Prospect Capital Corporation (NASDAQ:PSEC) Q2 2024 Earnings Conference Call November 9, 2024 9:00 AM ET
Company Participants
John Barry - Chairman & Chief Executive Officer
Kristin Van Dask - Chief Financial Officer
Grier Eliasek - President & Chief Operating Officer
Conference Call Participants
Finian O'Shea - Wells Fargo
Robert J. Dodd - Raymond James.
Operator
Good day, and welcome to the Prospect Capital Second Quarter Fiscal Year 2024 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, Betsie. 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 contains forward-looking statements that are intended to be subject to safe harbor protection. Future results are highly likely to vary materially. We do not undertake to update our forward-looking statements. For additional disclosure, see our earnings press release and 10-Q 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 December quarter, our net investment income or NII was $96.9 million or $0.24 per common share. Our NAV stood at $3.68 billion or $8.92 per common share, down $0.33 from the prior quarter. Since inception in 2004 Prospect has invested $20.6 billion across 420 investments exiting 287 of those investments. In the December quarter our net debt equity ratio was 46.2% down 27.9 percentage points from March 2020 and own 0.3 percentage points from the September 2023 quarter as we continue to run an under leveraged balance sheet, which has been the case for us over multiple quarters years. We have no plans to increase our actual drawn debt leverage beyond our historical target of 0.7 to 0.85 debt-to-equity and we are currently significantly below such range.
We are announcing monthly cash common shareholder distributions of $0.06 per share for each of February, March April. These 3 months represent the 78th, 79th and 80th consecutive 0.06 percent per share cash distribution. Consistent with past practice, we plan on announcing our next share of shareholder distribution in May. Since our IPO nearly 20 years ago through our April 2024 distribution at the current share count, we will have distributed $20.76 per common share to original shareholders, aggregating approximately $4.2 billion in cumulative distribution to all common shareholders. Thank you. I will now turn the call over to Grier.