Shares of Prospect Capital Corp (NASDAQ:PSEC) plummeted by 15.9% on Thursday, November 8, 2024, as the business development company reported dismal financial results for the fiscal first quarter ended September 2024 and announced a significant cut to its quarterly distribution.
For Q1 2024, Prospect Capital posted a net loss of $134 million or $0.38 per share, a stark contrast from the net income of $0.23 per share in the same period last year. Even when excluding investment costs, the company's adjusted earnings of $0.21 per share fell short of analysts' expectations, further exacerbating the negative sentiment.
Prospect Capital's total investment income for the quarter was $196.3 million, down 16.9% year-over-year, indicating potential challenges in maintaining top-line growth. The disappointing financial performance prompted the company to reduce its quarterly distribution (dividend) by 25% to $0.045 per share, the first cut since 2017.
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