||||||||
| 45 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,831 | |||||||||||||||||||||||||||
| 46 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,537 | |||||||||||||||||||||||||||
| 47 | Southport Owner LLC (Southport Crossing) | Indianapolis, IN | 3/29/2022 | 48,100 | 36,075 | |||||||||||||||||||||||||||
| 48 | TP Cheyenne, LLC | Cheyenne, WY | 5/26/2022 | 27,500 | 17,656 | |||||||||||||||||||||||||||
| 49 | TP Pueblo, LLC | Pueblo, CO | 5/26/2022 | 31,500 | 20,166 | |||||||||||||||||||||||||||
| 50 | TP Stillwater, LLC | Stillwater, OK | 5/26/2022 | 26,100 | 15,328 | |||||||||||||||||||||||||||
| 51 | TP Kokomo, LLC | Kokomo, IN | 5/26/2022 | 20,500 | 12,753 | |||||||||||||||||||||||||||
| 52 | Terraces at Perkins Rowe JV LLC | Baton Rouge, LA | 11/14/2022 | 41,400 | 29,566 | |||||||||||||||||||||||||||
| 53 | NPRC Apex Holdings LLC | Cincinnati, OH | 1/19/2024 | 34,225 | 27,712 | |||||||||||||||||||||||||||
| 54 | NPRC Parkton Holdings LLC | Cincinnati, OH | 1/19/2024 | $ | 45,775 | $ | 37,090 | |||||||||||||||||||||||||
| $ | 2,304,316 | $ | 1,996,887 | |||||||||||||||||||||||||||||
| 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 | 40,312 | |||||||||||||||||||||||||||
| 12 | Vesper Corpus Christi, LLC | Corpus Christi, TX | 9/28/2016 | 14,250 | 10,112 | |||||||||||||||||||||||||||
| 13 | Vesper Campus Quarters, LLC | Corpus Christi, TX | 9/28/2016 | 18,350 | 13,272 | |||||||||||||||||||||||||||
| 14 | Vesper College Station, LLC | College Station, TX | 9/28/2016 | 41,500 | 30,016 | |||||||||||||||||||||||||||
| 15 | Vesper Statesboro, LLC | Statesboro, GA | 9/28/2016 | 7,500 | 7,323 | |||||||||||||||||||||||||||
| 16 | 9220 Old Lantern Way, LLC | Laurel, MD | 1/30/2017 | 187,250 | 150,423 | |||||||||||||||||||||||||||
| 17 | 7915 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 95,700 | 87,031 | |||||||||||||||||||||||||||
| 18 | 8025 Baymeadows Circle Owner, LLC | Jacksonville, FL | 10/31/2017 | 15,300 | 15,156 | |||||||||||||||||||||||||||
| 19 | 23275 Riverside Drive Owner, LLC | Southfield, MI | 11/8/2017 | 52,000 | 53,231 | |||||||||||||||||||||||||||
| 20 | 23741 Pond Road Owner, LLC | Southfield, MI | 11/8/2017 | 16,500 | 18,417 | |||||||||||||||||||||||||||
| 21 | 150 Steeplechase Way Owner, LLC | Largo, MD | 1/10/2018 | 44,500 | 35,185 | |||||||||||||||||||||||||||
| 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 | 25,075 | |||||||||||||||||||||||||||
| 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 | 47,274 | |||||||||||||||||||||||||||
| 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 | 77,261 | |||||||||||||||||||||||||||
| 30 | Bel Canto NPRC Parcstone LLC | Fayetteville, NC | 10/15/2019 | 45,000 | 42,329 | |||||||||||||||||||||||||||
| 31 | Bel Canto NPRC Stone Ridge LLC | Fayetteville, NC | 10/15/2019 | 21,900 | 21,313 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| No. | Property Name | City | Acquisition Date | Purchase Price | Mortgage Outstanding | |||||||||||||||||||||||||||
| 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 | 18,906 | |||||||||||||||||||||||||||
| 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 | 36,704 | |||||||||||||||||||||||||||
| 49 | NPRC Lancaster LLC | Birmingham, AL | 3/18/2022 | 37,550 | 29,673 | |||||||||||||||||||||||||||
| 50 | NPRC Rutland LLC | Macon, GA | 3/18/2022 | 29,750 | 24,383 | |||||||||||||||||||||||||||
| 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 | $ | 2,191,789 | |||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 512,343 | $ | 16,466 | $ | 512,343 | $ | 512,343 | 1M SOFR + | 2.05 | % | ||||||||||||||||||||||||
| 3.364% | 2026 Notes | 267,533 | 1,121 | 266,412 | 261,425 | 3.89 | % | ||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 279,750 | 3,639 | 276,111 | 247,565 | 3.95 | % | ||||||||||||||||||||||||||||
| 5.50% | 2030 Notes | 171,282 | 7,702 | 163,580 | 163,643 | 6.76 | % | ||||||||||||||||||||||||||||
| Public Notes | 718,565 | 706,103 | 672,633 | ||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 637,232 | 7,982 | 629,250 | 608,413 | 5.87 | % | |||||||||||||||||||||||||||||
| Total | $ | 1,868,140 | $ | 1,847,696 | $ | 1,793,389 | |||||||||||||||||||||||||||||
| Principal Outstanding | Unamortized Discount & Debt Issuance Costs | Net Carrying Value | Fair Value | Effective Interest Rate | |||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 856,322 | $ | 18,842 | $ | 856,322 | $ | 856,322 | 1M SOFR + | 2.05 | % | ||||||||||||||||||||||||
| 3.364% | 2026 Notes | 300,000 | 2,019 | 297,981 | 286,707 | 3.87 | % | ||||||||||||||||||||||||||||
| 3.437% | 2028 Notes | 300,000 | 4,537 | 295,463 | 268,671 | 3.93 | % | ||||||||||||||||||||||||||||
| Public Notes | 600,000 | 593,444 | 555,378 | ||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 647,232 | 8,687 | 638,545 | 607,339 | 5.85 | % | |||||||||||||||||||||||||||||
| Total | $ | 2,103,554 | $ | 2,088,311 | $ | 2,019,039 | |||||||||||||||||||||||||||||
| Payments Due by Fiscal Year ending June 30, | |||||||||||||||||||||||||||||||||||||||||
| Total | Remainder of 2026 | 2027 | 2028 | 2029 | 2030 | After 5 Years | |||||||||||||||||||||||||||||||||||
| Revolving Credit Facility | $ | 512,343 | $ | — | $ | — | $ | — | $ | 512,343 | $ | — | $ | — | |||||||||||||||||||||||||||
| Public Notes | 718,565 | — | 267,533 | — | 279,750 | — | 171,282 | ||||||||||||||||||||||||||||||||||
| Prospect Capital InterNotes® | 637,232 | 29,418 | 114,543 | 74,888 | 84,870 | 70,443 | 263,070 | ||||||||||||||||||||||||||||||||||
| Total Contractual Obligations | $ | 1,868,140 | $ | 29,418 | $ | 382,076 | $ | 74,888 | $ | 876,963 | $ | 70,443 | $ | 434,352 | |||||||||||||||||||||||||||
| December 31, 2025 | June 30, 2025 | |||||||||||||
| Net assets applicable to common stockholders | $ | 2,958,755 | $ | 2,988,772 | ||||||||||
| Shares of common stock issued and outstanding | 476,461,879 | 455,902,826 | ||||||||||||
| Net asset value per common share | $ | 6.21 | $ | 6.56 | ||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Investment income | $ | 176,002 | $ | 185,466 | $ | 333,626 | $ | 381,774 | ||||||||||||||||||
| Operating expenses | 85,114 | 99,035 | 163,388 | 205,466 | ||||||||||||||||||||||
| Net investment income | 90,888 | 86,431 | 170,238 | 176,308 | ||||||||||||||||||||||
| Net realized gains (losses) from investments | (141,303) | (46,653) | (143,194) | (147,023) | ||||||||||||||||||||||
| Net change in unrealized gains (losses) from investments | 71,307 | (40,080) | 71,906 | (163,847) | ||||||||||||||||||||||
| Net realized gains (losses) on extinguishment of debt | 2,896 | 236 | 2,819 | 484 | ||||||||||||||||||||||
| Net realized gains (losses) from derivative instruments and foreign currency transactions | (224) | — | (224) | — | ||||||||||||||||||||||
| Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions | 155 | — | 155 | — | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 23,719 | (66) | 101,700 | (134,078) | ||||||||||||||||||||||
| Preferred stock dividend | (26,740) | (26,228) | (53,507) | (53,385) | ||||||||||||||||||||||
| Net gain (loss) on redemptions of preferred stock | (1,349) | (906) | (2,711) | 1,398 | ||||||||||||||||||||||
| Gain (loss) on Accretion to Redemption Value of Preferred Stock | (2,206) | (3,793) | (3,971) | (9,997) | ||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders | $ | (6,576) | $ | (30,993) | $ | 41,511 | $ | (196,062) | ||||||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest income | $ | 149,048 | $ | 168,798 | $ | 301,442 | $ | 353,413 | |||||||||||||||
| Dividend income | 23,984 | 6,961 | 27,557 | 9,371 | |||||||||||||||||||
| Other income | 2,970 | 9,707 | 4,627 | 18,990 | |||||||||||||||||||
| Total investment income | $ | 176,002 | $ | 185,466 | $ | 333,626 | $ | 381,774 | |||||||||||||||
Average debt principal of performing interest bearing investments(1) | $ | 5,685,029 | $ | 7,028,843 | $ | 5,767,306 | $ | 7,111,773 | |||||||||||||||
Weighted average interest rate earned on performing interest bearing investments(1) | 10.26 | % | 9.40 | % | 10.23 | % | 9.72 | % | |||||||||||||||
Average debt principal of all interest bearing investments(2) | $ | 6,498,320 | $ | 7,577,421 | $ | 6,537,079 | $ | 7,610,853 | |||||||||||||||
Weighted average interest rate earned on all interest bearing investments(2) | 8.98 | % | 8.72 | % | 9.02 | % | 9.09 | % | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Dividend income | ||||||||||||||||||||
| R-V Industries, Inc. | $ | 7,897 | $ | 4,387 | $ | 8,774 | $ | 4,387 | ||||||||||||
| Valley Electric Company, Inc. | 7,124 | — | 7,124 | — | ||||||||||||||||
| Shoes West, LLC (d/b/a Taos Footwear) | 3,361 | — | 3,361 | — | ||||||||||||||||
| Universal Turbine Parts, LLC | 2,017 | — | 2,017 | — | ||||||||||||||||
| The RK Logistics Group, Inc. | 1,267 | — | 2,534 | — | ||||||||||||||||
| RGIS Services, LLC | 985 | — | 985 | 141 | ||||||||||||||||
| Other transactions | 1,333 | 2,574 | 2,762 | 4,843 | ||||||||||||||||
| Total dividend income | $ | 23,984 | $ | 6,961 | $ | 27,557 | $ | 9,371 | ||||||||||||
| For the Three Months Ended December 31, | For the Six Months Ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Structuring and amendment fees | ||||||||||||||||||||
| Help/Systems Holdings, Inc. | $ | 1,313 | $ | — | $ | 1,313 | $ | — | ||||||||||||
| Druid City Infusion, LLC | — | — | — | 1,379 | ||||||||||||||||
| PeopleConnect Holdings, Inc | — | 531 | — | 531 | ||||||||||||||||
| Other transactions | 1,213 | 661 | 2,512 | 1,526 | ||||||||||||||||
| Total structuring and amendment fees | $ | 2,526 | $ | 1,192 | $ | 3,825 | $ | 3,436 | ||||||||||||
| Royalty, net profit and revenue interests | ||||||||||||||||||||
| National Property REIT Corp. | $ | — | $ | 8,160 | $ | — | $ | 14,825 | ||||||||||||
| Other transactions | 167 | 166 | 334 | 340 | ||||||||||||||||
| Total royalty and net revenue interests | $ | 167 | $ | 8,326 | $ | 334 | $ | 15,165 | ||||||||||||
| Administrative agent fees | ||||||||||||||||||||
| Other transactions | $ | 277 | $ | 189 | $ | 468 | $ | 389 | ||||||||||||
| Total administrative agent fees | $ | 277 | $ | 189 | $ | 468 | $ | 389 | ||||||||||||
| Total other income | $ | 2,970 | $ | 9,707 | $ | 4,627 | $ | 18,990 | ||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Base management fee | $ | 32,932 | $ | 37,069 | $ | 66,549 | $ | 75,675 | |||||||||||||||
| Income incentive fee | 16,035 | 13,632 | 17,269 | 29,312 | |||||||||||||||||||
| Interest and credit facility expenses | 32,790 | 37,979 | 66,477 | 77,739 | |||||||||||||||||||
| Allocation of overhead from Prospect Administration | 23 | 5,708 | 5,547 | 11,416 | |||||||||||||||||||
| Audit, compliance and tax related fees | (239) | 80 | 660 | 1,800 | |||||||||||||||||||
| Directors’ fees | 150 | 150 | 300 | 300 | |||||||||||||||||||
| Other general and administrative expenses | 3,423 | 4,417 | 6,586 | 9,224 | |||||||||||||||||||
| Total operating expenses | $ | 85,114 | $ | 99,035 | $ | 163,388 | $ | 205,466 | |||||||||||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Interest on borrowings | $ | 27,559 | $ | 32,508 | $ | 56,736 | $ | 67,002 | |||||||||||||||
| Amortization of deferred financing costs | 2,316 | 2,261 | 4,294 | 4,509 | |||||||||||||||||||
| Accretion of discount on unsecured debt | 490 | 700 | 851 | 1,435 | |||||||||||||||||||
| Facility commitment fees | 2,425 | 2,510 | 4,596 | 4,793 | |||||||||||||||||||
| Total interest and credit facility expenses | $ | 32,790 | $ | 37,979 | $ | 66,477 | $ | 77,739 | |||||||||||||||
| Average principal debt outstanding | $2,115,416 | $2,501,297 | $2,144,767 | $2,529,736 | |||||||||||||||||||
Annualized weighted average stated interest rate on borrowings(1) | 5.21 | % | 5.20 | % | 5.29 | % | 5.30 | % | |||||||||||||||
Annualized weighted average interest rate on borrowings(2) | 6.20 | % | 6.07 | % | 6.20 | % | 6.15 | % | |||||||||||||||
| Three Months Ended December 31, | |||||||||||
| Portfolio Company | 2025 | 2024 | |||||||||
| Engine Group, Inc | $ | 27 | $ | — | |||||||
| Other transactions, net | 2 | 357 | |||||||||
| Wellful, Inc. | — | (3,764) | |||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) | — | (5,511) | |||||||||
| Structured Subordinated Notes, net | (1,383) | (37,735) | |||||||||
| USES Corp. | (66,219) | — | |||||||||
| United Sporting Companies, Inc | (73,730) | $ | — | ||||||||
| Net realized gains (losses) from investments | $ | (141,303) | $ | (46,653) | |||||||
| Six Months Ended December 31, | |||||||||||
| Portfolio Company | 2025 | 2024 | |||||||||
| NMMB Inc. | $ | 842 | $ | 6,366 | |||||||
| Engine Group, Inc | 27 | — | |||||||||
| Other transactions, net | 6 | 667 | |||||||||
| Wellful, Inc. | — | (3,764) | |||||||||
| STG Distribution, LLC (f/k/a Reception Purchaser, LLC) | — | (5,511) | |||||||||
Research Now Group, LLC and Dynata, LLC (1) | 2 | (48,118) | |||||||||
| Structured Subordinated Notes, net | (4,122) | (96,663) | |||||||||
| USES Corp. | (66,219) | — | |||||||||
| United Sporting Companies, Inc | (73,730) | — | |||||||||
| Net realized gains (losses) from investments | $ | (143,194) | $ | (147,023) | |||||||
| Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Control investments | $ | 37,117 | $ | 30,419 | $ | 51,298 | $ | (143,829) | |||||||||||||||
| Affiliate investments | 1,982 | (1,446) | 5,746 | 2,002 | |||||||||||||||||||
| Non-control/non-affiliate investments | 32,208 | (69,053) | 14,862 | (22,020) | |||||||||||||||||||
| Net change in unrealized gains (losses) | $ | 71,307 | $ | (40,080) | $ | 71,906 | $ | (163,847) | |||||||||||||||
| Net Change in Unrealized Gains (Losses) | ||||||||
| United Sporting Companies, Inc. | $ | 73,496 | ||||||
| First Tower Finance Company LLC | 67,955 | |||||||
| USES Corp. | 66,218 | |||||||
| Recovery Solutions Parent, LLC | 6,171 | |||||||
| Pacific World Corporation | (10,692) | |||||||
| Other investments, net | (14,949) | |||||||
First Brands Group(1) | (18,526) | |||||||
| Credit.com Holdings, LLC | (22,960) | |||||||
| InterDent, Inc. | (25,346) | |||||||
| National Property REIT Corp. | (50,060) | |||||||
| Net change in unrealized gains (losses) | $ | 71,307 | ||||||
| Net Change in Unrealized Gains (Losses) | ||||||||
| First Tower Finance Company LLC | $ | 42,245 | ||||||
| Reception Purchaser, LLC | 18,691 | |||||||
| National Property REIT Corp. | 9,317 | |||||||
| Wellpath Holdings, Inc. | 6,971 | |||||||
| Wellful Inc. | 6,395 | |||||||
| Credit.com Holdings, LLC | (6,069) | |||||||
| Discovery Point Retreat, LLC | (6,177) | |||||||
| Town & Country Holdings, Inc. | (7,735) | |||||||
| STG Distribution, LLC | (8,643) | |||||||
| R-V Industries, Inc. | (9,704) | |||||||
| Druid City Infusion, LLC | (17,207) | |||||||
| Other investments, net | (20,427) | |||||||
| Securus Technologies Holdings, Inc. | (47,737) | |||||||
| Net change in unrealized gains (losses) | $ | (40,080) | ||||||
| Net Change in Unrealized Gains (Losses) | ||||||||
| First Tower Finance Company LLC | $ | 143,338 | ||||||
| United Sporting Companies, Inc. | 73,412 | |||||||
| USES Corp. | 66,219 | |||||||
| Belnick, LLC (d/b/a The Ubique Group) | 19,375 | |||||||
| Shoes West, LLC (d/b/a Taos Footwear) | 17,085 | |||||||
| QC Holdings TopCo, LLC | 16,680 | |||||||
| Town & Country Holdings, Inc. | 13,614 | |||||||
| Recovery Solutions Parent, LLC | 12,119 | |||||||
| NMMB, Inc. | 11,882 | |||||||
| Verify Diagnostics LLC | 10,795 | |||||||
| New WPCC Parent, LLC | 7,470 | |||||||
| Druid City Infusion, LLC | 6,567 | |||||||
| Medical Solutions Holdings, Inc. | (6,832) | |||||||
| Other investments, net | (11,096) | |||||||
| R-V Industries, Inc. | (11,913) | |||||||
| Pacific World Corporation | (16,482) | |||||||
| InterDent, Inc. | (20,584) | |||||||
| STG Distribution, LLC | (24,741) | |||||||
| Credit.com Holdings, LLC | (28,351) | |||||||
| Valley Electric Company, Inc. | (32,908) | |||||||
First Brands Group(1) | (65,010) | |||||||
| National Property REIT Corp. | (108,733) | |||||||
| Net change in unrealized gains (losses) | $ | 71,906 | ||||||
| Net Change in Unrealized Gains (Losses) | ||||||||
| First Tower Finance Company LLC | $ | 50,563 | ||||||
Research Now Group, LLC and Dynata, LLC (1) | 47,724 | |||||||
| Subordinated Structured Notes, net | 22,698 | |||||||
| Reception Purchaser, LLC | 7,983 | |||||||
| Pacific World Corporation | (6,096) | |||||||
| Credit.com Holdings, LLC | (6,474) | |||||||
| Credit Central Loan Company, LLC | (7,133) | |||||||
| R-V Industries, Inc. | (7,268) | |||||||
| Valley Electric Company, Inc. | (8,418) | |||||||
| STG Distribution, LLC | (8,643) | |||||||
| Town & Country Holdings, Inc. | (11,096) | |||||||
| Redstone Holdco 2 LP | (13,996) | |||||||
| NMMB, Inc. | (15,421) | |||||||
| Other investments, net | (24,386) | |||||||
| Securus Technologies Holdings, Inc. | (47,303) | |||||||
| National Property REIT Corp. | (65,706) | |||||||
| InterDent, Inc. | (70,875) | |||||||
| Net change in unrealized gains (losses) | $ | (163,847) | ||||||
Monthly Cash 7.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.156250 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.156250 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.156250 | ||||||||
| Monthly Cash Floating Rate Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.135417 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.135417 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.135417 | ||||||||
| Monthly Cash 5.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.114583 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.114583 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.114583 | ||||||||
Monthly Cash 6.50% Preferred Shareholder Distribution | Record Date | Payment Date | Monthly Amount ($ per share), before pro ration for partial periods | ||||||||
| March 2026 | 3/18/2026 | 4/1/2026 | $0.135417 | ||||||||
| April 2026 | 4/21/2026 | 5/1/2026 | $0.135417 | ||||||||
| May 2026 | 5/20/2026 | 6/1/2026 | $0.135417 | ||||||||
| Quarterly Cash 5.35% Preferred Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| February 2026 - April 2026 | 4/21/2026 | 5/1/2026 | $0.334375 | ||||||||
| Monthly Cash Common Shareholder Distribution | Record Date | Payment Date | Amount ($ per share) | ||||||||
| February 2026 | 2/25/2026 | 3/19/2026 | $0.0450 | ||||||||
| March 2026 | 3/27/2026 | 4/21/2026 | $0.0450 | ||||||||
| April 2026 | 4/28/2026 | 5/19/2026 | $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 | $ | 90,403 | $ | 15,370 | $ | 75,033 | ||||||||||||||
| Up 200 basis points | $ | 60,124 | $ | 10,247 | $ | 49,877 | ||||||||||||||
| Up 100 basis points | $ | 30,547 | $ | 5,123 | $ | 25,424 | ||||||||||||||
| Down 100 basis points | $ | (25,693) | $ | (5,123) | $ | (20,570) | ||||||||||||||
| Down 200 basis points | $ | (46,330) | $ | (10,247) | $ | (36,083) | ||||||||||||||
| Down 300 basis points | $ | (60,329) | $ | (15,370) | $ | (44,959) | ||||||||||||||
| Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
| Corresponding Return to Common Stockholder(1) | (32.6)% | (20.4)% | (8.2)% | 4.0% | 16.2% | ||||||||||||
| Assumed Return on Our Portfolio (net of expenses) | (10)% | (5)% | 0% | 5% | 10% | ||||||||||||
| Corresponding Return to Common Stockholder(2) | (20.3)% | (12.0)% | (3.7)% | 4.6% | 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, 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) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended 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) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Fourth quarter | 6.56 | 4.06 | 3.14 | (38.1) | % | (52.1) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| Twelve Months Ending June 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| First quarter | $ | 6.45 | $ | 3.47 | $ | 2.59 | (46.2) | % | (59.8) | % | |||||||||||||||||||||||||||||||||||||||||||
| Second quarter | 6.21 | 2.88 | 2.45 | (53.6) | % | (60.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||
| 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 | — | 482,489,809 | shares | |||||||||||||||||||
| Preferred Stock | 847,900,000 | — | 70,237,615 | shares | |||||||||||||||||||
| 3.364% 2026 Notes | $ | 300,000 | — | $ | 265,163 | ||||||||||||||||||
| 3.437% 2028 Notes | $ | 300,000 | — | $ | 279,750 | ||||||||||||||||||
| 5.50% 2030 Notes | $ | 175,244 | — | $ | 175,244 | (2) | |||||||||||||||||
| Prospect Capital InterNotes® | $ | 1,000,000 | — | $ | 637,157 | (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: | ||||||||
| Sales Load (as a percentage of offering price) (1) | — | |||||||
| Offering expenses borne by the Company (as a percentage of offering price) (2) | — | |||||||
| Preferred Stock Dividend reinvestment plan expenses (3) | $15.00 | |||||||
| Total stockholder transaction expenses (as a percentage of offering price): | — | |||||||
| Annual expenses (as a percentage of net assets attributable to common stock): | ||||||||
| Management fees (4) | 5.74% | |||||||
| Incentive fees payable under Investment Advisory Agreement (20% of realized capital gains and 20% of pre-incentive fee net investment income) (5) | 1.18% | |||||||
| Total advisory fees | 6.92% | |||||||
| Total interest expenses (6) | 6.39% | |||||||
| Other expenses (7) | 0.89% | |||||||
| Total annual expenses (5)(7)(8) | 14.20% | |||||||
| Dividends on Preferred Stock (9) | 4.60% | |||||||
| Total annual expenses after dividends on Preferred Stock | 18.80% | |||||||
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||||||||||
| Common stockholders would pay the following expenses on a $1,000 investment, assuming a 5% annual return* | $ | 249 | $ | 512 | $ | 713 | $ | 1,031 | ||||||||||||||||||
| Common stockholders would pay the following expenses on a $1,000 investment, assuming a 5% annual return** | $ | 258 | $ | 532 | $ | 735 | $ | 1,046 | ||||||||||||||||||
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 | |||||
| 4.7 | |||||
| 4.8 | |||||
| 4.9 | |||||
Exhibit No. | |||||
| 4.10 | |||||
| 4.11 | |||||
| 4.12 | |||||
| 4.13 | |||||
| 4.14 | |||||
| 4.15 | |||||
| 4.16 | |||||
| 4.17 | |||||
| 4.18 | |||||
| 4.19 | |||||
| 4.20 | |||||
| 4.21 | |||||
| 4.22 | |||||
| 4.23 | |||||
| 4.24 | |||||
| 4.25 | |||||
| 4.26 | |||||
| 4.27 | |||||
| 4.28 | |||||
| 4.29 | |||||
| 4.30 | |||||
| 4.31 | |||||
| 4.32 | |||||
| 4.33 | |||||
| 4.34 | |||||
| 4.35 | |||||
| 4.36 | |||||
| 10.1 | |||||
| 10.2 | |||||
| 11 | Computation of Per Share Earnings (included in the notes to the financial statements contained in this report) | ||||
Exhibit No. | |||||
| 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) | |||||
| (23) | |||||
| (24) | |||||
| (25) | |||||
| (26) | |||||
| (27) | |||||
| (28) | |||||
| (29) | |||||
| (30) | |||||
| (31) | |||||
| (32) | |||||
| PROSPECT CAPITAL CORPORATION | |||||||||||
| February 9, 2026 | By: | /s/ JOHN F. BARRY III | |||||||||
| Date | John F. Barry III | ||||||||||
| Chairman of the Board and Chief Executive Officer | |||||||||||
| February 9, 2026 | By: | /s/ KRISTIN L. VAN DASK | |||||||||
| Date | Kristin L. Van Dask | ||||||||||
| Chief Financial Officer | |||||||||||
| Date: | February 9, 2026 | ||||
| /s/ JOHN F. BARRY III | |||||
| John F. Barry III | |||||
| Chairman of the Board and Chief Executive Officer | |||||
| Date: | February 9, 2026 | ||||
| /s/ KRISTIN L. VAN DASK | |||||
| Kristin L. Van Dask | |||||
| Chief Financial Officer | |||||
| Date: | February 9, 2026 | ||||
| /s/ JOHN F. BARRY III | |||||
| John F. Barry III | |||||
| Chairman of the Board and Chief Executive Officer | |||||
| Date: | February 9, 2026 | ||||
| /s/ KRISTIN L. VAN DASK | |||||
| Kristin L. Van Dask | |||||
| Chief Financial Officer | |||||