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 September 30, 2025
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 November 5, 2025, there were 470,910,990 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 September 30, 2025 (unaudited) and June 30, 2025	4
	Consolidated Statements of Operations for the three months ended September 30, 2025 and September 30, 2024 (unaudited)	5
	Consolidated Statements of Changes in Net Assets and Temporary Equity for the three months ended September 30, 2025 and September 30, 2024 (unaudited)	7
	Consolidated Statements of Cash Flows for the three months ended September 30, 2025 and September 30, 2024 (unaudited)	8
	Consolidated Schedules of Investments as of September 30, 2025 (unaudited) and June 30, 2025	9
	Notes to Consolidated Financial Statements (unaudited)	55
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	122
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	152
Item 4.	Controls and Procedures	154
PART II	OTHER INFORMATION
Item 1.	Legal Proceedings	155
Item 1A.	Risk Factors	155
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	158
Item 3.	Defaults Upon Senior Securities	158
Item 4.	Mine Safety Disclosures	158
Item 5.	Other Information	159
Item 6.	Exhibits	163
	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, 2025, 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 in the Middle East, on our and our portfolio companies’ businesses and the global economy;

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

•potential trade war between the U.S. and China in connection with each country’s recent or proposed tariffs on the other country’s products;

•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’ businesses;

•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;

•trade negotiations and related government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies;

•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, 2025.

3

PART I

Item 1. Financial Statements

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

	September 30, 2025		June 30, 2025
	(Unaudited)		(Audited)
Assets
Investments at fair value:
Control investments (amortized cost of $3,416,328 and $3,416,244, respectively)(Note 14)	$	3,710,632	$	3,696,367
Affiliate investments (amortized cost of $11,735 and $11,735, respectively)	30,821		27,057
Non-control/non-affiliate investments (amortized cost of $3,104,779 and $3,265,522, respectively)	2,772,003		2,950,092
Total investments at fair value (amortized cost of $6,532,842 and $6,693,501, respectively)(Note 3)	6,513,456		6,673,516
Cash and cash equivalents (restricted cash of $3,418 and $4,282, respectively)	86,541		50,788
Receivables for:
Interest, net	19,059		25,144
Other	3,067		1,642
Due from broker	592		33,393
Deferred financing costs on Revolving Credit Facility (Note 4)	17,654		18,842
Prepaid expenses	1,472		1,488
Due from Affiliate (Note 13)	29		125
Total Assets	6,641,870		6,804,938
Liabilities
Revolving Credit Facility (Notes 4 and 8)	683,579		856,322
Public Notes (less unamortized discount and debt issuance costs of $5,872 and $6,556, respectively) (Notes 6 and 8)	594,128		593,444
Prospect Capital InterNotes® (less unamortized debt issuance costs of $8,352 and $8,687, respectively) (Notes 7 and 8)	643,484		638,545
Due to Prospect Capital Management (Note 13)	34,851		41,757
Interest payable	20,129		15,116
Dividends payable	21,288		28,836
Due to broker	9,171		5,639
Accrued expenses	2,504		3,490
Due to Prospect Administration (Note 13)	2,592		2,602
Other liabilities	835		515
Total Liabilities	2,012,561		2,186,266
Commitments and Contingencies (Note 3 and Note 15)
Preferred Stock, par value $0.001 per share (847,900,000 and 847,900,000 shares of preferred stock authorized, 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 90,000,000 as Series A4, 90,000,000 and 90,000,000 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 90,000,000 as Series A5, and 90,000,000 and 90,000,000 as Series M5, each as of September 30, 2025 and June 30, 2025; 26,230,257 and 26,763,091 Series A1 shares issued and outstanding, 1,062,493 and 1,122,110 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 163,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 23,857,330 and 24,081,697 Series A3 shares issued and outstanding, 2,154,155 and 2,281,053 Series M3 shares issued and outstanding, 2,188,817 and 2,209,528 Series M4 shares issued and outstanding, 6,955,229 and 6,981,297 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 2,225,541 and 1,647,217 Series A5 issued and outstanding, and 561,783 and 415,787 Series M5 issued and outstanding as of September 30, 2025 and June 30, 2025, respectively) at carrying value plus cumulative accrued and unpaid dividends (Note 9)	1,624,519		1,629,900
Net Assets Applicable to Common Shares	$	3,004,790	$	2,988,772
Components of Net Assets Applicable to Common Shares and Net Assets, respectively
Common stock, par value $0.001 per share (1,152,100,000 and 1,152,100,000 common shares authorized; 465,916,352 and 455,902,826 issued and outstanding, respectively) (Note 9)	466		456
Paid-in capital in excess of par (Note 9 and 12)	4,272,510		4,242,196
Distributions in excess of earnings (Note 12)	(1,268,186)		(1,253,880)
Net Assets Applicable to Common Shares	$	3,004,790	$	2,988,772
Net Asset Value Per Common Share (Note 16)	$	6.45	$	6.56

4

PROSPECT CAPITAL CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

	Three Months Ended September 30,
	2025		2024
Investment Income
Interest income (excluding payment-in-kind (“PIK”) interest income):
Control investments	$	59,216	$	52,382
Non-control/non-affiliate investments	77,762		94,910
Structured credit securities	—		4,179
Total interest income (excluding PIK interest income)	136,978		151,471
PIK interest income:
Control investments	11,794		19,710
Non-control/non-affiliate investments	3,622		13,434
Total PIK Interest Income	15,416		33,144
Total interest income (Note 2)	152,394		184,615
Dividend income:
Control investments	877		—
Affiliate investments	—		141
Non-control/non-affiliate investments	2,696		2,269
Total dividend income	3,573		2,410
Other income:
Control investments	354		6,967
Non-control/non-affiliate investments	1,303		2,316
Total other income (Note 10)	1,657		9,283
Total Investment Income	157,624		196,308
Operating Expenses
Base management fee (Note 13)	33,617		38,606
Income incentive fee (Note 13)	1,234		15,680
Interest and credit facility expenses	33,687		39,760
Allocation of overhead from Prospect Administration (Note 13)	5,524		5,708
Audit, compliance and tax related fees	899		1,720
Directors’ fees	150		150
Other general and administrative expenses	3,163		4,807
Total Operating Expenses	78,274		106,431
Net Investment Income	79,350		89,877
Net Realized and Net Change in Unrealized Gains (Losses) from Investments
Net realized gains (losses)
Control investments	847		6,367
Non-control/non-affiliate investments	(2,738)		(106,737)
Net realized gains (losses)	(1,891)		(100,370)
Net change in unrealized gains (losses)
Control investments	14,181		(174,248)
Affiliate investments	3,764		3,448
Non-control/non-affiliate investments	(17,346)		47,033
Net change in unrealized gains (losses)	599		(123,767)
Net Realized and Net Change in Unrealized Gains (Losses) from Investments	(1,292)		(224,137)
Net realized gains (losses) on extinguishment of debt	(77)		248
Net Increase (Decrease) in Net Assets Resulting from Operations	77,981		(134,012)
Preferred Stock dividends	(26,767)		(27,157)
Net gain (loss) on redemptions of Preferred Stock	(1,362)		2,304
Gain (loss) on Accretion to Redemption Value of Preferred Stock	(1,765)		(6,204)
Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders	$	48,087	$	(165,069)

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 September 30,
	2025		2024
Basic and diluted earnings (loss) per common share (Note 11)
Basic	$	0.10	$	(0.38)
Diluted	$	0.08	$	(0.38)
Weighted-average shares of common stock outstanding (Note 11)
Basic	461,356,032		428,873,206
Diluted	876,657,018		428,873,206

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 September 30, 2025	Shares	Carrying Value		Shares	Par		Paid-in capital in excess of par(1)		Distributions in excess of earnings (1)		Total Net Assets
Balance as of June 30, 2025	70,915,937	$	1,629,900	455,902,826	$456		$	4,242,196	$	(1,253,880)	$	2,988,772
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations:
Net investment income									79,350		79,350
Net realized losses									(5,095)		(5,095)
Net change in unrealized gains									599		599
Distributions to Shareholders (Note 12)
Distributions from earnings									(89,160)		(89,160)
Capital Transactions
Issuance of preferred stock	710,969	15,342
Accretion of preferred stock to redemption value		1,765
Shares issued through reinvestment of dividends	41,656	997		2,362,606	2		6,709				6,711
Redemption of Preferred Stock	(52,082)	(1,302)
Conversion of preferred stock to common stock	(966,718)	(22,183)		7,650,920	8		23,605				23,613
Total increase (decrease) for the three months ended September 30, 2025	(266,175)	(5,381)		10,013,526	10		30,314		(14,306)		16,018
Balance as of September 30, 2025	70,649,762	$	1,624,519	465,916,352	$	466	$	4,272,510	$	(1,268,186)	$	3,004,790

	Preferred Stock Classified as Temporary Equity			Common Stock
Three Months Ended September 30, 2024	Shares	Carrying Value		Shares	Par		Paid-in capital in excess of par(1)		Distributions in excess of earnings (1)		Total Net Assets
Balance as of June 30, 2024	69,466,127	$	1,586,188	424,846,963	$	425	$	4,147,587	$	(436,279)	$	3,711,733
Net Increase (Decrease) in Net Assets and Temporary Equity Resulting from Operations:
Net investment income									89,877		89,877
Net realized losses									(104,022)		(104,022)
Net change in unrealized losses									(123,767)		(123,767)
Distributions to Shareholders(Note 12)(1)
Distributions from earnings									(94,121)		(94,121)
Return of capital to common stockholders							(10,394)				(10,394)
Capital Transactions
Issuance of Preferred Stock	2,371,281	52,944
Accretion of preferred stock to redemption value		6,204
Shares issued through reinvestment of dividends	40,157	956		1,834,082	2		9,270				9,272
Redemption of Preferred Stock	(1,844)	(46)
Conversion of preferred stock to common stock	(1,502,556)	(34,523)		6,879,683	7		32,228				32,235
Net increase (decrease) in preferred dividend accrual		579
Total increase (decrease) for the three months ended September 30, 2024	907,038	26,114		8,713,765	9		31,104		(232,033)		(200,920)
Balance as of September 30, 2024	70,373,165	$	1,612,302	433,560,728	$	434	$	4,178,691	$	(668,312)	$	3,510,813

(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, 2025. 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

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share data)

(Unaudited)

	Three Months Ended September 30,
	2025		2024
Operating Activities
Net increase (decrease) in net assets resulting from operations	$	77,981	$	(134,012)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gains) losses on extinguishment of debt	77		(248)
Net realized losses on investments	1,891		100,370
Net change in unrealized (gains) losses on investments	(599)		123,767
Accretion of premiums, net	(544)		(2,447)
Amortization of deferred financing costs	1,977		2,248
Accretion of original issue discount	361		735
Payment-In-Kind interest	(15,416)		(33,144)
Structuring fees	(478)		(1,514)
Change in operating assets and liabilities:
Payments for purchases of investments	(75,673)		(255,982)
Proceeds from sale of investments and collection of investment principal	236,960		289,201
Net Reductions to Subordinated Structured Notes and related investment cost	13,919		21,351
(Increase) decrease in interest receivable, net	6,085		(549)
(Increase) decrease in due from broker	32,801		(6,463)
(Increase) decrease in other receivables	(1,425)		148
(Increase) decrease in due from Affiliate	96		(97)
(Increase) decrease in prepaid expenses	16		290
Increase (decrease) in due to broker	3,532		74,371
Increase (decrease) in due to Prospect Administration	(10)		(854)
Increase (decrease) in due to Prospect Capital Management	(6,906)		(4,338)
Increase (decrease) in accrued expenses	(986)		446
Increase (decrease) in interest payable	5,013		420
Increase (decrease) in other liabilities	320		27
Net Cash Provided by (Used in) Operating Activities	278,992		173,726
Financing Activities
Borrowings under Revolving Credit Facility (Note 4)	215,000		355,000
Principal payments under Revolving Credit Facility (Note 4)	(387,743)		(602,565)
Redemptions of Public Notes (Note 6)	—		(11,930)
Issuances of Prospect Capital InterNotes® (Note 7)	7,868		101,734
Redemptions of Prospect Capital InterNotes®, net (Note 7)	(3,264)		(2,500)
Financing costs paid and deferred	(207)		(2,062)
Proceeds from issuance of preferred stock, net of underwriting costs	16,237		53,799
Offering costs from issuance of preferred stock	(895)		(855)
Redemptions of Preferred Stock	(1,247)		—
Dividends paid and distributions to common and preferred stockholders	(88,988)		(93,197)
Net Cash Provided by (Used in) Financing Activities	(243,239)		(202,576)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	35,753		(28,850)
Cash, Cash Equivalents and Restricted Cash at beginning of period	50,788		85,872
Cash, Cash Equivalents and Restricted Cash at End of Period	$	86,541	$	57,022
Supplemental Disclosures
Cash paid for interest	$	26,336	$	36,357
Non-Cash Financing Activities
Value of shares issued through reinvestment of dividends	7,708		10,228
Conversion of preferred stock to common stock	22,183		34,569

See notes to consolidated financial statements.

8

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited)

(in thousands, except share data)

							September 30, 2025
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)
Belnick, LLC (d/b/a The Ubique Group) (41)	Household Durables	First Lien Term Loan	1/20/2022	12.76% (3M SOFR + 8.50%)	4.00	1/20/2027	$	87,715	$	87,715	$	74,207	2.5	%	(8)(36)
		Preferred Class P Units (5,152 units)	5/23/2025	8.50% PIK		N/A			3,400		—		—	%	(14)
									91,115		74,207		2.5%
CP Energy Services Inc. (18)	Energy Equipment & Services	First Lien Term Loan	12/24/2024	13.26% (3M SOFR + 9.00%)	1.00	4/4/2027	10,507		10,507		9,128		0.3%		(8)(36)
		First Lien Term Loan	10/1/2017	13.26% (3M SOFR + 9.00%)	1.00	4/4/2027	63,003		63,003		54,737		1.8%		(8)(36)
		First Lien Term Loan	4/5/2022	13.26% (3M SOFR + 9.00%)	1.00	4/4/2027	8,191		8,191		7,116		0.2%		(8)(36)
		First Lien Term Loan	1/6/2023	13.26% (3M SOFR + 9.00%)	1.00	4/4/2027	16,751		16,751		14,552		0.5%		(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.26% PIK (3M SOFR + 8.00%)	1.00	1/26/2027	49,288		49,288		39,282		1.3%		(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.26% (3M SOFR + 8.00%)	1.00	1/26/2027	4,569		4,569		3,967		0.1%		(8)
		Incremental First Lien Term Loan A to Spartan Energy Services, LLC - $1,100 Commitment	3/25/2025	12.26% (3M SOFR+ 8.00%)	1.00	1/26/2027	—		—		—		—%		(8)(13)(36)
		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)
									327,967		128,782		4.2%
Credit Central Loan Company, LLC (19)	Consumer Finance	First Lien Term Loan	12/28/2012	5.75%	—	9/15/2027	92,893		92,893		77,654		2.6%		(12)
		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)
									123,744		77,654		2.6%
Echelon Transportation, LLC	Trading Companies & Distributors	First Lien Term Loan	3/31/2014	6.00%	—	12/7/2026	23,939		23,939		23,939		0.8%
		Membership Interest (100%)	3/31/2014			N/A			22,738		—		—%		(14)
		Preferred Units (47,074,638 units)	1/31/2022	12.75%		N/A			32,843		8,030		0.3%		(14)
									79,520		31,969		1.1%
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	452,203		452,203		452,203		15.0%		(12)(36)
		Class A Units (95,709,910 units)	6/14/2012			N/A			31,146		383,729		12.8%		(12)(14)
									483,349		835,932		27.8%
Freedom Marine Solutions, LLC (22)	Marine Transport	Membership Interest (100%)	11/9/2006			N/A			47,467		11,539		0.4%		(14)
									47,467		11,539		0.4%
InterDent, Inc.	Health Care Providers & Services	First Lien Delayed Draw Term Loan B -$26,000 Commitment	9/30/2024	5.00% plus 7.00% PIK	—	9/5/2027	20,665		20,665		20,215		0.7%		(13)(36)
		First Lien Term Loan A/B	8/1/2018	18.93% (1M SOFR + 14.65%)	2.00	9/5/2027	14,249		14,249		14,249		0.5%		(3)(8)
		First Lien Term Loan A	8/3/2012	9.78% (1M SOFR + 5.50%)	1.00	9/5/2027	95,823		95,823		95,823		3.2%		(3)(8)
		First Lien Term Loan B	8/3/2012	5.00% plus 7.00% PIK	—	9/5/2027	225,442		225,442		220,528		7.3%		(36)
		Common Stock (99,900 shares)	5/3/2019			N/A			45,118		—		—%		(14)
									401,297		350,815		11.7%

See notes to consolidated financial statements.

9

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Kickapoo Ranch Pet Resort	Diversified Consumer Services	First Lien Term Loan	1/11/2024	11.50% (3M SOFR + 7.50%)	3.00	1/10/2029	$	700	$	700	$	700	—%	(8)
		Membership Interest (100%)	8/26/2019			N/A			2,378		2,849		0.1%	(14)
									3,078		3,549		0.1%
MITY, Inc. (23)	Commercial Services & Supplies	First Lien Term Loan A	9/19/2013	13.28% (3M SOFR + 9.02%)	3.00	11/30/2027	51,489		51,489		51,489		1.7%	(3)(8)
		First Lien Term Loan B	6/23/2014	11.26% (3M SOFR + 7.00%) plus 10.00% PIK	3.00	11/30/2027	8,274		8,274		8,274		0.3%	(8)(36)
		Unsecured Note to Broda Enterprises ULC	9/19/2013	10.00%	—	1/1/2028	5,297		7,200		5,291		0.2%	(12)
		Common Stock (42,053 shares)	9/19/2013			N/A			27,349		29,681		1.0%	(14)
									94,312		94,735		3.2%
National Property REIT Corp. (24)	Residential Real Estate Investment Trusts (REITs) / Consumer Finance / Structured Finance	First Lien Term Loan A	12/31/2018	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	3.75	3/31/2027	674,504		674,504		674,504		22.4%	(8)(36)(33)
		First Lien Term Loan D	6/19/2020	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	3.75	3/31/2027	178,425		178,425		178,425		5.9%	(8)(36)(33)
		First Lien Term Loan E	11/14/2022	7.00% (3M SOFR + 1.50%) plus 7.00% PIK	5.50	3/31/2027	52,652		52,652		52,652		1.8%	(8)(36)(33)
		Residual Profit Interest	12/31/2018			N/A			—		27,461		0.9%	(33)
		Common Stock (3,374,914 shares)	12/31/2013			N/A			20,030		312,221		10.4%	(14)(40)
									925,611		1,245,263		41.4%
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	6,011		6,011		6,011		0.3%	(12)(13)(36)
		First Lien Delayed Draw Term Loan B - $8,000 Commitment	12/23/2024	10.00%	—	5/15/2029	4,206		4,206		4,206		0.1%	(12)(13)(36)
		Class A Units (925,796,475 units)	1/31/2013			N/A			49,936		24,517		0.8%	(12)(14)
									60,153		34,734		1.2%
NMMB, Inc. (26)	Media	First Lien Term Loan	12/30/2019	12.76% (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			—		49,753		1.7%	(14)
									29,723		79,476		2.6%
Pacific World Corporation (34)	Personal Care Products	First Lien Term Loan A	12/31/2014	8.41% PIK (1M SOFR + 4.25%)	1.00	3/26/2029	116,404		116,404		111,266		3.7%	(8)(36)
		Convertible Preferred Equity (753,257 shares)	6/15/2018	12.00% PIK		N/A			228,795		—		—%	(14)
		Common Stock (6,778,414 shares)	9/29/2017			N/A			—		—		—%	(14)
									345,199		111,266		3.7%
QC Holdings TopCo, LLC (17)	Consumer Finance	Second Lien Term Loan	6/30/2025	23.50% (3M SOFR + 18.50%)	5.00	7/1/2030	54,997		54,997		54,997		1.8%	(3)(8)(12)(36)
		Second Lien Delayed Draw Term Loan - $5,563 Commitment	9/30/2025	23.50% (3M SOFR + 18.50%)	5.00	7/1/2030	1,706		1,706		1,706		0.1%	(8)(12)(13)(36)
		Class A Units (222,886 units)	6/30/2025			N/A			22,289		42,528		1.4%	(12)(14)
									78,992		99,231		3.3%
R-V Industries, Inc.	Machinery	First Lien Term Loan	12/15/2020	13.26% (3M SOFR + 9.00%)	1.00	12/15/2028	37,322		37,322		37,322		1.2%	(3)(8)
		First Lien Term Loan	12/20/2024	7.50% (3M SOFR + 3.50%)	4.00	12/15/2028	10,000		10,000		10,000		0.3%	(3)(8)
		Common Stock (745,107 shares)	6/26/2007			N/A			6,866		46,741		1.6%
									54,188		94,063		3.1%

See notes to consolidated financial statements.

10

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Universal Turbine Parts, LLC (32)	Aerospace & Defense	First Lien Delayed Draw Term Loan - $6,965 Commitment	2/28/2019	12.01% (3M SOFR + 7.75%)	1.00	2/29/2028	$	6,486	$	6,486	$	6,486	0.3%	(8)(13)
		First Lien Term Loan A	7/22/2016	10.01% (3M SOFR + 5.75%)	1.00	2/29/2028	29,575		29,575		29,575		1.0%	(3)(8)
		First Lien Term Loan A	1/21/2025	12.01% (3M SOFR + 7.75%)	2.50	2/29/2028	4,000		4,000		4,000		0.1%	(3)(8)
		First Lien Term Loan A	2/28/2025	12.01% (3M SOFR + 7.75%)	2.50	2/29/2028	14,913		14,913		14,913		0.5%	(3)(8)
		Preferred Units (83,106,740 units)	3/31/2021	12.75% PIK		N/A			32,500		48,745		1.6%	(14)
		Common Stock (10,000 units)	12/10/2018			N/A			—		—		—%	(14)
									87,474		103,719		3.5%
USES Corp. (28)	Commercial Services & Supplies	First Lien Term Loan	12/30/2020	13.42% (1M SOFR + 9.00%)	1.00	8/15/2026	2,000		2,000		1,107		—%	(8)
		First Lien Equipment Term Loan	8/3/2022	13.42% (1M SOFR + 9.00%)	1.00	8/15/2026	19,009		19,009		10,521		0.4%	(8)(36)
		First Lien Term Loan A	3/31/2014	9.00% PIK	—	8/15/2026	81,144		30,650		—		—%	(7)
		First Lien Term Loan B	3/31/2014	15.50% PIK	—	8/15/2026	150,559		35,568		—		—%	(7)
		Common Stock (268,962 shares)	6/15/2016			N/A			—		—		—%	(14)
									87,227		11,628		0.4%
Valley Electric Company, Inc. (29)	Construction & Engineering	First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc.	12/31/2012	9.26% (3M SOFR + 5.00%) plus 2.50% PIK	3.00	6/30/2026	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	38,630		38,630		38,630		1.3%	(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		1.2%	(3)(36)
		Consolidated Revenue Interest (2.00%)	6/22/2018			N/A			—		1,305		—%	(10)
		Common Stock (50,000 shares)	12/31/2012			N/A			12,053		236,906		7.9%	(14)
									95,912		322,070		10.7%
Total Control Investments									$	3,416,328	$	3,710,632	123.5%

See notes to consolidated financial statements.

11

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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 (6,038,744 units)	6/25/2020			N/A		11,735		30,821		1.0	%
								11,735		30,821		1.0	%
Total Affiliate Investments								$	11,735	$	30,821	1.0	%

See notes to consolidated financial statements.

12

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Apidos CLO XV	Structured Finance	Subordinated Structured Note	9/13/2013	Residual Interest, current yield 0.00%	—	4/21/2031	$	48,515	$	5,037	$	7,222	0.2	%	(5)(12)(15)
									5,037		7,222		0.2	%
Apidos CLO XXII	Structured Finance	Subordinated Structured Note	9/16/2015	Residual Interest, current yield 0.00%	—	4/21/2031	35,855		10,656		10,590		0.4	%	(5)(12)(15)
									10,656		10,590		0.4	%
Atlantis Health Care Group (Puerto Rico), Inc.	Health Care Providers & Services	First Lien Term Loan	2/21/2013	13.00% (3M SOFR + 8.75%)	2.00	5/15/2026	56,370		56,370		56,370		1.9	%	(3)(8)
									56,370		56,370		1.9	%
Aventiv Technologies, LLC	Diversified Telecommunication Services	Second Out Super Priority First Lien Term Loan	4/24/2025	14.58% (3M SOFR+ 10.00%)	1.00	3/25/2026	43,663		42,915		43,663		1.5	%	(8)(44)
		Second Out Super Priority First Lien Term Loan	12/23/2024	14.26% (3M SOFR+ 10.00%)	1.00	3/25/2026	3,053		3,009		3,053		0.1	%	(8)(44)
		Second Out Super Priority First Lien Term Loan	4/2/2024	11.76% (3M SOFR + 7.50%)	1.00	3/25/2026	742		742		742		—	%	(8)(36)(44)
		Third Out Super Priority First Lien Term Loan	3/28/2024	9.35% (3M SOFR + 5.09%)	1.00	3/25/2026	27,986		27,302		21,952		0.7	%	(8)(36)(44)
		Super Priority Second Lien Term Loan	3/28/2024	13.31% (3M SOFR + 9.05%)	1.00	3/25/2026	152,879		59,071		7,644		0.3	%	(7)(8)
									133,039		77,054		2.6	%
Barings CLO 2018-III	Structured Finance	Subordinated Structured Note	10/9/2014	Residual Interest, current yield 0.00%	—	7/20/2029	82,809		—		—		—	%	(5)(12)(15)
									—		—		—	%
Barracuda Parent, LLC	IT Services	Second Lien Term Loan	8/15/2022	11.31% (3M SOFR + 7.00%)	0.50	8/15/2030	20,000		19,638		11,220		0.4	%	(8)
									19,638		11,220		0.4	%
BCPE North Star US Holdco 2, Inc.	Food Products	Second Lien Term Loan	6/7/2021	11.53% (1M SOFR + 7.25%)	0.75	6/8/2029	69,388		68,985		68,853		2.3	%	(3)(8)
									68,985		68,853		2.3	%
BCPE Osprey Buyer, Inc.	Health Care Technology	First Lien Revolving Line of Credit - $4,239 Commitment	10/18/2021	10.03% (1M SOFR + 5.75%)	0.75	8/21/2026	3,533		3,533		3,533		0.1	%	(8)(13)(46)
		First Lien Term Loan	10/18/2021	10.03% (1M SOFR + 5.75%)	0.75	8/23/2028	4,621		4,590		4,621		0.2	%	(3)(8)
		First Lien Term Loan	10/18/2021	10.21% (3M SOFR + 5.75%)	0.75	8/23/2028	62,725		62,725		62,725		2.1	%	(3)(8)
									70,848		70,879		2.4	%
Burgess Point Purchaser Corporation	Automobile Components	Second Lien Term Loan	7/25/2022	13.41% (3M SOFR + 9.00%)	0.75	7/25/2030	30,000		30,000		26,780		0.9	%	(3)(8)
									30,000		26,780		0.9	%
Capstone Logistics Acquisition, Inc.	Commercial Services & Supplies	Second Lien Term Loan	11/12/2020	12.76% (1M SOFR + 8.50%)	1.00	11/12/2030	8,500		8,376		8,500		0.3	%	(3)(8)
									8,376		8,500		0.3	%
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)
									—		—		—	%
Collections Acquisition Company, Inc.	Financial Services	First Lien Term Loan	12/3/2019	11.91% (3M SOFR + 7.65%)	2.50	6/3/2027	44,422		44,422		44,422		1.5	%	(3)(8)
									44,422		44,422		1.5	%
Credit.com Holdings, LLC	Diversified Consumer Services	First Lien Term Loan A	9/28/2023	15.26% (3M SOFR + 11.00%)	1.50	9/28/2028	40,513		40,513		36,310		1.2	%	(8)(36)
		First Lien Term Loan B	9/28/2023	16.26% (3M SOFR + 12.00%)	1.50	9/28/2028	70,250		62,114		—		—	%	(7)(8)
		Class B of PGX TopCo II LLC (999 Non-Voting Units)	9/28/2023			N/A			—		—		—	%	(14)(43)
									102,627		36,310		1.2	%

See notes to consolidated financial statements.

13

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Discovery Point Retreat, LLC (6)	Health Care Providers & Services	First Lien Term Loan	6/14/2024	12.01% (3M SOFR + 7.75%)	3.25	6/14/2029	$	20,445	$	20,445	$	20,445	0.6	%	(3)(8)
		Series A Preferred Stock of Discovery MSO HoldCo LLC - 8,548 Units	6/14/2024	8.00% PIK		N/A			7,950		10,724		0.4	%	(14)(43)
									28,395		31,169		1.0	%
DRI Holding Inc.	Commercial Services & Supplies	First Lien Term Loan	12/21/2021	9.51% (1M SOFR + 5.25%)	0.50	12/21/2028	33,131		32,473		33,131		1.1	%	(3)(8)
		Second Lien Term Loan	12/21/2021	12.26% (1M SOFR + 8.00%)	0.50	12/21/2029	145,000		145,000		145,000		4.8	%	(3)(8)
									177,473		178,131		5.9	%
Druid City Infusion, LLC	Pharmaceuticals	First Lien Term Loan	9/30/2024	11.50% (3M SOFR + 7.50%)	3.00	10/4/2029	39,968		39,968		39,968		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	19,334		19,334		36,967		1.2	%	(3)(36)(43)
									59,302		76,935		2.6	%
Emerge Intermediate, Inc. (45)	Pharmaceuticals	First Lien Term Loan	2/26/2024	6.50% plus 4.00% PIK	—	8/31/2027	57,619		57,619		52,433		1.7	%	(3)(36)
									57,619		52,433		1.7	%
Enseo Acquisition, Inc.	Media	First Lien Term Loan	6/2/2021	12.76% (3M SOFR + 8.50%)	2.00	12/31/2027	49,504		49,504		49,504		1.6	%	(3)(8)
									49,504		49,504		1.6	%
Eze Castle Integration, Inc.	Software	First Lien Delayed Draw Term Loan - $8,036 Commitment	7/15/2020	11.17% (3M SOFR + 6.75%)	3.00	1/15/2027	2,559		2,548		2,559		0.1	%	(8)(13)(46)
		First Lien Term Loan	7/15/2020	11.23% (3M SOFR + 6.75%)	3.00	1/15/2027	45,804		45,804		45,804		1.5	%	(3)(8)
									48,352		48,363		1.6	%
Faraday Buyer, LLC	Electrical Equipment	First Lien Delayed Draw Term Loan - $6,540 - Commitment	10/11/2022	10.00% (3M SOFR + 6.00%)	1.00	10/11/2028	—		—		—		—	%	(8)(13)
		First Lien Term Loan	10/11/2022	10.00% (3M SOFR + 6.00%)	1.00	10/11/2028	61,211		61,211		61,211		2.0	%	(3)(8)
									61,211		61,211		2.0	%
First Brands Group	Automobile Components	First Lien Term Loan	9/19/2025	9.57% ( 3M SOFR + 5.00%)	1.00	3/30/2027	5,000		2,937		1,817		0.1	%	(7)(8)(42)
		First Lien Term Loan	3/24/2021	9.57% ( 3M SOFR + 5.00%)	1.00	3/30/2027	26,841		24,765		9,758		0.3	%	(7)(8)(42)
		Second Lien Term Loan	3/24/2021	13.07% (3M SOFR + 8.50%)	1.00	3/30/2028	37,000		37,000		2,859		0.1	%	(7)(8)(42)
									64,702		14,434		0.5	%
Galaxy XV CLO, Ltd.	Structured Finance	Subordinated Structured Note	2/13/2013	Residual Interest, current yield 0.00%	—	10/15/2030	50,525		—		—		—	%	(5)(12)(15)
									—		—		—	%
Galaxy XXVII CLO, Ltd.	Structured Finance	Subordinated Structured Note	9/30/2013	Residual Interest, current yield 0.00%	—	5/16/2031	24,575		—		—		—	%	(5)(12)(15)
									—		—		—	%
Galaxy XXVIII CLO, Ltd.	Structured Finance	Subordinated Structured Note	5/30/2014	Residual Interest, current yield 0.00%	—	7/15/2031	39,905		—		—		—	%	(5)(12)(15)
									—		—		—	%
Global Tel*Link Corporation (d./b/a ViaPath Technologies)	Diversified Telecommunication Services	First Lien Term Loan	8/6/2024	11.66% (1M SOFR + 7.50%)	3.00	8/6/2029	125,730		121,835		124,070		4.1	%	(3)(8)
									121,835		124,070		4.1	%
Halcyon Loan Advisors Funding 2014-2 Ltd.	Structured Finance	Subordinated Structured Note	4/14/2014	Residual Interest, current yield 0.00%	—	7/28/2025	41,164		1		7		—	%	(5)(12)(15)
									1		7		—	%
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		14		13		—	%	(5)(12)(15)
									14		13		—	%
HarbourView CLO VII-R, Ltd.	Structured Finance	Subordinated Structured Note	6/5/2015	Residual Interest, current yield 0.00%	—	7/18/2031	19,025		—		—		—	%	(5)(12)(15)
									—		—		—	%

See notes to consolidated financial statements.

14

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Healthcare Venture Partners, LLC	Health Care Providers & Services	First Lien Term Loan	8/29/2025	12.00% (3M SOFR+ 8.00%)	3.50	8/29/2030	$	11,970	$	11,970	$	11,970	0.4	%	(3)(8)
		First Lien Revolving Line of Credit - $1,000 Commitment	8/29/2025	12.00% (3M SOFR + 8.00%)	3.50	8/29/2030	100		100		100		—	%	(8)(13)
		Series A Preferred Units of TCSPV Holdings IV, LLC - 2,150,000 Units	8/29/2025			N/A			2,150		2,790		0.1	%	(14)(43)
									14,220		14,860		0.5	%
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Software	Second Lien Term Loan	11/14/2019	11.16% (3M SOFR + 6.75%)	0.75	11/19/2027	52,500		52,474		47,971		1.6	%	(3)(8)
									52,474		47,971		1.6	%
Imperative Worldwide, LLC	Air Freight & Logistics	First Lien Term Loan	3/11/2022	9.65% (3M SOFR + 5.50%)	0.75	12/30/2028	31,394		31,306		31,394		1.0	%	(3)(8)
		First Lien Term Loan	9/30/2024	9.50% (3M SOFR + 5.50%)	0.75	12/30/2028	5,940		5,923		5,940		0.2	%	(3)(8)
		Second Lien Term Loan	12/30/2021	12.65% (3M SOFR + 8.50%)	0.75	12/30/2029	95,000		95,000		95,000		3.2	%	(3)(8)
									132,229		132,334		4.4	%
Interventional Management Services, LLC	Health Care Providers & Services	First Lien Revolving Line of Credit - $5,000 Commitment	2/22/2021	13.25% (3M SOFR + 9.00%)	1.00	2/20/2026	5,000		5,000		5,000		0.2	%	(3)(8)(13)
		First Lien Term Loan	2/22/2021	13.25% (3M SOFR + 9.00%)	1.00	2/20/2026	63,803		63,803		63,803		2.1	%	(3)(8)
									68,803		68,803		2.3	%
iQor Holdings, Inc.	Professional Services	First Lien Term Loan	6/11/2024	11.51% (3M SOFR + 7.25%)	2.50	6/11/2029	45,392		45,392		45,392		1.5	%	(3)(8)
		Common Stock of Bloom Parent, Inc. (10,450 units)	6/11/2024			N/A			10,450		16,198		0.5	%	(14)
									55,842		61,590		2.0	%
Japs-Olson Company, LLC (31)	Commercial Services & Supplies	First Lien Term Loan	5/25/2023	10.75% (3M SOFR + 6.75%)	2.00	5/25/2028	55,543		55,543		55,543		1.8	%	(3)(8)
									55,543		55,543		1.8	%
Julie Lindsey, Inc.	Textiles, Apparel & Luxury Goods	First Lien Revolving Line of Credit - $2,000 Commitment	7/27/2023	10.00% (3M SOFR + 6.00%)	4.00	7/27/2027	—		—		—		—	%	(8)(13)
		First Lien Term Loan	7/27/2023	10.00% (3M SOFR + 6.00%)	4.00	7/27/2028	19,100		19,100		19,100		0.6	%	(3)(8)
									19,100		19,100		0.6	%
K&N HoldCo, LLC	Automobile Components	Class A Common Units (137,215 units)	2/14/2023			N/A			25,802		529		—	%	(14)
									25,802		529		—	%
KM2 Solutions LLC	Professional Services	First Lien Term Loan	12/17/2020	13.75% (3M SOFR + 9.60%)	3.00	6/16/2026	17,652		17,652		17,652		0.6	%	(3)(8)
									17,652		17,652		0.6	%
LCM XIV Ltd.	Structured Finance	Subordinated Structured Note	6/25/2013	Residual Interest, current yield 0.00%	—	7/21/2031	49,934		—		—		—	%	(5)(12)(15)
									—		—		—	%
Lucky US BuyerCo LLC	Financial Services	First Lien Revolving Line of Credit - $2,775 Commitment	4/3/2023	11.51% (3M SOFR + 7.50%)	1.00	4/1/2029	2,298		2,298		2,298		0.1	%	(8)(13)(46)
		First Lien Term Loan	4/3/2023	11.50% (3M SOFR + 7.50%)	1.00	4/1/2029	21,185		21,185		21,185		0.7	%	(3)(8)
									23,483		23,483		0.8	%
MAC Discount, LLC	Distributors	First Lien Term Loan	5/11/2023	12.75% (3M SOFR + 8.50%)	1.50	5/11/2028	30,950		30,765		30,950		1.1	%	(3)(8)
		Class A Senior Preferred Stock of MAC Discount Investments, LLC (1,500,000 shares)	5/11/2023	12.00%		N/A			1,500		1,250		—	%	(14)
									32,265		32,200		1.1	%
Medical Solutions Holdings, Inc. (4)	Health Care Providers & Services	Second Lien Term Loan	11/1/2021	11.41% (3M SOFR + 7.00%)	0.50	11/1/2029	54,463		54,440		27,478		0.9	%	(8)
									54,440		27,478		0.9	%

See notes to consolidated financial statements.

15

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
New WPCC Parent, LLC (47)	Health Care Providers & Services	First Lien Term Loan	5/9/2025	13.66% (3M SOFR+ 9.50%)	2.00	5/9/2030	$	25,466	$	22,488	$	25,466	0.8	%	(3)(8)(36)
		Series A Preferred Interests (849,570 units)	5/9/2025	13.00% PIK		N/A			8,502		11,640		0.4	%	(14)(43)
		Class A Common Interests (871,501 units)	5/9/2025			N/A			23		9,605		0.3	%	(14)(43)
		Liquidating Trust of Wellpath Holdings, Inc.	5/9/2025			N/A			2,011		8,293		0.3	%	(14)
									33,024		55,004		1.8	%
Octagon Investment Partners XV, Ltd.	Structured Finance	Subordinated Structured Note	1/24/2013	Residual Interest, current yield 0.00%	—	7/19/2030	42,064		408		406		—	%	(5)(12)(15)
									408		406		—	%
OneTouchPoint Corp	Commercial Services & Supplies	First Lien Term Loan	2/19/2021	12.25% (3M SOFR + 8.00%)	1.00	6/30/2026	32,785		32,785		32,785		1.1	%	(3)(8)
									32,785		32,785		1.1	%
PeopleConnect Holdings, Inc (9)	Interactive Media & Services	First Lien Term Loan	1/22/2020	12.40% (3M SOFR + 8.25%)	2.75	7/22/2026	67,926		67,926		67,926		2.3	%	(3)(8)
									67,926		67,926		2.3	%
PlayPower, Inc.	Leisure Products	First Lien Revolving Line of Credit - $2,626 Commitment	8/28/2024	9.25% (3M SOFR + 5.25%)	0.75	8/28/2030	—		—		—		—	%	(8)(13)
		First Lien Term Loan	8/28/2024	9.25% ( 3M SOFR + 5.25%)	0.75	8/28/2030	17,200		16,954		17,200		0.6	%	(3)(8)
									16,954		17,200		0.6	%
Precisely Software Incorporated	Software	Second Lien Term Loan	4/23/2021	11.82% (3M SOFR + 7.25%)	0.75	4/23/2029	80,000		79,591		76,552		2.5	%	(3)(8)
									79,591		76,552		2.5	%
Preventics, Inc. (d/b/a Legere Pharmaceuticals)	Personal Care Products	First Lien Term Loan	11/12/2021	14.76% (3M SOFR + 10.50%)	1.00	11/12/2026	8,766		8,766		8,766		0.3	%	(3)(8)
		First Lien Term Loan	4/30/2025	11.76% (3M SOFR + 7.50%)	3.00	11/12/2026	1,895		1,895		1,895		0.1	%	(3)(8)
		Series A Convertible Preferred Stock (472 units)	11/12/2021	8.00%		N/A			165		478		—	%	(14)(43)
		Series C Convertible Preferred Stock (5,677 units)	11/12/2021	8.00%		N/A			1,946		5,741		0.2	%	(14)(43)
									12,772		16,880		0.6	%
Recovery Solutions Parent, LLC	Health Care Providers & Services	First Lien Term Loan	1/27/2025	11.50% (3M SOFR + 7.50%)	2.00	1/27/2030	33,364		21,769		33,364		1.1	%	(3)(8)(36)
		Membership Interest (1,499,017 units)	1/27/2025			N/A			19,305		45,033		1.5	%	(14)(43)
									41,074		78,397		2.6	%
Redstone Holdco 2 LP (20)	IT Services	Second Lien Term Loan	4/16/2021	12.32% (3M SOFR + 7.75%)	0.75	4/27/2029	50,000		49,597		20,700		0.7	%	(3)(8)
									49,597		20,700		0.7	%
Research Now Group, LLC and Dynata, LLC	IT Services	First Lien Second Out Term Loan	7/15/2024	9.96% (3M SOFR + 5.50%)	1.00	10/15/2028	7,974		7,974		6,937		0.3	%	(8)(44)
		Common Stock of New Insight Holdings, Inc. - 210,781 Shares	7/15/2024			N/A			3,329		1,267		—	%	(14)
		Warrants (to purchase 285,714 shares of Common Stock of New Insight Holdings, Inc.)	7/15/2024			7/15/2029			—		—		—	%	(14)
									11,303		8,204		0.3	%

See notes to consolidated financial statements.

16

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
Rising Tide Holdings, Inc.	Specialty Retail	First In Last Out Term Loan	9/19/2025	30.00% PIK	—	5/1/2027	$	528	$	528	$	525	—	%	(36)(44)
		First In Last Out Term Loan	9/19/2025	12.99% (3M SOFR+ 8.75%) plus 20.00% PIK	2.00	5/1/2027	704		704		701		—	%	(8)(36)(44)
		First Lien First Out Term Loan	9/25/2024	15.00% PIK	—	6/13/2028	2,452		2,452		2,207		0.1	%	(36)
		First Lien Second Out Term Loan	9/25/2024	12.00% PIK	—	6/13/2028	6,386		6,002		3,551		0.1	%	(36)(44)
		Class A Common Units of Marine One Holdco, LLC (345,600 units)	9/12/2023			N/A			23,898		—		—	%	(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)
									33,584		6,984		0.2	%
The RK Logistics Group, Inc.	Commercial Services & Supplies	First Lien Term Loan	3/24/2022	14.76% (3M SOFR + 10.50%)	1.00	12/18/2028	5,613		5,613		5,613		0.2	%	(3)(8)
		First Lien Term Loan	12/19/2023	11.76% (3M SOFR + 7.50%)	4.00	12/18/2028	33,173		33,173		33,173		1.1	%	(3)(8)
		Class A Common Units of RK Logistics Holdings Inc. (263,000 units)	3/24/2022			N/A			263		1,921		0.1	%
		Class B Common Units of RK Logistics Holdings Inc. (1,435,000 units)	3/24/2022			N/A			2,487		10,480		0.3	%	(43)
		Class C Common Units of RK Logistics Holdings Inc. (450,000 units)	6/28/2024			N/A			2,250		3,286		0.1	%
									43,786		54,473		1.8	%
RME Group Holding Company	Media	First Lien Term Loan A	5/4/2017	9.75% (3M SOFR + 5.50%)	1.00	5/6/2026	17,982		17,982		17,982		0.6	%	(3)(8)
		First Lien Term Loan B	5/4/2017	15.25% (3M SOFR + 11.00%)	1.00	5/6/2026	20,170		20,170		19,666		0.7	%	(3)(8)
									38,152		37,648		1.3	%
Rosa Mexicano	Hotels, Restaurants & Leisure	First Lien Revolving Line of Credit - $5,695 Commitment	3/29/2018	16.00%	—	6/13/2026	5,694		5,694		5,459		0.2	%	(13)
		First Lien Term Loan	3/29/2018	11.76% (3M SOFR + 7.50%)	1.25	6/13/2026	23,291		23,291		21,523		0.7	%	(8)
									28,985		26,982		0.9	%
ShiftKey, LLC	Health Care Technology	First Lien Term Loan	6/21/2022	10.01% (3M SOFR + 5.75%) plus 0.50% PIK	1.00	6/21/2027	59,978		59,783		58,584		1.9	%	(3)(8)(36)
									59,783		58,584		1.9	%
Shoes West, LLC (d/b/a Taos Footwear) (27)	Textiles, Apparel & Luxury Goods	First Lien Term Loan A	1/23/2025	11.26% (3M SOFR + 7.00%)	3.00	1/23/2030	38,254		38,254		38,254		1.3	%	(3)(8)(43)
		First Lien Convertible Term Loan B	1/23/2025	9.00% plus 2.00% PIK	—	1/23/2030	9,509		9,509		15,900		0.5	%	(3)(36)(43)
		Class A Preferred Units of Taos Footwear Holdings, LLC - 16,753 Units	1/23/2025	8.00% PIK		N/A			17,139		42,801		1.4	%	(14)
									64,902		96,955		3.2	%
Shutterfly Finance, LLC	Household Durables	First Lien Term Loan	6/5/2023	10.31% (3M SOFR + 6.00%)	1.00	10/1/2027	2,406		2,406		2,406		0.1	%	(8)
		Second Lien Term Loan	6/6/2023	9.20% (3M SOFR + 5.00%)	1.00	10/1/2027	19,206		19,206		18,206		0.6	%	(8)(42)
									21,612		20,612		0.7	%
Silver Hill Mineral Lease	Energy Equipment & Services	Revenue Interest	5/13/2025			N/A			—		—		—	%	(11)
									—		—		—	%
Spectrum Vision Holdings, LLC	Health Care Providers & Services	First Lien Term Loan	5/2/2023	10.76% (1M SOFR + 6.50%)	1.00	11/17/2025	29,245		29,245		29,245		1.0	%	(3)(8)
									29,245		29,245		1.0	%

See notes to consolidated financial statements.

17

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

							September 30, 2025
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)
STG Distribution, LLC	Air Freight & Logistics	First Out First Lien Term Loan	10/3/2024	5.32% (1M SOFR + 1.00% ) plus 7.25% PIK	1.50	10/3/2029	$	15,436	$	15,197	$	15,035	0.5	%	(8)(36)
		Second Out First Lien Term Loan	10/3/2024	5.32% (1M SOFR + 1.00% ) plus 6.50% PIK	1.50	10/3/2029	39,508		39,063		11,359		0.4	%	(7)(8)(44)
		Third Out First Lien Term Loan	10/3/2024	5.32% (1M SOFR + 1.00% ) plus 6.00% PIK	1.50	10/3/2029	19,662		18,691		1,976		0.1	%	(7)(8)(44)
									72,951		28,370		1.0	%
Stryker Energy, LLC	Energy Equipment & Services	Overriding Royalty Interest	12/4/2006			N/A			—		—		—	%	(11)
									—		—		—	%
Town & Country Holdings, Inc.	Distributors	First Lien Term Loan	11/17/2022	8.00%	—	8/29/2028	28,761		28,220		21,839		0.8	%
		First Lien Term Loan	1/26/2018	3.00% plus 5.00% PIK	—	8/29/2028	42,136		42,136		43,075		1.4	%	(36)
		First Lien Term Loan	1/26/2018	8.00%	—	8/29/2028	164,931		164,931		168,609		5.6	%
		Class B of Town & Country TopCo LLC (999 Non-Voting Units)	11/17/2022			N/A			36,282		—		—	%	(14)(43)
									271,569		233,523		7.8	%
TPS, LLC	Machinery	First Lien Term Loan	11/30/2020	14.26% (3M SOFR + 9.00%)	5.00	5/31/2027	18,518		18,518		18,518		0.6	%	(3)(8)
									18,518		18,518		0.6	%
United Sporting Companies, Inc. (16)	Distributors	Second Lien Term Loan	9/28/2012	11.00% (1M LIBOR + 11.00%) plus 2.00% PIK	—	11/16/2019	187,012		86,309		12,813		0.4	%	(7)
									86,309		12,813		0.4	%
Upstream Newco, Inc.	Health Care Providers & Services	Second Lien Term Loan	11/20/2019	12.91% (3M SOFR + 8.50%)	—	11/20/2027	22,000		21,945		17,013		0.6	%	(8)
									21,945		17,013		0.6	%
USG Intermediate, LLC	Leisure Products	First Lien Revolving Line of Credit - $14,000 Commitment	4/15/2015	13.51% (1M SOFR + 9.25%)	1.00	2/9/2029	14,000		14,000		14,000		0.5	%	(3)(8)(13)
		First Lien Term Loan B	4/15/2015	16.01% (1M SOFR + 11.75%)	1.00	2/9/2029	70,938		70,938		70,938		2.4	%	(3)(8)
		Equity	4/15/2015			N/A			1		—		—	%	(14)
									84,939		84,938		2.9	%
Verify Diagnostics LLC	Health Care Providers & Services	First Lien Term Loan	5/15/2025	14.28% (3M SOFR + 10.28%)	3.50	5/15/2030	37,189		37,189		37,189		1.3	%	(3)(8)(44)
		Class A Preferred Units of Verify Diagnostic Holdings LLC (9,250,000 units)	5/15/2025	12.00% PIK		N/A			9,250		16,134		0.5	%	(14)
									46,439		53,323		1.8	%
Victor Technology, LLC	Commercial Services & Supplies	First Lien Term Loan	12/3/2021	11.76% (3M SOFR + 7.50%)	1.00	12/3/2028	10,875		10,875		10,393		0.3	%	(3)(8)
									10,875		10,393		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		2,974		2,429		0.1	%	(5)(12)(15)
									2,974		2,429		0.1	%
WatchGuard Technologies, Inc.	IT Services	First Lien Term Loan	8/17/2022	9.41% (1M SOFR + 5.25%)	0.75	6/30/2029	33,950		33,950		33,908		1.1	%	(3)(8)
									33,950		33,908		1.1	%
Wellful Inc.	Food Products	Second Out First Lien Term Loan	11/27/2024	10.53% (1M SOFR+ 6.25%)	1.00	4/19/2030	18,568		18,568		15,225		0.5	%	(8)(36)(44)
									18,568		15,225		0.5	%
Total Non-Control/Non-Affiliate Investments									$	3,104,779	$	2,772,003	92.3	%
Total Portfolio Investments									$	6,532,842	$	6,513,456	216.8	%

See notes to consolidated financial statements.

18

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (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 September 30, 2025 was $2,410,990, representing 37.0% 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)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.

(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 4.13% as of September 30, 2025. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 3.98% as of September 30, 2025. The impact of a Secured Overnight Financing Rate (“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)Represents overriding royalty interests or revenue interests held which receive payments at the stated rates based upon the underlying operations.

(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 September 30, 2025, our qualifying assets, as a percentage of total assets, stood at 83.78%. 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 3.00%. As of September 30, 2025, $35,935 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $14,957 are considered at the Company’s sole discretion.

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

(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

See notes to consolidated financial statements.

19

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

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)As of September 30, 2025, Prospect owns a 95.4% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions.

(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 September 30, 2025. 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 $53,857 in first lien term loans (the “Spartan Term Loans”) due to us as of September 30, 2025. 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 September 30, 2025. 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 September 30, 2025, 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.

20

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

REIT which holds investments in several real estate properties. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC. On July 11, 2025, the NPRC loan agreement was amended, extending the maturity date to March 31, 2027.

(25)Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.22% of Nationwide Loan Company LLC, the operating company, as of September 30, 2025. 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 September 30, 2025. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company.

(27)Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Convertible Term Loan B.

(28)Prospect owns 99.96% of the equity of USES Corp. as of September 30, 2025.

(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 September 30, 2025, 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 September 30, 2025, the residual profit interest includes 8.33% of TLA, TLD and TLE residual profit calculated quarterly in arrears. The investments in TLA and TLD are subject to a maximum SOFR of 4.00%.

(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 September 30, 2025. As a result, Prospect’s investment in Pacific World is classified as a control investment.

See notes to consolidated financial statements.

21

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(35)The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of September 30, 2025:

Industry	1st Lien Term Loan		2nd Lien Term Loan		Subordinated Structured Notes		Unsecured Debt		Equity (B)		Amortized Cost Total
Control Investments
Aerospace & Defense	$	54,974	$	—	$	—	$	—	$	32,500	$	87,474
Commercial Services & Supplies	146,990		—		—		7,200		27,349		181,539
Construction & Engineering	83,859		—		—		—		12,053		95,912
Consumer Finance	555,313		56,703		—		—		134,222		746,238
Diversified Consumer Services	700		—		—		—		2,378		3,078
Energy Equipment & Services	152,309		—		—		—		175,658		327,967
Residential Real Estate Investment Trusts (REITs)	905,581		—		—		—		20,030		925,611
Health Care Providers & Services	356,179		—		—		—		45,118		401,297
Household Durables	87,715		—		—		—		3,400		91,115
Machinery	47,322		—		—		—		6,866		54,188
Marine Transport	—		—		—		—		47,467		47,467
Media	29,723		—		—		—		—		29,723
Personal Care Products	116,404		—		—		—		228,795		345,199
Trading Companies & Distributors	23,939		—		—		—		55,581		79,520
Total Control Investments	$	2,561,008	$	56,703	$	—	$	7,200	$	791,417	$	3,416,328
Affiliate Investments
Commercial Services & Supplies	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Total Affiliate Investments	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	110,180	$	95,000	$	—	$	—	$	—	$	205,180
Automobile Components	27,702		67,000		—		—		25,802		120,504
Commercial Services & Supplies	159,587		153,376		—		—		5,000		317,963
Distributors	276,927		86,309		—		—		37,782		401,018
Diversified Consumer Services	102,627		—		—		—		—		102,627
Diversified Telecommunication Services	195,803		59,071		—		—		—		254,874
Electrical Equipment	61,211		—		—		—		—		61,211
Financial Services	67,905		—		—		—		—		67,905
Food Products	18,568		68,985		—		—		—		87,553
Health Care Providers & Services	268,379		76,385		—		—		49,191		393,955
Health Care Technology	130,631		—		—		—		—		130,631
Hotels, Restaurants & Leisure	28,985		—		—		—		—		28,985
Household Durables	2,406		19,206		—		—		—		21,612
Interactive Media & Services	67,926		—		—		—		—		67,926
IT Services	33,950		69,235		—		—		—		103,185
Leisure Products	101,892		—		—		—		1		101,893
Machinery	18,518		—		—		—		—		18,518
Media	87,656		—		—		—		—		87,656
Personal Care Products	10,661		—		—		—		2,111		12,772
Pharmaceuticals	116,921		—		—		—		—		116,921
Professional Services	71,018		—		—		—		13,779		84,797
Software	48,352		132,065		—		—		—		180,417
Specialty Retail	9,686		—		—		—		23,898		33,584
Textiles, Apparel & Luxury Goods	66,863		—		—		—		17,139		84,002
Structured Finance(A)	—		—		19,090		—		—		19,090
Total Non-Control/Non-Affiliate	$	2,084,354	$	826,632	$	19,090	$	—	$	174,703	$	3,104,779
Total Portfolio Investment Cost	$	4,645,362	$	883,335	$	19,090	$	7,200	$	977,855	$	6,532,842

See notes to consolidated financial statements.

22

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of September 30, 2025:

Industry	1st Lien Term Loan			2nd Lien Term Loan			Subordinated Structured Notes			Unsecured Debt			Equity (B)			Fair Value Total			Fair Value % of Net Assets Applicable to Common Stock
Control Investments
Aerospace & Defense	$	54,974		$	—		$	—		$	—		$	48,745		$	103,719		3.5	%
Commercial Services & Supplies	71,391			—			—			5,291			29,681			106,363			3.6	%
Construction & Engineering	83,859			—			—			—			238,211			322,070			10.7	%
Consumer Finance	540,074			56,703			—			—			450,774			1,047,551			34.8	%
Diversified Consumer Services	700			—			—			—			2,849			3,549			0.1	%
Energy Equipment & Services	128,782			—			—			—			—			128,782			4.3	%
Residential Real Estate Investment Trusts(REITs)	905,581			—			—			—			339,682			1,245,263			41.5	%
Health Care Providers & Services	350,815			—			—			—			—			350,815			11.8	%
Household Durables	74,207			—			—			—			—			74,207			2.5	%
Machinery	47,322			—			—			—			46,741			94,063			3.1	%
Marine Transport	—			—			—			—			11,539			11,539			0.4	%
Media	29,723			—			—			—			49,753			79,476			2.6	%
Personal Care Products	111,266			—			—			—			—			111,266			3.7	%
Trading Companies & Distributors	23,939			—			—			—			8,030			31,969			1.1	%
Total Control Investments	$	2,422,633		$	56,703		$	—		$	5,291		$	1,226,005		$	3,710,632		123.5	%
Fair Value % of Net Assets	80.6		%	1.9		%	—		%	0.2		%	40.8		%	123.5		%
Affiliate Investments
Commercial Services & Supplies	$	—		$	—		$	—		$	—		$	30,821		$	30,821		1.0	%
Total Affiliate Investments	$	—		$	—		$	—		$	—		$	30,821		$	30,821		1.0	%
Fair Value % of Net Assets	—		%	—		%	—		%	—		%	1.0		%	1.0		%
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	65,704		$	95,000		$	—		$	—		$	—		$	160,704		5.4	%
Automobile Components	11,575			29,639			—			—			529			41,743			1.4	%
Commercial Services & Supplies	160,245			153,500			—			—			15,687			329,432			10.9	%
Distributors	274,866			12,813			—			—			1,250			288,929			9.6	%
Diversified Consumer Services	36,310			—			—			—			—			36,310			1.2	%
Diversified Telecommunication Services	193,480			7,644			—			—			—			201,124			6.7	%
Electrical Equipment	61,211			—			—			—			—			61,211			2.0	%
Financial Services	67,905			—			—			—			—			67,905			2.3	%
Food Products	15,225			68,853			—			—			—			84,078			2.8	%
Health Care Providers & Services	282,952			44,491			—			—			104,219			431,662			14.4	%
Health Care Technology	129,463			—			—			—			—			129,463			4.3	%
Hotels, Restaurants & Leisure	26,982			—			—			—			—			26,982			0.9	%
Household Durables	2,406			18,206			—			—			—			20,612			0.7	%
Interactive Media & Services	67,926			—			—			—			—			67,926			2.3	%
IT Services	33,908			31,920			—			—			—			65,828			2.2	%
Leisure Products	102,138			—			—			—			—			102,138			3.5	%
Machinery	18,518			—			—			—			—			18,518			0.6	%
Media	87,152			—			—			—			—			87,152			2.9	%
Personal Care Products	10,661			—			—			—			6,219			16,880			0.6	%
Pharmaceuticals	129,368			—			—			—			—			129,368			4.3	%
Professional Services	69,981			—			—			—			17,465			87,446			2.9	%
Software	48,363			124,523			—			—			—			172,886			5.7	%

See notes to consolidated financial statements.

23

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

Industry	1st Lien Term Loan			2nd Lien Term Loan			Subordinated Structured Notes			Unsecured Debt			Equity (B)			Fair Value Total			Fair Value % of Net Assets Applicable to Common Stock
Specialty Retail	6,984			—			—			—			—			6,984			0.2	%
Textiles, Apparel & Luxury Goods	73,254			—			—			—			42,801			116,055			3.8	%
Structured Finance (A)	—			—			20,667			—			—			20,667			0.7	%
Total Non-Control/Non-Affiliate	$	1,976,577		$	586,589		$	20,667		$	—		$	188,170		$	2,772,003		92.3	%
Fair Value % of Net Assets	65.8		%	19.5		%	0.7		%	—		%	6.3		%	92.3		%
Total Portfolio	$	4,399,210		$	643,292		$	20,667		$	5,291		$	1,444,996		$	6,513,456		216.8	%
Fair Value % of Net Assets	146.4		%	21.4		%	0.7		%	0.2		%	48.1		%	216.8		%

(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.

24

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(36)The interest rate on the below list of investments, which excludes 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, for the quarter ended September 30, 2025:

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	9.35%	—%	9.35%	(A)
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan	11.76%	—%	11.76%	(A)
Belnick, LLC - First Lien Term Loan	12.76%	—%	12.76%	(B)
CP Energy Services Inc. - First Lien Term Loan	—%	13.26%	13.26%
CP Energy Services Inc. - First Lien Term Loan	—%	13.26%	13.26%
CP Energy Services Inc. - First Lien Term Loan	12.47%	0.79%	13.26%
CP Energy Services Inc. - Delayed Draw Term Loan	13.26%	—%	13.26%
CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC	7.26%	5.00%	12.26%	(C)
CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC	—%	12.26%	12.26%	(C)
Credit.com Holdings, LLC - First Lien Term Loan A	15.26%	—%	15.26%
Druid City Infusion, LLC - First Lien Convertible Note	2.00%	—%	2.00%	(E)
Emerge Intermediate, Inc. - First Lien Term Loan	4.00%	—%	4.00%
First Tower Finance Company LLC - First Lien Term Loan	0.03%	14.97%	15.00%	(F)
InterDent, Inc. - First Lien Term Loan B	7.00%	—%	7.00%
InterDent, Inc. - First Lien Delayed Draw Term Loan B	7.00%	—%	7.00%
MITY, Inc. - First Lien Term Loan B	—%	10.00%	10.00%
National Property REIT Corp. - First Lien Term Loan A	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan D	—%	2.00%	2.00%
National Property REIT Corp. - First Lien Term Loan E	—%	7.00%	7.00%
Nationwide Loan Company LLC - Delayed Draw Term Loan	10.00%	—%	10.00%	(G)
New WPCC Parent, LLC. - First Lien Term Loan	—%	8.00%	8.00%
Pacific World Corporation - First Lien Term Loan A	7.00%	1.41%	8.41%
QC Holdings TopCo, LLC - Second Lien Term Loan	—%	14.00%	14.00%
QC Holdings TopCo, LLC - Second Lien Delayed Draw Term Loan	—%	—%	—%	(J)
Recovery Solutions Parent, LLC - First Lien Term Loan	—%	5.00%	5.00%	(H)
Rising Tide Holdings, Inc. - First In Last Out Term Loan	—%	—%	30.00%	(D)
Rising Tide Holdings, Inc. - First In Last Out Term Loan	—%	—%	20.00%	(D)
Rising Tide Holdings, Inc. - First Lien First Out Term Loan	15.00%	—%	15.00%
Rising Tide Holdings, Inc. - First Lien Second Out Term Loan	12.00%	—%	12.00%
ShiftKey, LLC - First Lien Term Loan	0.50%	—%	0.50%
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B	2.00%	—%	2.00%
STG Distribution, LLC - First Out First Lien Term Loan	7.25%	—%	7.25%
Town & Country Holdings, Inc. - First Lien Term Loan	—%	5.00%	5.00%
USES Corp. - First Lien Equipment Term Loan	9.30%	4.12%	13.42%	(I)
Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan	—%	2.50%	2.50%
Valley Electric Company, Inc. - First Lien Term Loan	—%	10.00%	10.00%
Valley Electric Company, Inc. - First Lien Term Loan B	—%	5.50%	5.50%
Wellful Inc. - Tranche B Term Loan	1.75%	—%	1.75%

(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.

(B) On May 13, 2025, the Belnick, LLC First Lien Term Loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.76%.

(C) 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 12.26%.

(D) The Rising Ride Holdings, Inc. Amended and Restated ABL Credit Agreement allows for all or a portion of interest to be payable in kind. The first interest payment is due October 1, 2025.

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

See notes to consolidated financial statements.

25

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(F) 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%.

(G) The Nationwide Loan Company LLC Delayed Draw Term Loan agreement allows for a portion of interest accruing in cash to be payable in kind.

(H) The Recovery Solutions Parent, LLC First Lien Term Loan agreement dated January 27, 2025 allows for a portion of interest accruing in cash to be payable in kind.

(I) 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 13.42%.

(J) The Amended QC Holdings TopCo, LLC Senior Secured Term Loan Agreement dated September 30, 2025, allows for a portion of interest accruing in cash to be payable in kind. The first interest payment is due December 31, 2025.

(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 three months ended September 30, 2025 with these controlled investments were as follows:

Controlled Companies	Fair Value at June 30, 2025		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at September 30, 2025			Interest income		Dividend income		Other income		Net realized gains (losses)
Belnick, LLC (d/b/a The Ubique Group)	$	51,166	$	2,863	$	—	$	20,178	$	74,207	(c)	$	2,863	$	—	$	13	$	—
CP Energy Services Inc.	85,359		1,267		—		(1,093)		85,533			3,367		—		—		—
CP Energy - Spartan Energy Services, Inc.	36,830		2,379		—		4,040		43,249			1,655		—		—		—
Credit Central Loan Company, LLC	78,736		2,315		—		(3,397)		77,654			2,304		—		—		—
Echelon Transportation, LLC	65,653		—		(30,800)		(2,884)		31,969			757		—		—		—
First Tower Finance Company LLC	760,518		31		—		75,383		835,932			17,333		—		—		—
Freedom Marine Solutions, LLC	11,660		350		—		(471)		11,539			—		—		—		—
InterDent, Inc.	338,781		7,272		—		4,762		350,815			10,455		—		—		—
Kickapoo Ranch Pet Resort	3,917		—		—		(368)		3,549			22		—		—		—
MITY, Inc.	94,418		—		—		317		94,735			2,380		—		—		5
National Property REIT Corp.	1,300,972		25,568		(22,604)		(58,673)		1,245,263			15,829		—		—		—
Nationwide Loan Company LLC	36,780		254		—		(2,300)		34,734			255		—		—		—
NMMB, Inc.	72,207		—		—		7,269		79,476			991		—		—		842
Pacific World Corporation	107,970		9,086		—		(5,790)		111,266			2,522		—		174		—
QC Holdings TopCo, LLC	77,286		1,706		—		20,239		99,231			3,374		—		—		—
R-V Industries, Inc.	105,577		—		—		(11,514)		94,063			1,456		877		—		—
Universal Turbine Parts, LLC	102,728		—		(54)		1,045		103,719			1,579		—		—		—
USES Corp.	14,518		451		—		(3,341)		11,628			721		—		—		—
Valley Electric Company, Inc.	351,291		—		—		(29,221)		322,070			3,147		—		167		—
Total	$	3,696,367	$	53,542	$	(53,458)	$	14,181	$	3,710,632		$	71,010	$	877	$	354	$	847

(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.

See notes to consolidated financial statements.

26

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(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 three months ended September 30, 2025 with these affiliated investments were as follows:

Affiliated Companies	Fair Value at June 30, 2025		Gross Additions (Cost)(A)		Gross Reductions (Cost)(B)		Net unrealized gains (losses)		Fair Value at September 30, 2025		Interest income		Dividend income		Other income		Net realized gains (losses)
Nixon, Inc.	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
RGIS Services, LLC	27,057		—		—		3,764		30,821		—		—		—		—
Total	$	27,057	$	—	$	—	$	3,764	$	30,821	$	—	$	—	$	—	$	—

(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.

27

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(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 September 30, 2025 (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)
Apidos CLO XV	Subordinated Structured Note	3/29/2018	$	6,480
Apidos CLO XXII	Subordinated Structured Note	2/24/2020	1,912
Atlantis Health Care Group (Puerto Rico), Inc.	First Lien Term Loan	12/9/2016	42,000
Aventiv Technologies, LLC	Second Out Super Priority First Lien Term Loan	6/28/2024	834
Aventiv Technologies, LLC	Second Out Super Priority First Lien Term Loan	3/4/2025	595
Aventiv Technologies, LLC	Super Priority Second Lien Term Loan	1/2/2025	105
Barings CLO 2018-III	Subordinated Structured Note	5/18/2018	9,255
BCPE North Star US Holdco 2, Inc.	Second Lien Term Loan	12/30/2021, 10/28/2022	70,133
BCPE Osprey Buyer, Inc.	First Lien Revolving Line of Credit	2/22/2023, 5/23/2023, 9/14/2023, 11/22/2023, 3/28/2024, 7/11/2024, 11/26/2024, 2/27/2025, 3/27/2025, 8/27/2025, 9/26/2025	8,714
BCPE Osprey Buyer, Inc.	First Lien Delayed Draw Term Loan	9/26/2023	4,639
Belnick, LLC (d/b/a The Ubique Group)	First Lien Term Loan	6/27/2022, 12/1/2023	18,000
Cent CLO 21 Limited	Subordinated Structured Note	7/12/2018	1,024
Collections Acquisition Company, Inc.	First Lien Term Loan	1/13/2022, 3/14/2024	15,800
CP Energy Services Inc.	First Lien Term Loan	8/31/2023	2,900
CP Energy Services Inc.	First Lien Delayed Draw Term Loan	3/25/2025, 6/24/2025, 9/25/2025	7,400
CP Energy Services Inc.	First Lien Term Loan A to Spartan Energy Services, LLC	4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024, 11/13/2024, 1/9/2025, 3/25/2025, 6/24/2025, 9/25/2025	26,581
CP Energy Services Inc.	Common Stock	10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019	69,586
Credit Central Loan Company, LLC	Class A Units	12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019	11,975
Credit Central Loan Company, LLC	First Lien Term Loan	6/26/2014, 9/28/2016, 12/16/2022, 1/27/2023, 9/30/2025	48,310
Credit Central Loan Company, LLC	Class P Units	1/27/2023	1,540
Discovery Point Retreat, LLC	First Lien Term Loan	5/9/2025	3,700
DRI Holding, Inc.	First Lien Term Loan	4/26/2022, 7/21/2022	12,999
DRI Holding, Inc.	Second Lien Term Loan	5/18/2022	10,000
Echelon Transportation, LLC	Membership Interest	3/31/2014, 9/30/2014, 12/9/2016	22,488
Echelon Transportation, LLC	First Lien Term Loan	11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021, 3/18/2021	5,465
Emerge Intermediate, Inc.	First Lien Term Loan	6/14/2024	1,467
Eze Castle Integration, Inc.	First Lien Delayed Draw Term Loan	10/7/2022, 9/5/2023, 1/10/2025	2,576
First Brands Group	First Lien Term Loan	4/27/2022, 9/19/2025	8,880
First Brands Group	Second Lien Term Loan	5/12/2022	4,938
First Tower Finance Company LLC	Class A Units	12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018	39,885
First Tower Finance Company LLC	First Lien Term Loan to First Tower, LLC	12/15/2015, 3/9/2018, 3/24/2022, 5/30/2025, 6/27/2025	60,548
Freedom Marine Solutions, LLC	Membership Interest	10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010, 2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015, 1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017, 6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018, 10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023, 7/2/2024, 8/12/2025	43,443
Galaxy XV CLO, Ltd.	Subordinated Structured Note	8/21/2015, 3/10/2017	9,161
Galaxy XXVII CLO, Ltd.	Subordinated Structured Note	6/11/2015	1,460
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Second Lien Term Loan	5/11/2021, 10/14/2021	54,649
Imperative Worldwide, LLC	First Lien Term Loan	10/26/2022, 6/1/2023, 9/30/2024	8,190
InterDent, Inc.	First Lien Term Loan A	2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021, 3/28/2022	93,903

See notes to consolidated financial statements.

28

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

Portfolio Company	Investment	Follow-On Acquisition Dates	Follow-On Acquisitions (Excluding initial investment cost)
InterDent, Inc.	First Lien Term Loan B	2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014	76,125
InterDent, Inc.	Delayed Draw Term Loan B	12/20/2024, 3/24/2025, 5/27/2025, 6/23/2025, 9/25/2025	17,000
Interventional Management Services, LLC	First Lien Revolving Line of Credit	2/25/2021, 11/17/2021	5,000
K&N HoldCo, LLC	Class A Membership Units	7/31/2024	105
Kickapoo Ranch Pet Resort	Membership Interest	10/21/2019, 12/4/2019	28
LCM XIV Ltd.	Subordinated Structured Note	9/25/2015, 5/18/2018	9,422
Lucky US BuyerCo LLC	First Lien Revolving Line of Credit	3/21/2024, 6/24/2024, 3/31/2025, 7/15/2025	2,298
MITY, Inc.	Common Stock	6/23/2014	7,200
MITY, Inc.	First Lien Term Loan A	1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024, 9/16/2024, 12/3/2024, 4/4/2025	20,065
MITY, Inc.	First Lien Term Loan B	1/17/2017, 6/3/2019	11,000
Nationwide Loan Company LLC	Class A Units	3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016, 8/31/2016, 5/31/2017, 10/31/2017	20,469
Nationwide Loan Company LLC	First Lien Delayed Draw Term Loan A	6/26/2024	2,250
Nationwide Loan Company LLC	First Lien Delayed Draw Term Loan B	3/6/2025	3,000
National Property REIT Corp.	First Lien Term Loan A	4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020, 9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020, 11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021, 5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021, 11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022, 3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022, 7/5/2022, 8/31/2022, 10/6/2022, 1/10/2023, 2/28/2023, 4/4/2023, 4/6/2023, 4/28/2023, 6/9/2023, 6/14/2023, 7/5/2023, 7/14/2023, 8/31/2023, 9/29/2023, 10/4/2023, 10/20/2023, 11/30/2023, 1/3/2024, 1/18/2024, 2/29/2024, 3/8/2024, 4/2/2024, 5/31/2024, 7/8/2024, 8/30/2024, 10/10/2024, 12/02/2024, 1/6/2025, 1/8/2025, 3/20/2025, 4/3/2025, 5/15/2025, 7/3/2025, 8/18/2025	959,035
National Property REIT Corp.	First Lien Term Loan E	6/26/2024	35,300
New WPCC Parent, LLC	First Lien Term Loan	7/8/2025, 7/9/2025, 9/26/2025	4,471
New WPCC Parent, LLC	Series A Preferred Interests	9/4/2025, 9/11/2025, 9/12/2025	279
NMMB, Inc.	First Lien Term Loan	12/30/2019, 3/28/2022	40,100
Octagon Investment Partners XV, Ltd.	Subordinated Structured Note	4/27/2015, 8/3/2015, 6/27/2017	10,516
Pacific World Corporation	Convertible Preferred Equity	4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019, 12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021, 1/26/2024, 7/31/2025, 8/15/2025, 9/12/2025	62,100
Pacific World Corporation	First Lien Term Loan A	12/22/2022, 11/25/2024, 3/7/2025	19,900
PeopleConnect Holdings, Inc.	First Lien Term Loan	10/21/2021	82,005
Precisely Software Incorporated	Second Lien Term Loan	5/28/2021, 6/24/2021, 6/3/2022	59,333
Preventics, Inc.	First Lien Term Loan 2	4/30/2025	1,900
Preventics, Inc.	Preferred Units	4/30/2025	38
Preventics, Inc.	Preferred Units	4/30/2025	527
Recovery Solutions Parent, LLC	First Lien Term Loan	6/27/2025, 7/8/2025	2,232
Recovery Solutions Parent, LLC	Common Stock	5/30/2025, 9/4/2025, 9/5/2025, 9/11/2025, 9/15/2025, 9/25/2025	1,523
Redstone Holdco 2 LP	Second Lien Term Loan	9/10/2021	17,903
RGIS Services, LLC	Membership Interest	5/28/2024	1,432
Rosa Mexicano	First Lien Revolving Line of Credit	3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024, 8/12/2025	5,900
R-V Industries, Inc.	First Lien Term Loan	3/4/2022, 9/25/2023	8,700
R-V Industries, Inc.	Common Stock	12/27/2016	1,854
Shiftkey, LLC	First Lien Term Loan	8/26/2022, 9/14/2022, 9/23/2022	39,450
The RK Logistics Group, Inc.	Class B Common Units	12/19/2023	1,250
The RK Logistics Group, Inc.	First Lien Term Loan	6/28/2024	13,000
Town & Country Holdings, Inc.	First Lien Term Loan	7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024	115,000
Town & Country Holdings, Inc.	Common Stock	10/18/2024, 12/30/2024, 1/6/2025, 1/9/2025, 5/7/2025, 7/11/2025	36,282
United Sporting Companies, Inc.	Second Lien Term Loan	3/7/2013, 3/14/2024	59,325
Universal Turbine Parts, LLC	First Lien Delayed Draw Term Loan	10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023, 6/27/2025	6,716
USES Corp.	First Lien Term Loan A	6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017, 8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019	14,100

See notes to consolidated financial statements.

29

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

Portfolio Company	Investment	Follow-On Acquisition Dates	Follow-On Acquisitions (Excluding initial investment cost)
USES Corp.	First Lien Equipment Term Loan	6/23/2023, 7/3/2024, 11/6/2024, 1/9/2025	9,900
USG Intermediate, LLC	First Lien Revolving Line of Credit	7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/8/2021, 5/19/2022, 5/22/2023, 10/12/2023	21,700
USG Intermediate, LLC	First Lien Term Loan B	8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023, 12/20/2023, 2/21/2025	129,475
Valley Electric Company, Inc.	Common Stock	12/31/2012, 6/24/2014	18,502
Valley Electric Company, Inc.	First Lien Term Loan	6/30/2014, 8/31/2018, 3/28/2022	18,129
Valley Electric Company, Inc.	First Lien Term Loan B	5/1/2023	19,000

(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	—
2026	—

(41)On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick, LLC and certain of its subsidiaries (“Belnick”) to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick is classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Holdings of Delaware, LLC (“Belnick Delaware”), a wholly owned consolidated holdings company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which equates to a 99.04% fully diluted beneficial interest in Belnick as of September 30, 2025. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets.

(42)This investment represents a Level 2 security in the ASC 820 table as of September 30, 2025. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion.

(43)Investment provides future right to acquire voting securities not beneficially owned, subject to certain terms and conditions, including prior notice, which if exercised, could result in such investment becoming an affiliate or control investment.

(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.

See notes to consolidated financial statements.

30

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF SEPTEMBER 30, 2025 (Unaudited) (Continued)

(in thousands, except share data)

Endnote Explanations as of September 30, 2025 (Unaudited) (Continued)

(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)Wellpath Holdings, Inc. (“Wellpath”) filed for Chapter 11 bankruptcy on November 11, 2024. On May 9, 2025 Wellpath Holdings, Inc. consummated a court-approved restructuring pursuant to its Chapter 11 Plan of Reorganization. As part of this transaction, our existing First Lien Term Loan was restructured into new debt and equity positions in New WPCC Parent, LLC and our residual Second Lien Senior Secured Term Loan deficiency claims were exchanged for beneficial interests in the Wellpath Holdings, Inc. Liquidation Trust. Our recovery in the Trust is subject to a claim’s reconciliation process and the value of our interest is based on management’s current estimate of expected recovery, using Level 3 unobservable inputs.

See notes to consolidated financial statements.

31

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(37)
Belnick, LLC (d/b/a The Ubique Group) (41)	Household Durables	First Lien Term Loan	1/20/2022	13.06% (3M SOFR + 8.50%)	4.00	1/20/2027	$	84,852	$	84,852	$	51,166	1.7	%	(8)(36)
		Preferred Class P Units (5,000 units)	5/23/2025	8.50% PIK		N/A			3,400		—		—	%	(14)
									88,252		51,166		1.7%
CP Energy Services Inc. (18)	Energy Equipment & Services	First Lien Delayed Draw Term Loan - $10,000 Commitment	12/24/2024	13.56% (3M SOFR + 9.00%)	1.00	4/4/2027	9,769		9,769		8,580		0.3%		(8)(13)(36)
		First Lien Term Loan	10/1/2017	13.56% (3M SOFR + 9.00%)	1.00	4/4/2027	63,003		63,003		55,337		1.9%		(8)(36)
		First Lien Term Loan	4/5/2022	13.56% (3M SOFR + 9.00%)	1.00	4/4/2027	8,191		8,191		7,194		0.2%		(8)(36)
		First Lien Term Loan	1/6/2023	13.56% (3M SOFR + 9.00%)	1.00	4/4/2027	16,223		16,223		14,248		0.5%		(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.56% PIK (3M SOFR + 8.00%)	1.00	12/31/2025	46,908		46,908		32,863		1.1%		(8)(36)
		First Lien Term Loan A to Spartan Energy Services, LLC	10/20/2014	12.56% (3M SOFR + 8.00%)	1.00	12/31/2025	4,569		4,569		3,967		0.1%		(8)
		Incremental First Lien Term Loan A to Spartan Energy Services, LLC - $2,500 Commitment	3/25/2025	12.56% (3M SOFR+ 8.00%)	1.00	12/31/2025			—		—		—%		(8)(13)(36)
		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)
									324,321		122,189		4.1%
Credit Central Loan Company, LLC (19)	Consumer Finance	First Lien Term Loan	12/28/2012	5.00% plus 5.00% PIK	—	9/15/2027	90,578		90,578		78,736		2.6%		(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)
									121,429		78,736		2.6%
Echelon Transportation, LLC	Trading Companies & Distributors	First Lien Term Loan	3/31/2014	6.00%	—	12/7/2026	54,739		54,739		54,739		1.8%
		Membership Interest (19,157,851 units)	3/31/2014			N/A			22,738		—		—%		(14)
		Preferred Units (47,074,638 units)	1/31/2022	12.75%		N/A			32,843		10,914		0.4%		(14)
									110,320		65,653		2.2%
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	452,172		452,172		452,172		15.1%		(12)(36)
		Class A Units (95,709,910 units)	6/14/2012			N/A			31,146		308,346		10.3%		(12)(14)
									483,318		760,518		25.4%
Freedom Marine Solutions, LLC (22)	Marine Transport	Membership Interest (100%)	11/9/2006			N/A			47,117		11,660		0.4%		(14)
									47,117		11,660		0.4%
InterDent, Inc.	Health Care Providers & Services	First Lien Delayed Draw Term Loan B - $26,000 Commitment	9/30/2024	5.00% plus 7.00% PIK	—	9/5/2027	17,355		17,355		16,619		0.6%		(13)(36)
		First Lien Term Loan A/B	8/1/2018	19.09% (1M SOFR + 14.65%)	2.00	9/5/2027	14,249		14,249		14,249		0.5%		(3)(8)
		First Lien Term Loan A	8/3/2012	9.94% (1M SOFR + 5.50%)	1.00	9/5/2027	95,823		95,823		95,823		3.2%		(3)(8)
		First Lien Term Loan B	8/3/2012	5.00% plus 7.00% PIK	—	9/5/2027	221,480		221,480		212,090		7.1%		(36)
		Common Stock ( 99,900 shares)	5/3/2019			N/A			45,118		—		—%		(14)
									394,025		338,781		11.4%

See notes to consolidated financial statements.

32

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(37)
Kickapoo Ranch Pet Resort	Diversified Consumer Services	First Lien Term Loan	1/11/2024	11.80% (3M SOFR + 7.50%)	3.00	1/10/2029	$	700	$	700	$	700	—%	(8)
		Membership Interest (100%)	8/26/2019			N/A			2,378		3,217		0.1%	(14)
									3,078		3,917		0.1%
MITY, Inc. (23)	Commercial Services & Supplies	First Lien Term Loan A	9/19/2013	13.58% (3M SOFR + 9.02%)	3.00	11/30/2027	51,489		51,489		51,489		1.7%	(3)(8)
		First Lien Term Loan B	6/23/2014	11.56% (3M SOFR + 7.00%) plus 10.00% PIK	3.00	11/30/2027	8,274		8,274		8,274		0.3%	(8)(36)
		Unsecured Note to Broda Enterprises ULC	9/19/2013	10.00%	—	1/1/2028	5,417		7,200		5,403		0.2%	(12)
		Common Stock (42,053 shares)	9/19/2013			N/A			27,349		29,252		1.0%	(14)
									94,312		94,418		3.2%
National Property REIT Corp. (24)	Residential Real Estate Investment Trusts (REITs) / Consumer Finance / Structured Finance	First Lien Term Loan A	12/31/2018	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	3.75	3/31/2026	671,540		671,540		671,540		22.4%	(8)(36)(33)
		First Lien Term Loan D	6/19/2020	4.25% (3M SOFR + 0.25%) plus 2.00% PIK	3.75	3/31/2026	178,425		178,425		178,425		6.0%	(8)(36)(33)
		First Lien Term Loan E	11/14/2022	7.00% (3M SOFR + 1.50%) plus 7.00% PIK	5.50	3/31/2026	52,652		52,652		52,652		1.8%	(8)(36)(33)
		Residual Profit Interest	12/31/2018			N/A			—		32,206		1.1%	(33)
		Common Stock (3,374,914 shares)	12/31/2013			N/A			20,030		366,149		12.3%	(14)(40)
									922,647		1,300,972		43.6%
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	5,862		5,862		5,862		0.2%	(12)(13)(36)
		First Lien Delayed Draw Term Loan B - $8,000 Commitment	12/23/2024	10.00%	—	5/15/2029	4,101		4,101		4,101		0.1%	(12)(13)(36)
		Class A Units (925,796,475 units)	1/31/2013			N/A			49,936		26,817		0.9%	(12)(14)
									59,899		36,780		1.2%
NMMB, Inc. (26)	Media	First Lien Term Loan	12/30/2019	13.06% (3M SOFR + 8.50%)	2.00	3/31/2027	29,723		29,723		29,723		1.0%	(3)(8)
		Common Stock (21,418 shares)	12/30/2019			N/A			—		42,484		1.4%	(14)
									29,723		72,207		2.4%
Pacific World Corporation (34)	Personal Care Products	First Lien Term Loan A	12/31/2014	8.58% PIK (1M SOFR + 4.25%)	1.00	3/26/2029	114,318		114,318		107,970		3.6%	(8)(36)
		Convertible Preferred Equity (685,164 shares)	6/15/2018	12.00% PIK		N/A			221,795		—		—%	(14)
		Common Stock (6,778,414 shares)	9/29/2017			N/A			—		—		—%	(14)
									336,113		107,970		3.6%
QC Holdings TopCo, LLC (17)	Consumer Finance	Second Lien Term Loan	6/30/2025	24.00% (3M SOFR+ 19.00%)	5.00	7/1/2030	54,997		54,997		54,997		1.9%	(8)(12)
		Class A Units (222,886 units)	6/30/2025			N/A			22,289		22,289		0.7%	(12)(14)
									77,286		77,286		2.6%
R-V Industries, Inc.	Machinery	First Lien Term Loan	12/15/2020	13.56% (3M SOFR + 9.00%)	1.00	12/15/2028	37,322		37,322		37,322		1.3%	(3)(8)(36)
		First Lien Term Loan	12/20/2024	7.80% (3M SOFR + 3.50%)	4.00	12/15/2028	10,000		10,000		10,000		0.3%	(3)(8)
		Common Stock (745,107 shares)	6/26/2007			N/A			6,866		58,255		1.9%
									54,188		105,577		3.5%
Universal Turbine Parts, LLC (32)	Aerospace & Defense	First Lien Delayed Draw Term Loan - $6,965 Commitment	2/28/2019	12.31% (3M SOFR + 7.75%)	1.00	2/29/2028	6,503		6,503		6,503		0.2%	(8)(13)
		First Lien Term Loan A	7/22/2016	10.31% (3M SOFR + 5.75%)	1.00	2/29/2028	29,575		29,575		29,575		1.0%	(3)(8)
		First Lien Term Loan A	1/21/2025	12.31% (3M SOFR+ 7.75%)	2.50	2/29/2028	4,000		4,000		4,000		0.1%	(3)(8)
		First Lien Term Loan A	2/28/2025	12.31% (3M SOFR+ 7.75%)	2.50	2/29/2028	14,950		14,950		14,950		0.5%	(3)(8)
		Preferred Units (80,539,543 units)	3/31/2021	12.75% PIK		N/A			32,500		47,700		1.6%	(14)
		Common Stock (10,000 units)	12/10/2018			N/A			—		—		—%	(14)
									87,528		102,728		3.4%

See notes to consolidated financial statements.

33

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Control Investments (greater than 25.00% voting control)(37)
USES Corp. (28)	Commercial Services & Supplies	First Lien Term Loan	12/30/2020	13.59% (1M SOFR + 9.00%)	1.00	8/15/2026	$	2,000	$	2,000	$	1,412	—%	(8)
		First Lien Equipment Term Loan	8/3/2022	13.59% (1M SOFR + 9.00%)	1.00	8/15/2026	18,557		18,557		13,106		0.4%	(8)(36)
		First Lien Term Loan A	3/31/2014	9.00% PIK	—	8/15/2026	79,306		30,651		—		0.1%	(7)
		First Lien Term Loan B	3/31/2014	15.50% PIK	—	8/15/2026	144,749		35,568		—		—%	(7)
		Common Stock (268,962 shares)	6/15/2016			N/A			—		—		—%	(14)
									86,776		14,518		0.5%
Valley Electric Company, Inc. (29)	Construction & Engineering	First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc.	12/31/2012	9.56% (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		1.3%	(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		1.2%	(3)(36)
		Consolidated Revenue Interest (2.00%)	6/22/2018			N/A			—		1,397		—%	(10)
		Common Stock (50,000 shares)	12/31/2012			N/A			12,053		266,035		8.9%	(14)
									95,912		351,291		11.8%
Total Control Investments									$	3,416,244	$	3,696,367	123.7%

See notes to consolidated financial statements.

34

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value	Amortized Cost		Fair Value(2)		% of Net Assets
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 (6,038,744 units)	6/25/2020			N/A		11,735		27,057		0.9	%
								11,735		27,057		0.9	%
Total Affiliate Investments								$	11,735	$	27,057	0.9	%

See notes to consolidated financial statements.

35

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
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	15.25% (PRIME + 7.75%)	—	10/1/2026	$	32,133	$	32,083	$	32,133	1.1	%
									32,083		32,133		1.1	%
Apidos CLO XV	Structured Finance	Subordinated Structured Note	9/13/2013	Residual Interest, current yield 0.00%	—	4/21/2031	48,515		8,810		8,719		0.3	%	(5)(12)(15)
									8,810		8,719		0.3	%
Apidos CLO XXII	Structured Finance	Subordinated Structured Note	9/16/2015	Residual Interest, current yield 0.00%	—	4/21/2031	35,855		16,700		12,301		0.4	%	(5)(12)(15)
									16,700		12,301		0.4	%
Atlantis Health Care Group (Puerto Rico), Inc.	Health Care Providers & Services	First Lien Term Loan	2/21/2013	13.30% (3M SOFR + 8.75%)	2.00	5/15/2026	56,574		56,574		56,574		1.9	%	(3)(8)
									56,574		56,574		1.9	%
Aventiv Technologies, LLC	Diversified Telecommunication Services	Second Out Super Priority First Lien Term Loan	4/24/2025	14.52% (3M SOFR+ 10.00%)	1.00	3/25/2026	43,663		42,280		43,663		1.5	%	(8)(44)
		Second Out Super Priority First Lien Term Loan	12/23/2024	14.59% (3M SOFR+ 10.00%)	1.00	3/25/2026	3,053		2,951		3,053		0.1	%	(8)(44)
		Second Out Super Priority First Lien Term Loan	4/2/2024	12.06% (3M SOFR + 7.50%)	1.00	3/25/2026	722		722		722		—	%	(8)(36)(44)
		Third Out Super Priority First Lien Term Loan	3/28/2024	9.65% (3M SOFR + 5.09%)	1.00	3/25/2026	27,374		27,954		19,550		0.7	%	(8)(36)(42)(44)
		Super Priority Second Lien Term Loan	3/28/2024	13.61% (3M SOFR + 9.05%)	1.00	3/25/2026	147,741		59,071		7,387		0.2	%	(7)(8)
									132,978		74,375		2.5	%
Barings CLO 2018-III	Structured Finance	Subordinated Structured Note	10/9/2014	Residual Interest, current yield 0.00%	—	7/20/2029	82,809		—		3,071		0.1	%	(5)(12)(15)
									—		3,071		0.1	%
Barracuda Parent, LLC	IT Services	Second Lien Term Loan	8/15/2022	11.28% (3M SOFR + 7.00%)	0.50	8/15/2030	20,000		19,619		16,189		0.5	%	(8)
									19,619		16,189		0.5	%
BCPE North Star US Holdco 2, Inc.	Food Products	Second Lien Term Loan	6/7/2021	11.69% (1M SOFR + 7.25%)	0.75	6/8/2029	100,000		99,570		98,762		3.3	%	(3)(8)
									99,570		98,762		3.3	%
BCPE Osprey Buyer, Inc.	Health Care Technology	First Lien Revolving Line of Credit - $4,239 Commitment	10/18/2021	10.19% (1M SOFR + 5.75%)	0.75	8/21/2026	2,120		2,120		2,120		—	%	(8)(13)
		First Lien Term Loan	10/18/2021	10.19% (1M SOFR + 5.75%)	0.75	8/23/2028	4,621		4,587		4,621		0.2	%	(3)(8)(13)
		First Lien Term Loan	10/18/2021	10.34% (3M SOFR + 5.75%)	0.75	8/23/2028	62,725		62,725		62,725		2.1	%	(3)(8)
									69,432		69,466		2.3	%
Burgess Point Purchaser Corporation	Automobile Components	Second Lien Term Loan	7/25/2022	13.38% (3M SOFR + 9.00%)	0.75	7/25/2030	30,000		30,000		26,515		0.9	%	(3)(8)
									30,000		26,515		0.9	%
Capstone Logistics Acquisition, Inc.	Commercial Services & Supplies	Second Lien Term Loan	11/12/2020	12.93% (1M SOFR + 8.50%)	1.00	11/12/2030	8,500		8,366		8,500		0.3	%	(3)(8)
									8,366		8,500		0.3	%
Cent CLO 21 Limited	Structured Finance	Subordinated Structured Note	5/15/2014	Residual Interest, current yield 0.00%	—	7/29/2030	49,552		—		96		—	%	(5)(12)(15)
									—		96		—	%
Collections Acquisition Company, Inc.	Financial Services	First Lien Term Loan	12/3/2019	12.21% (3M SOFR + 7.65%)	2.50	6/3/2027	44,537		44,537		44,537		1.5	%	(3)(8)
									44,537		44,537		1.5	%
Credit.com Holdings, LLC	Diversified Consumer Services	First Lien Term Loan A	9/28/2023	15.56% (3M SOFR + 11.00%)	1.50	9/28/2028	38,964		38,964		36,782		1.2	%	(8)(36)
		First Lien Term Loan B	9/28/2023	16.56% (3M SOFR + 12.00%)	1.50	9/28/2028	67,398		62,114		3,370		0.1	%	(7)(8)
		Class B of PGX TopCo II LLC (999 Non-Voting Units)	9/28/2023			N/A			—		—		—	%	(14)(48)
									101,078		40,152		1.3	%

See notes to consolidated financial statements.

36

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Discovery Point Retreat, LLC (6)	Health Care Providers & Services	First Lien Term Loan	6/14/2024	12.31% (3M SOFR + 7.75%)	3.25	6/14/2029	$	20,445	$	20,445	$	20,445	0.6	%	(3)(8)
		Series A Preferred Stock of Discovery MSO HoldCo LLC - 8,395 Units	6/14/2024	8.00% PIK		N/A			7,950		10,897		0.4	%	(14)
									28,395		31,342		1.0	%
DRI Holding Inc.	Commercial Services & Supplies	First Lien Term Loan	12/21/2021	9.68% (1M SOFR + 5.25%)	0.50	12/21/2028	$	33,217	$	32,507	$	33,192	1.1	%	(3)(8)
		Second Lien Term Loan	12/21/2021	12.43% (1M SOFR + 8.00%)	0.50	12/21/2029	145,000		145,000		145,000		4.9	%	(3)(8)
									177,507		178,192		6.0	%
Druid City Infusion, LLC	Pharmaceuticals	First Lien Term Loan	9/30/2024	11.80% (3M SOFR + 7.50%)	3.00	10/4/2029	49,630		49,630		49,630		1.7	%	(3)(8)
		First Lien Convertible Note to Druid City Intermediate, Inc.	9/30/2024	6.00% plus 2.00% PIK	—	10/4/2033	19,235		19,235		30,673		1.0	%	(3)(36)(48)
									68,865		80,303		2.7	%
Dukes Root Control Inc.	Commercial Services & Supplies	First Lien Revolving Line of Credit - $4,464 Commitment	12/8/2022	10.98% (3M SOFR + 6.50%)	1.00	12/8/2028	1,393		1,427		1,393		—	%	(8)(13)
		First Lien Term Loan	12/8/2022	10.96% (3M SOFR + 6.50%)	1.00	12/8/2028	3,206		3,196		3,206		0.1	%	(3)(8)(13)(46)
		First Lien Term Loan	12/8/2022	10.98% (3M SOFR + 6.50%)	1.00	12/8/2028	35,692		35,966		35,692		1.2	%	(3)(8)
									40,589		40,291		1.3	%
Emerge Intermediate, Inc. (45)	Pharmaceuticals	First Lien Term Loan	2/26/2024	6.00% plus 4.50% PIK	—	8/31/2027	57,053		57,053		53,273		1.8	%	(3)(36)
									57,053		53,273		1.8	%
Enseo Acquisition, Inc.	Media	First Lien Term Loan	6/2/2021	13.06% (3M SOFR + 8.50%)	2.00	12/31/2027	49,642		49,642		49,642		1.7	%	(3)(8)
									49,642		49,642		1.7	%
Eze Castle Integration, Inc.	Software	First Lien Delayed Draw Term Loan - $8,036 Commitment	7/15/2020	11.91% (3M SOFR + 7.50%)	3.00	1/15/2027	2,565		2,553		2,565		0.1	%	(8)(13)(46)
		First Lien Term Loan	7/15/2020	11.92% (3M SOFR + 7.50%)	3.00	1/15/2027	45,925		45,925		45,925		1.5	%	(3)(8)
									48,478		48,490		1.6	%
Faraday Buyer, LLC	Electrical Equipment	First Lien Delayed Draw Term Loan - $6,540 - Commitment	10/11/2022	10.30% (3M SOFR + 6.00%)	1.00	10/11/2028	—		—		—		—	%	(8)(13)
		First Lien Term Loan	10/11/2022	10.30% (3M SOFR + 6.00%)	1.00	10/11/2028	61,367		61,367		61,367		2.1	%	(3)(8)
									61,367		61,367		2.1	%
First Brands Group	Automobile Components	First Lien Term Loan	3/24/2021	9.54% ( 3M SOFR + 5.00%)	1.00	3/30/2027	21,841		21,906		20,695		0.6	%	(3)(8)(42)
		Second Lien Term Loan	3/24/2021	13.04% (3M SOFR + 8.50%)	1.00	3/30/2028	37,000		37,023		34,450		1.2	%	(3)(8)
									58,929		55,145		1.8	%
Galaxy XV CLO, Ltd.	Structured Finance	Subordinated Structured Note	2/13/2013	Residual Interest, current yield 0.00%	—	10/15/2030	50,525		612		608		—	%	(5)(12)(15)
									612		608		—	%
Galaxy XXVII CLO, Ltd.	Structured Finance	Subordinated Structured Note	9/30/2013	Residual Interest, current yield 0.00%	—	5/16/2031	24,575		865		847		—	%	(5)(12)(15)
									865		847		—	%
Galaxy XXVIII CLO, Ltd.	Structured Finance	Subordinated Structured Note	5/30/2014	Residual Interest, current yield 0.00%	—	7/15/2031	39,905		835		830		—	%	(5)(12)(15)
									835		830		—	%
Global Tel*Link Corporation (d./b/a ViaPath Technologies)	Diversified Telecommunication Services	First Lien Term Loan	8/6/2024	11.83% (1M SOFR + 7.50%)	3.00	8/6/2029	126,048		121,898		124,174		4.2	%	(3)(8)
									121,898		124,174		4.2	%
Halcyon Loan Advisors Funding 2014-2 Ltd.	Structured Finance	Subordinated Structured Note	4/14/2014	Residual Interest, current yield 0.00%	—	7/28/2025	41,164		1		8		—	%	(5)(12)(15)
									1		8		—	%

See notes to consolidated financial statements.

37

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
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	$	19	$	17	—	%	(5)(12)(15)
									19		17		—	%
HarbourView CLO VII-R, Ltd.	Structured Finance	Subordinated Structured Note	6/5/2015	Residual Interest, current yield 0.00%	—	7/18/2031	19,025		—		—		—	%	(5)(12)(15)
									—		—		—	%
Help/Systems Holdings, Inc. (d/b/a Forta, LLC)	Software	Second Lien Term Loan	11/14/2019	11.13% (3M SOFR + 6.75%)	0.75	11/19/2027	52,500		52,460		48,931		1.6	%	(3)(8)
									52,460		48,931		1.6	%
Imperative Worldwide, LLC	Air Freight & Logistics	First Lien Term Loan	3/11/2022	9.95% (3M SOFR + 5.50%)	0.75	12/30/2028	37,349		37,235		37,349		1.2	%	(3)(8)
		Second Lien Term Loan	12/30/2021	12.95% (3M SOFR + 8.50%)	0.75	12/30/2029	95,000		95,000		95,000		3.2	%	(3)(8)
									132,235		132,349		4.4	%
Interventional Management Services, LLC	Health Care Providers & Services	First Lien Revolving Line of Credit - $5,000 Commitment	2/22/2021	13.55% (3M SOFR + 9.00%)	1.00	2/23/2026	5,000		5,000		4,989		0.2	%	(8)(13)
		First Lien Term Loan	2/22/2021	13.55% (3M SOFR + 9.00%)	1.00	2/20/2026	64,155		64,155		64,018		2.1	%	(3)(8)
									69,155		69,007		2.3	%
iQor Holdings, Inc.	Professional Services	First Lien Term Loan	6/11/2024	11.81% (3M SOFR + 7.25%)	2.50	6/11/2029	45,704		45,704		45,704		1.6	%	(3)(8)
		Common Stock of Bloom Parent, Inc. (10,450 units)	6/11/2024			N/A			10,450		15,706		0.5	%	(14)
									56,154		61,410		2.1	%
Japs-Olson Company, LLC (31)	Commercial Services & Supplies	First Lien Term Loan	5/25/2023	11.05% (3M SOFR + 6.75%)	2.00	5/25/2028	56,109		56,109		56,109		1.9	%	(3)(8)
									56,109		56,109		1.9	%
Julie Lindsey, Inc.	Textiles, Apparel & Luxury Goods	First Lien Revolving Line of Credit - $2,000 Commitment	7/27/2023	10.30% (3M SOFR + 6.00%)	4.00	7/27/2027	—		—		—		—	%	(8)(13)
		First Lien Term Loan	7/27/2023	10.30% (3M SOFR + 6.00%)	4.00	7/27/2028	19,200		19,200		19,200		0.6	%	(3)(8)
									19,200		19,200		0.6	%
K&N HoldCo, LLC	Automobile Components	Class A Common Units (137,215 units)	2/14/2023			N/A			25,802		612		—	%	(14)
									25,802		612		—	%
KM2 Solutions LLC	Professional Services	First Lien Term Loan	12/17/2020	14.05% (3M SOFR + 9.60%)	3.00	6/16/2026	17,697		17,697		17,697		0.6	%	(3)(8)
									17,697		17,697		0.6	%
LCM XIV Ltd.	Structured Finance	Subordinated Structured Note	6/25/2013	Residual Interest, current yield 0.00%	—	7/21/2031	49,934		—		—		—	%	(5)(12)(15)
									—		—		—	%
LGC US FINCO, LLC	Machinery	First Lien Term Loan	1/17/2020	10.94% (1M SOFR + 6.50%)	1.00	12/20/2025	28,586		28,509		27,674		0.9	%	(3)(8)
									28,509		27,674		0.9	%
Lucky US BuyerCo LLC	Financial Services	First Lien Revolving Line of Credit - $2,775 Commitment	4/3/2023	11.82% (3M SOFR + 7.50%)	1.00	4/1/2029	2,054		2,054		2,054		0.1	%	(8)(13)(46)
		First Lien Term Loan	4/3/2023	11.80% (3M SOFR + 7.50%)	1.00	4/1/2029	21,239		21,239		21,239		0.7	%	(3)(8)
									23,293		23,293		0.8	%
MAC Discount, LLC	Distributors	First Lien Term Loan	5/11/2023	13.05% (3M SOFR + 8.50%)	1.50	5/11/2028	31,140		30,936		30,551		1.1	%	(3)(8)
		Class A Senior Preferred Stock of MAC Discount Investments, LLC (1,500,000 shares)	5/11/2023	12.00%		N/A			1,500		1,255		—	%	(14)
									32,436		31,806		1.1	%
Medical Solutions Holdings, Inc. (4)	Health Care Providers & Services	Second Lien Term Loan	11/1/2021	11.38% (3M SOFR + 7.00%)	0.50	11/1/2029	54,463		54,439		28,614		1.0	%	(3)(8)
									54,439		28,614		1.0	%
Mountain View CLO IX Ltd.	Structured Finance	Subordinated Structured Note	5/13/2015	Residual Interest, current yield 0.00%	—	7/15/2031	47,830		204		169		—	%	(5)(12)(15)
									204		169		—	%

See notes to consolidated financial statements.

38

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
New WPCC Parent, LLC (47)	Health Care Providers & Services	First Lien Term Loan	5/9/2025	13.80% (3M SOFR+ 9.50%)	2.00	5/9/2030	$	20,943	$	18,142	$	20,943	0.7	%	(8)(36)
		Series A Preferred Interests (802,479 units)	5/9/2025	13.00% PIK		N/A			8,224		10,654		0.4	%	(14)
		Class A Common Interests (822,629 units)	5/9/2025			N/A			—		6,346		0.2	%	(14)(48)
		Liquidating Trust of Wellpath Holdings, Inc.	5/9/2025			N/A			2,011		6,500		0.2	%	(14)(48)
									28,377		44,443		1.5	%
Nexus Buyer LLC	Capital Markets	Second Lien Term Loan	11/5/2021	10.68% (1M SOFR + 6.25%)	0.50	11/5/2029	21,500		21,500		21,500		0.7	%	(3)(8)(42)
									21,500		21,500		0.7	%
Octagon Investment Partners XV, Ltd.	Structured Finance	Subordinated Structured Note	1/24/2013	Residual Interest, current yield 0.00%	—	7/19/2030	42,064		5,114		5,077		0.2	%	(5)(12)(15)
									5,114		5,077		0.2	%
OneTouchPoint Corp	Commercial Services & Supplies	First Lien Term Loan	2/19/2021	12.55% (3M SOFR + 8.00%)	1.00	6/30/2026	33,737		33,737		33,720		1.1	%	(3)(8)
									33,737		33,720		1.1	%
PeopleConnect Holdings, Inc (9)	Interactive Media & Services	First Lien Term Loan	1/22/2020	12.70% (3M SOFR + 8.25%)	2.75	1/22/2026	75,076		75,076		75,076		2.5	%	(3)(8)
									75,076		75,076		2.5	%
PlayPower, Inc.	Leisure Products	First Lien Revolving Line of Credit - $2,626 Commitment	8/28/2024	9.55% (3M SOFR + 5.25%)	0.75	8/28/2030	—		—		—		—	%	(8)(13)
		First Lien Term Loan	8/28/2024	9.55% ( 3M SOFR + 5.25%)	0.75	8/28/2030	17,243		16,960		17,185		0.6	%	(3)(8)
									16,960		17,185		0.6	%
Precisely Software Incorporated	Software	Second Lien Term Loan	4/23/2021	11.79% (3M SOFR + 7.25%)	0.75	4/23/2029	80,000		79,562		75,334		2.5	%	(3)(8)
									79,562		75,334		2.5	%
Preventics, Inc. (d/b/a Legere Pharmaceuticals)	Personal Care Products	First Lien Term Loan	11/12/2021	15.06% (3M SOFR + 10.50%)	1.00	11/12/2026	8,789		8,789		8,789		0.3	%	(3)(8)
		First Lien Term Loan	4/30/2025	12.06% (3M SOFR+ 7.50%)	3.00	11/12/2026	1,900		1,900		1,900		0.1	%	(3)(8)
		Series A Convertible Preferred Stock (472 units)	11/12/2021	8.00%		N/A			165		515		—	%	(14)(48)
		Series C Convertible Preferred Stock (5,677 units)	11/12/2021	8.00%		N/A			1,946		6,182		0.2	%	(14)(48)
									12,800		17,386		0.6	%
Recovery Solutions Parent, LLC	Health Care Providers & Services	First Lien Term Loan	1/27/2025	11.80% (3M SOFR + 7.50%)	2.00	1/27/2030	33,399		21,137		33,399		1.2	%	(3)(8)(36)
		Membership Interest (1,401,081 units)	1/27/2025			N/A			17,884		36,997		1.2	%	(14)(48)
									39,021		70,396		2.4	%
Redstone Holdco 2 LP (20)	IT Services	Second Lien Term Loan	4/16/2021	12.29% (3M SOFR + 7.75%)	0.75	4/27/2029	50,000		49,569		25,557		0.9	%	(3)(8)
									49,569		25,557		0.9	%
Research Now Group, LLC and Dynata, LLC	Professional Services	First Lien First Out Term Loan	7/15/2024	9.59% (3M SOFR + 5.00%)	1.00	7/15/2028	363		356		359		—	%	(8)
		First Lien Second Out Term Loan	7/15/2024	10.09% (3M SOFR + 5.50%)	1.00	10/15/2028	7,995		7,995		6,956		0.2	%	(8)(44)
		Common Stock of New Insight Holdings, Inc. - 210,781 Shares	7/15/2024			N/A			3,329		1,637		0.1	%	(14)
		Warrants (to purchase 285,714 shares of Common Stock of New Insight Holdings, Inc.)	7/15/2024			7/15/2029			—		—		—	%	(14)
									11,680		8,952		0.3	%

See notes to consolidated financial statements.

39

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
Rising Tide Holdings, Inc.	Specialty Retail	First Lien First Out Term Loan	9/25/2024	15.00% PIK	—	6/13/2028	$	2,363	$	2,363	$	2,363	0.1	%	(36)
		First Lien Second Out Term Loan	9/25/2024	12.00% PIK	—	6/13/2028	6,198		5,815		3,551		0.1	%	(36)(44)
		Class A Common Units of Marine One Holdco, LLC (345,600 units)	9/12/2023			N/A			23,898		—		—	%	(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)
									32,076		5,914		0.2	%
The RK Logistics Group, Inc.	Commercial Services & Supplies	First Lien Term Loan	3/24/2022	15.06% (3M SOFR + 10.50%)	1.00	12/18/2028	5,628		5,628		5,628		0.1	%	(3)(8)
		First Lien Term Loan	12/19/2023	12.06% (3M SOFR + 7.50%)	4.00	12/18/2028	33,257		33,257		32,930		1.1	%	(3)(8)
		Class A Common Units of RK Logistics Holdings Inc. of RK Logistics Holdings Inc.  (263,000 units)	3/24/2022			N/A			263		1,586		0.1	%	(14)
		Class B Common Units of RK Logistics Holdings Inc. (1,435,000 units)	3/24/2022			N/A			2,487		8,651		0.3	%	(14)(48)
		Class C Common Units of RK Logistics Holdings Inc. (450,000 units)	6/28/2024			N/A			2,250		2,713		0.1	%	(14)
									43,885		51,508		1.7	%
RME Group Holding Company	Media	First Lien Term Loan A	5/4/2017	10.05% (3M SOFR + 5.50%)	1.00	5/6/2026	18,874		18,874		18,874		0.6	%	(3)(8)
		First Lien Term Loan B	5/4/2017	15.55% (3M SOFR + 11.00%)	1.00	5/6/2026	20,233		20,233		19,889		0.7	%	(3)(8)
									39,107		38,763		1.3	%
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		4,938		0.2	%	(13)
		First Lien Term Loan	3/29/2018	12.06% (3M SOFR + 7.50%)	1.25	6/13/2026	23,291		23,291		21,311		0.7	%	(8)
									28,485		26,249		0.9	%
ShiftKey, LLC	Health Care Technology	First Lien Term Loan	6/21/2022	10.31% (3M SOFR + 5.75%)	1.00	6/21/2027	62,944		62,721		60,780		2.0	%	(3)(8)
									62,721		60,780		2.0	%
Shoes West, LLC (d/b/a Taos Footwear) (27)	Textiles, Apparel & Luxury Goods	First Lien Term Loan A	1/23/2025	11.56% (3M SOFR+ 7.00%)	3.00	1/23/2030	38,350		38,350		38,350		1.3	%	(3)(8)
		First Lien Convertible Term Loan B	1/23/2025	9.00% plus 2.00% PIK	—	1/23/2030	9,461		9,461		11,852		0.4	%	(3)(36)(48)
		Class A Preferred Units of Taos Footwear Holdings, LLC - 16,753 Units	1/23/2025	8.00% PIK		N/A			17,139		30,303		1.0	%	(14)(48)
									64,950		80,505		2.7	%
Shutterfly Finance, LLC	Household Durables	First Lien Term Loan	6/5/2023	10.28% (3M SOFR + 6.00%)	1.00	10/1/2027	2,406		2,406		2,406		0.1	%	(8)(42)
		Second Lien Term Loan	6/6/2023	9.33% (3M SOFR + 5.00%)	1.00	10/1/2027	19,206		19,206		17,934		0.6	%	(8)(36)(42)
									21,612		20,340		0.7	%
Silver Hill Mineral Lease	Energy Equipment & Services	Revenue Interest	5/13/2025			N/A			—		—		—	%	(11)
									—		—		—	%
Spectrum Vision Holdings, LLC	Health Care Providers & Services	First Lien Term Loan	5/2/2023	11.06% (1M SOFR+ 6.50%)	1.00	11/17/2025	749		749		749		—	%	(3)(8)
		First Lien Term Loan	5/2/2023	11.06% (3M SOFR+ 6.50%)	1.00	11/17/2025	28,570		28,570		28,570		1.0	%	(3)(8)
									29,319		29,319		1.0	%

See notes to consolidated financial statements.

40

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

							June 30, 2025
Portfolio Company	Industry(43)	Investments(1)(35)	Acquisition Date(39)	Coupon/Yield	Floor	Legal Maturity	Principal Value		Amortized Cost		Fair Value(2)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
STG Distribution, LLC	Air Freight & Logistics	First Out First Lien Term Loan	10/3/2024	5.42% (1M SOFR + 1.00% ) plus 7.25% PIK	1.50	10/3/2029	$	15,144	$	14,881	$	15,144	0.5	%	(8)(36)
		Second Out First Lien Term Loan	10/3/2024	5.42% (1M SOFR + 1.00% ) plus 6.50% PIK	1.50	10/3/2029	38,838		38,838		31,226		1.0	%	(8)(36)(44)
		Third Out First Lien Term Loan	10/3/2024	5.42% (1M SOFR + 1.00% ) plus 6.00% PIK	1.50	10/3/2029	19,353		18,970		5,922		0.2	%	(8)(44)
									72,689		52,292		1.7	%
Stryker Energy, LLC	Energy Equipment & Services	Overriding Royalty Interest	12/4/2006			N/A			—		—		—	%	(11)
									—		—		—	%
Town & Country Holdings, Inc.	Distributors	First Lien Term Loan	11/17/2022	8.00%	—	8/29/2028	28,761		28,761		2,821		0.2	%
		First Lien Term Loan	1/26/2018	3.00% plus 5.00% PIK	—	8/29/2028	42,136		42,136		43,004		1.4	%	(36)
		First Lien Term Loan	1/26/2018	8.00%	—	8/29/2028	164,931		164,931		168,328		5.6	%
		Class B of Town & Country TopCo LLC (999 Non-Voting Units)	11/17/2022			N/A			31,882		—		—	%	(14)(48)
									267,710		214,153		7.2	%
TPS, LLC	Machinery	First Lien Term Loan	11/30/2020	14.26% (3M SOFR + 9.00%)	5.00	5/31/2027	18,663		18,663		18,663		0.6	%	(3)(8)
									18,663		18,663		0.6	%
United Sporting Companies, Inc. (16)	Distributors	Second Lien Term Loan	9/28/2012	11.00% (1M LIBOR + 11.00%) plus 2.00% PIK	—	11/16/2019	187,012		86,309		12,897		0.4	%	(7)
									86,309		12,897		0.4	%
Upstream Newco, Inc.	Health Care Providers & Services	Second Lien Term Loan	11/20/2019	12.88% (3M SOFR + 8.50%)	—	11/20/2027	22,000		21,938		16,106		0.5	%	(8)
									21,938		16,106		0.5	%
USG Intermediate, LLC	Leisure Products	First Lien Revolving Line of Credit - $14,000 Commitment	4/15/2015	13.68% (1M SOFR + 9.25%)	1.00	2/9/2029	14,000		14,000		14,000		0.5	%	(8)(13)
		First Lien Term Loan B	4/15/2015	16.18% (1M SOFR + 11.75%)	1.00	2/9/2029	71,188		71,188		71,188		2.4	%	(3)(8)
		Equity	4/15/2015			N/A			1		—		—	%	(14)
									85,189		85,188		2.9	%
Verify Diagnostics LLC	Health Care Providers & Services	First Lien Term Loan	5/15/2025	14.58% (3M SOFR+ 10.28%)	3.50	5/15/2030	37,500		37,500		36,750		1.3	%	(3)(8)(44)
		Class A Preferred Units of Verify Diagnostic Holdings LLC (9,250,000 units)	5/15/2025	12.00% PIK		N/A			9,250		10,195		0.3	%	(14)
									46,750		46,945		1.6	%
Victor Technology, LLC	Commercial Services & Supplies	First Lien Term Loan	12/3/2021	12.06% (3M SOFR + 7.50%)	1.00	12/3/2028	10,950		10,950		10,851		0.4	%	(3)(8)
									10,950		10,851		0.4	%
Voya CLO 2012-4, Ltd.	Structured Finance	Subordinated Structured Note	11/5/2012	Residual Interest, current yield 0.00%	—	10/15/2030	40,613		3,476		2,506		0.1	%	(5)(12)(15)
									3,476		2,506		0.1	%
Voya CLO 2014-1, Ltd.	Structured Finance	Subordinated Structured Note	2/5/2014	Residual Interest, current yield 0.00%	—	4/18/2031	40,773		1,204		753		—	%	(5)(12)(15)
									1,204		753		—	%
WatchGuard Technologies, Inc.	IT Services	First Lien Term Loan	8/17/2022	9.58% (1M SOFR + 5.25%)	0.75	6/30/2029	34,038		34,038		33,873		1.1	%	(3)(8)
									34,038		33,873		1.1	%
Wellful Inc.	Food Products	Second Out First Lien Term Loan	11/27/2024	8.94% (1M SOFR+ 4.50%) plus 1.75% PIK	1.00	4/19/2030	18,560		18,560		15,071		0.5	%	(8)(36)(44)
									18,560		15,071		0.5	%
Total Non-Control/Non-Affiliate Investments									$	3,265,522	$	2,950,092	98.7	%
Total Portfolio Investments									$	6,693,501	$	6,673,516	223.3	%

See notes to consolidated financial statements.

41

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

Endnote Explanations as of June 30, 2025

(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 June 30, 2025 was $2,520,620, representing 37.8% 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)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.

(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 4.32% as of June 30, 2025. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 4.29% as of June 30, 2025. The PRIME Rate or “PRIME” was 7.50% as of June 30, 2025. 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)Represents overriding royalty interests or revenue interests held which receive payments at the stated rates based upon the underlying operations.

(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 June 30, 2025, our qualifying assets, as a percentage of total assets, stood at 85.27%. 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 5.00%. As of June 30, 2025, $40,707 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $15,900 are considered at the Company’s sole discretion.

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

See notes to consolidated financial statements.

42

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

Endnote Explanations as of June 30, 2025 (Continued)

(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)On June 30, 2025, Prospect acquired a 99.5% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions.

(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 June 30, 2025. 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 $51,477 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2025. 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 June 30, 2025. 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 June 30, 2025, 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.

See notes to consolidated financial statements.

43

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

Endnote Explanations as of June 30, 2025 (Continued)

(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 REIT which holds investments in several real estate properties. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC. On July 11, 2025, the NPRC loan agreement was amended, extending the maturity date to March 31, 2027.

(25)Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.22% of Nationwide Loan Company LLC, the operating company, as of June 30, 2025. 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 June 30, 2025. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company.

(27)Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Convertible Term Loan B.

(28)Prospect owns 99.96% of the equity of USES Corp. as of June 30, 2025.

(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 June 30, 2025, 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 June 30, 2025, the residual profit interest includes 8.33% of TLA, TLD and TLE residual profit calculated quarterly in arrears. The investments in TLA and TLD are subject to a maximum SOFR of 4.00%.

(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 June 30, 2025. As a result, Prospect’s investment in Pacific World is classified as a control investment.

See notes to consolidated financial statements.

44

PROSPECT CAPITAL CORPORATION

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

(in thousands, except share data)

Endnote Explanations as of June 30, 2025 (Continued)

(35)The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of June 30, 2025:

Industry(43)	1st Lien Term Loan		2nd Lien Term Loan		Subordinated Structured Notes		Unsecured Debt		Equity (B)		Amortized Cost Total
Control Investments
Aerospace & Defense	$	55,028	$	—	$	—	$	—	$	32,500	$	87,528
Commercial Services & Supplies	146,539		—		—		7,200		27,349		181,088
Construction & Engineering	83,859		—		—		—		12,053		95,912
Consumer Finance	552,713		54,997		—		—		134,222		741,932
Diversified Consumer Services	700		—		—		—		2,378		3,078
Energy Equipment & Services	148,663		—		—		—		175,658		324,321
Residential Real Estate Investment Trusts (REITs)	902,617		—		—		—		20,030		922,647
Health Care Providers & Services	348,907		—		—		—		45,118		394,025
Household Durables	84,852		—		—		—		3,400		88,252
Machinery	47,322		—		—		—		6,866		54,188
Marine Transport	—		—		—		—		47,117		47,117
Media	29,723		—		—		—		—		29,723
Personal Care Products	114,318		—		—		—		221,795		336,113
Trading Companies & Distributors	54,739		—		—		—		55,581		110,320
Total Control Investments	$	2,569,980	$	54,997	$	—	$	7,200	$	784,067	$	3,416,244
Affiliate Investments
Commercial Services & Supplies	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Total Affiliate Investments	$	—	$	—	$	—	$	—	$	11,735	$	11,735
Non-Control/Non-Affiliate Investments
Air Freight & Logistics	$	109,924	$	95,000	$	—	$	—	$	—	$	204,924
Automobile Components	21,906		67,023		—		—		25,802		114,731
Capital Markets	—		21,500		—		—		—		21,500
Commercial Services & Supplies	201,827		153,366		—		—		5,000		360,193
Distributors	277,714		86,309		—		—		33,382		397,405
Diversified Consumer Services	101,078		—		—		—		—		101,078
Diversified Telecommunication Services	195,805		59,071		—		—		—		254,876
Electrical Equipment	61,367		—		—		—		—		61,367
Financial Services	67,830		—		—		—		—		67,830
Food Products	18,560		131,653		—		—		—		150,213
Health Care Providers & Services	252,272		76,377		—		—		45,319		373,968
Health Care Technology	132,153		—		—		—		—