PROSPECT CAPITAL CORP

In this Annual Report, the terms Prospect, the Company , we, us and our mean Prospect Capital Corporation and all entities included in our consolidated financial statements, unless the context specifically requires otherwise. General Prospect is a financial services company that primarily lends to and invests in middle market privately-held companies. We are a closed-end investment company incorporated in Maryland. We have elected to be regulated as a business development company ( BDC ) under the Investment Company Act of 1940 (the 1940 Act ). As a BDC, we have elected to be treated as a regulated investment company ( RIC ), under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code ). We were organized on April 13, 2004, and were funded in an initial public offering completed on July 27, 2004. We are one of the longest-running and largest BDCs with approximate ly $7 billion o f total assets as of June 30, 2025. We are externally managed by our investment adviser, Prospect Capital Management L.P. ( Prospect Capital Management or the Investment Adviser ). Prospect Administration LLC ( Prospect Administration or the Administrator ), a wholly-owned subsidiary of the Investment Adviser, provides administrative services and facilities necessary for us to operate. Our Investment Objective and Policies Our investment objective is to generate both current income and long-term capital appreciation. We intend to invest primarily in privately owned United States ( U.S.