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Behind Prospect Capital's Fiscal 4Q17 Earnings

PART:
1 2 3 4 5 6
Part 3
Behind Prospect Capital's Fiscal 4Q17 Earnings PART 3 OF 6

Why Secured Lending Is Prospect Capital’s Priority

Prospect’s investments

Prospect Capital’s (PSEC) total investments at fair value in fiscal 4Q17 stood at $5.8 billion, reflecting a marginal fall from $6.0 billion in fiscal 3Q17. Total investments have been made in the following manner as of June 30, 2017:

  • secured first-lien: 48.3%
  • structured credit: 18.5%
  • secured second-lien: 19.1%
  • unsecured debt: 0.8%
  • equity investments: 13.2%
  • small business whole loans: 0.1%

Why Secured Lending Is Prospect Capital&#8217;s Priority

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As of June 30, 2017, PSEC’s debt investments have generated 12.2% in annualized yields, reflecting a marginal fall of 0.1% from its annualized yields generated as of March 31, 2017.

Encumbered and unencumbered assets

Prospect Capital (PSEC) witnessed a marginal YoY (year-over-year) fall of ~1.7% in its total assets in fiscal 4Q17. It had total assets amounting to $6.17 billion for the quarter, while in fiscal 4Q16, the company’s total assets stood at $6.27 billion.

This marginal fall resulted primarily from a fall in unencumbered assets, from $4.89 billion in fiscal 4Q16 to $4.54 billion in fiscal 4Q17. As of June 30, 2017, Prospect Capital had encumbered assets totaling $1.63 billion.

Expected EPS

Prospect Capital (PSEC) is expected to post EPS (earnings per share) of $0.22 for the September 2017 quarter. Other investment management companies (XLF) are expected to post the following EPS for the same quarter:

  • BlackRock Capital Investment (BKCC): $0.20
  • Apollo Investment (AINV): $0.16
  • Ares Capital (ARCC): $0.35
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