UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2024
OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 Commission File Number: 814-00659 

PROSPECT CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Maryland	43-2048643
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
10 East 40th Street, 42nd Floor
New York, New York	10016
(Address of principal executive offices)	(Zip Code)
Registrant's telephone number, including area code: (212) 448-0702

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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)

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o    No ý

As of February 7, 2025, there were 442,744,944 shares of the registrant’s common stock, $0.001 par value per share, outstanding.

Table of Contents

		Page
	Forward-Looking Statements	3
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of December 31, 2024 (unaudited) and June 30, 2024	4
	Consolidated Statements of Operations for the three and six months ended December 31, 2024 and December 31, 2023 (unaudited)	5
	Consolidated Statements of Changes in Net Assets and Temporary Equity for the three and six months ended December 31, 2024 and December 31, 2023 (unaudited)	7
	Consolidated Statements of Cash Flows for the six months ended December 31, 2024 and December 31, 2023 (unaudited)	9
	Consolidated Schedules of Investments as of December 31, 2024 (unaudited) and June 30, 2024	10
	Notes to Consolidated Financial Statements (unaudited)	54
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	122
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	156
Item 4.	Controls and Procedures	158
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	159
Item 1A.	Risk Factors	159
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	161
Item 3.	Defaults Upon Senior Securities	162
Item 4.	Mine Safety Disclosures	162
Item 5.	Other Information	163
Item 6.	Exhibits	167
	Signatures

FORWARD-LOOKING STATEMENTS

This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “could,” “may,” “plan” and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future—including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results—are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part II, “Item 1A. Risk Factors” and elsewhere in this report and in our Annual Report on Form 10-K for the year ended June 30, 2024, and those described from time to time in reports that we have filed or in the future may file with the Securities and Exchange Commission.

The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•our, or our portfolio companies’, future operating results;

•our business prospects and the prospects of our portfolio companies;

•the return or impact of current or future investments that we expect to make;

•our contractual arrangements and relationships with third parties;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•the impact of global events outside of our control, including, the consequences of the ongoing conflict between Russia and Ukraine and the Israel-Hamas war, on our and our portfolio companies’ business and the global economy;

•uncertainty surrounding inflation and the financial stability of the United States, Europe, and China;

•the financial condition of, and ability of our current and prospective portfolio companies to, achieve their objectives;

•difficulty in obtaining financing or raising capital, especially in the current credit and equity environment, and the impact of a protracted decline in the liquidity of credit markets on our and our portfolio companies’ business;

•the level, duration and volatility of prevailing interest rates and credit spreads, magnified by the current turmoil in the credit markets;

•the impact of alternative reference rates on our business and certain of our investments;

•adverse developments in the availability of desirable loan and investment opportunities whether they are due to competition, regulation or otherwise;

•a compression of the yield on our investments and the cost of our liabilities, as well as the level of leverage available to us;

•the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

•our regulatory structure and tax treatment, including our ability to operate as a business development company and a regulated investment company;

•the adequacy of our cash resources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments;

•the timing, form and amount of any dividend distributions;

•authoritative generally accepted accounting principles or policy changes from such standard-setting bodies as the Financial Accounting Standards Board, the Securities and Exchange Commission, Internal Revenue Service, the NASDAQ Global Select Market, the New York Stock Exchange LLC, and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business; and

•any of the other risks, uncertainties and other factors we identify herein or in our Annual Report on Form 10-K for the year ended June 30, 2024.

3

PART I

Item 1. Financial Statements

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

	December 31, 2024		June 30, 2024
	(Unaudited)		(Audited)
Assets
Investments at fair value:
Control investments (amortized cost of $3,323,998 and $3,280,415, respectively)(Note 14)	$	3,772,329	$	3,872,575
Affiliate investments (amortized cost of $11,735 and $11,594, respectively)	20,212		18,069
Non-control/non-affiliate investments (amortized cost of $3,689,972 and $4,155,165, respectively)	3,340,387		3,827,599
Total investments at fair value (amortized cost of $7,025,705 and $7,447,174, respectively)(Note 3)	7,132,928		7,718,243
Cash and cash equivalents (restricted cash of $1,508 and $3,974, respectively)	59,760		85,872
Receivables for:
Interest, net	18,428		26,936
Other	1,914		1,091
Deferred financing costs on Revolving Credit Facility (Note 4)	21,180		22,975
Prepaid expenses	641		1,162
Due from broker	—		734
Due from Affiliate (Note 13)	4		79
Total Assets	7,234,855		7,857,092
Liabilities
Revolving Credit Facility (Notes 4 and 8)	301,522		794,796
Public Notes (less unamortized discount and debt issuance costs of $10,075 and $12,433, respectively) (Notes 6 and 8)	966,197		987,567
Prospect Capital InterNotes® (less unamortized debt issuance costs of $9,299 and $7,999, respectively) (Notes 7 and 8)	634,535		496,029
Convertible Notes (less unamortized debt issuance costs of $166 and $649, respectively) (Notes 5 and 8)	156,002		155,519
Due to Prospect Capital Management (Note 13)	50,700		58,624
Interest payable	23,214		21,294
Dividends payable	20,076		25,804
Due to Prospect Administration (Note 13)	5,070		5,433
Accrued expenses	4,028		3,591
Due to broker	2,762		10,272
Other liabilities	199		242
Total Liabilities	2,164,305		2,559,171
Commitments and Contingencies (Note 3 and Note 15)
Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of December 31, 2024 and June 30, 2024; 27,968,443 and 28,932,457 Series A1 shares issued and outstanding, 1,309,907 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,476,826 and 24,810,648 Series A3 shares issued and outstanding, 2,732,317 and 3,351,101 Series M3 shares issued and outstanding, 2,192,884 and 1,401,747 Series M4 shares issued and outstanding, 7,012,458 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 0 and 0 Series A5 issued and outstanding, and 0 and 0 Series M5 issued and outstanding as of December 31, 2024 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends (Note 9)	1,630,514		1,586,188
Net Assets Applicable to Common Shares	$	3,440,036	$	3,711,733
Components of Net Assets Applicable to Common Shares and Net Assets, respectively
Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 438,851,578 and 424,846,963 issued and outstanding, respectively) (Note 9)	439		425
Paid-in capital in excess of par (Note 9 and 12)	4,267,636		4,208,607
Total distributable (loss) (Note 12)	(828,039)		(497,299)
Net Assets Applicable to Common Shares	$	3,440,036	$	3,711,733
Net Asset Value Per Common Share (Note 16)	$	7.84	$	8.74

4

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

	Three Months Ended December 31,				Six Months Ended December 31,
	2024		2023		2024		2023
Investment Income
Interest income (excluding payment-in-kind (“PIK”) interest income):
Control investments	$	57,386	$	41,690	$	109,768	$	90,816
Non-control/non-affiliate investments	87,159		105,749		182,069		212,105
Structured credit securities	4,054		8,882		8,233		25,569
Total interest income (excluding PIK interest income)	148,599		156,321		300,070		328,490
PIK interest income:
Control investments	13,884		26,834		33,594		50,951
Non-control/non-affiliate investments	6,315		11,476		19,749		17,637
Total PIK Interest Income	20,199		38,310		53,343		68,588
Total interest income (Note 2)	168,798		194,631		353,413		397,078
Dividend income:
Control investments	4,387		—		4,387		227
Affiliate investments	—		—		141		1,307
Non-control/non-affiliate investments	2,574		1,340		4,843		2,865
Total dividend income	6,961		1,340		9,371		4,399
Other income:
Control investments	8,416		11,616		15,383		41,361
Non-control/non-affiliate investments	1,291		3,355		3,607		4,349
Total other income (Note 10)	9,707		14,971		18,990		45,710
Total Investment Income	185,466		210,942		381,774		447,187
Operating Expenses
Base management fee (Note 13)	37,069		39,087		75,675		78,376
Income incentive fee (Note 13)	13,632		18,325		29,312		43,942
Interest and credit facility expenses	37,979		40,044		77,739		80,637
Allocation of overhead from Prospect Administration (Note 13)	5,708		12,252		11,416		14,365
Audit, compliance and tax related fees	80		479		1,800		1,496
Directors’ fees	150		131		300		266
Other general and administrative expenses	4,417		3,697		9,224		5,566
Total Operating Expenses	99,035		114,015		205,466		224,648
Net Investment Income	86,431		96,927		176,308		222,539
Net Realized and Net Change in Unrealized Gains (Losses) from Investments
Net realized gains (losses)
Control investments	3		—		6,370		(147)
Non-control/non-affiliate investments	(46,656)		123		(153,393)		(207,219)
Net realized gains (losses)	(46,653)		123		(147,023)		(207,366)
Net change in unrealized gains (losses)
Control investments	30,419		(99,441)		(143,829)		(117,235)
Affiliate investments	(1,446)		1,751		2,002		2,588
Non-control/non-affiliate investments	(69,053)		(27,051)		(22,020)		188,535
Net change in unrealized gains (losses)	(40,080)		(124,741)		(163,847)		73,888
Net Realized and Net Change in Unrealized Gains (Losses) from Investments	(86,733)		(124,618)		(310,870)		(133,478)
Net realized gains (losses) on extinguishment of debt	236		(53)		484		(144)
Net Increase (Decrease) in Net Assets Resulting from Operations	(66)		(27,744)		(134,078)		88,917
Preferred Stock dividends	(26,228)		(24,070)		(53,385)		(47,221)
Net gain (loss) on redemptions of Preferred Stock	(906)		378		1,398		879
Gain (loss) on Accretion to Redemption Value of Preferred Stock	(3,793)		—		(9,997)		—
Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders	$	(30,993)	$	(51,436)	$	(196,062)	$	42,575
Basic and diluted earnings (loss) per common share (Note 11)
Basic	$	(0.07)	$	(0.13)	$	(0.45)	$	0.10
Diluted	$	(0.07)	$	(0.13)	$	(0.45)	$	0.10
Weighted-average shares of common stock outstanding (Note 11)

See notes to consolidated financial statements.

5

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

	Three Months Ended December 31,		Six Months Ended December 31,
	2024	2023	2024	2023
Basic	436,687,429	410,942,812	432,780,318	408,646,716
Diluted	436,687,429	410,942,812	432,780,318	408,646,716

See notes to consolidated financial statements.

6

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS AND TEMPORARY EQUITY

(in thousands, except share and per share data)

(Unaudited)

	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)		Distributable earnings (loss)(1)		Total Net Assets
Balance as of September 30, 2024(1)	70,373,165	$	1,612,302	433,560,728	$	434	$	4,250,105	$	(739,726)	$	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(1)
Distributions from earnings (Note 16)									(91,782)		(91,782)
Return of capital to common stockholders (Note 12)
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	$	4,267,636	$	(828,039)	$	3,440,036

	Preferred Stock Classified as Temporary Equity			Common Stock
Three Months Ended December 31, 2023	Shares	Carrying Value		Shares	Par		Paid-in capital in excess of par(1)		Distributable earnings (loss)(1)		Total Net Assets
Balance as of September 30, 2023(1)	64,493,725	$	1,470,247	408,618,704	$	409	$	4,106,185	$	(325,728)	$	3,780,866
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations:
Net investment income									96,927		96,927
Net realized gains									448		448
Net change in unrealized losses									(124,741)		(124,741)
Distributions to Shareholders(1)
Distributions from earnings (Note 16)									(98,125)		(98,125)
Capital Transactions
Issuance of preferred stock	2,659,962	59,302
Repurchase of preferred stock	(649,188)	(15,652)
Shares issued through reinvestment of dividends	35,917	853		1,681,433	2		9,408				9,410
Conversion of preferred stock to common stock	(595,663)	(13,899)		2,493,984	2		18,862				18,864
Net increase (decrease) in preferred dividend accrual		(110)
Total increase (decrease) for the three months ended December 31, 2023	1,451,028	30,494		4,175,417	4		28,270		(125,491)		(97,217)
Balance as of December 31, 2023	65,944,753	$	1,500,741	412,794,121	$	413	$	4,134,455	$	(451,219)	$	3,683,649

(1) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024. See Note 2 and Note 12 within the accompanying notes to consolidated financial statements for further discussion on tax reclassification of net assets and tax basis components of dividends.

See notes to consolidated financial statements.

7

PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS AND TEMPORARY EQUITY

(in thousands, except share and per share data)

(Unaudited)

	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)		Distributable earnings (loss)(1)		Total Net Assets
Balance as of June 30, 2024	69,466,127	$	1,586,188	424,846,963	$425		$	4,208,607	$	(497,299)	$	3,711,733
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations:
Net investment income									176,308		176,308
Net realized losses									(155,138)		(155,138)
Net change in unrealized losses									(163,847)		(163,847)
Distributions to Shareholders
Distributions from earnings (Note 16)									(196,297)		(196,297)
Capital Transactions
Issuance of preferred stock	3,793,495	83,930
Accretion of preferred stock to redemption value		9,997
Repurchase of Preferred Stock
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 reclassifications of net assets (Note 12)							(8,234)		8,234		—
Conversion of Convertible Notes to common stock				—							—
Total increase (decrease) for the six months ended December 31, 2024	1,640,865	44,326		14,004,615	14		59,029		(330,740)		(271,697)
Balance as of December 31, 2024	71,106,992	$	1,630,514	438,851,578	$	439	$	4,267,636	$	(828,039)	$	3,440,036

	Preferred Stock Classified as Temporary Equity			Common Stock
Six Months Ended December 31, 2023	Shares	Carrying Value		Shares	Par		Paid-in capital in excess of par(1)		Distributable earnings (loss)(1)		Total Net Assets
Balance as of June 30, 2023	62,102,009	$	1,418,014	404,033,549	$	404	$	4,085,207	$	(352,946)	$	3,732,665
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations:
Net investment income									222,539		222,539
Net realized losses									(206,631)		(206,631)
Net change in unrealized gains									73,888		73,888
Distributions to Shareholders(1)
Distributions from earnings(Note 16)									(188,069)		(188,069)
Return of capital to common stockholders(Note 12)							(6,459)				(6,459)
Capital Transactions
Issuance of Preferred Stock	5,858,047	130,644
Repurchase of Preferred Stock	(711,497)	(17,155)
Shares issued through reinvestment of dividends	65,330	1,562		3,219,691	4		18,570				18,574
Conversion of preferred stock to common stock	(1,369,136)	(32,177)		5,540,881	5		37,137				37,142
Net increase (decrease) in preferred dividend accrual		(147)									—
Total increase (decrease) for the six months ended December 31, 2023	3,842,744	82,727		8,760,572	9		49,248		(98,273)		(49,016)
Balance as of December 31, 2023	65,944,753	$	1,500,741	412,794,121	$	413	$	4,134,455	$	(451,219)	$	3,683,649

(1) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August

31, 2024. See Note 2 and Note 12 within the accompanying notes to consolidated financial statements for further discussion on tax reclassification of net assets and tax

basis components of dividends.

See notes to consolidated financial statements.

8

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share data)

(Unaudited)

	Six Months Ended December 31,
	2024		2023
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(134,078)	$	88,917
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	(484)		144
Net realized losses on investments	147,023		207,366
Net change in unrealized losses (gains) on investments	163,847		(73,888)
Accretion of premiums, net	(4,762)		(2,713)
Amortization of deferred financing costs	4,509		3,720
Accretion of original issue discount	1,434		1,439
Payment-In-Kind interest	(53,343)		(68,588)
Structuring fees	(1,604)		(2,355)
Change in operating assets and liabilities:
Payments for purchases of investments	(370,648)		(231,858)
Proceeds from sale of investments and collection of investment principal	664,777		224,909
Net Reductions to Subordinated Structured Notes and related investment cost	40,026		40,212
(Increase) decrease in interest receivable, net	8,508		(9,893)
(Increase) decrease in due from broker	734		475
(Increase) decrease in other receivables	(823)		(3,546)
(Increase) decrease in due from Affiliate	75		(16)
(Increase) decrease in prepaid expenses	521		378
Increase (decrease) in due to broker	(7,510)		(94)
Increase (decrease) in due to Prospect Administration	(363)		6,167
Increase (decrease) in due to Prospect Capital Management	(7,924)		(4,238)
Increase (decrease) in accrued expenses	437		(1,053)
Increase (decrease) in interest payable	1,920		95
Increase (decrease) in due to Affiliate	—		(161)
Increase (decrease) in other liabilities	(43)		(932)
Net Cash Provided by Operating Activities	452,229		174,487
Financing Activities
Borrowings under Revolving Credit Facility (Note 4)	806,200		501,300
Principal payments under Revolving Credit Facility (Note 4)	(1,299,474)		(651,954)
Repurchase of Public Notes (Note 6)	(23,066)		—
Issuances of Prospect Capital InterNotes® (Note 7)	143,493		38,592
Redemptions of Prospect Capital InterNotes®, net (Note 7)	(3,687)		(5,690)
Financing costs paid and deferred	(2,787)		(1,088)
Proceeds from issuance of preferred stock, net of underwriting costs	86,141		133,281
Offering costs from issuance of preferred stock	(2,211)		(2,637)
Repurchase of Preferred Stock	—		(11,301)
Redemptions of Preferred Stock	(508)		—
Dividends paid and distributions to common and preferred stockholders	(182,442)		(173,347)
Net Cash Provided by (Used in) Financing Activities	(478,341)		(172,844)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(26,112)		1,643
Cash, Cash Equivalents and Restricted Cash at beginning of period	85,872		95,646
Cash, Cash Equivalents and Restricted Cash at End of Period	$	59,760	$	97,289
Supplemental Disclosures
Cash paid for interest	$	69,876	$	75,383
Non-Cash Financing Activities
Value of shares issued through reinvestment of dividends	19,583		20,136
Conversion of preferred stock to common stock	50,987		32,177

See notes to consolidated financial statements.

9

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(38)
CP Energy Services Inc. (18)	Energy Equipment & Services	First Lien Delayed Draw Term Loan - $10,000 Commitment	12/24/2024	10.00% (3M SOFR + 9.00%)	1.00	4/4/2027	$	2,600	$	2,600	$	2,334	0.1%	(8)(13)
		First Lien Term Loan	10/1/2017	13.59% (3M SOFR + 9.00%)	1.00	4/4/2027	63,003		63,003		56,540		1.6%	(8)
		First Lien Term Loan	4/5/2022	13.59% (3M SOFR + 9.00%)	1.00	4/4/2027	8,191		8,191		7,350		0.2%	(8)
		First Lien Term Loan	1/6/2023	13.59% (3M SOFR + 9.00%)	1.00	4/4/2027	16,223		16,223		14,558		0.4%	(8)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.59% PIK (3M SOFR + 8.00%)	1.00	12/31/2025	41,526		41,526		36,058		1.0%	(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.59% (3M SOFR + 8.00%)	1.00	12/31/2025	4,569		4,569		3,967		0.1%	(8)
		Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares)	9/25/2020	15.00%		N/A			26,193		—		—%	(14)
		Series B Redeemable Preferred Stock (790 shares)	10/30/2015	16.00%		N/A			63,225		—		—%	(14)
		Common Stock (102,924 shares)	8/2/2013			N/A			86,240		—		—%	(14)
									311,770		120,807		3.4%
Credit Central Loan Company, LLC (19)	Consumer Finance	First Lien Term Loan	12/28/2012	5.00% plus 5.00% PIK	—	9/15/2027	86,155		86,155		75,622		2.2%	(12)(36)
		Class A Units (14,867,312 units)	12/28/2012			N/A			19,331		—		—%	(12)(14)
		Preferred Class P Shares (14,518,187 units)	7/1/2022	12.75% PIK		N/A			11,520		—		—%	(12)(14)
		Net Revenues Interest (25% of Net Revenues)	1/28/2015			N/A			—		—		—%	(12)(14)
									117,006		75,622		2.2%
Echelon Transportation, LLC	Trading Companies & Distributors	First Lien Term Loan	3/31/2014	6.00%	—	12/7/2026	54,739		54,739		54,739		1.6%
		Membership Interest (100%)	3/31/2014			N/A			22,738		—		—%	(14)
		Preferred Units (41,751,342 shares)	1/31/2022	12.75% PIK		N/A			32,843		7,920		0.2%	(14)
									110,320		62,659		1.8%
First Tower Finance Company LLC (21)	Consumer Finance	First Lien Term Loan to First Tower, LLC	6/24/2014	10.00% plus 5.00% PIK	—	12/18/2027	433,619		433,619		433,619		12.6%	(12)(36)
		Class A Units (95,709,910 units)	6/14/2012			N/A			31,146		231,499		6.7%	(12)(14)
									464,765		665,118		19.3%
Freedom Marine Solutions, LLC (22)	Marine Transport	Membership Interest (100%)	11/9/2006			N/A			47,116		12,139		0.4%	(14)
									47,116		12,139		0.4%
InterDent, Inc.	Health Care Providers & Services	First Lien Delayed Draw Term Loan B - $15,000 Commitment	9/30/2024	5.00% plus 7.00% PIK	—	9/5/2025	6,054		6,054		6,054		0.2%	(13)(36)
		First Lien Term Loan A/B	8/1/2018	19.12% (1M SOFR + 14.65%)	2.00	9/5/2025	14,249		14,249		14,249		0.4%	(3)(8)
		First Lien Term Loan A	8/3/2012	9.97% (1M SOFR + 5.50%)	1.00	9/5/2025	95,823		95,823		95,823		2.8%	(3)(8)
		First Lien Term Loan B	8/3/2012	5.00% plus 7.00% PIK	—	9/5/2025	213,887		213,887		213,887		6.2%	(36)
		Common Stock ( 99,900 shares)	5/3/2019			N/A			45,118		76,580		2.2%	(14)
									375,131		406,593		11.8%
Kickapoo Ranch Pet Resort	Diversified Consumer Services	First Lien Term Loan	1/11/2024	11.83% (3M SOFR + 7.50%)	3.00	1/10/2029	1,500		1,500		1,500		—%	(8)
		Membership Interest (100%)	8/26/2019			N/A			2,378		3,443		0.1%
									3,878		4,943		0.1%

See notes to consolidated financial statements.

10

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(38)
MITY, Inc. (23)	Commercial Services & Supplies	First Lien Term Loan A	9/19/2013	13.61% (3M SOFR + 9.02%)	3.00	4/30/2025	$	49,439	$	49,439	$	49,439	1.5%	(3)(8)
		First Lien Term Loan B	6/23/2014	11.59% (3M SOFR + 7.00%) plus 10.00% PIK	3.00	4/30/2025	8,274		8,274		8,274		0.2%	(8)(36)
		Unsecured Note to Broda Enterprises ULC	9/19/2013	10.00%	—	1/1/2028	5,118		7,200		5,118		0.1%	(12)
		Common Stock (42,206 shares)	9/19/2013			N/A			27,349		27,806		0.8%	(14)
									92,262		90,637		2.6%
National Property REIT Corp. (24)	Residential Real Estate Investment Trusts (REITs) / Consumer Finance / Structured Finance	First Lien Term Loan A	12/31/2018	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	4.00	3/31/2026	647,314		647,314		647,314		18.8%	(8)(36)
		First Lien Term Loan B	12/31/2018	6.59% (3M SOFR + 2.00%)	3.00	3/31/2026	20,630		20,630		20,630		0.6%	(8)
		First Lien Term Loan C	10/31/2019	14.59% (3M SOFR + 10.00%) plus 2.25% PIK	1.00	3/31/2026	155,000		155,000		155,000		4.5%	(8)(36)
		First Lien Term Loan D	6/19/2020	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	4.00	3/31/2026	183,425		183,425		183,425		5.3%	(8)(36)
		First Lien Term Loan E	11/14/2022	7.00% (3M SOFR + 1.50%) plus 7.00% PIK	5.50	3/31/2026	51,747		51,747		51,747		1.5%	(8)(36)
		Residual Profit Interest	12/31/2018			N/A			—		40,585		1.2%	(33)
		Common Stock (3,374,914 shares)	12/31/2013			N/A			20,030		501,890		14.6%	(14)(40)
									1,078,146		1,600,591		46.5%
Nationwide Loan Company LLC (25)	Consumer Finance	First Lien Delayed Draw Term Loan A - $7,350 Commitment	5/15/2024	10.00%	—	5/15/2029	5,717		5,717		5,717		0.3%	(12)(13)
		First Lien Delayed Draw Term Loan B - $8,000Commitment	12/23/2024	10.00%	—	5/15/2029	1,000		1,000		1,000		—%	(12)(13)
		First Lien Term Loan	6/18/2014	10.00%	—	5/15/2029	29,083		29,083		29,083		0.8%	(12)
		Class A Units (38,550,460 units)	1/31/2013			N/A			20,846		4,726		0.1%	(12)(14)
									56,646		40,526		1.2%
NMMB, Inc. (26)	Media	First Lien Term Loan	12/30/2019	13.09% (3M SOFR + 8.50%)	2.00	3/31/2027	29,723		29,723		29,723		0.9%	(3)(8)
		Common Stock (21,418 shares)	12/30/2019			N/A			—		49,121		1.4%
									29,723		78,844		2.3%
Pacific World Corporation (34)	Personal Care Products	First Lien Revolving Line of Credit - $30,200 Commitment	9/26/2014	8.61% PIK (1M SOFR + 4.25%)	1.00	9/26/2025	40,717		40,717		40,717		1.2%	(8)(13)(36)
		First Lien Term Loan A	12/31/2014	8.61% PIK (1M SOFR + 4.25%)	1.00	9/26/2025	70,659		70,659		70,625		2.1%	(8)(36)
		Incremental First Lien Term Loan A - $5,800 Commitment	11/25/2024	8.87% PIK (1M SOFR + 4.25%)	1.00	9/26/2025	—		—		—		—%	(8)
		Convertible Preferred Equity (645,668 shares)	6/15/2018	12.00% PIK		N/A			221,795		—		—%	(14)
		Common Stock (6,778,414 shares)	9/29/2017			N/A			—		—		—%	(14)
									333,171		111,342		3.3%
R-V Industries, Inc.	Machinery	First Lien Term Loan	12/15/2020	13.59% (3M SOFR + 9.00%)	1.00	12/15/2028	37,322		37,322		37,322		1.1%	(3)(8)
		First Lien Term Loan	12/20/2024	8.09% (3M SOFR + 3.50%)	4.00	47102	10,000		10,000		10,000		0.3%	(8)
		Common Stock (745,107 shares)	6/26/2007			N/A			6,866		57,812		1.7%
									54,188		105,134		3.1%
Universal Turbine Parts, LLC (32)	Aerospace & Defense	First Lien Delayed Draw Term Loan - $6,965 Commitment	2/28/2019	12.34% (3M SOFR + 7.75%)	1.00	12/31/2026	5,531		5,531		5,531		0.2%	(8)(13)
		First Lien Term Loan A	7/22/2016	10.34% (3M SOFR + 5.75%)	1.00	12/31/2026	29,575		29,575		29,575		0.9%	(3)(8)
		Preferred Units (76,015,174 units)	3/31/2021	12.75% PIK		N/A			32,500		33,906		1.0%	(14)
		Common Stock (10,000 units)	12/10/2018			N/A			—		—		—%	(14)
									67,606		69,012		2.1%

See notes to consolidated financial statements.

11

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(38)
USES Corp. (28)	Commercial Services & Supplies	First Lien Term Loan	12/30/2020	13.62% (1M SOFR + 9.00%)	1.00	8/15/2026	$	2,000	$	2,000	$	2,000	0.1%	(8)
		First Lien Equipment Term Loan	8/3/2022	13.62% (1M SOFR + 9.00%)	1.00	8/15/2026	18,141		18,141		18,141		0.5%	(8)(36)
		First Lien Term Loan A	3/31/2014	9.00% PIK	—	8/15/2026	75,809		30,650		220		—%	(7)
		First Lien Term Loan B	3/31/2014	15.50% PIK	—	8/15/2026	133,964		35,567		—		—%	(7)
		Common Stock (268,962 shares)	6/15/2016			N/A			—		—		—%	(14)
									86,358		20,361		0.6%
Valley Electric Company, Inc. (29)	Construction & Engineering	First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc.	12/31/2012	9.59% (3M SOFR + 5.00%) plus 2.50% PIK	3.00	6/30/2026	10,452		10,452		10,452		0.4%	(3)(8)(36)
		First Lien Term Loan	6/24/2014	8.00% plus 10.00% PIK	—	4/30/2028	38,630		38,630		38,630		1.1%	(3)(36)
		First Lien Term Loan B	3/28/2022	7.00% plus 5.50% PIK	—	4/30/2028	34,777		34,777		34,777		1.0%	(3)(36)
		Consolidated Revenue Interest (2.00%)	6/22/2018			N/A			—		1,622		—%	(10)
		Common Stock (50,000 shares)	12/31/2012			N/A			12,053		222,520		6.5%	(14)
									95,912		308,001		9.0%
Total Control Investments									$	3,323,998	$	3,772,329	109.7%

See notes to consolidated financial statements.

12

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value	Amortized Cost		Fair Value(2)		% of Net Assets
Affiliate Investments (5.00% to 25.00% voting control)(39)
Nixon, Inc. (30)	Textiles, Apparel & Luxury Goods	Common Stock (857 units)	5/12/2017			N/A	$	$	—	$	—	—	%	(14)
								—		—		—	%
RGIS Services, LLC	Commercial Services & Supplies	Membership Interest (8.00%)	6/25/2020			N/A		11,735		20,212		0.6	%
								11,735		20,212		0.6	%
Total Affiliate Investments								$	11,735	$	20,212	0.6	%

See notes to consolidated financial statements.

13

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
8th Avenue Food & Provisions, Inc.	Food Products	Second Lien Term Loan	9/21/2018	12.22% (1M SOFR + 7.75%)	—	10/1/2026	$	32,133	$	32,064	$	29,909	0.9	%	(8)
									32,064		29,909		0.9	%
Apidos CLO XI	Structured Finance	Subordinated Structured Note	12/6/2012	Residual Interest, current yield 9.22%	—	4/17/2034	67,783		38,098		33,752		1.0	%	(5)(12)
									38,098		33,752		1.0	%
Apidos CLO XII	Structured Finance	Subordinated Structured Note	3/15/2013	Residual Interest, current yield 0.00%	—	4/15/2031	52,203		24,828		20,362		0.6	%	(5)(12)(15)
									24,828		20,362		0.6	%
Apidos CLO XV	Structured Finance	Subordinated Structured Note	9/13/2013	Residual Interest, current yield 0.00%	—	4/21/2031	48,515		20,873		15,559		0.5	%	(5)(12)(15)
									20,873		15,559		0.5	%
Apidos CLO XXII	Structured Finance	Subordinated Structured Note	9/16/2015	Residual Interest, current yield 0.00%	—	4/21/2031	35,855		20,110		17,658		0.5	%	(5)(12)(15)
									20,110		17,658		0.5	%
Atlantis Health Care Group (Puerto Rico), Inc.	Health Care Providers & Services	First Lien Term Loan	2/21/2013	13.33% (3M SOFR + 8.75%)	2.00	5/15/2025	57,777		57,777		57,777		1.7	%	(3)(8)
									57,777		57,777		1.7	%
Aventiv Technologies, LLC	Diversified Telecommunication Services	Second Out Super Priority First Lien Term Loan	12/23/2024	14.59% (3M SOFR + 10.00%)	1.00	12/24/2025	2,855		2,756		2,855		0.1	%	(8)(44)
		Second Out Super Priority First Lien Term Loan	4/2/2024	12.09% (3M SOFR + 7.50%)	1.00	7/31/2025	683		683		584		—	%	(8)(36)(44)
		Third Out Super Priority First Lien Term Loan	3/28/2024	5.59% (3M SOFR + 1.00%) plus 4.09% PIK	1.00	7/31/2025	26,213		23,754		19,882		0.6	%	(8)(36)(44)
		Super Priority Second Lien Term Loan	3/28/2024	13.92% (3M SOFR + 9.05%)	1.00	11/1/2025	90,509		58,476		4,526		0.1	%	(7)(8)
									85,669		27,847		0.8	%
Barings CLO 2018-III	Structured Finance	Subordinated Structured Note	10/9/2014	Residual Interest, current yield 0.00%	—	7/20/2029	82,809		6,622		5,746		0.2	%	(5)(12)(15)
									6,622		5,746		0.2	%
Barracuda Parent, LLC	IT Services	Second Lien Term Loan	8/15/2022	11.59% (6M SOFR + 7.00%)	0.50	8/15/2030	20,000		19,581		18,400		0.5	%
									19,581		18,400		0.5	%
BCPE North Star US Holdco 2, Inc.	Food Products	Second Lien Term Loan	6/7/2021	11.72% (1M SOFR + 7.25%)	0.75	6/11/2029	100,000		99,515		97,000		2.8	%	(8)
									99,515		97,000		2.8	%
BCPE Osprey Buyer, Inc.	Health Care Technology	First Lien Revolving Line of Credit - $4,239 Commitment	10/18/2021	10.22% (1M SOFR + 5.75%)	0.75	8/21/2026	2,826		2,826		2,826		0.1	%	(8)(13)(46)
		First Lien Delayed Draw Term Loan - $4,691 Commitment	10/18/2021	10.22% (1M SOFR + 5.75%)	0.75	8/23/2028	4,644		4,605		4,644		0.1	%	(3)(8)(13)
		First Lien Term Loan	10/18/2021	10.53% (3M SOFR + 5.75%)	0.75	8/23/2028	63,050		63,050		63,050		1.8	%	(3)(8)
									70,481		70,520		2.0	%
Belnick, LLC (d/b/a The Ubique Group)	Household Durables	First Lien Term Loan	1/20/2022	13.09% (3M SOFR + 8.50%)	4.00	1/20/2027	82,666		82,666		78,424		2.3	%	(3)(8)
									82,666		78,424		2.3	%
Burgess Point Purchaser Corporation	Automobile Components	Second Lien Term Loan	7/25/2022	14.19% (1M SOFR + 9.00%)	0.75	7/25/2030	30,000		30,000		27,975		0.8	%	(3)(8)
									30,000		27,975		0.8	%
California Street CLO IX Ltd.	Structured Finance	Subordinated Structured Note	4/19/2012	Residual Interest, current yield 0.00%	—	7/16/2032	58,915		30,471		24,592		0.7	%	(5)(12)(15)
									30,471		24,592		0.7	%
Capstone Logistics Acquisition, Inc.	Commercial Services & Supplies	Second Lien Term Loan	11/12/2020	12.96% (1M SOFR + 8.50%)	1.00	11/13/2030	8,500		8,346		8,500		0.2	%	(3)(8)
									8,346		8,500		0.2	%
Carlyle C17 CLO Limited	Structured Finance	Subordinated Structured Note	1/24/2013	Residual Interest, current yield 0.00%	—	4/30/2031	24,870		4,808		4,283		0.1	%	(5)(12)(15)
									4,808		4,283		0.1	%

See notes to consolidated financial statements.

14

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Carlyle Global Market Strategies CLO 2014-4-R, Ltd.	Structured Finance	Subordinated Structured Note	4/7/2017	Residual Interest, current yield 0.00%	—	7/15/2030	$	25,534	$	8,479	$	7,580	0.2	%	(5)(12)(15)
									8,479		7,580		0.2	%
Carlyle Global Market Strategies CLO 2016-3, Ltd.	Structured Finance	Subordinated Structured Note	8/9/2016	Residual Interest, current yield 7.14%	—	7/20/2034	32,200		30,054		25,092		0.7	%	(5)(12)
									30,054		25,092		0.7	%
Cent CLO 21 Limited	Structured Finance	Subordinated Structured Note	5/15/2014	Residual Interest, current yield 0.00%	—	7/29/2030	49,552		—		146		—	%	(5)(12)(15)
									—		146		—	%
CIFC Funding 2013-III-R, Ltd.	Structured Finance	Subordinated Structured Note	8/2/2013	Residual Interest, current yield 0.00%	—	4/24/2031	44,100		10,641		9,448		0.3	%	(5)(12)(15)
									10,641		9,448		0.3	%
CIFC Funding 2013-IV, Ltd.	Structured Finance	Subordinated Structured Note	10/22/2013	Residual Interest, current yield 0.00%	—	4/28/2031	45,500		16,918		14,977		0.4	%	(5)(12)(15)
									16,918		14,977		0.4	%
CIFC Funding 2014-IV-R, Ltd.	Structured Finance	Subordinated Structured Note	8/5/2014	Residual Interest, current yield 9.45%	—	1/17/2035	50,143		36,086		28,411		0.8	%	(5)(12)
									36,086		28,411		0.8	%
CIFC Funding 2016-I, Ltd.	Structured Finance	Subordinated Structured Note	12/9/2016	Residual Interest, current yield 6.04%	—	10/21/2031	34,000		30,044		26,773		0.8	%	(5)(12)
									30,044		26,773		0.8	%
Collections Acquisition Company, Inc.	Financial Services	First Lien Term Loan	12/3/2019	12.24% (3M SOFR + 7.65%)	2.50	6/3/2027	44,769		44,769		44,769		1.3	%	(3)(8)
									44,769		44,769		1.3	%
Columbia Cent CLO 27 Limited	Structured Finance	Subordinated Structured Note	12/18/2013	Residual Interest, current yield 8.64%	—	1/25/2035	48,978		30,110		26,404		0.8	%	(5)(12)
									30,110		26,404		0.8	%
Credit.com Holdings, LLC (6)	Diversified Consumer Services	First Lien Term Loan A	9/28/2023	15.59% (3M SOFR + 11.00%)	1.50	9/28/2028	36,083		36,083		34,727		1.1%		(8)(36)
		First Lien Term Loan B	9/28/2023	16.59% (3M SOFR + 12.00%)	1.50	9/28/2028	62,114		62,114		39,400		1.1%		(8)(36)
		Class B of PGX TopCo II LLC (999 Non-Voting Units)	9/28/2023			N/A			—		—		—%		(14)
									98,197		74,127		2.2	%
Discovery Point Retreat, LLC (47)	Health Care Providers & Services	First Lien Term Loan	6/14/2024	12.34% (3M SOFR + 7.75%)	3.25	6/14/2029	16,873		16,873		16,873		0.5%		(3)(8)
		First Lien Revolving Line of Credit - $2,500 Commitment	6/14/2024	12.34% (3M SOFR + 7.75%)	3.25	3/14/2025	1,300		1,300		1,300		—%		(8)(13)
		Series A Preferred Stock of Discovery MSO HoldCo LLC - 7,785 Units	6/14/2024	8.00% PIK		N/A			7,950		9,653		0.3%		(14)
									26,123		27,826		0.8	%
DRI Holding Inc.	Commercial Services & Supplies	First Lien Term Loan	12/21/2021	9.71% (1M SOFR + 5.25%)	0.50	12/21/2028	33,475		32,663		33,475		1.0	%	(3)(8)
		Second Lien Term Loan	12/21/2021	12.46% (1M SOFR + 8.00%)	0.50	12/21/2029	145,000		145,000		145,000		4.2	%	(3)(8)
									177,663		178,475		5.2	%
Druid City Infusion, LLC	Pharmaceuticals	First Lien Term Loan	9/30/2024	11.83% (3M SOFR + 7.50%)	3.00	10/4/2029	49,880		49,880		49,880		1.4	%	(3)(8)
		First Lien Convertible Note to Druid City Intermediate, Inc.	9/30/2024	6.00% plus 2.00% PIK	—	10/4/2033	19,043		19,043		20,407		0.6	%	(3)(36)
									68,923		70,287		2.0	%
DTI Holdco, Inc.	Professional Services	First Lien Term Loan	4/26/2022	9.11% (1M SOFR + 4.75%)	0.75	4/26/2029	18,130		17,901		18,130		0.5	%	(3)(8)(42)
									17,901		18,130		0.5	%

See notes to consolidated financial statements.

15

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Dukes Root Control Inc.	Commercial Services & Supplies	First Lien Revolving Line of Credit - $4,464 Commitment	12/8/2022	11.24% (3M SOFR + 6.50%)	1.00	12/8/2028	$	1,696	$	1,722	$	1,696	0.1%		(8)(13)(46)
		First Lien Delayed Draw Term Loan - $8,929 Commitment	12/8/2022	11.20% (3M SOFR + 6.50%)	1.00	12/8/2028	3,222		3,211		3,222		0.1%		(8)(13)(46)
		First Lien Term Loan	12/8/2022	11.16% (3M SOFR + 6.50%)	1.00	12/8/2028	35,875		36,081		35,875		1.0%		(3)(8)
									41,014		40,793		1.2%
Easy Gardener Products, Inc.	Household Durables	Class A Units of EZG Holdings, LLC (200 units)	6/11/2020			N/A			313		—		—	%	(14)
		Class B Units of EZG Holdings, LLC (12,525 units)	6/11/2020			N/A			1,688		—		—	%	(14)
									2,001		—		—	%
Emerge Intermediate, Inc. (45)	Pharmaceuticals	First Lien Term Loan	2/26/2024	10.77% (3M SOFR + 6.25%)	1.00	2/26/2026	56,047		56,047		55,066		1.6	%	(3)(8)
									56,047		55,066		1.6	%
Enseo Acquisition, Inc.	Media	First Lien Term Loan	6/2/2021	12.59% (3M SOFR + 8.00%)	1.00	6/2/2026	49,916		49,916		49,916		1.5	%	(3)(8)
									49,916		49,916		1.5	%
Eze Castle Integration, Inc.	Software	First Lien Delayed Draw Term Loan - $8,036 Commitment	7/15/2020	12.22% (3M SOFR + 7.50%)	3.00	1/15/2027	1,770		1,770		1,770		0.1	%	(8)(13)(46)
		First Lien Term Loan	7/15/2020	12.27% (3M SOFR + 7.50%)	3.00	1/15/2027	46,166		46,166		46,166		1.3	%	(3)(8)
									47,936		47,936		1.4	%
Faraday Buyer, LLC	Electrical Equipment	First Lien Delayed Draw Term Loan - $6,540 - Commitment	10/11/2022	10.33% (3M SOFR + 6.00%)	1.00	10/11/2028	—		—		—		—	%	(8)(13)
		First Lien Term Loan	10/11/2022	10.33% (3M SOFR + 6.00%)	1.00	10/11/2028	61,679		61,679		61,679		1.8	%	(3)(8)
									61,679		61,679		1.8	%
First Brands Group	Automobile Components	First Lien Term Loan	3/24/2021	9.85% ( 3M SOFR + 5.00%)	1.00	3/30/2027	21,955		21,987		20,784		0.6	%	(3)(8)(42)
		Second Lien Term Loan	3/24/2021	13.35% (3M SOFR + 8.50%)	1.00	3/30/2028	37,000		36,936		35,027		1.0	%	(3)(8)
									58,923		55,811		1.6	%
Galaxy XV CLO, Ltd.	Structured Finance	Subordinated Structured Note	2/13/2013	Residual Interest, current yield 0.00%	—	10/15/2030	50,525		15,294		13,403		0.4	%	(5)(12)(15)
									15,294		13,403		0.4	%
Galaxy XXVII CLO, Ltd.	Structured Finance	Subordinated Structured Note	9/30/2013	Residual Interest, current yield 0.00%	—	5/16/2031	24,575		7,719		6,783		0.2	%	(5)(12)(15)
									7,719		6,783		0.2	%
Galaxy XXVIII CLO, Ltd.	Structured Finance	Subordinated Structured Note	5/30/2014	Residual Interest, current yield 0.00%	—	7/15/2031	39,905		13,118		11,577		0.3	%	(5)(12)(15)
									13,118		11,577		0.3	%
Global Tel*Link Corporation (d./b/a ViaPath Technologies)	Diversified Telecommunication Services	First Lien Term Loan	8/6/2024	11.86% (1M SOFR + 7.50%)	3.00	8/6/2029	126,683		122,026		124,712		3.6	%	(3)(8)
									122,026		124,712		3.6	%
Halcyon Loan Advisors Funding 2014-2 Ltd.	Structured Finance	Subordinated Structured Note	4/14/2014	Residual Interest, current yield 0.00%	—	4/28/2025	41,164		2		2		—	%	(5)(12)(15)
									2		2		—	%
Halcyon Loan Advisors Funding 2015-3 Ltd.	Structured Finance	Subordinated Structured Note	7/23/2015	Residual Interest, current yield 0.00%	—	10/18/2027	39,598		30		28		—	%	(5)(12)(15)
									30		28		—	%
HarbourView CLO VII-R, Ltd.	Structured Finance	Subordinated Structured Note	6/5/2015	Residual Interest, current yield 0.00%	—	7/18/2031	19,025		2,731		3,001		0.1	%	(5)(12)(15)
									2,731		3,001		0.1	%
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Software	Second Lien Term Loan	11/14/2019	11.44% (3M SOFR + 6.75%)	0.75	11/19/2027	52,500		52,433		46,393		1.3	%	(3)(8)
									52,433		46,393		1.3	%

See notes to consolidated financial statements.

16

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC)	Air Freight & Logistics	First Lien Term Loan	3/11/2022	9.98% (3M SOFR + 5.50%)	0.75	12/30/2028	$	37,394	$	37,264	$	37,394	1.1	%	(3)(8)
		Second Lien Term Loan	12/30/2021	12.98% (3M SOFR + 8.50%)	0.75	12/30/2029	95,000		95,000		95,000		2.8	%	(3)(8)
									132,264		132,394		3.9	%
Interventional Management Services, LLC	Health Care Providers & Services	First Lien Revolving Line of Credit - $5,000 Commitment	2/22/2021	13.58% (3M SOFR + 9.00%)	1.00	2/22/2025	5,000		5,000		5,000		0.1	%	(8)(13)
		First Lien Term Loan	2/22/2021	13.58% (3M SOFR + 9.00%)	1.00	2/20/2026	64,860		64,860		64,860		1.9	%	(3)(8)
									69,860		69,860		2.0	%
iQor Holdings, Inc.	Professional Services	First Lien Term Loan	6/11/2024	12.09% (3M SOFR + 7.50%)	2.50	6/11/2029	49,375		49,375		49,375		1.4	%	(3)(8)
		Common Stock of Bloom Parent, Inc. (10,450 units)	6/11/2024			N/A			10,450		14,054		0.4	%	(14)
									59,825		63,429		1.8	%
Japs-Olson Company, LLC (31)	Commercial Services & Supplies	First Lien Term Loan	5/25/2023	11.08% (3M SOFR + 6.75%)	2.00	5/25/2028	56,959		56,959		56,959		1.7	%	(3)(8)
									56,959		56,959		1.7	%
Jefferson Mill CLO Ltd.	Structured Finance	Subordinated Structured Note	6/26/2015	Residual Interest, current yield 0.00%	—	10/20/2031	23,594		7,972		7,161		0.2	%	(5)(12)(15)
									7,972		7,161		0.2	%
Julie Lindsey, Inc.	Textiles, Apparel & Luxury Goods	First Lien Revolving Line of Credit - $2,000 Commitment	7/27/2023	10.33% (3M SOFR + 6.00%)	4.00	7/27/2027	—		—		—		—	%	(8)(13)
		First Lien Term Loan	7/27/2023	10.33% (3M SOFR + 6.00%)	4.00	7/27/2028	19,400		19,400		19,400		0.6	%	(3)(8)
									19,400		19,400		0.6	%
K&N HoldCo, LLC	Automobile Components	Class A Common Units (137,215 units)	2/14/2023			N/A			25,802		586		—	%	(14)
									25,802		586		—	%
KM2 Solutions LLC	Professional Services	First Lien Term Loan	12/17/2020	14.08% (3M SOFR + 9.60%)	3.00	12/17/2025	17,787		17,787		17,787		0.5	%	(3)(8)
									17,787		17,787		0.5	%
LCM XIV Ltd.	Structured Finance	Subordinated Structured Note	6/25/2013	Residual Interest, current yield 0.00%	—	7/21/2031	49,934		2,016		1,792		0.1	%	(5)(12)(15)
									2,016		1,792		0.1	%
LGC US FINCO, LLC	Machinery	First Lien Term Loan	1/17/2020	10.97% (1M SOFR + 6.50%)	1.00	12/20/2025	28,908		28,747		28,822		0.8	%	(3)(8)
									28,747		28,822		0.8	%
Lucky US BuyerCo LLC	Financial Services	First Lien Revolving Line of Credit - $2,775 Commitment	4/3/2023	12.22% (3M SOFR + 7.50%)	1.00	4/1/2029	1,665		1,665		1,665		0.1	%	(8)(13)(46)
		First Lien Term Loan	4/3/2023	11.83% (3M SOFR + 7.50%)	1.00	4/1/2029	21,348		21,348		21,348		0.6	%	(3)(8)
									23,013		23,013		0.7	%
MAC Discount, LLC	Distributors	First Lien Term Loan	5/11/2023	13.08% (3M SOFR + 8.50%)	1.50	5/11/2028	31,519		31,277		31,519		1.0	%	(3)(8)
		Class A Senior Preferred Stock to MAC Discount Investments, LLC (1,500,000 shares)	5/11/2023	12.00%		N/A			1,500		1,666		—	%	(14)
									32,777		33,185		1.0	%
Medical Solutions Holdings, Inc. (4)	Health Care Providers & Services	Second Lien Term Loan	11/1/2021	11.69% (1M SOFR + 7.00%)	0.50	11/1/2029	54,463		54,436		39,088		1.1	%	(8)
									54,436		39,088		1.1	%
Mountain View CLO 2013-I Ltd.	Structured Finance	Subordinated Structured Note	4/17/2013	Residual Interest, current yield 0.00%	—	10/15/2030	43,650		5,332		4,889		0.1	%	(5)(12)(15)
									5,332		4,889		0.1	%
Mountain View CLO IX Ltd.	Structured Finance	Subordinated Structured Note	5/13/2015	Residual Interest, current yield 0.00%	—	7/15/2031	47,830		1,493		1,370		—	%	(5)(12)(15)
									1,493		1,370		—	%
Nexus Buyer LLC	Capital Markets	Second Lien Term Loan	11/5/2021	10.71% (1M SOFR + 6.25%)	0.50	11/5/2029	26,500		26,500		26,500		0.8	%	(3)(8)
									26,500		26,500		0.8	%

See notes to consolidated financial statements.

17

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Octagon Investment Partners XV, Ltd.	Structured Finance	Subordinated Structured Note	1/24/2013	Residual Interest, current yield 0.00%	—	7/19/2030	$	42,064	$	14,017	$	12,419	0.4	%	(5)(12)(15)
									14,017		12,419		0.4	%
Octagon Investment Partners 18-R Ltd.	Structured Finance	Subordinated Structured Note	8/12/2015	Residual Interest, current yield 0.00%	—	4/16/2031	46,016		5,931		5,359		0.2	%	(5)(12)(15)
									5,931		5,359		0.2	%
OneTouchPoint Corp	Commercial Services & Supplies	First Lien Term Loan	2/19/2021	12.58% (3M SOFR + 8.00%)	1.00	2/19/2026	34,642		34,642		34,642		1.0	%	(3)(8)
									34,642		34,642		1.0	%
PeopleConnect Holdings, Inc (9)	Interactive Media & Services	First Lien Term Loan	1/22/2020	12.73% (3M SOFR + 8.25%)	2.75	1/22/2026	106,294		106,294		106,294		3.1	%	(3)(8)
									106,294		106,294		3.1	%
PlayPower, Inc.	Leisure Products	First Lien Revolving Line of Credit - $2,626 Commitment	8/28/2024	9.58% (3M SOFR + 5.25%)	0.75	8/28/2030	—		—		—		—	%	(8)(13)
		First Lien Term Loan	8/28/2024	9.58% ( 3M SOFR + 5.25%)	0.75	8/28/2030	17,330		17,047		17,125		0.5	%	(3)(8)
									17,047		17,125		0.5	%
Precisely Software Incorporated (27)	Software	Second Lien Term Loan	4/23/2021	12.10% (3M SOFR + 7.25%)	0.75	4/23/2029	80,000		79,504		78,405		2.3	%	(3)(8)
									79,504		78,405		2.3	%
Preventics, Inc. (d/b/a Legere Pharmaceuticals) (41)	Personal Care Products	First Lien Term Loan	11/12/2021	15.09% (3M SOFR + 10.50%)	1.00	11/12/2026	8,836		8,836		8,836		0.3	%	(3)(8)
		Series A Convertible Preferred Stock (320 units)	11/12/2021	8.00%		N/A			127		320		—	%	(14)
		Series C Convertible Preferred Stock (3,575 units)	11/12/2021	8.00%		N/A			1,419		3,570		0.1	%	(14)
									10,382		12,726		0.4	%
Redstone Holdco 2 LP (20)	IT Services	Second Lien Term Loan	4/16/2021	12.60% (1M SOFR + 7.75%)	0.75	4/27/2029	50,000		49,515		33,419		1.0	%	(8)
									49,515		33,419		1.0	%
Research Now Group, LLC and Dynata, LLC	Professional Services	First Lien First Out Term Loan	7/15/2024	9.79% (3M SOFR + 5.00%)	1.00	7/15/2028	365		358		364		—	%	(8)
		First Lien Second Out Term Loan	7/15/2024	10.29% (3M SOFR + 5.50%)	1.00	10/15/2028	8,035		8,035		7,379		0.2	%	(8)(44)
		Common Stock of New Insight Holdings, Inc. - 210,781 Shares	7/15/2024			N/A			3,329		3,170		0.1	%	(14)
		Warrants (to purchase 285,714 shares of Common Stock of New Insight Holdings, Inc.)	7/15/2024			7/15/2029			—		—		—	%	(14)
									11,722		10,913		0.3	%
Rising Tide Holdings, Inc.	Specialty Retail	First Lien First Out Term Loan	9/25/2024	15.00% PIK	—	6/13/2028	2,196		2,196		2,196		0.1	%	(36)
		First Lien Second Out Term Loan	9/25/2024	12.00% PIK	—	6/13/2028	5,845		5,462		4,676		0.1	%	(36)(44)
		Class A Common Units of Marine One Holdco, LLC (345,600 units)	9/12/2023			N/A			23,898		452		—	%	(14)
		Warrants (to purchase 3,456,000 Class A Common Units of Marine One Holdco, LLC)	9/25/2024			9/25/2044			—		—		—	%	(14)
		Warrants (to purchase 50,456 Class A Common Units of Marine One Holdco, LLC)	9/12/2023			9/12/2028			—		—		—	%	(14)
									31,556		7,324		0.2	%

See notes to consolidated financial statements.

18

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
The RK Logistics Group, Inc.	Commercial Services & Supplies	First Lien Term Loan	3/24/2022	15.09% (3M SOFR + 10.50%)	1.00	12/18/2028	$	5,656	$	5,656	$	5,656	0.2	%	(3)(8)
		First Lien Term Loan	12/19/2023	12.09% (3M SOFR + 7.50%)	4.00	12/18/2028	33,510		33,510		33,184		1.0	%	(3)(8)
		Class A Common Units (263,000 units)	3/24/2022			N/A			263		1,546		—	%	(14)
		Class B Common Units (1,435,000 units)	3/24/2022			N/A			2,487		8,433		0.2	%	(14)
		Class C Common Units (450,000 units)	6/28/2024			N/A			2,250		2,645		0.1	%
									44,166		51,464		1.5	%
RME Group Holding Company	Media	First Lien Term Loan A	5/4/2017	10.08% (3M SOFR + 5.50%)	1.00	5/6/2025	19,249		19,249		19,249		0.6	%	(3)(8)
		First Lien Term Loan B	5/4/2017	15.58% (3M SOFR + 11.00%)	1.00	5/6/2025	20,358		20,358		20,358		0.6	%	(3)(8)
									39,607		39,607		1.2	%
Romark WM-R Ltd.	Structured Finance	Subordinated Structured Note	4/11/2014	Residual Interest, current yield 0.00%	—	4/21/2031	27,725		8,309		7,508		0.2	%	(5)(12)(15)
									8,309		7,508		0.2	%
Rosa Mexicano	Hotels, Restaurants & Leisure	First Lien Revolving Line of Credit - $5,195 Commitment	3/29/2018	16.00%	—	6/13/2026	5,194		5,194		4,594		0.1	%	(13)
		First Lien Term Loan	3/29/2018	12.09% (3M SOFR + 7.50%)	1.25	6/13/2026	22,714		22,714		18,982		0.6	%	(8)(36)
									27,908		23,576		0.7	%
ShiftKey, LLC	Health Care Technology	First Lien Term Loan	6/21/2022	10.34% (3M SOFR + 5.75%)	1.00	6/21/2027	63,537		63,255		61,658		1.8	%	(3)(8)
									63,255		61,658		1.8	%
Shutterfly Finance, LLC	Household Durables	First Lien Term Loan	6/5/2023	10.51% (3M SOFR + 6.00%)	1.00	10/1/2027	2,406		2,436		2,406		0.1	%	(8)
		Second Lien Term Loan	6/6/2023	5.36% (3M SOFR + 1.00%) plus 4.00% PIK	1.00	10/1/2027	18,890		18,890		16,693		0.5	%	(8)(36)
									21,326		19,099		0.6	%
Spectrum Vision Holdings, LLC	Health Care Providers & Services	First Lien Term Loan	5/2/2023	11.09% (3M SOFR + 6.50%)	1.00	11/17/2025	29,469		29,469		29,469		0.9	%	(3)(8)
									29,469		29,469		0.9	%
STG Distribution, LLC (f/k/a Reception Purchaser, LLC)	Air Freight & Logistics	First Out First Lien Term Loan	10/3/2024	5.52% (1M SOFR + 1.00% ) plus 7.25% PIK	1.50	10/3/2029	14,598		14,286		14,598		0.4	%	(8)(36)
		Second Out First Lien Term Loan	10/3/2024	5.52% (1M SOFR + 1.00% ) plus 6.50% PIK	1.5	10/3/2029	37579		37,579		37,579		1.1	%	(8)(36)(44)
		Third Out First Lien Term Loan	10/3/2024	5.52% (1M SOFR + 1.00% ) plus 6.00% PIK	1.5	10/3/2029	18774		18,774		9,819		0.3	%	(8)(36)(44)
									70,639		61,996		1.8	%
Stryker Energy, LLC	Energy Equipment & Services	Overriding Royalty Interest	12/4/2006			N/A			—		—		—	%	(11)
									—		—		—	%
Symphony CLO XIV, Ltd.	Structured Finance	Subordinated Structured Note	5/6/2014	Residual Interest, current yield 0.00%	—	7/14/2026	49,250		—		—		—	%	(5)(12)(15)(17)
									—		—		—	%
Symphony CLO XV, Ltd.	Structured Finance	Subordinated Structured Note	10/17/2014	Residual Interest, current yield 0.00%	—	1/19/2032	63,831		19,652		17,571		0.5	%	(5)(12)(15)
									19,652		17,571		0.5	%
Town & Country Holdings, Inc.	Distributors	First Lien Term Loan	11/17/2022	8.00%	8.00	8/29/2028	28,197		28,197		28,679		0.8	%
		First Lien Term Loan	1/26/2018	3.00% plus 5.00% PIK	3.00	8/29/2028	41,616		41,616		42,327		1.2	%	(36)
		First Lien Term Loan	1/26/2018	8.00%	8.00	8/29/2028	161,697		161,697		164,462		4.8	%
		Class B of Town & Country TopCo LLC (999 Non-Voting Units)	11/17/2022			N/A			15,000		16,329		0.5	%	(14)
									246,510		251,797		7.3	%

See notes to consolidated financial statements.

19

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

							December 31, 2024
Portfolio Company	Industry(46)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
TPS, LLC	Machinery	First Lien Term Loan	11/30/2020	14.26% (3M SOFR + 9.00%) plus 1.50% PIK	5.00	11/30/2025	$	20,799	$	20,799	$	20,799	0.6	%	(3)(8)(36)
									20,799		20,799		0.6	%
United Sporting Companies, Inc. (16)	Distributors	Second Lien Term Loan	9/28/2012	15.96% (1M LIBOR + 11.00%) plus 2.00% PIK	2.25	11/16/2019	189,505		88,802		9,559		0.3	%	(7)
									88,802		9,559		0.3	%
Upstream Newco, Inc.	Health Care Providers & Services	Second Lien Term Loan	11/20/2019	13.19% (3M SOFR + 8.50%)	—	11/20/2027	22,000		21,926		18,322		0.5	%	(8)
									21,926		18,322		0.5	%
USG Intermediate, LLC	Leisure Products	First Lien Revolving Line of Credit - $14,000 Commitment	4/15/2015	13.71% (1M SOFR + 9.25%)	1.00	2/9/2028	14,000		14,000		14,000		0.4	%	(8)(13)
		First Lien Term Loan B	4/15/2015	16.21% (1M SOFR + 11.75%)	1.00	2/9/2028	59,265		59,265		59,265		1.7	%	(3)(8)
		Equity	4/15/2015			N/A			1		—		—	%	(14)
									73,266		73,265		2.1	%
Victor Technology, LLC	Distributors	First Lien Term Loan	12/3/2021	12.09% (3M SOFR + 7.50%)	1.00	12/3/2028	11,100		11,100		11,100		0.3	%	(3)(8)
									11,100		11,100		0.3	%
Voya CLO 2012-4, Ltd.	Structured Finance	Subordinated Structured Note	11/5/2012	Residual Interest, current yield 0.00%	—	10/15/2030	40,612		6,303		5,647		0.2	%	(5)(12)(15)
									6,303		5,647		0.2	%
Voya CLO 2014-1, Ltd.	Structured Finance	Subordinated Structured Note	2/5/2014	Residual Interest, current yield 0.00%	—	4/18/2031	40,773		4,966		4,503		0.1	%	(5)(12)(15)
									4,966		4,503		0.1	%
Voya CLO 2016-3, Ltd.	Structured Finance	Subordinated Structured Note	9/30/2016	Residual Interest, current yield 0.00%	—	10/20/2031	28,100		15,475		13,302		0.4	%	(5)(12)(15)
									15,475		13,302		0.4	%
Voya CLO 2017-3, Ltd.	Structured Finance	Subordinated Structured Note	6/13/2017	Residual Interest, current yield 5.72%	—	4/20/2034	44,885		47,178		39,270		1.1	%	(5)(12)
									47,178		39,270		1.1	%
WatchGuard Technologies, Inc.	IT Services	First Lien Term Loan	8/17/2022	9.61% (1M SOFR + 5.25%)	0.75	6/30/2029	34,213		34,213		34,152		1.0	%	(3)(8)
									34,213		34,152		1.0	%
Wellful Inc.	Food Products	First Out First Lien Term Loan	11/27/2024	9.96% (1M SOFR + 5.00%)	1.00	4/19/2029	11,041		11,041		11,055		0.3	%	(8)
		Second Out First Lien Term Loan	11/27/2024	10.21% (1M SOFR + 5.25%)	1.00	4/19/2030	18,489		18,489		16,733		0.5	%	(8)(44)
									29,530		27,788		0.8	%
Wellpath Holdings, Inc.	Health Care Providers & Services	First Lien Revolving Line of Credit	10/31/2024	10.82% (3M SOFR + 5.50%)	—	10/1/2025	5,891		1,620		2,209		0.1	%	(7)(8)
		First Lien Term Loan	5/13/2019	12.28% (3M SOFR + 7.50%) plus 2.00% PIK	—	10/1/2025	28,520		13,308		10,695		0.3	%	(7)(8)
		Second Lien Term Loan	9/25/2018	15.78% (3M SOFR + 11.00%)	—	10/1/2026	62,365		36,385		—		—	%	(7)(8)
		First Lien First Out Term Loan	11/13/2024	5.40% (3M SOFR + 1.00%) plus 6.25% PIK	2.00	6/9/2025	16,164		16,164		27,983		0.8	%	(8)
		First Lien Second Out Term Loan	11/13/2024	11.30% (3M SOFR + 6.93%)	2.00	6/9/2025	33,297		14,617		25,338		0.7	%	(8)(44)
									82,094		66,225		1.9	%
Total Non-Control/Non-Affiliate Investments									$	3,689,972	$	3,340,387	97.1	%
Total Portfolio Investments									$	7,025,705	$	7,132,928	207.4	%

See notes to consolidated financial statements.

20

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Unaudited)

(1)The terms “Prospect,” “the Company,” “we,” “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. The securities in which Prospect has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold only in transactions that are exempt from registration under the Securities Act.

(2)Fair value is determined by or under the direction of our Board of Directors. Unless otherwise indicated by endnote 42 below, all of our investments are valued using significant unobservable inputs. In accordance with ASC 820, such investments are classified as Level 3 within the fair value hierarchy. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

(3)Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4). The fair value of the investments held by PCF at December 31, 2024 was $2,421,090, representing 33.9% of our total investments.

(4)Medical Solutions Holdings, Inc. and Medical Solutions, LLC are joint borrowers on the Second Lien Term Loan.

(5)This investment is in the equity class of the collateralized loan obligation (“CLO”) security, which is referred to as “Subordinated Structured Note,” or “SSN”. The SSN investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.

(6)On September 28, 2023, in connection with a Chapter 11 process, PGX Holdings, Inc. (“PGX”) sold the majority of its assets to a new entity, Credit.com Holdings, LLC (“Credit.com”). As part of the transaction, we rolled the majority of our existing First Lien Term Loan into a new First Lien Term Loan A and new First Lien Term Loan B at Credit.com. We were also issued equity at Credit.com, which we hold through our Class B non-voting equity investment in PGX Topco II LLC. As of December 31, 2024, we classify our investment in Credit.com as non-control/non-affiliate.

(7)Investment on non-accrual status as of the reporting date (See Note 2).

(8)Certain variable rate securities in our portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. The 1-Month Secured Overnight Financing Rate or “1M SOFR”, was 4.33% as of December 31, 2024. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 4.31% as of December 31, 2024. The 6-Month Secured Overnight Financing Rate or “6M SOFR” was 4.25% as of December 31, 2024. The PRIME Rate or “PRIME” was 8.00% as of December 31, 2024. The impact of a SOFR credit spread adjustment, if applicable, is included within the stated all-in interest rate.

(9)PeopleConnect Holdings, Inc. and Pubrec Holdings, Inc. are joint borrowers.

(10)The consolidated revenue interest is equal to the lesser of (i) 2.0% of consolidated revenue for the twelve-month period ending on the last day of the prior fiscal quarter (or portion thereof) and (ii) 25% of the amount of interest accrued on the Notes at the cash interest rate for such fiscal quarter (or portion thereof).

(11)The overriding royalty interests held receive payments at the stated rates based upon operations of the borrower.

(12)Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets as calculated in accordance with regulatory requirements. As of December 31, 2024, our qualifying assets, as a percentage of total assets, stood at 83.32%. We monitor the status of these assets on an ongoing basis.

(13)Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 5.75%. As of December 31, 2024, $61,910 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $29,200 are considered at the Company’s sole discretion.

(14)Represents non-income producing security that has not paid a dividend in the year preceding the reporting date.

See notes to consolidated financial statements.

21

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(15)The effective yield has been estimated to be 0% as expected future cash flows are anticipated to not be sufficient to repay the investment at cost. If the expected investment proceeds increase, there is a potential for future investment income from the investment. Distributions, once received, will be recognized as return of capital, and when called, any remaining unamortized investment costs will be written off if the actual distributions are less than the amortized investment cost. To the extent that the cost basis of the SSN is fully recovered, any future distributions will be recorded as realized gains.

(16)Ellett Brothers, LLC, Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc. are joint borrowers on the second lien term loan. United Sporting Companies, Inc. (“USC”) is a parent guarantor of this debt investment, and is 100% owned by SportCo Holdings, Inc. (“SportCo”). In June 2019, USC filed for Chapter 11 bankruptcy and began liquidating its remaining assets.

(17)Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.

(18)CP Holdings of Delaware LLC (“CP Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of CP Energy Services Inc. (“CP Energy”) as of December 31, 2024. CP Energy owns directly or indirectly 100% of each of CP Well Testing, LLC; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. We report CP Energy as a separate controlled company. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $46,095 in first lien term loans (the “Spartan Term Loans”) due to us as of December 31, 2024. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loans. In September 2020, we made a new $26,193 Series A preferred stock investment in Spartan Energy Holdings, Inc., which equates to 100% of the Series A non-voting redeemable preferred stock outstanding.

(19)Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC (“Credit Central”)) as of December 31, 2024. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. We report Credit Central as a separate controlled company.

(20)Redstone Holdco 2 LP is the parent borrower on the second lien term loan. Redstone Buyer, LLC, Redstone Intermediate (Archer) HoldCo LLC, Redstone Intermediate (FRI) HoldCo LLC, Redstone Intermediate (NetWitness) HoldCo, LLC, and Redstone Intermediate (SecurID) HoldCo, LLC are joint borrowers on the Second Lien Term Loan.

(21)First Tower Holdings of Delaware LLC (“First Tower Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 80.10% of the voting interest and 78.06% of the fully-diluted economic interest of First Tower Finance Company LLC (“First Tower Finance”). First Tower Finance owns 100% of First Tower, LLC, the operating company. We report First Tower Finance as a separate controlled company. Effective March 17, 2021, the First Tower, LLC lenders were granted a first priority security interest in First Tower Finance’s assets and our investment became classified as a First Lien Term Loan.

(22)Energy Solutions Holdings Inc., a consolidated entity in which we own 100% of the equity, owns 100% of Freedom Marine Solutions, LLC (“Freedom Marine”), which owns Vessel Company, LLC, Vessel Company II, LLC and Vessel Company III, LLC. We report Freedom Marine as a separate controlled company.

(23)MITY Holdings of Delaware Inc. (“MITY Delaware”), a consolidated entity in which we own 100% of the common stock, owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). We report MITY as a separate controlled company. Our subordinated unsecured note issued and outstanding to Broda Canada is denominated in Canadian Dollars (“CAD”). As of December 31, 2024, the principal balance of this note was CAD 7,371. In accordance with ASC 830, Foreign Currency Matters (“ASC 830”), this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD. We formed a separate legal entity domiciled in the United States, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder.

(24)NPH Property Holdings, LLC (“NPH”), a consolidated entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (“NPRC”) (f/k/a National Property Holdings Corp.), a property

See notes to consolidated financial statements.

22

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

REIT which holds investments in several real estate properties. Additionally, NPRC invests in online consumer loans and rated secured structured notes through American Consumer Lending Limited (“ACLL”) and National General Lending Limited (“NGL”), respectively, its wholly owned subsidiaries. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC.

(25)Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.48% of Nationwide Loan Company LLC, the operating company, as of December 31, 2024. We report Nationwide Loan Company LLC as a separate controlled company. Prospect has a first priority security interest in the assets of Nationwide.

(26)NMMB Holdings, Inc. (“NMMB Holdings”), a consolidated entity in which we own 100% of the equity, owns 92.77% of the fully diluted equity of NMMB, Inc. (“NMMB”) as of December 31, 2024. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company.

(27)Vision Solutions, Inc. and Precisely Software Incorporate are joint borrowers on the Second Lien Term Loan.

(28)Prospect owns 99.96% of the equity of USES Corp. as of December 31, 2024.

(29)Valley Electric Holdings I, Inc., a consolidated entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), another consolidated entity. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. We report Valley Electric as a separate controlled company.

(30)As of December 31, 2024, Prospect owns 8.57% of the equity in Encinitas Watches Holdco, LLC, the parent company of Nixon, Inc.

(31)Japs-Olson Company, LLC, Alpha Mail Debt Merger Sub, LLC and J-O Building Company LLC are joint borrowers on the First Lien Term Loan.

(32)UTP Holdings Group, Inc. (“UTP Holdings”) owns all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and has appointed a Board of Directors to UTP Holdings, consisting of three employees of the Investment Adviser. UTP Holdings owns UTP. UTP Holdings is a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment.

(33)As of December 31, 2024, the residual profit interest includes both (i) 8.33% of TLA, TLD and TLE residual profit and (ii) 100% of TLC residual profits, with both calculated quarterly in arrears.

(34)Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% ownership interest of Pacific World as of December 31, 2024. As a result, Prospect’s investment in Pacific World is classified as a control investment.

See notes to consolidated financial statements.

23

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(35)The following shows the composition of our investment portfolio at cost by control designation, investment type and by industry as of December 31, 2024:

Industry(46)	1st Lien Term Loan		2nd Lien Term Loan		Subordinated Structured Notes		Unsecured Debt		Equity (B)		Cost Total
Control Investments
Aerospace & Defense	$	35,106	$	—	$	—	$	—	$	32,500	$	67,606
Commercial Services & Supplies	144,073		—		—		7,200		27,349		178,622
Construction & Engineering	83,859		—		—		—		12,053		95,912
Consumer Finance	576,203		—		—		—		82,843		659,046
Diversified Consumer Services	1,500		—		—		—		2,378		3,878
Energy Equipment & Services	136,112		—		—		—		175,658		311,770
Residential Real Estate Investment Trusts (REITs)	882,486		—		—		—		20,030		902,516
Health Care Providers & Services	330,013		—		—		—		45,118		375,131
Machinery	47,322		—		—		—		6,866		54,188
Marine Transport	—		—		—		—		47,116		47,116
Media	29,723		—		—		—		—		29,723
Personal Care Products	111,376		—		—		—		221,795		333,171
Trading Companies & Distributors	54,738		—		—		—		55,581		110,319
Structured Finance(A)	155,000		—		—		—		—		155,000
Total Control Investments	$	2,587,511	$	—	$	—	$	7,200	$	729,287	$	3,323,998
Affiliate Investments
Commercial Services & Supplies	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Total Affiliate Investments	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	107,903	$	95,000	$	—	$	—	$	—	$	202,903
Automobile Components	21,987		66,936		—		—		25,802		114,725
Capital Markets	—		26,500		—		—		—		26,500
Commercial Services & Supplies	204,444		153,346		—		—		5,000		362,790
Distributors	273,887		88,802		—		—		16,500		379,189
Diversified Consumer Services	98,197		—		—		—		—		98,197
Diversified Telecommunication Services	149,219		58,476		—		—		—		207,695
Electrical Equipment	61,679		—		—		—		—		61,679
Financial Services	67,782		—		—		—		—		67,782
Food Products	29,530		131,579		—		—		—		161,109
Health Care Providers & Services	220,988		112,747		—		—		7,950		341,685
Health Care Technology	133,736		—		—		—		—		133,736
Hotels, Restaurants & Leisure	27,908		—		—		—		—		27,908
Household Durables	85,102		18,890		—		—		2,001		105,993
Interactive Media & Services	106,294		—		—		—		—		106,294
IT Services	34,213		69,096		—		—		—		103,309
Leisure Products	90,312		—		—		—		1		90,313
Machinery	49,546		—		—		—		—		49,546
Media	89,523		—		—		—		—		89,523
Personal Care Products	8,836		—		—		—		1,546		10,382
Pharmaceuticals	124,970		—		—		—		—		124,970
Professional Services	93,456		—		—		—		13,779		107,235
Software	47,936		131,937		—		—		—		179,873
Specialty Retail	7,658		—		—		—		23,898		31,556
Textiles, Apparel & Luxury Goods	19,400		—		—		—		—		19,400
Structured Finance	—		—		485,680		—		—		485,680
Total Non-Control/Non-Affiliate	$	2,154,506	$	953,309	$	485,680	$	—	$	96,477	$	3,689,972
Total Portfolio Investment Cost	$	4,742,017	$	953,309	$	485,680	$	7,200	$	837,499	$	7,025,705

See notes to consolidated financial statements.

24

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of December 31, 2024:

Industry(46)	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	$	35,106		$	—		$	—		$	—		$	33,906		$	69,012		2.0	%
Commercial Services & Supplies	78,074			—			—			5,118			27,806			110,998			3.2	%
Construction & Engineering	83,859			—			—			—			224,142			308,001			9.0	%
Consumer Finance	565,671			—			—			—			236,225			801,896			23.3	%
Diversified Consumer Services	1,500			—			—			—			3,443			4,943			0.1	%
Energy Equipment & Services	120,807			—			—			—			—			120,807			3.5	%
Residential Real Estate Investment Trusts(REITs)	882,486			—			—			—			542,475			1,424,961			41.4	%
Health Care Providers & Services	330,013			—			—			—			76,580			406,593			11.8	%
Machinery	47,322			—			—			—			57,812			105,134			3.1	%
Marine Transport	—			—			—			—			12,139			12,139			0.4	%
Media	29,723			—			—			—			49,121			78,844			2.3	%
Personal Care Products	111,342			—			—			—			—			111,342			3.2	%
Trading Companies & Distributors	54,739			—			—			—			7,920			62,659			1.8	%
Structured Finance(A)	155,000			—			—			—			—			155,000			4.5	%
Total Control Investments	$	2,495,642		$	—		$	—		$	5,118		$	1,271,569		$	3,772,329		109.7	%
Fair Value % of Net Assets	72.5		%	—		%	—		%	0.1		%	37.0		%	109.7		%
Affiliate Investments
Commercial Services & Supplies	$	—		$	—		$	—		$	—		$	20,212		$	20,212		0.4	%
Total Affiliate Investments	$	—		$	—		$	—		$	—		$	20,212		$	20,212		0.6	%
Fair Value % of Net Assets	—		%	—		%	—		%	—		%	0.6		%	0.6		%
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	99,390		$	95,000		$	—		$	—		$	—		$	194,390		5.7	%
Automobile Components	20,784			63,002			—			—			586			84,372			2.5	%
Capital Markets	—			26,500			—			—			—			26,500			0.8	%
Commercial Services & Supplies	204,709			153,500			—			—			12,624			370,833			10.8	%
Distributors	278,087			9,559			—			—			17,995			305,641			8.9	%
Diversified Consumer Services	74,127			—			—			—			—			74,127			2.2	%
Diversified Telecommunication Services	148,033			4,526			—			—			—			152,559			4.4	%
Electrical Equipment	61,679			—			—			—			—			61,679			1.8	%
Financial Services	67,782			—			—			—			—			67,782			2.0	%
Food Products	27,788			126,909			—			—			—			154,697			4.5	%
Health Care Providers & Services	241,504			57,410			—			—			9,653			308,567			9.0	%
Health Care Technology	132,178			—			—			—			—			132,178			3.8	%
Hotels, Restaurants & Leisure	23,576			—			—			—			—			23,576			0.7	%
Household Durables	80,830			16,693			—			—			—			97,523			2.8	%
Interactive Media & Services	106,294			—			—			—			—			106,294			3.1	%
IT Services	34,152			51,819			—			—			—			85,971			2.5	%
Leisure Products	90,390			—			—			—			—			90,390			2.6	%
Machinery	49,621			—			—			—			—			49,621			1.4	%
Media	89,523			—			—			—			—			89,523			2.6	%
Personal Care Products	8,836			—			—			—			3,890			12,726			0.4	%
Pharmaceuticals	125,353			—			—			—			—			125,353			3.6	%
Professional Services	93,035			—			—			—			17,224			110,259			3.2	%

See notes to consolidated financial statements.

25

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

Industry(46)	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
Software	47,936			124,798			—			—			—			172,734			5.0	%
Specialty Retail	6,872			—			—			—			452			7,324			0.2	%
Textiles, Apparel & Luxury Goods	19,400			—			—			—			—			19,400			0.6	%
Structured Finance (A)	—			—			416,368			—			—			416,368			12.1	%
Total Non-Control/Non-Affiliate	$	2,131,879		$	729,716		$	416,368		$	—		$	62,424		$	3,340,387		97.1	%
Fair Value % of Net Assets	62.0		%	21.2		%	12.1		%	—		%	1.8		%	97.1		%
Total Portfolio	$	4,627,521		$	729,716		$	416,368		$	5,118		$	1,354,205		$	7,132,928		207.4	%
Fair Value % of Net Assets	134.5		%	21.2		%	12.1		%	0.1		%	39.4		%	207.4		%

(A) Our SSN investments do not have industry concentrations and as such have been separated in the tables above.

(B) Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants.

See notes to consolidated financial statements.

26

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(36)The interest rate on these investments, excluding those on non-accrual, contains a paid in kind (“PIK”) provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments.

The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of and for three months ended December 31, 2024:

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	9.68%	—%	4.09%
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan	12.09%	—%	—%	(A)
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC	12.59%	—%	—%	(B)
Credit Central Loan Company, LLC - First Lien Term Loan	10.00%	—%	5.00%	(C)
Credit.com Holdings, LLC - First Lien Term Loan A	15.59%	—%	—%	(D)
Credit.com Holdings, LLC - First Lien Term Loan B	16.59%	—%	—%	(D)
Druid City Infusion, LLC - First Lien Convertible Note	2.00%	—%	2.00%
First Tower Finance Company LLC - First Lien Term Loan	2.78%	12.22%	5.00%	(E)
InterDent, Inc. - First Lien Term Loan B	7.00%	—%	7.00%
InterDent, Inc. - First Lien Delayed Draw Term Loan B	7.00%	—%	7.00%
MITY, Inc. - First Lien Term Loan B	—%	10.00%	10.00%
National Property REIT Corp. - First Lien Term Loan A	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan C	—%	2.25%	2.25%
National Property REIT Corp. - First Lien Term Loan D	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan E	7.00%	—%	7.00%
Pacific World Corporation - First Lien Revolving Line of Credit	7.56%	1.04%	8.61%
Pacific World Corporation - First Lien Term Loan A	7.09%	1.51%	8.61%
STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - First Out First Lien Term Loan	7.25%	—%	7.25%
STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - Second Out First Lien Term Loan	6.50%	—%	6.50%
STG Distribution, LLC (f/k/a Reception Purchaser, LLC) - Third Out First Lien Term Loan	6.00%	—%	6.00%
Rising Tide Holdings, Inc. - First Lien First Out Term Loan	15.00%	—%	15.00%
Rising Tide Holdings, Inc. - First Lien Second Out Term Loan	12.00%	—%	12.00%
Rosa Mexicano - First Lien Term Loan	6.04%	6.04%	—%	(F)
Shutterfly, LLC - Second Lien Term Loan	4.00%	—%	4.00%
Town & Country Holdings, Inc. - First Lien Term Loan	3.24%	1.76%	5.00%
TPS, LLC - First Lien Term Loan	1.50%	—%	1.50%
USES Corp. - First Lien Equipment Term Loan	13.62%	—%	—%	(G)
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%

(A) On December 29, 2023, the Aventiv Technologies, LLC Second Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(B) On August 22, 2022, the Spartan Energy Services, LLC Twenty-Fifth Amendment to Amended and Restated Senior Secured Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.59%.

(C) On September 30, 2022, the Credit Central Senior Subordinated Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 10.00%.

(D) On September 28, 2023, the Credit.com First Lien Term Loan A and First Lien Term Loan B were amended to allow a portion of interest accruing in cash to be payable in kind.

(E) On December 30, 2022, the First Tower Finance Company LLC Amendment No. 15 was amended to reduce the PIK rate to 5.00% and allow the interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 15.00%.

(F) On September 27, 2024, the Rosa Mexicano First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(G) On March 28, 2023, the USES Corp. First Lien Equipment Term loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 13.62%.

See notes to consolidated financial statements.

27

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(37)As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the six months ended December 31, 2024 with these controlled investments were as follows:

Controlled Companies	Fair Value at June 30, 2024		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at December 31, 2024			Interest income		Dividend income		Other income		Net realized gains (losses)
CP Energy Services Inc.	$	70,721	$	8,005	$	—	$	480	$	79,207		$	6,261	$	—	$	—	$	—
CP Energy - Spartan Energy Services, Inc.	39,485		4,918		—		(2,802)		41,600			2,910		—		—		—
Credit Central Loan Company, LLC	79,230		3,525		—		(7,133)		75,622			4,286		—		—		—
Echelon Transportation, LLC	66,923		1,260		(1,260)		(4,264)		62,659			1,692		—		—		—
First Tower Finance Company LLC	605,928		9,064		(437)		50,563		665,118			33,022		—		—		—
Freedom Marine Solutions, LLC	12,651		975		—		(1,487)		12,139			—		—		—		—
InterDent, Inc.	463,883		13,585		—		(70,875)		406,593			19,507		—		—		—
Kickapoo Ranch Pet Resort	4,742		—		—		201		4,943			96		—		—		—
MITY, Inc.	85,583		2,215		—		2,839		90,637			4,728		—		55		4
National Property REIT Corp.	1,696,462		46,591		(76,756)		(65,706)		1,600,591			48,770		—		14,825		—
Nationwide Loan Company LLC	43,162		3,231		—		(5,867)		40,526			2,630		—		—		—
NMMB, Inc.	94,265		—		—		(15,421)		78,844			2,085		—		—		6,366
Pacific World Corporation	104,663		12,775		—		(6,096)		111,342			4,999		—		170		—
R-V Industries, Inc.	102,402		10,000		—		(7,268)		105,134			2,636		4,387		—		—
Universal Turbine Parts, LLC	68,067		—		(29)		974		69,012			2,027		—		—		—
USES Corp.	17,989		5,921		—		(3,549)		20,361			1,321		—		—		—
Valley Electric Company, Inc.	316,419		—		—		(8,418)		308,001		(c)	6,392		—		333		—
Total	$	3,872,575	$	122,065	$	(78,482)	$	(143,829)	$	3,772,329		$	143,362	$	4,387	$	15,383	$	6,370

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, OID accretion and PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

(C) Does not cross-foot due to rounding.

(38)As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the six months ended December 31, 2024 with these affiliated investments were as follows:

Affiliated Companies	Fair Value at June 30, 2024		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at December 31, 2024		Interest income		Dividend income		Other income		Net realized gains (losses)
Nixon, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
RGIS Services, LLC	18,069		—		141		2,002		20,212		—		141		—		—
Total	$	18,069	$	—	$	141	$	2,002	$	20,212	$	—	$	141	$	—	$	—

(A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments.

(B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments.

See notes to consolidated financial statements.

28

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(39)Acquisition date represents the date of PSEC's initial investment. Follow-on acquisitions have occurred on the following dates to arrive at PSEC's current investment as of December 31, 2024 (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments) (See endnote 40 for NPRC equity follow-on acquisitions):

Portfolio Company	Investment	Follow-On Acquisition Dates	Follow-On Acquisitions (Excluding initial investment cost)
8th Avenue Food & Provisions, Inc.	Second Lien Term Loan	11/17/2020, 9/17/2021	$	7,051
Apidos CLO XI	Subordinated Structured Note	11/2/2016, 4/8/2021	7,559
Apidos CLO XII	Subordinated Structured Note	1/26/2018	4,070
Apidos CLO XV	Subordinated Structured Note	3/29/2018	6,480
Apidos CLO XXII	Subordinated Structured Note	2/24/2020	1,912
Atlantis Health Care Group (Puerto Rico), Inc.	First Lien Revolving Line of Credit	4/15/2013, 5/21/2013, 3/11/2014, 6/26/2017, 9/29/2017, 10/12/2017, 10/31/2017, 5/10/2023	9,500
Atlantis Health Care Group (Puerto Rico), Inc.	First Lien Term Loan	12/9/2016	42,000
Aventiv Technologies, LLC	Second Out Super Priority First Lien Term Loan	6/28/2024	834
Barings CLO 2018-III	Subordinated Structured Note	5/18/2018	9,255
BCPE North Star US Holdco 2, Inc.	Second Lien 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	6,217
BCPE Osprey Buyer, Inc.	First Lien Delayed Draw Term Loan	9/26/2023	4,639
Belnick, LLC (d/b/a The Ubique Group)	First Lien Term Loan	6/27/2022, 12/1/2023	18,000
California Street CLO IX Ltd.	Subordinated Structured Note	9/6/2016, 10/17/2016	6,842
Cent CLO 21 Limited	Subordinated Structured Note	7/12/2018	1,024
CIFC Funding 2014-IV-R, Ltd.	Subordinated Structured Note	10/12/2018, 12/20/2021	2,860
Collections Acquisition Company, Inc.	First Lien Term Loan	1/13/2022, 3/14/2024	15,800
Columbia Cent CLO 27 Limited	Subordinated Structured Note	12/2/2021	7,815
CP Energy Services Inc.	First Lien Term Loan	8/31/2023	2,900
CP Energy Services Inc.	First Lien Term Loan A to Spartan Energy Services, LLC	4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024, 11/13/2024	20,750
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	First Lien Revolving Line of Credit	10/7/2024	400
DRI Holding, Inc.	First Lien Term Loan	4/26/2022, 7/21/2022	12,999
DRI Holding, Inc.	Second Lien Term Loan	5/18/2022	10,000
Dukes Root Control Inc.	First Lien Revolving Line of Credit	4/24/2023, 11/27/2023, 2/2/2024, 2/26/2024	3,161
Dukes Root Control Inc.	First Lien Delayed Draw Term Loan	5/26/2023, 10/26/2023	3,254
Echelon Transportation, LLC	Membership Interest	3/31/2014, 9/30/2014, 12/9/2016	22,488
Echelon Transportation, LLC	First Lien Term Loan	11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021, 3/18/2021	5,465
Emerge Intermediate, Inc.	First Lien Term Loan	6/14/2024	1,467
Eze Castle Integration, Inc.	First Lien Delayed Draw Term Loan	10/7/2022, 9/5/2023	1,786
First Brands Group	First Lien Term Loan	4/27/2022	5,955
First Brands Group	Second Lien Term Loan	5/12/2022	4,938
First Tower Finance Company LLC	Class A Units	12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018	39,885
First Tower Finance Company LLC	First Lien Term Loan to First Tower, LLC	12/15/2015, 3/9/2018, 3/24/2022	43,047
Freedom Marine Solutions, LLC	Membership Interest	10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010, 2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015, 1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017, 6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018, 10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023, 7/2/2024	43,093
Galaxy XV CLO, Ltd.	Subordinated Structured Note	8/21/2015, 3/10/2017	9,161
Galaxy XXVII CLO, Ltd.	Subordinated Structured Note	6/11/2015	1,460

See notes to consolidated financial statements.

29

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

Portfolio Company	Investment	Follow-On Acquisition Dates	Follow-On Acquisitions (Excluding initial investment cost)
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Second Lien Term Loan	5/11/2021, 10/14/2021	$	54,649
Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC)	First Lien Term Loan	10/26/2022, 6/1/2023, 9/30/2024	8,190
InterDent, Inc.	First Lien Term Loan A	2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021, 3/28/2022	93,903
InterDent, Inc.	First Lien Term Loan B	2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014	76,125
InterDent, Inc.	Delayed Draw Term Loan B	12/20/2024	3,000
Interventional Management Services, LLC	First Lien Revolving Line of Credit	2/25/2021, 11/17/2021	5,000
Jefferson Mill CLO Ltd.	Subordinated Structured Note	9/21/2018	2,047
K&N HoldCo, LLC	Class A Membership Units	7/31/2024	105
Kickapoo Ranch Pet Resort	Membership Interest	10/21/2019, 12/4/2019	28
LCM XIV Ltd.	Subordinated Structured Note	9/25/2015, 5/18/2018	9,422
LGC US FINCO, LLC	First Lien Term Loan	3/2/2022	2,095
Lucky US BuyerCo LLC	First Lien Revolving Line of Credit	3/21/2024, 6/24/2024	1,665
MITY, Inc.	Common Stock	6/23/2014	7,200
MITY, Inc.	First Lien Term Loan A	1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024, 9/16/2024, 12/3/2024	18,015
MITY, Inc.	First Lien Term Loan B	1/17/2017, 6/3/2019	11,000
Nationwide Loan Company LLC	Class A Units	3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016, 8/31/2016, 5/31/2017, 10/31/2017	20,469
Nationwide Loan Company LLC	First Lien Term Loan	12/28/2015, 8/31/2016	1,999
Nationwide Loan Company LLC	First Lien Delayed Draw Term Loan A	6/26/2024	2,250
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	881,242
National Property REIT Corp.	First Lien Term Loan B	12/8/2021, 12/17/2021, 1/13/2022, 2/8/2022, 2/14/2022, 2/17/2022, 2/24/2022	28,880
National Property REIT Corp.	First Lien Term Loan C	10/23/2019, 1/23/2020, 3/31/2020, 4/8/2020, 8/4/2020, 12/7/2021, 1/7/2022, 2/2/2022, 5/12/2022, 5/19/2022, 6/6/2022, 8/1/2022, 9/15/2022, 9/19/2022, 10/21/2022, 6/6/2023, 11/2/2023	263,000
National Property REIT Corp.	First Lien Term Loan E	6/26/2024	35,300
NMMB, Inc.	First Lien Term Loan	12/30/2019, 3/28/2022	40,100
Octagon Investment Partners XV, Ltd.	Subordinated Structured Note	4/27/2015, 8/3/2015, 6/27/2017	10,516
Octagon Investment Partners 18-R Ltd.	Subordinated Structured Note	3/23/2018	8,908
Pacific World Corporation	First Lien Revolving Line of Credit	10/21/2014, 12/19/2014, 4/7/2015, 4/22/2015, 8/12/2016, 10/18/2016, 2/7/2017, 2/21/2017, 4/26/2017, 10/11/2017, 10/17/2017, 1/16/2018, 12/27/2018, 3/15/2019, 7/2/2019, 8/15/2019, 9/1/2021, 10/19/2021, 9/6/2022, 7/10/2024	46,200
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	14,100
PeopleConnect Holdings, Inc.	First Lien Term Loan	12/22/2022, 11/25/2024	82,005
Precisely Software Incorporated	Second Lien Term Loan	5/28/2021, 6/24/2021, 6/3/2022	59,333
RGIS Services, LLC	Membership Interest	5/28/2024	1,432
Redstone Holdco 2 LP	Second Lien Term Loan	9/10/2021	17,903
Research Now Group, LLC and Dynata, LLC	First Lien Term Loan	2/21/2024	1,425
Romark WM-R Ltd.	Subordinated Structured Note	3/29/2018	5,125
Rosa Mexicano	First Lien Revolving Line of Credit	3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024	5,400
R-V Industries, Inc.	First Lien Term Loan	3/4/2022, 9/25/2023	8,700
R-V Industries, Inc.	Common Stock	12/27/2016	1,854
Shiftkey, LLC	First Lien Term Loan	8/26/2022, 9/14/2022, 9/23/2022	39,450

See notes to consolidated financial statements.

30

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

Portfolio Company	Investment	Follow-On Acquisition Dates	Follow-On Acquisitions (Excluding initial investment cost)
STG Distribution, LLC (f/k/a Reception Purchaser, LLC)	First Lien Term Loan	7/29/2022, 9/22/2022	$	9,655
Symphony CLO XV, Ltd.	Subordinated Structured Note	12/7/2018	2,655
The RK Logistics Group, Inc.	Class B Common Units	12/19/2023	1,250
The RK Logistics Group, Inc.	First Lien Term Loan	6/28/2024	13,000
Town & Country Holdings, Inc.	First Lien Term Loan	7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024	115,000
Town & Country Holdings, Inc.	Common Stock	10/18/2024, 12/30/2024	15,000
United Sporting Companies, Inc.	Second Lien Term Loan	3/7/2013, 3/14/2024	59,325
Universal Turbine Parts, LLC	First Lien Delayed Draw Term Loan	10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023	5,716
USES Corp.	First Lien Term Loan A	6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017, 8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019	14,100
USES Corp.	First Lien Equipment Term Loan	6/23/2023, 7/3/2024, 11/6/2024	8,500
USG Intermediate, LLC	First Lien Revolving Line of Credit	7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/18/2021, 5/19/2022, 5/22/2023, 10/12/2023	21,700
USG Intermediate, LLC	First Lien Term Loan B	8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023, 12/20/2023	104,475
USG Intermediate, LLC	Equity	5/12/2023	100
Valley Electric Company, Inc.	Common Stock	12/31/2012, 6/24/2014	18,502
Valley Electric Company, Inc.	First Lien Term Loan	6/30/2014, 8/31/2018, 3/28/2022	18,129
Valley Electric Company, Inc.	First Lien Term Loan B	5/1/2023	19,000
Voya CLO 2014-1, Ltd.	Subordinated Structured Note	3/29/2018	3,943
Wellful Inc.	First Lien Term Loan	7/28/2022	3,860
Wellpath Holdings, Inc.	First Lien Term Loan	10/8/2019, 10/8/2021, 10/31/2024, 11/5/2024, 11/6/2024	35,517
Wellpath Holdings, Inc.	Second Lien Term Loan	8/20/2019, 10/31/2024, 11/7/2024	2,737

See notes to consolidated financial statements.

31

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF DECEMBER 31, 2024 (Continued) (Unaudited)

(in thousands, except share data)

Endnote Explanations as of December 31, 2024 (Continued) (Unaudited)

(40)Since Prospect's initial common equity investment in NPRC on December 31, 2013, we have made numerous additional follow-on investments that have been used to invest in new and existing properties as well as online consumer loans and rated secured structured notes. These follow-on acquisitions are summarized by fiscal year below (excluding effects of return of capital distributions). Details of specific transactions are included in the respective fiscal year Form 10-K filing (refer to endnote 42 for NPRC term loan follow-on investments):

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	—

(41)Prospect owns 38.95% of the preferred stock of Legere Pharmaceutical Holdings, Inc. (“Legere”), which represents 4.98% voting interest in Legere. Legere is the parent company of the borrower, Preventics, Inc. (d/b/a Legere Pharmaceuticals).

(42)This investment represents a Level 2 security in the ASC 820 table as of December 31, 2024. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

(43)As of December 31, 2024, certain industries classifications have been revised compared to June 30, 2024 to align with updated industry structures.

(44)The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable.

(45)Emerge Intermediate, Inc., HD Research, LLC, ERG Buyer, LLC, and ERG Blocker, Inc. are joint borrowers on the First Lien Term Loan.

(46)The stated interest rate on the drawn revolver and delayed drawn term loan commitments represents a weighted average interest rate for the funded amounts of the investment.

(47)Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.

See notes to consolidated financial statements.

32

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(37)
CP Energy Services Inc. (18)	Energy Equipment & Services	First Lien Term Loan	10/1/2017	14.56% (3M SOFR+ 9.00%)	1.00	4/4/2027	$	59,303	$	59,303	$	51,139	1.4%	(8)(36)
		First Lien Term Loan	4/5/2022	14.56% (3M SOFR+ 9.00%)	1.00	4/4/2027	7,619		7,619		6,570		0.2%	(8)(36)
		First Lien Term Loan	1/6/2023	14.56% (3M SOFR + 9.00%)	1.00	4/4/2027	15,090		15,090		13,012		0.4%	(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	13.59% PIK (3M SOFR+ 8.00%)	1.00	12/31/2025	36,608		36,608		35,103		0.9%	(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	13.60% (3M SOFR+ 8.00%)	1.00	12/31/2025	4,569		4,569		4,382		0.1%	(10)
		Series A Preferred Units to Spartan Energy Holdings, Inc. (10,000 shares)	9/25/2020	15.00%		N/A			26,193		—		—%	(14)
		Series B Redeemable Preferred Stock (790 shares)	10/30/2015	16.00%		N/A			63,225		—		—%	(14)
		Common Stock (102,924 shares)	8/2/2013			N/A			86,240		—		—%	(14)
									298,847		110,206		3.0%
Credit Central Loan Company, LLC (19)	Consumer Finance	First Lien Term Loan	12/28/2012	5.00% plus 5.00% PIK	—	9/15/2027	82,629		82,629		79,230		2.1%	(12)(36)
		Class A Units (14,867,312 units)	12/28/2012			N/A			19,331		—		—%	(12)(14)
		Preferred Class P Shares (12,897,188 units)	7/1/2022	12.75%		N/A			11,520		—		—%	(12)(14)
		Net Revenues Interest (25% of Net Revenues)	1/28/2015			N/A			—		—		—%	(12)(14)
									113,480		79,230		2.1%
Echelon Transportation, LLC	Aerospace & Defense	First Lien Term Loan	3/31/2014	6.00%	—	12/7/2026	54,739		54,739		54,739		1.5%
		Membership Interest (100%)	3/31/2014			N/A			22,738		—		—%	(14)
		Preferred Units (41,751,342 shares)	1/31/2022	12.75% PIK		N/A			32,843		12,184		0.3%	(14)
									110,320		66,923		1.8%
First Tower Finance Company LLC (21)	Consumer Finance	First Lien Term Loan to First Tower, LLC	6/24/2014	10.00% plus 5.00% PIK	—	12/18/2027	424,992		424,992		424,992		11.4%	(12)(36)
		Class A Units (95,709,910 units)	6/14/2012			N/A			31,146		180,936		4.9%	(12)(14)
									456,138		605,928		16.3%
Freedom Marine Solutions, LLC (22)	Energy Equipment & Services	Membership Interest (100%)	11/9/2006			N/A			46,142		12,651		0.3%	(14)
									46,142		12,651		0.3%
InterDent, Inc.	Health Care Providers & Services	First Lien Term Loan A/B	8/1/2018	20.11% (1M SOFR+ 14.65%)	2.00	9/5/2025	14,249		14,249		14,249		0.4%	(3)(8)
		First Lien Term Loan A	8/3/2012	10.96% (1M SOFR+ 5.50%)	1.00	9/5/2025	95,823		95,823		95,823		2.6%	(3)(8)
		First Lien Term Loan B	8/3/2012	12.00% PIK		9/5/2025	206,356		206,356		206,356		5.6%	(36)
		Common Stock (99,900 shares)	5/3/2019			N/A			45,118		147,455		4.0%	(14)
									361,546		463,883		12.6%
Kickapoo Ranch Pet Resort	Diversified Consumer Services	First Lien Term Loan	1/11/2024	12.83% (3M SOFR+ 7.50%)	3.00	1/10/2029	1,500		1,500		1,500		—%	(8)
		Membership Interest (100%)	8/26/2019			N/A			2,378		3,242		0.1%
									3,878		4,742		0.1%
MITY, Inc. (23)	Commercial Services & Supplies	First Lien Term Loan A	9/19/2013	12.59% (3M SOFR+ 7.00%)	3.00	4/30/2025	37,224		37,224		37,224		1.0%	(3)(8)(36)
		First Lien Term Loan B	6/23/2014	12.59% (3M SOFR+ 7.00%) plus 10.00% PIK	3.00	4/30/2025	18,274		18,274		18,274		0.5%	(8)(36)
		Unsecured Note to Broda Enterprises ULC	9/19/2013	10.00%	—	1/1/2028	5,380		7,200		7,200		0.2%	(12)
		Common Stock (42,206 shares)	9/19/2013			N/A			27,349		22,885		0.6%	(14)
									90,047		85,583		2.3%

See notes to consolidated financial statements.

33

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(37)
National Property REIT Corp. (24)	Equity Real Estate Investment Trusts (REITs) / Online Lending / Structured Finance	First Lien Term Loan A	12/31/2018	4.25% (3M SOFR+ 0.25%) plus 2.00% PIK	4.00	3/31/2026	$	643,801	$	643,801	$	643,801	17.4%	(8)(36)
		First Lien Term Loan B	12/31/2018	7.60% (3M SOFR+ 2.00%)	3.00	3/31/2026	20,630		20,630		20,630		0.6%	(8)(36)
		First Lien Term Loan C	10/31/2019	15.60%(3M SOFR+ 10.00%) plus 2.25% PIK	1.00	3/31/2026	190,500		190,500		190,500		5.1%	(8)(36)
		First Lien Term Loan D	6/19/2020	4.25% (3M SOFR+ 0.25%) plus 2.00% PIK	4.00	3/31/2026	183,425		183,425		183,425		4.9%	(8)(36)
		First Lien Term Loan E	11/14/2022	7.00% (3M SOFR + 1.50%) plus 7.00% PIK	5.50	3/31/2026	49,925		49,925		49,925		1.3%	(8)(36)
		Residual Profit Interest	12/31/2018			N/A			—		46,193		1.2%	(33)
		Common Stock (3,374,914 shares)	12/31/2013			N/A			20,030		561,988		15.1%	(14)(40)
									1,108,311		1,696,462		45.6%
Nationwide Loan Company LLC (25)	Consumer Finance	First Lien Delayed Draw Term Loan - $7,350 Commitment	5/15/2024	10.00% plus 10.00% PIK	—	5/15/2029	5,378		5,378		5,378		0.2%	(12)(36)
		First Lien Term Loan	6/18/2014	10.00% plus 10.00% PIK	—	5/15/2029	27,192		27,192		27,192		0.8%	(12)(36)
		Class A Units (38,550,460 units)	1/31/2013			N/A			20,845		10,592		0.3%	(12)(14)
									53,415		43,162		1.3%
NMMB, Inc. (26)	Media	First Lien Term Loan	12/30/2019	14.09% (3M SOFR+ 8.50%)	2.00	3/31/2027	29,723		29,723		29,723		0.8%	(3)(8)
		Common Stock (21,418 shares)	12/30/2019			N/A			—		64,542		1.7%
									29,723		94,265		2.5%
Pacific World Corporation (34)	Personal Products	First Lien Revolving Line of Credit - $26,000 Commitment	9/26/2014	9.59% PIK (1M SOFR+ 3.99%)	1.00	9/26/2025	34,174		34,174		34,174		0.9%	(8)(13)(36)
		First Lien Term Loan A	12/31/2014	9.59% PIK (1M SOFR+ 3.99%)	1.00	9/26/2025	64,427		64,427		64,427		1.7%	(8)(36)
		Convertible Preferred Equity (608,048 shares)	6/15/2018	12.00% PIK		N/A			221,795		6,062		0.2%	(14)
		Common Stock (6,778,414 shares)	9/29/2017			N/A			—		—		—%	(14)
									320,396		104,663		2.8%
R-V Industries, Inc.	Machinery	First Lien Term Loan	12/15/2020	14.59% (3M SOFR+ 9.00%)	1.00	12/15/2028	37,322		37,322		37,322		1.0%	(3)(8)
		Common Stock (745,107 shares)	6/26/2007			N/A			6,866		65,080		1.8%	(14)
									44,188		102,402		2.8%
Universal Turbine Parts, LLC (32)	Trading Companies & Distributors	First Lien Delayed Draw Term Loan - $6,965 Commitment	2/28/2019	13.34% (3M SOFR+ 7.75%)	1.00	10/5/2026	5,560		5,560		5,560		0.1%	(8)(13)
		First Lien Term Loan A	7/22/2016	11.34% (3M SOFR+ 5.75%)	1.00	10/5/2026	29,575		29,575		29,575		0.8%	(3)(8)
		Preferred Units (71,039,647 units)	3/31/2021	12.75% PIK		N/A			32,500		32,932		0.9%	(14)
		Common Stock (10,000 units)	12/10/2018			N/A			—		—		—%	(14)
									67,635		68,067		1.8%
USES Corp. (28)	Commercial Services & Supplies	First Lien Term Loan	12/30/2020	14.59% (1M SOFR + 9.00%)	1.00	7/29/2024	2,000		2,000		2,000		0.1%	(8)
		First Lien Equipment Term Loan	8/3/2022	14.59% (1M SOFR + 9.00%)	1.00	7/29/2024	12,219		12,219		12,219		0.3%	(8)(36)
		First Lien Term Loan A	3/31/2014	9.00% PIK	—	7/29/2024	71,875		30,651		3,770		0.1%	(7)
		First Lien Term Loan B	3/31/2014	15.50% PIK	—	7/29/2024	122,247		35,568		—		—%	(7)
		Common Stock (268,962 shares)	6/15/2016			N/A			—		—		—%	(14)
									80,438		17,989		0.5%
Valley Electric Company, Inc. (29)	Construction & Engineering	First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc.	12/31/2012	10.56% (3M SOFR+ 5.00%) plus 2.50% PIK	3.00	12/31/2024	10,452		10,452		10,452		0.3%	(3)(8)(36)
		First Lien Term Loan	6/24/2014	8.00% plus 10.00% PIK	—	4/30/2028	38,629		38,629		38,629		1.0%	(3)(36)
		First Lien Term Loan B	3/28/2022	7.00% plus 5.50% PIK	—	4/30/2028	34,777		34,777		34,777		0.9%	(3)(36)
		Consolidated Revenue Interest (2.00%)	6/22/2018			N/A			—		1,863		0.1%	(10)
		Common Stock (50,000 shares)	12/31/2012			N/A			12,053		230,698		6.2%	(14)
									95,911		316,419		8.5%
Total Control Investments									$	3,280,415	$	3,872,575	104.3%

See notes to consolidated financial statements.

34

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value	Amortized Cost		Fair Value(2)		% of Net Assets
Affiliate Investments (5.00% to 25.00% voting control)(38)
Nixon, Inc. (30)	Textiles, Apparel & Luxury Goods	Common Stock (857 units)	5/12/2017			N/A		$	—	$	—	—	%	(14)
								—		—		—	%
RGIS Services, LLC	Commercial Services & Supplies	Membership Interest (8.00%)	6/25/2020			N/A		11,594		18,069		0.5	%
								11,594		18,069		0.5	%
Total Affiliate Investments								$	11,594	$	18,069	0.5	%

See notes to consolidated financial statements.

35

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
8th Avenue Food & Provisions, Inc.	Food Products	Second Lien Term Loan	9/21/2018	13.21% (1M SOFR+ 7.75%)	—	10/1/2026	$	32,133	$	32,044	$	29,965	0.8	%	(8)
									32,044		29,965		0.8	%
Apidos CLO XI	Structured Finance	Subordinated Structured Note	12/6/2012	Residual Interest, current yield 10.21%	—	4/17/2034	67,783		38,825		32,235		0.9	%	(5)(12)
									38,825		32,235		0.9	%
Apidos CLO XII	Structured Finance	Subordinated Structured Note	3/15/2013	Residual Interest, current yield 5.44%	—	4/15/2031	52,203		29,081		25,312		0.7	%	(5)(12)
									29,081		25,312		0.7	%
Apidos CLO XV	Structured Finance	Subordinated Structured Note	9/13/2013	Residual Interest, current yield 0.00%	—	4/21/2031	48,515		28,562		24,092		0.6	%	(5)(12)(15)
									28,562		24,092		0.6	%
Apidos CLO XXII	Structured Finance	Subordinated Structured Note	9/16/2015	Residual Interest, current yield 0.00%	—	4/21/2031	35,855		26,173		22,359		0.6	%	(5)(12)(15)
									26,173		22,359		0.6	%
Atlantis Health Care Group (Puerto Rico), Inc.	Health Care Providers & Services	First Lien Term Loan	2/21/2013	14.30% (3M SOFR+ 8.75%)	2.00	5/15/2025	58,184		58,184		58,184		1.6	%	(3)(8)
									58,184		58,184		1.6	%
Aventiv Technologies, LLC	Communications Equipment	Second Out Super Priority First Lien Term Loan	4/2/2024	13.10% (3M SOFR+ 7.50% )	1.00	7/31/2025	1,499		1,499		1,499		—	%	(8)(43)
		Third Out Super Priority First Lien Term Loan	3/28/2024	6.60% (3M SOFR+ 1.00%) plus 4.09% PIK	1.00	7/31/2025	25,415		20,860		20,914		0.6	%	(8)(36)(43)
		Second Lien Term Loan	3/28/2024	14.65% (3M SOFR+ 9.05%)	1.00	11/1/2025	85,602		56,671		46,098		1.2	%	(8)(36)
									79,030		68,511		1.8	%
Barings CLO 2018-III	Structured Finance	Subordinated Structured Note	10/9/2014	Residual Interest, current yield 0.00%	—	7/20/2029	82,809		9,423		8,188		0.2	%	(5)(12)(15)
									9,423		8,188		0.2	%
Barracuda Parent, LLC	IT Services	Second Lien Term Loan	8/15/2022	12.31% (6M SOFR+ 7.00%)	0.50	8/15/2030	20,000		19,544		20,000		0.5	%	(8)
									19,544		20,000		0.5	%
BCPE North Star US Holdco 2, Inc.	Food Products	Second Lien Delayed Draw Term Loan - $5,185 Commitment	6/7/2021	12.71% (1M SOFR+ 7.25%)	0.75	6/11/2029	5,185		5,147		4,987		0.1	%	(8)(13)
		Second Lien Term Loan	6/7/2021	12.71% (1M SOFR+ 7.25%)	0.75	6/11/2029	94,815		94,313		91,193		2.5	%	(8)
									99,460		96,180		2.6	%
BCPE Osprey Buyer, Inc.	Health Care Technology	First Lien Revolving Line of Credit - $4,239 Commitment	10/18/2021	11.20% (1M SOFR+ 5.75%)	0.75	8/21/2026	2,261		2,261		2,261		0.1	%	(8)(13)(45)
		First Lien Delayed Draw Term Loan - $4,691 Commitment	10/18/2021	11.21% (1M SOFR+ 5.75%)	0.75	8/23/2028	4,668		4,623		4,668		0.1	%	(3)(8)(13)
		First Lien Term Loan	10/18/2021	11.35% (3M SOFR+ 5.75%)	0.75	8/23/2028	63,375		63,375		63,375		1.7	%	(3)(8)
									70,259		70,304		1.9	%
Belnick, LLC (d/b/a The Ubique Group)	Household Durables	First Lien Term Loan	1/20/2022	13.59% (3M SOFR+ 8.00%)	4.00	1/20/2027	84,552		84,552		84,250		2.3	%	(3)(8)
									84,552		84,250		2.3	%
Boostability Parent, Inc.	IT Services	First Lien Term Loan	1/31/2022	13.56% (3M SOFR + 8.00%)	4.00	1/31/2027	42,770		42,770		42,770		1.2	%	(3)(8)
									42,770		42,770		1.2	%
Broder Bros., Co.	Textiles, Apparel & Luxury Goods	First Lien Term Loan	12/4/2017	11.60% (3M SOFR+ 6.00%)	1.00	12/4/2025	153,514		153,514		153,514		4.1	%	(3)(8)
									153,514		153,514		4.1	%
Burgess Point Purchaser Corporation	Automobile Components	Second Lien Term Loan	7/25/2022	14.44% (1M SOFR+ 9.00%)	0.75	7/25/2030	30,000		30,000		30,000		0.8	%	(3)(8)
									30,000		30,000		0.8	%
California Street CLO IX Ltd.	Structured Finance	Subordinated Structured Note	4/19/2012	Residual Interest, current yield 3.62%	—	7/16/2032	58,915		36,482		27,997		0.8	%	(5)(12)
									36,482		27,997		0.8	%

See notes to consolidated financial statements.

36

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Capstone Logistics Acquisition, Inc.	Commercial Services & Supplies	Second Lien Term Loan	11/12/2020	14.19% (1M SOFR+ 8.75%)	1.00	11/13/2028	$	8,500	$	8,326	$	8,500	0.2	%	(3)(8)
									8,326		8,500		0.2	%
Carlyle C17 CLO Limited	Structured Finance	Subordinated Structured Note	1/24/2013	Residual Interest, current yield 0.00%	—	4/30/2031	24,870		8,626		7,675		0.2	%	(5)(12)(15)
									8,626		7,675		0.2	%
Carlyle Global Market Strategies CLO 2014-4-R, Ltd.	Structured Finance	Subordinated Structured Note	4/7/2017	Residual Interest, current yield 0.00%	—	7/15/2030	25,534		13,058		11,882		0.3	%	(5)(12)(15)
									13,058		11,882		0.3	%
Carlyle Global Market Strategies CLO 2016-3, Ltd.	Structured Finance	Subordinated Structured Note	8/9/2016	Residual Interest, current yield 5.40%	—	7/20/2034	32,200		30,456		24,009		0.6	%	(5)(12)
									30,456		24,009		0.6	%
Cent CLO 21 Limited	Structured Finance	Subordinated Structured Note	5/15/2014	Residual Interest, current yield 0.00%	—	7/29/2030	49,552		—		—		—	%	(5)(12)(15)
									—		—		—	%
CIFC Funding 2013-III-R, Ltd.	Structured Finance	Subordinated Structured Note	8/2/2013	Residual Interest, current yield 0.00%	—	4/24/2031	44,100		18,932		16,604		0.4	%	(5)(12)(15)
									18,932		16,604		0.4	%
CIFC Funding 2013-IV, Ltd.	Structured Finance	Subordinated Structured Note	10/22/2013	Residual Interest, current yield 0.00%	—	4/28/2031	45,500		27,528		23,921		0.6	%	(5)(12)(15)
									27,528		23,921		0.6	%
CIFC Funding 2014-IV-R, Ltd.	Structured Finance	Subordinated Structured Note	8/5/2014	Residual Interest, current yield 10.98%	—	1/17/2035	50,143		36,313		28,668		0.8	%	(5)(12)
									36,313		28,668		0.8	%
CIFC Funding 2016-I, Ltd.	Structured Finance	Subordinated Structured Note	12/9/2016	Residual Interest, current yield 12.38%	—	10/21/2031	34,000		31,837		29,854		0.8	%	(5)(12)
									31,837		29,854		0.8	%
Collections Acquisition Company, Inc.	Diversified Financial Services	First Lien Term Loan	12/3/2019	13.21% (3M SOFR+ 7.65%)	2.50	6/3/2027	45,039		45,039		45,039		1.2	%	(3)(8)
									45,039		45,039		1.2	%
Columbia Cent CLO 27 Limited	Structured Finance	Subordinated Structured Note	12/18/2013	Residual Interest, current yield 5.47%	—	1/25/2035	48,978		30,872		25,397		0.7	%	(5)(12)
									30,872		25,397		0.7	%
Credit.com Holdings, LLC (6)	Diversified Consumer Services	First Lien Term Loan A	9/28/2023	16.60% (3M SOFR + 11.00%)	1.50	9/28/2028	33,237		33,237		31,658		0.9%		(8)
		First Lien Term Loan B	9/28/2023	17.60% (3M SOFR + 12.00%)	1.50	9/28/2028	56,931		56,931		40,488		1.1%		(8)
		Class B of PGX TopCo II LLC (999 Non-Voting Units)	9/28/2023			N/A			—		426		—%		(14)
									90,168		72,572		2.0	%
Discovery Point Retreat, LLC (46)	Health Care Providers & Services	First Lien Term Loan	6/14/2024	13.35% (3M SOFR+ 7.75%	3.25	6/14/2029	17,000		17,000		16,632		0.5%		(8)
		First Lien Revolving Line of Credit - $2,500 Commitment	6/14/2024	13.35% (3M SOFR + 7.75%	3.25	12/14/2024	900		900		881		—%		(8)
		Series A Preferred Stock of Discovery MSO HoldCo LLC - 7,632 Units	6/14/2024	8.00% PIK		N/A			7,950		15,900		0.4%		(14)
									25,850		33,413		0.9	%
DRI Holding Inc.	Commercial Services & Supplies	First Lien Term Loan	12/21/2021	10.69% (1M SOFR+ 5.25%)	0.50	12/21/2028	33,561		32,646		33,561		0.9	%	(3)(8)
		Second Lien Term Loan	12/21/2021	13.43% (1M SOFR+ 8.00%)	0.50	12/21/2029	145,000		145,000		145,000		3.9	%	(3)(8)
									177,646		178,561		4.8	%
DTI Holdco, Inc.	Professional Services	First Lien Term Loan	4/26/2022	10.09%(1M SOFR+ 4.75%)	0.75	4/26/2029	18,176		17,921		18,176		0.5	%	(3)(8)(42)
		Second Lien Term Loan	4/26/2022	13.09% (1M SOFR+ 7.75%)	0.75	4/26/2030	75,000		75,000		75,000		2.0	%	(3)(8)
									92,921		93,176		2.5	%

See notes to consolidated financial statements.

37

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Dukes Root Control Inc.	Commercial Services & Supplies	First Lien Revolving Line of Credit - $4,464 Commitment	12/8/2022	11.98% (3M SOFR + 6.50%)	1.00	12/8/2028	$	2,375	$	2,392	$	2,375	0.1%		(8)(13)(45)
		First Lien Delayed Draw Term Loan - $8,929 Commitment	12/8/2022	11.98% (3M SOFR + 6.50%)	1.00	12/8/2028	3,238		3,226		3,238		0.1%		(8)(13)(45)
		First Lien Term Loan	12/8/2022	11.99% (3M SOFR + 6.50%)	1.00	12/8/2028	36,058		36,195		36,058		1.0%		(3)(8)
									41,813		41,671		1.2%
Easy Gardener Products, Inc.	Household Durables	Class A Units of EZG Holdings, LLC (200 units)	6/11/2020			N/A			313		—		—	%	(14)
		Class B Units of EZG Holdings, LLC(12,525 units)	6/11/2020			N/A			1,688		—		—	%	(14)
									2,001		—		—	%
Engineered Machinery Holdings, Inc.	Machinery	Incremental Amendment No. 2 Second Lien Term Loan	5/6/2021	12.10% (3M SOFR+ 6.50%)	0.75	5/21/2029	5,000		4,994		5,000		0.2	%	(3)(8)
		Incremental Amendment No. 3 Second Lien Term Loan	8/6/2021	11.60% (3M SOFR+ 6.00%)	0.75	5/21/2029	5,000		5,000		5,000		0.1	%	(3)(8)
									9,994		10,000		0.3	%
Emerge Intermediate, Inc. (44)	Health Care Providers & Services	First Lien Term Loan	2/26/2024	11.60% (3M SOFR+ 6.25%)	1.00	2/26/2026	56,329		56,329		56,329		1.5	%	(3)(8)
									56,329		56,329		1.5	%
Enseo Acquisition, Inc.	IT Services	First Lien Term Loan	6/2/2021	13.56% (3M SOFR+ 8.00%)	1.00	6/2/2026	53,116		53,116		53,116		1.4	%	(3)(8)
									53,116		53,116		1.4	%
Eze Castle Integration, Inc.	IT Services	First Lien Delayed Draw Term Loan - $8,036 Commitment	7/15/2020	12.84% (3M SOFR+ 7.50%)	3.00	1/15/2027	1,783		1,783		1,783		—	%	(8)(13)(36)(45)
		First Lien Term Loan	7/15/2020	12.97% (3M SOFR+ 7.50%)	3.00	1/15/2027	46,527		46,527		46,527		1.3	%	(3)(8)(36)
									48,310		48,310		1.3	%
Faraday Buyer, LLC	Electrical Equipment	First Lien Delayed Draw Term Loan - $6,540 Commitment	10/11/2022	11.33% (3M SOFR + 6.00%)	1.00	10/11/2028	—		—		—		—	%	(8)(13)
		First Lien Term Loan	10/11/2022	11.33% (3M SOFR + 6.00%)	1.00	10/11/2028	61,991		61,991		61,991		1.7	%	(3)(8)
									61,991		61,991		1.7	%
First Brands Group	Automobile Components	First Lien Term Loan	3/24/2021	10.59% (3M SOFR+ 5.00%)	1.00	3/30/2027	22,126		22,124		22,019		0.6	%	(3)(8)(42)
		Second Lien Term Loan	3/24/2021	14.09% (3M SOFR+ 8.50%)	1.00	3/30/2028	37,000		36,850		36,788		1.0	%	(3)(8)
									58,974		58,807		1.6	%
Galaxy XV CLO, Ltd.	Structured Finance	Subordinated Structured Note	2/13/2013	Residual Interest, current yield 0.00%	—	10/15/2030	50,525		22,434		20,386		0.5	%	(5)(12)(15)
									22,434		20,386		0.5	%
Galaxy XXVII CLO, Ltd.	Structured Finance	Subordinated Structured Note	9/30/2013	Residual Interest, current yield 0.00%	—	5/16/2031	24,575		10,789		9,811		0.3	%	(5)(12)(15)
									10,789		9,811		0.3	%
Galaxy XXVIII CLO, Ltd.	Structured Finance	Subordinated Structured Note	5/30/2014	Residual Interest, current yield 0.00%	—	7/15/2031	39,905		18,822		17,247		0.5	%	(5)(12)(15)
									18,822		17,247		0.5	%
Global Tel*Link Corporation (d/b/a ViaPath Technologies.)	Diversified Telecommunication Services	First Lien Term Loan	8/7/2019	9.69% (1M SOFR + 4.25%)	—	11/29/2025	9,497		9,405		9,456		0.3	%	(3)(8)(42)
		Second Lien Term Loan	11/20/2018	15.44% (1M SOFR + 10.00%)	—	11/29/2026	122,670		122,165		122,670		3.3	%	(3)(8)
									131,570		132,126		3.6	%
Halcyon Loan Advisors Funding 2014-2 Ltd.	Structured Finance	Subordinated Structured Note	4/14/2014	Residual Interest, current yield 0.00%	—	4/28/2025	41,164		8		8		—	%	(5)(12)(15)
									8		8		—	%
Halcyon Loan Advisors Funding 2015-3 Ltd.	Structured Finance	Subordinated Structured Note	7/23/2015	Residual Interest, current yield 0.00%	—	10/18/2027	39,598		53		49		—	%	(5)(12)(15)
									53		49		—	%

See notes to consolidated financial statements.

38

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULES OF INVESTMENTS AS OF JUNE 30, 2024 (Continued)

(in thousands, except share data)

							June 30, 2024
Portfolio Company	Industry	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
HarbourView CLO VII-R, Ltd.	Structured Finance	Subordinated Structured Note	6/5/2015	Residual Interest, current yield 0.00%	—	7/18/2031	$	19,025	$	4,285	$	3,676	0.1	%	(5)(12)(15)
									4,285		3,676		0.1	%
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Software	Second Lien Term Loan	11/14/2019	12.20% (3M SOFR+ 6.75%)	0.75	11/19/2027	52,500		52,405		47,813		1.3	%	(3)(8)
									52,405		47,813		1.3	%
Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC)	Air Freight & Logistics	First Lien Term Loan	3/11/2022	10.98% (3M SOFR + 5.50%)	0.75	12/30/2028	31,394		31,375		31,394		0.9	%	(3)(8)
		Second Lien Term Loan	12/30/2021	13.98% (3M SOFR + 8.50%)	0.75	12/30/2029	95,000		95,000		89,758		2.4	%	(3)(8)
									126,375		121,152		3.3	%
Interventional Management Services, LLC	Health Care Providers & Services	First Lien Revolving Line of Credit - $5,000 Commitment	2/22/2021	14.58% (3M SOFR+ 9.00%)	1.00	2/22/2025	5,000		5,000		4,855		0.1	%	(8)(13)
		First Lien Term Loan	2/22/2021	14.58% (3M SOFR+ 9.00%)	1.00	2/20/2026	65,565		65,565		63,669		1.7	%	(3)(8)
									70,565		68,524		1.8	%
iQor Holdings, Inc.	Diversified Consumer Services	First Lien Term Loan	6/11/2024	13.10% (3M SOFR+ 7.50%)	2.50	6/11/2029	50,000		50,000		50,000		1.3	%	(8)
		Common Stock of Bloom Parent, Inc.	6/11/2024			N/A			10,450		10,232		0.3	%	(14)
									60,450		60,232		1.6	%
Japs-Olson Company, LLC (31)	Commercial Services & Supplies	First Lien Term Loan	5/25/2023	12.08% (3M SOFR + 6.75%)	2.00	5/25/2028	57,960		57,960		57,960		1.6	%	(3)(8)
									57,960		57,960		1.6	%
Jefferson Mill CLO Ltd.	Structured Finance	Subordinated Structured Note	6/26/2015	Residual Interest, current yield 0.00%	—	10/20/2031	23,594		12,391		10,955		0.3	%	(5)(12)(15)
									12,391		10,955		0.3	%
Julie Lindsey, Inc.	Textiles, Apparel & Luxury Goods	First Lien Revolving Line of Credit - $2,000 Commitment	7/27/2023	11.33% (3M SOFR + 6.00%)	4.00	7/27/2027	—		—		—		—	%	(8)(13)
		First Lien Term Loan	7/27/2023	11.33% (3M SOFR + 6.00%)	4.00	7/27/2028	19,600		19,600		19,600		0.5	%	(3)(8)
									19,600		19,600		0.5	%
K&N HoldCo, LLC	Automobile Components	Class A Common Units (84,553 units)	2/14/2023			N/A			25,697		783		—	%	(14)
									25,697		783		—	%
KM2 Solutions LLC	IT Services	First Lien Term Loan	12/17/2020	15.05% (3M SOFR+ 9.60%)	3.00	12/17/2025	17,877		17,877		17,793		0.5	%	(3)(8)
									17,877		17,793