Prospect Capital Corporation (NASDAQ:PSEC) Q4 2023 Results Conference Call August 30, 2023 11:00 AM ET
Company Participants
John Barry - Chairman and CEO
Grier Eliasek - President and COO
Kristin Van Dask - CFO
Conference Call Participants
Finian O’Shea - Wells Fargo
Robert Dodd - Raymond James
Operator
Hello and welcome to Prospect Capital’s Fourth Quarter Fiscal Year 2023 Earnings Release and Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded.
I would now like to turn the conference over to John Barry, Chairman and CEO. Please go ahead.
John Barry
Thank you, MJ. Joining me on the call today are Grier Eliasek, our President and Chief Operating Officer; and Kristin Van Dask, our Chief Financial Officer. Kristin?
Kristin Van Dask
Thanks, John. This call is the property of Prospect. Unauthorized use is prohibited. This call contains forward-looking statements that are intended to be subject to safe harbor protection. Actual developments and results are highly likely to vary materially, and we do not undertake to update our forward-looking statements unless required by law. For additional disclosure, see our earnings release filed previously and available on our website, prospectstreet.com.
Now, I’ll turn the call back over to John.
John Barry
Thank you, Kristin.
In the June quarter, our net investment income, or NII, was $112.8 million or basic NII of $0.23 per common share, exceeding our distribution rate per common share by $0.05. Our basic net investment income coverage of our common distribution is now 128%. Our annualized basic NII yield is 10% on a book basis and 15.3% based on our August 25th stock price close.
Our NAV stood at $9.24 per common share in June, down $0.24 or 2.5% from the prior quarter, largely due to unrealized mark-to-market depreciation.
On the cash shareholder distribution front, we are pleased to report the Board’s declaration of continued steady monthly distributions. We are announcing monthly cash common shareholder distributions of $0.06 per share for each of September and October. These two months represent the 73rd and 74th consecutive $0.06 per share cash distributions. Consistent with past practice, we plan on announcing our next set of shareholder distributions in November.
Since October 2017, our NII per common share less preferred dividends has aggregated $4.63, while our common shareholder distributions per common share have aggregated $4.14, with our NII exceeding distributions during this period by $0.49 per share and representing 112% coverage.