PSEC Q4 2026 Earnings Report

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 For the fiscal year ended June 30, 2026OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934 Commission File Number: 814-00659 PROSPECT CAPITAL CORPORATION (Exact name of Registrant as specified in its charter) Maryland 43-2048643 (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 10 East 40th Street New York, New York 10016 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (212) 448-0702 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbols Name of each exchange on which registered Common Stock, par value $0.001 per share PSEC NASDAQ Global Select Market 5.35% Series A Fixed Rate Cumulative PerpetualPreferred Stock, par value $0.001 PSEC PRA New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: 5.50% Series A1 Preferred Stock, par value $0.001 5.50% Series AA1 Preferred Stock, par value $0.001 5.50% Series MM1 Preferred Stock, par value $0.001 5.50% Series M1 Preferred Stock, par value $0.001 5.50% Series M2 Preferred Stock, par value $0.001 5.50% Series A2 Preferred Stock, par value $0.001 6.50% Series A3 Preferred Stock, par value $0.001 6.50% Series M3 Preferred Stock, par value $0.001 6.50% Series AA2 Preferred Stock, par value $0.001 6.50% Series MM2 Preferred Stock, par value $0.001 7.50% Series A5 Preferred Stock, par value $0.001 7.50% Series M5 Preferred Stock, par value $0.001 Floating Rate Series A4 Preferred Stock, par value $0.001 Floating Rate Series M4 Preferred Stock, par value $0.001 Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No o Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ý Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ý No o

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Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerý Accelerated filero Non-accelerated filero Smaller reporting companyo Emerging growth companyo If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o Indicate by check mark whether any of those error corrections are restatements that required recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ☒ The aggregate market value of the common equity held by non-affiliates of the Registrant as of December 31, 2025 was $889.5 million (based on the closing price on that date of $2.59 on the NASDAQ Global Select Market). For the purposes of calculating this amount only, all executive officers and Directors are “affiliates” of the Registrant. As of August 19, 2026, there were 524,832,496 shares of the Registrant’s common stock outstanding. Documents Incorporated by Reference Portions of the Registrant’s definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission, are incorporated by reference in Part III of this Annual Report on Form 10-K to the extent described therein.

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Table of Contents Page Forward-Looking Statements 1 PART I Item 1. Business 4 Item 1A. Risk Factors 32 Item 1B. Unresolved Staff Comments 76 Item 1C. Cybersecurity 76 Item 2. Properties 77 Item 3. Legal Proceedings 77 Item 4. Mine Safety Disclosures 77 PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecurities 78 Item 6. [Reserved] 87 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 88 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 126 Item 8. Financial Statements and Supplementary Data 128 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 265 Item 9A. Controls and Procedures 265 Item 9B. Other Information 267 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 269 PART III Item 10. Directors, Executive Officers and Corporate Governance 269 Item 11. Executive Compensation 269 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 269 Item 13. Certain Relationships and Related Transactions, and Director Independence 269 Item 14. Principal Accountant Fees and Services 269 PART IV Item 15. Exhibits and Financial Statement Schedules 270 Item 16. Form 10-K Summary 316 Signatures 317

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FORWARD-LOOKING STATEMENTS This report contains information that may constitute “forward-looking statements.” Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” “should,” “could,” “may,” “plan” and similar expressions identify forward-looking statements, which generally are not historical in nature. However, the absence of these words or similar expressions does not mean that a statement is not forward- looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future— including statements relating to volume growth, share of sales and earnings per share growth, and statements expressing general views about future operating results—are forward-looking statements. Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Part I, “Item 1A. Risk Factors” and elsewhere in this report and those described from time to time in reports that we have filed or in the future may file with the Securities and Exchange Commission. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning: • our, or our portfolio companies’, future operating results; • our business prospects and the prospects of our portfolio companies; • the return or impact of current or future investments that we expect to make; • our contractual arrangements and relationships with third parties; • the dependence of our future success on the general economy and its impact on the industries in which we invest; • the impact of global events outside of our control, including the consequences of the ongoing conflict between Russia and Ukraine and in the Middle East and Southwest Asia, the United States’ and Israel’s war with Iran, and continued social and political unrest in various countries, such as Venezuela and Mexico, on our and our portfolio companies’ businesses and the global economy; • uncertainty surrounding inflation and the financial stability of the United States, Europe, and China; • potential trade war between the U.S. and China or other countries in connection with each country’s recent or proposed tariffs on the other country’s products; • the financial condition of, and ability of our current and prospective portfolio companies to, achieve their objectives; • difficulty in obtaining financing or raising capital, especially in the current credit and equity environment, and the impact of a protracted decline in the liquidity of credit markets on our and our portfolio companies’ businesses; • the level, duration, and volatility of prevailing interest rates and credit spreads, magnified by the current turmoil in the credit markets; • the impact of alternative reference rates on our business and certain of our investments; • adverse developments in the availability of desirable loan and investment opportunities whether they are due to competition, regulation or otherwise; • a compression of the yield on our investments and the cost of our liabilities, as well as the level of leverage available to us; • the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies; • our regulatory structure and tax treatment, including our ability to operate as a business development company and a regulated investment company; • trade negotiations and other government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies; • the adequacy of our cash resources and working capital; • the timing of cash flows, if any, from the operations of our portfolio companies; • the ability of our investment adviser to locate suitable investments for us and to monitor and administer our investments; • the timing, form and amount of any dividend distributions; • authoritative generally accepted accounting principles or policy changes from such standard-setting bodies as the Financial Accounting Standards Board, the Securities and Exchange Commission, Internal Revenue Service, the 1

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NASDAQ Global Select Market, the New York Stock Exchange LLC, and other authorities that we are subject to, as well as their counterparts in any foreign jurisdictions where we might do business; and • any of the other risks, uncertainties and other factors we identify in this Annual Report. 2

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PART I 3

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Item 1. Business 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, as amended (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 approximately $6.4 billion of total assets as of June 30, 2026. 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.”) middle market companies, in senior and secured first lien loans and, to a lesser extent, second lien loans, as well as equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants). Most of our investments will be in private U.S. companies; however, we may also invest to some extent in broadly-traded public companies and non-U.S. companies (subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies,” which are generally privately offered securities issued by U.S. private or thinly-traded companies). We are a non-diversified company within the meaning of the 1940 Act. Our primary investment strategy is investing in private, middle-market companies in the U.S. in need of capital for refinancings, acquisitions, capital expenditures, growth initiatives, recapitalizations and other purposes. Typically, we focus on making investments in middle-market companies with annual revenues of less than $750 million and enterprise values of less than $1 billion. These private, middle-market companies are primarily owned by private equity funded and independent sponsors or us, as well as by a portfolio company’s management team, founder(s), or other investors. Our typical investment involves a senior and secured loan of less than $250 million. Our investments in senior and secured loans are generally senior debt instruments that rank ahead of unsecured debt and equity of a given portfolio company. These loans also have the benefit of security interests on assets of the applicable portfolio company, which often rank ahead of any other security interests. We also make equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants). We also invest a lesser amount of our assets in senior and secured debt and controlling equity positions in real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties and other tenant-diversified properties; historically, NPRC made investments in structured credit (primarily debt tranches). We historically invested in structured credit (primarily equity tranches). We may also invest in other strategies and opportunities from time to time that the Investment Adviser views as attractive. The Investment Adviser may continue to evaluate other origination strategies in the ordinary course of business with no specific top-down allocation to any single origination strategy. We directly originate the significant majority of our investments through our long-term relationships with private equity funded and independent sponsors, financial intermediaries, and management teams, as well as other sources. We seek to maximize returns, including both current yield and capital-appreciation potential, and minimize risk for our investors by applying rigorous credit and other analyses and cash-flow and asset- based lending techniques to originate, close, and monitor our investments. We are consistently pursuing multiple investment opportunities. There can be no assurance that we will successfully consummate any investment opportunity we pursue. If any of these opportunities are consummated, there can be no assurance that investors will share our view of valuation or that any assets acquired will not be subject to future write downs, each of which could have an adverse effect on our stock price. 4

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We plan to hold many of our debt investments to maturity or repayment, but we may sell a debt investment earlier if we determine a sale of such debt investment to be in our best interest. While the structure of our investments varies, we can invest in senior and secured debt, unsecured debt, subordinated debt, convertible debt, convertible preferred equity, preferred equity, common equity, warrants and other instruments, many of which generate current yield. Our primary focus is to invest in private middle-market companies in the U.S. and seek current income through investments in senior and secured loans and long-term capital appreciation through investments in convertible term loans, preferred equity, common equity and warrants. In addition, we may invest up to 30% of the portfolio in investments in broadly-traded public companies, financial companies and investments, and/or companies located outside of the U.S. Such investments may include investments in the debt and equity instruments of broadly-traded public companies. We expect that these public companies generally will have debt securities that are non-investment grade. Such investments may also include purchases (either in the primary or secondary markets) of the equity and junior debt tranches of a type of pools such as collateralized loan obligations (“CLOs”), though we have significantly exited such investments. Structurally, CLOs are entities that are formed to hold a portfolio of senior and secured loans made to companies whose debt is rated below investment grade or, in limited circumstances, unrated. The senior and secured loans within a CLO are limited to senior and secured loans which meet specified credit and diversity criteria and are subject to concentration limitations in order to create an investment portfolio that is diverse by senior and secured loan, borrower, and industry, with limitations on non-U.S. borrowers. Furthermore, our equity investments may include warrants, options to buy a minority interest in a portfolio company or contractual payment rights or rights to receive a proportional interest in the operating cash flow or net income of such company. Industry Sectors Our portfolio is invested across 31 industry categories. Excluding our CLO investments, which do not have industry concentrations, no individual industry comprises more than 18.1% of the portfolio on either a cost or fair value basis. Ongoing Relationships with Portfolio Companies Monitoring Prospect Capital Management monitors our portfolio companies on an ongoing basis. Prospect Capital Management will continue to monitor the financial trends of each portfolio company to determine if it is meeting its business plan and to assess the appropriate course of action for each company. Prospect Capital Management employs several methods of evaluating and monitoring the performance and value of our investments, which may include, but are not limited to, the following: • Assessment of success in adhering to the portfolio company’s business plan and compliance with covenants; • Regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor to discuss financial position, requirements and accomplishments; • Comparisons to other portfolio companies in the industry, if any; • Attendance at board meetings of the portfolio company; and • Review of monthly and quarterly financial statements and financial projections for the portfolio company. Investment Valuation As a BDC, and in accordance with the 1940 Act, we fair value our investment portfolio on a quarterly basis, with any unrealized gains and losses reflected in net increase (decrease) in net assets resulting from operations on our Consolidated Statement of Operations. To value our investments, we follow the guidance of ASC 820, Fair Value Measurement (“ASC 820”), that defines fair value, establishes a framework for measuring fair value in conformity with GAAP, and requires disclosures about fair value measurements. For further discussion of ASC 820 and our process for determining the fair value of investment portfolio, see Critical Accounting Estimates. For a discussion of the risks inherent in determining the value of securities for which readily available market values do not exist, see “Risk Factors – Risks Relating to Our Business – Most of our portfolio investments are recorded at fair value as determined in good faith under the direction of the Board of Directors of the Company (the “Board of Directors”) and, as a result, there is uncertainty as to the value of our portfolio investments.” 5

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Managerial Assistance As a BDC, we are obligated under the 1940 Act to make available to certain of our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us to controlled and non-controlled portfolio companies will vary according to the particular needs of each portfolio company. Examples of such activities include (i) advice on recruiting, hiring, management and termination of employees, officers and directors, succession planning and other human resource matters; (ii) advice on capital raising, capital budgeting, and capital expenditures; (iii) advice on advertising, marketing, and sales; (iv) advice on fulfillment, operations, and execution; (v) advice on managing relationships with unions and other personnel organizations, financing sources, vendors, customers, lessors, lessees, lawyers, accountants, regulators and other important counterparties; (vi) evaluating acquisition and divestiture opportunities, plant expansions and closings, and market expansions; (vii) participating in audit committee, nominating committee, board and management meetings; (viii) consulting with and advising board members and officers of portfolio companies (on overall strategy and other matters); and (ix) providing other organizational, operational, managerial and financial guidance. Prospect Administration, when executing a managerial assistance arrangement with each portfolio company to which we provide managerial assistance, arranges for the provision of such managerial assistance on our behalf. When doing so, Prospect Administration utilizes its own personnel and primarily personnel of our Investment Adviser. We may bear the administrative expense of managerial assistance or, on behalf of Prospect Administration, invoice portfolio companies receiving and paying for contractual managerial assistance, and we remit to Prospect Administration its cost of providing such services, including the charges deemed appropriate by our Investment Adviser for providing such managerial assistance. No income is recognized by Prospect. Investment Adviser Prospect Capital Management, a Delaware limited partnership that is registered as an investment adviser under the Investment Advisers Act of 1940 (the “Advisers Act”) manages our investments. Prospect Capital Management is led by John F. Barry III and M. Grier Eliasek, two senior executives with significant investment advisory and business experience. Both Messrs. Barry and Eliasek spend a significant amount of their time in their roles at Prospect Capital Management working on our behalf. The principal executive offices of Prospect Capital Management are 700 S Rosemary Ave, Suite 204, West Palm Beach, FL 33401. We depend on the due diligence, skill and network of business contacts of the senior management of the Investment Adviser. We also depend, to a significant extent, on the Investment Adviser’s investment professionals and the information and deal flow generated by those investment professionals in the course of their investment and portfolio management activities. The Investment Adviser’s senior management team evaluates, negotiates, structures, closes, monitors and services our investments. Our future success depends to a significant extent on the continued service of the senior management team, particularly John F. Barry III and M. Grier Eliasek. The departure of any of the senior managers of the Investment Adviser could have a materially adverse effect on our ability to achieve our investment objective. In addition, we can offer no assurance that Prospect Capital Management will remain the Investment Adviser or that we will continue to have access to its investment professionals or its information and deal flow. Under the Investment Advisory Agreement (as defined below), we pay Prospect Capital Management investment advisory fees, which consist of an annual base management fee based on our gross assets as well as a two-part incentive fee based on our performance. Mr. Barry currently controls Prospect Capital Management. Investment Advisory Agreement Terms We have entered into an investment advisory and management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which the Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to, us. Under the terms of the Investment Advisory Agreement, the Investment Adviser: (i) determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes, (ii) identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies), and (iii) closes and monitors investments we make. The Investment Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired. For providing these services the Investment Adviser receives a fee from us, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 2.00% on our total assets. For services currently rendered under the Investment Advisory 6

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Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. The incentive fee has two parts. The first part, the income incentive fee, is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees and other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement described below, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre- incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. Pre- incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a “hurdle rate” of 1.75% per quarter (7.00% annualized). The net investment income used to calculate this part of the incentive fee is also included in the amount of the gross assets used to calculate the 2.00% base management fee. We pay the Investment Adviser an income incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate; • 100.00% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate); and • 20.00% of the amount of our pre-incentive fee net investment income, if any, that exceeds 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate). These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter. The second part of the incentive fee, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.00% of our realized capital gains for the calendar year, if any, computed net of all realized capital losses and unrealized capital depreciation at the end of such year. In determining the capital gains incentive fee payable to the Investment Adviser, we calculate the aggregate realized capital gains, aggregate realized capital losses and aggregate unrealized capital depreciation, as applicable, with respect to each investment that has been in our portfolio. For the purpose of this calculation, an “investment” is defined as the total of all rights and claims which may be asserted against a portfolio company arising from our participation in the debt, equity, and other financial instruments issued by that company. Aggregate realized capital gains, if any, equal the sum of the differences between the aggregate net sales price of each investment and the aggregate amortized cost basis of such investment when sold or otherwise disposed. Aggregate realized capital losses equal the sum of the amounts by which the aggregate net sales price of each investment is less than the aggregate amortized cost basis of such investment when sold or otherwise disposed. Aggregate unrealized capital depreciation equals the sum of the differences, if negative, between the aggregate valuation of each investment and the aggregate amortized cost basis of such investment as of the applicable calendar year-end. At the end of the applicable calendar year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee involves netting aggregate realized capital gains against aggregate realized capital losses on a since-inception basis and then reducing this amount by the aggregate unrealized capital depreciation. If this number is positive, then the capital gains incentive fee payable is equal to 20.00% of such amounts, less the aggregate amount of any capital gains incentive fees paid since inception. 7

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Examples of Quarterly Incentive Fee Calculation Example 1: Income Incentive Fee* *The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of total net assets. Alternative 1 Assumptions • Investment income (including interest, dividends, fees, etc.) = 1.25% • Hurdle rate(1) = 1.75% • Base management fee(2) = 0.50% • Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.20% • Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 0.55% Pre-incentive net investment income does not exceed hurdle rate, therefore there is no income incentive fee. Alternative 2 Assumptions • Investment income (including interest, dividends, fees, etc.) = 2.70% • Hurdle rate(1) = 1.75% • Base management fee(2) = 0.50% • Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.20% • Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 2.00% Pre-incentive net investment income exceeds hurdle rate, therefore there is an income incentive fee payable by us to the Investment Adviser. The Income Incentive Fee would be calculated as follows: = 100% × “Catch Up” + the greater of 0% AND (20% × (pre-incentive fee net investment income – 2.1875%)) = (100% × (2.00% - 1.75%)) + 0% = 100% × 0.25% + 0% = 0.25% 8

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Alternative 3 Assumptions • Investment income (including interest, dividends, fees, etc.) = 3.00% • Hurdle rate(1) = 1.75% • Base management fee(2) = 0.50% • Other expenses (legal, accounting, custodian, transfer agent, etc.)(3) = 0.20% • Pre-incentive fee net investment income (investment income – (base management fee + other expenses)) = 2.30% Pre-incentive net investment income exceeds hurdle rate, therefore there is an income incentive fee payable by us to the Investment Adviser. The Income Incentive Fee would be calculated as follows: = 100% × “Catch Up” + the greater of 0% AND (20% × (pre-incentive fee net investment income – 2.1875%)) = (100% × (2.1875% – 1.75%)) + the greater of 0% AND (20% × (2.30% – 2.1875%)) = (100% × 0.4375%) + (20% × 0.1125%) = 0.4375% + 0.0225% = 0.46% (1) Represents 7% annualized hurdle rate. (2) Represents 2% annualized base management fee. (3) Excludes organizational and offering expenses. 9

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Example 2: Capital Gains Incentive Fee Alternative 1 Assumptions • Year 1: $20 million investment made • Year 2: Fair market value (“FMV”) of investment determined to be $22 million • Year 3: FMV of investment determined to be $17 million • Year 4: Investment sold for $21 million The impact, if any, on the capital gains portion of the incentive fee would be: • Year 1: No impact • Year 2: No impact • Year 3: Decrease base amount on which the second part of the incentive fee is calculated by $3 million (unrealized capital depreciation) • Year 4: Increase base amount on which the second part of the incentive fee is calculated by $4 million ($1 million of realized capital gain and $3 million reversal in unrealized capital depreciation) Alternative 2 Assumptions • Year 1: $20 million investment made • Year 2: FMV of investment determined to be $17 million • Year 3: FMV of investment determined to be $17 million • Year 4: FMV of investment determined to be $21 million • Year 5: FMV of investment determined to be $18 million • Year 6: Investment sold for $15 million The impact, if any, on the capital gains portion of the incentive fee would be: • Year 1: No impact • Year 2: Decrease base amount on which the second part of the incentive fee is calculated by $3 million (unrealized capital depreciation) • Year 3: No impact • Year 4: Increase base amount on which the second part of the incentive fee is calculated by $3 million (reversal in unrealized capital depreciation) • Year 5: Decrease base amount on which the second part of the incentive fee is calculated by $2 million (unrealized capital depreciation) • Year 6: Decrease base amount on which the second part of the incentive fee is calculated by $3 million ($5 million of realized capital loss offset by a $2 million reversal in unrealized capital depreciation) 10

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Alternative 3 Assumptions • Year 1: $20 million investment made in company A (“Investment A”) and $20 million investment made in company B (“Investment B”) • Year 2: FMV of Investment A is determined to be $21 million and Investment B is sold for $18 million • Year 3: Investment A is sold for $23 million The impact, if any, on the capital gains portion of the incentive fee would be: • Year 1: No impact • Year 2: Decrease base amount on which the second part of the incentive fee is calculated by $2 million (realized capital loss on Investment B) • Year 3: Increase base amount on which the second part of the incentive fee is calculated by $3 million (realized capital gain on Investment A) Alternative 4 Assumptions • Year 1: $20 million investment made in company A (“Investment A”) and $20 million investment made in company B (“Investment B”) • Year 2: FMV of Investment A is determined to be $21 million and FMV of Investment B is determined to be $17 million • Year 3: FMV of Investment A is determined to be $18 million and FMV of Investment B is determined to be $18 million • Year 4: FMV of Investment A is determined to be $19 million and FMV of Investment B is determined to be $21 million • Year 5: Investment A is sold for $17 million and Investment B is sold for $23 million The impact, if any, on the capital gains portion of the incentive fee would be: • Year 1: No impact • Year 2: Decrease base amount on which the second part of the incentive fee is calculated by $3 million (unrealized capital depreciation on Investment B) • Year 3: Decrease base amount on which the second part of the incentive fee is calculated by $1 million ($2 million in unrealized capital depreciation on Investment A and $1 million recovery in unrealized capital depreciation on Investment B) • Year 4: Increase base amount on which the second part of the incentive fee is calculated by $3 million ($1 million recovery in unrealized capital depreciation on Investment A and $2 million recovery in unrealized capital depreciation on Investment B) • Year 5: Increase base amount on which the second part of the incentive fee is calculated by $1 million ($3 million realized capital gain on Investment B offset by $3 million realized capital loss on Investment A plus a $1 million reversal in unrealized capital depreciation on Investment A from Year 4) 11

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Duration and Termination The Investment Advisory Agreement was originally approved by our Board of Directors on June 23, 2004 and was recently re-approved by the Board of Directors on June 18, 2026 for an additional one-year term expiring June 21, 2027, as discussed below. Unless terminated earlier as described below, it will remain in effect from year to year thereafter if approved annually by our Board of Directors or by the affirmative vote of the holders of a majority of our outstanding voting securities, including, in either case, approval by a majority of our directors who are not interested persons. The Investment Advisory Agreement will automatically terminate in the event of its assignment. The Investment Advisory Agreement may be terminated by either party without penalty upon not more than 60 days’ written notice to the other. See “Risk Factors – Risks Relating to Our Business – We are dependent upon Prospect Capital Management’s key management personnel for our future success.” Indemnification The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Prospect Capital Management and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Prospect Capital Management’s services under the Investment Advisory Agreement or otherwise as the Investment Adviser. Board of Directors Approval of the Investment Advisory Agreement On June 18, 2026, our Board of Directors voted unanimously to renew the Investment Advisory Agreement for the 12-month period ending June 21, 2027. In its consideration of the Investment Advisory Agreement, the Board of Directors focused on information it had received relating to, among other things: (a) the nature, quality and extent of the advisory and other services to be provided to us by Prospect Capital Management; (b) comparative data with respect to advisory fees or expense ratios paid by other business development companies with similar investment objectives; (c) our operating expenses; (d) the profitability of Prospect Capital Management and any existing and potential sources of indirect income to Prospect Capital Management or Prospect Administration from their relationships with us and the profitability of those relationships; (e) information about the services performed and the personnel performing such services under the Investment Advisory Agreement; (f) the organizational capability and financial condition of Prospect Capital Management and its affiliates and (g) the possibility of obtaining similar services from other third party service providers or through an internally managed structure. In approving the renewal of the Investment Advisory Agreement, the Board of Directors, including all of the directors who are not “interested persons,” considered the following: • Nature, Quality and Extent of Services. The Board of Directors considered the nature, extent and quality of the investment selection process employed by Prospect Capital Management. The Board of Directors also considered Prospect Capital Management’s personnel and their prior experience in connection with the types of investments made by us. The Board of Directors concluded that the services to be provided under the Investment Advisory Agreement are generally the same as those of comparable business development companies described in the available market data. • Investment Performance. The Board of Directors reviewed our investment performance over various periods, as well as comparative data with respect to the investment performance of a group of other, comparable externally managed business development companies. The Board of Directors concluded that Prospect Capital Management was delivering results consistent with our investment objective and that our investment performance was satisfactory when compared to comparable business development companies. • The reasonableness of the fees paid to Prospect Capital Management. The Board of Directors considered comparative data based on publicly available information on a group of other, comparable business development companies selected by the Investment Adviser and the Company’s Board of Directors (the “BDC Expense Peers”) with respect to services rendered and the advisory fees (including the management fees and incentive fees), as well as our operating expenses, efficiency ratio and expense ratio compared to the BDC Expense Peers. The Board of Directors reviewed information concerning Prospect Capital Management’s costs in serving as the Company’s investment adviser, including costs associated with technology, infrastructure and compliance necessary to manage the Company, as well as compensation costs, Prospect Capital Management’s compensation program, and the relationship of such compensation to Prospect Capital Management’s ability to attract and retain investment advisory personnel. Finally, on behalf of the Company, the Board of Directors also considered the profitability of Prospect Capital Management. Based upon its review, the Board of Directors concluded that the fees to be paid under the Investment Advisory Agreement are reasonable. 12

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• Economies of Scale. The Board of Directors considered information about the potential of Prospect Capital Management to realize economies of scale in managing our assets, and determined that at this time there were not economies of scale to be realized by Prospect Capital Management. Based on the information reviewed and the discussions detailed above, the Board of Directors (including all of the directors who are not “interested persons” as defined in the 1940 Act) concluded that the investment advisory fee rates and terms are fair and reasonable in relation to the services provided and approved the renewal of the Investment Advisory Agreement with Prospect Capital Management as being in the best interests of the Company and its stockholders. Administration Agreement We have also entered into an administration agreement (the “Administration Agreement”) with Prospect Administration under which Prospect Administration, among other things, provides (or arranges for the provision of) administrative services and facilities for us. For providing these services, we reimburse Prospect Administration for our allocable portion of overhead incurred by Prospect Administration in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer and Chief Compliance Officer and her staff. Under this agreement, Prospect Administration furnishes us with office facilities, equipment and clerical, bookkeeping and record keeping services at such facilities. Prospect Administration also performs, or oversees the performance of, our required administrative services, which include, among other things, being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, Prospect Administration assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Under the Administration Agreement, Prospect Administration also provides on our behalf managerial assistance to certain portfolio companies (see Managerial Assistance to Portfolio Companies section below). The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Prospect Administration is a wholly-owned subsidiary of the Investment Adviser. The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Prospect Administration and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Prospect Administration’s services under the Administration Agreement or otherwise as administrator for us. Our payments to Prospect Administration are reviewed quarterly by our Board of Directors. Human Capital We do not currently have any employees and do not expect to have any employees. The services necessary for the operation of our business are provided by investment professionals and personnel of Prospect Capital Management and by the officers and the employees of Prospect Administration pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement, respectively, each as described herein and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Each of our executive officers is an employee or affiliate of Prospect Capital Management or Prospect Administration. Our day-to-day investment activities are managed by Prospect Capital Management, the investment professionals of which focus on origination, transaction development, investment and the ongoing monitoring of our investments. We reimburse both Prospect Capital Management and Prospect Administration for a certain portion of expenses incurred in connection with such staffing. Because we have no employees, we do not have a formal employee relations policy. Portfolio Managers The following individuals function as portfolio managers primarily responsible for the day-to-day management of our portfolio. Our portfolio managers are not responsible for day-to-day management of any other accounts. For a description of their principal occupations for the past five years, please refer to our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which will be filed with the SEC not later than 120 days after the end of our fiscal year. Name Position Length of Service with Company (Years) John F. Barry III Chairman and Chief Executive Officer 22 M. Grier Eliasek President and Chief Operating Officer 22 13

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Mr. Eliasek received no compensation from the Company. Mr. Eliasek received a salary and bonus from Prospect Capital Management that takes into account his role as a senior officer of the Company and of Prospect Capital Management, his performance and the performance of each of Prospect Capital Management and the Company. Mr. Barry receives no compensation from the Company. Mr. Barry, as the sole member of Prospect Capital Management, receives a salary and/or bonus from Prospect Capital Management and is entitled to equity distributions after all other obligations of Prospect Capital Management are met. The following table sets forth the dollar range of our common stock beneficially owned by each of the portfolio managers described above as of June 30, 2026: Name Aggregate Dollar Range of Common Stock Beneficially Owned by Portfolio Managers(1)(2)(3) John F. Barry III Over $1,000,000 M. Grier Eliasek Over $1,000,000 (1) Beneficial ownership is calculated in accordance with Rule 13d-3(d)(1) of the Securities Exchange Act of 1934 (“Exchange Act”). In computing the aggregate dollar of common stock beneficially owned by a person who also owns shares of 5.50% Preferred Stock or 6.50% Preferred Stock (as defined herein), we have included the aggregate dollar value of shares of common stock issuable upon the conversion of the person’s outstanding shares of 5.50% Preferred Stock and 6.50% Preferred Stock. (2) The dollar ranges are: none, $1-$10,000, $10,001-$50,000, $50,001-$100,000; $100,001 - $500,000; $500,001 - $1,000,000; or over $1,000,000. (3) The dollar range of our equity securities beneficially owned is based on the closing price of $2.31 on June 30, 2026 on The Nasdaq Stock Market LLC (the “Nasdaq”). Payment of Our Expenses All investment professionals of the Investment Adviser and its respective staff, when and to the extent engaged in providing investment advisory and management services, and the compensation and routine overhead expenses of such personnel allocable to such services, will be provided and paid for by the Investment Adviser. We bear all other costs and expenses of our operations and transactions, including those relating to: organization and offering; calculation of our net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by Prospect Capital Management payable to third parties, including agents, consultants or other advisers (such as independent valuation firms, accountants and legal counsel), in monitoring our financial and legal affairs and in monitoring our investments and performing due diligence on our prospective portfolio companies; interest payable on debt, if any, and dividends payable on preferred stock, if any, incurred to finance our investments; offerings of our debt, our preferred shares, our common stock and other securities; investment advisory fees; fees payable to third parties, including agents, consultants or other advisors, relating to, or associated with, evaluating and making investments; transfer agent and custodial fees; registration fees; listing fees; taxes; independent directors’ fees and expenses; costs of preparing and filing reports or other documents with the SEC; the costs of any reports, proxy statements or other notices to stockholders, including printing costs; our allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration, including auditor and legal costs; and all other expenses incurred by us, by the Investment Adviser or by Prospect Administration in connection with administering our business, such as our allocable portion of overhead under the Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer and Chief Compliance Officer and her staff. License Agreement We entered into a license agreement with Prospect Capital Management pursuant to which Prospect Capital Management agreed to grant us a non-exclusive, royalty free license to use the name “Prospect Capital.” Under this agreement, we have a right to use the Prospect Capital name, for so long as Prospect Capital Management or one of its affiliates remains the Investment Adviser. Other than with respect to this limited license, we have no legal right to the Prospect Capital name. This license agreement will remain in effect for so long as the Investment Advisory Agreement with the Investment Adviser is in effect. Determination of Net Asset Value Applicable to Common Stockholders The net asset value per share of our outstanding shares of common stock will be determined quarterly by dividing the value of total assets minus liabilities minus carrying value of our then outstanding preferred stock by the total number of common shares outstanding. In calculating the value of our total assets, we will value investments for which market quotations are readily available at such market quotations. Short-term investments which mature in 60 days or less, such as U.S. Treasury bills, are valued at amortized cost, which approximates market value. The amortized cost method involves recording a security at its cost (i.e., principal 14

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amount plus any premium and less any discount) on the date of purchase and thereafter amortizing/accreting that difference between the principal amount due at maturity and cost assuming a constant yield to maturity as determined at the time of purchase. Short-term securities which mature in more than 60 days are valued at current market quotations by an independent pricing service or at the mean between the bid and ask prices obtained from at least two brokers or dealers (if available, or otherwise by a principal market maker or a primary market dealer). Investments in money market mutual funds are valued at their net asset value as of the close of business on the day of valuation. Most of the investments in our portfolio do not have market quotations which are readily available, meaning the investments do not have actively traded markets. Debt and equity securities for which market quotations are not readily available are valued with the assistance of an independent valuation service using a documented valuation policy and a valuation process that is consistently applied under the direction of our Board of Directors. For a discussion of the risks inherent in determining the value of securities for which readily available market values do not exist, see “Risk Factors – Risks Relating to Our Business – Most of our portfolio investments are recorded at fair value as determined in good faith under the direction of our Board of Directors and, as a result, there is uncertainty as to the value of our portfolio investments.” The factors that may be taken into account in valuing such investments include, as relevant, the portfolio company’s ability to make payments, its estimated earnings and projected discounted cash flows, the nature and realizable value of any collateral, the financial environment in which the portfolio company operates, comparisons to securities of similar publicly traded companies, changes in interest rates for similar debt instruments and other relevant factors. Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market quotations, the fair value of these investments may differ significantly from the values that would have been used had such market quotations existed for such investments, and any such differences could be material. As part of the fair valuation process, the independent valuation firms engaged by the Board of Directors perform a review of each debt and equity investment requiring fair valuation and provide a range of values for each investment, which, along with management’s valuation recommendations, is reviewed by our Audit Committee. Management and the independent valuation firms may adjust their preliminary evaluations to reflect comments provided by our Audit Committee. The Audit Committee reviews the final valuation reports and management’s valuation recommendations and makes a recommendation to the Board of Directors based on its analysis of the methodologies employed and the various weights that should be accorded to each portion of the valuation as well as factors that the independent valuation firms and management may not have included in their evaluation processes. The Board of Directors then evaluates the Audit Committee recommendations and undertakes a similar analysis to determine the fair value of each investment in the portfolio in good faith. Determination of fair values involves subjective judgments and estimates. Accordingly, under current accounting standards, the notes to our financial statements will refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on our financial statements. Common Stock Dividend Reinvestment and Direct Stock Purchase Plan We have adopted a common stock dividend reinvestment and direct stock purchase plan (the “Plan” or the “DRIP”) that provides for reinvestment of our common stock dividends or distributions on behalf of our common stockholders, unless a common stockholder elects to receive cash as provided below, and the ability to purchase additional shares of common stock by making optional cash investments. On April 17, 2020, our Board of Directors approved amendments to our DRIP, effective on May 21, 2020. These amendments principally provide for the number of newly-issued shares of common stock to be credited to a stockholder’s account to be determined by dividing (i) the total dollar amount of the dividend payable to such stockholder by (ii) 95% of the closing market price per share of our common stock on the date fixed by our Board of Directors for such distribution (thereby providing a 5% discount to the market price of our common stock on such date). As a result, when our Board of Directors authorizes, and we declare, a cash dividend or distribution, then our common stockholders who have not (or whose broker through which they hold shares of our common stock have not) “opted out” of our DRIP will have their cash dividends or distributions automatically reinvested in additional shares of our common stock, rather than receiving the cash dividends or distributions. Common stockholders who purchased shares of our common stock through or hold shares in the name of a broker or financial institution should consult with a representative of their broker or financial institution with respect to their participation in our DRIP. Even if such stockholders have elected to automatically reinvest their shares with their broker, the broker may have “opted out” of our DRIP (which utilizes DTC’s dividend reinvestment service), and such stockholders may therefore not be receiving the 5% pricing discount. Many common stockholders have been “opted out” of our DRIP by their brokers who instead implement a “synthetic” dividend reinvestment plan in which such broker purchases shares in the open market with no discount, using the funds from cash dividends. Common stockholders interested in participating in our DRIP should contact their brokers to make sure each such DRIP participation election has been made for the benefit of such stockholder. In making 15

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such DRIP election, each such common stockholder should specify to his or her broker the desire to participate in the “Prospect Capital Corporation DRIP through DTC” that issues shares of our common stock based on 95% of the market price (a 5% discount to the market price) and not the broker’s own “synthetic” dividend reinvestment plan (if any) that offers no such discount. Common stockholders may need to make such election proactively with their broker. If you are not a current common stockholder and want to enroll or have “opted out” and wish to rejoin, you may also purchase shares directly through the Plan or opt in by enrolling online or submitting to the Plan administrator a completed enrollment form and, if you are not a current stockholder, making an initial investment of at least $250. No action is required on the part of a directly registered common stockholder to have their cash dividend or distribution reinvested in shares of our common stock. A directly registered common stockholder may elect to receive an entire dividend or distribution in cash by notifying the Plan administrator and our transfer agent and registrar, in writing so that such notice is received by the Plan administrator no later than the record date for dividends to stockholders. The Plan administrator will set up a dividend reinvestment account for shares acquired pursuant to the Plan for each stockholder who has not so elected to receive dividends and distributions in cash or who has enrolled in the Plan as described herein (each, a “Participant”). The Plan administrator will hold each Participant’s shares, together with the shares of other Participants, in non-certificated form in the Plan administrator’s name or that of its nominee. Upon request by a Participant to terminate their participation in the Plan and liquidate their Plan account, received in writing, via the Internet or the Plan administrator’s toll free number no later than 3 business days prior to a dividend or distribution payment date, such dividend or distribution will be paid out in cash and not be reinvested. If such request is received fewer than 3 business days prior to a dividend or distribution payment date, such dividend or distribution will be reinvested but all subsequent dividends and distributions will be paid to the stockholder in cash on all balances. Upon such termination of the Participant’s participation in the Plan and liquidation of their plain account, all whole shares owned by the Participant will be issued to the Participant in a Direct Registration System (“DRS”) statement and a check will be issued to the Participant for the proceeds of fractional shares less a transaction fee of $15. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends or distributions in cash by notifying their broker or other financial intermediary of their election. We primarily use newly-issued shares of our common stock to implement reinvestment of dividends and distributions under the DRIP, whether our shares are trading at a premium or at a discount to net asset value. However, we reserve the right to purchase shares of our common stock in the open market in connection with the implementation of reinvestment of dividends or distributions under the DRIP. The number of newly- issued shares of common stock to be credited to a stockholder’s account will be determined by dividing the total dollar amount of the dividend or distribution payable to such stockholder by 95% of the market price per share of our common stock at the close of regular trading on the NASDAQ Global Select Market on the date fixed by the Board of Directors for such distribution. Market price per share on that date will be the closing price for such shares on the NASDAQ Global Select Market or, if no sale is reported for such day, at the average of their reported bid and asked prices. The number of shares of our common stock to be outstanding after giving effect to payment of the dividend or distribution cannot be established until the value per share at which additional shares will be issued has been determined and elections of our stockholders have been tabulated. Common stockholders who do not elect to receive dividends and distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium at the time we issue new shares under the Plan and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our common stockholders who participate in the Plan, the level of premium or discount at which our shares are trading and the amount of the dividend or distribution payable to a common stockholder. There are no brokerage charges or other charges to common stockholders who participate in reinvestment of dividends or distributions under the Plan. The Plan administrator’s fees under the Plan are paid by us. If a participant elects by written notice to the Plan administrator to have the Plan administrator sell part or all of the shares held by the Plan administrator in the participant’s account and remit the proceeds to the participant, the Plan administrator is authorized to deduct a $15 transaction fee plus a $0.10 per share brokerage commissions from the proceeds. Common stockholders who receive dividends or distributions in the form of stock are subject to the same U.S. federal, state and local tax consequences as are common stockholders who elect to receive their dividends or distributions in cash. A common stockholder’s basis for determining gain or loss upon the sale of stock received in a dividend or distribution from us will be equal to the total dollar amount of the dividend or distribution payable to the stockholder. Any stock received in a dividend or distribution will have a new holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the U.S. Stockholder’s account (as defined below). Participants in the Plan have the option of making additional cash payments to the Plan administrator for investment in the shares at the then current market price. Such payments may be made in any amount from $25 to $10,000 per transaction. Participants in the Plan may also elect to have funds electronically withdrawn from their checking or savings account each 16

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month. Direct debit of cash will be performed on the 10th of each month. Participants may elect this option by submitting a written authorization form or by enrolling online at the Plan administrator’s website. The Plan administrator will use all funds received from participants since the prior investment of funds to purchase shares of our common stock in the open market. We will not use newly-issued shares of our common stock to implement such purchases. Purchase orders will be submitted daily. The Plan administrator may, at its discretion, submit purchase orders less frequently but no later than 30 days after receipt. The Plan administrator will charge each stockholder who makes such additional cash payments $2.50, plus a $0.10 per share brokerage commission. Cash dividends and distributions payable on all shares credited to your Plan account will be automatically reinvested in additional shares pursuant to the terms of the Plan. Brokerage charges for some purchases are expected to be less than the usual brokerage charge for such transactions. Instructions sent by a participant to the Plan administrator in connection with such participant’s cash payment may not be rescinded. Participants may terminate their participation in and liquidate their accounts under the Plan by notifying the Plan administrator in writing prior to a dividend or distribution payment date via its website at www.equiniti.com or by filling out the transaction request form located at the bottom of their statement and sending it to the Plan administrator at Equiniti Trust Company, LLC, P.O. Box 10027, Newark, NJ 07101 or by calling the Plan administrator’s Interactive Voice Response System at (888) 888-0313. Upon termination and liquidation, the stockholder will receive a DRS Statement for the full shares credited to your Plan account. If you elect to receive cash, the Plan administrator sells such shares and delivers a check for the proceeds, less the $0.10 per share brokerage commission and the Plan administrator’s transaction fee of $15. In every case of termination, fractional shares credited to a terminating Plan account are paid in cash at the then-current market price, less any commission and transaction fee. The Plan may be terminated by us upon notice in writing mailed to each participant at least 30 days prior to any payable date for the payment of any dividend by us or distribution pursuant to any additional cash payment made. All correspondence concerning the Plan should be directed to the Plan administrator by mail at Equiniti Trust Company, LLC, P.O. Box 10027, Newark, NJ 07101, or by telephone at 888-888-0313. Preferred Stock Dividend Reinvestment Plan We have adopted a preferred stock dividend reinvestment plan (the “Preferred Stock Plan” or the “Preferred Stock DRIP”) that provides for reinvestment of our dividends declared by our Board of Directors on shares of our 5.50% Series A1 Preferred Stock (the “Series A1 Preferred Stock”), 5.50% Series M1 Preferred Stock (the “Series M1 Preferred Stock”), 5.50% Series M2 Preferred Stock (the “Series M2 Preferred Stock,” and together with the Series M1 Preferred Stock, the “Series M Preferred Stock”), 5.50% Series AA1 Preferred Stock (the “Series AA1 Preferred Stock”), 5.50% Series MM1 Preferred Stock (the “Series MM1 Preferred Stock”) and 5.50% Series A2 Preferred Stock (the “Series A2 Preferred Stock”, and all such series of preferred stock referred to collectively as “5.50% Preferred Stock”), 6.50% Series A3 Preferred Stock (“Series A3 Preferred Stock”) and the 6.50% Series M3 Preferred Stock (“Series M3 Preferred Stock”, and all such series of preferred stock referred collectively as “6.50% Preferred Stock”), and Floating Rate Series A4 Preferred Stock (“Series A4 Preferred Stock”) and the Floating Rate Series M4 Preferred Stock (“Series M4 Preferred Stock”, and together with the Series A4 Preferred Stock, “Floating Rate Preferred Stock”), and 7.50% Series A5 Preferred Stock (“Series A5 Preferred Stock”) and 7.50% Series M5 Preferred Stock (“Series M5 Preferred Stock,” and together with the Series A5 Preferred Stock, the “7.50% Preferred Stock”) on behalf of our preferred stockholders. Eligibility of Existing Holders of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock If you are a current holder of record of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock, you may participate in the Preferred Stock Plan. Eligible holders of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock may enroll in the Preferred Stock Plan online through www.computershare.com/investor. Alternatively, you may enroll by completing an enrollment form and delivering it to Computershare Trust Company, N.A. (“Computershare”), the administrator for the Preferred Stock Plan. If you own shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock that are registered in someone else’s name (for example, a bank, broker, or trustee) and you want to participate in the Preferred Stock Plan, you may be able to arrange for that person to handle the reinvestment of your dividends. If not, your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock should be withdrawn from “street name” or other form of registration and should be registered in your own name. Alternatively, your broker or bank may offer a program that allows you to participate in a plan without having to withdraw your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock from “street name.” If you are already a participant in the Preferred Stock Plan, you need not take any further action in order to maintain your present participation. 17

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Administration Computershare Trust Company, N.A. administers the Preferred Stock Plan. Certain administrative support will be provided to Computershare by its designated affiliates. If you have questions regarding the Preferred Stock Plan, please write to Computershare at the following address: Computershare Trust Company, N.A., P.O. Box 43007, Providence, RI 02940-3007 or call Computershare at 1-877-373-6374. An automated voice response system is available 24 hours a day, 7 days a week. Customer service representatives are available from 8:00 a.m. to 8:00 p.m., Eastern Time, Monday through Friday (except holidays). In addition, you may visit Computershare’s website at www.computershare.com/investor. At this website, you can enroll in the Preferred Stock Plan, obtain information, and perform certain transactions on your Preferred Stock Plan account. Purchases and Pricing of Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock With respect to reinvested dividends, the price for purchases of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock directly from us, (i) is $23.75 per share for the 5.50% Preferred Stock and 6.50% Preferred Stock (95% of the Stated Value of $25.00 per share of 5.50% Preferred Stock and 6.50% Preferred Stock) and (ii) is $25.00 per share for the Floating Rate Preferred Stock and 7.50% Preferred Stock, and the investment date will be the dividend payment date for the month. Dividend payment dates generally occur on the first business day of each month. Your account will be credited with a full and fractional number of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock, subject to operating procedures of the Depository Trust Company, equal to the total amount to be invested by you, divided by the applicable purchase price per share. There are no fees or other charges on shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock purchased through the Preferred Stock Plan. Participation Any eligible holder of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock may enroll in the Preferred Stock Plan online through www.computershare.com/investor. Alternatively, you may enroll in the Preferred Stock Plan by completing an enrollment form and returning it to Computershare at the address set forth above. If Computershare receives your enrollment form by the record date for the payment of the next dividend (approximately 10 days in advance of the dividend payment date), that dividend will be invested in additional shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock for your Preferred Stock Plan account; provided, however, that the first dividend payable with respect to newly-issued shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock pursuant to our primary offering will be paid in cash, with subsequent dividends reinvested pursuant to the Preferred Stock Plan. If the enrollment form is received in the period after any dividend record date, that dividend will be paid by check or automatic deposit to a U.S. bank account that you designate and your initial dividend reinvestment will commence with the following dividend. By enrolling in the Preferred Stock Plan, you direct Computershare to apply all, but not less than all, dividends to the purchase of additional shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock in accordance with the Preferred Stock Plan’s terms and conditions. Unless otherwise instructed, Computershare will thereafter automatically reinvest all, but not less than all, dividends declared on shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock held under the Preferred Stock Plan. If you want to discontinue the reinvestment of all dividends paid on your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock, you must provide notice to Computershare. Cost We will pay all fees, the annual cost of administration and, unless provided otherwise in the Preferred Stock Plan, all other charges incurred in connection with the purchase of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock acquired under the Preferred Stock Plan, if any. Number of Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock to be Purchased for the Participant The number of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock purchased under the Preferred Stock Plan will depend on the amount of your dividend. Shares of 5.50% Preferred Stock, 18

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6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock purchased under the Preferred Stock Plan will be credited to your account. Both full and fractional shares will be purchased. Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock received through the Preferred Stock Plan will be of the same series and have the same original issue date for purposes of the Holder Optional Conversion Fee, if applicable, and for other terms of the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock based on issuance date as the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock for which the dividend was declared. The aggregate number of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock, including shares issued under the Preferred Stock Plan, shall not exceed the amount of such shares we have the authority to issue. We cannot assure you there will be enough shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock to meet the requirements under the Preferred Stock Plan. If we do not have a sufficient number of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock to meet the Preferred Stock Plan requirements during any month, the portion of any reinvested dividends received by Computershare but not invested in shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock under the Preferred Stock Plan will be returned to participants without interest. Source of Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock Purchased Under the Preferred Stock Plan Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock purchased under the Preferred Stock Plan will come from our authorized but unissued shares of preferred stock. Method for Changing Preferred Stock Plan Election You may change your Preferred Stock Plan election at any time online through www.computershare.com/investor, by telephone or by notifying Computershare in writing. To be effective with respect to a particular dividend, any such change must be received by Computershare prior to the record date for such dividend. Withdrawal by Participant You may discontinue the reinvestment of your dividends at any time by providing written or telephone notice to Computershare. Alternatively, you may change your dividend election online through www.computershare.com/investor. If Computershare receives your notice of withdrawal prior to the record date for the payment of the next dividend, Computershare, in its sole discretion, will distribute such dividends in cash. If the request is received after the record date for the payment of the next dividend, then that dividend will be reinvested. However, all subsequent dividends will be paid out in cash on all balances. Computershare will continue to hold your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock in your Preferred Stock Plan account. Generally, an eligible holder of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock may again become a participant in the Preferred Stock Plan. However, we reserve the right to reject the enrollment of a previous participant in the Preferred Stock Plan on grounds of excessive joining and termination. This reservation is intended to minimize administrative expense and to encourage use of the Preferred Stock Plan as a long-term investment service. Share Certificates and Safekeeping Shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock that you acquire under the Preferred Stock Plan will be maintained in your Preferred Stock Plan account in non-certificated form. This protects your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock against loss, theft or accidental destruction and also provides a convenient way for you to keep track of your shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock. Reports to Participants Statements of your account activity will be sent to you after each transaction, which will simplify your record keeping. Each Preferred Stock Plan account statement will show the amount invested, the purchase price and the number of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock purchased. The statement will include specific cost basis information in accordance with applicable law. Please notify Computershare promptly either in writing, by telephone or through the Internet if your address changes. In addition, you will receive copies of the same 19

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communications sent to all other holders of shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock, if any. You also will receive any U.S. Internal Revenue Service, or the “IRS,” information returns, if required. Please retain all account statements for your records. The statements contain important tax and other information. Suspension, Modification or Termination of the Preferred Stock Plan We reserve the right to suspend, modify or terminate the Preferred Stock Plan at any time. Participants will be notified of any suspension, modification or termination of the Preferred Stock Plan. Upon our termination of the Preferred Stock Plan any whole book-entry shares owned will continue to be credited to a participant’s account unless specifically requested otherwise. U.S. Federal Income Tax Consequences of Participating in the Preferred Stock Plan Preferred stockholders who receive dividends or distributions in the form of stock are subject to the same U.S. federal, state and local tax consequences as are preferred stockholders who elect to receive their dividends or distributions in cash. A preferred stockholder’s basis for determining gain or loss upon the sale of stock received in a dividend or distribution from us will be equal to the fair market value of the stock received by the stockholder. Any stock received in a dividend or distribution will have a new holding period for tax purposes commencing on the day following the day on which the shares of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock are credited to the U.S. Stockholder’s account. Material U.S. Federal Income Tax Considerations The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us and to an investment in our common shares. This summary does not purport to be a complete description of the income tax considerations applicable to us or our investors on such an investment. For example, we have not described tax consequences that we assume to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including stockholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, dealers in securities, pension plans and trusts, financial institutions, U.S. Stockholders (as defined below) whose functional currency is not the U.S. dollar, persons who mark-to-market our shares, persons who hold our shares as part of a “straddle,” “hedge” or “conversion” transaction, and persons that own or have owned, actually or constructively, 5% or more of any class or series of our stock. This summary assumes that investors hold our common stock as capital assets (within the meaning of the Code). The discussion is based upon the Code, Treasury regulations, and administrative and judicial interpretations, each as of the date of this Annual Report and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets. A “U.S. Stockholder” is a beneficial owner of shares of our common stock that is for U.S. federal income tax purposes: • A citizen or individual resident of the United States; • A corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; • An estate, the income of which is subject to U.S. federal income taxation regardless of its source; or • A trust if (1) a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a U.S. person. A “Non-U.S. Stockholder” is a beneficial owner of shares of our common stock that is not a partnership and is not a U.S. Stockholder. If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds shares of our common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective stockholder that is a partner of a partnership holding shares of our common stock should consult its tax advisor with respect to the purchase, ownership and disposition of shares of our common stock. 20

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Tax consequences to an investor of an investment in our shares will depend on the facts of his, her or its particular situation. We encourage investors to consult their own tax advisors regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws. Election to be Taxed as a RIC As a business development company, we have elected and intend to continue to qualify to be treated as a RIC under Subchapter M of the Code. As a RIC, we generally are not subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that we distribute to our stockholders as dividends. To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, to obtain RIC tax treatment, we must distribute to our stockholders, for each taxable year, at least 90% of our “investment company taxable income,” which is generally our ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the “Annual Distribution Requirement”). Taxation as a RIC In order to qualify as a RIC for U.S. federal income tax purposes, we must, among other things: 1. Qualify to be treated as a business development company or be registered as a management investment company under the 1940 Act at all times during each taxable year; 2. Derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock or other securities or currencies or other income derived with respect to our business of investing in such stock, securities or currencies and net income derived from an interest in a “qualified publicly traded partnership” (as defined in the Code) (the “90% Income Test”); and 3. Diversify our holdings so that at the end of each quarter of the taxable year: a. At least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer (which for these purposes includes the equity securities of a “qualified publicly traded partnership”); and b. No more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, (i) of one issuer (ii) of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) of one or more “qualified publicly traded partnerships,” (the “Diversification Tests”). To the extent that we invest in entities treated as partnerships for U.S. federal income tax purposes (other than a “qualified publicly traded partnership”), we generally must include the items of gross income derived by the partnerships for purposes of the 90% Income Test, and the income that is derived from a partnership (other than a “qualified publicly traded partnership”) will be treated as qualifying income for purposes of the 90% Income Test only to the extent that such income is attributable to items of income of the partnership which would be qualifying income if realized by us directly. If the partnership is a “qualified publicly traded partnership,” the net income derived from such partnership will be qualifying income for purposes of the 90% Income Test, and interests in the partnership will be “securities” for purposes of the Diversification Tests. We monitor our investments in equity securities of entities that are treated as partnerships for U.S. federal income tax purposes to prevent our disqualification as a RIC. In order to meet the 90% Income Test, we may establish one or more special purpose corporations to hold assets from which we do not anticipate earning dividend, interest or other qualifying income under the 90% Income Test. Any such special purpose corporation would generally be subject to U.S. federal income tax, and could result in a reduced after-tax yield on the portion of our assets held by such corporation. Provided that we qualify as a RIC and satisfy the Annual Distribution Requirement, we will not be subject to U.S. federal income tax on the portion of our investment company taxable income and net capital gain (which we define as net long-term capital gains in excess of net short- term capital losses) we timely distribute to stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to our stockholders. We will be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income of RICs unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our ordinary income recognized during the calendar year, 21

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(ii) 98.2% of our capital gain net income, as defined by the Code, recognized for the one year period ending October 31 in that calendar year and (iii) any income recognized, but not distributed, in preceding years. We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount, we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Because any original issue discount accrued will be included in our investment company taxable income for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount. Gain or loss realized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant. As a RIC, we are not allowed to carry forward or carry back a net operating loss for purposes of computing our investment company taxable income in other taxable years. Guidance from the IRS generally permits publicly offered RICs to pay cash/stock dividends consisting of up to 80% stock if certain requirements are met. Any dividends paid in stock in accordance with such guidance will be taxable to the shareholder as if the dividend had been paid in cash and we will receive a dividend paid deduction for such distribution. Although we do not presently expect to do so, we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt obligations and other senior securities are outstanding unless certain “asset coverage” tests are met. See “Regulation as a Business Development Company – Senior Securities.” Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or to avoid the excise tax, we may make such dispositions at times that, from an investment standpoint, are not advantageous. If we fail to satisfy the Annual Distribution Requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. We would not be able to deduct distributions to stockholders, nor would we be required to make distributions. Distributions would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current or accumulated earnings and profits, provided certain holding period and other requirements are met. Subject to certain limitations under the Code, corporate distributees would be eligible for the dividends-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. The remainder of this discussion assumes we will qualify for taxation as a RIC. Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause us to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions, and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test. We will monitor our transactions and may make certain tax elections in order to mitigate the effect of these provisions. We may invest in preferred securities or other securities the U.S. federal income tax treatment of which may be unclear or may be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the expected tax treatment, it could affect the timing or character of income recognized, requiring us to purchase or sell securities, or otherwise change our portfolio, in order to comply with the tax rules applicable to RICs under the Code. Taxation of U.S. Stockholders Distributions by us generally are taxable to U.S. Stockholders as ordinary income or capital gains. Distributions of our “investment company taxable income” (which is, generally, our ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. Stockholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional common stock. Provided that 22

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certain holding period and other requirements are met, such distributions (if properly reported by us) may qualify (i) for the dividends received deduction available to corporations, but only to the extent that our income consists of dividend income from U.S. corporations and (ii) in the case of individual stockholders, as qualified dividend income eligible to be taxed at long-term capital gain rates to the extent that we receive qualified dividend income (generally, dividend income from taxable domestic corporations and certain qualified foreign corporations). There can be no assurance as to what portion, if any, of our distributions will qualify for favorable treatment as qualified dividend income. See “—Important Tax Information” below for certain historic information regarding the portion of our distributions eligible for the dividends received deduction. Certain U.S. Stockholders are limited in their ability to deduct interest expense described in Section 163(j) of the Code. If Section 163(j) applies, the business interest expense deduction allowed for the tax year is generally limited to the sum of: (1) business interest income, (2) 30% of the taxpayer’s adjusted taxable income, and (3) the taxpayer’s “floor plan financing interest expense.” Properly reported dividends paid by us that are attributable to our net business interest income may be treated as Section 163(j) interest dividends, provided that certain holding period and other requirements are satisfied and subject to certain limitations. There can be no assurance as to what portion, if any, of our distributions will qualify for such interest income. See “—Important Tax Information” below for certain historic information regarding the portion of our distributions eligible for treatment as Section 163(j) distributions. Distributions of our net capital gain (which is generally our realized net long-term capital gains in excess of realized net short-term capital losses) properly reported by us as “capital gain dividends” will be taxable to a U.S. Stockholder as long-term capital gains, regardless of the U.S. Stockholder’s holding period for its common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our current and accumulated earnings and profits first will reduce a U.S. Stockholder’s adjusted tax basis in such stockholder’s common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. Stockholder. In determining the extent to which a distribution will be treated as being made from our earnings and profits, our earnings and profits will be allocated, on a pro rata basis, first to distributions with respect to our preferred stock, and then to our common stock. In addition, the IRS currently requires a RIC that has two or more classes of shares outstanding to designate to each such class proportionate amounts of each type of its income (e.g., ordinary income, capital gain dividends, qualified dividend income, dividends eligible for the dividends received deduction) for each tax year based upon the percentage of total dividends distributed to each class for such year. Properly reported dividends paid by us that are attributable to our “qualified REIT dividends” (generally, ordinary income dividends paid by a REIT, not including capital gain dividends or dividends treated as qualified dividend income) may be eligible for the 20% deduction described in Section 199A of the Code in the case of non-corporate U.S. Stockholders, provided that certain holding period and other requirements are met by us and by such stockholder. There can be no assurance as to what portion, if any, of our distributions will qualify for such deduction. Subject to any future regulatory guidance to the contrary, any distribution of income attributable to income from our investment in a master limited partnership (“MLP”) will not qualify for the 20% deduction for “qualified PTP income” that would generally be available to a non-corporate U.S. Stockholder were the stockholder to own such MLP directly. As a result, it is possible that a non-corporate U.S. Stockholder will be subject to a higher effective tax rate on any such distributions received from us compared to the effective rate applicable to any income the U.S. Stockholder would receive if the stockholder invested directly in an MLP. Although we currently intend to distribute any long-term capital gains at least annually, we may in the future decide to retain some or all of our long-term capital gains, and designate the retained amount as a “deemed distribution.” In that case, among other consequences, we will pay tax on the retained amount, and we may elect for each U.S. Stockholder to include his, her or its proportionate share of the deemed distribution in income as if it had been actually distributed to the U.S. Stockholder, in which case the U.S. Stockholder would be entitled to claim a credit equal to its allocable share of the tax paid thereon by us. The amount of the deemed distribution net of such tax will be added to the U.S. Stockholder’s tax basis for his, her or its common stock. The amount of tax that individual stockholders would be treated as having paid and for which they will receive a credit may exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. Stockholder’s other U.S. federal income tax obligations or may be refunded to the extent it exceeds a stockholder’s liability for U.S. federal income tax. A stockholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written notice to our stockholders prior to the expiration of 60 days after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a “deemed distribution.” For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain dividends paid for that year, we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. Stockholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any 23

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dividend declared by us in October, November or December of any calendar year, payable to stockholders of record on a specified date in any such month and actually paid during January of the following year, will be treated as if it had been received by our U.S. Stockholders on December 31 of the year in which the dividend was declared. If a U.S. Stockholder purchases shares of our common stock shortly before the record date of a distribution, the price of the shares will include the value of the distribution and the investor will be subject to tax on the distribution even though it represents a return of its investment. A U.S. Stockholder generally will recognize taxable gain or loss if such U.S. Stockholder sells or otherwise disposes of its shares of our common stock. Any gain or loss arising from such sale or taxable disposition generally will be treated as long-term capital gain or loss if the U.S. Stockholder has held his, her or its shares for more than one year. Otherwise, it would be classified as short-term capital gain or loss. However, any capital loss arising from the sale or taxable disposition of shares of our common stock held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a taxable disposition of shares of our common stock may be disallowed if other substantially identical shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition. Capital losses are deductible only to the extent of capital gains (subject to an exception for individuals under which a limited amount of capital losses may be offset against ordinary income). In general, individual U.S. Stockholders currently are subject to a preferential rate on their net capital gain, or the excess of realized net long-term capital gain over realized net short-term capital loss for a taxable year, including long-term capital gain derived from an investment in our shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Stockholders currently are subject to U.S. federal income tax on net capital gain at ordinary income rates. Certain U.S. Stockholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or a portion of their “net investment income,” which includes dividends received from us and capital gains from the sale or other disposition of our stock. We will make available to each of our U.S. Stockholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per share basis, the amounts includible in such U.S. Stockholder’s taxable income for such year as ordinary income and as long-term capital gain on form 1099-DIV. In addition, the amount and the U.S. federal tax status of each year’s distributions generally will be reported to the IRS. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Stockholder’s particular situation. Payments of dividends, including deemed payments of constructive dividends, or the proceeds of the sale or other taxable disposition of our common stock generally are subject to information reporting unless the U.S. Stockholder is an exempt recipient. Such payments may also be subject to U.S. federal backup withholding at the applicable rate if the recipient of such payment fails to supply a taxpayer identification number or otherwise comply with the rules for establishing an exemption from backup withholding. Backup withholding is not an additional tax, and any amounts withheld under the backup withholding rules generally will be allowed as a refund or credit against the holder’s U.S. federal income tax liability, provided that certain information is provided timely to the IRS. Taxation of Non-U.S. Stockholders Whether an investment in our common stock is appropriate for a Non-U.S. Stockholder will depend upon that person’s particular circumstances. An investment in our common stock by a Non-U.S. Stockholder may have adverse tax consequences. Non-U.S. Stockholders should consult their tax advisers before investing in our common stock. Distributions of our “investment company taxable income” to Non-U.S. Stockholders that are not “effectively connected” with a U.S. trade or business conducted by the Non-U.S. Stockholder, will generally be subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) to the extent of our current or accumulated earnings and profits. Under Section 871(k) of the Code, properly reported distributions to Non-U.S. Stockholders are generally exempt from U.S. federal withholding tax where they (i) are paid in respect of our “qualified net interest income” (generally, our U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we are at least a 10% stockholder, reduced by expenses that are allocable to such income) or (ii) are paid in respect of our “qualified short-term capital gains” (generally, the excess of our net short-term capital gain over our long-term capital loss for such taxable year). However, depending on our circumstances, we may report all, some or none of our potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat such dividends, in whole or 24

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in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a Non-U.S. Stockholder needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, W- 8BEN-E or substitute form). In the case of shares held through an intermediary, the intermediary may withhold even if we report the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Stockholders should contact their intermediaries with respect to the application of these rules to their accounts. There can be no assurance as to what portion of our distributions will qualify for favorable treatment as qualified net interest income or qualified short-term capital gains. See “—Important Tax Information” below for certain historic information regarding the portion of our distributions eligible for treatment as qualified net interest income or qualified short-term capital gains. Actual or deemed distributions of our net capital gain to a Non-U.S. Stockholder, and gains recognized by a Non-U.S. Stockholder upon the sale of our common stock, that are not effectively connected with a U.S. trade or business conducted by the Non-U.S. Stockholder, will generally not be subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless (i) the Non-U.S. Stockholder is a nonresident alien individual and is physically present in the United States for 183 or more days during the taxable year and meets certain other requirements, or (ii) subject to certain exceptions, we are or during prescribed testing periods have been a “United States real property holding corporation” or, in the case of certain distributions, a “qualified investment entity,” each within the meaning of the Foreign Investment in Real Property Tax Act of 1980. Although we do not expect to be a “United States real property holding corporation” or “qualified investment entity,” no assurances can be given in that regard. Distributions of our “investment company taxable income” and net capital gain (including deemed distributions) to Non-U.S. Stockholders, and gains realized by Non-U.S. Stockholders upon the sale of our common stock that are effectively connected with a U.S. trade or business conducted by the Non-U.S. Stockholder, will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. In addition, if such Non-U.S. Stockholder is a foreign corporation, it may also be subject to a 30% (or lower applicable treaty rate) branch profits tax on its effectively connected earnings and profits for the taxable year, subject to adjustments, if its investment in our common stock is effectively connected with its conduct of a U.S. trade or business. If we distribute our net capital gain in the form of deemed rather than actual distributions (which we may do in the future), a Non-U.S. Stockholder will be entitled to a U.S. federal income tax credit or tax refund equal to the stockholder’s allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. Stockholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. Stockholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. In addition, withholding at a rate of 30% will be required on dividends in respect of our stock held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Secretary of the Treasury to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons or by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which our shares are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our shares held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies that such entity does not have any “substantial United States owners” or (ii) provides certain information regarding the entity’s “substantial United States owners,” which we or the applicable withholding agent will in turn provide to the IRS. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. We will not pay any additional amounts to stockholders in respect of any amounts withheld. Non-U.S. Stockholders are encouraged to consult their tax advisors regarding the possible implications of the legislation on their investment in our shares. A Non-U.S. Stockholder generally will be required to comply with certain certification procedures to establish that such holder is not a U.S. person in order to avoid backup withholding with respect to payments of dividends, including deemed payments of constructive dividends, or the proceeds of a disposition of our common stock. In addition, we are required to annually report to the IRS and each Non-U.S. Stockholder the amount of any dividends or constructive dividends treated as paid to such Non-U.S. Stockholder, regardless of whether any tax was actually withheld. Copies of the information returns reporting such dividend or constructive dividend payments and the amount withheld may also be made available to the tax authorities in the country in which a Non-U.S. Stockholder resides under the provisions of an applicable income tax treaty. Backup withholding is not an additional tax, and any amounts withheld under the backup withholding rules generally will be allowed as a refund or credit against a Non-U.S. Stockholder’s U.S. federal income tax liability, if any, provided that certain required information is provided timely to the IRS. Non-U.S. persons should consult their tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in our common stock. 25

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Important Tax Information We have generated certain types of income that may be exempt from U.S. withholding tax when distributed to non-U.S stockholders. As described above, under IRC Section 871(k), a RIC is permitted to designate distributions of qualified interest income and short-term capital gains as exempt from U.S. withholding tax when paid to non-U.S. stockholders with proper documentation. For the 2025 calendar year 59.77% of our taxable ordinary dividends as of December 31, 2025 qualified as interest related dividends which are generally exempt from U.S. withholding tax applicable to non-U.S. stockholders. We have generated income that may be beneficial to shareholders that face interest expense limitations. As described above, under IRC Section 163(j) and the regulations thereunder, a RIC is permitted to designate distributions attributable to net business interest income as section 163(j) interest dividends. For the 2025 calendar year 100.00% of our taxable ordinary dividends as of December 31, 2025 qualified as section 163(j) interest dividends. We have generated dividend income that may be beneficial to certain U.S. corporate shareholders. As described above, under IRC Code Sections 243 and 854, a RIC is permitted to designate ordinary dividends as eligible for the 50% dividends received deduction. For the 2025 calendar year 8.90% of our taxable ordinary dividends as of December 31, 2025 qualified for the deduction under sections 243 and 854. No assurances can be given as to the portion of our future distributions that will qualify under Section 871(k), Section 163(j), or Sections 243 and 854. The discussion set forth herein does not constitute tax advice, and potential investors should consult their own tax advisors concerning the tax considerations relevant to their particular situation. Regulation as a Business Development Company General We are a closed-end, non-diversified investment company that has filed an election to be treated as a BDC under the 1940 Act and has elected to be treated as a RIC under Subchapter M of the Code. The 1940 Act contains prohibitions and restrictions relating to transactions between business development companies and their affiliates (including any investment advisers or sub-advisers), principal underwriters and affiliates of those affiliates or underwriters and requires that a majority of the directors be persons other than “interested persons,” as that term is defined in the 1940 Act. In addition, the 1940 Act provides that we may not change the nature of our business so as to cease to be, or to withdraw our election as, a business development company unless approved by a majority of our outstanding voting securities. We may invest up to 100% of our assets in securities acquired directly from issuers in privately negotiated transactions. With respect to such securities, we may, for the purpose of public resale, be deemed an “underwriter” as that term is defined in the Securities Act of 1933, as amended (the “Securities Act”). Our intention is to not write (sell) or buy put or call options to manage risks associated with the publicly traded securities of our portfolio companies, except that we may enter into hedging transactions to manage the risks associated with interest rate, foreign currency and other market fluctuations. However, in connection with an investment or acquisition financing of a portfolio company, we may purchase or otherwise receive warrants to purchase the common stock of the portfolio company. Similarly, in connection with an acquisition, we may acquire rights to require the issuers of acquired securities or their affiliates to repurchase them under certain circumstances. We also do not intend to acquire securities issued by any investment company that exceed the limits imposed by the 1940 Act. Under these limits, except with respect to money market funds, we generally cannot acquire more than 3% of the voting stock of any regulated investment company, invest more than 5% of the value of our total assets in the securities of one investment company or invest more than 10% of the value of our total assets in the securities of more than one investment company. With regard to that portion of our portfolio invested in securities issued by investment companies, it should be noted that such investments subject our stockholders indirectly to additional expenses. None of these policies are fundamental and may be changed without stockholder approval. 26

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Qualifying Assets Under the 1940 Act, a business development company may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. The principal categories of qualifying assets relevant to our business are the following: 1. Securities purchased in transactions not involving any public offering from the issuer of such securities, which issuer (subject to certain limited exceptions) is an eligible portfolio company, or from any person who is, or has been during the preceding 13 months, an affiliated person of an eligible portfolio company, or from any other person, subject to such rules as may be prescribed by the SEC. An “eligible portfolio company” is defined in the 1940 Act and rules adopted pursuant thereto as any issuer which: a. is organized under the laws of, and has its principal place of business in, the United States; b. is not an investment company (other than a small business investment company wholly owned by the business development company) or a company that would be an investment company but for certain exclusions under the 1940 Act for certain financial companies such as banks, brokers, commercial finance companies, mortgage companies and insurance companies; and c. satisfies any of the following: i. does not have any class of securities with respect to which a broker or dealer may extend margin credit; ii. is controlled by a business development company or a group of companies including a business development company and the business development company has an affiliated person who is a director of the eligible portfolio company; iii. is a small and solvent company having total assets of not more than $4 million and capital and surplus of not less than $2 million; iv. does not have any class of securities listed on a national securities exchange; or v. has a class of securities listed on a national securities exchange, but has an aggregate market value of outstanding voting and non-voting common equity of less than $250 million. 2. Securities in companies that were eligible portfolio companies when we made our initial investment if certain other requirements are satisfied. 3. Securities of any eligible portfolio company which we control. 4. Securities purchased in a private transaction from a U.S. issuer that is not an investment company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came due without material assistance other than conventional lending or financing agreements. 5. Securities of an eligible portfolio company purchased from any person in a private transaction if there is no ready market for such securities and we already own 60% of the outstanding equity of the eligible portfolio company. 6. Securities received in exchange for or distributed on or with respect to securities described in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities. 7. Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment. In addition, a business development company must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described in (1), (2), (3) or (4) above. 27

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Managerial Assistance to Portfolio Companies In order to count portfolio securities as qualifying assets for the purpose of the 70% test, a business development company must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the business development company purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us will vary according to the particular needs of each portfolio company. Examples of such activities include advice on marketing, operations, fulfillment and overall strategy, capital budgeting, managing relationships with financing sources, recruiting management personnel, evaluating acquisition and divestiture opportunities, participating in board and management meetings, consulting with and advising officers of portfolio companies, and providing other organizational and financial guidance. We provide significant managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. Prospect Administration provides such managerial assistance on our behalf to portfolio companies, including controlled companies, when we are required to provide this assistance, utilizing its own personnel and primarily personnel from Prospect Capital Management. Temporary Investments Pending investment in other types of “qualifying assets,” as described above, our investments may consist of cash, cash equivalents, including money market funds, U.S. government securities or high quality debt securities maturing in one year or less from the time of investment, which we refer to, collectively, as temporary investments, so that 70% of our assets are qualifying assets. Typically, we will invest in money market funds, U.S. Treasury bills or in repurchase agreements that are fully collateralized by cash or securities issued by the U.S. government or its agencies. A repurchase agreement involves the purchase by an investor, such as us, of a specified security and the simultaneous agreement by the seller to repurchase it at an agreed upon future date and at a price which is greater than the purchase price by an amount that reflects an agreed- upon interest rate. There is no percentage restriction on the proportion of our assets that may be invested in such repurchase agreements. However, if more than 25% of our total assets constitute repurchase agreements from a single counterparty, we would not meet the Diversification Tests in order to qualify as a RIC for U.S. federal income tax purposes. For a more detailed discussion of the tax requirements to qualify to be treated as a RIC for U.S. federal income tax purposes, see “Material U.S. Federal Income Tax Considerations.” Thus, we do not intend to enter into repurchase agreements with a single counterparty in excess of this limit. The Investment Adviser will monitor the creditworthiness of the counterparties with which we enter into repurchase agreement transactions. Senior Securities Business development companies are generally able to issue senior securities such that their asset coverage, as defined in the 1940 Act, equals at least 200% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. In March 2018, the Small Business Credit Availability Act added Section 61(a)(2) to the 1940 Act, a successor provision to Section 61(a)(1) referenced therein, which reduces the asset coverage requirement applicable to business development companies from 200% to 150% so long as the business development company meets certain disclosure requirements and obtains certain approvals. On March 30, 2020, our Board of Directors approved, and on May 5, 2020, at a special meeting of our stockholders, our stockholders approved, the application to us of the reduced asset coverage requirements in Section 61(a) of the 1940 Act. The application of the reduced asset coverage requirement, which became effective on May 6, 2020, permits us, provided certain requirements are satisfied, to double the maximum amount of leverage that it is permitted to incur by reducing the asset coverage requirement applicable to us from 200% to 150% (a 2:1 debt to equity ratio, as opposed to a 1:1 debt to equity ratio), as provided for in Section 61(a)(2) of the 1940 Act. In other words, under the 1940 Act, the Company is now able to borrow $2 for investment purposes for every $1 of investor equity, as opposed to borrowing $1 for investment purposes for every $1 of investor equity. As a result, the Company may incur additional indebtedness and investors in the Company may face increased investment risk. In addition, the Company’s management fee payable to the Investment Adviser is based on the Company’s average adjusted gross assets, which includes leverage and, as a result, if the Company incurs additional leverage, management fees paid to the Investment Adviser would increase. As of June 30, 2026, our asset coverage ratio stood at 339.4% based on the outstanding principal amount of our senior securities representing indebtedness of $1.9 billion and our asset coverage ratio on our senior securities that are stock was 177.6%. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see “Risk Factors - Risks Relating to Our Securities.” 28

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Code of Ethics We, Prospect Capital Management and Prospect Administration have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code’s requirements. For information on how to obtain a copy of each code of ethics, see “Available Information.” Compliance Policies and Procedures We and the Investment Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the U.S. federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation and to designate a Chief Compliance Officer to be responsible for administering the policies and procedures. Kristin L. Van Dask serves as our Chief Compliance Officer. Proxy Voting Policies and Procedures We have delegated our proxy voting responsibility to Prospect Capital Management. The Proxy Voting Policies and Procedures of Prospect Capital Management are set forth below. The guidelines are reviewed periodically by Prospect Capital Management and our independent directors, and, accordingly, are subject to change. As an investment adviser registered under the Advisers Act, Prospect Capital Management has a fiduciary duty to act solely in the best interests of its clients. As part of this duty, Prospect Capital Management recognizes that it must vote client securities in a timely manner free of conflicts of interest and in the best interests of its clients. These policies and procedures for voting proxies for Prospect Capital Management’s Investment Advisory clients are intended to comply with Section 206 of, and Rule 206(4)-6 under, the Advisers Act. Proxy policies. These policies are designed to be responsive to the wide range of subjects that may be the subject of a proxy vote. These policies are not exhaustive due to the variety of proxy voting issues that Prospect Capital Management may be required to consider. In general, Prospect Capital Management will vote proxies in accordance with these guidelines unless: (1) Prospect Capital Management has determined to consider the matter on a case-by-case basis (as is stated in these guidelines), (2) the subject matter of the vote is not covered by these guidelines, (3) a material conflict of interest is present, or (4) Prospect Capital Management might find it necessary to vote contrary to its general guidelines to maximize stockholder value and vote in its clients’ best interests. In such cases, a decision on how to vote will be made by the Proxy Voting Committee (as described below). In reviewing proxy issues, Prospect Capital Management will apply the following general policies: Elections of directors. In general, Prospect Capital Management will vote in favor of the management-proposed slate of directors. If there is a proxy fight for seats on the Board of Directors or Prospect Capital Management determines that there are other compelling reasons for withholding votes for directors, the Proxy Voting Committee will determine the appropriate vote on the matter. Prospect Capital Management believes that directors have a duty to respond to stockholder actions that have received significant stockholder support. Prospect Capital Management may withhold votes for directors that fail to act on key issues such as failure to implement proposals to declassify boards, failure to implement a majority vote requirement, failure to submit a rights plan to a stockholder vote and failure to act on tender offers where a majority of stockholders have tendered their shares. Finally, Prospect Capital Management may withhold votes for directors of non-U.S. issuers where there is insufficient information about the nominees disclosed in the proxy statement. Appointment of auditors. Our Audit Committee and Board of Directors believe that the Company remains in the best position to choose the auditors and will generally support management’s recommendation. 29

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Changes in capital structure. Changes in a company’s charter, articles of incorporation or by-laws may be required by state or U.S. federal regulation. In general, Prospect Capital Management will cast its votes in accordance with the company’s management on such proposal. However, the Proxy Voting Committee will review and analyze on a case-by-case basis any proposals regarding changes in corporate structure that are not required by state or U.S. federal regulation. Corporate restructurings, mergers and acquisitions. Prospect Capital Management believes proxy votes dealing with corporate reorganizations are an extension of the investment decision. Accordingly, the Proxy Voting Committee will analyze such proposals on a case-by-case basis. Proposals affecting the rights of stockholders. Prospect Capital Management will generally vote in favor of proposals that give stockholders a greater voice in the affairs of the company and oppose any measure that seeks to limit those rights. However, when analyzing such proposals, Prospect Capital Management will weigh the financial impact of the proposal against the impairment of the rights of stockholders. Corporate governance. Prospect Capital Management recognizes the importance of good corporate governance in ensuring that management and the Board of Directors fulfill their obligations to the stockholders. Prospect Capital Management favors proposals promoting transparency and accountability within a company. Anti-takeover measures. The Proxy Voting Committee will evaluate, on a case-by-case basis, proposals regarding anti-takeover measures to determine the measure’s likely effect on stockholder value dilution. Stock splits. Prospect Capital Management will generally vote with the management of the company on stock split matters. Limited liability of directors. Prospect Capital Management will generally vote with management on matters that would affect the limited liability of directors. Social and corporate responsibility. The Proxy Voting Committee may review and analyze on a case-by-case basis proposals relating to social, political and environmental issues to determine whether they will have a financial impact on stockholder value. Prospect Capital Management may abstain from voting on social proposals that do not have a readily determinable financial impact on stockholder value. Proxy voting procedures. Prospect Capital Management will generally vote proxies in accordance with these guidelines. In circumstances in which (1) Prospect Capital Management has determined to consider the matter on a case-by-case basis (as is stated in these guidelines), (2) the subject matter of the vote is not covered by these guidelines, (3) a material conflict of interest is present, or (4) Prospect Capital Management might find it necessary to vote contrary to its general guidelines to maximize stockholder value and vote in its clients’ best interests, the Proxy Voting Committee will vote the proxy. Proxy voting committee. Prospect Capital Management has formed a proxy voting committee to establish general proxy policies and consider specific proxy voting matters as necessary. In addition, members of the committee may contact the management of the company and interested stockholder groups as necessary to discuss proxy issues. Members of the committee will include relevant senior personnel. The committee may also evaluate proxies where we face a potential conflict of interest (as discussed below). Finally, the committee monitors adherence to guidelines, and reviews the policies contained in this statement from time to time. 30

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Conflicts of interest. Prospect Capital Management recognizes that there may be a potential conflict of interest when it votes a proxy solicited by an issuer that is its advisory client or a client or customer of one of our affiliates or with whom it has another business or personal relationship that may affect how it votes on the issuer’s proxy. Prospect Capital Management believes that adherence to these policies and procedures ensures that proxies are voted with only its clients’ best interests in mind. To ensure that its votes are not the product of a conflict of interests, Prospect Capital Management requires that: (i) anyone involved in the decision making process (including members of the Proxy Voting Committee) disclose to the chairman of the Proxy Voting Committee any potential conflict that he or she is aware of and any contact that he or she has had with any interested party regarding a proxy vote; and (ii) employees involved in the decision making process or vote administration are prohibited from revealing how Prospect Capital Management intends to vote on a proposal in order to reduce any attempted influence from interested parties. Proxy voting. Each account’s custodian will forward all relevant proxy materials to Prospect Capital Management, either electronically or in physical form to the address of record that Prospect Capital Management has provided to the custodian. Proxy recordkeeping. Prospect Capital Management must retain the following documents pertaining to proxy voting: • copies of its proxy voting policies and procedures; • copies of all proxy statements; • records of all votes cast by Prospect Capital Management; • copies of all documents created by Prospect Capital Management that were material to making a decision how to vote proxies or that memorializes the basis for that decision; and • copies of all written client requests for information with regard to how Prospect Capital Management voted proxies on behalf of the client as well as any written responses provided. All of the above-referenced records will be maintained and preserved for a period of not less than five years from the end of the fiscal year during which the last entry was made. The first two years of records must be maintained at our office. Proxy voting records. Clients may obtain information about how Prospect Capital Management voted proxies on their behalf by making a written request for proxy voting information to: Compliance Officer, Prospect Capital Management LLC, 700 S Rosemary Ave, Suite 204, West Palm Beach, FL 33401. Sarbanes-Oxley Act of 2002 The Sarbanes-Oxley Act of 2002 imposes a variety of regulatory requirements on publicly-held companies. In addition to our Chief Executive and Chief Financial Officers’ required certifications as to the accuracy of our financial reporting, we are also required to disclose the effectiveness of our disclosure controls and procedures as well as report on our assessment of our internal controls over financial reporting, the latter of which must be audited by our independent registered public accounting firm. The Sarbanes-Oxley Act of 2002 also requires us to continually review our policies and procedures to ensure that we remain in compliance with all rules promulgated thereunder. 31

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Available Information We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This information is available free of charge by contacting us at (212) 448-0702 or on our website at www.prospectstreet.com. Information contained on our website is not incorporated into this Annual Report or other documents we file with or furnish to the SEC, and you should not consider such information to be part of this Annual Report or other documents we file with or furnish to the SEC. You also may inspect and copy these reports, proxy statements and other information, as well as the Annual Report and related exhibits and schedules, at the Public Reference Room of the SEC at 100 F Street NE, Washington, D.C. 20549. Such information is also available from the EDGAR database on the SEC’s website at http://www.sec.gov. You also can obtain copies of such information, after paying a duplicating fee, by sending a request by e-mail to publicinfo@sec.gov or by writing the SEC’s Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, D.C. 20549. You may obtain information on the operation of the SEC’s Public Reference Room by calling the SEC at (202) 551-8090 or (800) SEC- 0330. We intend to use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Those disclosures will be included on our website in the “Investors” or “News” section. Accordingly, investors should monitor our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Item 1A. Risk Factors You should carefully consider the risks described below, together with all of the other information included in this Annual Report, before you decide whether to make an investment in our securities. The risks set forth below are not the only risks we face. Additional risks and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance. If any of the adverse events or conditions described below occurs, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV, and the trading price of our common stock could decline, or the value of our preferred stock, debt securities, and warrants, if any are outstanding, may decline, and you may lose all or part of your investment. The risk factors described below are the principal risk factors associated with an investment in our securities as well as those factors generally associated with an investment company with investment objectives, investment policies, capital structure or trading markets similar to ours. Our previously outstanding 6.375% convertible notes due 2025, which matured during the fiscal year ended June 30, 2025, are referred to as the “2025 Notes” or the “Convertible Notes”. Our previously outstanding 3.706% unsecured notes due 2026, which were redeemed during the fiscal year ended June 30, 2025, are referred to as the “2026 Notes”. Our $264.5 million of 3.364% unsecured notes due 2026 are referred to as the “3.364% 2026 Notes”. Our $654.7 million of 3.437% unsecured notes due 2028 are referred to as the “3.437% 2028 Notes”. Our $182.2 million of 5.50% unsecured notes due 2030 are referred to as the “5.50% 2030 Notes”, and collectively with the 2026 Notes, the 3.364% 2026 Notes, and the 3.437% 2028 Notes, as the “Public Notes”. Any corporate notes issued pursuant to our medium term notes program with InspereX LLC are referred to as “Prospect Capital InterNotes®”. The Public Notes and Prospect Capital InterNotes® are collectively referred to as the “Unsecured Notes”. The summary below provides an overview of many of the risks we face that are described in this section. Additional risks, beyond those summarized below or discussed in this section, may also materially and adversely impact our business, financial conditions and results of operation. Consistent with the foregoing, the risks we face include, but are not limited to, the following: Risks Relating to Our Business • We are subject to risks related to corporate social responsibility. • Inflation can adversely impact our cost of capital and the value of our portfolio investments. • Capital markets may experience periods of disruption and instability, and we cannot predict when these conditions occur. Such marketconditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations. • Global economic, political and market conditions, including uncertainty about the financial or political stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. • Trade negotiations and other government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies. • Events outside of our control, including public health crises, may have a negative impact on our portfolio companies and our business and operations. • Legislative or other actions relating to taxes could have a negative effect on us. 32

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• Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. • Volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations. • Our financial condition and results of operations will depend on our ability to manage our future growth effectively. • We fund a portion of our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. • We need to raise additional capital to grow because we must distribute most of our income. • Our business model depends upon the development and maintenance of strong referral relationships with other asset managers andinvestment banking firms. Risks Relating to Our Operation as a Business Development Company • If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy. • If we fail to qualify as a RIC, we will have to pay corporate-level taxes on our income, and our income available for distribution wouldbe reduced. • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. • Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. • Securitization of our assets subjects us to various risks. • Our ability to invest in public companies may be limited in certain circumstances. Risks Relating to Our Investments • We may not realize gains or income from our investments.• Most of our portfolio investments are recorded at fair value as determined in good faith under the direction of our Board of Directors and, as a result, there is uncertainty as to the value of our portfolio investments. • Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. • Our investments in prospective portfolio companies may be risky and we could lose all or part of our investment. • The lack of liquidity in our investments may adversely affect our business. • Economic recessions or downturns could impair our portfolio companies and harm our operating results. • Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk. • Our portfolio contains a limited number of portfolio companies, some of which comprise a substantial percentage of our portfolio, which subjects us to a greater risk of significant loss if any of these companies defaults on its obligations under any of its debt securities. • Our investments in CLOs may be riskier and less transparent to us and our stockholders than direct investments in the underlying companies. • Investments in covenant-lite loans may expose us to different and increased risks. Risks Relating to Our Securities • Our credit ratings may not reflect all risks of an investment in our debt securities. • Senior securities, including debt and preferred equity, expose us to additional risks, including the typical risks associated with leverage and could adversely affect our business, financial condition and results of operations.• We have entered into dealer manager agreements and underwriting agreements pursuant to which we intend to sell shares of preferred stock, the terms of which could result in significant dilution to existing common stockholders. • Holders of any preferred stock we might issue would have the right to elect members of the Board of Directors and class voting rights on certain matters. • The trading market or market value of our publicly traded preferred stock may fluctuate. • In addition to regulatory restrictions that restrict our ability to raise capital, our credit facility contains various covenants which, if not complied with, could accelerate repayment under the facility, thereby materially and adversely affecting our liquidity, financial condition and results of operations. • Failure to refinance our existing Unsecured Notes could have a material adverse effect on our results of operations and financial position. • The trading market or market value of our publicly issued debt securities may fluctuate. • Our shares of common stock currently trade at a discount from net asset value and may continue to do so in the future, which could limit our ability to raise additional equity capital. 33

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• Investing in our securities may involve a high degree of risk and is highly speculative. • Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. General Risk Factors • We may experience fluctuations in our quarterly results. Risks Relating to Our Business We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance, transparency and consideration of ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. Additionally, new regulatory initiatives related to ESG could adversely affect our business, our portfolio companies and the value of your investment in our business. Inflation can adversely impact our cost of capital and the value of our portfolio investments. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Although generally decelerating, inflation remains above the U.S. Federal Reserve’s target levels. Although the Federal Reserve held interest rates steady through much of 2025 before reducing rates in September, October and December 2025, rates remain elevated relative to the interest rate environment prior to the inflationary spike in 2022-2023, and it remains difficult to predict the full impact of recent and any future changes with respect to interest rates or inflation. If inflation increases, the real value of our common stock and distributions therefore may decline. In addition, during any periods of rising inflation, the interest rates of debt securities we issue would likely increase, which would tend to further reduce returns to common stockholder; likewise, as interest rates increase, the value of our debt investments would decrease, though this effect can be less pronounced for floating rate instruments. This could also lead to decreased asset coverage for our outstanding debt and preferred stock. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our stockholders. This risk is greater for fixed-income instruments with longer maturities. Capital markets may experience periods of disruption and instability, and we cannot predict when these conditions occur. Such market conditions may materially and adversely affect debt and equity capital markets in the United States and abroad, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability, which may be evidenced by a lack of liquidity in debt capital markets, write-offs in the financial services sector, the re-pricing of credit risk, the failure of certain financial institutions, or worsening ofgeneral economic condition, any of which could materially and adversely impact the broader financial and credit markets and reduce the availability of debt and equity capital for the market as a whole and financial services firms in particular. There can be no assurance these market conditions will not occur or worsen in the future, including economic and political events in or affecting the world’s major economies, such as the ongoing war between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, including the joint U.S.-Israeli strikes on Iran in February 2026, political unrest in South America and recent U.S. military action overseas. Sanctions imposed by the U.S. and other countries in connection with hostilities between Russia and Ukraine and the tensions between China and Taiwan have caused additional financial market volatility and affected the global economy. Concerns over future inflation volatility, economic recession, fluctuations in oil and gas prices resulting from global production and demand levels, changes regarding immigration and work permit policies and other political and security concerns may not abate, which may cause the debt and equity capital markets, and as a result, our business, to be adversely affected both within and outside of regions experiencing ongoing conflict. Market uncertainty and volatility have also been magnified as a result of the 2024 U.S. presidential and congressional elections and resulting uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies, including with respect to treaties and tariffs. In addition to impacting the capital markets, global economic, political and market conditions could have a significant adverse effect on our business, financial condition and results of operations. Equity capital may be difficult to raise during such periods of adverse or volatile market conditions because subject to some limited exceptions, as a BDC, we are generally not able to issue additional shares of our common stock at a price less than net asset value without general approval by our stockholders, which we currently have until July 7, 2027, and approval of the 34

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specific issuance by our Board of Directors. In addition, our ability to incur indebtedness or issue preferred stock is limited by applicable regulations such that our asset coverage, as defined in the 1940 Act, must equal at least 150% immediately after each time we incur indebtedness or issue preferred stock. The debt capital that may be available, if at all, may be at a higher cost and on less favorable terms and conditions in the future. Any inability to raise capital could have a negative effect on our business, financial condition and results of operations. Market conditions may in the future make it difficult to extend the maturity of or refinance our existing indebtedness, including the final maturity of our revolving credit facility in June 2029, and any failure to do so could have a material adverse effect on our business. The re-appearance of market conditions similar to those experienced during portions of 2020 and from 2007 through 2009 for any substantial length of time or worsened market conditions, including as a result of U.S. government shutdowns or the perceived creditworthiness or stability of the United States, could make it difficult to extend the maturity of, or refinance, our existing indebtedness, or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience. Further, if we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. The illiquidity of our investments may make it difficult for us to sell such investments, if required. As a result, we may realize significantly less than the value at which we have recorded our investments if forced to liquidate quickly. Given the extreme volatility and dislocation that the capital markets have historically experienced, many BDCs have faced, and may in the future face, a challenging environment in which to raise capital. We may in the future have difficulty accessing debt and equity capital, and a severe disruption in the global financial markets or deterioration in credit and financing conditions could have a material adverse effect on our business, financial condition and results of operations. In addition, significant changes in the capital markets, including extreme volatility and disruption, have had, and may in the future have, a negative effect on the valuations of our investments and on the potential for liquidity events involving our investments. An inability to raise capital, and any required sale of our investments for liquidity purposes, could have a material adverse impact on our business, financial condition or results of operations. The Investment Adviser does not know how long uncertainty and volatility in the financial markets will continue to and cannot predict the effects of events in the future on the United States economy and securities markets or on our investments. The Investment Adviser monitors developments and seeks to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that it will be successful in doing so; and the Investment Adviser may not timely anticipate or manage existing, new or additional risks, contingencies or developments, including regulatory developments in the current or future market environment. We record certain of our assets at fair value, as determined in good faith by our Board of Directors in accordance with our valuation policy. As a result, volatility in the capital markets may have a material adverse effect on our investment valuations and our net asset value, even if we plan to hold investments to maturity. The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations. Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Company. For example, in 2023, the financial markets experienced volatility in connection with concerns that some banks, especially small and regional banks, may have significant investment-related losses that might make it difficult to find demands to withdraw deposits and other liquidity needs. This and similar developments could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could result in increased costs and require significant attention from our Investment Adviser. 35

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Global economic, political and market conditions, including uncertainty about the financial or political stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. Downgrades by rating agencies to the U.S. government’s credit rating or concerns about its credit and deficit levels in general could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our common stock. Deterioration in the economic conditions in the Eurozone and globally, including instability in financial markets, may pose a risk to our business. In recent years, financial markets have been affected at times by a number of global macroeconomic and political events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non‐performing loans on the balance sheets of European banks, the effect of the United Kingdom leaving the European Union (the “EU”), and market volatility and loss of investor confidence driven by political events. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. We cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. The Chinese capital markets have also experienced periods of instability over the past several years. The current political climate has also intensified concerns about a potential trade war between the U.S. and China in connection with each country’s recent or proposed tariffs on the other country’s products. These market and economic disruptions and the potential trade war with China have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. The current global financial market situation, as well as various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, adverse effects of climate crisis and global health epidemics), may contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide, which could adversely affect our business, financial condition or results of operations. Additionally, the U.S. government’s credit and deficit concerns, the ongoing war between Russia and Ukraine, conflicts in the Middle East, including the United States’ and Israel’s war with Iran, and the trade tensions between the U.S. and other countries could cause further volatility in interest rates, which may negatively impact our and our portfolio companies' ability to access the debt markets on favorable terms. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. For example, the Tax Cuts and Jobs Act made substantial changes to the Code. Among those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to “sunset” provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international tax rules. Changes to the U.S. federal tax laws and interpretations thereof could adversely affect an investment in our common stock. Changes in interest rates may adversely affect the value of our portfolio investments which could have an adverse effect on our business, financial condition and results of operations. Our debt investments are generally based on floating rates, such as EURIBOR, Secured Overnight Financing Rate (“SOFR”), the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our common stock and our rate of return on invested capital. An increase in interest rates generally will increase the cost of borrowing for the companies in which we invest and may make them less profitable, which generally would decrease the value of our investments in them. In addition, although we generally expect to invest a limited percentage of our assets in instruments with a fixed interest rate, including subordinated loans, senior and junior secured and unsecured debt 36

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securities and loans in high yield bonds, an increase in interest rates could decrease the value of those fixed rate investments. Rising interest rates may also increase the cost of debt for our underlying portfolio companies, which could adversely impact their financial performance and ability to meet ongoing obligations to the Company. Also, an increase in interest rates available to investors could make investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. Because we have borrowed money, and continue to issue preferred stock to finance investments, our net investment income depends, in part, upon the difference between the rate at which we borrow funds or pay dividends on preferred stock and the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of high interest rates, our cost of funds would increase except to the extent we have issued fixed rate debt or preferred stock, which could reduce our net investment income. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Investment Adviser with respect to the portion of the incentive fee based on income. The senior secured loans underlying the CLOs in which we invest typically have floating interest rates. A rising interest rate environment may increase loan defaults, resulting in losses for the CLOs in which we invest. In addition, increasing interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest payments or refinance floating rate loans. Further, a general rise in interest rates will increase the financing costs of the CLOs. The ongoing risks associated with transitioning from LIBOR to term SOFR or an alternative benchmark rate may be difficult to assess or predict. To the extent that the rate utilized for senior secured loans held by a CLO differs from the rate utilized in calculating interest on the debt securities issued by the CLO, there is a basis risk between the two rates (e.g., SOFR or another benchmark rate or the 1-month term SOFR rate and the 3- month term SOFR rate). This means the CLO could experience an interest rate mismatch between its assets and liabilities, which could have an adverse impact on the cash flows distributed to CLO equity investors as well as our net investment income and portfolio returns until such mismatch is corrected or minimized, if at all, which would be expected to occur when both the underlying senior secured loans and the CLO securities utilize the same benchmark index rate. At this time, it is not possible to predict the full effects of the phasing out of LIBOR on U.S. senior secured loans, on CLO debt securities, and on the underlying assets of the specific CLOs in which we intend to invest. Benchmark Rate Mismatch. Many underlying corporate borrowers can elect to pay interest based on 1-month term SOFR, 3-month term SOFR and/or other term SOFR or benchmark rates in respect of the loans held by CLOs in which we are invested, in each case plus an applicable spread, whereas CLOs generally pay interest to holders of the CLO’s debt tranches based on 3-month term SOFR plus a spread. The 3-month term SOFR rate may fluctuate in excess of other potential term SOFR or other benchmark rates, which may result in many underlying corporate borrowers electing to pay interest based on a shorter or different, but in any event, lower term SOFR or other benchmark rate. This mismatch in the rate at which CLOs earn interest and the rate at which they pay interest on their debt tranches negatively impacts the cash flows on a CLO’s equity tranche, which may in turn adversely affect our cash flows and results of operations. Unless spreads are adjusted to account for such increases, these negative impacts may worsen as the amount by which the 3-month term rate exceeds such other chosen term SOFR or other benchmark rate. Volatility in the global financial markets could have a material adverse effect on our business, financial condition and results of operations. Volatility in the global financial markets could have an adverse effect on the United States and could result from a number of causes. In recent years, financial markets have been affected at times by a number of global macroeconomic and political events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the potential effect of any European country leaving the Eurozone, the effect of the United Kingdom leaving the EU, and market volatility and loss of investor confidence driven by political events. The decision made in the United Kingdom to leave the EU has led to volatility in global financial markets and may lead to weakening in consumer, corporate and financial confidence in the United Kingdom and Europe. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence of default on consumer debt and home prices, among other factors. We cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available or, if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent 37

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uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. The Chinese capital markets have also experienced periods of instability over the past several years. The current political climate has also intensified concerns about a potential trade war between the U.S. and China in connection with each country’s recent or proposed tariffs on the other country’s products. These market and economic disruptions and the potential trade war with China have affected, and may in the future affect, the U.S. capital markets, which could adversely affect our business, financial condition or results of operations. The occurrence of global events similar to those in recent years, such as the Russia-Ukraine war and more recently the ongoing conflicts in the Middle East, the United States’ and Israel’s war with Iran, instability in Iran, Iraq, Afghanistan, Pakistan, Egypt, Libya, Syria, and North Korea, political unrest in South America and recent U.S. military action overseas, new and ongoing pandemics, epidemics or outbreaks of infectious diseases in certain parts of the world, natural/environmental disasters in certain parts of the world, terrorist attacks in the U.S. and around the world, trade or tariff arrangements, social and political discord, debt crises, sovereign debt downgrades, increasingly strained relations between the United States and a number of foreign countries including traditional allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, continued changes in the balance of political power among and within the branches of the U.S. government, and government shutdowns, among others, may result in market volatility, may have long-term effects on the United States and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide. Periods of volatility still remain, and risks to a robust resumption of growth persist. Federal Reserve policy, including with respect to certain interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Market volatility, dramatic changes to interest rates and/or a return to unfavorable economic conditions may lower the Company’s performance or impair the Company’s ability to achieve its investment objective. The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of our portfolio. We do not know how long the securities markets may be affected by similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. Non-investment grade and equity securities tend to be more volatile than investment-grade fixed income securities; therefore, these events and other market disruptions may have a greater impact on the prices and volatility of non-investment grade and equity securities than on investment-grade fixed income securities. There can be no assurances that similar events and other market disruptions will not have other material and adverse implications. Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies. Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties. The U.S. Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which we are subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations. Trade negotiations and other government actions may create regulatory uncertainty for the portfolio companies and our investment strategy and adversely affect the profitability of the portfolio companies. 38

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In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For example, the U.S. government has imposed, and may in the future further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Most recently, the current U.S. presidential administration has imposed or sought to impose significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. Tariffs on imported goods could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of portfolio companies whose businesses rely on goods imported from such impacted jurisdictions. More recently, tariff announcements and ongoing global trade negotiations have contributed to significant uncertainty and volatility in the debt and equity markets. Changes in trade policy and the imposition of new tariffs could disrupt supply chains and potentially reverse the recent downward trend in inflation, and uncertainty as to how or what tariffs will be enforced or imposed in the future, or what retaliatory measures other countries may take in response, could compound these effects. In addition, the current U.S. presidential administration has signaled its intention to implement, or has implemented, significant changes to the size of the federal government and the enforcement of various regulations. Substantial reductions in government spending could negatively affect certain of our portfolio companies that rely on government contracts and could destabilize the U.S. government contracting market, harming our ability to generate expected returns. Additionally, changes in the regulation or enforcement of bank lending and capital requirements could have material and adverse effects on the private credit market. Our financial condition and results of operations will depend on our ability to manage our future growth effectively. Prospect Capital Management has been registered as an investment adviser since March 31, 2004, and we have been organized as a closed-end investment company since April 13, 2004. Our ability to achieve our investment objective depends on our ability to grow, which depends, in turn, on the Investment Adviser’s ability to continue to identify, analyze, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the Investment Adviser’s structuring of investments, its ability to provide competent, attentive and efficient services to us and our access to financing on acceptable terms. As we continue to grow, Prospect Capital Management will need to continue to hire, train, supervise and manage new employees. Failure to manage our future growth effectively could have a materially adverse effect on our business, financial condition and results of operations. We are dependent upon Prospect Capital Management’s key management personnel for our future success. We depend on the diligence, skill and network of business contacts of the senior management of the Investment Adviser. We also depend, to a significant extent, on the Investment Adviser’s access to the investment professionals and the information and deal flow generated by these investment professionals in the course of their investment and portfolio management activities. The senior management team of the Investment Adviser evaluates, negotiates, structures, closes, monitors and services our investments. Our success depends to a significant extent on the continued service of the senior management team, particularly John F. Barry III and M. Grier Eliasek. The departure of any of the senior management team could have a materially adverse effect on our ability to achieve our investment objective. In addition, we can offer no assurance that Prospect Capital Management will remain the Investment Adviser or that we will continue to have access to its investment professionals or its information and deal flow. We operate in a highly competitive market for investment opportunities. A number of entities compete with us to make the types of investments that we make in middle-market companies. We compete with other BDCs, public and private funds, commercial and investment banks, commercial financing companies, insurance companies, hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. Some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC and that the Code imposes on us as a RIC. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to pursue attractive investment opportunities from time to time. We do not seek to compete primarily based on the interest rates we offer and we believe that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. Rather, we compete with our competitors 39

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based on our existing investment platform, seasoned investment professionals, experience and focus on middle-market companies, disciplined investment philosophy, extensive industry focus and flexible transaction structuring. We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on less favorable terms than what we may have originally anticipated, which may impact our return on these investments. We fund a portion of our investments with borrowed money, which magnifies the potential for gain or loss on amounts invested and may increase the risk of investing in us. Borrowings and other types of financing, also known as leverage, magnify the potential for gain or loss on amounts invested and, therefore, increase the risks associated with investing in our securities. Our lenders have fixed dollar claims on our assets that are superior to the claims of our common stockholders or any preferred stockholders. If the value of our assets increases, then leveraging would cause the net asset value to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase in our income in excess of consolidated interest payable on the borrowed funds would cause our net income to increase more than it would without the leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make common stock dividend payments. Leverage is generally considered a speculative investment technique. We need to raise additional capital to grow because we must distribute most of our income. We need additional capital to fund growth in our investments. A reduction in the availability of new capital could limit our ability to grow. We must distribute at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, to our stockholders to maintain our status as a RIC for U.S. federal income tax purposes. As a result, such earnings are not available to fund investment originations. We have sought additional capital by borrowing from financial institutions and issuing debt or equity securities and may in the future issue additional debt or equity securities. If we fail to obtain funds from such sources or from other sources to fund our investments, we could be limited in our ability to grow, which may have an adverse effect on the value of our common stock. In addition, as a BDC, we generally may not borrow money or issue debt securities or issue preferred stock unless immediately thereafter our ratio of total assets to total borrowings and other senior securities is at least 150%. This may restrict our ability to obtain additional leverage in certain circumstances. Our most recent NAV was calculated on June 30, 2026 and our NAV when calculated effective September 30, 2026 and thereafter may be higher or lower. Our NAV per common share is $5.71 as of June 30, 2026. NAV per common share as of September 30, 2026 may be higher or lower than $5.71 based on potential changes in valuations, issuances of securities, repurchases of securities, dividends paid and earnings for the quarter then ended. Our Board of Directors has not yet determined the fair value of portfolio investments at any date subsequent to June 30, 2026. Our Board of Directors determines the fair value of our portfolio investments on a quarterly basis in connection with the preparation of quarterly financial statements and based on input from independent valuation firms, the Investment Adviser, the Administrator and the Audit Committee of our Board of Directors. Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms. We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of equity investments and achieve our investment objective. In addition, persons with whom we have informal relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of equity or other investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct equity investments or for investments through private secondary market transactions or other secondary transactions. 40

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The Investment Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Investment Adviser against certain liabilities, which may lead the Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account. The Investment Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board of Directors in declining to follow the Investment Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, the Investment Adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it will not be liable to us for their acts under the Investment Advisory Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. We have agreed to indemnify, defend and protect the Investment Adviser and its members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it with respect to all damages, liabilities, costs and expenses resulting from acts of the Investment Adviser not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Advisory Agreement. These protections may lead the Investment Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. Potential conflicts of interest could impact our investment returns. Our executive officers and directors, and the executive officers of the Investment Adviser, may serve as officers, directors or principals of entities that operate in the same or related lines of business as we do or of investment funds managed by our affiliates. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in our best interests or those of our stockholders. Nevertheless, it is possible that new investment opportunities that meet our investment objective may come to the attention of one of these entities in connection with another investment advisory client or program, and, if so, such opportunity might not be offered, or otherwise made available, to us. However, as an investment adviser, Prospect Capital Management has a fiduciary obligation to act in the best interests of its clients, including us. To that end, if Prospect Capital Management or its affiliates manage any additional investment vehicles or client accounts in the future, Prospect Capital Management will endeavor to allocate investment opportunities in a fair and equitable manner over time so as not to discriminate unfairly against any client. If Prospect Capital Management chooses to establish another investment fund in the future, when the investment professionals of Prospect Capital Management identify an investment, they will have to choose which investment fund should make the investment. In the course of our investing activities, under the Investment Advisory Agreement we pay base management and incentive fees to Prospect Capital Management and reimburse Prospect Capital Management for certain expenses it incurs. As a result of the Investment Advisory Agreement, there may be times when the senior management team of Prospect Capital Management has interests that differ from those of our stockholders, giving rise to a conflict. The Investment Adviser receives a quarterly income incentive fee based, in part, on our pre-incentive fee net investment income, if any, for the immediately preceding calendar quarter. This income incentive fee is subject to a fixed quarterly hurdle rate before providing an income incentive fee return to Prospect Capital Management. This fixed hurdle rate was determined when then current interest rates were relatively low on a historical basis. Thus, as interest rates rise, it could become easier for our investment income to exceed the hurdle rate and, as a result, more likely that Prospect Capital Management will receive an income incentive fee than if interest rates on our investments remained constant or decreased. Subject to the receipt of any requisite stockholder approval under the 1940 Act, our Board of Directors may adjust the hurdle rate by amending the Investment Advisory Agreement. The income incentive fee payable by us is computed and paid on income that may include interest that has been accrued but not yet received in cash. If a portfolio company defaults on a loan that has a deferred interest feature, it is possible that interest accrued under such loan that has previously been included in the calculation of the income incentive fee will become uncollectible. If this happens, we will reverse the interest that was recorded but Prospect Capital Management is not required to reimburse us for any such income incentive fee payments that were received in the past but would reduce the current period incentive fee for the effects of the reversal, if any. If we do not have sufficient liquid assets to pay this incentive fee or distributions to stockholders on such accrued income, we may be required to liquidate assets in order to do so. This fee structure could give rise to a conflict of interest for Prospect Capital Management to the extent that it may encourage Prospect Capital Management to favor debt financings that provide for deferred interest, rather than current cash payments of interest. 41

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We have entered into a royalty-free license agreement with Prospect Capital Management. Under this agreement, Prospect Capital Management agrees to grant us a non-exclusive license to use the name “Prospect Capital.” Under the license agreement, we have the right to use the “Prospect Capital” name for so long as Prospect Capital Management or one of its affiliates remains our investment adviser. In addition, we rent office space from Prospect Administration, an affiliate of Prospect Capital Management, and pay Prospect Administration our allocable portion of overhead and other expenses incurred by Prospect Administration in performing its obligations as Administrator under the Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer and Chief Compliance Officer and their respective staffs. This may create conflicts of interest that our Board of Directors monitors. Our incentive fee could induce Prospect Capital Management to make speculative investments. The incentive fee payable by us to Prospect Capital Management may create an incentive for the Investment Adviser to make investments on our behalf that are more speculative or involve more risk than would be the case in the absence of such compensation arrangement. The way in which the incentive fee payable is determined (calculated as a percentage of the return on invested capital) may encourage the Investment Adviser to use leverage to increase the return on our investments. Increased use of leverage and this increased risk of replacement of that leverage at maturity would increase the likelihood of default, which would disfavor holders of our common stock. Similarly, because the Investment Adviser will receive an incentive fee based, in part, upon net capital gains realized on our investments, the Investment Adviser may invest more than would otherwise be appropriate in companies whose securities are likely to yield capital gains, as compared to income producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. The incentive fee payable by us to Prospect Capital Management could create an incentive for the Investment Adviser to invest on our behalf in instruments, such as zero coupon bonds, that have a deferred interest feature. Under these investments, we would accrue interest income over the life of the investment but would not receive payments in cash on the investment until the end of the term. Our net investment income used to calculate the income incentive fee, however, includes accrued interest. For example, accrued interest, if any, on our investments in zero coupon bonds will be included in the calculation of our incentive fee, even though we will not receive any cash interest payments in respect of payment on the bond until its maturity date. Thus, a portion of this incentive fee would be based on income that we may not have yet received in cash in the event of default may never receive. We may be obligated to pay our Investment Adviser incentive compensation even if we incur a loss. The Investment Adviser is entitled to incentive compensation for each fiscal quarter based, in part, on our pre-incentive fee net investment income if any, for the immediately preceding calendar quarter above a performance threshold for that quarter. Accordingly, since the performance threshold is based on a percentage of our net asset value, decreases in our net asset value make it easier to achieve the performance threshold. Our pre-incentive fee net investment income for incentive compensation purposes excludes realized and unrealized capital losses or depreciation that we may incur in the fiscal quarter, even if such capital losses or depreciation result in a net loss on our statement of operations for that quarter. Thus, we may be required to pay the Investment Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. In addition, increases in interest rates may increase the amount of incentive fees we pay to our Investment Adviser even though our performance relative to the market has not increased. The Investment Adviser and the Administrator have the right to resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our business, financial condition and results of operations. The Investment Adviser and the Administrator have the right, under the Investment Advisory Agreement and the Administration Agreement, respectively, to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Investment Adviser or the Administrator resigns, we may not be able to find a replacement or hire internal management or administration with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our business, financial condition and results of operations as well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment activities or our internal administration activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Investment Adviser and its affiliates or the Administrator and its affiliates. Even if we are able to retain comparable management or administration, whether internal or external, the integration of such management or administration and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition and results of operations. 42

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Changes in the laws or regulations governing our business or the businesses of our portfolio companies and any failure by us or our portfolio companies to comply with these laws or regulations could negatively affect the profitability of our operations or the profitability of our portfolio companies. We are subject to changing rules and regulations of federal and state governments, as well as the stock exchange on which our common stock is listed. These entities, including the Public Company Accounting Oversight Board, the SEC, the NASDAQ Global Select Market and the New York Stock Exchange LLC (“NYSE”), have issued a significant number of new and increasingly complex requirements and regulations over the course of the last several years and continue to develop additional regulations. In particular, changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository commercial lenders could significantly affect our operations and our cost of doing business. We are subject to federal, state and local laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations, maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, cybersecurity preparedness, collection and foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses in order to comply, or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and decisions, we may lose licenses needed for the conduct of our business and be subject to civil fines and criminal penalties, any of which could have a material adverse effect upon our business, financial condition and results of operations. Foreign and domestic political risk may adversely affect our business. We are exposed to political risk to the extent that Prospect Capital Management, on its behalf and subject to its investment guidelines, transacts in securities in the U.S. and foreign markets. The governments in any of these jurisdictions could impose restrictions, regulations or other measures, which may have a material adverse impact on our strategy. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. Any failure to implement required new or improved controls, or difficulties encountered in their implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or the subsequent testing by our independent registered public accounting firm (when undertaken, as noted below), may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our consolidated financial statements or identify other areas for further attention or improvement. Inferior internal controls could also cause investors and lenders to lose confidence in our reported financial information, which could have a negative effect on the trading price of our common stock. We may experience cybersecurity incidents and are subject to cybersecurity risks. The failure in cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively. Our business operations rely upon secure information technology systems for data processing, storage and reporting. We are dependent on the effectiveness of the information and cybersecurity policies, procedures and capabilities maintained by our Investment Adviser and other service providers to protect their computer and telecommunications systems and the data that reside on or are transmitted through them. Our portfolio companies similarly are dependent on the effectiveness of the information and cybersecurity policies that they and their service providers maintain. Despite careful security and controls design, implementation and updating, our information technology systems could become subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on our business, results of operations and financial condition. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. Moreover, the increased use of mobile and cloud technologies could heighten these and other operational risks as certain aspects of the security of suchtechnologies may be complex and unpredictable. Reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in 43

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misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct ordinary business operations. In addition, there is a risk that encryption and other protective measures may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available, and the risk of cyber and data security threats to us, our affiliates and our portfolio companies is exacerbated with the advancement of artificial intelligence, which malicious third parties are using to create new, sophisticated and more frequent attacks. There have been a number of recent highly publicized cases of companies reporting the unauthorized disclosure of client or customer information, as well as cyber-attacks involving the dissemination, theft and destruction of corporate information or other assets, as a result of failure to follow procedures by employees or contractors or as a result of actions by third parties, including actions by terrorist organizations and hostile foreign governments. If one or more of these cyber-attacks occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, our computer systems and networks, orotherwise cause interruptions or malfunctions in our operations, which could result in damage to our reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss. The occurrence of a disaster, such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in our disaster recovery systems, or a support failure from external providers, could have an adverse effect on our ability to conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of our management personnel were unavailable in the event of a disaster, our ability to effectively conduct our business could be severely compromised. Cybersecurity failures or breaches of the Investment Adviser, the Administrator and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which we invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our ability to calculate our net asset value, impediments to trading, the inability of our stockholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. We and our Investment Adviser’s employees have been and expect to continue to be the target of fraudulent calls, emails and other forms of activities. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. While we have established a business continuity plan in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, we cannot control the cybersecurity plans and systems put in place by our service providers and issuers in which we invest. We and our stockholders could be negatively impacted as a result. Cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. In addition, state and federal laws and regulations related to BDC and RIC cybersecurity compliance continue to evolve and change. These changes may require substantial investments in new technology, software and personnel, which could affect our profitability. These changes may also result in enhanced and unforeseen consequences for cyber-related breaches and incidents, which may further adversely affect our profitability. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our business, liability to investors, regulatory intervention or reputational damage. We and our portfolio companies are subject to risks associated with artificial intelligence. Technological developments in artificial intelligence, including machine learning technology and generative artificial intelligence (“AI Technology” and, collectively, “AI Technologies”), and their current and potential future applications, as well as the legal and regulatory frameworks within which they operate, are rapidly evolving. The full extent of current or future risks related thereto is not possible to predict and we and our portfolio companies may not be able to anticipate, prevent, mitigate or remediate all of the potential risks, challenges or impacts of such changes. Any of these technological innovations could result in harm to us, the Investment Adviser, the Administrator or our portfolio companies; reduce demand for their products, services, software or technology offerings; significantly disrupt the markets in which they operate; and subject them to increased competition, including industry pricing or other competitive dynamics. These effects could materially and adversely affect their business, financial condition, results of operations and growth prospects, impact their valuations and ultimately have an adverse impact on us. Advancements in computing and AI Technologies, including efficiency improvements, without related increases in the adoption and development of such technologies, could also negatively impact demand for, and the valuation of, digital infrastructure assets of our affiliates and our portfolio companies. We, the Investment Adviser, the Administrator and our portfolio companies avail ourselves/themselves of the benefits, insights and efficiencies that are available through the use of AI Technologies. While we, the Investment Adviser, the Administrator, our affiliates and our portfolio companies have begun to deploy AI Technologies in a variety of ways, including in the evaluation and management of investments, legal and marketing compliance, customer engagement, content creation and rules-based operations (e.g., legal, accounting, and transaction processing), the long-term effectiveness and scalability of AI 44

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Technologies remain uncertain. In addition, the use of AI Technologies presents a number of risks that cannot be fully mitigated. For example, independent of its context of use, AI Technologies are generally highly reliant on the collection and analysis of large amounts of data and complex algorithms, and it is not possible or practicable to incorporate all relevant data into the models that AI Technologies utilize to operate. Moreover, with the use of AI Technologies, there often exists a lack of transparency of how inputs are converted to outputs, and neither we, the Investment Adviser, the Administrator nor our portfolio companies can fully validate this process and its accuracy. The accuracy of such inputs and the resulting impact on the results of AI Technologies cannot be verified and could result in a diminished quality of work product that includes or is derived from inaccurate or erroneous information. Further, inherent bias in the construction of AI Technologies can lead to a wide array of risks including but not limited to accuracy, efficacy and reputational harm. Certain data in such models will therefore inevitably contain a degree of inaccuracy and error, which may be material, and such data as well as algorithms in use could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of AI Technologies and could adversely impact us, the Investment Adviser, the Administrator or our portfolio companies to the extent we/they rely on the work product of such AI Technologies. The volume and reliance on data and algorithms also make AI Technologies, and in turn us, the Investment Adviser, the Administrator and our portfolio companies, more susceptible to cybersecurity threats, including the compromise of underlying models, training data, or other intellectual property. We, the Investment Adviser, the Administrator and our portfolio companies could be exposed to risks to the extent third‐party service providers, or any counterparties use AI Technologies in their business activities. At the same time, to the extent utilized by the Investment Adviser, the Administrator or our portfolio companies, any interruption of access to or use of AI Technologies could impede the ability of us, the Investment Adviser, the Administrator or our portfolio companies to generate information and analysis that could be beneficial to us/them and our/their business, financial condition and results of operations. AI Technologies will likely also be competitive with certain business activities or increase the obsolescence of certain organizations’ products or services, particularly as AI Technologies improve. This could also have an adverse impact on us, the Investment Adviser, the Administrator or our portfolio companies. AI Technologies can also be misused or misappropriated by third parties and/or employees of the Investment Adviser, the Administrator or our portfolio companies. For example, there is a risk that a user will input confidential information, including material non-public information, or personal identifiable information, into AI Technologies applications, resulting in such information becoming part of a dataset that is accessible by other third-party AI Technologies applications and users including competitors of us, the Investment Adviser, the Administrator or our portfolio companies. Moreover, we, the Investment Adviser, the Administrator and our portfolio companies will not necessarily be in a position to control the manner in which third-party AI Technologies are developed or maintained or the manner in which third parties use AI Technologies to provide services, even where we/they have sought contractual protections. The use of AI Technologies, including potential inadvertent disclosure of confidential information or personal identifiable information, could also lead to legal and regulatory investigations and enforcement actions. Relatedly, we, the Investment Adviser, the Administrator and our portfolio companies could be exposed to risks to the extent third-party service providers or any counterparties use AI Technologies in their business activities. The Investment Adviser and its affiliates expect to be involved in the collection of data and/or development of proprietary AI Technologies for the Investment Adviser, the Administrator, the Company, their affiliates and/or their portfolio companies. To this end, we can be expected to pay and bear certain expenses and fees associated with developing and maintaining such technology, including the costs of any professional service providers, subscriptions and related software and hardware, server infrastructure and hosting, and internal expenses, fees, charges and/or related costs incurred, charged or specifically attributed or allocated (based on methodologies determined by the Investment Adviser) to us, the Investment Adviser, the Administrator, their affiliates or our portfolio companies in connection with such AI Technologies, and none of the fees, costs or expenses described above will reduce or offset the management fees. Regulations related to AI Technologies could also impose certain obligations and costs related to monitoring and compliance. Regulators are increasing scrutiny of, and enacting or considering enacting regulations regarding, the use of AI Technologies, including the use of “big data,” diligence of data sets and oversight of data vendors. The use of AI Technologies by us, the Investment Adviser, the Administrator or our portfolio companies may require compliance with legal and regulatory frameworks that are not fully developed or tested, and we, the Investment Adviser, the Administrator or our portfolio companies may face litigation and regulatory actions related to the use or the engagement of vendors that use AI Technologies. In April 2023, the Federal Trade Commission, U.S. Department of Justice, Consumer Financial Protection Bureau, and U.S. Equal Employment Opportunity Commission released a joint statement on artificial intelligence demonstrating interest in monitoring the development and use of automated systems and enforcement of their respective laws and regulations. In October 2023, an executive order established new standards for AI safety and security. In addition to the U.S. regulatory framework, the EU adopted the Artificial Intelligence Act in 2024, which applies to certain AI Technologies and the data used to train, test and deploy them, which may create additional compliance burdens, higher administrative costs and significant penalties should we, the Investment Adviser, the Administrator and our portfolio companies fail to comply or be perceived to fail to comply. 45

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AI Technologies and their current and potential future applications, including in the private investment and financial sectors, as well as the legal and regulatory frameworks within which they operate, continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or our Investment Adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease epidemics or pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. Risks Relating to Our Operation as a Business Development Company If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a BDC or be precluded from investing according to our current business strategy. As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. We may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could be found to be in violation of the 1940 Act provisions applicable to BDCs, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on our income, and our income available for distribution would be reduced. To maintain our qualification for U.S. federal income tax purposes as a RIC under Subchapter M of the Code and obtain RIC tax treatment, we must meet certain source of income, annual distribution and asset diversification requirements. The source of income requirement is satisfied if we derive at least 90% of our annual gross income from interest, dividends, payments with respect to certain securities loans, gains from the sale or other disposition of securities or options thereon or foreign currencies, or other income derived with respect to our business of investing in such securities or currencies, and net income from interests in “qualified publicly traded partnerships,” as defined in the Code. The annual distribution requirement for a RIC will generally be satisfied if we distribute at least 90% of our ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. Because we use debt financing, we are subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants that could, under certain circumstances, restrict us from making distributions necessary to qualify for RIC tax treatment. If we are unable to obtain cash from other sources, we may fail to qualify for RIC tax treatment and, thus, may be subject to corporate-level income tax on all of our taxable income. To maintain our qualification as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to 46

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prevent the loss of RIC status. Because most of our investments are in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify as a RIC for any reason or become subject to corporate income tax, the resulting corporate taxes would substantially reduce our net assets, the amount of income available for distribution, and the actual amount of our distributions. Such a failure could have a materially adverse effect on us and our stockholders. For additional information regarding asset coverage ratio and RIC requirements, see “Business— Material U.S. Federal Income Tax Considerations” and “Business— Regulation as a Business Development Company.” We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we include in income certain amounts that we have not yet received in cash, such as original issue discount or payment-in-kind interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such amounts could be significant relative to our overall investment activities. We also may be required to include in taxable income certain other amounts that we do not receive in cash. While we focus primarily on investments that will generate a current cash return, our investment portfolio currently includes, and we may continue to invest in, securities that do not pay some or all of their return in periodic current cash distributions. Since in some cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty distributing at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, as required to maintain RIC tax treatment. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify for RIC treatment and thus become subject to corporate-level income tax. See “Business—Material U.S. Federal Income Tax Considerations” and “Business—Regulation as a Business Development Company.” Regulations governing our operation as a BDC affect our ability to raise, and the way in which we raise, additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. We have incurred indebtedness under our revolving credit facility and through the issuance of the Unsecured Notes, have issued and are continuing to issue preferred stock and, in the future, may issue additional preferred stock or debt securities and/or borrow additional money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. Under the provisions of the 1940 Act, we are permitted, as a BDC, to incur indebtedness or issue senior securities only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of senior securities. If the value of our assets declines, we may be unable to satisfy this test, which would prohibit us from paying dividends in cash or other property and could prohibit us from qualifying as a RIC. If we cannot satisfy this test, we may be required to sell a portion of our investments or sell additional shares of common stock at a time when such sales may be disadvantageous in order to repay a portion of our indebtedness or otherwise increase our net assets. Sales of common stock at prices below net asset value per share dilute the interests of existing stockholders, have the effect of reducing our net asset value per share and may reduce our market price per share. In addition, continuous sales of common stock below net asset value may have a negative impact on total returns and could have a negative impact on the market price of our shares of common stock. If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders at that time will decrease, and you may experience dilution. 47

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As a BDC regulated under provisions of the 1940 Act, we are not generally able to issue and sell our common stock at a price below the current net asset value per share without stockholder approval. If our common stock trades at a discount to net asset value, this restriction could adversely affect our ability to raise capital. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the current net asset value of our common stock in certain circumstances, one of which is if (i)(1) the holders of a majority of our shares (or, if less, at least 67% of a quorum consisting of a majority of our shares) and a similar majority of the holders of our shares who are not affiliated persons of us approve the sale of our common stock at a price that is less than the current net asset value (which has currently occurred and is effective through July 7, 2027), and (2) a majority of our Directors who have no financial interest in the transaction and a majority of our independent Directors (a) determine that such sale is in our and our stockholders’ best interests and (b) in consultation with any underwriter or underwriters of the offering, make a good faith determination as of a time either immediately prior to the first solicitation by us or on our behalf of firm commitments to purchase such shares, or immediately prior to the issuance of such shares, that the price at which such shares are to be sold is not less than a price which closely approximates the market value of such shares, less any distributing commission or discount or (ii) a majority of the number of the beneficial holders of our common stock entitled to vote at our annual meeting, without regard to whether a majority of such shares are voted in favor of the proposal, approve the sale of our common stock at a price that is less than the current net asset value per share. To generate cash for funding new investments, we pledged a substantial portion of our portfolio investments under our revolving credit facility. These assets are not available to secure other sources of funding or for securitization. Our ability to obtain additional secured or unsecured financing on attractive terms in the future is uncertain. Alternatively, we may securitize our future loans to generate cash for funding new investments. See “Securitization of our assets subjects us to various risks.” Securitization of our assets subjects us to various risks. We may securitize assets to generate cash for funding new investments. We refer to the term securitize to describe a form of leverage under which a company such as us (sometimes referred to as an “originator” or “sponsor”) transfers income producing assets to a single-purpose, bankruptcy- remote subsidiary (also referred to as a “special purpose entity” or “SPE”), which is established solely for the purpose of holding such assets and entering into a structured finance transaction. The SPE then issues notes secured by such assets. The special purpose entity may issue the notes in the capital markets either publicly or privately to a variety of investors, including banks, non-bank financial institutions and other investors. There may be a single class of notes or multiple classes of notes, the most senior of which carries less credit risk and the most junior of which may carry substantially the same credit risk as the equity of the SPE. An important aspect of most debt securitization transactions is that the sale and/or contribution of assets into the SPE be considered a true sale and/or contribution for accounting purposes and that a reviewing court would not consolidate the SPE with the operations of the originator in the event of the originator’s bankruptcy based on equitable principles. Viewed as a whole, a debt securitization seeks to lower risk to the note purchasers by isolating the assets collateralizing the securitization in an SPE that is not subject to the credit and bankruptcy risks of the originator. As a result of this perceived reduction of risk, debt securitization transactions frequently achieve lower overall leverage costs for originators as compared to traditional secured lending transactions. In accordance with the above description, to securitize loans, we may create a wholly-owned subsidiary and contribute a pool of our assets to such subsidiary. The SPE may be funded with, among other things, whole loans or interests from other pools and such loans may or may not be rated. The SPE would then sell its notes to purchasers who we would expect to be willing to accept a lower interest rate and the absence of any recourse against us to invest in a pool of income producing assets to which none of our creditors would have access. We would retain all or a portion of the equity in the SPE. An inability to successfully securitize portions of our portfolio or otherwise leverage our portfolio through secured and unsecured borrowings could limit our ability to grow our business and fully execute our business strategy, and could decrease our earnings. However, the successful securitization of portions of our portfolio exposes us to a risk of loss for the equity we retain in the SPE and might expose us to greater risk on our remaining portfolio because the assets we retain may tend to be those that are riskier and more likely to generate losses. A successful securitization may also impose financial and operating covenants that restrict our business activities and may include limitations that could hinder our ability to finance additional loans and investments or to make the distributions required to maintain our status as a RIC under Subchapter M of the Code. The 1940 Act may also impose restrictions on the structure of any securitizations. 48

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Interests we hold in the SPE, if any, will be subordinated to the other interests issued by the SPE. As such, we will only receive cash distributions on such interests if the SPE has made all cash interest and other required payments on all other interests it has issued. In addition, our subordinated interests will likely be unsecured and rank behind all of the secured creditors, known or unknown, of the SPE, including the holders of the senior interests it has issued. Consequently, to the extent that the value of the SPE’s portfolio of assets has been reduced as a result of conditions in the credit markets, or as a result of defaults, the value of the subordinated interests we retain would be reduced. Securitization imposes on us the same risks as borrowing except that our risk in a securitization is limited to the amount of subordinated interests we retain, whereas in a borrowing or debt issuance by us directly we would be at risk for the entire amount of the borrowing or debt issuance. If the SPE is not consolidated with us, our only interest will be the value of our retained subordinated interest and the income allocated to us, which may be more or less than the cash we receive from the SPE, and none of the SPE’s liabilities will be reflected as our liabilities. If the assets of the SPE are not consolidated with our assets and liabilities, then our interest in the SPE may be deemed not to be a qualifying asset for purposes of determining whether 70% of our assets are qualifying assets and the leverage incurred by such SPE may or may not be treated as borrowings by us for purposes of the requirement that we not issue senior securities in an amount in excess of our net assets. We may also engage in transactions utilizing SPEs and securitization techniques where the assets sold or contributed to the SPE remain on our balance sheet for accounting purposes. If, for example, we sell the assets to the SPE with recourse or provide a guarantee or other credit support to the SPE, its assets will remain on our balance sheet. Consolidation would also generally result if we, in consultation with the SEC, determine that consolidation would result in a more accurate reflection of our assets, liabilities and results of operations. In these structures, the risks will be essentially the same as in other securitization transactions but the assets will remain our assets for purposes of the limitations described above on investing in assets that are not qualifying assets and the leverage incurred by the SPE will be treated as borrowings incurred by us for purposes of our limitation on the issuance of senior securities. The Investment Adviser may have conflicts of interest with respect to potential securitizations in as much as securitizations that are not consolidated may reduce our assets for purposes of determining its investment advisory fee although in some circumstances the Investment Adviser may be paid certain fees for managing the assets of the SPE so as to reduce or eliminate any potential bias against securitizations. Our ability to invest in public companies may be limited in certain circumstances. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange may be treated as qualifying assets only if such issuer has a market capitalization that is less than $250 million at the time of such investment. Risks Relating to Our Investments We may not realize gains or income from our investments. We seek to generate both current income and capital appreciation. However, the securities we invest in may not appreciate and, in fact, may decline in value, and the issuers of debt securities we invest in may default on interest and/or principal payments. Accordingly, we may not be able to realize gains from our investments, and any gains that we do realize may not be sufficient to offset any losses we experience. See “Business—Our Investment Objective and Policies.” Most of our portfolio investments are recorded at fair value as determined in good faith under the direction of our Board of Directors and, as a result, there is uncertainty as to the value of our portfolio investments. A large percentage of our portfolio investments consist of securities of privately held companies. Hence, market quotations are generally not readily available for determining the fair values of such investments. The determination of fair value, and thus the amount of unrealized losses we may incur in any year, is to a degree subjective, and the Investment Adviser has a conflict of interest in making the determination. We value these securities quarterly at fair value as determined in good faith by our Board of Directors based on input from the Investment Adviser, our Administrator, a third party independent valuation firm and our Audit Committee. Our Board of Directors utilizes the services of an independent valuation firm to aid it in determining the fair value of any securities. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. 49

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Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value by our Board of Directors may differ materially from the values that would have been used if an active market and market quotations existed for these investments. Our net asset value could be adversely affected if the determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities. In addition, decreases in the market values or fair values of our investments are recorded as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets experienced during a financial crisis will result in significant net unrealized depreciation in our portfolio. The effect of all of these factors increases the net unrealized depreciation in our portfolio and reduces our NAV. Depending on market conditions, we could incur substantial realized losses which could have a material adverse impact on our business, financial condition and results of operations. We have no policy regarding holding a minimum level of liquid assets. As such, a high percentage of our portfolio generally is not liquid at any given point in time. See “—The lack of liquidity in our investments may adversely affect our business.” Price declines and illiquidity in the corporate debt markets have adversely affected, and may in the future adversely affect, the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by or under the direction of our Board of Directors. As part of the valuation process, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values of our portfolio companies. Decreases in the market values or fair values of our investments are recorded as unrealized depreciation. The effect of all of these factors on our portfolio can reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse impact on our business, financial condition and results of operations. Our investments in prospective portfolio companies may be risky and we could lose all or part of our investment. Some of our portfolio companies have relatively short or no operating histories. These companies are, and will be, subject to all of the business risks and uncertainties associated with any new business enterprise, including the risk that these companies may not reach their objectives, and the value of our investment in them may decline substantially or fall to zero. In addition, investment in the middle-market companies that we are targeting involves a number of other significant risks, including: • These companies may have limited financial resources and may be unable to meet their obligations under their securities that we hold, which may be accompanied by a deterioration in the value of their securities or of any collateral with respect to any securities, and a reduction in the likelihood of our realizing on any guarantees we may have obtained in connection with our investment. • They may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions as well as general economic downturns. • Because many of these companies are privately held companies, public information is generally not available about these companies. As a result, we will depend on the ability of the Investment Adviser to obtain adequate information to evaluate these companies in making investment decisions. If the Investment Adviser is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and we may lose money on our investments. • They are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a materially adverse impact on our portfolio company and, in turn, on us. • They may have less predictable operating results, may from time to time be parties to litigation, may be engaged in changing businesses with products subject to a risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. • They may have difficulty accessing the capital markets to meet future capital needs. 50

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• Changes in laws and regulations, as well as their interpretations, may adversely affect their business, financial structure or prospects. • Increased taxes, regulatory expense or the costs of changes to the way they conduct business due to the effects of climate change may adversely affect their business, financial structure or prospects. We acquire majority interests in operating companies engaged in a variety of industries. When we acquire interests in these companies we generally seek to apply financial leverage to them in the form of debt. In most cases all or a portion of this debt is held by us, with the obligor being either the operating company itself, a holding company through which we own our majority interest or both. The level of debt leverage utilized by these companies makes them susceptible to the risks identified above. In addition, our executive officers, directors and the Investment Adviser could, in the ordinary course of business, be named as defendants in litigation arising from proposed investments or from our investments in the portfolio companies and may, as a result, incur significant costs and expenses in connection with such litigation. The lack of liquidity in our investments may adversely affect our business. We make investments in private companies. A portion of these investments may be subject to legal and other restrictions on resale, transfer, pledge or other disposition or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. In addition, we face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or the Investment Adviser has or could be deemed to have material non- public information regarding such business entity. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase, and the value of our portfolio may decrease during these periods as we are required to record the values of our investments at fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Investments in equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk. We may purchase common and other equity securities. Although common stock has historically generated higher average total returns than fixed income securities over the long-term, common stock has significantly more volatility in those returns and may significantly underperform relative to fixed income securities. The equity securities we acquire may fail to appreciate and may decline in value or become worthless and our ability to recover our investment will depend on our portfolio company’s success. Investments in equity securities involve a number of significant risks, including: • Any equity investment we make in a portfolio company could be subject to further dilution as a result of the issuance of additional equity interests and to serious risks as a junior security that will be subordinate to all indebtedness (including trade creditors) or senior securities in the event that the issuer is unable to meet its obligations or becomes subject to a bankruptcy process. • To the extent that the portfolio company requires additional capital and is unable to obtain it, we may not recover our investment. • In some cases, equity securities in which we invest will not pay current dividends, and our ability to realize a return on our investment, as well as to recover our investment, will be dependent on the success of the portfolio company. Even 51

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if the portfolio company is successful, our ability to realize the value of our investment may be dependent on the occurrence of a liquidity event, such as a public offering or the sale of the portfolio company. It is likely to take a significant amount of time before a liquidity event occurs or we can otherwise sell our investment. In addition, the equity securities we receive or invest in may be subject to restrictions on resale during periods in which it could be advantageous to sell them. There are special risks associated with investing in preferred securities, including: • Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for tax purposes before we receive such distributions. • Preferred securities are subordinated to debt in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than debt. • Preferred securities may be substantially less liquid than many other securities, such as common stock or U.S. government securities. • Generally, preferred security holders have no voting rights with respect to the issuing company, subject to limited exceptions. Additionally, when we invest in first lien senior secured loans (including unitranche loans), second lien senior secured loans or unsecured debt, we may acquire warrants or other equity securities as well. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay management and incentive fees to Prospect Capital Management with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the management and incentive fee of Prospect Capital Management as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers. There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, a bankruptcy court might recharacterize our debt holding as an equity investment and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. For example, we could become subject to a lender’s liability claim, if, among other things, we actually render significant managerial assistance. Our portfolio companies may incur debt or issue equity securities that rank equally with, or senior to, our investments in such companies. Our portfolio companies may have, or may be permitted to incur, other debt or issue other equity securities that rank equally with or senior to our investments. By their terms, such instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit the portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under such debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically are entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying such holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. 52

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The rights we may have with respect to the collateral securing any junior priority loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements (including agreements governing “first out” and “last out” structures) that we enter into with the holders of senior debt. Under such an intercreditor agreement, at any time that senior obligations are outstanding, we may forfeit certain rights with respect to the collateral to the holders of the senior obligations. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of such enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as junior lenders are adversely affected. This risk is characteristic of many of the majority-owned operating companies in our portfolio in that any debt to us from a holding company and the holding company’s substantial equity investments in the related operating company are subordinated to any creditors of the operating company. When we are a debt or minority equity investor in a portfolio company, we are often not in a position to exert influence on the entity, and other debt holders, other equity holders and/or portfolio company management may make decisions that could decrease the value of our portfolio holdings. When we make debt or minority equity investments, we are subject to the risk that a portfolio company may make business decisions with which we disagree and the other equity holders and management of such company may take risks or otherwise act in ways that do not serve our interests. As a result, a portfolio company may make decisions that could decrease the value of our investment. In addition, when we hold a subordinate debt position, other more senior debt holders may make decisions that could decrease the value of our investment. Our portfolio companies may be highly leveraged. Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. Our portfolio contains a limited number of portfolio companies, some of which comprise a substantial percentage of our portfolio, which subjects us to a greater risk of significant loss if any of these companies defaults on its obligations under any of its debt securities. A consequence of the limited number of investments in our portfolio is that the aggregate returns we realize may be significantly adversely affected if one or more of our significant portfolio company investments perform poorly or if we need to write down the value of any one significant investment. Beyond our income tax diversification requirements, we do not have fixed guidelines for diversification, and our portfolio could contain relatively few portfolio companies. Our failure to make follow-on investments in our existing portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing or (3) attempt to preserve or enhance the value of our investment. We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, or because we are inhibited by compliance with BDC requirements or the desire to maintain our tax status. 53

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We may be unable to invest the net proceeds raised from offerings and repayments from investments on acceptable terms, which would harm our financial condition and operating results. Until we identify new investment opportunities, we intend to either invest the net proceeds of future offerings and repayments from investments in interest-bearing deposits or other short-term instruments or use the net proceeds from such offerings to reduce then-outstanding obligations under our revolving credit facility. We cannot assure you that we will be able to find enough appropriate investments that meet our investment criteria or that any investment we complete using the proceeds from an offering or repayments will produce a sufficient return. We may have limited access to information about privately-held companies in which we invest. We invest primarily in privately-held companies. Generally, little public information exists about these companies, and we are required to rely on the ability of the Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment. We may not be able to fully realize the value of the collateral securing our debt investments. Although a substantial amount of our debt investments are protected by holding security interests in the assets or equity interests of the portfolio companies, we may not be able to fully realize the value of the collateral securing our investments due to one or more of the following factors: • Our debt investments may be in the form of unsecured loans, therefore our liens on the collateral, if any, are subordinated to those of the senior secured debt of the portfolio companies, if any. As a result, we may not be able to control remedies with respect to the collateral. • The collateral may not be valuable enough to satisfy all of the obligations under our secured loan, particularly after giving effect to the repayment of secured debt of the portfolio company that ranks senior to our loan. • Bankruptcy laws may limit our ability to realize value from the collateral and may delay the realization process. • Our rights in the collateral may be adversely affected by the failure to perfect security interests in the collateral. • The need to obtain regulatory and contractual consents could impair or impede how effectively the collateral would be liquidated and could affect the value received. • Some or all of the collateral may be illiquid and may have no readily ascertainable market value. The liquidity and value of the collateral could be impaired as a result of changing economic conditions, competition, and other factors, including the availability of suitable buyers. Our investments in foreign securities may involve significant risks in addition to the risks inherent in U.S. investments. Our investment strategy contemplates potential investments in securities of foreign companies, including those located in emerging market countries. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Such risks are more pronounced in emerging market countries. Although currently substantially all of our investments are, and we expect that most of our investments will be, U.S. dollar-denominated, investments that are denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may expose ourselves to risks if we engage in hedging transactions. We may employ hedging techniques to minimize certain investment risks, such as fluctuations in interest and currency exchange rates, but we can offer no assurance that such strategies will be effective. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the 54

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values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Furthermore, our ability to engage in hedging transactions may also be adversely affected by rules adopted by the U.S. Commodity Futures Trading Commission, or the “CFTC”. The Dodd-Frank Act has made broad changes to the OTC derivatives market, granted significant new authority to the CFTC and the SEC to regulate OTC derivatives (swaps and security-based swaps) and participants in these markets. The Dodd- Frank Act is intended to regulate the OTC derivatives market by requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. The CFTC has implemented mandatory clearing and exchange-trading of certain OTC derivatives contracts including many standardized interest rate swaps and credit default index swaps. The CFTC continues to approve contracts for central clearing. Exchange-trading and central clearing are expected to reduce counterparty credit risk by substituting the clearinghouse as the counterparty to a swap and increase liquidity, but exchange-trading and central clearing do not make swap transactions risk-free. Uncleared swaps, such as non-deliverable foreign currency forwards, are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts. This requirement may result in the portfolio and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be the case. Certain rules require centralized reporting of detailed information about many types of cleared and uncleared swaps. Reporting of swap data may result in greater market transparency, but may subject a portfolio to additional administrative burdens, and the safeguards established to protect trader anonymity may not function as expected. Under Rule 18f-4 under the 1940 Act, we are required to implement and comply with the limits on the amount of derivatives we can enter into, eliminate the asset segregation framework we previously used to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require us, if our use of derivatives is more than a limited specified exposure amount (10% of net assets), to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Future CFTC or SEC rulemakings could potentially limit or completely restrict our ability to use these instruments as a part of our investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which we engage in derivative transactions could also prevent us from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments. The success of our hedging transactions depends on our ability to correctly predict movements, currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. The degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non- U.S. currencies. We have no current intention of engaging in any of the hedging transaction described above, although we reserve the right to do so in the future. Our Board of Directors may change our operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse to us and could impair the value of our stockholders’ investment. Our Board of Directors has the authority to modify or waive our current operating policies and our strategies without prior notice and without stockholder approval. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, financial condition, and value of our common stock. However, the effects might be adverse, which could negatively impact our ability to pay dividends and cause stockholders to lose all or part of their investment. Investments in the energy sector are subject to many risks. We have made certain investments in and relating to the energy sector. The operations of energy companies are subject to many risks inherent in the transporting, processing, storing, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, coal, refined petroleum products or other hydrocarbons, or in the exploring, managing or producing of such commodities, including, without limitation: damage to pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism, inadvertent damage from construction and 55

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farm equipment, leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons, and fires and explosions. These risks could result in substantial losses due to personal injury or loss of life, severe damage to and destruction of property and equipment and pollution or other environmental damage, and may result in the curtailment or suspension of their related operations, any and all of which could adversely affect our portfolio companies in the energy sector. In addition, the energy sector commodity prices have experienced significant volatility at times, which may occur in the future, and which could negatively affect the returns on any investment made by us in this sector. In addition, valuation of certain investments includes the probability weighting of future events which are outside of management’s control. The final outcome of such events could increase or decrease the fair value of the investment in a future period. Our investments in collateralized loan obligations are subject to additional risks. We may invest in debt and equity interests of collateralized loan obligations (“CLOs”). Generally, there may be less information available to us regarding the underlying debt investments held by such CLOs than if we had invested directly in the debt of the underlying companies. As a result, we and our stockholders may not know the details of the underlying holdings of the CLOs in which we may invest. The CLOs that we expect to invest in are typically very highly leveraged, and therefore, the junior debt and equity tranches that we expect to invest in are subject to a higher degree of risk of total loss. In particular, investors in CLOs indirectly bear risks of the underlying debt investments held by such CLOs. We will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or the entity that sponsored the CLO. While the CLOs we intend to target generally enable the investor to acquire interests in a pool of leveraged corporate loans without the expenses associated with directly holding the same investments, we will generally pay a proportionate share of the CLOs administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying CLOs will rise or fall, these prices (and, therefore, the prices of the CLOs) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. The failure by a CLO in which we invest to satisfy certain financial covenants, specifically those with respect to adequate collateralization and/or interest coverage tests, could lead to a reduction in its payments to us. In the event that a CLO failed those tests, holders of debt senior to us may be entitled to additional payments that would, in turn, reduce the payments we would otherwise be entitled to receive. If any of these occur, it could materially and adversely affect our operating results and cash flows. In addition to the general risks associated with investing in debt securities, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the fact that our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO or unexpected investment results. Our NAV may also decline over time if our principal recovery with respect to CLO equity investments is less than the price we paid for those investments. Investments in structured vehicles, including equity and junior debt instruments issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. Additionally, changes in the underlying leveraged corporate loans held by a CLO may cause payments on the instruments we hold to be reduced, either temporarily or permanently. Structured investments, particularly the subordinated interests in which we intend to invest, may be less liquid than many other types of securities and may be more volatile than the leveraged corporate loans underlying the CLOs we intend to target. Fluctuations in interest rates may also cause payments on the tranches of CLOs that we hold to be reduced, either temporarily or permanently. Any interests we acquire in CLO will likely be thinly traded or have only a limited trading market and may be subject to restrictions on resale. Securities issued by CLOs are generally not listed on any U.S. national securities exchange and no active trading market may exist for the securities of CLOs in which we may invest. Although a secondary market may exist for our investments in CLOs, the market for our investments in CLOs may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. As a result, these types of investments may be more difficult to value. In addition, our investments in CLO warehouse facilities are short term investments and therefore may be subject to a greater risk relating to market conditions and economic recession or downturns. The senior secured loans underlying our CLOs typically are BB or B rated (non-investment grade) and in limited circumstances, unrated, senior secured loans. Non-investment grade securities are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and therefore involve a greater risk of default and higher price volatility than investment grade debt. 56

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The application of the risk retention rules under Section 941 of the Dodd-Frank Act to CLOs may have broader effects on the CLO and loan markets in general, potentially resulting in fewer or less desirable investment opportunities for us. On December 24, 2016, the final rules implementing the credit risk retention requirements of Section 941 of the Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) (the “U.S. Risk Retention Rules”) became effective and generally require one of the “sponsors” of asset-backed securities or a “majority-owned affiliate” thereof to retain not less than five percent of the credit risk of the assets collateralizing the issuer's securities. On February 9, 2018, the U.S. Court of Appeals for the District of Columbia Circuit held that the federal agencies responsible for the U.S. Risk Retention Rules exceeded their statutory authority when designating the collateral manager of an “open-market CLO” (described in the DC Circuit Ruling as a CLO where assets are acquired from “arms-length negotiations and trading on an open market”) as the securitizer of the open-market CLO (such decision, the “DC Circuit Ruling”), and subsequently issued a mandate to the lower court (the “District Court”) requiring the District Court to implement the DC Circuit Ruling. As a result of this decision, certain CLO managers of “open market CLOs” will no longer be required to comply with the U.S. risk retention rules solely because of their roles as managers of “open market CLOs”, and there may be no “sponsor” of such securitization transactions and no party may be required to acquire and retain an economic interest in the credit risk of the securitized assets of such transactions. There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the U.S. risk retention rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs. The ultimate impact of the U.S. risk retention rules on the loan securitization market and the leveraged loan market generally remains uncertain, and any negative impact on secondary market liquidity for securities comprising a CLO may be experienced due to the effects of the U.S. risk retention rules on market expectations or uncertainty, the relative appeal of other investments not impacted by the U.S. risk retention rules and other factors. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. Risks affecting investments in real estate. NPRC invests in commercial multi-family residential and student-housing real estate. A number of factors may prevent each of NPRC’s properties and assets from generating sufficient net cash flow or may adversely affect their value, or both, resulting in less cash available for distribution, or a loss, to us. These factors include, but are not limited to: • national economic conditions; • regional and local economic conditions (which may be adversely impacted by plant closings, business layoffs, industry slow-downs, weather conditions, natural disasters, and other factors); • local real estate conditions (such as over-supply of or insufficient demand for office space); • changing demographics; • perceptions by prospective tenants of the convenience, services, safety, and attractiveness of a property; • the ability of property managers to provide capable management and adequate maintenance; • the quality of a property’s construction and design; • increases in costs of maintenance, insurance, and operations (including energy costs and real estate taxes); • changes in applicable laws or regulations (including tax laws, zoning laws, or building codes); • potential environmental and other legal liabilities; • the level of financing used by NPRC in respect of its properties, increases in interest rate levels on such financings and the risk that NPRC will default on such financings, each of which increases the risk of loss to us; • the availability and cost of refinancing; • the ability to find suitable tenants for a property and to replace any departing tenants with new tenants; • potential instability, default or bankruptcy of tenants in the properties owned by NPRC; 57

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• potential limited number of prospective buyers interested in purchasing a property that NPRC wishes to sell; and • the relative illiquidity of real estate investments in general, which may make it difficult to sell a property at an attractive price or within a reasonable time frame. To the extent original issue discount (“OID”) and payment in kind (“PIK”) interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income. Our investments may include OID instruments and PIK interest arrangements, which represents contractual interest added to a loan balance and due at the end of such loan’s term. To the extent OID or PIK interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: • The higher interest rates of OID and PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID and PIK instruments generally represent a significantly higher credit risk than coupon loans. • Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation. • OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID and PIK income may also create uncertainty about the source of our cash distributions. For accounting purposes, any cash distributions to stockholders representing OID and PIK income are not treated as coming from paid-in capital, even if the cash to pay them comes from offering proceeds. As a result, despite the fact that a distribution representing OID and PIK income could be paid out of amounts invested by our stockholders, the 1940 Act does not require that stockholders be given notice of this fact by reporting it as a return of capital. Capitalizing PIK interest to loan principal may increase our gross assets, thus increasing our Investment Adviser’s future base management fees, and increases future investment income, thus increasing our Investment Adviser’s future income incentive fees at a compounding rate. Market prices of zero-coupon or PIK securities may be affected to a greater extent by interest rate changes and may be more volatile than securities that pay interest periodically and in cash. Investments in covenant-lite loans may expose us to different and increased risks. Although we generally expect the transaction documentation of some portion of our investments to include covenants and other structural protections, a significant portion of our investments may be composed of so-called “covenant-lite loans.” Generally, covenant-lite loans do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios. Ownership of covenant-lite loans may expose us to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, our exposure to losses from these loans may be increased. In addition, in the current economic environment, the market prices of covenant-lite loans may be depressed. Risks Relating to Our Securities Our credit ratings may not reflect all risks of an investment in our debt or preferred equity securities. Our credit ratings are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our debt and preferred equity securities. Our credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt or preferred equity securities. Senior securities, including debt and preferred equity, expose us to additional risks, including the typical risks associated with leverage and could adversely affect our business, financial condition and results of operations. We use our revolving credit facility to leverage our portfolio and we expect in the future to borrow from and issue senior debt securities to banks and other lenders and may securitize certain of our portfolio investments. We also have the Unsecured Notes outstanding and have launched a convertible preferred share offering program, which are forms of leverage and are senior in payment rights to our common stock. 58

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Business development companies are generally able to issue senior securities such that their asset coverage, as defined in the 1940 Act, equals at least 200% of gross assets less all liabilities and indebtedness not represented by senior securities, after each issuance of senior securities. In March 2018, the Small Business Credit Availability Act added Section 61(a)(2) to the 1940 Act, a successor provision to Section 61(a)(1) referenced therein, which reduces the asset coverage requirement applicable to business development companies from 200% to 150% so long as the business development company meets certain disclosure requirements and obtains certain approvals. On May 5, 2020, the Company’s stockholders voted to approve the application of the reduced asset coverage requirements in Section 61(a)(2) to the Company effective as of May 6, 2020. As a result of the stockholder approval, effective May 6, 2020, the asset coverage ratio under the 1940 Act applicable to the Company decreased to 150% from 200%. In other words, under the 1940 Act, the Company is now able to borrow $2 for investment purposes for every $1 of investor equity, as opposed to borrowing $1 for investment purposes for every $1 of investor equity. As a result, the Company is able to incur additional indebtedness, and investors in the Company may face increased investment risk. In addition, the Company’s management fee payable to the Investment Adviser is based on the Company’s average adjusted gross assets, which includes leverage and, as a result, if the Company incurs additional leverage, management fees paid to the Investment Adviser would increase. With certain limited exceptions, as a BDC, we are only allowed to borrow amounts or otherwise issue senior securities such that our asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing or other issuance. The amount of leverage that we employ will depend on the Investment Adviser’s and our Board of Directors’ assessment of market conditions and other factors at the time of any proposed borrowing. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for stockholders, any of which could adversely affect our business, financial condition and results of operations, including the following: • A likelihood of greater volatility in the net asset value and market price of our common stock; • Diminished operating flexibility as a result of asset coverage or investment portfolio composition requirements required by lenders or investors that are more stringent than those imposed by the 1940 Act; • The possibility that investments will have to be liquidated at less than full value or at inopportune times to comply with debt covenants or to pay interest or dividends on the leverage; • Increased operating expenses due to the cost of leverage, including issuance and servicing costs; • Convertible or exchangeable securities, such as convertible notes that may be issued in the future (including certain of the Preferred Stock (as defined herein)), may have rights, preferences and privileges more favorable than those of our common stock including, in the case of the Preferred Stock, the statutory right under the 1940 Act to vote, as a separate class, on the election of two of our directors and approval of certain fundamental transactions in certain circumstances; • Subordination to lenders’ superior claims on our assets as a result of which lenders will be able to receive proceeds available in the case of our liquidation before any proceeds will be distributed to our stockholders; • Difficulty meeting our payment and other obligations under the Unsecured Notes and our other outstanding debt or preferred equity; • The occurrence of an event of default if we fail to comply with the financial and/or other restrictive covenants contained in our debt agreements, including the credit agreement and each indenture governing the Unsecured Notes, which event of default could result in all or some of our debt becoming immediately due and payable; • Reduced availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; • The risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our amended senior credit facility; and • Reduced flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy. For example, the amount we may borrow under our revolving credit facility is determined, in part, by the fair value of our investments. If the fair value of our investments declines, we may be forced to sell investments at a loss to maintain compliance with our borrowing limits. Other debt facilities we may enter into in the future may contain similar provisions. Any such forced sales would reduce our net asset value and also make it difficult for the net asset value to recover. The Investment Adviser and our Board of Directors in their best judgment nevertheless may determine to use leverage if they expect that the benefits to our stockholders of maintaining the leveraged position will outweigh the risks. • In addition, our ability to meet our payment and other obligations of the Preferred Stock, the Unsecured Notes and our credit facility depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to 59

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general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot provide assurance that our business will generate cash flow from operations, or that future borrowings will be available to us under our existing credit facility or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Preferred Stock, the Unsecured Notes and our other debt and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt and preferred equity obligations, we may need to refinance or restructure our debt or preferred equity, including the Unsecured Notes, sell assets, reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Preferred Stock, the Unsecured Notes and our other debt. Illustration. The following tables illustrate the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of interest expense. The calculations in the tables below are hypothetical and actual returns may be higher or lower than those appearing below. The below calculation assumes (i) $7.3 billion in total assets, (ii) an average cost of funds of 5.84% (including preferred dividend payments), (iii) $1.9 billion in debt outstanding, (iv) $0.6 billion in liquidation preference of preferred stock paying a 5.50% annual dividend outstanding, (v) $0.6 billion in liquidation preference of preferred stock paying a 6.50% annual dividend outstanding, (vi) $0.5 billion in liquidation preference of preferred stock paying a 5.35% annual dividend outstanding, (vii) $0.2 billion in liquidation preference of the Floating Rate Preferred Stock paying a 6.50% annual dividend (based on the floating rate as of August 17, 2026) outstanding, (viii) $0.8 billion in liquidation preference of preferred stock paying a 7.50% annual dividend outstanding and (ix) $2.8 billion of common stockholders’ equity. Assumed Return on Our Portfolio (net of expenses) (10)% (5)% 0% 5% 10% Corresponding Return to Common Stockholder(1) (38.3)% (24.3)% (10.4)% 3.5% 17.4 The below calculation assumes (i) $7.3 billion in total assets, (ii) an average cost of funds of 5.78% (including preferred dividend payments), (iii) $1.9 billion in debt outstanding, (iv) $0.5 billion in liquidation preference of preferred stock paying a 5.35% annual dividend outstanding, (v) $0.2 billion in liquidation preference of the Floating Rate Preferred Stock paying a 6.50% annual dividend (based on the floating rate as of August 17, 2026) outstanding, (vi) $0.8 billion in liquidation preference of preferred stock paying a 7.50% annual dividend outstanding and (vii) $3.7 billion of common stockholders’ equity. Assumed Return on Our Portfolio (net of expenses) (10)% (5)% 0% 5% 10% Corresponding Return to Common Stockholder(2) (24.2)% (14.7)% (5.2)% 4.3% 13.8 (1) Assumes no conversion of preferred stock to common stock. (2) Assumes the conversion of $1.2 billion in preferred stock at a conversion rate based on a Holder Optional Conversion Fee (as defined in the Prospectus Supplement relating to the applicable offering) of 7.00% of the maximum public offering price disclosed within the applicable prospectus supplements for shares of preferred stock which are subject to such Holder Optional Conversion Fee. The assumed portfolio return is required by regulation of the SEC and is not a prediction of, and does not represent, our projected or actual performance. Actual returns may be greater or less than those appearing in the table. Pursuant to SEC regulations, this table is calculated as of June 30, 2026. As a result, it has not been updated to take into account any changes in assets or leverage since June 30, 2026. The Public Notes present other risks to holders of our common stock, including the possibility that such notes could discourage an acquisition of us by a third party and accounting uncertainty. Certain provisions of the Public Notes could make it more difficult or more expensive for a third party to acquire us. Upon the occurrence of certain transactions constituting a fundamental change, holders of the Public Notes will have the right, at their option, to require us to repurchase all of their notes or any portion of the principal amount of such notes. These provisions could discourage an acquisition of us by a third party. 60

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The Unsecured Notes present other risks to holders of our preferred stock. Our obligations to pay dividends or make distributions and, upon liquidation of the Company, liquidation payments in respect of our preferred stock is subordinate to our obligations to make any principal and interest payments due and owing with respect to our outstanding Unsecured Notes. Accordingly, our Unsecured Notes have the effect of creating special risks for our preferred stockholders that would not be present in a capital structure that did not include such securities. Floating rate securities, like the Floating Rate Preferred Stock, have risks that conventional fixed rate securities do not. Because the interest rate of floating rate securities may be based upon the SOFR or term SOFR, there will be significant risks not associated with conventional fixed rate securities. These risks include fluctuation of the dividend rates and the possibility that you will receive a lower amount of dividends in the future as a result of such fluctuations. We have no control over various matters that are important in determining the existence, magnitude and longevity of these risks, including economic, financial and political events. We fund a portion of our investments with preferred stock, which magnifies the potential for gain or loss and the risks of investing in us in the same way as our borrowings. Additionally, the dividend rate on the Floating Rate Preferred Stock only resets in connection with the Board of Director’s declaration of dividends on such Preferred Stock. While the Board of Director’s current practice is to declare dividends on such Preferred Stock once per quarter for the subsequent three months, which presently results in the dividend rate on the Floating Rate Preferred Stock resetting approximately every three months, the Board of Directors may change its practice in this respect in the future. This could result in more or less frequent resets of the Floating Rate Preferred Stock dividend rate, which would impact whether the dividend rate on such Preferred Stock, at any given point in time, reflects market interest rates. If the dividend rate on Floating Rate Preferred Stock does not reflect market interest rates, it could negatively impact the value of such Floating Rate Preferred Stock and investors’ ability to sell such Floating Rate Preferred Stock in any secondary market that my develop. We fund a portion of our investments with preferred stock, which magnifies the potential for gain or loss and the risks of investing in us in the same way as our borrowings. Preferred stock, which is another form of leverage, has the same risks to our common stockholders as borrowings because the dividends on any preferred stock we issue must be cumulative. Payment of such dividends and repayment of the liquidation preference of such preferred stock must take preference over any dividends or other payments to our common stockholders, and preferred stockholders are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference. We have entered into dealer manager agreements and underwriting agreements pursuant to which we intend to sell shares of 5.50% Preferred Stock and 6.50% Preferred Stock, the terms of which could result in significant dilution to existing common stockholders. On August 3, 2020, we entered into a Dealer Manager Agreement with Preferred Capital Securities, LLC (“PCS”) (the “Original Dealer Manager Agreement”), amended and restated on February 25, 2021 and further amended on June 9, 2022, October 7, 2022, February 10, 2023, December 29, 2023, October 17, 2024, December 27, 2024, and February 10, 2026 (as so amended, the “Amended and Restated Dealer Manager Agreement”), pursuant to which PCS has agreed to serve as the Company’s agent, principal distributor and dealer manager for the Company’s offering of up to 105,858,302 shares, par value $0.001 per share, of preferred stock, with a $2,646,457,550 aggregate liquidation preference. Under the Amended and Restated Dealer Manager Agreement, the preferred stock may be issued in multiple series, including the Series A1 Preferred Stock, the Series A3 Preferred Stock, the Series A4 Preferred Stock, the Series A5 Preferred Stock, the Series M1 Preferred Stock, the Series M2 Preferred Stock, the Series M3 Preferred Stock, the Series M4 Preferred Stock, and the Series M5 Preferred Stock. However, as disclosed in the Supplement No. 1 dated September 6, 2024 and Supplement No. 3 dated December 27, 2024 to the Prospectus Supplement dated December 29, 2023, the Company is no longer offering the Series A1 Preferred Stock, the Series M1 Preferred Stock, the Series M2 Preferred Stock, the Series A3 Preferred Stock, the Series M3 Preferred Stock, and the Floating Rate Preferred Stock and, as a result, any additional preferred stock offered under such offering will be only in any combination of our 7.50% Preferred Stock, which are not convertible. The Company may offer any future series of preferred stock, provided that the aggregate number of shares issued across all series of preferred stock under the Amended and Restated Dealer Manager Agreement shall not exceed 105,858,302 shares. On October 30, 2020, and as amended on February 18, 2022, October 7, 2022 and February 10, 2023, we entered into a Dealer Manager Agreement with InspereX LLC (“InspereX Dealer Manager Agreement”), pursuant to which InspereX LLC has agreed to serve as the Company’s agent and dealer manager for the Company’s offering of up to 10,000,000 shares, par value $0.001 per share, of 5.50% Series AA1 Preferred Stock, 5.50% Series MM1 Preferred Stock, 6.50% Series AA2 Preferred 61

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Stock and 6.50% Series MM2 Preferred Stock with a liquidation preference of $25.00 per share; however as disclosed in the Supplement No. 2 dated September 6, 2024 to the Prospectus Supplement dated February 10, 2023, the Company is no longer offering the 5.50% Series AA1 Preferred Stock, the 5.50% Series MM1 Preferred Stock, the 6.50% Series AA2 Preferred Stock and the 6.50% Series MM2 Preferred Stock. On October 30, 2020, February 17, 2022, and October 11, 2022, we filed Articles Supplementary with the SDAT, reclassifying and designating an additional 80,000,000 shares of the Company’s authorized and unissued shares of common stock into shares of preferred stock as convertible preferred stock. On May 6, 2026, we filed Articles Supplementary with the SDAT, reclassifying and designating 80,000,000 authorized but unissued shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock and Series MM2 Preferred Stock as additional shares of common stock. As a result of such reclassification and designation, we no longer have any authorized shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock or Series MM2 Preferred Stock. On May 19, 2021, we entered into an Underwriting Agreement with UBS Securities LLC, relating to the offer and sale of 187,000 shares, par value $0.001 per share, of Series A2 Preferred Stock, with a liquidation preference of $25.00 per share. At any time prior to the listing of the 5.50% Preferred Stock or 6.50% Preferred Stock on a national securities exchange, shares of the 5.50% Preferred Stock and 6.50% Preferred Stock will be convertible, at the option of the holder of the 5.50% Preferred Stock or 6.50% Preferred Stock (the “Holder Optional Conversion”). We will settle any Holder Optional Conversion by paying or delivering, as the case may be, (A) any portion of the Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the Settlement Amount, minus (b) any portion of the Settlement Amount that we elect to pay in cash, divided by (2) the arithmetic average of the daily volume weighted average price of shares of our common stock over each of the five consecutive trading days ending on the Holder Conversion Exercise Date (such arithmetic average, the “5-day VWAP”). For the Series A1 Preferred Stock, the Series A3 Preferred Stock, the Series AA1 Preferred Stock, the Series AA2 Preferred Stock, and the Series A2 Preferred Stock, “Settlement Amount” means (A) $25.00 per share (the “Stated Value”), plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Holder Optional Conversion Fee for the respective Holder Conversion Deadline. For the Series M Preferred Stock, “Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Series M Clawback, if any “Series M Clawback”, if applicable, means an amount equal to the aggregate amount of all dividends, whether paid or accrued, on such share of Series M stock in the three full months prior to the Holder Conversion Exercise Date. Subject to certain limited exceptions, we will not pay any portion of the Settlement Amount in cash (other than cash in lieu of fractional shares of our common stock) until the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued. Beginning on the five year anniversary of the date on which a share of 5.50% Preferred Stock is issued, we may elect to settle all or a portion of any Holder Optional Conversion in cash without limitation or restriction. The right of holders to convert a share of 5.50% Preferred Stock or 6.50% Preferred Stock will terminate upon the listing of such share on a national securities exchange. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature. Holders of 5.50% Preferred Stock and 6.50% Preferred Stock may elect to convert their shares of 5.50% Preferred Stock and 6.50% Preferred Stock at any time by delivering a notice of conversion (the “Holder Conversion Notice”). A Holder Conversion Notice will be effective as of the 15th day of the month (or, if the 15th day of the month is not a business day, then on the business day immediately preceding the 15th day) or the last business day of the month, whichever occurs first after a Holder Conversion Notice is duly received (each such date, a “Holder Conversion Deadline”). Any Holder Conversion Notice received after 5:00 p.m. Eastern time on a Holder Conversion Deadline will be effective as of the next Holder Conversion Deadline. For all shares of 5.50% Preferred Stock or 6.50% Preferred Stock duly submitted to us for conversion on or before a Holder Conversion Deadline, we will determine the Settlement Amount on any business day after such Holder Conversion Deadline but before the next Holder Conversion Deadline (such date, the “Holder Conversion Exercise Date”). Within such period, we may select the Holder Conversion Exercise Date in our sole discretion. We may, in our sole discretion, permit a holder to revoke their Holder Conversion Notice at any time prior to 5:00 pm, Eastern time, on the business day immediately preceding the Holder Conversion Exercise Date. Subject to certain limited exceptions allowing earlier redemption, beginning on the earlier of the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued, or the two year anniversary of the date on which a share of Floating Rate Preferred Stock or 7.50% Preferred Stock has been issued or, for listed shares of 5.50% Preferred Stock or 6.50% Preferred Stock, five years from the earliest date on which any series that has been listed was first issued and, for listed shares of Floating Rate Preferred Stock or 7.50% Preferred Stock, two years from the earliest date on which any series that has been listed was first issued (the earlier of such dates as applicable to a series of Preferred Stock, the “Redemption Eligibility Date”), such share of Preferred Stock may be redeemed at any time or from time to time at our option (the “Issuer Optional Redemption”) upon not less than 10 calendar days nor more than 90 calendar days written notice to the holder prior to the date fixed for redemption thereof, at a redemption price of 100% of the Stated Value of the shares to be redeemed plus unpaid dividends accrued to, but not including, the date fixed for redemption. 62

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Subject to certain limitations, each share of 5.50% Preferred Stock and 6.50% Preferred Stock will be convertible at our option, upon not less than 30 calendar days nor more than 90 calendar days written notice to the holder (the “Issuer Optional Conversion”) prior to the date fixed for conversion thereof. We will settle any Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the 5-day VWAP, subject to our ability to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value if the 5-day VWAP represents a discount to our net asset value per share of common stock. For the 5.50% Preferred Stock, “IOC Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the date fixed for conversion. Subject to certain limited exceptions, we will not exercise an Issuer Optional Conversion with respect to a share of 5.50% Preferred Stock or 6.50% Preferred Stock until after the date set forth in the applicable prospectus supplement with respect to the 5.50% Preferred Stock or 6.50% Preferred Stock. In connection with an Issuer Optional Conversion, we will use commercially reasonable efforts to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value. If we do not have or obtain any required stockholder approval under the 1940 Act to sell our common stock below net asset value and the 5-day VWAP is at a discount to our net asset value per share of common stock, we will settle any conversions in connection with an Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the NAV per share of common stock at the close of business on the business day immediately preceding the date of conversion (the "NAV-Based Conversion Rate"). We will not pay any portion of the IOC Settlement Amount from an Issuer Optional Conversion in cash (other than cash in lieu of fractional shares of our common stock) until the Redemption Eligibility Date. Beginning on the Redemption Eligibility Date, we may elect to settle any Issuer Optional Conversion in cash without limitation or restriction. In the event that we exercise an Issuer Optional Conversion with respect to any shares of 5.50% Preferred Stock or 6.50% Preferred Stock, the holder of such 5.50% Preferred Stock or 6.50% Preferred Stock may instead elect a Holder Optional Conversion with respect to such 5.50% Preferred Stock or 6.50% Preferred Stock provided that the date of conversion for such Holder Optional Conversion would occur prior to the date of conversion for an Issuer Optional Conversion. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have an Issuer Optional Conversion feature. At a special meeting of stockholders held on June 17, 2025, we obtained stockholder approval under Section 63 of the 1940 Act to issue shares of common stock below net asset value until June 17, 2026. On July 7, 2026, at a special meeting of our stockholders, our stockholders again authorized us to issue shares of our common stock below net asset value during the next 12 months until July 7, 2027. We believe that pursuant to this approval any shares of 5.50% Preferred Stock or 6.50% Preferred Stock issued prior to July 7, 2027 may be converted into shares of common stock pursuant to the Issuer Optional Conversion using the 5-day VWAP to determine the conversion rate at any time, including after July 7, 2027. We believe any shares of 5.50% Preferred Stock or 6.50% Preferred Stock issued after July 7, 2027 may be converted into shares of common stock pursuant to the Issuer Optional Conversion using the 5-day VWAP to determine the conversion rate only if we have obtained stockholder approval for the period in which such shares of 5.50% Preferred Stock or 6.50% Preferred Stock were issued (assuming the 5-day VWAP results in a price below net asset value). The application of Section 63 of the 1940 Act with respect to the conversion of the 5.50% Preferred Stock or 6.50% Preferred Stock under the Issuer Optional Conversion is unclear. It is possible the SEC will assert a position that stockholder approval to issue shares of common stock below net asset value must be obtained for the year in which the Issuer Optional Conversion is exercised, instead of the time at which the 5.50% Preferred Stock or 6.50% Preferred Stock is issued. If the SEC asserted this position and prevailed, we would be required to obtain stockholder approval under the 1940 Act for the years in which we exercise the Issuer Optional Conversion. Obtaining this approval may cause us to incur additional costs and there can be no assurance such stockholder approval will be obtained. If we cannot obtain stockholder approval required by the 1940 Act to issue shares of common stock below net asset value at the time of an Issuer Optional Conversion, then the Issuer Optional Conversion will be effected at the NAV-Based Conversion Rate. An investment in shares of the 5.50% Preferred Stock and 6.50% Preferred Stock involves certain additional risks, including the risks discussed herein. For additional information on the 5.50% Preferred Stock and 6.50% Preferred Stock, including the risks involved in investing in the 5.50% Preferred Stock or 6.50% Preferred Stock, please refer to the applicable prospectus supplement pursuant to which such sale is made. The price of our common stock may fluctuate significantly during the period used to calculate any 5-day VWAP with respect to the 5.50% Preferred Stock and 6.50% Preferred Stock and until settlement of any conversion, and this may make it difficult for holders of the 5.50% Preferred Stock and 6.50% Preferred Stock to resell the 5.50% Preferred Stock and 6.50% 63

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Preferred Stock or common stock issuable upon conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock when such holder wants or at prices such holder finds attractive. The price of our common stock on the Nasdaq Global Select Market constantly changes. We expect that the market price of our common stock will continue to fluctuate. Because the 5.50% Preferred Stock and 6.50% Preferred Stock are convertible into our common stock based on the 5- day VWAP, volatility or declining prices for our common stock during the period used to determine the 5-day VWAP or during the period between when a holder delivers a Holder Conversion Notice and the related Holder Conversion Exercise Date (or the date on which a holder receives the shares of common stock issued upon conversion of their 5.50% Preferred Stock or 6.50% Preferred Stock) or the period between when we deliver a Corporation Conversion Notice and the related Corporation Conversion Exercise Date (or the date on which a holder receives the shares of common stock issued upon conversion of their 5.50% Preferred Stock or 6.50% Preferred Stock), could have a similar effect on the conversion value of the 5.50% Preferred Stock and 6.50% Preferred Stock, and this may make it difficult for holders of the 5.50% Preferred Stock and 6.50% Preferred Stock to resell the 5.50% Preferred Stock and 6.50% Preferred Stock or common stock issuable upon conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock when such holder wants or at prices such holder finds attractive. Our stock price may fluctuate as a result of a variety of factors, many of which are beyond our control. These factors include: • quarterly variations in our investment results; • operating results that vary from the expectations of management, securities analysts and investors; • changes in expectations as to our future financial performance; • the operating and securities price performance of other companies that investors believe are comparable to us; • future sales of our equity or equity‐related securities; • the rate at which investors purchase, sell, short sell or otherwise transact in shares of our common stock; • changes in general conditions in our industry and in the economy and the financial markets; and • departures of key personnel. In addition, in recent years, the stock market in general has experienced extreme price and volume fluctuations. This volatility has had a significant effect on the market price of securities issued by many companies for reasons often unrelated to their operating performance. These broad market fluctuations may adversely affect our stock price, regardless of our operating results. With respect to the 5.50% Preferred Stock and 6.50% Preferred Stock, the consideration paid upon a Holder Optional Conversion and Issuer Optional Conversion is uncertain. Under the terms of the 5.50% Preferred Stock and 6.50% Preferred Stock, we or holders of shares of the 5.50% Preferred Stock and 6.50% Preferred Stock may choose to convert shares of 5.50% Preferred Stock 6.50% Preferred Stock at a time when the market price of common stock has dropped significantly. If we elect to settle conversions in shares of our common stock, this may cause significant dilution to the net asset value per share of our outstanding shares of common stock, including shares of common stock owned by holders of 5.50% Preferred Stock and 6.50% Preferred Stock that had previously converted their 5.50% Preferred Stock and 6.50% Preferred Stock into common stock. With respect to any conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock, we may elect, at our sole discretion and subject to certain restrictions and limitations, to pay any portion (or no portion) of the amount owed in cash and settle the remaining portion in shares of our common stock. We will not pay any portion of the conversion proceeds for a share of 5.50% Preferred Stock and 6.50% Preferred Stock from a Holder Optional Conversion in cash (other than cash in lieu of fractional shares of our common stock) until the five year anniversary of the date on which such share of 5.50% Preferred Stock and 6.50% Preferred Stock has been issued, unless our Board of Directors determines, in its sole discretion, that the issuance of common stock in satisfaction of a Holder Optional Conversion would be materially detrimental to, and not in the best interest of, existing common stockholders. Beginning on the five year anniversary of the date on which a share of 5.50% Preferred Stock and 6.50% Preferred Stock are issued, we may elect to settle all or a portion of any Holder Optional Conversion in cash without limitation or restriction. The conversion rates for the Holder Optional Conversion and, assuming we have the necessary approval under the 1940 Act, the Issuer Optional Conversion are both based on the 5-day VWAP, which may represent a discount to the NAV per share of our common stock. If we do not have or obtain any required stockholder approval under the 1940 Act to sell our common stock below net asset value, 5.50% Preferred Stock and 6.50% Preferred Stock may be converted into common stock in connection with an Issuer Optional Conversion at a conversion rate based on our NAV per share of common stock if the 5-day VWAP represents a discount to the NAV per share of our common stock. In this circumstance, there may be fewer shares of common 64

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stock issued upon conversion of the shares of 5.50% Preferred Stock and 6.50% Preferred Stock; while this would reduce dilution to existing common stockholders, including former holders of 5.50% Preferred Stock and 6.50% Preferred Stock who had previously converted their holdings to common stock, it would also reduce the proportionate interest in the Company (and thus the economic benefit to the holder of 5.50% Preferred Stock and 6.50% Preferred Stock) for holders of 5.50% Preferred Stock and 6.50% Preferred Stock subject to such an Issuer Optional Conversion. Conversely, a conversion rate based on the 5-day VWAP, if it represents a discount to our net asset value per share of common stock, would result in greater dilution to existing common stockholders (including former holders of 5.50% Preferred Stock and 6.50% Preferred Stock who had previously converted their holdings to common stock), and this outcome may be more likely given that the notice period for a Holder Optional Conversion is shorter than the notice period for an Issuer Optional Conversion, so holders of 5.50% Preferred Stock and 6.50% Preferred Stock can supersede any Issuer Optional Conversion and obtain a conversion rate based on the 5-day VWAP (assuming the 5.50% Preferred Stock and 6.50% Preferred Stock is settled in shares of our common stock and not cash). Unlike the 5.50% Preferred Stock and 6.50% Preferred Stock, the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature. At any time prior to the listing of the 5.50% Preferred Stock and 6.50% Preferred Stock on a national securities exchange, such shares of 5.50% Preferred Stock and 6.50% Preferred Stock will be convertible, at the option of the holder of such 5.50% Preferred Stock and 6.50% Preferred Stock, as described herein. The Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature and as such, holders of such shares will have different, and in some respects more limited, liquidity options as compared to holders of 5.50% Preferred Stock and 6.50% Preferred Stock should they no longer wish to hold the shares. Redemption of our Floating Rate Preferred Stock and 7.50% Preferred Stock at the Holder’s option is limited. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock are redeemable, at the option of the holder of such Floating Rate Preferred Stock and 7.50% Preferred Stock, on a monthly basis (the “Holder Optional Redemption”). For all shares of Floating Rate Preferred Stock and 7.50% Preferred Stock duly submitted for redemption on or before a monthly Holder Redemption Deadline (defined in the prospectus supplement dated December 29, 2023), the HOR Settlement Amount (as defined below) is determined on any business day after such Holder Redemption Deadline but before the Holder Redemption Deadline occurring two months thereafter (such date, the “Holder Redemption Exercise Date”). Within such period, we may select the Holder Redemption Exercise Date in our sole discretion. We will settle any Holder Optional Redemption by paying the HOR Settlement Amount in cash. The aggregate amount of Holder Optional Redemptions by the holder of Floating Rate Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter and (iii) no more than 20% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period. Redemption capacity of the Floating Rate Preferred Stock will be allocated on a pro rata basis based on the number of shares of Floating Rate Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed, based on any of the foregoing redemption limits. The aggregate amount of Holder Optional Redemptions by the holders of 7.50% Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter; and (iii) no more than 20% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period; plus, for each redemption limit set forth above in clauses (i) through (iii) of this paragraph, an amount of such 7.50% Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for Floating Rate Preferred Stock as set forth above and the respective amounts requested for the Floating Rate Preferred Stock on a Holder Redemption Deadline for the Floating Rate Preferred Stock. Additionally, we have covenanted to waive the applicable 2% / 5% / 20% redemption limits for the Floating Rate Preferred Stock as set forth in the terms of the Floating Rate Preferred Stock such that holders of the Floating Rate Preferred Stock may, in addition to the amount of Floating Rate Preferred Stock such holders are entitled to redeem pursuant to the terms of the Floating Rate Preferred Stock, also redeem an amount of such Floating Rate Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for the 7.50% Preferred Stock as set forth in the terms of the 7.50% Preferred Stock and the respective amounts requested for the 7.50% Preferred Stock on a Holder Redemption Deadline for the 7.50% Preferred Stock. 65

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Redemption capacity of the 7.50% Preferred Stock will be allocated on a pro rata basis based on the number of 7.50% Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed based on any of the foregoing redemption limits. An “Annual Redemption Period” means our then current fiscal quarter and the three fiscal quarters immediately preceding our then current fiscal quarter. Shares of Series A4 Preferred Stock and Series A5 Preferred Stock are subject to an early redemption fee if it is redeemed by its holder within five years of issuance. We may waive the foregoing redemption limits in our sole discretion at any time. For the Series A4 Preferred Stock and Series A5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, minus (C) the Series A4 Preferred Stock or Series A5 Preferred Stock Holder Optional Redemption fee, as applicable on the respective Holder Redemption Deadline. For the Series M4 Preferred Stock and Series M5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, but if a holder of Series M4 Preferred Stock or Series M5 Preferred Stock exercises a Holder Optional Redemption within the first twenty-four months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the HOR Settlement Amount payable to such holder will be reduced by (i) during the first twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock, respectively, in the six-month period prior to the Holder Redemption Exercise Date, and (ii) during the second twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock in the three-month period prior to the Holder Redemption Exercise Date (such amount, the “Series M4 Shares Clawback” and “Series M5 Shares Clawback,” respectively). We are permitted to waive the Series M4 Shares Clawback and Series M5 Shares Clawback through public announcement of the terms and duration of such waiver. Any such waiver would apply to any holder of Preferred Stock qualifying for the waiver and exercising a Holder Optional Redemption during the pendency of the term of such waiver. Although we have retained the right to waive the Series M4 Shares Clawback and Series M5 Shares Clawback in the manner described above, we are not required to establish any such waivers and we may never establish any such waivers. Redemptions pursuant to an Issuer Optional Redemption will not count toward the 2% / 5% / 20% limits above applied to Holder Optional Redemptions by holders of the Floating Rate Preferred Stock and Series M5 Preferred Stock. Optional redemptions following death of a holder will count toward the 2% / 5% / 20% limits above but will not be subject to such limits. Moreover, redemptions can only be submitted once per month and we have the option to settle such redemptions up to the Holder Redemption Deadline occurring two months thereafter. Holders of Floating Rate Preferred Stock and Series M5 Preferred Stock may thus experience a significant delay in receiving redemption proceeds. There is no cap on the number of shares of common stock that can be issued upon the conversion of shares of 5.50% Preferred Stock and 6.50% Preferred Stock. The conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock into shares of common stock could cause the price of common stock to decline significantly. There is no cap on the number of shares of common stock that can be issued upon the conversion of shares of 5.50% Preferred Stock and 6.50% Preferred Stock. Because the number of shares of common stock issued upon conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock will be based on the price of shares of common stock, the lower the price of our common stock at the time of conversion, the more shares of our common stock into which the 5.50% Preferred Stock and 6.50% Preferred Stock are convertible and the greater the dilution that will be experienced by holders of our common stock. Accordingly, there is no limit on the amount of dilution that may be experienced by holders of our common stock. The issuance of the 5.50% Preferred Stock and 6.50% Preferred Stock may be followed by a decline in the price of our common stock, creating additional dilution to the existing holders of the common stock. Such a price decline may allow holders of 5.50% Preferred Stock and 6.50% Preferred Stock to convert shares of 5.50% Preferred Stock and 6.50% Preferred Stock into large amounts of the Company’s common stock. As these shares of common stock are issued upon conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock, our common stock price may decline further. Additionally, the issuance of the 5.50% Preferred Stock and 6.50% Preferred Stock could result in our failure to comply with the Nasdaq Global Select Market’s listing standards. The Nasdaq Global Select Market’s listing standards that may be affected by the issuance of the 5.50% Preferred Stock and 6.50% Preferred Stock include voting rights rules, bid price requirements, listing of additional shares rules, change in control rules and the Nasdaq Global Select Market’s discretionary authority rules. 66

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Failure to comply with any of these rules could result in the delisting of the Company’s common stock from the Nasdaq Global Select Market or impact the ability to list the 5.50% Preferred Stock and 6.50% Preferred Stock on a national securities exchange. The potential decline in the price of our common stock described above may negatively affect the price of our common stock and our ability to obtain financing in the future. In addition, the issuance of the 5.50% Preferred Stock and 6.50% Preferred Stock may provide incentives for holders thereof that intend to convert their shares to seek to cause a decline in the price of our common stock (including through selling our common stock short) in order to receive an increased number of shares of our common stock upon such conversion of the 5.50% Preferred Stock and 6.50% Preferred Stock, and may encourage other investors to sell short or otherwise dispose of our common stock. As of August 19, 2026, our charter authorized us to issue approximately 3.2 billion shares of common stock, of which approximately 524.8 million were outstanding. Although the Board of Directors can increase the amount of our authorized common stock and reclassify authorized but unissued preferred stock as common stock without stockholder approval, if they did not do so for any reason and our 5-day VWAP fell below approximately $0.45 per share of common stock (assuming all 48,381,408 outstanding shares of the 5.50% Preferred Stock and 6.50% Preferred Stock as of August 19, 2025 converted), we would be required to settle any conversion of 5.50% Preferred Stock and 6.50% Preferred Stock in cash (to the extent we had cash available) or list the 5.50% Preferred Stock and 6.50% Preferred Stock on a national securities exchange and the value of our shares of 5.50% Preferred Stock and 6.50% Preferred Stock would then equal their market price, which may be less than $25.00 per share. Future sales of our common stock in the public market or the issuance of securities senior to our common stock could adversely affect the trading price of our common stock and our ability to raise funds in new stock offerings, and may affect the value of the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock. Future sales of substantial amounts of our common stock or equity‐related securities in the public market, or the perception that such sales could occur, could adversely affect prevailing trading prices of our common stock and could impair our ability to raise capital through future offerings of equity or equity‐related securities, and may affect the value of the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock. No prediction can be made as to the effect, if any, that future sales of shares of common stock or the availability of shares of common stock for future sale, will have on the trading price of our common stock or the value of the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock or 7.50% Preferred Stock. Shares of common stock, which shares of 5.50% Preferred Stock and 6.50% Preferred Stock may be converted into, rank junior to the 5.50% Preferred Stock and 6.50% Preferred Stock with respect to dividends and upon liquidation. We may choose to convert the 5.50% Preferred Stock and 6.50% Preferred Stock to shares of our common stock. Holders of 5.50% Preferred Stock and 6.50% Preferred Stock may also choose to convert their 5.50% Preferred Stock and 6.50% Preferred Stock, subject to our election to settle conversions in cash or shares of our common stock or a combination thereof. The rights of the holders of shares of 5.50% Preferred Stock and 6.50% Preferred Stock rank senior to the rights of the holders of shares of our common stock as to dividends and payments upon liquidation. Unless full cumulative dividends on our shares of 5.50% Preferred Stock and 6.50% Preferred Stock for all past dividend periods have been declared and paid (or set apart for payment), we will not declare or pay dividends with respect to any shares of our common stock for any period. Upon liquidation, dissolution or winding up of the Company, the holders of shares of our 5.50% Preferred Stock and 6.50% Preferred Stock are entitled to receive the Stated Value of $25.00 per share, plus an amount equal to any accumulated, accrued and unpaid dividends at the applicable rate, after provision is made for our senior liabilities, but prior and in preference to any distribution to the holders of shares of our common stock or any other class of our equity securities junior to any and all shares of our preferred stock outstanding (“Preferred Stock”). 67

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Holders of our Preferred Stock have the right to elect members of the Board of Directors and class voting rights on certain matters. Holders of our Preferred Stock, voting separately as a single class, have the right to elect two members of the Board of Directors at all times and in the event dividends become two full years in arrears, have the right to elect a majority of the directors until such arrearage is completely eliminated. In addition, Preferred Stockholders have class voting rights on certain matters, including changes in fundamental investment restrictions, conversion to open-end status, and plans of reorganization that adversely affect the Preferred Stock and accordingly can veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and Preferred Stock, both by the 1940 Act and by requirements imposed by rating agencies or the terms of our credit facilities, might impair our ability to maintain our qualification as a RIC for federal income tax purposes. While we would intend to redeem our Preferred Stock to the extent necessary to enable us to distribute our income as required to maintain our qualification as a RIC, there can be no assurance that such actions could be effected in time to meet the tax requirements. The trading market or market value of our publicly traded preferred stock may fluctuate. The 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock (the “5.35% Preferred Stock”) is listed on the NYSE under the symbol “PSEC PRA” and has a limited trading history. Additionally, we may list the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock on a national securities exchange upon notice to holders of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock and 7.50% Preferred Stock. We cannot accurately predict the trading patterns of our Preferred Stock, including the effective costs of trading the stock, and a liquid secondary market may not develop. There is also a risk that our publicly traded preferred stock may be thinly traded, and the market for such shares may be relatively illiquid compared to the market for other types of securities, with the spread between the bid and asked prices considerably greater than the spreads of other securities with comparable terms and features. The trading price of any publicly traded preferred stock would depend on many factors, including: • prevailing interest rates; • the market for similar securities; • general economic and financial market conditions; • our issuance of debt or other preferred equity securities; and • our financial condition, results of operations and prospects. In addition, the 5.50% Preferred Stock, 6.50% Preferred Stock and 7.50% Preferred Stock pays dividends at a fixed rate and the Floating Rate Preferred Stock pay dividends at floating rates (subject to a minimum total dividend rate of 6.50% and a maximum total dividend rate of 8.00%). Prices of fixed income investments tend to vary inversely with changes in market yields. The market yields on securities comparable to the Preferred Stock may increase, which would likely result in a decline in the value of the Preferred Stock. Additionally, if interest rates rise, securities comparable to the Preferred Stock may pay higher dividend rates and holders of the Preferred Stock may not be able to sell the Preferred Stock at the Stated Value or Liquidation Preference (as defined in the applicable prospectus supplement) and reinvest the proceeds at market rates. The Company may be subject to a greater risk in this period of heightened interest rates. There is a possibility that interest rates may continue to rise, which would likely drive down the prices of income- or dividend-paying securities. Holders of the 5.35% Preferred Stock may not be permitted to exercise conversion rights upon a Change of Control Triggering Event. If exercisable, the Change of Control Triggering Event conversion feature of the 5.35% Preferred Stock may not adequately compensate such preferred stockholders, and the Change of Control Triggering Event conversion and redemption features of the 5.35% Preferred Stock may make it more difficult for a party to take over the Company or discourage a party from taking over the Company. Upon the occurrence of a Change of Control Triggering Event (as defined in the applicable prospectus supplement), holders of 5.35% Preferred Stock will have the right to convert some or all of their 5.35% Preferred Stock into our common stock (or equivalent value of alternative consideration). Upon such a conversion, the holders will be limited to a maximum number of shares of our common stock equal to the Share Cap (as defined in the applicable prospectus supplement) multiplied by the number of shares of 5.35% Preferred Stock converted. We have a special optional redemption right to redeem the 5.35% Preferred Stock in the event of a Change of Control Triggering Event, and holders of 5.35% Preferred Stock will not have the right to convert any shares that we have elected to redeem prior to the “Change of Control Conversion Date” (i.e., the date the shares of 5.35% Preferred Stock are to be converted, which will be a business day selected by us that is no fewer than 20 days nor more than 35 days after the date on which we provide notice). In addition, those features of the 5.35% Preferred Stock may have the effect of inhibiting a third party from making an acquisition proposal for the Company or of delaying, deferring or 68

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preventing a change of control of the Company under circumstances that otherwise could provide the holders of our common stock and Preferred Stock with the opportunity to realize a premium over the then-current market price or that stockholders may otherwise believe is in their best interest. In addition to regulatory restrictions that restrict our ability to raise capital, our credit facility and the deed of trust governing our 5.50% 2030 Notes (the “Deed of Trust”) contain various covenants which, if not complied with, could accelerate repayment under our credit facility or the Deed of Trust, thereby materially and adversely affecting our liquidity, financial condition and results of operations. The agreement governing our credit facility requires us or Prospect Capital Funding LLC (“PCF”) to comply with certain financial and operational covenants. These covenants include: • Restrictions on the level of indebtedness that we are permitted to incur; • Maintenance of a minimum level of our stockholders’ equity (common equity plus preferred equity); • Restrictions on the level of indebtedness that PCF is permitted to incur in relation to the value of PCF’s assets; and • Maintenance of a minimum level of interest coverage by PCF. The Deed of Trust requires us to comply with certain financial and operational covenants. These covenants include: • Maintenance of a minimum level of total equity (common equity plus preferred equity); • Maintenance of a maximum ratio of net debt to total assets; • Maintenance of a minimum ratio of total equity (common equity plus preferred equity) to total assets; and • Restrictions on our ability to incur liens. As of June 30, 2026, we were in compliance with these covenants. However, our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants in our credit facility or the Deed of Trust. Failure to comply with these covenants would result in a default under our credit facility or the Deed of Trust, as applicable, which, if we were unable to obtain a waiver from the lenders under our credit facility or the bondholders of the 5.50% 2030 Notes, as applicable, could result in an acceleration of repayments under our credit facility or the Deed of Trust, as applicable, which could in turn result in defaults under other indebtedness or agreements, and thereby have a material adverse impact on our business, financial condition and results of operations. Failure to extend our existing credit facility, the revolving period of which is currently scheduled to expire on June 28, 2028, could have a material adverse effect on our results of operations and financial position and our ability to pay expenses and make distributions. The revolving period for our credit facility with a syndicate of lenders is currently scheduled to terminate on June 28, 2028, with an additional one year amortization period (with distributions allowed) after the completion of the revolving period. During such one year amortization period, all principal payments on the pledged assets will be applied to reduce the balance. At the end of the one year amortization period, the remaining balance will become due, if required by the lenders. If the credit facility is not renewed or extended by the participant banks by June 28, 2028, we will not be able to make further borrowings under the facility after such date and the outstanding principal balance on that date will be due and payable on June 28, 2029. As of June 30, 2026, we had $562,328 of outstanding borrowings under our credit facility. Interest on borrowings under the credit facility is one-month SOFR plus 205 basis points with a minimum SOFR floor of zero. Additionally, the lenders charge a fee on the unused portion of the credit facility equal to either 40 basis points if more than 60% of the credit facility is drawn, 70 basis points if more than 35% and an amount less than or equal to 60% of the credit facility is drawn, or 150 basis points if an amount less than or equal to 35% of the credit facility is drawn. 69

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The credit facility requires us to pledge assets as collateral in order to borrow under the credit facility. If we are unable to extend our facility or find a new source of borrowing on acceptable terms, we will be required to pay down the amounts outstanding under the facility during the two- year term-out period through one or more of the following: (1) principal collections on our securities pledged under the facility, (2) at our option, interest collections on our securities pledged under the facility and cash collections on our securities not pledged under the facility, or (3) possible liquidation of some or all of our loans and other assets, any of which could have a material adverse effect on our results of operations and financial position and may force us to decrease or stop paying certain expenses and making distributions until the facility is repaid. In addition, our stock price could decline significantly, we would be restricted in our ability to acquire new investments and, in connection with our year-end audit, and our independent registered accounting firm could raise an issue as to our ability to continue as a going concern. Failure to refinance our existing Unsecured Notes could have a material adverse effect on our results of operations and financial position. The Unsecured Notes mature at various dates from July 15, 2026 to March 15, 2052. If we are unable to refinance the Unsecured Notes or find a new source of borrowing on acceptable terms, we will be required to pay down the principal amount outstanding of the Unsecured Notes through one or more of the following: (1) borrowing additional funds under our then current credit facility, (2) issuance of additional common stock or (3) possible liquidation of some or all of our loans and other assets, any of which could have a material adverse effect on our results of operations and financial position. In addition, our stock price could decline significantly; we would be restricted in our ability to acquire new investments and, in connection with our year-end audit, our independent registered accounting firm could raise an issue as to our ability to continue as a going concern. The trading market or market value of our publicly issued debt securities may fluctuate. Our publicly issued debt securities may or may not have an established trading market. We cannot assure our noteholders that a trading market for our publicly issued debt securities will ever develop or be maintained if developed. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following: • the time remaining to the maturity of these debt securities; • the outstanding principal amount of debt securities with terms identical to these debt securities; • the ratings assigned by national statistical ratings agencies; • the general economic environment; • the supply of debt securities trading in the secondary market, if any; • the redemption or repayment features, if any, of these debt securities; • the level, direction and volatility of market interest rates generally; and • market rates of interest higher or lower than rates borne by the debt securities. Our noteholders should also be aware that there may be a limited number of buyers when they decide to sell their debt securities. This too may materially adversely affect the market value of the debt securities or the trading market for the debt securities. Terms relating to redemption may materially adversely affect our noteholders’ or Preferred Stockholders’, as applicable, return on any debt or preferred equity securities that we may issue. If our debt securities or Preferred Stock are redeemable at our option, we may choose to redeem such securities at times when prevailing interest rates are lower than the interest rate paid by our noteholders or our Preferred Stockholders on their respective securities. In addition, if our debt securities or Preferred Stock are subject to mandatory redemption, or optional redemption triggers in advance of a general no-call deadline, we may be required to, or choose to, redeem such respective securities also at times when prevailing interest rates are lower than the interest rate paid by our noteholders or our Preferred Stockholders on their respective securities. In this circumstance, our noteholders or Preferred Stockholders, as applicable, may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as their securities being redeemed. 70

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Our shares of common stock currently trade at a discount from net asset value and may continue to do so in the future, which could limit our ability to raise additional equity capital. Shares of closed-end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to predict whether any shares of our common stock will trade at, above, or below net asset value. The stocks of BDCs as an industry, including shares of our common stock, currently trade below net asset value as a result of concerns over liquidity, interest rate changes, leverage restrictions and distribution requirements. Under the 1940 Act, when our common stock is trading below its net asset value per share, we will not be able to issue additional shares of our common stock at its market price without first obtaining approval for such issuance from our stockholders and our independent directors. On July 7, 2026, at a special meeting of stockholders, our stockholders reauthorized us to sell shares of our common stock (during the following 12 months) at a price or prices below our net asset value per share at the time of sale in one or more offerings subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of its outstanding common stock immediately prior to such sale). There is a risk that investors in our common stock may not receive dividends or that our dividends may not grow over time and investors in our debt securities or preferred equity may not receive all of the interest or dividend income to which they are entitled. In addition, if the current period of capital market disruption and instability continues for an extended period of time, there is a risk that investors in our common stock may not receive distributions consistent with historical levels or at all or that our distributions may not grow over time and a portion of our distributions may be a return of capital. We intend to make distributions on a monthly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. If we declare a dividend and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash dividend payments. In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Further, if we invest a greater amount of assets in equity securities that do not pay current dividends, it could reduce the amount available for distribution. The above-referenced restrictions on distributions may also inhibit our ability to make required interest or dividend payments to holders of our debt and preferred equity, as applicable, which may cause a default under the terms of our debt agreements. Such a default could materially increase our cost of raising capital, as well as cause us to incur penalties under the terms of our debt agreements. Moreover, while we have declared common stock distributions through August 2026 at a rate of $0.0350 per share of common stock, we cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay common stock distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report. In addition, if we are unable to satisfy the asset coverage test applicable to us under the 1940 Act as a business development company or if we violate certain covenants under our existing or future credit facilities or other leverage, we may be limited in our ability to make common stock distributions. If we declare a common stock distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make common stock distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions would generally decrease a stockholder’s basis in our common stock and may therefore increase such stockholder’s tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price. Investing in our securities may involve a high degree of risk and is highly speculative. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be speculative and aggressive, and therefore, an investment in our shares may not be suitable for someone with low risk tolerance. 71

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Our stockholders may experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan. All dividends declared in cash payable to stockholders that are participants in our DRIP with respect to dividends declared by our Board of Directors on shares of our common stock, are automatically reinvested in shares of our common stock based on a 5% discount to the market price of our common stock on the date fixed by our Board of Directors for such distribution. As a result, our stockholders that opt out of our DRIP will experience dilution in their ownership percentage of our common stock over time. Stockholders who (or whose broker through which they hold shares) do not elect to receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the Plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to a stockholder. Sales or issuances of Preferred Stock at a discount to Stated Value reduces the net assets available to holders of our common stock. We may receive net proceeds from the issuance of Preferred Stock in an amount less than the Stated Value of such Preferred Stock which reduces net assets available to holders of our common stock. Additionally, additional shares of the Company’s 5.50% Preferred Stock and 6.50% Preferred Stock issued pursuant to the Preferred Stock DRIP are issued at a 5% discount from the Stated Value of $25.00 per share of the 5.50% Preferred Stock and 6.50% Preferred Stock. Because DRIP-issued Preferred Stock, like all Preferred Stock, has a $25.00 Stated Value, these issuances also reduce the net assets available to holders of our common stock. Such reductions reflect part of the issuance expenses of the 5.50% Preferred Stock and 6.50% Preferred Stock that common shareholders bear. See “Senior Securities, including debt and preferred equity, expose us to additional risks, including the typical risks associated with leverage and could adversely affect our business, financial condition and result of operations.” Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock. Sales of substantial amounts of our common stock, or the availability of such common stock for sale (including as a result of the conversion of the 5.50% Preferred Stock or 6.50% Preferred Stock into common stock), could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so. If we sell shares of our common stock or securities to subscribe for or are convertible into shares of our common stock at a discount to our net asset value per share, stockholders who do not participate in such sale will experience immediate dilution in an amount that may be material. On July 7, 2026, at a special meeting of stockholders, our stockholders authorized us to sell shares of our common stock (during the following 12 months) at a price or prices below our net asset value per share at the time of sale in one or more offerings subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of its outstanding common stock immediately prior to such sale). Our stockholders approved our ability to issue warrants, options or rights to acquire our common stock at our 2008 annual meeting of stockholders for an unlimited time period and in accordance with the 1940 Act which provides that the conversion or exercise price of such warrants, options or rights may be less than net asset value per share at the date such securities are issued or at the date such securities are converted into or exercised for shares of our common stock. The issuance or sale by us of shares of our common stock or securities to subscribe for or are convertible into shares of our common stock at a discount to net asset value poses a risk of dilution to our stockholders. In particular, stockholders who do not purchase additional shares of common stock at or below the discounted price in proportion to their current ownership will experience an immediate decrease in net asset value per share (as well as in the aggregate net asset value of their shares of common stock if they do not participate at all). These stockholders will also experience a disproportionately greater decrease in their participation in our earnings and assets and their voting power than the increase we experience in our assets, potential earning power and voting interests from such issuance or sale. In addition, such sales may adversely affect the price at which our common stock trades. We have sold shares of our common stock at prices below net asset value per share in the past and may do so to the future. In addition, we may issue additional shares of preferred stock or debt securities that are convertible into shares of our common stock. The net effect of both types of offerings would be to increase the number of shares of our common stock outstanding or available, which could negatively impact the market price of our common stock and cause the market value of our common stock to become more volatile. Further, to the extent that shares of our common stock are offered or converted at a price below 72

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the then net asset value per share, existing stockholders who do not participate in such offerings would experience dilution of their interest (both voting and economic, in terms of net asset value) in the Company. Our ability to enter into transactions with our affiliates is restricted. We are prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our independent directors. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any security or other property from or to such affiliate, absent the prior approval of our independent directors. The 1940 Act also prohibits “joint” transactions with an affiliate, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent directors. Subject to certain limited exceptions, we are prohibited from buying or selling any security or other property from or to the Investment Adviser and its affiliates and persons with whom we are in a control relationship, or entering into joint transactions with any such person, absent the prior approval of the SEC. On January 6, 2026, we, our Investment Adviser and certain affiliates received an exemptive order from the SEC (the “Order”), which superseded a prior co-investment exemptive order granted on January 13, 2020 (and amended on August 2, 2022), that permits us, among other things, to participate with other funds managed by the Investment Adviser or certain affiliates, including Priority Income Fund, Inc., Prospect Floating Rate and Alternative Income Fund, Inc. and Prospect Enhanced Yield Fund, in certain co-investment transactions, where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions included therein. Under the terms of the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of our Board of Directors make certain findings (1) in most instances when we co-invest with our affiliate in an issuer where our affiliate has an existing investment in the issuer, and either (i) we do not have an existing investment in the issuer or (ii) we do have an existing investment in the issuer, but we are not co-investing on a pro-rata basis with our affiliate, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, our Board of Directors oversees our participation in the co-investment program. As required by the Order, we have adopted, and our Board of Directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to the Board of Directors. In certain situations where a co- investment with one or more funds managed by the Investment Adviser or its affiliates is not covered by the Order, such as when there is an opportunity to invest in different securities of the same issuer, the personnel of the Investment Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. The market price of our securities may fluctuate significantly. The market price and liquidity of the market for our securities may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • significant volatility in the market price and trading volume of securities of BDCs or other companies in the energy industry, which are not necessarily related to the operating performance of these companies; • price and volume fluctuations in the overall stock market from time to time; • changes in regulatory policies or tax guidelines, particularly with respect to RICs or business development companies; • loss of RIC qualification; • changes or perceived changes in earnings or variations in operating results; • changes or perceived changes in the value of our portfolio of investments; • changes in accounting guidelines governing valuation of our investments; • any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; • departure of one or more of Prospect Capital Management’s key personnel; • operating performance of companies comparable to us; • short-selling pressure with respect to shares of our common stock or BDCs generally; • future sales of our securities convertible into or exchangeable or exercisable for our common stock or the conversion of such securities, including the 5.50% Preferred Stock and 6.50% Preferred Stock; • the occurrence of one or more natural disasters, pandemic outbreaks or other health crises; 73

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• concerns regarding European sovereign debt; • changes in prevailing interest rates; • prolonged inflation; • litigation matters; • general economic trends and other external factors; and • loss of a major funding source. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has, from time to time, been brought against that company. If our stock price fluctuates significantly, we may be the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. There is a risk that you may not receive distributions or that our distributions may not grow over time. We have made and intend to continue to make distributions on a monthly basis to our common stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash distributions or year-to-year increases in cash distributions. In addition, due to the asset coverage test applicable to us as a BDC, we may be limited in our ability to make distributions. Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. Our charter and bylaws and the Maryland General Corporation Law contain provisions that may have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for our stockholders or otherwise be in their best interest. These provisions may prevent stockholders from being able to sell shares of our common stock at a premium over the current of prevailing market prices. Our charter provides for the classification of our Board of Directors into three classes of directors, serving staggered three-year terms, which may render a change of control or removal of our incumbent management more difficult. Furthermore, any and all vacancies on our Board of Directors will be filled generally only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term until a successor is elected and qualifies. Our Board of Directors is authorized to create and issue new series of shares, to classify or reclassify any unissued shares of stock into one or more classes or series, including preferred stock and, without stockholder approval, to amend our charter to increase or decrease the number of shares of common stock that we have authority to issue, which could have the effect of diluting a stockholder’s ownership interest. Prior to the issuance of shares of common stock of each class or series, including any reclassified series, our Board of Directors is required by our governing documents to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series of shares of stock. Our charter and bylaws also provide that our Board of Directors has the exclusive power to adopt, alter or repeal any provision of our bylaws, and to make new bylaws. The Maryland General Corporation Law also contains certain provisions that may limit the ability of a third party to acquire control of us, such as: • The Maryland Business Combination Act, which, subject to certain limitations, prohibits certain business combinations between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of the voting power of the common stock or an affiliate thereof) for five years after the most recent date on which the stockholder becomes an interested stockholder and, thereafter, imposes special minimum price provisions and special stockholder voting requirements on these combinations. • The Maryland Control Share Acquisition Act, which provides that “control shares” of a Maryland corporation (defined as shares of common stock which, when aggregated with other shares of common stock controlled by the stockholder, entitles the stockholder to exercise one of three increasing ranges of voting power in electing directors, as described more fully below) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting rights except to the extent approved by stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares of common stock. 74

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The provisions of the Maryland Business Combination Act will not apply, however, if our Board of Directors adopts a resolution that any business combination between us and any other person will be exempt from the provisions of the Maryland Business Combination Act. Our Board of Directors has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Maryland Business Combination Act, provided that the business combination is first approved by the Board of Directors, including a majority of the directors who are not interested persons as defined in the 1940 Act. There can be no assurance that this resolution will not be altered or repealed in whole or in part at any time. If the resolution is altered or repealed, the provisions of the Maryland Business Combination Act may discourage others from trying to acquire control of us. As permitted by Maryland law, our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our common stock. Although our bylaws include such a provision, such a provision may also be amended or eliminated by our Board of Directors at any time in the future. Your interest in us may be diluted if you do not fully exercise your subscription rights in any rights offering. In addition, if the subscription price is less than our net asset value per share, then you will experience an immediate dilution of the aggregate net asset value of your shares. In the event we issue subscription rights, stockholders who do not fully exercise their subscription rights should expect that they will, at the completion of a rights offering pursuant to the applicable prospectus, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of such rights offering. In addition, if the subscription price is less than the net asset value per share of our common stock, then our stockholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price and net asset value per share will be on the expiration date of a rights offering or what proportion of the shares will be purchased as a result of such rights offering. Such dilution could be substantial. We may in the future choose to pay dividends in our own stock, in which case our stockholders may be required to pay tax in excess of the cash they receive. We may distribute taxable dividends that are payable in part in our stock. In accordance with guidance issued by the Internal Revenue Service, subject to the satisfaction of certain guidelines, a publicly traded RIC should generally be eligible to treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder is permitted to elect to receive his or her distribution in either cash or stock of the RIC, even where there is a limitation on the percentage of the aggregate distribution payable in cash, provided that the limitation is at least 20%. If too many stockholders elect to receive cash, each stockholder electing to receive cash generally must receive a portion of his or her distribution in cash (with the balance of the distribution paid in stock). If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the distribution paid in stock generally will be a taxable distribution in an amount equal to the amount of cash that could have been received instead of stock. Taxable stockholders receiving such dividends would be required to include the full amount of the dividend as ordinary income (or as long-term capital gain to the extent such distribution is properly designated as a capital gain dividend) to the extent of our current and accumulated earnings and profits for United States federal income tax purposes. As a result, a U.S. Stockholder (as defined in “Material U.S. Federal Income Tax Considerations”) may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. Stockholder sells the stock it receives as a dividend in order to pay this tax, it may be subject to transaction fees (e.g., broker fees or transfer agent fees) and the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of its stock at the time of the sale. Furthermore, with respect to Non-U.S. Stockholders (as defined in “Material U.S. Federal Income Tax Considerations”), we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. It is unclear whether and to what extent we will pay dividends in cash and in our stock. General Risk Factors We may experience fluctuations in our quarterly results. 75

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We could experience fluctuations in our quarterly operating results due to a number of factors, including the level of structuring fees received, the interest or dividend rates payable on the debt or equity securities we hold, the default rate on debt securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets, and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods. Item 1B. Unresolved Staff Comments Not applicable. Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy As an externally managed closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act, our day-to- day operations are managed by the Investment Adviser, Administrator and our executive officers under the oversight of our Board of Directors. As such, we rely on the cybersecurity policies and procedures implemented by Prospect Capital Management, for assessing, identifying and managing material risks to our business from cybersecurity threats. Below are details that Prospect Capital Management has provided to us regarding its cybersecurity program that are relevant to us. Prospect Capital Management has processes in place for assessing, identifying, and managing material risks from potential unauthorized occurrences on, or through, our electronic information systems that could adversely affect the confidentiality, integrity, or availability of our information systems or the information residing on those systems. In accordance with the Prospect Capital Management Compliance Manual, senior management governs and oversees the advancement and implementation of policies and procedures to reasonably prevent security incidents. Prospect Capital Management’s cybersecurity program also includes review and assessment by third parties of the cybersecurity processes and systems. These third parties assess and report on Prospect Capital Management’s compliance with applicable laws and regulations and its internal incident response preparedness, including benchmarking to best practices and industry frameworks and help identify areas for continued focus and improvement. Prospect Capital Management uses processes to oversee and identify material risks from cybersecurity threats, including those associated with the use of third-party service providers. Additionally, Prospect Capital Management uses systems and processes designed to reduce the impact of a security incident at a third-party service provider. As part of its risk management process, Prospect Capital Management also maintains an incident response plan that is utilized when cybersecurity incidents impacting us, our Investment Adviser, or our Administrator are detected. Prospect Capital Management conducts regular phishing tests where educational materials are provided in each test for those who fail. Prospect Capital Management also utilizes a security awareness training platform as supplementary cybersecurity training for staff with a high failure rate on the phishing tests. In the last three fiscal years, we are not aware of any material risks from cybersecurity threats that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion on risks posed by cybersecurity threats, see “Item 1A. Risk Factors - Risks Relating to Our Business- We may experience cybersecurity incidents and are subject to cybersecurity risks. The failure in cybersecurity systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning, could impair our ability to conduct business effectively.” Board of Director Oversight of Cybersecurity Risks Our Board of Directors provides strategic oversight on cybersecurity matters, including risks associated with cybersecurity threats. Our Board of Directors receives periodic updates from the Company’s Chief Compliance Officer (“CCO”), which incorporates updates provided by the Adviser regarding the overall state of the Adviser’s cybersecurity program, information on the current threat landscape, and risks from cybersecurity threats and cybersecurity incidents impacting the Company. Management's Role in Cybersecurity Risk Management The Company’s management, including the Company’s CCO, manage the Company’s cybersecurity program. The CCO supervises the Company’s oversight function generally and relies on the Adviser’s technology team to assist with assessing and managing material risks from cybersecurity threats. The CCO has been responsible for this oversight function as CCO of the 76

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Company for more than five years and has worked in the financial services industry for more than 20 years, during which time the CCO has gained expertise in assessing and managing risk applicable to the Company. Management of the Company is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents impacting the Company, including through the receipt of notifications from service providers and reliance on communications with risk management, legal, information technology, and/or compliance personnel of the Adviser. Item 2. Properties We do not own any real estate or other physical properties materially important to our operation. We are located at 10 East 40th Street, New York, New York 10016, where we occupy our office space pursuant to our Administration Agreement with Prospect Administration. The office facilities are leased by our Administrator. We believe that our office facilities are suitable and adequate for our business as currently conducted. Item 3. Legal Proceedings From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to intellectual property, employment, tax, regulation, contract or other matters. The resolution of such matters as may arise will be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any material legal proceedings as of June 30, 2026. Item 4. Mine Safety Disclosures Not applicable. 77

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PART II Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities (All figures in this item are in thousands, except share and per share data) Our common stock is traded on the NASDAQ Global Select Market and the Tel Aviv Stock Exchange Ltd. (“TASE”) under the symbol “PSEC.” The following table sets forth, for the quarterly reporting periods indicated, the net asset value per common share of our common stock and the high and low sales prices for our common stock, as reported on the NASDAQ Global Select Market. Our common stock historically has traded at prices both above and below its net asset value. There can be no assurance, however, that such premium or discount, as applicable, to net asset value will be maintained. See also “Item 1A. Risk Factors” in Part I of this Annual Report for additional information about the risks and uncertainties we face. Stock Price Premium (Discount)of High to NAV Premium(Discount)of Low to NAVNAV(1) High(2) Low(2) Year Ended June 30, 2025 First quarter $ 8.10 $ 5.60 $ 4.75 (30.9)% (41.4)% Second quarter 7.84 5.34 4.16 (31.9)% (46.9)% Third quarter 7.25 4.45 4.10 (38.6)% (43.4)% Fourth quarter 6.56 4.06 3.14 (38.1)% (52.1)% Year Ended June 30, 2026 First quarter $ 6.45 $ 3.47 $ 2.59 (46.2)% (59.8)% Second quarter 6.21 2.88 2.45 (53.6)% (60.5)% Third quarter 6.05 3.05 2.49 (49.6)% (58.8)% Fourth quarter 5.71 2.82 2.15 (50.6)% (62.3)% (1) Net asset value per common share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per common share on the date of the high or low sales price. The NAVs shown are based on outstanding shares of our common stock at the end of each period. (2) The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter. As of August 19, 2026, there were 267 shareholders of record of our common stock. This figure does not include a substantially greater number of beneficial holders of our common stock, whose shares are held in the names of brokers, dealers and clearing agencies. Recent Sales of Common Stock Below Net Asset Value At a special meeting of stockholders held on June 17, 2025, our stockholders approved our ability to sell shares of our common stock at a price or prices below our NAV per common share at the time of sale in one or more offerings until June 17, 2026. On July 7, 2026, at a special meeting of stockholders, our stockholders again authorized us to sell shares of our common stock below our NAV during the next 12 months until July 7, 2027. Such authorization is subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of our outstanding common stock immediately prior to such sale). Accordingly, we may make offerings of shares of our common stock without any limitation on the total amount of dilution to stockholders. During the fiscal year ended June 30, 2026, we did not sell any such shares. 78

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Distribution Policy To the extent prudent and practicable, we intend to make distributions on a monthly basis. Our ability to pay distributions could be affected by future business performance, liquidity, capital needs, alternative investment opportunities and loan covenants. Our distributions, if any, will be determined by our Board of Directors. Certain amounts of the monthly distributions may from time to time be paid out of our capital rather than from earnings for the quarter as a result of our deliberate planning or by accounting reclassifications. As a RIC, we generally are not subject to U.S. federal income tax on income and gains we distribute each taxable year to our stockholders, provided that in such taxable year, we distribute an amount equal to at least 90% of our investment company taxable income (as defined by the Code) to our stockholders. We will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gain not distributed (or deemed distributed) to our stockholders. In addition, we will be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income unless we distribute in a timely manner an amount at least equal to the sum of (i) 98% of our ordinary income recognized during the calendar year, (ii) 98.2% of our capital gain net income, as defined by the Code, recognized for the one year period ending October 31 in that calendar year and (iii) any income recognized, but not distributed, in preceding years. We did not have an excise tax liability for the calendar year ended December 31, 2025. As of June 30, 2026, we do not expect to have any excise tax due for the 2026 calendar year. Tax characteristics of all distributions will be reported to stockholders, as appropriate, on Form 1099-DIV after the end of the calendar year. In addition, although we currently intend to distribute realized net capital gains (which we define as net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions, we may decide in the future to retain such capital gains for investment. In such event, the consequences of our retention of net capital gains are described under “Material U.S. Federal Income Tax Considerations.” We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we may be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings. 79

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During the years ended June 30, 2026 and June 30, 2025, we distributed approximately $249,696 and $264,059, respectively, to our common stockholders. The following table summarizes our distributions declared and payable for the years ended June 30, 2026 and June 30, 2025. Declaration Date Record Date Payment Date Amount Per Share Amount Distributed (inthousands) 5/8/2025 7/29/2025 8/20/2025 0.045000 $ 20,623 5/8/2025 8/27/2025 9/18/2025 0.045000 20,805 8/26/2025 9/26/2025 10/22/2025 0.045000 20,965 8/26/2025 10/29/2025 11/18/2025 0.045000 21,145 11/6/2025 11/25/2025 12/18/2025 0.045000 21,308 11/6/2025 12/29/2025 1/21/2026 0.045000 21,441 11/6/2025 1/28/2026 2/18/2026 0.045000 21,653 2/9/2026 2/25/2026 3/19/2026 0.045000 21,812 2/9/2026 3/27/2026 4/21/2026 0.045000 21,956 2/9/2026 4/28/2026 5/19/2026 0.045000 22,382 5/7/2026 5/27/2026 6/18/2026 0.035000 17,661 5/7/2026 6/26/2026 7/22/2026 0.035000 17,945 Total declared and payable for the year ended June 30, 2026 $ 249,696 5/8/2024 7/29/2024 8/21/2024 0.060000 $ 25,607 5/8/2024 8/28/2024 9/19/2024 0.060000 25,739 8/28/2024 9/26/2024 10/22/2024 0.060000 26,012 8/28/2024 10/29/2024 11/19/2024 0.060000 26,135 11/8/2024 11/26/2024 12/19/2024 0.045000 19,671 11/8/2024 12/27/2024 1/22/2025 0.045000 19,748 11/8/2024 1/29/2025 2/19/2025 0.045000 19,842 2/10/2025 2/26/2025 3/20/2025 0.045000 19,995 2/10/2025 3/27/2025 4/17/2025 0.045000 20,129 2/10/2025 4/28/2025 5/20/2025 0.045000 20,297 5/8/2025 5/28/2025 6/18/2025 0.045000 20,380 5/8/2025 6/26/2025 7/22/2025 0.045000 20,504 Total declared and payable for the year ended June 30, 2025 $ 264,059 Dividends and distributions to common stockholders are recorded on the ex-dividend date. As such, the table above includes distributions with record dates during the years ended June 30, 2026 and June 30, 2025. It does not include distributions previously declared to common stockholders of record on any future dates, as those amounts are not yet determinable. The following dividends were previously declared and will be recorded and payable subsequent to June 30, 2026: • $0.035 per share for July 2026 holders of record on July 29, 2026 with a payment date of August 20, 2026. • $0.035 per share for August 2026 holders of record on August 27, 2026 with a payment date of September 17, 2026. 80

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Dividend Reinvestment Plan We maintain an “opt out” common stock dividend reinvestment and direct stock purchase plan for our common stockholders. As a result, if we declare a distribution (as discussed above), common stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they (or their broker through which they hold shares) opt out of the Plan so as to receive cash distributions. Stockholders who receive distributions in the form of stock are subject to the same U.S. federal, state and local tax consequences as are stockholders who elect to receive their distributions in cash. Stockholders are advised to consult with their brokers or financial institutions, as appropriate, with respect to the administration of their dividends and related instructions. See also “Common Stock Dividend Reinvestment and Direct Stock Purchase Plan” in Part I of this Annual Report for additional information. We primarily use newly-issued shares of our common stock to implement the plan, whether our shares are trading at a premium or at a discount to net asset value. However, we reserve the right to purchase shares of our common stock in the open market in connection with the implementation of the plan. Our Board of Directors determines how the common stock to be distributed as part of the plan is made available. During the years ended June 30, 2026 and June 30, 2025, we distributed 10,834,822 and 7,505,661 shares of our common stock, respectively, in connection with the Plan. All of the shares of common stock distributed to our stockholders were new issues. The following table summarizes the shares issued through the reinvestment of dividends in the years ended June 30, 2026 and June 30, 2025. Record Date Payment Date Shares Issued(1) Value of Shares(in thousands) % of Distribution 6/26/2025 7/22/2025 718,088 $ 2,292 11.2 % 7/29/2025 8/20/2025 836,705 2,297 11.1 % 8/27/2025 9/18/2025 807,813 2,122 10.2 % 9/26/2025 10/22/2025 828,162 2,157 10.3 % 10/29/2025 11/18/2025 839,173 2,169 10.3 % 11/25/2025 12/18/2025 969,998 2,295 10.8 % 12/29/2025 1/21/2026 840,928 2,213 10.3 % 01/28/2026 2/18/2026 804,914 2,302 10.6 % 02/25/2026 3/19/2026 928,532 2,294 10.5 % 03/27/2026 4/21/2026 998,885 2,629 12.0 % 04/28/2026 5/19/2026 1,275,870 2,654 11.9 % 05/27/2026 6/18/2026 985,754 2,060 11.7 % Total issued in the year ended June 30, 2026 10,834,822 $ 27,484 6/26/2024 7/18/2024 571,807 $ 3,042 11.9 % 7/29/2024 8/21/2024 650,357 3,071 12.0 % 8/28/2024 9/19/2024 611,918 3,151 12.2 % 9/26/2024 10/22/2024 612,816 3,104 11.9 % 10/29/2024 11/19/2024 685,674 2,938 11.2 % 11/26/2024 12/19/2024 573,973 2,323 11.8 % 12/27/2024 1/22/2025 571,264 2,382 12.1 % 01/29/2025 2/19/2025 564,105 2,385 12.0 % 02/26/2025 3/20/2025 553,487 2,240 11.2 % 03/27/2025 4/17/2025 704,660 2,330 11.6 % 04/28/2025 5/20/2025 672,278 2,344 11.5 % 05/28/2025 6/18/2025 733,322 2,215 10.9 % Total issued in the year ended June 30, 2025 7,505,661 $ 31,525 (1) Number of newly-issued common shares to be credited to a common stockholder’s account to be determined by dividing (i) the total dollar amount of the dividend payable to such common stockholder by (ii) 95% of the closing market price per share of our stock on the date fixed by our Board of Directors for such distribution (thereby providing a 5% discount to the market price of our common stock on such date). 81

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Registered common stockholders who opt out of the Plan must notify the Plan administrator prior to the payment date in order for that distribution to be paid in cash. As such, the table above includes distributions with payment dates during the years ended June 30, 2026 and June 30, 2025. It does not include distributions previously declared and recorded as payable to common stockholders on any future dates, as those amounts are not yet determinable. 82

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Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities On August 24, 2011, our Board of Directors approved a share repurchase plan (the “Repurchase Program”), pursuant to which we may repurchase up to $100,000 of our common stock at prices below our net asset value per share. Prior to any repurchase, we are required to notify stockholders of our intention to purchase our common stock. We did not repurchase any shares of our common stock under the Repurchase Program for the years ended June 30, 2026 and June 30, 2025. As of June 30, 2026, the approximate dollar value of shares that may yet be purchased under the plan is $65.9 million. On June 16, 2022, our Board of Directors authorized the repurchase of up to 1.5 million shares our Series A Preferred Stock and further on October 11, 2023, authorized any and all outstanding Series A Preferred Stock to be repurchased. The manner, price, volume and timing of preferred share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. There were no repurchases during the three months ended June 30, 2026. During the three months ended June 30, 2026, we exchanged an aggregate of 1,800 Series M1 Preferred Stock for an aggregate of 1,800 newly- issued Series M5 Preferred Stock and we exchanged an aggregate of 21,000 Series M3 Preferred Stock for an aggregate of 21,000 of newly- issued Series M5 Preferred Stock pursuant to Section 3(a)(9) of the Securities Act. Section 3(a)(9) provides that the registration requirements of the Securities Act will not apply to “any security exchanged by the issuer with its existing security holders exclusively where no commission or other remuneration is paid or given directly or indirectly for soliciting such exchange.” We have no contract, arrangement or understanding relating to, and will not, directly or indirectly, pay any commission or other remuneration to any broker, dealer, salesperson, agent or any other person for soliciting exchanges in the exchange offer. The shares of Series M5 Preferred Stock issued in the exchange were issued in each case to an existing security holder of the Company, along with cash in respect of accrued but unpaid dividends on the exchanged securities, plus any fractional amount of a Series M1 Preferred Stock or Series M3 Preferred Stock exchanged multiplied by $25.00 in cash, exclusively in exchange for such holder’s securities and no commission or other remuneration was paid or given for soliciting the exchange. The Series M1 Preferred Stock and Series M3 Preferred Stock are convertible at the option of the holder. See Note 9 for further discussion of the features of the Series M1 Preferred Stock, Series M3 Preferred Stock, Series M4 Preferred Stock and Series M5 Preferred Stock. Other exceptions may apply. 83

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Stock Performance Graph The following graph compares a stockholder’s cumulative total return for the last five fiscal years as if such amounts had been invested in: (i) our common stock; (ii) the stocks included in the S&P 500 Index; (iii) the stocks included in the S&P BDC Index; and (iv) the stocks included in the S&P/LSTA U.S. Leveraged Loan 100 Index. The graph and other information furnished under the heading “Stock Performance Graph” shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we specifically incorporate it by reference and shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under, or to the liabilities of Section 18 of, the Exchange Act. The below graph is based on historical stock prices and measures total stockholder return, which takes into account both changes in stock price and dividends. The total return assumes that dividends were reinvested daily and is based on a $100 investment on June 30, 2021. This stock performance graph is not necessarily indicative of future stock performance. Index performance is shown for illustrative purposes only and does not reflect any deduction for fees or expenses. It is not possible to invest directly in an unmanaged index. Fees and Expenses The following tables are intended to assist you in understanding the costs and expenses that an investor in shares of common stock will bear directly or indirectly. The sales load and offering expenses shown in the table below will be paid for by the Company and will be indirectly borne by holders of our common stock and not by the holders of Preferred Stock prior to any conversions of such Preferred Stock to common stock. We caution you that some of the percentages indicated in the table below are estimates and may vary. These tables are based on our assets and common stock outstanding as of June 30, 2026, except that we assume that we have issued all shares of preferred stock the Company is authorized to issue, and that we have borrowed $2.1 billion under our credit facility, which is the maximum amount available under the credit facility with the current levels of other debt, in addition to our other indebtedness of $1.3 billion. 84

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Except where the context suggests otherwise, any reference to fees or expenses paid by “us” or that “we” will pay fees or expenses, the Company will pay such fees and expenses out of our net assets and, consequently, common stockholders will indirectly bear such fees or expenses. However, common stockholders will not be required to deliver any money or otherwise bear personal liability or responsibility for such fees or expenses. Stockholder transaction expenses: Sales Load (as a percentage of offering price) (1) - Offering expenses borne by the Company (as a percentage of offering price) (2) - Dividend reinvestment plan expenses (3) $15.00 Total stockholder transaction expenses (as a percentage of offering price): - Annual expenses (as a percentage of net assets attributable to common stock): Management fees (4) 6.26 % Incentive fees payable under Investment Advisory Agreement (20% of realized capital gains and 20% of pre-incentivefee net investment income) (5) 0.93 % Total advisory fees 7.19 % Total interest expenses (6) 6.51 % Other expenses (7) 1.50 % Total annual expenses (5)(7)(8) 15.20 % Dividends on Preferred Stock (9) 6.33 % Total annual expenses after dividends on Preferred Stock 21.53 % Example The following table demonstrates the projected dollar amount of cumulative expenses we would pay out of net assets and that common stockholders would indirectly bear over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we have issued all shares of preferred stock the Company is authorized to issue, and that we have borrowed $2.1 billion under our credit facility, which is the maximum amount available under the credit facility with the current levels of other debt, in addition to our other indebtedness of $1.3 billion, and that our annual operating expenses would remain at the levels set forth in the table above and that we would pay the costs shown in the table above. 1 Year 3 Years 5 Years 10 Years Common stockholders would pay the followingexpenses on a $1,000 investment, assuming a 5%annual return* $ 278 $ 570 $ 777 $ 1,071 Common stockholders would pay the followingexpenses on a $1,000 investment, assuming a 5%annual return** $ 287 $ 588 $ 797 $ 1,081 ____________________________________ * Assumes that we will not realize any capital gains computed net of all realized capital losses and unrealized capital depreciation on our portfolio. ** Assumes no unrealized capital depreciation or realized capital losses and 5% annual return on our portfolio resulting entirely from net realized capital gains (and therefore subject to the capital gains incentive fee). While the example assumes, as required by the SEC, a 5% annual return on our portfolio, our performance will vary and may result in a return greater or less than 5%. The income incentive fee under our Investment Advisory Agreement with Prospect Capital Management is unlikely to be material assuming a 5% annual return on our portfolio and is not included in the example. If we achieve sufficient returns on our portfolio, including through the realization of capital gains, to trigger an incentive fee of a material amount, our distributions to our common stockholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and other distributions at NAV, common stockholders that participate in our common stock dividend reinvestment plan will receive a number of shares of our common stock determined by dividing the total dollar amount of the distribution payable to a participant by 95% of the market price per share of our common stock at the close of trading on the valuation date for the distribution. This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown. 85

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____________________________________ (1) In the event that securities are sold to or through underwriters, a corresponding prospectus supplement will disclose the estimated applicable sales load. (2) The related prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the estimated offering expenses borne by us as a percentage of the offering price. (3) The expenses of the dividend reinvestment plan are included in “other expenses.” The plan administrator’s fees under the plan are paid by us. There are no brokerage charges or other charges to stockholders who participate in reinvestment of dividends or other distributions under the plan except that, if a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant’s account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $15 transaction fee plus a $0.10 per share brokerage commissions from the proceeds. See “Capitalization” in the applicable prospectus supplement pursuant to which an offer is made and “Dividend Reinvestment and Direct Stock Repurchase Plan” in this prospectus and the applicableprospectus supplement. (4) Our base management fee is 2% of our gross assets (which include any amount borrowed, i.e., total assets without deduction for any liabilities, including any borrowed amounts for non-investment purposes, for which purpose we have not and have no intention of borrowing). Although we have no intent to borrow the entire amount available under our line of credit, assuming that we had total borrowings of $2.1 billion under our line of credit, the 2% management fee of gross assets would equal approximately 6.26% of net assets. (5) Based on our net investment income and realized capital gains, less realized and unrealized capital losses, earned on our portfolio for the year ended June 30, 2026, all of which consisted of an income incentive fee. This historical amount has been adjusted to reflect the issuance of 128,045,302 shares of preferred stock. The capital gain incentive fee is paid without regard to pre-incentive fee income. For a more detailed discussion of the calculation of the two-part incentive fee, see “Management Services-Investment Advisory Agreement” in the prospectus. (6) As of June 30, 2026, we had $1.3 billion outstanding of its Unsecured Notes (as defined below) in various maturities ranging from July 15, 2026 to March 15, 2052, and interest rates, ranging from 2.25% to 8.00%, some of which are convertible into shares of the Company’s common stock at various conversion rates. (7) “Other expenses” are based on estimated amounts for the current fiscal year. The expenses of the Preferred Dividend Reinvestment Plan are included in “other expenses”. See “Capitalization” in the applicable prospectus supplement. The amount shown above represents annualized expenses during our year ended June 30, 2026 representing all of our estimated recurring operating expenses (except fees and expenses reported in other items of this table) that are deducted from our operating income and reflected as expenses in our Consolidated Statement of Operations.The estimate of our overhead expenses, including payments under an administration agreement with Prospect Administration, or the Administration Agreement is based on our projected allocable portion of overhead and other expenses incurred by Prospect Administration in performing its obligations under the Administration Agreement. See “Business-Management Services-Administration Agreement” in the applicable prospectus. (8) If all 49,182,136 outstanding 5.50% Preferred Stock and 6.50% Preferred Stock were converted into common stock and assuming all the Series A1 and Series A3 pay a Holder Optional Conversion Fee of 7.00% and all the Series A2 Preferred Stock pay a Holder Optional Conversion Fee of 7.50% of the maximum public offering price disclosed within the applicable prospectus supplement, then management fees would be 6.26%, incentive fees payable under our Investment Advisory Agreement would be 0.93%, total advisory fees would be 7.19%, total interest expenses would be 6.51%, other expenses would be 1.51%, and total annual expenses would be 10.89% of net assets attributable to our common stock. (9) Based on the 5.50% per annum dividend rate applicable to the Series A1 Shares, M1 Shares, M2 Shares, AA1 Shares, MM1 Shares, and A2 Shares. Also based on the 5.35% per annum dividend rate applicable to the Series A Shares. Also based on the 6.50% per annum dividend rate applicable to the Series A3 Shares, M3 Shares, AA2 Shares, and MM2 Shares, the 6.50% annualized dividend rate applicable to Floating Rate Preferred Stock based on the floating rate as of August 17, 2026 and the 7.50% per annum dividend rate applicable to the Series A5 Shares and M5 Shares. Other series of preferred stock, including other series of preferred stock being sold in different offerings, may bear different annual dividend rates. No dividend will be paid on shares of Preferred Stock after they have been converted to shares of common stock. 86

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Item 6. [Reserved] 87

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (All figures in this item are in thousands except share, per share and other data.) The following discussion should be read in conjunction with our consolidated financial statements and related notes and other financial information appearing elsewhere in this Annual Report. In addition to historical information, the following discussion and other parts of this Annual Report contain forward-looking information that involves risks and uncertainties. Our actual results may differ significantly from any results expressed or implied by these forward-looking statements due to the factors discussed in Part II, “Item 1A. Risk Factors” and “Forward- Looking Statements” appearing elsewhere herein. Overview The terms “Prospect”, “the Company”, “we”, “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. 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, as amended (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. On May 15, 2007, we formed a wholly owned subsidiary Prospect Capital Funding LLC (“PCF”), a Delaware limited liability company and a bankruptcy remote special purpose entity, which holds certain of our portfolio loan investments that are used as collateral for the revolving credit facility at PCF. On September 30, 2014, we formed a wholly-owned subsidiary Prospect Yield Corporation, LLC (“PYC”) and effective October 23, 2014, PYC holds a portion of our collateralized loan obligations (“CLOs”), which we also refer to as subordinated structured notes (“SSNs”). Each of these subsidiaries have been consolidated since operations commenced. We consolidate certain of our wholly owned and substantially wholly owned holding companies formed by us in order to facilitate our investment strategy. The following companies are included in our consolidated financial statements and are collectively referred to as the “Consolidated Holding Companies”: Belnick Holdings of Delaware, LLC (“Belnick Delaware”); CP Holdings of Delaware LLC (“CP Holdings”); Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”); Energy Solutions Holdings Inc.; First Tower Holdings of Delaware LLC (“First Tower Delaware”); MITY Holdings of Delaware Inc. (“MITY Delaware”); Nationwide Acceptance Holdings LLC; NMMB Holdings, Inc. (“NMMB Holdings”); NPH Property Holdings, LLC (“NPH”); NPH Holdco LLC (“NPH Holdco”); Prospect Opportunity Holdings I, Inc. (“POHI”); R-V Holdings of Delaware, LLC (“R-V Holdings”); SB Forging Company, Inc. (“SB Forging”); STI Holding, Inc.; UTP Holdings Group Inc. (“UTP Holdings”); Valley Electric Holdings I, Inc. (“Valley Holdings I”); Valley Electric Holdings II, Inc. (“Valley Holdings II”); and Victor Holdings of Delaware, LLC (“Victor Holdings”). 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”), a wholly-owned subsidiary of the Investment Adviser, provides administrative services and facilities necessary for us to operate. 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.”) middle market companies, in senior and secured first lien loans and, to a lesser extent, second lien loans, as well as equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants). Most of our investments will be in private U.S. companies; however, we may also invest to some extent in broadly-traded public companies and non-U.S. companies (subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies,” which are generally privately offered securities issued by U.S. private or thinly-traded companies). We are a non-diversified company within the meaning of the 1940 Act. Our primary investment strategy is investing in private, middle-market companies in the U.S. in need of capital for refinancings, acquisitions, capital expenditures, growth initiatives, recapitalizations and other purposes. Typically, we focus on making investments in middle-market companies with annual revenues of less than $750 million and enterprise values of less than $1 billion. These private, middle-market companies are primarily owned by private equity funded and independent sponsors or us, as well as by a portfolio company’s management team, founder(s), or other investors. Our typical investment involves a senior and secured loan of less than $250 million. 88

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Our investments in senior and secured loans are generally senior debt instruments that rank ahead of unsecured debt and equity of a given portfolio company. These loans also have the benefit of security interests on assets of the applicable portfolio company, which often rank ahead of any other security interests. We also make equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants). We also invest a lesser amount of our assets in senior and secured debt and controlling equity positions in real estate investment trusts (“REIT” or “REITs”). The real estate investments of National Property REIT Corp. (“NPRC”) are in various classes of developed and occupied real estate properties that generate current yields, including multi-family properties and other tenant-diversified properties; historically, NPRC made investments in structured credit (primarily debt tranches). We historically invested in structured credit (primarily equity tranches). We may also invest in other strategies and opportunities from time to time that the Investment Adviser views as attractive. The Investment Adviser may continue to evaluate other origination strategies in the ordinary course of business with no specific top-down allocation to any single origination strategy. We directly originate the significant majority of our investments through our long-term relationships with private equity funded and independent sponsors, financial intermediaries, and management teams, as well as other sources. We seek to maximize returns, including both current yield and capital-appreciation potential, and minimize risk for our investors by applying rigorous credit and other analyses and cash-flow and asset- based lending techniques to originate, close, and monitor our investments. We are consistently pursuing multiple investment opportunities. There can be no assurance that we will successfully consummate any investment opportunity we pursue. If any of these opportunities are consummated, there can be no assurance that investors will share our view of valuation or that any assets acquired will not be subject to future write downs, each of which could have an adverse effect on our stock price. We hold many of our control investments in a two-tier structure consisting of a holding company and one or more related operating companies for tax purposes. These holding companies serve various business purposes including concentration of management teams, optimization of third- party borrowing costs, improvement of supplier, customer, and insurance terms, and enhancement of co-investments by the management teams. In these cases, our investment, which is generally equity in the holding company, the holding company’s equity investment in the operating company and any debt from us directly to the operating company structure represents our total exposure for the investment. As of June 30, 2026, as shown in our Consolidated Schedule of Investments, the cost basis and fair value of our investments in controlled companies was $3,367,618 and $3,644,274, respectively. This structure gives rise to several of the risks described in our public documents and highlighted elsewhere in this Annual Report. We consolidate all wholly owned and substantially wholly owned holding companies formed by us for the purpose of holding our controlled investments in operating companies. There is no significant effect of consolidating these holding companies as they hold minimal assets other than their investments in the controlled operating companies. Investment company accounting prohibits the consolidation of any operating companies. On July 7, 2026, at a special meeting of stockholders, our stockholders authorized us to sell shares of our common stock (during the next 12 months) at a price or prices below our net asset value per share at the time of sale in one or more offerings, subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of its outstanding common stock immediately prior to such sale). Our previously outstanding 6.375% convertible notes due 2025, which matured during the fiscal year ended June 30, 2025, are referred to as the “2025 Notes” or the “Convertible Notes”. Our previously outstanding 3.706% unsecured notes due 2026, which were redeemed during the fiscal year ended June 30, 2025, are referred to as the “2026 Notes”. Our $264.5 million of 3.364% unsecured notes due 2026 are referred to as the “3.364% 2026 Notes”. Our $254.7 million of 3.437% unsecured notes due 2028 are referred to as the “3.437% 2028 Notes”. Our $182.2 million of 5.50% unsecured notes due 2030 are referred to as the “5.50% 2030 Notes”, and collectively with the 2026 Notes, the 3.364% 2026 Notes, and the 3.437% 2028 Notes, as the “Public Notes”. Any corporate notes issued pursuant to our medium term notes program with InspereX LLC are referred to as “Prospect Capital InterNotes®”. The Public Notes and Prospect Capital InterNotes® are collectively referred to as the “Unsecured Notes”. Fourth Quarter Highlights Investment Transactions We seek to be a long-term investor with our portfolio companies. During the three months ended June 30, 2026 we acquired $97,170 of new investments, completed follow-on investments in existing portfolio companies totaling approximately $27,644, funded $20,800 of revolver advances, and recorded PIK interest of $20,707, resulting in gross investment originations of 89

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$166,321. During the three months ended June 30, 2026 we received full repayments totaling $21,432, received $35 of revolver paydowns, received $0 in sales, and received $24,360 in partial prepayments, scheduled principal amortization payments, and return of capital distributions, resulting in repayments of approximately $45,827. Debt Issuances and Redemptions During the three months ended June 30, 2026 we repaid $1,854 aggregate principal amount of Prospect Capital InterNotes® at par in accordance with the Survivor’s Option, as defined in the InterNotes® Offering prospectus. As a result of these transactions, we recorded a loss in the amount of the unamortized debt issuance costs. The net loss on the extinguishment of Prospect Capital InterNotes® in the three months ended June 30, 2026 was $37. During the three months ended June 30, 2026 we issued $6,917 aggregate principal amount of Prospect Capital InterNotes® with a weighted average stated interest rate of 7.01%, to extend our borrowing base. The newly issued notes mature between April 15, 2029 and June 15, 2033 and generated net proceeds of $6,832. During the three months ended June 30, 2026 we repurchased $677 aggregate principal amount of the 3.364% 2026 Notes at a weighted average price of 99.02%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $6 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.364% 2026 Notes During the three months ended June 30, 2026, we repurchased $25,001 aggregate principal amount of the 3.437% 2028 Notes at a weighted average price of 93.44%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $1,517 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.437% 2028 Notes. Equity Issuances and Redemptions On April 21, 2026, May 19, 2026 and June 18, 2026 we issued 998,885, 1,275,870, and 985,754 shares of our common stock in connection with the dividend reinvestment plan, respectively. During the three months ended June 30, 2026, 1,597,774 shares of our Series A1 Preferred Stock, 568,950 shares of our Series A3 Preferred Stock, 19,289 shares of our Series M1 Preferred Stock, and 106,743 shares of our Series M3 Preferred Stock were converted to 21,457,011 shares of our common stock, in connection with Holder Optional Conversions and Optional Redemptions Following Death of a Holder, resulting in a loss from redemption of preferred stock of $5,335. On May 8, 2026, we entered into an equity distribution agreement by and among us, Prospect Capital Management L.P., Prospect Administration LLC, and A.G.P. / Alliance Global Partners (“AGP”), with AGP as sales agent, relating to the offer and sale, by means of an at-the-market offering, of up to 16,000,000 shares, or $400,000 in aggregate liquidation preference, of our Series A Preferred Stock. During the three months ended June 30, 2026 we issued 626,888 shares of Series A5 Preferred Stock for net proceeds of $14,103, 88,489 shares of Series M5 Preferred Stock for net proceeds of $2,146, and 65,692 shares of Series A Preferred Stock for net proceeds of $1,098 each excluding offering costs and preferred stock dividend reinvestment. In connection with our Preferred Stock Dividend Reinvestment Plan, we issued additional Series A1 Preferred Stock, Series A3 Preferred Stock, Series A4 Preferred Stock, Series A5 Preferred Stock, Series M1 Preferred Stock, Series M3 Preferred Stock, Series M4 Preferred Stock, and Series M5 Preferred Stock of 13,149, 12,988, and 12,797 throughout April, May, and June, respectively. On July 7, 2026, at a special meeting of our stockholders, our stockholders authorized us sell shares of our common stock (during the next 12 months) at a price or prices below our then current net asset value per share in one or more offerings subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of our outstanding common stock immediately prior to such sale). Investment Holdings As of June 30, 2026, we have $6,342,558, or 216.5%, of our net assets applicable to common shares, invested in 91 portfolio companies and other portfolio investments. Our annualized current yield was 11.8% and 12.2% as of June 30, 2026 and June 30, 2025, respectively, across all performing interest bearing investments, excluding equity investments and non-accrual loans. Our annualized current yield was 9.0% and 90

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9.6% as of June 30, 2026 and June 30, 2025, respectively, across all investments. In many of our portfolio companies we hold equity positions, ranging from minority interests to majority stakes, which we expect over time to contribute to our investment returns. Some of these equity positions include features such as contractual minimum internal rates of returns, preferred distributions, flip structures and other features expected to generate additional investment returns, as well as contractual protections and preferences over junior equity, in addition to the yield and security offered by our cash flow and collateral debt protections. We are a non-diversified company within the meaning of the 1940 Act. As required by the 1940 Act, we classify our investments by level of control. As defined in the 1940 Act, “Control Investments” are those where there is the ability or power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual possesses a beneficial ownership of 25% or more of the voting securities of an investee company. Under the 1940 Act, “Affiliate Investments” are defined by a lesser degree of influence and are deemed to exist through owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of another person. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. As of June 30, 2026, we own controlling interests in the following portfolio companies: Belnick, LLC (“Belnick”); CP Energy Services Inc. (“CP Energy”); Credit Central Loan Company, LLC (“Credit Central”); Echelon Transportation, LLC (“Echelon”); First Tower Finance Company LLC (“First Tower Finance”); Freedom Marine Solutions, LLC (“Freedom Marine”); InterDent, Inc. (“InterDent”); Kickapoo Ranch Pet Resort (“Kickapoo”); MITY, Inc. (“MITY”); NPRC; Nationwide Loan Company LLC (“Nationwide”); NMMB, Inc. (“NMMB”); Pacific World Corporation (“Pacific World”); QC Holdings TopCo, LLC (“QC Holdings”); R-V Industries, Inc. (“R-V”); Universal Turbine Parts, LLC (“UTP”); Strategic Chemical Solutions Corp. (f/k/a USES Corp.); Valley Electric Company, Inc. (“Valley Electric”); and Victor Technology, LLC (“Victor”). In June 2019, CP Energy purchased a controlling interest of the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $61,429 and $51,477 in first lien term loans (the “Spartan Term Loan A”) due to us as of June 30, 2026 and June 30, 2025, respectively. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, we report our investments in Spartan as a control investment. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loan A. As of June 30, 2026, we also own affiliated interests in Nixon, Inc. (“Nixon”) and RGIS Services, LLC, (“RGIS”). The following shows the composition of our investment portfolio by level of control as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Level of Control Cost % ofPortfolioFair Value % ofPortfolio Cost % ofPortfolioFair Value % ofPortfolio Control Investments $ 3,367,618 53.3 %$ 3,644,274 57.5 % $ 3,416,244 51.0 %$ 3,696,367 55.4 % Affiliate Investments 12,835 0.2 % 30,447 0.5 % 11,735 0.2 % 27,057 0.4 % Non-Control/Non-Affiliate Investments2,934,916 46.5 % 2,667,837 42.1 % 3,265,522 48.8 % 2,950,092 44.2 % Total Investments $ 6,315,369 100.0 %$ 6,342,558 100.0 %(1) $ 6,693,501 100.0 %$ 6,673,516 100.0 % (1) Does not foot due to rounding 91

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The following shows the composition of our investment portfolio by type of investment as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Type of Investment Cost % ofPortfolio Fair Value % ofPortfolio Cost % ofPortfolio Fair Value % ofPortfolio First Lien Revolving Line of Credit$ 78,795 1.2 %$ 72,378 1.1 % $ 83,721 1.3 %$ 81,551 1.2 % First Lien Debt 4,494,789 71.3 % 4,216,556 66.5 % 4,636,795 69.3 % 4,381,227 65.7 % Second Lien Revolving Line of Credit1,854 — % 1,854 — % — — % — — % Second Lien Debt 752,658 11.9 % 577,354 9.1 % 965,712 14.4 % 765,806 11.5 % Unsecured Debt 7,200 0.1 % 5,195 0.1 % 7,200 0.1 % 5,403 0.1 % Subordinated Structured Notes 2,108 — % 2,794 — % 37,840 0.6 % 35,002 0.5 % Preferred Stock 430,251 6.8 % 175,984 2.8 % 429,426 6.4 % 117,961 1.8 % Common Stock 313,509 5.0 % 583,188 9.2 % 294,505 4.4 % 814,757 12.2 % Membership Interest 227,259 3.6 % 683,341 10.8 % 238,302 3.5 % 438,206 6.5 % Participating Interest (1) — — % 16,968 0.3 % — — % 33,603 0.5 % Warrants 6,946 0.1 % 6,946 0.1 % — — % — — % Total Investments $ 6,315,369 100.0 %$ 6,342,558 100.0 % $ 6,693,501 100.0 %$ 6,673,516 100.0 % (1) Participating Interest includes our participating equity investments, such as net profits interests, net operating income interests, net revenue interests, revenue interests, liquidating trusts and overriding royalty interests. The following shows our investments in interest bearing securities, including non-accrual investments, by type of investment as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Type of Investment Cost % ofPortfolio Fair Value % ofPortfolio Cost % ofPortfolio Fair Value % ofPortfolio First Lien Debt and First Lien RevolvingLine of Credit $ 4,573,584 85.8 %$ 4,288,934 88.0 % $ 4,720,516 82.4 %$ 4,462,778 84.7 % Second Lien Debt and Second LienRevolving Line of Credit 754,512 14.1 % 579,208 11.8 % 965,712 16.8 % 765,806 14.5 % Unsecured 7,200 0.1 % 5,195 0.1 % 7,200 0.1 % 5,403 0.1 % Subordinated Structured Notes 2,108 — % 2,794 0.1 % 37,840 0.7 % 35,002 0.7 % Total Interest Bearing Investments$ 5,337,404 100.0 %$ 4,876,131 100.0 % $ 5,731,268 100.0 %$ 5,268,989 100.0 % 92

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The following shows the composition of our investment portfolio by industry as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Industry Cost % ofPortfolio Fair Value % ofPortfolio Cost % ofPortfolio Fair Value % ofPortfolio Aerospace & Defense $ 93,459 1.5 %$ 124,259 2.0 % $ 87,528 1.3 %$ 102,728 1.5 % Air Freight & Logistics 216,447 3.4 % 167,633 2.6 % 204,924 3.1 % 184,641 2.8 % Automobile Components 126,314 2.0 % 30,209 0.5 % 114,731 1.7 % 82,272 1.2 % Capital Markets — — % — — % 21,500 0.3 % 21,500 0.3 % Commercial Services & Supplies 441,997 7.0 % 445,892 7.0 % 553,016 8.3 % 504,313 7.6 % Construction & Engineering 118,507 2.0 % 316,449 5.0 % 95,912 1.4 % 351,291 5.3 % Consumer Finance 760,592 12.0 % 1,149,153 18.1 % 741,932 11.1 % 953,320 14.2 % Distributors 390,830 6.2 % 354,629 5.6 % 397,405 5.9 % 269,707 4.0 % Diversified Consumer Services 106,292 1.7 % 13,439 0.2 % 104,156 1.6 % 44,069 0.7 % Diversified Telecommunication Services 245,758 3.9 % 190,435 3.0 % 254,876 3.8 % 198,549 3.0 % Electrical Equipment — — % — — % 61,367 0.9 % 61,367 0.9 % Energy Equipment & Services 345,126 5.5 % 141,279 2.2 % 324,321 4.8 % 122,189 1.8 % Residential Real Estate Investment Trusts (REITs) 896,889 14.2 % 1,081,596 17.1 % 922,647 13.8 % 1,300,972 19.5 % Financial Services 77,832 1.2 % 77,832 1.2 % 67,830 1.0 % 67,830 1.0 % Food Products 87,520 1.4 % 84,257 1.3 % 150,213 2.2 % 145,966 2.2 % Health Care Providers & Services 776,917 12.3 % 758,688 12.0 % 767,993 11.5 % 731,527 11.0 % Health Care Technology 126,176 2.0 % 123,898 2.0 % 132,153 2.0 % 130,246 2.0 % Hotels, Restaurants & Leisure 30,681 0.5 % 28,097 0.4 % 28,485 0.4 % 26,249 0.4 % Household Durables 99,757 1.6 % 108,565 1.7 % 109,864 1.6 % 71,506 1.1 % Interactive Media & Services 87,850 1.4 % 87,850 1.4 % 75,076 1.1 % 75,076 1.1 % IT Services 74,008 1.2 % 57,573 0.9 % 103,226 1.5 % 75,619 1.1 % Leisure Products 70,189 1.1 % 70,188 1.1 % 102,149 1.5 % 102,373 1.5 % Machinery 81,796 1.3 % 112,083 1.8 % 101,360 1.6 % 151,914 2.3 % Marine Transport 47,967 0.8 % 12,077 0.2 % 47,117 0.7 % 11,660 0.2 % Media 115,928 1.8 % 164,712 2.6 % 118,472 1.8 % 160,612 2.4 % Personal Care Products 373,627 5.9 % 124,017 2.0 % 348,913 5.2 % 125,356 1.9 % Pharmaceuticals 122,789 1.9 % 141,316 2.2 % 125,918 1.9 % 133,576 2.0 % Professional Services 94,156 1.5 % 92,172 1.5 % 85,531 1.3 % 88,059 1.3 % Software 183,988 2.9 % 148,472 2.3 % 180,500 2.7 % 172,755 2.6 % Specialty Retail 34,689 0.5 % 7,829 0.1 % 32,076 0.5 % 5,914 0.1 % Textiles, Apparel & Luxury Goods 85,180 1.3 % 125,165 2.0 % 84,150 1.3 % 99,705 1.5 % Trading Companies & Distributors — — % — — % 110,320 1.6 % 65,653 1.0 % Subtotal 6,313,261 100.0 % 6,339,764 100.0 % 6,655,661 99.4 % 6,638,514 99.5 % Structured Finance(1) 2,108 — % 2,794 — % 37,840 0.6 % 35,002 0.5 % Total Investments $ 6,315,369 100.0 %$ 6,342,558 100.0 % $ 6,693,501 100.0 %$ 6,673,516 100.0 % (1) Our SSN investments do not have industry concentrations and as such have been separated in the tables above. Portfolio Investment Activity Our current origination efforts are focused primarily on secured lending to middle market investments to mitigate downside risk in the portfolio by investing primarily in first lien loans and second lien loans, though we also continue to invest in select equity investments. For information regarding investment activity for the year ended June 30, 2024, see the Company’s Form 10-K for the fiscal year ended June 30, 2025. 93

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Our gross investment activity for the years ended June 30, 2026 and June 30, 2025 are presented below: Years Ended June 30, 2026 2025 Investments in portfolio companies Investments in new portfolio companies $ 138,808 $ 523,710 Follow-on investments in existing portfolio companies 196,269 236,554 Revolver advances 42,648 36,095 PIK interest and dividends 75,872 96,239 Total investments in portfolio companies $ 453,597 $ 892,598 Investments by portfolio composition First Lien Debt $ 365,404 $ 720,336 Second Lien Debt 19,378 58,036 Equity 68,815 114,226 Total investments by portfolio composition $ 453,597 $ 892,598 Investments repaid or sold Partial repayments $ 236,243 $ 324,046 Full repayments 267,100 605,474 Investments sold 55,849 357,637 Revolver paydowns 22,802 15,516 Total investments repaid or sold $ 581,994 $ 1,302,673 Investments repaid or sold by portfolio composition First Lien Debt $ 470,430 $ 754,673 Second Lien Debt 107,679 232,540 Subordinated Structured Notes 639 315,601 Equity 3,246 (141) (4) Total investments repaid or sold by portfolio composition$ 581,994 $ 1,302,673 Weighted average interest rates for new investments by portfoliocomposition First Lien Debt 11.30 % 12.17 % Second Lien Debt 12.70 % 24.00 % (1) Includes follow-on investments in existing portfolio companies and refinancings, if any. (2) Includes partial prepayments of principal, scheduled amortization payments, and refinancings, if any. (3) The annual weighted average interest rates for new investments by portfolio composition is calculated with the interest rate as of the respective quarter end date when the investment activity occurred. In addition, Revolving Line of Credit and Delayed Draw Term Loans are excluded from the calculation. (4) Negative denotes reversal of receipts previously recorded as return of capital. (1) (2) (3) 94

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Key developments in the Company’s portfolio during the year ended June 30, 2026 are as follows: On July 11, 2025, the National Property REIT Corp. loan agreement was amended, extending the maturity date of the First Lien Term Loan facilities (A, D and E) to March 31, 2027. On July 18, 2025, the USG Intermediate, LLC loan agreement was amended, extending the maturity date of the First Lien Revolving Line of Credit to February 9, 2029. On September 30, 2025, the PeopleConnect Holdings, Inc loan agreement was amended, extending the maturity date of First Lien Term Loan to July 22, 2026 On November 14, 2025, the Belnick, LLC (d/b/a The Ubique Group) loan agreement was amended, extending the maturity date of the First Lien Term Loan to May 14, 2029. On February 9, 2026, the PeopleConnect Holdings, Inc loan agreement was amended, extending the maturity date of First Lien Term Loan to January 22, 2028. On May 1, 2026, the Spartan Energy Services, LLC loan agreement was amended, extending the maturity date of the First Lien Term Loans to January 26, 2030. On May 6, 2026, the CP Energy Services, Inc. loan agreement was amended, extending the maturity date of the First Lien Term Loans to April 4, 2030. On June 18, 2026, the Credit Central Loan Company, LLC loan agreement was amended, extending the maturity date of the First Lien Term Loan to November 30, 2029. Investment Valuation Investments for which market quotations are readily available are valued at such market quotations. In order to validate market quotations, management and the independent valuation firm look at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. These investments are classified as Level 1 or Level 2 in the fair value hierarchy. The fair value of debt investments specifically classified as Level 2 in the fair value hierarchy are generally valued by an independent pricing agent or more than one principal market maker, if available, otherwise a principal market maker or a primary market dealer. We generally value over-the-counter securities by using the prevailing bid and ask prices from dealers during the relevant period end, which were provided by an independent pricing agent and screened for validity by such service. Certain derivative instruments are valued as Level 2 assets or liabilities using pricing information obtained from third-party pricing services, including IHS Markit. These valuations are based on prevailing market data as of the measurement date and are derived using models that apply well-recognized financial principles. Significant inputs to the valuation models include observable market data such as interest rate curves, forward curves, credit spreads, foreign exchange rates, volatilities, and other market-corroborated inputs. Management and the independent valuation firm evaluate the methodologies and inputs to assess whether the resulting values are representative of fair value. In determining the range of values for debt instruments where market quotations are not readily available, and are therefore classified as Level 3 in the fair value hierarchy, except CLOs and debt investments in controlling portfolio companies, management and the independent valuation firm estimated corporate and security credit ratings and identified corresponding yields to maturity for each loan from relevant market data. A discounted cash flow technique was then applied using the appropriate yield to maturity as the discount rate, to determine a range of values. In determining the range of values for debt investments of controlled companies and equity investments, the enterprise value was determined by applying a market approach such as using earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, net income and/or book value multiples for similar guideline public companies and/or similar recent investment transactions and/or an income approach, such as the discounted cash flow technique. The enterprise value technique may also be used to value debt investments which are credit impaired. For stressed debt and equity investments, asset recovery analysis was used. 95

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In determining the range of values for our investments in CLOs, the independent valuation firm uses a discounted multi-path cash flow model. The valuations were accomplished through the analysis of the CLO deal structures to identify the risk exposures from the modeling point of view as well as to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations, which are simulations used to model the probability of different outcomes, to generate probability-weighted (i.e., multi- path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. In addition, we generate a single-path cash flow utilizing our best estimate of expected cash receipts, and assess the reasonableness of the implied discount rate that would be effective for the value derived from the corresponding multi-path cash flow model. These investments are classified as Level 3 in the fair value hierarchy. The Board of Directors looked at several factors in determining where within the range to value the asset including: recent operating and financial trends for the asset, independent ratings obtained from third parties, comparable multiples for recent sales of companies within the industry and discounted cash flow models for our investments in CLOs. The composite of all these various valuation techniques, applied to each investment, was a total valuation of $6,342,558. Our portfolio companies are generally lower middle-market companies, outside of the financial sector, with less than $100,000 of annual EBITDA. We believe our investment portfolio has experienced less volatility than others because we believe there are more buy and hold investors who own these less liquid investments. Control Company Investments Control investments offer increased risk and reward over straight debt investments. Operating results and changes in market multiples can result in dramatic changes in values from quarter to quarter. Significant downturns in operations can further result in our looking to recoveries on sales of assets rather than the enterprise value of the investment. Equity positions in our portfolio are susceptible to potentially significant changes in value, both increases as well as decreases, due to changes in operating results and market multiples. Our controlled companies discussed below experienced such changes and we recorded corresponding fluctuations in valuations during the year ended June 30, 2026. Belnick, LLC (d/b/a The Ubique Group) On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick and certain of its subsidiaries to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick is classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Delaware, a Consolidated Holding Company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which together with the voting rights obtained through proxy over the remaining Class A units, provides Prospect with 100% of the voting interest in Belnick as of March 31, 2026. Belnick Delaware executed a share transfer agreement for the remaining Class A units and effective December 31, 2025, owns 100% of the membership units in Belnick. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets. The fair value of our investment in Belnick was $108,565 as of June 30, 2026, a premium of $8,808 to its amortized cost basis, compared to a fairvalue of $51,166 as of June 30, 2025, a discount of $37,086 to its amortized cost. The premium to amortized cost resulted from an improvement in financial performance and resolution of tariff refund receivables. Credit Central Loan Company, LLC Prospect owns 100% of the equity of Credit Central Delaware, a Consolidated Holding Company. Credit Central Delaware owns 99.8% of the equity of Credit Central, with entities owned by Credit Central management owning the remaining equity. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC. Credit Central is a branch- based provider of installment loans. The fair value of our investment in Credit Central was $56,537 as of June 30, 2026, a discount of $67,606 to its amortized cost basis, compared toa fair value of $78,736 as of June 30, 2025, a discount of $42,693 to its amortized cost basis. The increase in discount to amortized cost resulted from a decline in financial performance. Echelon Transportation, LLC Prospect owns 100% of the membership interests of Echelon. Echelon owns 60.7% of the equity of AerLift Leasing Limited (“AerLift”). Echelon is a transportation leasing company. 96

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The fair value of our investment in Echelon was $0 as of June 30, 2026, equal to its amortized cost, compared to a fair value of $65,653 as of June 30, 2025, a discount of $44,667 to its amortized cost. During the year ended June 30, 2026, Echelon received proceeds from AerLift for the sale of its planes and all core assets. Echelon primarily used the proceeds to fully repay our $54,739 first lien term loan at par (including accrued interest), distribute $3,247 as a return of capital on our preferred equity investment, and maintain cash-on-hand for residual operating and wind- down expenses. Following Echelon’s receipt of the final plane proceeds in the year ended June 30, 2026, we wrote-off the remaining cost basis of our equity interest and recognized a realized loss of $52,334. First Tower Finance Company LLC Prospect owns 100% of the equity of First Tower Delaware, a Consolidated Holding Company. First Tower Delaware owns 80.10% of the voting interest of First Tower Finance, resulting in 78.06% ownership. First Tower Finance owns 100% of First Tower, LLC, a multiline specialty finance company. The fair value of our investment in First Tower was $960,778 as of June 30, 2026, a premium of $469,368 to its amortized cost basis, compared to a fair value of $760,518 as of June 30, 2025, a premium of $277,200 to its amortized cost basis. The increase in premium to amortized cost resulted from an improvement in financial performance, higher projected performance, and an expansion of comparable company trading multiples. InterDent, Inc. Prospect owns 100% of the equity of InterDent. InterDent is a dental support organization (“DSO”). InterDent provides business and administrative support services to a regionally-diversified set of dental practices so that dentists can focus on delivering high-quality clinical care and patient satisfaction. The fair value of our investment in InterDent was $340,451 as of June 30, 2026, a discount of $89,490 to its amortized cost basis, compared to a fair value of $338,781 as of June 30, 2025, a discount of $55,244 to its amortized cost basis. The increase in discount to amortized cost resultedfrom increased debt in the capital structure. MITY, Inc. Prospect owns 100% of the equity of MITY Delaware, a Consolidated Holding Company. MITY Delaware owns 100% of the equity of MITY, Inc. MITY owns 100% of each of MITY-Lite, Inc.; Broda USA, Inc.; and Broda Enterprises ULC. MITY is a designer, manufacturer and seller of multipurpose room furniture and specialty healthcare seating products. The fair value of our investment in MITY decreased to $82,436 as of June 30, 2026, representing a discount of $18,999 to its amortized cost basis, compared to a fair value of $94,418 as of June 30, 2025, representing a premium of $106 to its amortized cost basis. The discount to amortized cost resulted from lower projected performance and increased debt in the capital structure. National Property REIT Corp. NPRC is a Maryland corporation and a qualified REIT for federal income tax purposes. NPRC was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. NPRC acquires real estate assets, including, but not limited to, industrial, commercial, multi-family, self- storage, and student housing properties. NPRC may acquire real estate assets directly or through joint ventures by making a majority equity investment in a property-owning entity. Additionally, through its wholly owned subsidiaries, NPRC invests in online consumer loans and RSSNs. As of June 30, 2026 and June 30, 2025, we own 100% of the fully-diluted common equity of NPRC. During the year ended June 30, 2026, we provided $47,564 of debt financing to NPRC to fund real estate capital expenditures and provide working capital. During the year ended June 30, 2026, we received partial repayments of $73,323 of our loans previously outstanding with NPRC and its wholly owned subsidiary. During the year ended June 30, 2025, we provided $96,995 of debt financing to NPRC to fund real estate capital expenditures and provide working capital. During the year ended June 30, 2025, we received partial repayments of $285,386 of our loans previously outstanding with NPRC and its wholly owned subsidiary. 97

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As of June 30, 2026, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $896,889 and a fair value of $1,081,596, primarily related to NPRC’s real estate portfolio. The real estate portfolio was comprised of forty-four multi-family properties, two student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2026: No. Property Name City Acquisition Date Purchase Price Mortgage Outstanding 1 Taco Bell, OK Yukon, OK 6/4/2014 $ 1,719 $ — 2 Taco Bell, MO Marshall, MO 6/4/2014 1,405 — 3 Abbie Lakes OH Partners, LLC Canal Winchester, OH 9/30/2014 12,600 21,569 4 Kengary Way OH Partners, LLC Reynoldsburg, OH 9/30/2014 11,500 22,945 5 Lakeview Trail OH Partners, LLC Canal Winchester, OH 9/30/2014 26,500 43,656 6 Lakepoint OH Partners, LLC Pickerington, OH 9/30/2014 11,000 25,935 7 Sunbury OH Partners, LLC Columbus, OH 9/30/2014 13,000 21,372 8 Heatherbridge OH Partners, LLC Blacklick, OH 9/30/2014 18,416 31,810 9 Jefferson Chase OH Partners, LLC Blacklick, OH 9/30/2014 13,551 27,625 10 Goldenstrand OH Partners, LLC Hilliard, OH 10/29/2014 7,810 17,195 11 Vesper Corpus Christi, LLC Corpus Christi, TX 9/28/2016 14,250 9,905 12 Vesper Campus Quarters, LLC Corpus Christi, TX 9/28/2016 18,350 13,000 13 9220 Old Lantern Way, LLC Laurel, MD 1/30/2017 187,250 147,934 14 7915 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 95,700 85,465 15 8025 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 15,300 14,892 16 23275 Riverside Drive Owner, LLC Southfield, MI 11/8/2017 52,000 52,245 17 23741 Pond Road Owner, LLC Southfield, MI 11/8/2017 16,500 18,073 18 150 Steeplechase Way Owner, LLC Largo, MD 1/10/2018 44,500 34,505 19 Olentangy Commons Owner LLC Columbus, OH 6/1/2018 113,000 91,417 20 Villages of Wildwood Holdings LLC Fairfield, OH 7/20/2018 46,500 57,729 21 Falling Creek Holdings LLC Richmond, VA 8/8/2018 25,000 29,652 22 Lorring Owner LLC Forestville, MD 10/30/2018 58,521 46,561 23 Hamptons Apartments Owner, LLC Beachwood, OH 1/9/2019 96,500 79,107 24 5224 Long Road Holdings, LLC Orlando, FL 6/28/2019 26,500 21,200 25 Druid Hills Holdings LLC Atlanta, GA 7/30/2019 96,000 74,962 26 Sterling Place Holdings LLC Columbus, OH 10/28/2019 41,500 34,196 27 SPCP Hampton LLC Dallas, TX 11/2/2020 36,000 38,503 28 Palmetto Creek Holdings LLC North Charleston, SC 11/10/2020 33,182 25,668 29 Valora at Homewood Holdings LLC Homewood, AL 11/19/2020 81,250 62,718 30 NPRC Fairburn LLC Fairburn, GA 12/14/2020 52,140 43,900 31 NPRC Taylors LLC Taylors, SC 1/27/2021 18,762 13,980 32 Parkside at Laurel West Owner LLC Spartanburg, SC 2/26/2021 57,005 41,817 33 Willows at North End Owner LLC Spartanburg, SC 2/26/2021 23,255 18,519 34 SPCP Edge CL Owner LLC Webster, TX 3/12/2021 34,000 25,496 35 Jackson Pear Orchard LLC Ridgeland, MS 6/28/2021 50,900 42,975 36 Jackson Lakeshore Landing LLC Ridgeland, MS 6/28/2021 22,600 17,955 37 Jackson Reflection Pointe LLC Flowood, MS 6/28/2021 45,100 33,203 38 Jackson Crosswinds LLC Pearl, MS 6/28/2021 41,400 38,601 39 Elliot Apartments Norcross, LLC Norcross, GA 11/30/2021 128,000 106,850 40 Orlando 442 Owner, LLC (West Vue Apartments) Orlando, FL 12/30/2021 97,500 62,223 41 NPRC Wolfchase LLC Memphis, TN 3/18/2022 82,100 60,000 42 NPRC Twin Oaks LLC Hattiesburg, MS 3/18/2022 44,850 37,105 43 NPRC Lancaster LLC Birmingham, AL 3/18/2022 37,550 29,961 44 NPRC Rutland LLC Macon, GA 3/18/2022 29,750 24,700 45 Southport Owner LLC (Southport Crossing) Indianapolis, IN 3/29/2022 48,100 36,075 46 TP Cheyenne, LLC Cheyenne, WY 5/26/2022 27,500 17,656 47 TP Pueblo, LLC Pueblo, CO 5/26/2022 31,500 20,166 48 TP Stillwater, LLC Stillwater, OK 5/26/2022 26,100 15,328 98

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No. Property Name City Acquisition Date Purchase Price MortgageOutstanding 49 TP Kokomo, LLC Kokomo, IN 5/26/2022 20,500 12,753 50 Terraces at Perkins Rowe JV LLC Baton Rouge, LA 11/14/2022 41,400 29,403 51 NPRC Apex Holdings LLC Cincinnati, OH 1/19/2024 34,225 27,712 52 NPRC Parkton Holdings LLC Cincinnati, OH 1/19/2024 45,775 37,090 $ 2,255,316 $ 1,943,307 As of June 30, 2025, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $922,647 and a fair value of $1,300,972. The fair value of $1,289,092 related to NPRC’s real estate portfolio was comprised of forty-seven multi-family properties, five student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2025: No. Property Name City Acquisition Date Purchase Price Mortgage Outstanding 1 Taco Bell, OK Yukon, OK 6/4/2014 $ 1,719 $ — 2 Taco Bell, MO Marshall, MO 6/4/2014 1,405 — 3 Abbie Lakes OH Partners, LLC Canal Winchester, OH 9/30/2014 12,600 21,569 4 Kengary Way OH Partners, LLC Reynoldsburg, OH 9/30/2014 11,500 22,945 5 Lakeview Trail OH Partners, LLC Canal Winchester, OH 9/30/2014 26,500 43,656 6 Lakepoint OH Partners, LLC Pickerington, OH 9/30/2014 11,000 25,935 7 Sunbury OH Partners, LLC Columbus, OH 9/30/2014 13,000 21,372 8 Heatherbridge OH Partners, LLC Blacklick, OH 9/30/2014 18,416 31,810 9 Jefferson Chase OH Partners, LLC Blacklick, OH 9/30/2014 13,551 27,625 10 Goldenstrand OH Partners, LLC Hilliard, OH 10/29/2014 7,810 17,195 11 Vesper Tuscaloosa, LLC Tuscaloosa, AL 9/28/2016 54,500 40,312 12 Vesper Corpus Christi, LLC Corpus Christi, TX 9/28/2016 14,250 10,112 13 Vesper Campus Quarters, LLC Corpus Christi, TX 9/28/2016 18,350 13,272 14 Vesper College Station, LLC College Station, TX 9/28/2016 41,500 30,016 15 Vesper Statesboro, LLC Statesboro, GA 9/28/2016 7,500 7,323 16 9220 Old Lantern Way, LLC Laurel, MD 1/30/2017 187,250 150,423 17 7915 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 95,700 87,031 18 8025 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 15,300 15,156 19 23275 Riverside Drive Owner, LLC Southfield, MI 11/8/2017 52,000 53,231 20 23741 Pond Road Owner, LLC Southfield, MI 11/8/2017 16,500 18,417 21 150 Steeplechase Way Owner, LLC Largo, MD 1/10/2018 44,500 35,185 22 Olentangy Commons Owner LLC Columbus, OH 6/1/2018 113,000 92,876 23 Villages of Wildwood Holdings LLC Fairfield, OH 7/20/2018 46,500 58,393 24 Falling Creek Holdings LLC Richmond, VA 8/8/2018 25,000 25,075 25 Crown Pointe Passthrough LLC Danbury, CT 8/30/2018 108,500 89,400 26 Lorring Owner LLC Forestville, MD 10/30/2018 58,521 47,274 27 Hamptons Apartments Owner, LLC Beachwood, OH 1/9/2019 96,500 79,520 28 5224 Long Road Holdings, LLC Orlando, FL 6/28/2019 26,500 21,200 29 Druid Hills Holdings LLC Atlanta, GA 7/30/2019 96,000 77,261 30 Bel Canto NPRC Parcstone LLC Fayetteville, NC 10/15/2019 45,000 42,329 31 Bel Canto NPRC Stone Ridge LLC Fayetteville, NC 10/15/2019 21,900 21,313 32 Sterling Place Holdings LLC Columbus, OH 10/28/2019 41,500 34,196 33 SPCP Hampton LLC Dallas, TX 11/2/2020 36,000 38,843 34 Palmetto Creek Holdings LLC North Charleston, SC 11/10/2020 33,182 25,865 35 Valora at Homewood Holdings LLC Homewood, AL 11/19/2020 81,250 63,844 36 NPRC Fairburn LLC Fairburn, GA 12/14/2020 52,140 43,900 37 NPRC Taylors LLC Taylors, SC 1/27/2021 18,762 14,075 38 Parkside at Laurel West Owner LLC Spartanburg, SC 2/26/2021 57,005 42,025 39 Willows at North End Owner LLC Spartanburg, SC 2/26/2021 23,255 18,906 40 SPCP Edge CL Owner LLC Webster, TX 3/12/2021 34,000 25,496 41 Jackson Pear Orchard LLC Ridgeland, MS 6/28/2021 50,900 42,975 42 Jackson Lakeshore Landing LLC Ridgeland, MS 6/28/2021 22,600 17,955 43 Jackson Reflection Pointe LLC Flowood, MS 6/28/2021 45,100 33,203 99

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No. Property Name City Acquisition Date Purchase Price Mortgage Outstanding 44 Jackson Crosswinds LLC Pearl, MS 6/28/2021 41,400 38,601 45 Elliot Apartments Norcross, LLC Norcross, GA 11/30/2021 128,000 106,850 46 Orlando 442 Owner, LLC (West Vue Apartments) Orlando, FL 12/30/2021 97,500 70,723 47 NPRC Wolfchase LLC Memphis, TN 3/18/2022 82,100 60,000 48 NPRC Twin Oaks LLC Hattiesburg. MS 3/18/2022 44,850 36,704 49 NPRC Lancaster LLC Birmingham, AL 3/18/2022 37,550 29,673 50 NPRC Rutland LLC Macon, GA 3/18/2022 29,750 24,383 51 Southport Owner LLC (Southport Crossing) Indianapolis, IN 3/29/2022 48,100 36,075 52 TP Cheyenne, LLC Cheyenne, WY 5/26/2022 27,500 17,656 53 TP Pueblo, LLC Pueblo, CO 5/26/2022 31,500 20,166 54 TP Stillwater, LLC Stillwater, OK 5/26/2022 26,100 15,328 55 TP Kokomo, LLC Kokomo, IN 5/26/2022 20,500 12,753 56 Terraces at Perkins Rowe JV LLC Baton Rouge, LA 11/14/2022 41,400 29,566 57 NPRC Apex Holdings LLC Cincinnati, OH 1/19/2024 34,225 27,712 58 NPRC Parkton Holdings LLC Cincinnati, OH 1/19/2024 45,775 37,090 $ 2,534,216 $ 2,191,789 The fair value of our investment in NPRC was $1,081,596 as of June 30, 2026, a premium of $184,707 from its amortized cost basis, compared to a fair value of $1,300,972 as of June 30, 2025, a premium of $378,325 to its amortized cost. The decrease in premium to amortized cost was primarily driven by a softening in cash flow projections across NPRC’s real estate portfolio, an increase in discount and terminal capitalization rates, and higher leverage within the capital structure. Pacific World Corporation Prospect owns 100% of the preferred equity of Pacific World Corporation, which represents a 99.99% fully-diluted ownership interest of Pacific World as of June 30, 2026. Pacific World supplies nail and beauty care products to food, drug, mass, and value retail channels worldwide. The fair value of our investment in Pacific World was $112,412 as of June 30, 2026, a discount of $248,527 to its amortized cost compared to a fair value of $107,970 as of June 30, 2025, a discount of $228,143 to its amortized cost. The increase in discount to amortized cost resulted from increased debt in the capital structure and additional preferred equity funding provided by Prospect. QC Holdings TopCo, LLC On June 30, 2025, Prospect acquired a 99.55% equity interest in QC Holdings, representing a controlling beneficial interest in QC Holdings under the Investment Company Act of 1940. Prospect now holds a 95.4% equity interest in the company. QC Holdings is a consumer-focused providerof alternative financial services and credit solutions. The fair value of our investment in QC Holdings was $100,106 as of June 30, 2026, a premium of $16,015 to its amortized cost basis, comparedto a fair value of $77,286 as of June 30, 2025, equal to its amortized cost basis. The increase in premium to amortized cost resulted from an improvement in financial performance. R-V Industries Inc. Prospect owns 100% of the equity of R-V Holdings, a Consolidated Holding Company. R-V Holdings owns 90.28% of the fully-diluted equity of R-V, with R-V management owning the remaining 9.72% of the equity. R-V is a provider of engineering and manufacturing services to chemical, paper, pharmaceutical, and power industries. The fair value of our investment in R-V was $98,475 as of June 30, 2026, a premium of $30,287 to its amortized cost basis, compared to a fairvalue of $105,577 as of June 30, 2025, a premium of $51,389 to its amortized cost basis. The decrease in premium to amortized cost wasprimarily driven by Prospect’s incremental investment to R-V made in connection with a dividend recapitalization. Strategic Chemical Solutions Corp. (f/k/a USES Corp.) Prospect owns 99.96% of the equity of Strategic Chemical Solutions Corp. as of June 30, 2026. Strategic Chemical Solutions Corp. provides industrial, environmental, and maritime services in the Gulf States region. 100

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The fair value of our investment in Strategic Chemical Solutions Corp. was $9,375 as of June 30, 2026, a discount of $12,587 to its amortized cost basis, compared to a fair value of $14,518 as of June 30, 2025, a discount of $72,258 to its amortized cost basis. The decrease in discount is due to a realized loss recorded in the December 2025 quarter, which reduced amortized cost basis following a period of decreased performance and core asset sales. Universal Turbine Parts, LLC On December 10, 2018, UTP Holdings purchased all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and appointed a new board of directors to UTP Holdings, consisting of three employees of the Investment Adviser. At the time UTP Holdings acquired UTP, UTP Holdings (f/k/a Harbortouch Holdings of Delaware) was a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment. The fair value of our investment in UTP was $124,259 as of June 30, 2026, a premium of $30,800 to its amortized cost basis, compared to a fair value of $102,728 as of June 30, 2025, a premium of $15,200 to its amortized cost basis. The increase in premium to amortized cost resulted fromincreased profitability. Valley Electric Company, Inc. Prospect owns 100% of the common stock of Valley Holdings I, a Consolidated Holding Company. Valley Holdings I owns 100% of Valley Holdings II, a Consolidated Holding Company. Valley Holdings II owns 94.99% of Valley Electric Company, Inc., with Valley Electricmanagement owning the remaining 5.01% of the equity. Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of theequity of Valley Electric Co. of Mt. Vernon, Inc. (“Valley”) and Comet Electric, Inc (“Comet”), leading providers of specialty electrical servicesin the states of Washington and California. Valley and Comet are amongst the top 50 electrical contractors in the United States. The fair value of our investment in Valley Electric was $293,854 as of June 30, 2026, a premium of $197,942 to its amortized cost basis, compared to a fair value of $351,291 as of June 30, 2025, a premium of $255,379 to its amortized cost basis. The decrease in premium to amortized cost reflects a reduction in comparable company multiples and the results of the sale transaction, which closed on July 1, 2026. SeeRecent Developments for additional details. Our controlled investments, including those discussed above, are valued at $276,656 above their amortized cost as of June 30, 2026. Affiliate and Non-Control Company Investments We hold two affiliate investments as of June 30, 2026 (Nixon, Inc. and RGIS Services, LLC, (“RGIS”)) with a total fair value of $30,447, a premium of $17,612 from their combined amortized cost, compared to a fair value of $27,057 as of June 30, 2025, representing a $15,322 premium to its amortized cost. The increase in premium to amortized cost was driven by an improvement in RGIS’ financial performance. With the non-control/non-affiliate investments, generally, there is less volatility related to our total investments because our equity positions tend to be smaller than with our control/affiliate investments, and debt investments are generally not as susceptible to large swings in value as equityinvestments. For debt investments, the fair value is generally limited on the high side to each loan’s par value, plus any prepayment premium thatcould be imposed. Note that some of our non-control/non-affiliate investments have larger equity or convertible debt option positions and aretherefore more susceptible to changes in value than the rest of our non-control/non-affiliate investments. As of June 30, 2026, our non- control/non-affiliate portfolio is valued at a discount to amortized cost primarily due to nine of our non-control/ non-affiliate investments,Credit.com Holdings, LLC (“Credit.com”), First Brands Group, Aventiv Technologies, LLC, STG Distribution, LLC (f/k/a Reception Purchaser,LLC), Medical Solutions Holdings, Inc., Town & Country Holdings, Inc., Rising Tide Holdings, Inc. (“West Marine”), Precisely Software Incorporated (“Precisely”), and K&N HoldCo, LLC (“K&N”), which are valued at discounts to amortized cost of $93,603, $69,279, $58,108,$48,895, $33,042, $30,098, $26,860, $25,733, and $25,363, respectively. Excluding those non-control/non-affiliate investments discussed above, our remaining non-control/non-affiliate portfolio is valued at a premium of $143,902 to amortized cost as of June 30, 2026. Capitalization Our investment activities are capital intensive and the availability and cost of capital is a critical component of our business. We capitalize our business with a combination of debt and equity. Our debt as of June 30, 2026 consists of: a Revolving Credit Facility availing us of the ability to borrow debt subject to borrowing base determinations; Public Notes which we issued in May 2021, September 2021, and October 2025; and Prospect Capital InterNotes® which we issue from time to time. As of June 30, 2026, our equity capital is comprised of common and preferred equity. 101

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The following table shows our outstanding debt as of June 30, 2026: PrincipalOutstanding UnamortizedDiscount & DebtIssuance Costs Net CarryingValue Fair Value Effective Interest Rate Revolving Credit Facility $ 562,328 $ 14,128 $ 562,328 $ 562,328 1M SOFR + 2.05 % 3.364% 2026 Notes 264,486 435 264,051 261,169 3.89 % 3.437% 2028 Notes 254,749 2,743 252,006 239,729 3.97 % 5.50% 2030 Notes 182,153 7,369 174,784 165,650 6.76 % Public Notes 701,388 690,841 666,548 Prospect Capital InterNotes® 614,879 7,399 607,480 588,081 6.04 % Total $ 1,878,595 $ 1,860,649 $ 1,816,957 The following table shows our outstanding debt as of June 30, 2025: PrincipalOutstanding UnamortizedDiscount & DebtIssuance Costs Net CarryingValue Fair Value Effective Interest Rate Revolving Credit Facility $ 856,322 $ 18,842 $ 856,322 $ 856,322 1M SOFR + 2.05 % 3.364% 2026 Notes 300,000 2,019 297,981 286,707 3.87 % 3.437% 2028 Notes 300,000 4,537 295,463 268,671 3.93 % Public Notes 600,000 593,444 555,378 Prospect Capital InterNotes® 647,232 8,687 638,545 607,339 5.85 % Total $ 2,103,554 $ 2,088,311 $ 2,019,039 The following table shows the contractual maturities by fiscal year of our Revolving Credit Facility, Public Notes and Prospect Capital InterNotes® as of June 30, 2026: Payments Due by Fiscal Year ending June 30, Total 2027 2028 2029 2030 2031 After 5Years Revolving Credit Facility $ 562,328 $ — $ — $ 562,328 $ — $ — $ — Public Notes 701,388 264,486 — 254,749 — 182,153 — Prospect Capital InterNotes® 614,879 114,422 74,853 92,954 70,093 42,520 220,037 Total Contractual Obligations $ 1,878,595 $ 378,908 $ 74,853 $ 910,031 $ 70,093 $ 224,673 $ 220,037 We may from time to time seek to cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of outstanding debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Historically, we have funded a portion of our cash needs through borrowings from banks, issuances of senior securities, including secured, unsecured and convertible debt securities, or issuances of common equity. For flexibility, we maintain a universal shelf registration statement that allows for the public offering and sale of our debt securities, common stock, preferred stock, subscription rights, and warrants and units to purchase such securities up to an indeterminate amount. We may from time to time issue securities pursuant to the shelf registration statement or otherwise pursuant to private offerings. The issuance of debt or equity securities will depend on future market conditions, funding needs and other factors and there can be no assurance that any such issuance will occur or be successful. 102

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Each of our Public Notes and Prospect Capital InterNotes® (collectively, our “Unsecured Notes”) are our general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness and will be senior in right of payment to any of our subordinated indebtedness that may be issued in the future. The Unsecured Notes are effectively subordinated to our existing secured indebtedness, such as our credit facility, and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to any existing and future liabilities and other indebtedness of any of our subsidiaries. Revolving Credit Facility On May 15, 2007, we formed our wholly owned subsidiary, PCF, a Delaware limited liability company and a bankruptcy remote special purpose entity, which holds certain of our portfolio loan investments that are used as collateral for the revolving credit facility at PCF. Since origination of the revolving credit facility, we have renegotiated the terms and extended the commitments of the revolving credit facility several times. Most recently, effective June 28, 2024, we completed an extension and upsizing of the revolving credit facility (the “Revolving Credit Facility”). The lenders have extended commitments of $2,121,500 as of June 30, 2026. The Revolving Credit Facility includes an accordion feature which allows commitments to be increased up to $2,250,000 in the aggregate. The extension and upsizing of the Revolving Credit Facility extended the maturity date to June 28, 2029 and the revolving period through June 28, 2028, followed by an additional one-year amortization period, with distributions allowed to Prospect after the completion of the revolving period. During such one-year amortization period, all principal payments on the pledged assets will be applied to reduce the balance. At the end of the one-year amortization period, the remaining balance will become due. As of June 30, 2026 and June 30, 2025, we had $623,891 and $570,532, respectively, available to us for borrowing under the Revolving Credit Facility, net of $562,328 and $856,322 outstanding borrowings as of the respective balance sheet dates. See Note 4. Revolving Credit Facility within our consolidated financial statements for additional details. Convertible Notes On March 1, 2019, we issued $175,000 aggregate principal amount of senior convertible notes that mature on March 1, 2025 (the “2025 Notes”), unless previously converted or repurchased in accordance with their terms. We granted the underwriters a 13-day over-allotment option to purchase up to an additional $26,250 aggregate principal amount of the 2025 Notes. The underwriters fully exercised the over-allotment option on March 11, 2019 and we issued $26,250 aggregate principal amount of 2025 Notes at settlement on March 13, 2019. The 2025 Notes bore interest at a rate of 6.375% per year, payable semi-annually on March 1 and September 1 each year, beginning September 1, 2019. Total proceeds from the issuance of the 2025 Notes, net of underwriting discounts and offering costs, were $198,674. On March 3, 2025 we repaid the remaining outstanding principal amount of $156,168 of the 2025 Notes, plus interest, at maturity. Following the maturity of the 2025 Notes during the year ended June 30, 2025, none of the 2025 Notes remained outstanding. See Note 5. Convertible Notes within our consolidated financial statements for additional details. Public Notes On January 22, 2021, we issued $325,000 aggregate principal amount of unsecured notes that mature on January 22, 2026 (the “Original 2026 Notes”). The Original 2026 Notes bore interest at a rate of 3.706% per year, payable semi-annually on July 22, and January 22 of each year, beginning on July 22, 2021. Total proceeds from the issuance of the 2026 Notes, net of underwriting discounts and offering costs, were $317,720. On February 19, 2021, we issued an additional $75,000 aggregate principal amount of unsecured notes that mature on January 22, 2026 (the “Additional 2026 Notes”, and together with the Original 2026 Notes, the “2026 Notes”). The Additional 2026 Notes were a further issuance of, and are fully fungible and rank equally in right of payment with, the Original 2026 Notes and bore interest at a rate of 3.706% per year, payable semi-annually on July 22 and January 22 of each year, beginning July 22, 2021. Total proceeds from the issuance of the Additional 2026 Notes, net of underwriting discounts and offering costs, were $74,061. 103

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During the year ended June 30, 2025, we repurchased $57,053 aggregate principal amount of the 2026 Notes at a weighted average price of 97.44%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $1,264 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 2026 Notes. During the year ended June 30, 2025, we commenced a tender offer to purchase for cash any and all of the aggregate principal amount of our outstanding 2026 Notes at a purchase price of 99.00%, plus accrued and unpaid interest. As a result, $135,731 aggregate principal amount of the 2026 Notes were validly tendered and accepted, and we recognized a net realized gain of $874 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the tendered 2026 Notes. On June 18, 2025, we redeemed the remaining outstanding principal amount of $207,216 of the 2026 Notes, at a price of 100.00%, plus accrued and unpaid interest. The transaction resulted in our recognizing a loss of $998 during the year ended June 30, 2025. Following the redemption, none of the 2026 Notes remained outstanding. On May 27, 2021, we issued $300,000 aggregate principal amount of unsecured notes that mature on November 15, 2026 (the “3.364% 2026 Notes”). The 3.364% 2026 Notes bear interest at a rate of 3.364% per year, payable semi-annually on November 15, and May 15 of each year, beginning on November 15, 2021. Total proceeds from the issuance of the 3.364% 2026 Notes, net of underwriting discounts and offering costs, were $293,283. During the year ended June 30, 2026, we repurchased $35,514 aggregate principal amount of the 3.364% 2026 Notes at a weighted average price of 96.91%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $1,011 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.364% 2026 Notes. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 3.364% 2026 Notes were $264,486 and $300,000, respectively. On September 30, 2021, we issued $300,000 aggregate principal amount of unsecured notes that mature on October 15, 2028 (the “3.437% 2028 Notes”). The 3.437% 2028 Notes bear interest at a rate of 3.437% per year, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2022. Total proceeds from the issuance of the 3.437% 2028 Notes, net of underwriting discounts and offering costs, were $291,798. During the year ended June 30, 2026, we repurchased $45,251 aggregate principal amount of the 3.437% 2028 Notes at a weighted average price of 91.66%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $3,526 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.437% 2028 Notes. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 3.437% 2028 Notes was $254,749 and $300,000, respectively. On October 30, 2025, we issued approximately $167,637 in aggregate principal amount of 5.50% Series A Notes due 2030 (the “5.50% 2030 Notes”) that mature on December 31, 2030 and bear interest at a rate of 5.50% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2026. The 5.50% 2030 Notes are denominated in Israeli Shekels. After the deduction of offering discounts, fees and other offering expenses, we received net proceeds of approximately $159,531. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 5.50% 2030 Notes were $182,153 and $0, respectively. The 2026 Notes, the 3.364% 2026 Notes, the 3.437% 2028 Notes, and the 5.50% 2030 Notes (collectively, the “Public Notes”) are direct unsecured obligations and rank equally with all of our unsecured indebtedness from time to time outstanding. See Note 6. Public Notes within our consolidated financial statements for additional details. 104

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In connection with the issuance of the 5.50% 2030 Notes, the Company entered into a series of forward currency contracts designated as hedging instruments under ASC 815. The Company uses derivative instruments in connection with its risk management activities to reduce exposure to foreign currency exchange rate risk arising from foreign-denominated interest payments and foreign-denominated principal on the 5.50% 2030 Notes. Derivative instruments are carried at fair value on the Consolidated Statement of Assets and Liabilities. As of June 30, 2026 and June 30, 2025, the fair value of the derivative assets and derivative liabilities were $18,900 and $0, and $0 and $0, respectively. Prospect Capital InterNotes® On February 13, 2020, we entered into a new selling agent agreement with InspereX LLC (formerly known as “Incapital LLC”) (as amended, the “Selling Agent Agreement”), authorizing the issuance and sale from time to time of up to $1,000,000 of Prospect Capital InterNotes® (collectively with previously authorized selling agent agreements, the “InterNotes® Offerings”). Additional agents may be appointed by us from time to time in connection with the InterNotes® Offering and become parties to the Selling Agent Agreement. Certain notes issued through the InterNotes® Offerings have been repaid and we have, from time to time, repurchased or redeemed such other notes and, therefore, as of June 30, 2026 and June 30, 2025, the aggregate principal amount of Prospect Capital InterNotes® outstanding were $614,879 and $647,232, respectively. See Note 7. Prospect Capital InterNotes® within our consolidated financial statements for additional details. Net Asset Value Applicable to Common Stockholders During the year ended June 30, 2026, our net asset value applicable to common shares decreased by $59,926, or $0.85 per basic weighted average common share. While our net asset value applicable to common shareholders increased $27,484 and $126,656 due to shares issued at the then- current market prices through reinvestment of dividends and conversions of preferred stock to common stock, respectively, these combined increases in total net asset value resulted in dilution of $0.41 per basic weighted average common share. Also contributing to the decrease were net realized and net change in unrealized losses of $189,914, or $0.40 per basic weighted average common share. Additionally, distributions to common and preferred stockholders of $356,340, or $0.74 per basic weighted average common share, exceeded net investment income of $326,387, or $0.68 per basic weighted average common share, resulting in a net decrease of $0.06 per basic weighted average common share. These decreases were partially offset by other comprehensive income of $5,801, or $0.01 per basic weighted average common share, attributable to gains on forward contracts designated as cash flow hedges. The following table shows the calculation of net asset value per common share as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Net assets applicable to common stockholders $ 2,928,846 $ 2,988,772 Shares of common stock issued and outstanding 512,746,556 455,902,826 Net asset value per common share $ 5.71 $ 6.56 105

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Results of Operations For information regarding results of operations for the year ended June 30, 2024, see the Company's Form 10-K for the fiscal year ended June 30, 2025. Operating results for the years ended June 30, 2026 and June 30, 2025 were as follows: Years Ended June 30, 2026 2025 Investment income $ 639,454 $ 719,436 Total operating expenses 330,192 380,596 Reimbursement of administration expenses (17,125) — Total net operating expenses 313,067 380,596 Net investment income 326,387 338,840 Net realized gains (losses) from investments (223,719) (518,682) Net change in unrealized gains (losses) from investments 47,174 (291,054) Net realized gains (losses) on extinguishment of debt 4,219 972 Net realized gains (losses) from derivative instruments and foreign currency transactions (1,042) — Net change in unrealized gains (losses) from derivative instruments and foreign currencytransactions 643 — Net increase (decrease) in net assets resulting from operations 153,662 (469,924) Preferred stock dividend (106,645) (106,822) Net gain (loss) on redemptions of preferred stock (9,592) (1,937) Gain (loss) on Accretion to Redemption Value of Preferred Stock (7,597) (15,079) Net Increase (Decrease) in Net Assets Resulting from Operations applicable to CommonStockholders $ 29,828 $ (593,762) While we seek to maximize gains and minimize losses, our investments in portfolio companies can expose our capital to risks greater than those we may anticipate. These companies typically do not issue securities rated investment grade, and have limited resources, limited operating history, and concentrated product lines or customers. These are generally private companies with limited operating information available and are likely to depend on a small core of management talents. Changes in any of these factors can have a significant impact on the value of the portfolio company. These changes, along with those discussed in Investment Valuation above, can cause significant fluctuations in our net change in unrealized gains (losses) from investments, and therefore our net increase (decrease) in net assets resulting from operations applicable to common stockholders, quarter over quarter. 106

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Investment Income We generate revenue in the form of interest income on the debt securities that we own, dividend income on any common or preferred stock that we own, and fees generated from the structuring of new deals. Our investments, if in the form of debt securities, will typically have a term of one to ten years and bear interest at a fixed or floating rate. To the extent achievable, we will seek to collateralize our investments by obtaining security interests in our portfolio companies’ assets. We also may acquire minority or majority equity interests in our portfolio companies, which may pay cash or in-kind dividends on a recurring or otherwise negotiated basis. In addition, we may generate revenue in other forms including prepayment penalties and possibly consulting fees. Any such fees generated in connection with our investments are recognized as earned. Investment income consists of interest income, including accretion of loan origination fees and prepayment penalty fees, dividend income and other income, including settlement of net profits interests, overriding royalty interests and structuring fees. The following table describes the various components of investment income and the related levels of debt investments: Years Ended June 30, 2026 2025 Interest income $ 581,932 $ 671,109 Dividend income 46,967 19,378 Other income 10,555 28,949 Total investment income $ 639,454 $ 719,436 Average debt principal of performing interest bearing investments $ 4,897,025 $ 5,524,103 Weighted average interest rate earned on performing interest bearing investments 11.88% 11.89% Average debt principal of all interest bearing investments $ 5,702,280 $ 6,115,722 Weighted average interest rate earned on all interest bearing investments 10.21% 10.74% Excludes equity investments, Subordinated Structured Notes and non-accrual loans. Excludes equity investments and Subordinated Structured Notes. The weighted average interest rate earned on performing interest bearing assets remained relatively flat at 11.88% for the year ended June 30, 2026 from 11.89% for the year ended June 30, 2025. The weighted average interest rate earned on all interest bearing investments decreased to 10.21% for the year ended June 30, 2026 from 10.74% for the year ended June 30, 2025. The decrease is due to an increase in foregone interestdue to non-accrual investments. Investment income is also generated from dividends and other income which is less predictable than interest income. The following table describes dividend income earned for the years ended June 30, 2026 and June 30, 2025, respectively: Years Ended June 30, 2026 2025 Dividend income R-V Industries, Inc. $ 13,288 $ 8,774 Valley Electric Company, Inc. 10,924 — Universal Turbine Parts, LLC 6,179 — Shoes West, LLC (d/b/a Taos Footwear) 4,075 — The RK Logistics Group, Inc. 2,534 — NMMB, Inc. 2,112 — RGIS Services, LLC 1,612 681 Other transactions 6,243 9,923 Total dividend income $ 46,967 $ 19,378 Other income is comprised of structuring fees, advisory fees, amendment fees, royalty interests, receipts for residual net profit and revenue interests, administrative agent fees and other miscellaneous and sundry cash receipts. The following table describes other income earned for the years ended June 30, 2026 and June 30, 2025, respectively: (1) (1) (2) (2) (1) (2) 107

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For the Years Ended June 30, 2026 2025 Structuring and amendment fees Help/Systems Holdings, Inc. $ 1,313 $ — Eyefive, LLC (d/b/d Shipoffers) 1,040 — QC Holdings, LLC — 2,319 PeopleConnect Holdings, Inc 974 531 USG Intermediate, LLC 978 1,922 Druid City Infusion, LLC 191 1,379 Shoes West, LLC (d/b/a Taos Footwear) — 1,648 Verify Diagnostics LCC — 1,146 Other transactions 4,504 3,403 Total structuring and amendment fees $ 9,000 $ 12,348 Royalty, net profit and revenue interests National Property REIT Corp. $ — $ 14,825 Other transactions 668 1,013 Total royalty and net revenue interests $ 668 $ 15,838 Administrative agent fees Other transactions $ 887 $ 763 Total administrative agent fees $ 887 $ 763 Total other income $ 10,555 $ 28,949 Other income for the year ended June 30, 2026 decreased by $18,394 compared to the year ended June 30, 2025 primarily due to a $14,825 decrease in royalty and net revenue interests from our investment in National Property REIT Corp. (“NPRC”) and a $3,348 decrease in structuring and amendment fees. Income recognized from dividend income, prepayment premium from early repayments, structuring fees and amendment fees related to specific loan positions and royalty, net profit and revenue interests are considered to be non-recurring income. For the years ended June 30, 2026 and June 30, 2025, we recognized $57,242 and $49,858 of non-recurring income, respectively. The $7,384 increase in nonrecurring income during the yearended June 30, 2026 is primarily due to a $27,589 increase in dividend income, partially offset by a $15,170 decrease in royalty and net revenue interests, a $3,348 decrease in structuring and amendment fees and a $1,687 decrease in prepayment premium. 108

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Operating Expenses Our primary operating expenses consist of investment advisory fees (base management and income incentive fees), borrowing costs, legal and professional fees, overhead-related expenses and other operating expenses. These expenses include our allocable portion of overhead under the Administration Agreement with Prospect Administration under which Prospect Administration provides administrative services and facilities for us. Our investment advisory fees compensate the Investment Adviser for its work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other costs and expenses of our operations and transactions. The following table describes the various components of our operating expenses: Years Ended June 30, 2026 2025 Base management fee $ 130,934 $ 145,756 Income incentive fee 26,508 40,772 Interest and credit facility expenses 129,885 148,275 Allocation of overhead from Prospect Administration 22,095 22,257 Audit, compliance and tax related fees 1,701 4,137 Directors’ fees 600 600 Other general and administrative expenses 18,469 18,799 Total operating expenses $ 330,192 $ 380,596 Reimbursement of administration expenses $ (17,125)$ — Total net operating expenses $ 313,067 $ 380,596 Total gross and net base management fee was $130,934 and $145,756 for the years ended June 30, 2026 and 2025, respectively. The decrease in total gross base management fee is directly related to a decrease in average total assets. For the years ended June 30, 2026 and 2025, we incurred $26,508 and $40,772 of income incentive fees, respectively. This decrease was driven by a corresponding decrease in pre-incentive fee net investment income (net of preferred stock dividends) to $246,250 from $272,790 for the years ended June 30, 2026 and 2025, respectively. No capital gains incentive fee has yet been incurred pursuant to the Investment Advisory Agreement. During the years ended June 30, 2026 and 2025, we incurred $129,885 and $148,275, respectively, of interest and credit facility expenses related to our Revolving Credit Facility, Convertible Notes, Public Notes and Prospect Capital InterNotes® (collectively, our “Notes”). These expenses are related directly to the leveraging capacity put into place for each of those periods and the levels of indebtedness actually undertaken in those periods. The table below describes the various expenses of our Notes and the related indicators of leveraging capacity and indebtedness during these years: Years Ended June 30, 2026 2025 Interest on borrowings $ 109,656 $ 127,171 Amortization of deferred financing costs 8,736 8,530 Accretion of discount on unsecured debt 1,923 2,937 Facility commitment fees 9,570 9,637 Total interest and credit facility expenses $ 129,885 $ 148,275 Average principal debt outstanding $2,112,487 $2,448,302 Annualized weighted average stated interest rate on borrowings5.20 % 5.19 % Annualized weighted average interest rate on borrowings 6.15 % 6.06 % (1) Includes only the stated interest expense. (2) Includes the stated interest expense, amortization of deferred financing costs, accretion of discount on Convertible and Public Notes and commitment fees on the undrawn portion of our Revolving Credit Facility. (1) (2) 109

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Interest expense was $109,656 and $127,171 for the years ended June 30, 2026 and 2025, respectively. The weighted average stated interest rate on borrowings (excluding amortization, accretion and undrawn facility fees) was 5.20% and 5.19% for the years ended June 30, 2026 and 2025, respectively. The stable rate was primarily due to a mixture of events with offsetting effects. Increasing effects came primarily from the extinguishment of the Original 2026 Notes, which carried a below average stated rate, an increase to both the average outstanding balance and the stated interest rate on the Prospect Capital InterNotes®, and the issuance of the 5.50% 2030 Notes. These increases were substantially offset by a decrease in the weighted average stated interest rate on the Revolving Credit Facility, driven by a decrease in SOFR rates across a stable average drawn balance, and by the maturity of the Convertible Notes, which carried an above average stated rate. The weighted average interest rate on borrowings was 6.15% and 6.06% for the years ended June 30, 2026 and 2025, respectively. The increase was primarily due to the extinguishment of the Original 2026 Notes, which carried a comparatively lower all‐in rate during the prior‐year period, an increase in the all‐in rate on the Prospect Capital InterNotes®, and the issuance of the 5.50% 2030 Notes. The increase was partially offset by a decrease in the all‐in rate on the Revolving Credit Facility and the maturity of the Convertible Notes. In December 2025, Prospect Administration finalized a litigation settlement related to a portfolio company owned by the Company that provided $20,500 in proceeds to Prospect Administration. As of June 30, 2026, Prospect Administration sent $2,369 of the proceeds to the Company for reimbursement of external legal fees previously incurred by us related to the litigation, which is recorded within the reimbursement of administrative expenses presented in the Consolidated Statement of Operations for the year ended June 30, 2026. From the remaining proceeds, $3,375 was sent to the portfolio company involved in the litigation settlement, $14,756 was used to offset the below allocations of overhead expense from Prospect Administration to the Company during the year ended June 30, 2026. The gross allocation of overhead expense from Prospect Administration was $22,095 and $22,257 for the years ended June 30, 2026 and June 30, 2025, respectively. The $17,125 in litigation settlement proceeds discussed above was recorded in the year ended June 30, 2026 to offset this allocation of overhead expense and is presented as a reimbursement of administrative expenses to arrive at the total net operating expenses reported in the Consolidated Statement of Operations. Prospect Administration received estimated payments of $1,534 and $2,615 directly from our portfolio companies for legal, tax, and other administrative services during the years ended June 30, 2026 and 2025, respectively. We were given a credit for these payments as a reduction of the administrative services cost payable by us to Prospect Administration. Had Prospect Administration not received these payments during the years ended June 30, 2026 and June 30, 2025, Prospect Administration’s charges for its administrative services during the respective periods would have increased by this amount. Total operating expenses, excluding investment advisory fees, interest and credit facility expenses, and allocation of overhead from Prospect Administration, net of any expense reimbursements, were $20,770 and $23,536 for the years ended June 30, 2026 and June 30, 2025, respectively. The decrease was primarily attributable to the decrease in legal, audit, compliance and tax related fees, offset by an increase in other general and administrative expenses. 110

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Net Realized Gains (Losses) The following table details net realized gains (losses) from investments for the years ended June 30, 2026 and June 30, 2025: Years Ended June 30, Portfolio Company 2026 2025 NMMB, Inc. $ 2,108 $ 6,366 Global Tel*Link Corporation (d./b/a ViaPath Technologies) 473 — Engine Group, Inc 27 Other transactions, net 14 671 Research Now Group, LLC and Dynata, LLC 2 (48,118) Wellful, Inc. — (3,750) STG Distribution, LLC (f/k/a Reception Purchaser, LLC) — (5,511) Strategic Materials Holding Corp. — 2 Wellpath Holdings, Inc. — (33,750) Easy Gardener Products, Inc. — (2,000) Structured Subordinated Notes, net (4,936) (432,592) Redstone Holdco 2 LP (29,124) — Echelon Transportation, LLC (52,334) — USES Corp. (66,219) — United Sporting Companies, Inc. (73,730) — Net realized gains (losses) from investments $ (223,719)$ (518,682) (1) Our Research Now Group, LLC and Dynata, LLC Second Lien Term Loan was restructured to 100,000 shares of Common Stock of New Insight Holdings, Inc. and 285,714 Warrants (to purchase shares of Common Stock of New Insight Holdings, Inc.) during the year ended June 2025. A portion of the cost basis exchanged was written-off for tax purposes and we recorded a realized loss of $48,118 to our investment in Research Now Group, LLC and Dynata, LLC. (2) See endnote 1 of Change in Unrealized Gains (Losses) for the year ended June 30, 2026 below. (3) During fiscal year 2025, the Company elected to exit its exposure to SSN investments. As a result, the Company ceased new originations in that asset class and initiated a full wind‐down of the portfolio. For the year ended June 30, 2025, the Company recognized realized losses of $432,592 and a change in unrealized gain of $89,170. (4) See endnote 2 of Change in Unrealized Gains (Losses) for the year ended June 30, 2026 below. Net Realized Gain/Loss from Extinguishment of Debt During the years ended June 30, 2026 and June 30, 2025, we recorded a net realized gain from extinguishment of debt of $4,219 and net realized gain from extinguishment of debt of $972, respectively. Refer to Capitalization for additional discussion. Net Realized Gain/Loss from Redemptions of Preferred Stock During the year ended June 30, 2026, we recorded a net realized loss of $7,597 from the accretion to redemption value of redeemable securities. During the year ended June 30, 2025, we recorded a net realized loss of $15,079 from the accretion to redemption value of redeemable securities. During the year ended June 30, 2026, we recorded a net realized loss of $9,811 from the conversions of preferred stock to common, and a gain of $220 from the redemptions of preferred stock to cash, resulting in a net realized loss of $9,592. During the year ended June 30, 2025 we recorded a net realized loss of $2,023 from the conversions of preferred stock to common, and a gain of $86 from the redemptions of preferred stock to cash, resulting in a net realized loss of $1,937. Refer to Financial Condition, Liquidity, and Capital Resources for additional discussion. (1) (3) (4) (2) (2) (2) 111

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Net Realized Gain/Loss from Derivative Instruments and Foreign Currency Transactions During the year ended June 30, 2026, we recorded a net realized loss of $1,042 from derivative instruments and foreign currency transactions. During the year ended June 30, 2025, there were no realized gains or losses from derivative instruments and foreign currency transactions. Change in Unrealized Gains (Losses) The following table details net change in unrealized gains (losses) for our portfolio for the years ended June 30, 2026 and June 30, 2025, respectively: Years Ended June 30, 2026 2025 Control investments $ (3,466)$ (300,131) Affiliate investments 2,291 8,847 Non-control/non-affiliate investments 48,349 230 Net change in unrealized gains (losses)$ 47,174 $ (291,054) 112

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The following table reflects net change in unrealized gains (losses) on investments for the year ended June 30, 2026: Net Change in Unrealized Gains (Losses) First Tower Finance Company LLC $ 192,168 United Sporting Companies, Inc. 72,477 Strategic Chemical Solutions Corp. (f/k/a USES Corp.) 59,671 Belnick, LLC (d/b/a The Ubique Group) 45,894 Echelon Transportation, LLC 44,667 Shoes West, LLC (d/b/a Taos Footwear) 24,430 Town & Country Holdings, Inc. 23,459 New WPCC Parent, LLC 22,172 Recovery Solutions Parent, LLC 21,195 Redstone Holdco 2 LP 20,141 QC Holdings TopCo, LLC 16,015 Universal Turbine Parts, LLC 15,600 Verify Diagnostics LLC 12,605 The RK Logistics Group, Inc. 9,634 Druid City Infusion, LLC 7,665 NMMB, Inc. 7,597 Other investments, net (535) Nationwide Loan Company LLC (6,097) Help/Systems Holdings, Inc. (d/b/a Forta, LLC) (6,254) Medical Solutions Holdings, Inc. (7,217) Barracuda Parent, LLC (9,134) MITY, Inc. (19,105) Pacific World Corporation (20,384) R-V Industries, Inc. (21,102) Precisely Software Incorporated (21,505) Credit Central Loan Company, LLC (24,913) STG Distribution, LLC (28,498) Credit.com Holdings, LLC (32,677) InterDent, Inc. (34,246) Valley Electric Company, Inc. (57,437) First Brands Group (65,495) National Property REIT Corp. (193,617) Net change in unrealized gains (losses) $ 47,174 Due to decreased performance and following the completion of core asset sales in the current period, we recorded a write-down of the remaining cost-basis, net of any repayments received during the period, and reversed all previously recorded unrealized losses related to our investment. Upon restructuring, our debt investment was exchanged for new debt and equity investments, and a portion of our cost basis was written-off for tax purposes. We recorded a realized loss while reversing our previously recorded unrealized losses related to our investment in the same amount. (1) (1) (1) (2) (1) (2) 113

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The following table reflects net change in unrealized gains (losses) on investments for the year ended June 30, 2025: Net Change in Unrealized Gains (Losses) First Tower Finance Company LLC $ 127,411 Subordinated Structured Notes, net (2) 89,170 Research Now Group, LLC and Dynata, LLC (1) 45,805 Valley Electric Company, Inc. 34,872 Recovery Solutions Parent, LLC 31,375 New WPCC Parent, LLC. 16,066 Shoes West, LLC (d/b/a Taos Footwear) 15,555 Universal Turbine Parts, LLC 14,768 Wellpath Holdings, Inc. 14,113 Druid City Infusion, LLC 11,438 RGIS Services, LLC 8,847 Reception Purchaser, LLC 7,983 United Sporting Companies, Inc. 6,152 Other investments, net 1,709 Rising Tide Holdings, Inc. (6,192) R-V Industries, Inc. (6,825) Credit Central Loan Company, LLC (8,443) USES Corp. (9,809) Pacific World Corporation (12,410) Nationwide Loan Company LLC (12,866) CP Energy Services Inc. (13,492) Medical Solutions Holdings, Inc. (16,368) STG Distribution, LLC (f/k/a Reception Purchaser, LLC) (20,397) Redstone Holdco 2 LP (21,912) NMMB, Inc. (22,058) Belnick, LLC (d/b/a The Ubique Group) (36,784) Credit.com Holdings, LLC (43,330) Aventiv Technologies, LLC (48,084) Town & Country Holdings, Inc. (69,940) InterDent, Inc. (157,581) National Property REIT Corp. (209,827) Net change in unrealized gains (losses) $ (291,054) (1) Our Research Now Group, LLC and Dynata, LLC Second Lien Term Loan was restructured to 100,000 shares of Common Stock of New Insight Holdings, Inc. and 285,714 Warrants (to purchase shares of Common Stock of New Insight Holdings, Inc.). A portion of the cost basis exchanged was written-off for tax purposes and we recorded a realized loss of $48,118 while reversing our previous previously recorded unrealized losses related to our investment in Research Now Group, LLC and Dynata, LLC. (2) During fiscal year 2025, the Company elected to exit its exposure to SSN investments. As a result, the Company ceased new originations in that asset class and initiated a full wind‐down of the portfolio. For the year ended June 30, 2025, the Company recognized realized losses of $432,592 and a change in unrealized gain of $89,170. Net Change in Unrealized Gain/Loss from Derivative Instruments and Foreign Currency Transactions During the year ended June 30, 2026, we recorded a net change in unrealized gain of $643 from derivative instruments and foreign currency transactions. During the year ended June 30, 2025, there were no net changes in unrealized gains or losses from derivative instruments and foreign currency transactions. 114

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Financial Condition, Liquidity and Capital Resources For the years ended June 30, 2026 and June 30, 2025, our operating activities provided $516,306 and provided $523,171 of cash, respectively. The $6,865 decrease is primarily driven by a $474,386 decrease in repayments and sales of investments and a $48,955 decrease in net reductions to Subordinated Structured Notes and related investment costs, offset partially by a $420,021 decrease in payments for purchases of investments and a $65,992 decrease in due from broker for the year ended June 30, 2026 compared to the year ended June 30, 2025. There were no investing activities for the year ended June 30, 2026 and June 30, 2025. Financing activities used $523,598 and used $558,255 of cash during the years ended June 30, 2026 and June 30, 2025, respectively, which included dividend payments and distributions to common and preferred stockholders of $335,548 and $332,392, respectively. The $34,657 decrease in cash used by financing activities is primarily driven by a $423,849 decrease in redemptions and repurchases of Unsecured Notes, and a $42,659 increase in issuances of Unsecured Notes. These increases were partially offset by a $355,520 decrease in net borrowings under the Revolving Credit facility, and a $70,864 decrease in net proceeds from issuances of preferred stock, for the year ended June 30, 2026 compared to the year ended June 30, 2025. Our primary uses of funds have been to continue to invest in portfolio companies, through both debt and equity investments, to repay outstanding borrowings and to make cash distributions to our stockholders. Our primary sources of funds have historically been issuances of debt and common equity, and beginning with our year ended June 30, 2021, issuances of preferred equity. We have and may continue to fund a portion of our cash needs through repayments and opportunistic sales of our existing investment portfolio. We may also securitize a portion of our investments in unsecured or senior secured loans or other assets. Our objective is to put in place such borrowings in order to enable us to expand our portfolio. During the year ended June 30, 2026, we borrowed $1,217,999 and we made repayments totaling $1,511,993 under the Revolving Credit Facility. As of June 30, 2026, our outstanding balance on the Revolving Credit Facility was $562,328. As of June 30, 2026, we had, net of unamortized discount and debt issuance costs, $690,841 outstanding on the Public Notes and $607,480 outstanding on the Prospect Capital InterNotes® (See “Capitalization” above). Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 3.00%. As of June 30, 2026 and June 30, 2025, we had $64,611 and $40,707, respectively, of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $52,446 and $15,900 are considered at the Company’s sole discretion. The fair value of our undrawn committed revolvers and delayed draw term loans was zero as of June 30, 2026 and June 30, 2025, as they were all floating rate instruments that repriced frequently. On February 10, 2026, we filed a registration statement on Form N-2 (File No. 333-293349) that was effective upon filing pursuant to Rule 462(e) under the Securities Act of 1933, as amended (the “Securities Act”), and which replaced our previously effective registration statement on Form N-2 that had been filed on February 10, 2023 and which was also effective upon filing pursuant to Rule 462(e) under the Securities Act. The registration statement permits us to issue, through one or more transactions, an indeterminate amount of securities, consisting of common stock, preferred stock, debt securities, subscription rights to purchase our securities, warrants representing rights to purchase our securities or separately tradable units combining two or more of our securities. Preferred Stock On August 3, 2020, we entered into a Dealer Manager Agreement with Preferred Capital Securities, LLC (“PCS”), as amended on June 9, 2022, October 7, 2022, February 10, 2023, December 29, 2023, October 17, 2024, December 27, 2024, and February 10, 2026, pursuant to which PCS has agreed to serve as the Company’s agent, principal distributor and dealer manager for the Company’s offering of up to 105,858,302 shares, par value $0.001 per share, of preferred stock, with a liquidation preference of $25.00 per share. Such preferred stock may be issued in multiple series, including the 5.50% Series A1 Preferred Stock (“Series A1 Preferred Stock”), the 5.50% Series M1 Preferred Stock (“Series M1 Preferred Stock”), the 5.50% Series M2 Preferred Stock (“Series M2 Preferred Stock”), the 6.50% Series A3 Preferred Stock (“Series A3 Preferred Stock”), the 6.50% Series M3 Preferred Stock (“Series M3 Preferred Stock”), the Floating Rate Series A4 Preferred Stock (“Series A4 Preferred Stock”), the Floating Rate Series M4 Preferred Stock (“Series M4 Preferred Stock,” and together with the Series A4 Preferred Stock, the “Floating Rate Preferred Stock”), the 7.50% Series A5 Preferred Stock (“Series A5 Preferred Stock”), and the 7.50% Series M5 Preferred Stock (“Series M5 Preferred Stock,” and together with the Series A5 Preferred Stock, the “7.50% Preferred Stock”). However, as disclosed in the Supplement No. 1 dated September 6, 2024 and Supplement No. 3 dated December 27, 2024 to the Prospectus Supplement dated December 29, 2023, the Company is no longer offering the Series A1 Preferred Stock, the Series M1 Preferred Stock, the Series M2 Preferred Stock, the Series A3 Preferred Stock, the Series M3 Preferred Stock, and the Floating Rate Preferred Stock and, as a result, any additional preferred stock offered under this offering will be only in any combination of our 7.50% Preferred Stock, which are not convertible. In connection with such offering, on August 3, 2020, June 9, 2022, October 11, 2022, February 10, 2023, December 28, 2023 (two filings), October 17, 2024, and December 27, 115

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2024 we filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland (“SDAT”), reclassifying and designating 120,000,000, 60,000,000, 120,000,000, 60,000,000, 160,000,000, 40,000,000, 20,000,000, and 180,000,000 shares, respectively, of the Company’s authorized and unissued shares of common stock into shares of preferred stock. On October 30, 2020, and as amended on February 18, 2022, October 7, 2022, and February 10, 2023, we entered into a Dealer Manager Agreement with InspereX LLC, pursuant to which InspereX LLC has agreed to serve as the Company’s agent and dealer manager for the Company’s offering of up to 10,000,000 shares, par value $0.001 per share, of preferred stock, with a liquidation preference of $25.00 per share. Such preferred stock will initially be issued in multiple series, including the 5.50% Series AA1 Preferred Stock (the “Series AA1 Preferred Stock”), the 5.50% Series MM1 Preferred Stock (the “Series MM1 Preferred Stock”), the 6.50% Series AA2 Preferred Stock (the “Series AA2 Preferred Stock”), and the 6.50% Series MM2 Preferred Stock (the “Series MM2 Preferred Stock” and together with the Series M1 Preferred Stock, the Series M2 Preferred Stock, the Series M3 Preferred Stock, and the Series MM1 Preferred Stock, the “Series M Preferred Stock” and the Series MM2 Preferred Stock, together with the Series AA2 Preferred Stock, the Series A3 Preferred Stock and the Series M3 Preferred Stock, the “6.50% Preferred Stock”); however as disclosed in the Supplement No. 2 dated September 6, 2024 to the Prospectus Supplement dated February 10, 2023, the Company is no longer offering the Series AA1 Preferred Stock, the Series MM1 Preferred Stock, the Series AA2 Preferred Stock and the Series MM2 Preferred Stock. On October 30, 2020, February 17, 2022, and October 11, 2022, we filed Articles Supplementary with the SDAT, reclassifying and designating an additional 80,000,000 shares of the Company’s authorized and unissued shares of common stock into shares of preferred stock as convertible preferred stock. On May 6, 2026, we filed Articles Supplementary with the SDAT, reclassifying and designating 80,000,000 authorized but unissued shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock and Series MM2 Preferred Stock as additional shares of common stock. As a result of such reclassification and designation, we no longer have any authorized shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock or Series MM2 Preferred Stock. On May 19, 2021, we entered into an Underwriting Agreement with UBS Securities LLC, relating to the offer and sale of 187,000 shares, par value $0.001 per share, of 5.50% Series A2 Preferred Stock, with a liquidation preference of $25.00 per share (the “Series A2 Preferred Stock”, and together with the Series A1 Preferred Stock, Series M1 Preferred Stock, Series M2 Preferred Stock, Series AA1 Preferred Stock, and Series MM1 Preferred Stock, the “5.50% Preferred Stock”). The issuance of the Series A2 Preferred Stock settled on May 26, 2021. In connection with such offering, on May 19, 2021, we filed Articles Supplementary with the SDAT, reclassifying and designating an additional 1,000,000 shares of the Company’s authorized and unissued shares of common stock into shares of preferred stock as Convertible Preferred Stock. In connection with the offerings of the 5.50% Preferred Stock, the 6.50% Preferred Stock, the Floating Rate Preferred Stock, and the 7.50% Preferred Stock, we adopted and amended, respectively, a preferred stock dividend reinvestment plan (the “Preferred Stock Plan” or the “Preferred Stock DRIP”), pursuant to which (i) holders of the Floating Rate Preferred Stock and the 7.50% Preferred Stock will have dividends on their Floating Rate Preferred Stock and 7.50% Preferred Stock reinvested in additional shares of such Floating Rate Preferred Stock and 7.50% Preferred Stock at a price per share of $25.00, and (ii) holders of the 5.50% Preferred Stock and the 6.50% Preferred Stock will have dividends on their 5.50% Preferred Stock and 6.50% Preferred Stock automatically reinvested in additional shares of such 5.50% Preferred Stock and 6.50% Preferred Stock, at a price per share of $23.75 (95% of the stated value of $25.00 per share), if they elect. At any time prior to the listing of the 5.50% Preferred Stock and the 6.50% Preferred Stock on a national securities exchange, shares of the 5.50% Preferred Stock and the 6.50% Preferred Stock are convertible, at the option of the holder of the 5.50% Preferred Stock and the 6.50% Preferred Stock (the “Holder Optional Conversion”). We will settle any Holder Optional Conversion by paying or delivering, as the case may be, (A) any portion of the Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the Settlement Amount, minus (b) any portion of the Settlement Amount that we elect to pay in cash, divided by (2) the arithmetic average of the daily volume weighted average price of shares of our common stock over each of the five consecutive trading days ending on the Holder Conversion Exercise Date (such arithmetic average, the “5-day VWAP”). For the Series A1 Preferred Stock, the Series A3 Preferred Stock, the Series AA1 Preferred Stock, the Series AA2 Preferred Stock and the Series A2 Preferred Stock, “Settlement Amount” means (A) $25.00 per share (the “Stated Value”), plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Holder Optional Conversion Fee for the respective Holder Conversion Deadline. For the Series M Preferred Stock, “Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Series M Clawback, if any. “Series M Clawback”, if applicable, means an amount equal to the aggregate amount of all dividends, whether paid or accrued, on such share of Series M stock in the three full months prior to the Holder Conversion Exercise Date. Subject to certain limited exceptions, we will not pay any portion of the Settlement Amount in cash (other than cash in lieu of fractional shares of our common stock) until the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued. Beginning on the five year anniversary of the date on which a share of 5.50% Preferred Stock 116

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or 6.50% Preferred Stock is issued, we may elect to settle all or a portion of any Holder Optional Conversion in cash without limitation or restriction. The right of holders to convert a share of 5.50% Preferred Stock or 6.50% Preferred Stock will terminate upon the listing of such share on a national securities exchange. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature. Subject to certain limited exceptions allowing earlier redemption, beginning on the earlier of the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued, or the two year anniversary of the date on which a share of Floating Rate Preferred Stock or 7.50% Preferred Stock has been issued or, for listed shares of 5.50% Preferred Stock or 6.50% Preferred Stock, five years from the earliest date on which any series that has been listed was first issued and, for listed shares of Floating Rate Preferred Stock or 7.50% Preferred Stock, two years from the earliest date on which any series that has been listed was first issued (the earlier of such dates as applicable to a series of Preferred Stock, the “Redemption Eligibility Date”), such share of Preferred Stock may be redeemed at any time or from time to time at our option (the “Issuer Optional Redemption”), at a redemption price of 100% of the Stated Value of the shares to be redeemed plus unpaid dividends accrued to, but not including, the date fixed for redemption. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock are redeemable, at the option of the holder of such Floating Rate Preferred Stock and 7.50% Preferred Stock, on a monthly basis (the “Holder Optional Redemption”). For all shares of Floating Rate Preferred Stock and 7.50% Preferred Stock duly submitted for redemption on or before a monthly Holder Redemption Deadline (defined in the prospectus supplement dated December 29, 2023), the HOR Settlement Amount (as defined below) is determined on any business day after such Holder Redemption Deadline but before the Holder Redemption Deadline occurring two months thereafter (such date, the “Holder Redemption Exercise Date”). Within such period, we may select the Holder Redemption Exercise Date in our sole discretion. We will settle any Holder Optional Redemption by paying the HOR Settlement Amount in cash. The aggregate amount of Holder Optional Redemptions by the holder of Floating Rate Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter and (iii) no more than 20% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period. Redemption capacity of the Floating Rate Preferred Stock will be allocated on a pro rata basis based on the number of shares of Floating Rate Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed, based on any of the foregoing redemption limits. The aggregate amount of Holder Optional Redemptions by the holders of 7.50% Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter; and (iii) no more than 20% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period; plus, for each redemption limit set forth above in clauses (i) through (iii) of this paragraph, an amount of such 7.50% Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for Floating Rate Preferred Stock as set forth above and the respective amounts requested for the Floating Rate Preferred Stock on a Holder Redemption Deadline for the Floating Rate Preferred Stock. Additionally, we have covenanted to waive the applicable 2% / 5% / 20% redemption limits for the Floating Rate Preferred Stock as set forth in the terms of the Floating Rate Preferred Stock such that holders of the Floating Rate Preferred Stock may, in addition to the amount of Floating Rate Preferred Stock such holders are entitled to redeem pursuant to the terms of the Floating Rate Preferred Stock, also redeem an amount of such Floating Rate Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for the 7.50% Preferred Stock as set forth in the terms of the 7.50% Preferred Stock and the respective amounts requested for the 7.50% Preferred Stock on a Holder Redemption Deadline for the 7.50% Preferred Stock. Redemption capacity of the 7.50% Preferred Stock will be allocated on a pro rata basis based on the number of 7.50% Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed based on any of the foregoing redemption limits. An “Annual Redemption Period” means our then current fiscal quarter and the three fiscal quarters immediately preceding our then current fiscal quarter. Shares of Series A4 Preferred Stock and Series A5 Preferred Stock are subject to an early redemption fee if it is redeemed by its holder within five years of issuance. We may waive the foregoing redemption limits in our sole discretion at any time. 117

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For the Series A4 Preferred Stock and Series A5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, minus (C) the Series A4 Preferred Stock or Series A5 Preferred Stock Holder Optional Redemption fee, as applicable on the respective Holder Redemption Deadline. For the Series M4 Preferred Stock and Series M5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, but if a holder of Series M4 Preferred Stock or Series M5 Preferred Stock exercises a Holder Optional Redemption within the first twenty-four months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the HOR Settlement Amount payable to such holder will be reduced by (i) during the first twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock, respectively, in the six-month period prior to the Holder Redemption Exercise Date, and (ii) during the second twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock in the three-month period prior to the Holder Redemption Exercise Date (such amount, the “Series M4 Shares Clawback” and “Series M5 Shares Clawback,” respectively). We are permitted to waive the Series M4 Shares Clawback and Series M5 Shares Clawback through public announcement of the terms and duration of such waiver. Any such waiver would apply to any holder of Preferred Stock qualifying for the waiver and exercising a Holder Optional Redemption during the pendency of the term of such waiver. Although we have retained the right to waive the Series M4 Shares Clawback and Series M5 Shares Clawback in the manner described above, we are not required to establish any such waivers and we may never establish any such waivers. Subject to certain limitations, each share of 5.50% Preferred Stock or 6.50% Preferred Stock may be converted at our option (the “Issuer Optional Conversion”). We will settle any Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the 5-day VWAP, subject to our ability to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value if the 5-day VWAP represents a discount to our net asset value per share of common stock. For the 5.50% Preferred Stock and 6.50% Preferred Stock, “IOC Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the date fixed for conversion. In connection with an Issuer Optional Conversion, we will use commercially reasonable efforts to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value. If we do not have or obtain any required stockholder approval under the 1940 Act to sell our common stock below net asset value and the 5-day VWAP is at a discount to our net asset value per share of common stock, we will settle any conversions in connection with an Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the NAV per share of common stock at the close of business on the business day immediately preceding the date of conversion. We will not pay any portion of the IOC Settlement Amount from an Issuer Optional Conversion in cash (other than cash in lieu of fractional shares of our common stock) until the Redemption Eligibility Date. Beginning on the Redemption Eligibility Date, we may elect to settle any Issuer Optional Conversion in cash without limitation or restriction. In the event that we exercise an Issuer Optional Conversion with respect to any shares of 5.50% Preferred Stock or 6.50% Preferred Stock, the holder of such 5.50% Preferred Stock or 6.50% Preferred Stock may instead elect a Holder Optional Conversion with respect to such 5.50% Preferred Stock or 6.50% Preferred Stock provided that the date of conversion for such Holder Optional Conversion would occur prior to the date of conversion for an Issuer Optional Conversion. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have an Issuer Optional Conversion feature. The Company actively manages its offerings of preferred stock and, although it may or may not be presently offering a particular series of its preferred stock, the Company may determine to issue any of its authorized series of preferred stock (and, in connection therewith, to relaunch the offering of any particular series, if previously terminated) based on its assessment of market conditions, demand, and appropriate cost of capital in light of the foregoing and the overall construction of its portfolio and capital structure. On July 12, 2021, we entered into an underwriting agreement by and among us, Prospect Capital Management L.P., Prospect Administration LLC, and Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC, as representatives of the underwriters, relating to the offer and sale of 6,000,000 shares, or $150,000 in aggregate liquidation preference, of our 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock” or “5.35% Preferred Stock”), at a public offering price of $25.00 per share. Pursuant to the Underwriting Agreement, we also granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Series A Preferred Stock solely to cover over-allotments. The offer settled on July 19, 2021, and no additional shares of the Series A Preferred Stock were issued pursuant to the option. In connection with such offering, on July 15, 2021, we filed Articles Supplementary with SDAT, 118

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reclassifying and designating 6,900,000 shares of the Company’s authorized and unissued shares of common stock into shares of Series A Preferred Stock. On May 8, 2026, we entered into an equity distribution agreement by and among us, Prospect Capital Management L.P., Prospect Administration LLC, and A.G.P. / Alliance Global Partners (“AGP”), with AGP as sales agent, relating to the offer and sale, by means of an at-the-market (“ATM”) offering, of up to 16,000,000 shares, or $400,000 in aggregate liquidation preference, of our Series A Preferred Stock (the “Series A Preferred Stock ATM Program”). In connection with such offering, on May 8, 2026, we filed Articles Supplementary with SDAT, reclassifying and designating 16,000,000 shares of the Company’s authorized and unissued shares of common stock into additional shares of Series A Preferred Stock. During the year ended June 30, 2026, we issued and sold $1,642 aggregate liquidation preference of the Series A Preferred Stock under the Series A Preferred Stock ATM Program, for net proceeds of $1,098, after commissions, discounts, and offering costs. As of June 30, 2026, there were 5,316,849 shares, or $132,921 aggregate liquidation preference, of the Series A Preferred Stock outstanding. Each series of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, 7.50% Preferred Stock and Series A Preferred Stock ranks (with respect to the payment of dividends and rights upon liquidation, dissolution or winding up) (a) senior to our common stock, (b) on parity with each other series of our preferred stock, and (c) junior to our existing and future secured and unsecured indebtedness. See Note 8. Fair Value and Maturity of Debt Outstanding for further discussion on our senior securities. We may from time to time seek to purchase and cancel our outstanding preferred stock through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. Any such purchases or exchanges of preferred stock would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 16, 2022, our Board of Directors authorized the repurchase of up to 1.5 million shares our Series A Preferred Stock and further on October 11, 2023, authorized any and all outstanding Series A Preferred Stock to be repurchased. The manner, price, volume and timing of preferred share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. Each share of preferred stock converted into shares of common stock, redeemed, exchanged or acquired by the Company is canceled and retired and is not reissued, and is returned to the status of authorized but unissued common stock. During the years ended June 30, 2026 and June 30, 2025, we did not repurchase shares of Series A Preferred Stock. During the year ended June 30, 2026, we exchanged an aggregate of 44,894 Series M1 Preferred Stock for an aggregate of 44,894 newly-issued Series M5 Preferred Stock pursuant to Section 3(a)(9) of the Securities Act. During the year ended June 30, 2026, we exchanged an aggregate of 59,132 Series M3 Preferred Stock for an aggregate of 59,132 newly-issued Series M5 Preferred Stock pursuant to Section 3(a)(9) of the Securities Act. During the year ended June 30, 2025, we exchanged an aggregate of 195,938 Series M1 Preferred Stock for an aggregate of 10,842, 142,054, and 43,040 newly-issued Series M3 Preferred Stock, Series M4 Preferred Stock, and Series M5 Preferred Stock respectively, pursuant to Section 3(a) (9) of the Securities Act. During the year ended June 30, 2025, we exchanged an aggregate of 294,040 Series M3 Preferred Stock for an aggregate of 266,878 and 27,160 newly-issued Series M4 Preferred Stock and newly-issued Series M5 Preferred Stock, respectively, pursuant to Section 3(a)(9) of the Securities Act. The Series M3 Preferred Stock, Series M4 Preferred Stock, and Series M5 Preferred Stock issued in the exchanges were issued in each case to an existing security holder of the Company exclusively in exchange for such holder’s securities. No commission or other remuneration was paid or given for soliciting the exchange. Stockholders who exchange Series M1 Preferred Stock for Series M3 Preferred Stock, Series M4 Preferred Stock or Series M5 Preferred Stock or Series M3 Preferred Stock for Series M4 Preferred Stock or Series M5 Preferred Stock will receive unpaid dividends on their Series M1 Preferred Stock or Series M3 Preferred Stock accrued to, but not including, the Exchange Exercise Date, plus any fractional amount of a Series M1 Preferred Stock or Series M3 Preferred Stock exchanged multiplied by $25.00 in cash. Upon settlement, the carrying amount (including any premiums or discounts and a proportional amount of any issuance costs) of the Series M1 Preferred Stock or Series M3 Preferred Stock are reclassified to Series M3 Preferred Stock, Series M4 Preferred Stock, or Series M5 Preferred Stock, respectively, with no gain or loss recognized. Subject to certain limited exceptions allowing earlier redemption, at any time after the close of business on July 19, 2026 (any such date, an “Optional Redemption Date”), at our sole option, we may redeem the Series A Preferred Stock in whole or, from time to time, in part, out of funds legally available for such redemption, at a price per share equal to the liquidation preference of $25.00 per share, plus an amount equal to all unpaid dividends on such shares (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the date fixed for redemption. We may also redeem the Series A 119

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Preferred Stock at any time, in whole or, from time to time, in part, including prior to the Optional Redemption Date, pro rata, based on liquidation preference, with all other series of our then outstanding preferred stock, in the event that our Board of Directors determines to redeem any series of our preferred stock, in whole or, from time to time, in part, because such redemption is deemed necessary by our Board of Directors to comply with the asset coverage requirements of the 1940 Act or for us to maintain RIC status. In the event of a Change of Control Triggering Event (as defined below), we may, at our option, exercise our special optional redemption right to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control Triggering Event has occurred by paying the liquidation preference, plus an amount equal to all unpaid dividends on such shares (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the date fixed for such redemption. To the extent that we exercise our optional redemption right or our special optional redemption right relating to the Series A Preferred Stock, the holders of Series A Preferred Stock will not be permitted to exercise the conversion right described below in respect of their shares called for redemption. Except to the extent that we have elected to exercise our optional redemption right or our special optional redemption right by providing notice of redemption prior to the Change of Control Conversion Date (as defined below), upon the occurrence of a Change of Control Triggering Event, each holder of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of our shares of common stock per Series A Preferred Stock to be converted equal to the lesser of: • the quotient obtained by dividing (i) the sum of the Liquidation Preference per share plus an amount equal to all unpaid dividends thereon (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a Record Date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and • 6.03865, subject to certain adjustments, subject, in each case, to provisions for the receipt of alternative consideration upon conversion as described in the applicable prospectus supplement. If we have provided or provide a redemption notice with respect to some or all of the Series A Preferred Stock, holders of any Series A Preferred Stock that we have called for redemption will not be permitted to exercise their Change of Control Conversion Right in respect of any of their Series A Preferred Stock that have been called for redemption, and any Series A Preferred Stock subsequently called for redemption that have been tendered for conversion will be redeemed on the applicable date of redemption instead of converted on the Change of Control Conversion Date. For purposes of the foregoing discussion of a redemption upon the occurrence of a Change of Control Triggering Event, the following definitions are applicable: “Change of Control Triggering Event” means the occurrence of any of the following: • the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation and other than an Excluded Transaction) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than to any Permitted Holders); provided that, for the avoidance of doubt, a pledge of assets pursuant to any of our secured debt instruments or the secured debt instruments of our Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition; or • the consummation of any transaction (including, without limitation, any merger or consolidation and other than an Excluded Transaction) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of our outstanding Voting Stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, the consummation of any of the transactions referred to in the bullet points above will not be deemed a Change of Control Triggering Event if we or the acquiring or surviving consolidated entity has or continues to have a class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ, or is otherwise listed or quoted on a national securities exchange. The “Change of Control Conversion Date” is the date the shares of Series A Preferred Stock are to be converted, which will be a business day selected by us that is no fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of Series A Preferred Stock. 120

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The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control Triggering Event by the holders of our common stock is solely cash, the amount of cash consideration per share of our common stock or (ii) if the consideration to be received in the Change of Control Triggering Event by holders of our common stock is other than solely cash (x) the average of the closing sale prices per share of our common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control Triggering Event as reported on the principal U.S. securities exchange on which our common stock is then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control Triggering Event, if our common stock is not then listed for trading on a U.S. securities exchange. “Controlled Subsidiary” means any of our subsidiaries, 50% or more of the outstanding equity interests of which are owned by us and our direct or indirect subsidiaries and of which we possess, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise. “Excluded Transaction” means (i) any transaction that does not result in any reclassification, conversion, exchange or cancellation of all or substantially all of the outstanding shares of our Voting Stock; (ii) any changes resulting from a subdivision or combination or a change solely in par value; (iii) any transaction where the shares of our Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act) or any direct or indirect parent company of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act) immediately after giving effect to such transaction; (iv) any transaction if (A) we become a direct or indirect wholly-owned subsidiary of a holding company and (B)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our Voting Stock immediately prior to that transaction or (2) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; or (v) any transaction primarily for the purpose of changing our jurisdiction of incorporation or form of organization. “Permitted Holders” means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) Prospect Capital Management or any affiliate of Prospect Capital Management that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients. “Voting Stocks” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. Except as provided above in connection with a Change of Control Triggering Event, the Series A Preferred Stock is not convertible into or exchangeable for any other securities or property. For so long as the Series A Preferred Stock, the Floating Rate Preferred Stock, or 7.50% Preferred Stock are outstanding, we will not exercise any option we have to convert any other series of our outstanding preferred stock to common stock, including the Issuer Optional Conversion, or any other security ranking junior to such preferred stock. As a result, if dividends on the Preferred Stock have accumulated and been unpaid for a period of two years, a possibility of redemption outside of the Company’s control exists and, in accordance with ASC 480, we have presented our 5.50% Preferred Stock, 6.50% Preferred Stock, and Series A Preferred Stock within temporary equity on our Consolidated Statement of Assets and Liabilities as of June 30, 2026 and June 30, 2025. The Floating Rate Preferred Stock and 7.50% Preferred Stock are redeemable at the election of the holder at any time; therefore, is probable of redemption outside of the Company’s control. As a result, the Floating Rate Preferred Stock and 7.50% Preferred Stock are classified within temporary equity on our Consolidated Statement of Assets and Liabilities as of June 30, 2026 and are accreted to redemption value upon issuance. Accretion to redemption value is treated as an adjustment to net increase (decrease) in net assets resulting from operations applicable to common stockholders on our Consolidated Statement of Operations. We determined the estimated value as of June 30, 2026 of our 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, and 7.50% Preferred Stock was a $25.00 stated value per share. We engaged a third-party valuation service to assist in our determination based on the calculation resulting from the total equity on our Consolidated Statements of Assets and Liabilities in our Annual Report on Form 10-K for the year ended June 30, 2026 (the “Form 10-K”), which was prepared in 121

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accordance with U.S. generally accepted accounting principles in the United States of America, adjusted for the fair value of our investments (i.e. from our Consolidated Schedule of Investments) and total liabilities, divided by the number of shares of our Preferred Stock outstanding. Based on this methodology and because the result from the calculation above is greater than the $25.00 per share stated value of our 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, and 7.50% Preferred Stock, the estimated value of our 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, and 7.50% Preferred Stock as of June 30, 2026 is $25.00 per share. Common Stock Our common stockholders’ equity accounts as of June 30, 2026 and June 30, 2025 reflect cumulative shares issued, net of shares previously repurchased, as of those respective dates. Our common stock has been issued through public offerings, a registered direct offering, the exercise of over-allotment options on the part of the underwriters, our common stock dividend reinvestment plan in connection with the acquisition of certain controlled portfolio companies and in connection with our 5.50% and 6.50% Preferred Stock Holder Optional Conversion and Optional Redemptions Following Death of a Holder. When our common stock is issued, the related offering expenses have been charged against paid-in capital in excess of par. All underwriting fees and offering expenses were borne by us. We did not repurchase any shares of our common stock under the Repurchase Program for the years ended June 30, 2026 and June 30, 2025. As of June 30, 2026, the approximate dollar value of shares that may yet be purchased under the Repurchase Program is $65,860. On July 7, 2026, at a special meeting of stockholders, our stockholders authorized us to sell shares of our common stock (during the next 12 months) at a price or prices below our net asset value per share at the time of sale in one or more offerings, subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of its outstanding common stock immediately prior to such sale). As of June 30, 2026, we have reserved 612,825,656 shares of our common stock for issuance upon conversion of the 5.50% Preferred Stock and the 6.50% Preferred Stock and 89,165,178 shares of our common stock for issuance to common stock holders pursuant to our common stock dividend reinvestment and direct stock purchase plan. 122

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Recent Developments On August 20, 2026, we announced the declaration of monthly dividends for our for 7.50% Preferred Stock holders of record on the following dates based on an annual dividend rate equal to 7.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 7.50% Preferred Shareholder Distribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.156250 October 2026 10/21/2026 11/2/2026 $0.156250 November 2026 11/18/2026 12/1/2026 $0.156250 On August 20, 2026, we announced the declaration of monthly dividends for our Floating Rate Preferred Stock for holders of record on the following dates based on an annualized rate equal to 6.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), authorized on August 19, 2026, as follows: Monthly Cash Floating Rate Preferred ShareholderDistribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.135417 October 2026 10/21/2026 11/2/2026 $0.135417 November 2026 11/18/2026 12/1/2026 $0.135417 On August 20, 2026, we announced the declaration of monthly dividends for our 5.50% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 5.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 5.50% Preferred ShareholderDistribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.114583 October 2026 10/21/2026 11/2/2026 $0.114583 November 2026 11/18/2026 12/1/2026 $0.114583 On August 20, 2026, we announced the declaration of monthly dividends for our 6.50% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 6.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 6.50% Preferred Shareholder Distribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.135417 October 2026 10/21/2026 11/2/2026 $0.135417 November 2026 11/18/2026 12/1/2026 $0.135417 123

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On August 20, 2026, we announced the declaration of quarterly dividends for our 5.35% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 5.35% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the 5.35% Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Quarterly Cash 5.35% Preferred ShareholderDistribution Record Date Payment Date Amount ($ per share) August 2026 - October 2026 10/21/2026 11/2/2026 $0.334375 On August 20, 2026, we announced the declaration of monthly dividends on our common stock as follows: Monthly Cash Common Stockholder Distribution Record Date Payment Date Amount ($ per share) September 2026 9/28/2026 10/21/2026 $0.0350 October 2026 10/28/2026 11/18/2026 $0.0350 Monthly Cash Common Stockholder Distribution Record Date Payment Date Amount ($ per share) September 2026 9/28/2026 10/21/2026 $0.0350 October 2026 10/28/2026 11/18/2026 $0.0350 On July 1, 2026, we sold our 94.99% equity interests in Valley Electric for total consideration of $280,779, including fees and escrowed amounts. The consideration includes repayment in full of the $10,452 First Lien Term Loan, $34,777 First Lien Term B, and $38,630 First Lien Term Loanreceivable to us, together with $35 of accrued interest and a $2,516 prepayment premium for early repayment, as well as a $9,840 advisory fee for the transaction. We received $143,874 of cash at closing and recorded a realized gain of $131,821 on the sale of our equity position in Valley Electric. In addition, there is $40,655 being held in escrow and additional future earn-out potential that will be recognized as additional realized gain if and when it is received. On August 19, 2026, the Company filed an amendment to its charter (the “Articles of Amendment”) with the SDAT to increase the Company’s authorized shares of stock from 2,000,000,000 shares of stock to 4,000,000,000 shares of stock. The foregoing description of the Articles of Amendment is only a summary and is qualified in its entirety by reference to the full text of the Articles of Amendment, a copy of which is filed as Exhibit 3.21 to this Annual Report on Form 10-K. On August 19, 2026, the Board of Directors of the Company amended and restated the bylaws of the Company (the “Amended and Restated Bylaws”) to change the voting standard for uncontested director elections from absolute majority to majority of the votes cast. The foregoing description of the Amended and Restated Bylaws is only a summary and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.2 to this Annual Report on Form 10-K. Critical Accounting Estimates We prepare our Financial Statements in accordance with U.S. GAAP. In applying many of these accounting principles, we make estimates that affect the reported amounts of assets, liabilities, revenues and expenses in our consolidated financial statements. We base our estimates on historical experience and other factors that we believe are reasonable under the circumstances. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. These estimates, however, are subjective and subject to change, and actual results may differ materially from our current estimates due to the inherent nature of these estimates. Our critical accounting estimates, including those relating to the valuation of our investment portfolio, are described below. The criticalaccounting estimates should be read in conjunction with our risk factors as disclosed in “Item 1A. Risk Factors.” See Note 2 to our consolidatedfinancial statements for more information on how fair value of our investment portfolio is determined, and Note 3 to our consolidated financialstatements for information about the inputs and assumptions used to measure fair value of our investment portfolio. Fair Value of Financial Instruments To value our investments, we follow the guidance of ASC 820, Fair Value Measurement (“ASC 820”), that defines fair value, establishes a framework for measuring fair value in conformity with GAAP, and requires disclosures about fair value measurements. In accordance with ASC 820, the fair value of our investments is defined as the price that we would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market in which that investment is transacted. 124

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ASC 820 classifies the inputs used to measure these fair values into the following hierarchy: • Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. • Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices, including valuations derived from observable market data such as interest rate curves, forward curves, foreign exchange rates, and credit spreads. • Level 3: Unobservable inputs for the asset or liability. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. All of our investments carried at fair value are classified as Level 2 or Level 3 as of June 30, 2026 and June 30, 2025, with a significant portion of our investments classified as Level 3. Investments We determine the fair value of our investments on a quarterly basis, with changes in fair value reflected as a net change in unrealized gains (losses) from investments in the Consolidated Statement of Operations. The Company applies the SEC’s Rule 2a-5 in determining fair value of its investments. Rule 2a-5 establishes a consistent, principles-basedframework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. Investments for which market quotations are readily available are valued at such market quotations. In order to validate market quotations,management and the independent valuation firm look at a number of factors to determine if the quotations are representative of fair value,including the source and nature of the quotations. Certain derivative instruments are valued using pricing information obtained from third-party pricing services, including IHS Markit. These valuations are based on prevailing market data as of the measurement date and are derived using models that apply well-recognized financial principles. Significant inputs to the valuation models include observable market data such as interest rate curves, forward curves, credit spreads, foreign exchange rates, volatilities, and other market-corroborated inputs. Management and the independent valuation firm evaluate the methodologies and inputs to assess whether the resulting values are representative of fair value. In determining the range of values for debt and equity instruments where market quotations are not readily available, we perform a multiple stepvaluation process with our investment professionals alongside our independent valuation firms. The independent valuation firms preparevaluations for each investment which are presented by the independent valuation firms to the Audit Committee of our Board of Directors. The Audit Committee makes a recommendation to the Board of Directors of the value for each investment and the Board of Directors approves thevalues with the input of the Investment Adviser. Management and the independent valuation firms may consider various factors in determining the fair value of our investments. One prominent factor is the enterprise value of a portfolio company determined by applying a market approach such as using earnings before interest, taxes,depreciation and amortization (“EBITDA”) multiples, net income and/or book value multiples for similar guideline public companies and/orsimilar recent investment transactions and/or an income approach, such as the discounted cash flow technique. If relevant, management and theindependent valuation firms will consider the pricing indicated by external events such as a purchase or sale transaction to corroborate the valuation. Changes in market yields, discount rates, capitalization rates or EBITDA multiples, each in isolation, may change the fair value measurement of certain of our investments. Generally, an increase in market yields, discount rates or capitalization rates, or a decrease in EBITDA (or other) multiples may result in a decrease in the fair value measurement of certain of our investments. Our investments that are classified as Level 3 are primarily valued utilizing a discounted cash flow, enterprise value (“EV”) waterfall, asset recovery analysis, deficiency claims analysis, or an option pricing model. The discounted cash flow converts future cash flows or earnings to a range of fair values from which a single estimate may be derived utilizing an appropriate discount rate. The fair value measurement is based on the net present value indicated by current market expectations about those future amounts. Under the EV waterfall, the EV of a portfolio company is first determined and allocated over the portfolio company’s securities in order of their preference relative to one another (i.e., “waterfall” allocation). To determine the EV, we typically use a market (multiples) valuation approach that considers relevant and applicable market trading data of guideline public companies, transaction metrics from precedent merger and acquisitions transactions, and/or a discounted cash flow. The asset recovery analysis is intended to approximate the net recovery value of an investment based on, among other things, 125

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assumptions regarding liquidation proceeds based on a hypothetical liquidation of a portfolio company’s assets. The deficiency claim analysis approximates the potential recoveries from claims after liquidation. The option pricing model considers the optionality of certain equity positions when there is a limitation to exit or effectuate a sale. The model utilizes the underlying price, the strike or exercise price, interest rate, volatility, and time to expiration date. In determining the range of values for our investments in CLOs, the independent valuation firm uses a discounted multi-path cash flow model. Various risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations to generate probability-weighted (i.e., multi- path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. As of June 30, 2026, $2,969,844, $3,304,228, $35,496, $19,493, and $12,264 of our total investments were valued using the discounted cash flow, enterprise value waterfall, option pricing model, asset recovery analysis, and deficiency claims analysis, respectively, compared to $3,623,701, $2,909,659, $27,014, $24,577, and $6,500, respectively, as of June 30, 2025. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations. Recent Accounting Pronouncements For discussion of recent accounting pronouncements, see Note 2 within the accompanying notes to the consolidated financial statements. Item 7A. Quantitative and Qualitative Disclosures about Market Risk We are subject to financial market risks, including changes in interest rates and equity price risk. Uncertainty with respect to the economic effects of heightened interest rates in response to inflation, ongoing conflict between Russia and Ukraine and the Middle East and the ongoing geopolitical uncertainty has introduced significant volatility in the financial markets, and the effects of this volatility could materially impact our market risks, including those listed below. Concerning these risks and their potential impact on our business and our operating results, see Part I, Item 1A. Risk Factors, “Risks Relating to our Business.” Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates impacting some of the loans in our portfolio which have floating interest rates. Additionally, because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. See Part I, Item 1A. Risk Factors, “Risks Relating to Our Business—Changes in interest rates may affect our cost of capital and net investment income.” Our debt investments may be based on floating rates or fixed rates. For our floating rate loans the rates are determined from the SOFR, EURO Interbank Offer Rate, the Federal Funds Rate or the Prime Rate. The floating interest rate loans may be subject to a SOFR floor. Our loans typically have durations of one, three or six months after which they reset to current market interest rates. As of June 30, 2026, 75.96% of the interest earning investments in our portfolio, at fair value, bore interest at floating rates. We also have a revolving credit facility that is based on floating SOFR rates. Interest on borrowings under the revolving credit facility is one- month SOFR plus 205 basis points with no minimum SOFR floor and there is $562,328 outstanding as of June 30, 2026. Dividends for the Floating Rate Preferred Stock are equal to one-month Term SOFR (which will reset upon each dividend declaration by the Board of Directors) plus 2.00%, subject to a minimum and maximum annualized dividend rate of 6.50% and 8.00%, respectively. There are 8,784,030 shares of the Floating Rate Preferred Stock outstanding as of June 30, 2026. See Note 9. Equity Offerings, Offering Expenses, and Distributions for further discussion on our Floating Rate Preferred Stock. The Public Notes, Prospect Capital InterNotes® and remaining Preferred Stock bear interest at fixed rates. 126

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The following table shows the approximate annual impact on net investment income of base rate changes in interest rates (considering interest rate flows for floating rate instruments, excluding our investments in Subordinated Structured Notes) to our loan portfolio and outstanding debt as of June 30, 2026, assuming no changes in our investment and borrowing structure: Basis Point Change(in thousands) Increase (Decrease) inInterest Income (Increase) Decrease inInterest Expense Increase (Decrease) in NetInvestment Income(1) Up 300 basis points $ 89,814 $ 16,870 $ 72,944 Up 200 basis points 59,790 11,247 48,543 Up 100 basis points 30,370 5,623 24,747 Down 100 basis points (26,008) (5,623) (20,385) Down 200 basis points (46,336) (11,247) (35,089) Down 300 basis points (61,867) (16,870) (44,997) (1) Excludes the impact of income incentive fee and does not reflect dividends paid on preferred stock, including the preferred stock that pay dividends based on a floating rate, since those dividends do not reduce net investment income on our Consolidated Statement of Operations. See Note 13 in the accompanying Consolidated Financial Statements for more information on income incentive fees.. As of June 30, 2026, the one and three month SOFR were 3.65% and 3.73%, respectively. We may hedge against interest rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in the benefits of higher interest rates with respect to our portfolio of investments. During the year ended June 30, 2026, we did not engage in hedging activities. Foreign Currency Risk We are exposed to foreign currency risk primarily as a result of our 5.50% 2030 Notes, which are non-U.S. Dollar denominated and for which principal at maturity and interest are payable in Israeli Shekel. Changes in the Israeli Shekels/U.S. Dollar exchange rate may increase or decrease the U.S. Dollar amount of our contractual cash outflows and the reported U.S. Dollar carrying amount of the 5.50% 2030 Notes. To manage this exposure, we entered into foreign currency forward exchange contracts. We have designated a series of the forward contracts as cash flow hedges of our forecasted interest payments and one forward contract as a fair value hedge of the foreign currency risk associated with the aggregate principal due on the 5.50% 2030 Notes. These derivatives are entered into for risk management purposes and not for trading. As of June 30, 2026, the potential loss in fair value of foreign currency forward contracts resulting from a 3% weakening of the Israeli Shekel relative to the U.S. Dollar would be approximately $6,473. This change would be substantially offset by a corresponding change in the U.S. Dollar value of the principal and interest obligations under the 5.50% 2030 Notes upon remeasurement at the spot rate in effect at the balance sheet date. 127

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Item 8. Financial Statements INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm (PCAOB ID #34) 129 Consolidated Statements of Assets and Liabilities as of June 30, 2026 and June 30, 2025 131 Consolidated Statements of Operations for the years ended June 30, 2026, 2025 and 2024 132 Consolidated Statements of Other Comprehensive Income for the years ended June 30, 2026, June 30, 2025 and June 30,2024 134 Consolidated Statements of Changes in Net Assets and Temporary Equity for the years ended June 30, 2026, 2025 and 2024 135 Consolidated Statements of Cash Flows for the years ended June 30, 2026, 2025 and 2024 136 Consolidated Schedules of Investments as of June 30, 2026 and June 30, 2025 138 Notes to Consolidated Financial Statements 187 128

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Prospect Capital Corporation Opinion on the Financial Statements and Financial Highlights We have audited the accompanying consolidated statements of assets and liabilities of Prospect Capital Corporation (the "Company"), including the consolidated schedules of investments, as of June 30, 2026 and 2025, the related consolidated statements of operations, other comprehensive income, cash flows, changes in net assets and temporary equity, and the financial highlights for each of the three years in the period ended June 30, 2026, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations, changes in net assets and temporary equity, cash flows, and the financial highlights for each of the three years in the period ended June 30, 2026, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 20, 2026 expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of June 30, 2026 and 2025, by correspondence with the custodian, loan agents, and borrowers; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Fair Valuation of Level 3 Investments - Refer to Notes 2 and 3 to the Financial Statements Critical Audit Matter Description The Company held certain portfolio investments, classified as Level 3 investments, including First and Second Lien debt, unsecured debt and equity. The Company's determination of fair value for these Level 3 investments involved subjective judgments and estimates including the selection of valuation methodologies and unobservable inputs. 129

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We identified the valuation of Level 3 investments as a critical audit matter given the significant judgments made by the Company to estimate the fair value. This required a high degree of auditor judgment and extensive audit effort, including the need to involve fair value specialists who possess significant valuation experience, to evaluate the appropriateness of the valuation methodologies and the significant unobservable inputs used by the Company in the determination of fair value. How the Critical Audit Matter Was Addressed in the Audit Our audit procedures related to the valuation of Level 3 investments included the following, among others: • We tested the design, implementation, and operating effectiveness of the Company's controls over the valuation of Level 3 investments, including those over the selection of valuation methodologies and development of unobservable inputs. • We evaluated the appropriateness of the valuation methodologies and the reasonableness of the significant unobservable inputs. For a selection of Level 3 investments, we utilized the assistance of our fair value specialists to perform our audit procedures. • With the assistance of our fair value specialists, we developed independent fair value estimates and compared our estimates to the Company's concluded values for a selection of Level 3 investments. • We evaluated management's ability to reasonably estimate fair value by comparing management's historical estimates of fair value to subsequent transactions, taking into account changes in market or investment specific conditions, where applicable. /s/ DELOITTE & TOUCHE LLP New York, New York August 20, 2026 We have served as the Company’s auditor since 2023. 130

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (in thousands, except share and per share data) June 30, 2026 June 30, 2025 Assets Investments at fair value: Control investments (amortized cost of $3,367,618 and $3,416,244, respectively)(Note 14) $ 3,644,274 $ 3,696,367 Affiliate investments (amortized cost of $12,835 and $11,735, respectively) 30,447 27,057 Non-control/non-affiliate investments (amortized cost of $2,934,916 and $3,265,522, respectively) 2,667,837 2,950,092 Total investments at fair value (amortized cost of $6,315,369 and $6,693,501, respectively)(Note 3) 6,342,558 6,673,516 Cash and cash equivalents (restricted cash of $2,812 and $4,282, respectively) 43,572 50,788 Receivables for: Interest, net 17,350 25,144 Other 9,228 1,642 Derivative Assets, at fair value (Note 6) 18,900 — Deferred financing costs on Revolving Credit Facility (Note 4) 14,128 18,842 Prepaid expenses 1,419 1,488 Due from Prospect Administration, net (Note 13) 1,351 — Due from Affiliate (Note 13) 61 125 Due from broker 60 33,393 Total Assets 6,448,627 6,804,938 Liabilities Public Notes (less unamortized discount and debt issuance costs of $10,547 and $6,556, respectively) (Notes 6 and8) 690,841 593,444 Prospect Capital InterNotes® (less unamortized debt issuance costs of $7,399 and $8,687, respectively) (Notes 7and 8) 607,480 638,545 Revolving Credit Facility (Notes 4 and 8) 562,328 856,322 Due to Prospect Capital Management (Note 13) 38,946 41,757 Dividends payable 18,252 28,836 Interest payable 13,968 15,116 Due to broker 9,156 5,639 Accrued expenses 3,675 3,490 Due to Prospect Administration (Note 13) — 2,602 Other liabilities 685 515 Total Liabilities 1,945,331 2,186,266 Commitments and Contingencies (Note 3 and Note 15) Preferred Stock, par value $0.001 per share (766,678,529 and 836,490,792 shares of preferred stock authorized;68,468,200 and 70,915,937 issued and outstanding, respectively) (Note 9) 1,574,450 1,629,900 Net Assets Applicable to Common Shares $ 2,928,846 $ 2,988,772 Components of Net Assets Applicable to Common Stock and Net Assets, respectively Common stock, par value $0.001 per share (1,233,321,471 and 1,163,509,208 common shares authorized;512,746,556 and 455,902,826 issued and outstanding, respectively) (Note 9) 513 456 Paid-in capital in excess of par (Note 9 and 12) 4,310,026 4,182,453 Accumulated other comprehensive income (loss) 5,801 — Distributions in excess of earnings (Note 12) (1,387,494) (1,194,137) Net Assets Applicable to Common Shares $ 2,928,846 $ 2,988,772 Net Asset Value Per Common Share (Note 16) $ 5.71 $ 6.56 See notes to consolidated financial statements. 131

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) (in thousands, except share and per share data) Year Ended June 30, 2026 2025 2024 Investment Income Interest income (excluding payment-in-kind (“PIK”) interest income): Control investments $ 230,683 $ 226,077 $ 183,343 Non-control/non-affiliate investments 285,157 340,762 410,219 Structured credit securities — 14,017 35,722 Total interest income (excluding PIK interest income) 515,840 580,856 629,284 PIK interest income: Control investments 50,226 55,230 97,194 Non-control/non-affiliate investments 15,866 35,023 43,834 Total PIK Interest Income 66,092 90,253 141,028 Total interest income (Note 2) 581,932 671,109 770,312 Dividend income: Control investments 32,503 8,774 737 Affiliate investments 1,612 681 2,291 Non-control/non-affiliate investments 12,852 9,923 8,925 Total dividend income 46,967 19,378 11,953 Other income: Control investments 1,659 18,957 68,735 Non-control/non-affiliate investments 8,896 9,992 10,662 Total other income (Note 10) 10,555 28,949 79,397 Total Investment Income 639,454 719,436 861,662 Operating Expenses Base management fee (Note 13) 130,934 145,756 157,001 Income incentive fee (Note 13) 26,508 40,772 80,548 Interest and credit facility expenses 129,885 148,275 160,246 Allocation of overhead from Prospect Administration (Note 13) 22,095 22,257 25,781 Audit, compliance and tax related fees 1,701 4,137 3,717 Directors’ fees 600 600 570 Other general and administrative expenses 18,469 18,799 13,963 Total Operating Expenses 330,192 380,596 441,826 Reimbursement of Administration Expenses (Note 13) (17,125) — — Total Net Operating Expenses 313,067 380,596 441,826 Net Investment Income 326,387 338,840 419,836 Net Realized and Net Change in Unrealized Gains (Losses) from Investments Net realized gains (losses) Control investments (116,426) 6,378 1,039 Non-control/non-affiliate investments (107,293) (525,060) (418,482) Net realized gains (losses) (223,719) (518,682) (417,443) Net change in unrealized gains (losses) Control investments (3,466) (300,131) 8,959 Affiliate investments 2,291 8,847 4,933 Non-control/non-affiliate investments 48,349 230 246,797 Net change in unrealized gains (losses) 47,174 (291,054) 260,689 Net Realized and Net Change in Unrealized Gains (Losses) from Investments (176,545) (809,736) (156,754) Net realized gains (losses) on extinguishment of debt 4,219 972 (248) Net realized gains (losses) from derivative instruments and foreign currency transactions(1,042) — — Net change in unrealized gains (losses) from derivative instruments and foreign currencytransactions 643 — — Net Increase (Decrease) in Net Assets Resulting from Operations 153,662 (469,924) 262,834 See notes to consolidated financial statements. 132

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) (in thousands, except share and per share data) Year Ended June 30, 2026 2025 2024 Preferred Stock dividends (106,645) (106,822) (98,089) Net gain (loss) on redemptions of Preferred Stock (9,592) (1,937) (5,173) Gain (loss) on Accretion to Redemption Value of Preferred Stock (7,597) (15,079) (12,156) Net Increase (Decrease) in Net Assets Resulting from Operations applicable toCommon Stockholders $ 29,828 $ (593,762) $ 147,416 Basic and diluted earnings (loss) per common share (Note 11) Basic $ 0.06 $ (1.35) $ 0.36 Diluted $ 0.06 $ (1.35) $ 0.34 Weighted-average shares of common stock outstanding (Note 11) Basic 479,866,265 440,314,909 412,703,365 Diluted 479,866,265 440,314,909 625,276,736 See notes to consolidated financial statements. 133

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME (in thousands, except share and per share data) Year Ended June 30, 2026 2025 2024 Net Increase (Decrease) in Net Assets Resulting from Operations $ 153,662 $ (469,924) $ 262,834 Other comprehensive income (loss): Gains (losses) on derivative instruments designated as cash flow hedges3,809 — — Gains (losses) on excluded components relating to forward points 2,129 — — Reclassification adjustments included in interest expense (137) — — Total other comprehensive income (loss) 5,801 — — Total comprehensive income (loss) $ 159,463 $ (469,924) $ 262,834 See notes to consolidated financial statements. 134

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PROSPECT CAPITAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS AND TEMPORARY EQUITY (in thousands, except share and per share data)

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Preferred StockClassified as TemporaryEquity Common Stock Shares CarryingValue Shares Par Paid-incapital inexcess ofpar AccumulatedOtherComprehensiveIncome Distributionsin excess ofearnings Total NetAssets Balance as of June 30,2023 62,102,009 $1,418,014 404,033,549 $404 $4,085,207 $ — $ (352,946) $3,732,665 Net Increase in NetAssets Resulting fromOperations: Net investmentincome 419,836 419,836 Net realized losses (435,020) (435,020) Net change in netunrealized losses 260,689 260,689 Distributions toStockholders(Note12): Distributions fromearnings (328,243) (328,243) Return of capital tocommonstockholders (67,479) (67,479) Capital Transactions Issuance ofpreferred stock 11,311,600 250,775 — Accretion ofpreferred stock toredemption value 12,110 — Repurchase ofpreferred stock (711,497) (17,155) — Value of sharesissued throughreinvestment ofdividends 143,210 3,417 6,736,142 8 37,391 37,399 Conversion ofpreferred stock tocommon stock (3,379,195) (80,829) 14,077,272 13 91,873 91,886 Net increase(decrease) inpreferred dividendaccrual (144) — Tax reclassificationsof net assets (Note12) 595 (595) — Total (decrease)increase for the yearended June 30, 2024 7,364,118 168,174 20,813,414 21 62,380 — (83,333) (20,932) Balance as of June30, 2024 69,466,127 $1,586,188 424,846,963 $425 $4,147,587 $ — $ (436,279) $3,711,733 Net Decrease in NetAssets Resulting fromOperations: Net investmentincome 338,840 338,840 Net realized losses (534,726) (534,726) Net change in netunrealized losses (291,054) (291,054) Distributions toStockholders(Note12)(1): Distributions fromearnings (300,745) (300,745) Return of capital tocommonstockholders (70,137) (70,137) Capital Transactions Issuance ofpreferred stock 5,784,937 128,272 — Accretion ofpreferred stock toredemption value 15,079 — Value of sharesissued throughreinvestment ofdividends 164,116 3,919 7,505,661 7 31,526 31,533 Redemption ofPreferred Stock (91,183) (2,280) — Conversion ofpreferred stock tocommon stock (4,408,060) (101,258) 23,550,202 24 103,304 103,328 Net increase(decrease) inpreferred dividendaccrual (20) — Tax reclassificationsof net assets (Note12) (29,827) 29,827 — Total (decrease)increase for the yearended June 30, 2025 1,449,810 43,712 31,055,863 31 34,866 — (757,858) (722,961) Balance as of June30, 2025 70,915,937 $1,629,900 455,902,826 $456 $4,182,453 $ — $ (1,194,137) $2,988,772 Net Decrease in NetAssets Resulting fromOperations: Net investmentincome 326,387 326,387 Net realized losses (237,731) (237,731) Net change in netunrealized losses 47,817 47,817 Other ComprehensiveIncome(Loss):

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Income (Loss): Gain (loss) onderivativesdesignated as cashflow hedges 3,672 3,672 Gain (loss) onExcludedComponent 2,129 2,129 Distributions toStockholders(Note12)(1): Distributions fromearnings (346,170) (346,170) Return of capital tocommonstockholders (10,170) (10,170) Capital Transactions Issuance ofpreferred stock 3,099,678 66,105 — Accretion ofpreferred stock toredemption value 7,597 — Value of sharesissued throughreinvestment ofdividends 160,822 3,850 10,834,822 11 27,473 27,484 Redemption ofPreferred Stock (447,731) (11,193) — Conversion ofpreferred stock tocommon stock (5,260,506) (121,825) 46,008,908 46 126,610 126,656 Net increase(decrease) inpreferred dividendaccrual 16 — Tax reclassificationsof net assets (Note12) (16,340) 16,340 — Total (decrease)increase for the yearended June 30, 2026 (2,447,737) (55,450) — 56,843,730 57 127,573 5,801 (193,357) (59,926) Balance as of June30, 2026 68,468,200 $1,574,450 — 512,746,556 $513 $4,310,026 $ 5,801 $ (1,387,494) $2,928,846 (1) Certain reclassifications have been made in the presentation of prior year and prior quarter amounts to conform to the presentation for the current fiscal year. In addition, we have not yet finalized return of capital estimates, if any, for the current tax year ended August 31, 2026. See Note 2 and Note 12 within the accompanying notes to consolidated financial statements for further discussion on tax reclassification of net assets and tax basis components of dividends. See notes to consolidated financial statements. 135

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands, except share data) Year Ended June 30, 2026 2025 2024 Operating Activities Net increase (decrease) in net assets resulting from operations $ 153,662 $ (469,924) $ 262,834 Adjustments to reconcile net increase (decrease) in net assets resulting from operationsto net cash used in operating activities: Net realized (gains) losses on extinguishment of debt (4,219) (972) 248 Net realized losses on investments 223,719 518,682 417,443 Net realized (gains) losses from derivative instruments and foreign currency transactions998 — — Net change in unrealized (gains) losses on investments (47,174) 291,054 (260,689) Net change in unrealized (gains) losses from derivative instruments and foreign currencytransactions (643) — — Accretion of premiums, net (6,766) (10,528) (5,844) Amortization of deferred financing costs 8,736 8,530 7,470 Accretion of original issue discount 1,923 2,937 2,876 Payment-In-Kind interest and dividend income (75,597) (90,253) (141,028) Structuring fees (4,155) (8,479) (7,603) Proceeds from settlement of forward contract 335 — — Change in operating assets and liabilities: Payments for purchases of investments (373,845) (793,866) (615,825) Proceeds from sale of investments and collection of investment principal586,071 1,060,457 536,830 Net Reductions to Subordinated Structured Notes and related investment cost28,705 77,660 83,403 (Increase) decrease in interest receivable, net 7,794 1,792 (4,235) (Increase) decrease in due from broker 33,333 (32,659) (117) (Increase) decrease in other receivables (7,561) (551) (40) (Increase) decrease in due from Affiliate 64 (46) (77) (Increase) decrease in due from Prospect Administration (1,351) — — (Increase) decrease in prepaid expenses 69 (326) (13) Increase (decrease) in due to broker (1,586) (4,633) 10,178 Increase (decrease) in due to Prospect Administration (2,602) (2,831) 1,367 Increase (decrease) in due to Prospect Capital Management (2,811) (16,867) (3,027) Increase (decrease) in accrued expenses 185 (101) (1,335) Increase (decrease) in interest payable (1,148) (6,178) (1,390) Increase (decrease) in due to Affiliate — — (161) Increase (decrease) in other liabilities 170 273 (1,282) Net Cash Provided by Operating Activities 516,306 523,171 279,983 Financing Activities Borrowings under Revolving Credit Facility (Note 4) 1,217,999 2,060,300 1,143,500 Principal payments under Revolving Credit Facility (Note 4) (1,511,993) (1,998,774) (1,363,407) Issuances of Public Notes, net of original issue discount (Note 6) 164,452 — — Redemptions of Convertible Notes (Note 5) — (156,168) — Redemptions of Public Notes (Note 6) — (207,216) (81,240) Repurchase of Public Notes (Note 6) (75,894) (190,123) — Issuances of Prospect Capital InterNotes® (Note 7) 29,799 151,592 156,840 Redemptions of Prospect Capital InterNotes®, net (Note 7) (62,152) (8,388) (10,917) Financing costs paid and deferred (5,499) (3,188) (13,719) Proceeds from issuance of preferred stock, net of underwriting costs 70,356 131,562 257,084 Offering costs from issuance of preferred stock (4,251) (3,290) (6,309) Repurchase of Preferred Stock — — (11,301) Redemptions of Preferred Stock (10,867) (2,170) — Dividends paid and distributions to common and preferred stockholders (335,548) (332,392) (360,288) Net Cash Used in Financing Activities (523,598) (558,255) (289,757) Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (7,292) (35,084) (9,774) See notes to consolidated financial statements. 136

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PROSPECT CAPITAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) (in thousands, except share data) Year Ended June 30, 2026 2025 2024 Effect of foreign currency exchange rates 76 — — Cash, Cash Equivalents and Restricted Cash at beginning of period 50,788 85,872 95,646 Cash, Cash Equivalents and Restricted Cash at End of Period$ 43,572 $ 50,788 $ 85,872 Supplemental Disclosures Cash paid for interest $ 120,374 $ 142,986 $ 151,290 Non-Cash Financing Activities Value of shares issued through reinvestment of dividends 31,334 35,452 40,816 Conversion of preferred stock to common stock 121,825 101,258 80,829 See notes to consolidated financial statements. 137

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/Units Commitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) Belnick, LLC (d/b/aThe Ubique Group)(41) HouseholdDurables First Lien TermLoan 1/20/2022 12.50% 3MSOFR 8.50% 4.00 5/14/2029 $ 96,357 $ 96,357 $ 96,357 3.3 %(8)(36) Class P Units 5/23/2025 8.50% 8.50% N/A 5,491 3,400 12,098 0.4 %(14) Class A Units 12/31/2025 N/A 50 — 110 — %(14) 99,757 108,565 3.7% CP Energy ServicesInc. (18) EnergyEquipment &Services First Lien TermLoan 12/24/2024 12.99% 3MSOFR 9.00% 1.00 4/4/2030 14,841 14,841 11,379 0.4% (8)(36) First Lien TermLoan 10/1/2017 12.99% 3MSOFR 9.00% 1.00 4/4/2030 66,455 66,455 50,951 1.7% (8)(36) First Lien TermLoan 4/5/2022 12.99% 3MSOFR 9.00% 1.00 4/4/2030 8,864 8,864 6,786 0.2% (8)(36) First Lien TermLoan 1/6/2023 12.99% 3MSOFR 9.00% 1.00 4/4/2030 16,700 17,879 17,879 13,707 0.5% (8)(36) First Lien TermLoan A toSpartan EnergyServices, LLC 10/20/2014 11.99% 3MSOFR 8.00% 1.00 1/26/2030 46,117 46,117 43,885 1.5% (8)(36) First Lien TermLoan A toSpartan EnergyServices, LLC 10/20/2014 11.99% 3MSOFR 8.00% 1.00 1/26/2030 15,312 15,312 14,571 0.5% (8) IncrementalFirst Lien TermLoan A toSpartan EnergyServices, LLC 3/25/2025 11.99% 3MSOFR 8.00% 1.00 1/26/2030 1,200 — — — —% (8)(13)(36) Series APreferred Unitsto SpartanEnergyHoldings, Inc. 9/25/2020 15.00% N/A 10,000 26,193 — —% (14) Series BRedeemablePreferred Stock10/30/2015 16.00% N/A 790 63,225 — —% (14) Common Stock8/2/2013 N/A 102,924 86,240 — —% (14) 345,126 141,279 4.8% Credit Central LoanCompany, LLC (19) ConsumerFinance First Lien TermLoan 12/28/2012 5.75% — 11/30/2029 92,893 92,893 56,292 1.9% (12) First LienDelayed DrawTerm Loan 6/18/2026 5.75% — 11/30/2029 9,983 399 399 245 —% (12)(13) Class A Units 12/28/2012 N/A 14,867,312 19,331 — —% (12)(14) Preferred ClassP Shares 7/1/2022 12.75% 12.75% N/A 16,369,256 11,520 — —% (12)(14) Net RevenuesInterest (25%of NetRevenues) 1/28/2015 N/A — — —% (12)(14) 124,143 56,537 1.9% See notes to consolidated financial statements. 138

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/Units Commitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) EchelonTransportation,LLC TradingCompanies &Distributors MembershipInterest (100%) 3/31/2014 N/A $ — $ — —% (14) Preferred Units 1/31/2022 12.75% N/A 53,076,654 — — —% (14) — — —% First Tower FinanceCompany LLC (21) ConsumerFinance First Lien TermLoan to FirstTower, LLC 6/24/2014 16.00% 5.00% — 12/18/2027 449,336 449,336 449,336 15.3% (12)(36) First LienDelayed DrawTerm Loan toFirst Tower,LLC 6/30/2026 16.00% 5.00% — 12/18/2027 27,319 10,928 10,928 10,928 0.4% (12)(13)(36) Class A Units 6/14/2012 N/A 95,709,910 31,146 500,514 17.1% (12)(14) 491,410 960,778 32.8% Freedom MarineSolutions, LLC MarineTransport MembershipInterest (100%) 11/9/2006 N/A 47,967 12,077 0.4% (14)(22) 47,967 12,077 0.4% InterDent, Inc. Health CareProviders &Services First LienDelayed DrawTerm Loan B 9/30/2024 12.00% 7.00% — 9/5/2027 42,000 37,128 37,128 31,132 1.1% (13)(36) First Lien TermLoan A/B 8/1/2018 18.41% 1MSOFR 14.65% 2.00 9/5/2027 14,249 14,249 14,249 0.5% (3)(8) First Lien TermLoan A 8/3/2012 9.26% 1MSOFR 5.50% 1.00 9/5/2027 95,823 95,823 95,823 3.3% (3)(8) First Lien TermLoan B 8/3/2012 12.00% 7.00% — 9/5/2027 237,623 237,623 199,247 6.8% (36) Common Stock5/3/2019 N/A 99,900 45,118 — —% (14) 429,941 340,451 11.7% Kickapoo RanchPet Resort DiversifiedConsumerServices First Lien TermLoan 1/11/2024 11.23% 3MSOFR 7.50% 3.00 1/10/2029 700 700 700 —% (8) MembershipInterest (100%) 8/26/2019 N/A 2,378 3,128 0.1% (14) 3,078 3,828 0.1% MITY, Inc. (23) CommercialServices &Supplies First Lien TermLoan A 9/19/2013 13.01% 3MSOFR 9.02% 3.00 11/30/2027 57,188 57,188 57,188 2.0% (3)(8) First Lien TermLoan B 6/23/2014 20.99% 3MSOFR 7.00% 10.00% 3.00 11/30/2027 8,274 8,274 8,274 0.3% (8)(36) UnsecuredNote to BrodaEnterprisesULC 9/19/2013 10.00% — 1/1/2028 5,195 7,200 5,195 0.2% (12) Common Stock9/19/2013 N/A 42,053 27,349 10,218 0.3% (14) Series ARedeemablePreferred Stock10/29/2025 8.00% 8.00% N/A 1,424 1,424 1,561 0.1% (14) 101,435 82,436 2.9% See notes to consolidated financial statements. 139

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/Units Commitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) National PropertyREIT Corp. (24) ResidentialReal EstateInvestmentTrusts(REITs) /ConsumerFinance /StructuredFinance First Lien TermLoan A 12/31/2018 6.00% 3MSOFR 0.25% 2.00% 3.75 3/31/2027 $645,782 $ 645,782 $ 645,782 22.0% (8)(36)(33) First Lien TermLoan D 6/19/2020 6.00% 3MSOFR 0.25% 2.00% 3.75 3/31/2027 178,425 178,425 178,425 6.1% (8)(36)(33) First Lien TermLoan E 11/14/2022 14.00% 3MSOFR 1.50% 7.00% 5.50 3/31/2027 52,652 52,652 52,652 1.8% (8)(36)(33) Residual ProfitInterest 12/31/2018 N/A — 16,966 0.6% (14)(33) Common Stock12/31/2013 N/A 3,374,914 20,030 187,771 6.4% (14)(40) 896,889 1,081,596 36.9% Nationwide LoanCompany LLC (25) ConsumerFinance First LienDelayed DrawTerm Loan A 5/15/2024 10.00% 10.00% — 5/15/2029 $ 7,350 6,479 6,479 6,479 0.2% (12)(13)(36) First LienDelayed DrawTerm Loan B 12/23/2024 10.00% 10.00% — 5/15/2029 8,000 4,533 4,533 4,533 0.2% (12)(13)(36) Class A Units 1/31/2013 N/A 925,796,475 49,936 20,720 0.7% (12)(14) 60,948 31,732 1.1% NMMB, Inc. (26) Media First Lien TermLoan 12/30/2019 12.49% 3MSOFR 8.50% 2.00 3/31/2027 29,723 29,723 29,723 1.0% (3)(8) Common Stock12/30/2019 N/A 21,418 — 50,081 1.7% 29,723 79,804 2.7% Pacific WorldCorporation (34) Personal CareProducts First Lien TermLoan A 12/31/2014 7.89% 1MSOFR 4.25% 7.89% 1.00 3/26/2029 122,445 122,445 112,412 3.8% (8)(36) ConvertiblePreferredEquity 6/15/2018 12.00% 12.00% N/A 882,961 238,494 — —% (14) Common Unitsof PWCInvestmentGroup, LLC 9/29/2017 N/A 6,778,414 — — —% (14) 360,939 112,412 3.8% QC HoldingsTopCo, LLC (17) ConsumerFinance Second LienTerm Loan 6/30/2025 23.50% 3MSOFR 18.50% 5.00 7/1/2030 59,948 59,948 59,948 2.0% (3)(8)(12)(36) Second LienDelayed DrawTerm Loan 9/30/2025 23.50% 3MSOFR 18.50% 5.00 7/1/2030 11,125 1,854 1,854 1,854 0.1% (8)(12)(13)(36) Class A Units 6/30/2025 N/A 222,886 22,289 38,304 1.3% (12)(14) 84,091 100,106 3.4% R-V Industries, Inc.(50) Machinery First Lien TermLoan 12/15/2020 12.99% 3MSOFR 9.00% 1.00 12/15/2028 46,322 46,322 46,322 1.6% (3)(8) First Lien TermLoan 12/20/2024 7.50% 3MSOFR 3.50% 4.00 12/15/2028 10,000 10,000 10,000 0.3% (3)(8) First Lien TermLoan 6/30/2026 10.50% 3MSOFR 6.50% 4.00 12/15/2028 5,000 5,000 5,000 0.2% (8) Common Stock6/26/2007 N/A 745,107 6,866 37,153 1.3% 68,188 98,475 3.4% See notes to consolidated financial statements. 140

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/Units Commitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) Strategic ChemicalSolutions Corp.(f/k/a USES Corp.)(28) CommercialServices &Supplies First Lien TermLoan 12/30/2020 12.90% 1MSOFR 9.00% 1.00 8/15/2030 $ 2,000 $ 2,000 $ 854 —% (8) First LienEquipmentTerm Loan 8/3/2022 12.90% 1MSOFR 9.00% 1.00 8/15/2030 19,962 19,962 8,521 0.3% (8)(36) First Lien TermLoan A 3/31/2014 9.00% 9.00% — 8/15/2030 83,024 — — —% (7) First Lien TermLoan B 3/31/2014 15.50% 15.50% — 8/15/2030 156,602 — — —% (7) Common Stock6/15/2016 N/A 268,962 — — —% (14) 21,962 9,375 0.3% Universal TurbineParts, LLC (32) Aerospace &Defense First LienDelayed DrawTerm Loan 2/28/2019 11.74% 3MSOFR 7.75% 2.50 2/29/2028 $ 6,965 6,435 6,435 6,435 0.2% (8)(13) First Lien TermLoan A 7/22/2016 9.74% 3MSOFR 5.75% 1.00 2/29/2028 29,575 29,575 29,575 1.0% (3)(8) First Lien TermLoan A 1/21/2025 11.74% 3MSOFR 7.75% 2.50 2/29/2028 3,970 3,970 3,970 0.1% (3)(8) First Lien TermLoan A 2/28/2025 11.74% 3MSOFR 7.75% 2.50 2/29/2028 14,800 14,800 14,800 0.5% (3)(8) Preferred AUnits 3/31/2021 12.75% 12.75% 10/1/2030 45,654,914 33,883 46,750 1.6% (36) Preferred BUnits 10/1/2025 18.00% 18.00% N/A 47,419,298 4,796 22,729 0.8% (14) Common Stock12/10/2018 N/A 10,000 — — —% (14) 93,459 124,259 4.2% Valley ElectricCompany, Inc. (29) Construction& Engineering First Lien TermLoan to ValleyElectric Co. ofMt. Vernon,Inc. 12/31/2012 11.49% 3MSOFR 5.00% 2.50% 3.00 7/1/2026 10,452 10,452 10,452 0.4% (3)(8)(36) First Lien TermLoan 6/24/2014 18.00% 10.00% — 4/30/2028 38,630 38,630 38,630 1.3% (3)(36) First Lien TermLoan B 3/28/2022 12.50% 5.50% — 4/30/2028 34,777 34,777 34,777 1.2% (3)(36) ConsolidatedRevenueInterest(2.00%) 6/22/2018 N/A — 2 —% (10) Common Stock12/31/2012 N/A 50,000 12,053 209,993 7.2% 95,912 293,854 10.1% Victor Technology,LLC (48) Distributors First Lien TermLoan 12/3/202111.49% 3MSOFR 7.50% 1.00 12/3/2028 10,650 10,650 6,710 0.2% (8) Class P Units 2/10/202612.00% 12.00% N/A 1,000 2,000 — —% (14) Class A Units 4/20/2026 —% N/A 1 — — —% (14) 12,650 6,710 0.2% Total Control Investments$3,367,618 $3,644,274 124.4% See notes to consolidated financial statements. 141

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% votingcontrol) AbacusDermatologyManagement, LLC ProfessionalServices First LienRevolving Lineof Credit 6/30/2026 11.73% 3MSOFR 8.00% 3.50 6/30/2031 $ 500 $ — $ — $ — — %(8)(13) First Lien TermLoan 6/30/2026 11.73% 3MSOFR 8.00% 3.50 6/30/2031 13,530 13,530 13,530 0.5 %(8) 13,530 13,530 0.5 % Apidos CLO XV Structured Finance SubordinatedStructured Note 9/13/2013 0.00% ResidualInterest/Current Yield — 4/21/2031 48,515 — 697 — %(5)(12)(15) — 697 — % Apidos CLO XXII Structured Finance SubordinatedStructured Note 9/16/2015 0.00% ResidualInterest/Current Yield — 4/21/2031 35,855 2,108 2,097 0.1 %(5)(12)(15) 2,108 2,097 0.1 % Atlantis HealthCare Group (PuertoRico), Inc. Health CareProviders &Services First Lien TermLoan 2/21/2013 12.73% 3MSOFR 8.75% 2.00 5/28/2027 52,992 52,992 52,992 1.8 %(3)(8) 52,992 52,992 1.8 % AventivTechnologies, LLC DiversifiedTelecommunicationServices Super PriorityBridge FirstLien Term Loan 5/20/2026 10.91% 3MSOFR 7.00% 1.00 9/30/2026 3,539 3,453 3,539 0.1 %(8)(44) Super PriorityBridge FirstLien Term Loan 4/24/2025 13.94% 3MSOFR 10.00% 1.00 9/30/2026 43,664 43,564 43,664 1.5 %(8)(44) Super PriorityBridge FirstLien Term Loan 12/23/2024 13.94% 3MSOFR 10.00% 1.00 9/30/2026 3,053 3,052 3,053 0.1 %(8)(44) Second OutSuper PriorityFirst Lien TermLoan 4/2/2024 11.49% 3MSOFR 7.50% 1.00 9/30/2026 804 804 804 — %(8)(36)(44) Third OutSuper PriorityFirst Lien TermLoan 3/28/2024 9.08% 3MSOFR 5.09% 1.00 9/30/2026 29,779 29,779 22,126 0.8 %(8)(36)(44) Super PrioritySecond LienTerm Loan 3/28/2024 13.04% 3MSOFR 9.05% 1.00 9/30/2026 168,579 59,071 8,429 0.3 %(7)(8) 139,723 81,615 2.8 % Barings CLO 2018-III Structured Finance SubordinatedStructured Note 10/9/2014 0.00% ResidualInterest/Current Yield — 7/20/2029 82,809 — — — %(5)(12)(15) — — — % Barracuda Parent,LLC IT Services Second LienTerm Loan 8/15/2022 10.66% 3MSOFR 7.00% 0.50 8/15/2030 20,000 19,690 7,126 0.2 %(8) 19,690 7,126 0.2 % BCPE North StarUS Holdco 2, Inc. Food Products Second LienTerm Loan 6/7/2021 11.01% 1MSOFR 7.25% 0.75 6/8/2029 69,388 69,063 69,380 2.4 %(3)(8) 69,063 69,380 2.4 % BCPE OspreyBuyer, Inc. Health CareTechnology First Lien TermLoan 10/18/2021 9.51% 1MSOFR 5.75% 0.75 8/23/2028 4,574 4,550 4,574 0.2 %(3)(8) First Lien TermLoan 10/18/2021 9.68% 3MSOFR 5.75% 0.75 8/23/2028 62,075 62,075 62,075 2.1 %(3)(8) 66,625 66,649 2.3 % Burgess PointPurchaserCorporation AutomobileComponents Second LienTerm Loan 7/25/2022 12.76% 3MSOFR 9.00% 0.75 7/25/2030 30,000 30,000 28,537 1.0 %(3)(8) 30,000 28,537 1.0 % Capstone LogisticsAcquisition, Inc. CommercialServices &Supplies Second LienTerm Loan 11/12/2020 12.24% 1MSOFR 8.50% 1.00 11/12/2030 8,500 8,400 8,500 0.3 %(3)(8) 8,400 8,500 0.3 % Cent CLO 21Limited Structured Finance SubordinatedStructured Note 5/15/2014 0.00% ResidualInterest/Current Yield — 7/29/2030 49,552 — — — %(5)(12)(15) See notes to consolidated financial statements. 143

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% votingcontrol) — — — % CollectionsAcquisitionCompany, Inc. FinancialServices First Lien TermLoan 12/3/2019 10.23% 3MSOFR 6.50% 2.50 6/3/2028 $ 54,049 $ 54,049 $ 54,049 1.8 %(3)(8) 54,049 54,049 1.8 % Credit.comHoldings, LLC DiversifiedConsumerServices First Lien TermLoan A 9/28/202314.99% 3MSOFR 11.00% 1.50 9/28/2028 45,316 40,513 8,436 0.3 %(7)(8) First Lien TermLoan B 9/28/202315.99% 3MSOFR 12.00% 1.50 9/28/2028 79,154 62,114 — — %(7)(8) First Lien TermLoan C 6/3/202615.92% 3MSOFR 12.00% 1.50 8/27/2028 587 587 1,175 — %(8) Class B of PGXTopCo II LLC 9/28/2023 N/A 999 — — — % (14)(43) 103,214 9,611 0.3 % Discovery PointRetreat, LLC (6) Health CareProviders &Services First Lien TermLoan 6/14/202411.74% 3MSOFR 7.75% 3.25 6/14/2029 20,135 20,135 20,135 0.7 %(3)(8) First LienDelayed DrawTerm Loan 5/27/202612.00% 5.00% — 6/14/2031 975 293 293 293 — %(13)(36)(43) Series APreferred Stockof DiscoveryMSO HoldCoLLC 6/14/202412.00% 12.00% N/A 9,573 8,700 13,446 0.5 %(14)(43)(22) 29,128 33,874 1.2 % DRI Holding Inc. CommercialServices &Supplies First Lien TermLoan 12/21/2021 9.06% 3MSOFR 5.25% 0.50 12/21/2028 32,874 32,362 32,874 1.1 %(3)(8) Second LienTerm Loan 12/21/2021 11.74% 1MSOFR 8.00% 0.50 12/21/2029 145,000 145,000 145,000 5.0 %(3)(8) 177,362 177,874 6.1 % Druid City Infusion,LLC Pharmaceuticals First Lien TermLoan 9/30/2024 11.23% 3MSOFR 7.50% 3.00 10/4/2029 45,537 45,537 45,537 1.6 %(3)(8) First LienConvertibleNote to DruidCityIntermediate,Inc. 9/30/2024 8.00% 2.00% — 10/4/2033 19,629 19,629 38,732 1.3 %(3)(36)(43) 65,166 84,269 2.9 % EmergeIntermediate, Inc.(45) PharmaceuticalsFirst Lien TermLoan 2/26/2024 9.92% 3MSOFR 6.25% 1.00 8/31/2027 57,623 57,623 57,047 1.9 %(3)(8) 57,623 57,047 1.9 % Enseo Acquisition,Inc. Media First Lien TermLoan 6/2/2021 12.49% 3MSOFR 8.50% 2.00 12/31/2027 48,803 48,803 48,803 1.7 %(3)(8) 48,803 48,803 1.7 % Eyefive, LLC (d/b/aShipoffers) Distributors First Lien TermLoan 6/26/2026 11.23% 3MSOFR 7.50% 2.50 6/26/2031 52,000 45,054 45,054 1.5 %(8) Warrants of EFHoldco, LLC 6/26/2026 6/26/2036 113 6,946 6,946 0.3 %(14) 52,000 52,000 1.8 % Eze CastleIntegration, Inc. Software First LienDelayed DrawTerm Loan 7/15/2020 10.56% 3MSOFR 6.75% 3.00 1/15/2027 8,036 2,539 2,539 2,539 — %(8)(13)(46) First Lien TermLoan 7/15/2020 10.57% 3MSOFR 6.75% 3.00 1/15/2027 45,443 45,443 45,443 1.6 %(3)(8) 47,982 47,982 1.6 % See notes to consolidated financial statements. 144

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% votingcontrol) First Brands Group(51) AutomobileComponents First Lien DIPTerm Loan A 10/2/2025 13.61% 1MSOFR 10.00% 1.00 6/29/2026 6,465 5,808 1,108 — %(7)(8)(42) First Lien DIPTerm Loan B 10/2/2025 10.61% 1MSOFR 7.00% 10.61% 1.00 6/29/2026 18,629 17,470 58 — %(7)(8)(42) First Lien TermLoan 9/19/2025 10.73% 1MSOFR 7.00% 10.73% 1.00 3/30/2027 5,470 2,938 9 — %(7)(8)(42) First Lien TermLoan 3/24/2021 10.73% 1MSOFR 7.00% 10.73% 1.00 3/30/2027 10,290 7,296 17 — %(7)(8)(42) Second LienTerm Loan 3/24/2021 14.23% 1MSOFR 10.50%14.23% 1.00 3/30/2028 41,681 37,000 41 — %(7)(8)(42) 70,512 1,233 — % Galaxy XV CLO,Ltd. Structured Finance SubordinatedStructured Note 2/13/2013 0.00% ResidualInterest/Current Yield — 10/15/2030 50,525 — — — %(5)(12)(15) — — — % Galaxy XXVIICLO, Ltd. Structured Finance SubordinatedStructured Note 9/30/2013 0.00% ResidualInterest/Current Yield — 5/16/2031 24,575 — — — %(5)(12)(15) — — — % Galaxy XXVIIICLO, Ltd. Structured Finance SubordinatedStructured Note 5/30/2014 0.00% ResidualInterest/Current Yield — 7/15/2031 39,905 — — — %(5)(12)(15) — — — % Global Tel*LinkCorporation (d./b/aViaPathTechnologies) DiversifiedTelecommunicationServices First Lien TermLoan 8/6/2024 11.14% 1MSOFR 7.50% 3.00 8/6/2029 108,820 106,035 108,820 3.7 %(3)(8) 106,035 108,820 3.7 % Halcyon LoanAdvisors Funding2014-2 Ltd. Structured Finance SubordinatedStructured Note 4/14/2014 0.00% ResidualInterest/Current Yield — 4/28/2030 41,164 — — — %(5)(12)(15) — — — % Halcyon LoanAdvisors Funding2015-3 Ltd. Structured Finance SubordinatedStructured Note 7/23/2015 0.00% ResidualInterest/Current Yield — 10/18/2027 39,598 — — — %(5)(12)(15) — — — % HarbourView CLOVII-R, Ltd. Structured Finance SubordinatedStructured Note 6/5/2015 0.00% ResidualInterest/Current Yield — 7/18/2031 19,025 — — — %(5)(12)(15) — — — % Healthcare VenturePartners, LLC Health CareProviders &Services First Lien TermLoan 8/29/2025 11.73% 3MSOFR 8.00% 3.50 8/29/2030 11,570 11,570 11,570 0.4 %(3)(8) First LienRevolving Lineof Credit 8/29/2025 11.73% 3MSOFR 8.00% 3.50 8/29/2030 1,000 — — — — %(8)(13) Series APreferred Unitsof TCSPVHoldings IV,LLC 8/29/2025 N/A 2,150,000 2,150 2,699 0.1 %(14)(43)(22) 13,720 14,269 0.5 % Help/SystemsHoldings, Inc.(d/b/a Forta, LLC) Software Second LienTerm Loan 11/14/2019 12.74% 3MSOFR 9.00% 2.00 5/19/2029 56,344 56,333 46,550 1.6 %(8)(36) 56,333 46,550 1.6 % ImperativeWorldwide, LLC Air Freight &Logistics First Lien TermLoan 3/11/2022 9.38% 3MSOFR 5.50% 0.75 12/30/2028 31,394 31,389 31,394 1.1 %(3)(8) First Lien TermLoan 9/30/2024 9.23% 3MSOFR 5.50% 0.75 12/30/2028 5,895 5,819 5,895 0.2 %(3)(8) Second LienTerm Loan 12/30/2021 12.38% 3MSOFR 8.50% 0.75 12/30/2029 95,000 95,000 95,000 3.2 %(3)(8) 132,208 132,289 4.5 % See notes to consolidated financial statements. 145

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00%voting control) iQor Holdings, Inc. ProfessionalServices First Lien TermLoan 6/11/2024 11.49% 3MSOFR 7.50% 2.50 6/11/2029 44,454 44,454 44,454 1.5 %(3)(8) Common Stockof BloomParent, Inc. 6/11/2024 N/A 10,450 10,450 12,591 0.4 %(14) 54,904 57,045 1.9 % Japs-OlsonCompany, LLC (31) CommercialServices &Supplies First Lien TermLoan 5/25/2023 10.48% 3MSOFR 6.75% 2.00 5/25/2028 $ 54,268 $ 54,268 $ 54,268 1.9 %(3)(8) 54,268 54,268 1.9 % Julie Lindsey, Inc. Textiles,Apparel &LuxuryGoods First LienRevolving Lineof Credit 7/27/2023 10.00% 3MSOFR 6.00% 4.00 7/27/2027 $ 2,000 — — — — %(8)(13) First Lien TermLoan 7/27/2023 10.00% 3MSOFR 6.00% 4.00 7/27/2028 18,548 18,548 18,548 0.6 %(3)(8) 18,548 18,548 0.6 % K&N HoldCo, LLC AutomobileComponents Class ACommon Units 2/14/2023 N/A 137,215 25,802 439 — %(14) 25,802 439 — % KM2 SolutionsLLC ProfessionalServices First Lien TermLoan 12/17/2020 13.48% 3MSOFR 9.60% 3.00 7/16/2027 $ 14,479 $ 14,479 $ 14,479 0.5 %(3)(8) 14,479 14,479 0.5 % LCM XIV Ltd. StructuredFinance SubordinatedStructured Note 6/25/2013 0.00% ResidualInterest/Current Yield — 7/21/2031 49,934 — — — %(5)(12)(15) — — — % Lucky US BuyerCoLLC FinancialServices First LienRevolving Lineof Credit 4/3/2023 11.92% 3MSOFR 6.25% 2.00% 1.00 4/1/2029 2,775 2,546 2,546 2,546 0.1 %(8)(13)(36) First Lien TermLoan 4/3/2023 11.92% 3MSOFR 6.25% 2.00% 1.00 4/1/2029 21,237 21,237 21,237 0.7 %(3)(8)(36) 23,783 23,783 0.8 % MAC Discount,LLC Distributors First Lien TermLoan 5/11/2023 12.48% 3MSOFR 8.50% 1.50 5/11/2028 30,166 30,034 30,166 1.0 %(3)(8) Class A SeniorPreferred Stockof MACDiscountInvestments,LLC 5/11/2023 12.00% N/A 1,500,000 1,500 2,140 0.1 %(14) 31,534 32,306 1.1 % Medical SolutionsHoldings, Inc. (4) Health CareProviders &Services Second LienTerm Loan 11/1/2021 10.76% 3MSOFR 7.00% 0.50 11/1/2029 54,463 54,444 21,402 0.7 %(8) 54,444 21,402 0.7 % New WPCC Parent,LLC (47) Health CareProviders &Services First Lien TermLoan 5/9/2025 13.14% 1MSOFR 9.50% 2.00 5/9/2030 25,856 22,915 25,856 0.9 %(3)(8) Series APreferredInterests 5/9/2025 13.00% 13.00% N/A 993,485 11,165 14,960 0.5 %(43) Class ACommonInterests 5/9/2025 N/A 1,084,072 90 21,339 0.7 %(14)(43) LiquidatingTrust ofWellpathHoldings, Inc. 5/9/2025 N/A 2,011 12,264 0.4 %(14) 36,181 74,419 2.5 % See notes to consolidated financial statements. 146

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00%voting control) Octagon InvestmentPartners XV, Ltd. StructuredFinance SubordinatedStructured Note 1/24/2013 0.00% ResidualInterest/Current Yield — 7/19/2030 $ 42,064 $ — $ — — %(5)(12)(15) — — — % OneTouchPointCorp CommercialServices &Supplies First Lien TermLoan 2/19/2021 11.98% 3MSOFR 8.00% 1.00 6/30/2027 22,246 22,246 22,246 0.8 %(3)(8) 22,246 22,246 0.8 % PeopleConnectHoldings, Inc (9) InteractiveMedia &Services First Lien TermLoan 1/22/2020 12.13% 3MSOFR 8.25% 2.75 1/22/2028 87,850 87,850 87,850 3.0 %(3)(8) 87,850 87,850 3.0 % Precisely SoftwareIncorporated Software Second LienTerm Loan 4/23/2021 11.18% 3MSOFR 7.25% 0.75 4/23/2029 80,000 79,673 53,940 1.8 %(3)(8) 79,673 53,940 1.8 % Preventics, Inc.(d/b/a LegerePharmaceuticals) Personal CareProducts First Lien TermLoan 11/12/2021 14.49% 3MSOFR 10.50% 1.00 11/12/2026 8,696 8,696 8,696 0.3 %(3)(8) First Lien TermLoan 4/30/2025 11.49% 3MSOFR 7.50% 3.00 11/12/2026 1,881 1,881 1,881 0.1 %(3)(8) Series AConvertiblePreferred Stockof LegerePharmaceuticalHoldings, Inc. 11/12/2021 8.00% N/A 472 165 120 — %(14)(43) Series CConvertiblePreferred Stockof LegerePharmaceuticalHoldings, Inc. 11/12/2021 8.00% N/A 5,677 1,946 908 — %(14)(43) 12,688 11,605 0.4 % Recovery SolutionsParent, LLC Health CareProviders &Services First Lien TermLoan 1/27/2025 11.23% 3MSOFR 7.50% 2.00 1/27/2030 43,261 33,546 43,261 1.5 %(3)(8) MembershipInterest 1/27/2025 N/A 1,609,466 21,255 64,110 2.2 %(14)(43) 54,801 107,371 3.7 % Redstone Holdco 2LP (20) IT Services First LienSecond OutTerm Loan 1/21/2026 9.16% 3MSOFR 5.50% — 12/31/2030 6,000 6,000 5,750 0.3 %(8) First Lien ThirdOut Term Loan 1/21/2026 12.00% 4.00% — 12/31/2030 12,130 12,130 10,240 0.3 % Class APreferred Unitsof RedstoneHoldco 1 LP 1/21/2026 N/A 624,063 624 374 — %(14) Class BPreferred Unitsof RedstoneHoldco 1 LP 1/21/2026 N/A 1,872,188 1,872 395 — %(14) Class BCommon Unitsof RedstoneHoldco 1 LP 1/21/2026 N/A 90,837 4 — — %(14) 20,630 16,759 0.6 % See notes to consolidated financial statements. 147

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00%voting control) Research NowGroup, LLC andDynata, LLC IT Services First LienSecond OutTerm Loan 7/15/2024 9.40% 3MSOFR 5.50% 1.00 10/15/2028 $ 7,914 $ 7,914 $ 7,118 0.2 %(8)(44) Common Stockof New InsightHoldings, Inc. 7/15/2024 N/A 210,781 3,329 — — %(14) Warrants (topurchase sharesof CommonStock of NewInsightHoldings, Inc.) 7/15/2024 7/15/2029 285,714 — — — %(14) 11,243 7,118 0.2 % Rising TideHoldings, Inc. SpecialtyRetail First In LastOut Term Loan 9/19/2025 30.00% 30.00% — 5/1/2027 651 651 651 0.1 %(36)(44) First In LastOut Term Loan 9/19/2025 32.48% 1MSOFR 8.75% 20.00% 2.00 5/1/2027 810 810 810 — %(8)(36)(44) First Lien FirstOut Term Loan 9/25/2024 15.00% 15.00% — 6/13/2028 2,737 2,737 2,601 0.1 %(36) First LienSecond OutTerm Loan 9/25/2024 12.00% 12.00% — 6/13/2028 6,976 6,593 3,767 0.1 %(36)(44) Class ACommon Unitsof Marine OneHoldco, LLC 9/12/2023 N/A 345,600 23,898 — — %(14) Warrants (topurchase ClassA CommonUnits of MarineOne Holdco,LLC) 9/25/2024 9/25/2044 3,456,000 — — — %(14) Warrants (topurchase ClassA CommonUnits of MarineOne Holdco,LLC) 9/12/2023 9/12/2028 50,456 — — — %(14) 34,689 7,829 0.3 % The RK LogisticsGroup, Inc. CommercialServices &Supplies First Lien TermLoan 3/24/2022 14.49% 3MSOFR 10.50% 1.00 12/18/2028 5,570 5,570 5,570 0.2 %(3)(8) First Lien TermLoan 12/19/2023 11.50% 3MSOFR 7.50% 4.00 12/18/2028 32,919 32,919 32,919 1.1 %(3)(8) Class ACommon Unitsof RK LogisticsHoldings Inc. 3/24/2022 N/A 263,000 263 2,725 0.1 % Class BCommon Unitsof RK LogisticsHoldings Inc. 3/24/2022 N/A 1,435,000 2,487 14,869 0.5 %(43) Class CCommon Unitsof RK LogisticsHoldings Inc. 6/28/2024 N/A 450,000 2,250 4,663 0.2 % 43,489 60,746 2.1 % RME GroupHolding Company Media First Lien TermLoan A 5/4/2017 9.48% 3MSOFR 5.50% 1.00 5/6/2027 17,419 17,419 17,253 0.6 %(8) First Lien TermLoan B 5/4/2017 14.98% 3MSOFR 11.00% 1.00 5/6/2027 19,983 19,983 18,852 0.6 %(8) 37,402 36,105 1.2 % See notes to consolidated financial statements. 148

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00%voting control) Rosa Mexicano Hotels,Restaurants &Leisure First LienRevolving Lineof Credit 3/29/2018 16.25% — 12/31/2027 $ 7,515 $ 7,515 $ 7,515 $ 7,248 0.2 %(13) First Lien TermLoan 3/29/2018 11.49% 3MSOFR 7.50% 1.25 12/31/2027 23,166 23,166 20,849 0.7 %(8) 30,681 28,097 0.9 % Safety SolutionsFinancing, LLC Construction&Engineering First Lien TermLoan 5/1/2026 10.49% 3MSOFR 6.50% 3.00 5/1/2031 19,252 19,252 19,252 0.7 %(3)(8) Series APreferred Unitsof BFC-SDR,LLC 5/1/2026 8.00% 8.00% N/A 1,885,714 3,300 3,300 0.1 %(14)(22) Series BPreferred Unitsof BFC-SDR,LLC 5/1/2026 8.00% 8.00% N/A 43 43 43 — %(22) 22,595 22,595 0.8 % ShiftKey, LLC Health CareTechnology First Lien TermLoan 6/21/2022 10.24% 3MSOFR 5.75% 0.50% 1.00 6/21/2027 59,660 59,551 57,249 2.0 %(3)(8)(36) 59,551 57,249 2.0 % Shoes West, LLC(d/b/a TaosFootwear) (27) Textiles,Apparel &LuxuryGoods First Lien TermLoan A 1/23/2025 10.99% 3MSOFR 7.00% 3.00 1/23/2030 37,869 37,869 37,869 1.3 %(3)(8)(43) First LienConvertibleTerm Loan B 1/23/2025 11.00% 2.00% — 1/23/2030 9,654 9,654 18,034 0.6 %(3)(36)(43) Class APreferred Unitsof TaosFootwearHoldings, LLC 1/23/2025 8.00% 8.00% 2/28/2030 16,753 19,109 50,714 1.7 %(36) 66,632 106,617 3.6 % Silver Hill MineralLease EnergyEquipment &Services RevenueInterest 5/13/2025 N/A — — — %(11)(14) — — — % Spectrum VisionHoldings, LLC Health CareProviders &Services First Lien TermLoan 5/2/2023 10.43% 3MSOFR 6.50% 1.00 11/17/2026 29,026 29,026 29,026 1.0 %(3)(8) 29,026 29,026 1.0 % STG Distribution,LLC Air Freight &Logistics First Out TermLoan 10/3/2024 12.08% 3MSOFR 8.25% 0.00% 1.50 10/3/2029 6,076 5,909 6,076 0.1 %(8)(36) Second OutTerm Loan 10/3/2024 11.33% 3MSOFR 1.00% 6.50% 1.50 10/3/2029 39,514 38,194 17,017 0.6 %(7)(8)(44) Third Out TermLoan 10/3/2024 10.83% 3MSOFR 1.00% 6.00% 1.50 10/3/2029 20,063 18,604 — — %(7)(8)(44) First Lien FirstOut DIP RollUp 1/14/2026 8.00% 8.00% — 7/13/2026 10,090 10,090 1,542 0.1 %(44) First LienSecond Out DIPRoll Up 1/14/2026 8.00% 8.00% — 7/13/2026 899 868 — — %(7)(44) First Lien DIPTerm Loan 1/14/2026 8.00% 8.00% — 7/13/2026 10,709 10,574 10,709 0.4 % 84,239 35,344 1.2 % Stryker Energy,LLC EnergyEquipment &Services OverridingRoyalty Interest 12/4/2006 N/A — — — %(11) — — — % See notes to consolidated financial statements. 149

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) June 30, 2026 Portfolio Company Industry Investments(1)(35) AcquisitionDate(39) All-inRate Ref.Rate Spread PIK(49) Floor LegalMaturity Shares/UnitsCommitment PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00%voting control) Town & CountryHoldings, Inc. Distributors First Lien TermLoan 11/17/2022 8.00% — 8/29/2028 $ 28,761 $ 28,346 $ 29,451 0.9 % First Lien TermLoan 1/26/2018 8.00% 5.00% — 8/29/2028 42,136 42,136 43,147 1.5 % First Lien TermLoan 1/26/2018 8.00% — 8/29/2028 164,931 164,931 168,889 5.8 % Class B ofTown &Country TopCoLLC (Non-voting units) 11/17/2022 N/A 999 50,882 14,710 0.5 %(14)(43) 286,295 256,197 8.7 % TPS, LLC Machinery First Lien TermLoan 11/30/2020 14.00% 3MSOFR 9.00% 5.00 5/31/2027 13,608 13,608 13,608 0.5 %(3)(8) 13,608 13,608 0.5 % United SportingCompanies, Inc.(16) Distributors Second LienTerm Loan 9/28/2012 13.00% 1MLIBOR 11.00% 2.00% — 11/16/2019 182,784 8,351 7,416 0.3 %(7) 8,351 7,416 0.3 % Upstream Holdco,Inc. Health CareProviders &Services Second LienTerm Loan 11/20/2019 13.27% 3MSOFR 9.50% 13.27% — 5/20/2030 23,503 23,459 18,859 0.7 %(8)(36) Second LienTerm Loan 12/18/2025 12.67% 3MSOFR 9.00% 12.67% — 5/20/2030 7,226 7,226 7,226 0.2 %(8)(36) 30,685 26,085 0.9 % USG Intermediate,LLC LeisureProducts First Lien TermLoan B 4/15/2015 15.49% 1MSOFR 11.75% 1.00 2/9/2029 70,188 70,188 70,188 2.4 %(3)(8) Equity 4/15/2015 N/A 1 — — %(14) 70,189 70,188 2.4 % Verify DiagnosticsLLC Health CareProviders &Services First Lien TermLoan 5/15/2025 13.96% 3MSOFR 10.23% 3.50 5/15/2030 36,749 36,749 36,749 1.2 %(3)(8)(44) Class APreferred Unitsof VerifyDiagnosticHoldings LLC 5/15/2025 12.00% 12.00% N/A 9,250,000 9,250 22,050 0.8 %(14) 45,999 58,799 2.0 % Voya CLO 2012-4,Ltd. StructuredFinance SubordinatedStructured Note 11/5/2012 0.00% Residual Interest/CurrentYield — 10/15/2030 40,613 — — — %(5)(12)(15) — — — % WatchGuardTechnologies, Inc. IT Services First Lien TermLoan 8/17/2022 8.89% 1MSOFR 5.25% 0.75 6/30/2029 33,688 33,688 33,688 1.2 %(3)(8) 33,688 33,688 1.2 % Wellful Inc. FoodProducts Second OutFirst Lien TermLoan 11/27/2024 10.24% 3MSOFR 6.25% 1.00 10/19/2030 18,457 18,457 14,877 0.5 %(8)(36)(44) 18,457 14,877 0.5 % Total Non-Control/Non-Affiliate Investments$2,934,916 $2,667,837 91.1 % Total Portfolio Investments$6,315,369 $6,342,558 216.5 % See notes to consolidated financial statements. 150

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (1) The terms “Prospect,” “the Company,” “we,” “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. The securities in which Prospect has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold only in transactions that are exempt from registration under the Securities Act. (2) Fair value is determined by or under the direction of our Board of Directors. Unless otherwise indicated by endnote 42 below, all of our investments are valued using significant unobservable inputs. In accordance with ASC 820, such investments are classified as Level 3 within the fair value hierarchy. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion. (3) Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4). The fair value of the investments held by PCF as of June 30, 2026 was $2,155,016, representing 34.0% of our total investments. (4) Medical Solutions Holdings, Inc. and Medical Solutions, LLC are joint borrowers on the Second Lien Term Loan. (5) This investment is in the equity class of the collateralized loan obligation (“CLO”) security, which is referred to as “Subordinated Structured Note,” or “SSN”. The SSN investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. (6) Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, Discovery Point Retreat Waxahachie, LLC arejoint borrowers on the First Lien Term Loan. (7) Investment on non-accrual status as of the reporting date (see Note 2). (8) Certain variable rate securities in our portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. The 1- Month Secured Overnight Financing Rate or “1M SOFR”, was 3.65% as of June 30, 2026. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 3.73% as of June 30, 2026. The impact of a Secured Overnight Financing Rate (“SOFR”) credit spread adjustment, if applicable, is included within the stated all-in interest rate. (9) PeopleConnect Holdings, Inc. and Pubrec Holdings, Inc. are joint borrowers. (10) The consolidated revenue interest is equal to the lesser of (i) 2.0% of consolidated revenue for the twelve-month period ending on the last day of the prior fiscal quarter (or portion thereof) and (ii) 25% of the amount of interest accrued on the Notes at the cash interest rate for such fiscal quarter (or portion thereof). (11) Represents overriding royalty interests or revenue interests held which receive payments at the stated rates based upon the underlying operations. (12) Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets as calculated in accordance with regulatory requirements. As of June 30, 2026, our qualifying assets, as a percentage of total assets, stood at 81.94%. We monitor the status of these assets on an ongoing basis. (13) Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 3.00%. As of June 30, 2026, $64,611 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $52,446 are considered at the Company’s sole discretion. (14) Represents non-income producing security that has not paid a dividend or other income in the year preceding the reporting date. (15) The effective yield has been estimated to be 0% as expected future cash flows are anticipated to not be sufficient to repay the investment at cost. If the expected investment proceeds increase, there is a potential for future investment income from the See notes to consolidated financial statements. 151

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 investment. Distributions, once received, will be recognized as return of capital, and when called, any remaining unamortized investment costs will be written off if the actual distributions are less than the amortized investment cost. To the extent that the cost basis of the SSN is fully recovered, any future distributions will be recorded as realized gains. (16) Ellett Brothers, LLC, Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc. are joint borrowers on the second lien term loan. United Sporting Companies, Inc. (“USC”) is a parent guarantor of this debt investment, and is 100% owned by SportCo Holdings, Inc. (“SportCo”). In June 2019, USC filed for Chapter 11 bankruptcy and began liquidating its remaining assets. (17) As of June 30, 2026, Prospect owns a 95.4% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions. (18) CP Holdings of Delaware LLC (“CP Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of CP Energy Services Inc. (“CP Energy”) as of June 30, 2026. CP Energy owns directly or indirectly 100% of each of CP Well Testing, LLC; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. We report CP Energy as a separate controlled company. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $61,429 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2026. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loans. In September 2020, we made a new $26,193 Series A preferred stock investment in Spartan Energy Holdings, Inc., which equates to 100% of the Series A non-voting redeemable preferred stock outstanding. (19) Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC (“Credit Central”)) as of June 30, 2026. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. We report Credit Central as a separate controlled company. (20) Redstone Holdco 2 LP is the parent borrower on the First Lien Term Loans. Redstone Buyer, LLC, Redstone Intermediate (FRI) HoldCo LLC, Redstone Intermediate (NetWitness) HoldCo, LLC, and Redstone Intermediate (SecurID) HoldCo, LLC are joint borrowers on the First Lien Term Loans. (21) First Tower Holdings of Delaware LLC (“First Tower Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 80.10% of the voting interest and 78.06% of the fully-diluted economic interest of First Tower Finance Company LLC (“First Tower Finance”). First Tower Finance owns 100% of First Tower, LLC, the operating company. We report First Tower Finance as a separate controlled company. Effective March 17, 2021, the First Tower, LLC lenders were granted a first priority security interest in First Tower Finance’s assets and our investment became classified as a First Lien Term Loan. (22) Equity is held through Energy Solutions Holdings Inc., a consolidated entity in which we own 100% of the equity. (23) MITY Holdings of Delaware Inc. (“MITY Delaware”), a consolidated entity in which we own 100% of the common stock, owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). We report MITY as a separate controlled company. Our subordinated unsecured note issued and outstanding to Broda Canada is denominated in Canadian Dollars (“CAD”). As of June 30, 2026, the principal balance of this note was CAD 7,371. In accordance with ASC 830, Foreign Currency Matters (“ASC 830”), this note was remeasured into our functional currency, U.S. Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD. We formed a separate legal entity domiciled in the United States, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder. (24) NPH Property Holdings, LLC (“NPH”), a consolidated entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (“NPRC”) (f/k/a National Property Holdings Corp.), a property REIT which holds investments in several real estate properties. We report NPRC as a separate controlled company. See Note See notes to consolidated financial statements. 152

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 3 for further discussion of the investments held by NPRC. Effective July 1, 2026, the NPRC loan agreement was amended, extending the maturity date to March 31, 2030. (25) Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.22% of Nationwide Loan Company LLC, the operating company, as of June 30, 2026. We report Nationwide Loan Company LLC as a separate controlled company. Prospect has a first priority security interest in the assets of Nationwide. (26) NMMB Holdings, Inc. (“NMMB Holdings”), a consolidated entity in which we own 100% of the equity, owns 92.77% of the fully diluted equity of NMMB, Inc. (“NMMB”) as of June 30, 2026. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company. (27) Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Convertible Term Loan B. (28) Prospect owns 99.96% of the equity of Strategic Chemical Solutions Corp. (effective October 21, 2025 f/k/a USES Corp.) as of June 30, 2026. (29) Valley Electric Holdings I, Inc., a consolidated entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), another consolidated entity. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. We report Valley Electric as a separate controlled company. On July 1, 2026, subsequent to this Consolidated Scheduled of Investments dated June 30, 2026, we closed on the sale of our equity interest in Valley Electric and concurrently received full repayment on our debt investments. Refer to Note 18. Subsequent Events for additional information. (30) As of June 30, 2026, Prospect owns 8.57% of the equity in Encinitas Watches Holdco, LLC, the parent company of Nixon, Inc. (31) Japs-Olson Company, LLC, Alpha Mail Debt Merger Sub, LLC and J-O Building Company LLC are joint borrowers on the First Lien Term Loan. (32) UTP Holdings Group, Inc. (“UTP Holdings”) owns all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and has appointed a Board of Directors to UTP Holdings, consisting of three employees of the Investment Adviser. UTP Holdings owns UTP. UTP Holdings is a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment. (33) As of June 30, 2026, the residual profit interest includes 8.33% of TLA, TLD and TLE residual profit calculated quarterly in arrears. The investments in TLA and TLD are subject to a maximum SOFR of 4.00%. (34) Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% ownership interest of Pacific World as of June 30, 2026. As a result, Prospect’s investment in Pacific World is classified as a control investment. See notes to consolidated financial statements. 153

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (35) The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of June 30, 2026: Industry 1st LienTerm Loan 2nd LienTerm Loan Subordinated StructuredNotes Unsecured Debt Equity AmortizedCost Total Control Investments Aerospace & Defense $ 54,780 $ — $ — $ — $ 38,679 $ 93,459 Commercial Services & Supplies 87,424 — — 7,200 28,773 123,397 Construction & Engineering 83,859 — — — 12,053 95,912 Consumer Finance 564,568 61,802 — — 134,222 760,592 Distributors 10,650 — — — 2,000 12,650 Diversified Consumer Services 700 — — — 2,378 3,078 Energy Equipment & Services 169,468 — — — 175,658 345,126 Residential Real Estate Investment Trusts (REITs) 876,859 — — — 20,030 896,889 Health Care Providers & Services 384,823 — — — 45,118 429,941 Household Durables 96,357 — — — 3,400 99,757 Machinery 61,322 — — — 6,866 68,188 Marine Transport — — — — 47,967 47,967 Media 29,723 — — — — 29,723 Online Lending — — — — — — Personal Care Products 122,445 — — — 238,494 360,939 Trading Companies & Distributors — — — — — — Total Control Investments $ 2,542,978 $ 61,802 $ — $ 7,200 $ 755,638 $ 3,367,618 Affiliate Investments Commercial Services & Supplies $ — $ — $ — $ — $ 12,835 $ 12,835 Textiles, Apparel & Luxury Goods — — — — — — Total Affiliate Investments $ — $ — $ — $ — $ 12,835 $ 12,835 Non-Control/Non-Affiliate Investments Air Freight & Logistics $ 121,447 $ 95,000 $ — $ — $ — $ 216,447 Automobile Components 33,512 67,000 — — 25,802 126,314 Commercial Services & Supplies 147,365 153,400 — — 5,000 305,765 Construction & Engineering 19,252 — — — 3,343 22,595 Distributors 310,501 8,351 — — 59,328 378,180 Diversified Consumer Services 103,214 — — — — 103,214 Diversified Telecommunication Services 186,687 59,071 — — — 245,758 Financial Services 77,832 — — — — 77,832 Food Products 18,457 69,063 — — — 87,520 Health Care Providers & Services 207,226 85,129 — — 54,621 346,976 Health Care Technology 126,176 — — — — 126,176 Hotels, Restaurants & Leisure 30,681 — — — — 30,681 Interactive Media & Services 87,850 — — — — 87,850 IT Services 51,818 19,690 — — 2,500 74,008 Leisure Products 70,188 — — — 1 70,189 Machinery 13,608 — — — — 13,608 Media 86,205 — — — — 86,205 Personal Care Products 10,577 — — — 2,111 12,688 Pharmaceuticals 122,789 — — — — 122,789 Professional Services 80,377 — — — 13,779 94,156 Software 47,982 136,006 — — — 183,988 Specialty Retail 10,791 — — — 23,898 34,689 Textiles, Apparel & Luxury Goods 66,071 — — — 19,109 85,180 Structured Finance(A) — — 2,108 — — 2,108 Total Non-Control/Non-Affiliate $ 2,030,606 $ 692,710 $ 2,108 $ — $ 209,492 $ 2,934,916 Total Portfolio Investment Cost $ 4,573,584 $ 754,512 $ 2,108 $ 7,200 $ 977,965 $ 6,315,369 (B) See notes to consolidated financial statements. 154

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of June 30, 2026: Industry 1st LienTerm Loan 2nd LienTerm Loan SubordinatedStructured Notes UnsecuredDebt Equity Fair Value Total Fair Value % of NetAssets Applicable toCommon Stock Control Investments Aerospace & Defense $ 54,780 $ — $ — $ — $ 69,479 $ 124,259 4.2 % Commercial Services & Supplies 74,837 — — 5,195 11,779 91,811 3.2 % Construction & Engineering 83,859 — — — 209,995 293,854 10.1 % Consumer Finance 527,813 61,802 — — 559,538 1,149,153 39.2 % Distributors 6,710 — — — — 6,710 0.2 % Diversified Consumer Services 700 — — — 3,128 3,828 0.1 % Energy Equipment & Services 141,279 — — — — 141,279 4.8 % Residential Real Estate Investment Trusts (REITs) 876,859 — — — 204,737 1,081,596 36.9 % Health Care Providers & Services 340,451 — — — — 340,451 11.7 % Household Durables 96,357 — — — 12,208 108,565 3.7 % Machinery 61,322 — — — 37,153 98,475 3.4 % Marine Transport — — — — 12,077 12,077 0.4 % Media 29,723 — — — 50,081 79,804 2.7 % Personal Care Products 112,412 — — — — 112,412 3.8 % Trading Companies & Distributors — — — — — — — % Structured Finance(A) — — — — — — — % Total Control Investments $ 2,407,102 $ 61,802 $ — $ 5,195 $ 1,170,175 $ 3,644,274 124.4 % Fair Value % of Net Assets 82.1 % 2.1 % — % 0.2 % 40.0 % 124.4 % Affiliate Investments Commercial Services & Supplies $ — $ — $ — $ — $ 30,447 $ 30,447 1.0 % Textiles, Apparel & Luxury Goods — — — — — — — % Total Affiliate Investments $ — $ — $ — $ — $ 30,447 $ 30,447 1.0 % Fair Value % of Net Assets — % — % — % — % 1.0 % 1.0 % Non-Control/Non-Affiliate Investments Air Freight & Logistics $ 72,633 $ 95,000 $ — $ — $ — $ 167,633 5.7 % Automobile Components 1,192 28,578 — — 439 30,209 1.0 % Commercial Services & Supplies 147,877 153,500 — — 22,257 323,634 11.2 % Construction & Engineering 19,252 — — — 3,343 22,595 0.8 % Distributors 316,707 7,416 — — 23,796 347,919 11.9 % Diversified Consumer Services 9,611 — — — — 9,611 0.3 % Diversified Telecommunication Services 182,006 8,429 — — — 190,435 6.5 % Financial Services 77,832 — — — — 77,832 2.6 % Food Products 14,877 69,380 — — — 84,257 2.9 % Health Care Providers & Services 219,882 47,487 — — 150,868 418,237 14.3 % Health Care Technology 123,898 — — — — 123,898 4.3 % Hotels, Restaurants & Leisure 28,097 — — — — 28,097 1.0 % Household Durables — — — — — — — % Interactive Media & Services 87,850 — — — — 87,850 3.0 % IT Services 49,678 7,126 — — 769 57,573 2.0 % Leisure Products 70,188 — — — — 70,188 2.4 % Machinery 13,608 — — — — 13,608 0.5 % Media 84,908 — — — — 84,908 2.9 % Personal Care Products 10,577 — — — 1,028 11,605 0.4 % Pharmaceuticals 141,316 — — — — 141,316 4.8 % Professional Services 79,581 — — — 12,591 92,172 3.1 % Software 47,982 100,490 — — — 148,472 5.0 % (B) See notes to consolidated financial statements. 155

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 Industry 1st LienTerm Loan 2nd LienTerm Loan SubordinatedStructured Notes UnsecuredDebt Equity Fair Value Total Fair Value % of NetAssets Applicable toCommon Stock Specialty Retail 7,829 — — — — 7,829 0.3 % Textiles, Apparel & Luxury Goods 74,451 — — — 50,714 125,165 4.2 % Structured Finance (A) — — 2,794 — — 2,794 0.1 % Total Non-Control/Non-Affiliate $ 1,881,832 $ 517,406 $ 2,794 $ — $ 265,805 $ 2,667,837 91.1 % Fair Value % of Net Assets 64.3 % 17.7 % 0.1 % — % 9.1 % 91.1 % Total Portfolio $ 4,288,934 $ 579,208 $ 2,794 $ 5,195 $ 1,466,427 $ 6,342,558 216.5 % Fair Value % of Net Assets 146.4 % 19.8 % 0.1 % 0.2 % 50.1 % 216.5 % (A) Our SSN investments do not have industry concentrations and as such have been separated in the tables above. (B) Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants. (B) See notes to consolidated financial statements. 156

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (36) The interest rate on the below list of investments, which excludes those on non-accrual, contains a paid in kind (“PIK”) provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of June 30, 2026: Security Name PIK Rate -Capitalized PIK Rate -Paid as cash MaximumCurrent PIK Rate Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan 9.08% —% 9.08% (A) Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan 11.49% —% 11.49% (A) Belnick, LLC (d/b/a The Ubique Group) - First Lien Term Loan 12.50% —% 12.50% (B) CP Energy Services Inc. - First Lien Term Loan 12.99% —% 12.99% CP Energy Services Inc. - First Lien Term Loan 5.54% 7.45% 12.99% CP Energy Services Inc. - First Lien Term Loan —% 12.99% 12.99% CP Energy Services Inc. - First Lien Term Loan 12.99% —% 12.99% CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC —% 11.99% 11.99% (C) CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC —% 11.99% 11.99% (C) Discovery Point Retreat, LLC - First Lien Delayed Draw Term Loan —% —% 5.00% Druid City Infusion, LLC - First Lien Convertible Note to Druid City Intermediate, Inc. 2.00% —% 2.00% First Tower Finance Company LLC - First Lien Term Loan —% 16.00% 16.00% (D) Help/Systems Holdings, Inc. (d/b/a Forta, LLC) - Second Lien Term Loan 9.00% —% 9.00% InterDent, Inc. - First Lien Term Loan B 7.00% —% 7.00% InterDent, Inc. - First Lien Delayed Draw Term Loan B 7.00% —% 7.00% Lucky US BuyerCo LLC - First Lien Revolving Line of Credit 2.00% —% 2.00% Lucky US BuyerCo LLC - First Lien Term Loan 2.00% —% 2.00% MITY, Inc. - First Lien Term Loan B —% 10.00% 10.00% National Property REIT Corp. - First Lien Term Loan A —% 2.00% 2.00% National Property REIT Corp. - First Lien Term Loan D —% 2.00% 2.00% National Property REIT Corp. - First Lien Term Loan E —% 7.00% 7.00% Nationwide Loan Company LLC - First Lien Delayed Draw Term Loan A 10.00% —% 10.00% (E) Nationwide Loan Company LLC - First Lien Delayed Draw Term Loan B 10.00% —% 10.00% (E) New WPCC Parent, LLC - First Lien Term Loan —% 8.00% 8.00% New WPCC Parent, LLC - Series A Preferred Interests 13.00% —% 13.00% Pacific World Corporation - First Lien Term Loan A 6.60% 1.30% 7.90% QC Holdings TopCo, LLC - Second Lien Term Loan —% 14.00% 14.00% (F) QC Holdings TopCo, LLC - Second Lien Delayed Draw Term Loan —% 14.00% 14.00% (F) Recovery Solutions Parent, LLC - First Lien Term Loan —% 5.00% 5.00% Redstone Holdco 2 LP - First Lien Third Out Term Loan 12.00% —% 12.00% Rising Tide Holdings, Inc. - First In Last Out Term Loan 30.00% —% 30.00% (G) Rising Tide Holdings, Inc. - First In Last Out Term Loan 20.00% —% 20.00% (G) Rising Tide Holdings, Inc. - First Lien First Out Term Loan 15.00% —% 15.00% Rising Tide Holdings, Inc. - First Lien Second Out Term Loan 12.00% —% 12.00% Safety Solutions Financing, LLC - Series B Preferred Units of BFC-SDR, LLC 8.00% —% 8.00% ShiftKey, LLC - First Lien Term Loan 0.50% —% 0.50% Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B 2.00% —% 2.00% Shoes West, LLC (d/b/a Taos Footwear) - Class A Preferred Units of Taos Footwear Holdings,LLC 8.00% —% 8.00% STG Distribution, LLC - First Out Term Loan —% —% 7.25% STG Distribution, LLC - First Lien First Out DIP Roll Up 8.00% —% 8.00% STG Distribution, LLC - First Lien DIP Term Loan 8.00% —% 8.00% Strategic Chemical Solutions Corp. (f/k/a USES Corp.) - First Lien Equipment Term Loan 9.43% 3.47% 12.90% (H) Town & Country Holdings, Inc. - First Lien Term Loan —% 5.00% 5.00% Universal Turbine Parts, LLC - Preferred A Units 12.75% —% 12.75% Upstream Holdco, Inc. - Second Lien Term Loan 13.27% —% 13.27% See notes to consolidated financial statements. 157

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 Security Name PIK Rate -Capitalized PIK Rate -Paid as cash MaximumCurrent PIK Rate Upstream Holdco, Inc. - Second Lien Term Loan 12.67% —% 12.67% Valley Electric Company, Inc. - First Lien Term Loan to Valley Electric Co. of Mt. Vernon, Inc. —% 2.50% 2.50% Valley Electric Company, Inc. - First Lien Term Loan —% 10.00% 10.00% Valley Electric Company, Inc. - First Lien Term Loan B —% 5.50% 5.50% Victor Technology, LLC - First Lien Term Loan —% 11.49% 11.49% (I) Wellful Inc. - Second Out First Lien Term Loan —% 10.24% 10.24% (A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind. (B) On May 13, 2025, the Belnick, LLC First Lien Term Loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.50%.(C) On August 22, 2022, the Spartan Energy Services, LLC Twenty-Fifth Amendment to Amended and Restated Senior Secured Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 11.99%. (D) On December 30, 2025, the First Tower Finance Company LLC Amendment No. 16 was amended to reduce the PIK rate to 5.00% and allow the interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 16.00%. (E) The Nationwide Loan Company LLC Delayed Draw Term Loan agreement allows for a portion of interest accruing in cash to be payable in kind. (F) The Amended QC Holdings TopCo, LLC Senior Secured Term Loan Agreement dated September 30, 2025, allows for a portion of interest accruing in cash to be payable in kind. (G) The Rising Tide Holdings, Inc. Amended and Restated ABL Credit Agreement allows for all or a portion of interest to be payable in kind. (H) On March 28, 2023, the Strategic Chemical Solutions Corp. (f/k/a USES Corp.) First Lien Equipment Term loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.90%. (I) On May 1, 2026, the Victor Technology, LLC First Lien Term Loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 11.49%. (37) As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2026 with these controlled investments were as follows: Controlled Companies Fair Value atJune 30, 2025 GrossAdditions(Cost)(A) GrossReductions(Cost) (B) Netunrealizedgains (losses) Fair Value atJune 30, 2026 Interestincome Dividendincome Otherincome Net realizedgains (losses) Belnick, LLC (d/b/a The Ubique Group) $ 51,166 $ 11,505 $ — $ 45,894 $ 108,565 $ 11,508 $ — $ 50 $ — CP Energy Services Inc. 85,359 10,853 — (13,389) 82,823 13,355 — — — CP Energy - Spartan Energy Services,LLC 36,830 9,952 — 11,674 58,456 6,898 — — — Credit Central Loan Company, LLC 78,736 2,714 — (24,913) 56,537 6,355 — — — Echelon Transportation, LLC 65,653 — (110,320) 44,667 — 1,297 — — (52,334) First Tower Finance Company LLC 760,518 10,959 (2,867) 192,168 960,778 71,975 — 328 — Freedom Marine Solutions, LLC 11,660 850 — (433) 12,077 — — — — InterDent, Inc. 338,781 35,916 — (34,246) 340,451 42,685 — — — Kickapoo Ranch Pet Resort 3,917 — — (89) 3,828 81 — — — MITY, Inc. 94,418 7,123 — (19,105) 82,436 9,590 — 178 19 National Property REIT Corp. 1,300,972 47,564 (73,323) (193,617) 1,081,596 60,395 — — — Nationwide Loan Company LLC 36,780 1,049 — (6,097) 31,732 1,049 — — — NMMB, Inc. 72,207 — — 7,597 79,804 3,820 2,112 — 2,108 Pacific World Corporation 107,970 24,826 — (20,384) 112,412 9,775 — 418 — QC Holdings TopCo, LLC 77,286 6,805 — 16,015 100,106 13,767 — — — R-V Industries, Inc. 105,577 14,000 — (21,102) 98,475 6,333 13,288 — — Strategic Chemical Solutions Corp. (f/k/aUSES Corp.) 14,518 1,405 (66,219) 59,671 9,375 2,826 — 6 (66,219) Universal Turbine Parts, LLC 102,728 6,179 (248) 15,600 124,259 6,043 6,179 — — Valley Electric Company, Inc. 351,291 — — (57,437) 293,854 12,538 10,924 666 — Victor Technology, LLC (C) — 12,950 (300) (5,940) 6,710 619 — 13 — Total$ 3,696,367 $ 204,650 $ (253,277) $ (3,466) $ 3,644,274 $ 280,909 $ 32,503 $ 1,659 $ (116,426) (A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, OID accretion and PIK interest, and any transfer of investments. (C) See notes to consolidated financial statements. 158

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments. (C) Victor Technology LLC, was transferred to a control investment during the quarter-ended March 31, 2026 (see Note 14). Income recognized prior to the reclassification date is reflected as income from non-control/non-affiliate investments on our Consolidated Statement of Operations. (38) As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2026 with these affiliated investments were as follows: Affiliated Companies Fair Value atJune 30,2025 GrossAdditions(Cost)(A) GrossReductions(Cost)(B) Netunrealizedgains (losses) Fair Value atJune 30,2026 Interestincome Dividendincome Otherincome Net realizedgains (losses) Nixon, Inc. $ — $ — $ — $ — $ — $ — $ — $ — $ — RGIS Services, LLC 27,057 1,099 — 2,291 30,447 — 1,612 — — Total$ 27,057 $ 1,099 $ — $ 2,291 $ 30,447 $ — $ 1,612 $ — $ — (A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments. (B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments. See notes to consolidated financial statements. 159

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (39) Acquisition date represents the date of PSEC’s initial investment. Follow-on acquisitions have occurred on the following dates to arrive at PSEC’s current investment as of June 30, 2026 (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments) (see endnote 40 for NPRC equity follow-on acquisitions): Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) Apidos CLO XV Subordinated Structured Note 3/29/2018$ 6,480 Apidos CLO XXII Subordinated Structured Note 2/24/2020 1,912 Atlantis Health Care Group (Puerto Rico), Inc. First Lien Term Loan 12/9/2016 42,000 Aventiv Technologies, LLC Second Out Super Priority First Lien TermLoan 6/28/2024 834 Aventiv Technologies, LLC Super Priority Second Lien Term Loan 3/4/2025 595 Aventiv Technologies, LLC Second Out Super Priority First Lien TermLoan 1/2/2025 105 Barings CLO 2018-III Subordinated Structured Note 5/18/2018 9,255 BCPE North Star US Holdco 2, Inc. Second Lien Term Loan 12/30/2021, 10/28/2022 70,133 BCPE Osprey Buyer, Inc. First Lien Delayed Draw Term Loan 9/26/2023 4,639 Belnick, LLC First Lien Term Loan 6/27/2022, 12/1/2023 18,000 Cent CLO 21 Limited Subordinated Structured Note 7/12/2018 1,024 Collections Acquisition Company, Inc. First Lien Term Loan 1/13/2022, 3/14/2024, 10/30/2025 25,850 CP Energy Services Inc. First Lien Term Loan 8/31/2023 2,900 CP Energy Services Inc. First Lien Delayed Draw Term Loan 3/25/2025, 6/24/2025, 9/25/2025, 3/30/2026, 6/24/2026 10,600 CP Energy Services Inc. First Lien Term Loan A to Spartan EnergyServices, LLC 4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024, 11/13/2024, 1/9/2025,3/25/2025, 6/24/2025, 9/25/2025, 12/17/2025, 2/25/2026,6/24/2026 32,181 CP Energy Services Inc. Common Stock 10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019 69,586 Credit Central Loan Company, LLC Class A Units 12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019 11,975 Credit Central Loan Company, LLC First Lien Term Loan 6/26/2014, 9/28/2016, 12/16/2022, 1/27/2023, 9/30/2025 48,310 Credit Central Loan Company, LLC Preferred Class P Shares 1/27/2023 1,540 Discovery Point Retreat, LLC First Lien Term Loan 5/9/2025 3,700 Discovery Point Retreat, LLC Series A Preferred Stock 2/18/2026 750 DRI Holding, Inc. First Lien Term Loan 4/26/2022, 7/21/2022 12,999 DRI Holding, Inc. Second Lien Term Loan 5/18/2022 10,000 Druid City Infusion, LLC First Lien Term Loan 3/6/2026 6,364 Echelon Transportation, LLC Membership Interest 3/31/2014, 9/30/2014, 12/9/2016 22,488 Emerge Intermediate, Inc. First Lien Term Loan 6/14/2024 1,467 Eze Castle Integration, Inc. (f/k/a/ H.I.G. ECI MergerSub, Inc.) First Lien Delayed Draw Term Loan 10/7/2022, 9/5/2023, 1/10/2025 2,576 First Brands Group First Lien Term Loan 4/27/2022, 9/19/2025 8,880 First Brands Group Second Lien Term Loan 5/12/2022 4,938 First Tower Finance Company LLC Class A Units 12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018 39,885 First Tower Finance Company LLC First Lien Term Loan to First Tower, LLC 12/15/2015, 3/9/2018, 3/24/2022, 5/30/2025, 6/27/2025 60,548 Freedom Marine Solutions, LLC Membership Interest 10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010,2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015,1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017,6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018,10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023, 7/2/2024,8/12/2025, 2/18/2026 43,943 Galaxy XV CLO, Ltd. Subordinated Structured Note 8/21/2015, 3/10/2017 9,161 Galaxy XXVII CLO, Ltd. Subordinated Structured Note 6/11/2015 1,460 Help/Systems Holdings, Inc. Second Lien Term Loan 5/11/2021, 10/14/2021 54,649 Imperative Worldwide, LLC (f/k/a MAGNATEWORLDWIDE, LLC) First Lien Term Loan 10/26/2022, 6/1/2023, 9/30/2024 8,190 Interdent, Inc. First Lien Term Loan A 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021,3/28/2022 93,903 Interdent, Inc. First Lien Term Loan B 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014 76,125 See notes to consolidated financial statements. 160

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) Interdent, Inc. First Lien Delayed Draw Term Loan B 12/20/2024, 3/24/2025, 5/27/2025, 6/23/2025, 9/25/2025,12/23/2025, 3/26/2026, 6/25/2026 32,000 K&N HoldCo, LLC Class A Common Units 7/31/2024 105 Kickapoo Ranch Pet Resort Membership Interest 10/21/2019, 12/4/2019 28 LCM XIV Ltd. Subordinated Structured Note 9/25/2015, 5/18/2018 9,422 Lucky US BuyerCo LLC First Lien Revolving Line of Credit 3/21/2024, 6/24/2024, 3/31/2025, 7/15/2025, 12/11/2025 2,520 MITY, Inc. Common Stock 6/23/2014 7,200 MITY, Inc. First Lien Term Loan A 1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024,9/16/2024, 12/3/2024, 4/4/2025, 10/29/2025, 1/26/2026,3/20/2026 25,764 MITY, Inc. First Lien Term Loan B 1/17/2017, 6/3/2019 11,000 MITY, Inc. Series A Redeemable Preferred Stock 1/26/2026, 3/20/2026 720 Nationwide Loan Company LLC Class A Units 3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016,8/31/2016, 5/31/2017, 10/31/2017 20,469 Nationwide Loan Company LLC First Lien Delayed Draw Term Loan A 6/26/2024 2,250 Nationwide Loan Company LLC First Lien Delayed Draw Term Loan B 3/6/2025 3,000 National Property REIT Corp. First Lien Term Loan A 4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020,9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020,11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021,5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021,11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022,3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022,7/5/2022, 8/31/2022, 10/6/2022, 1/10/2023, 2/28/2023, 4/4/2023,4/6/2023, 4/28/2023, 6/9/2023, 6/14/2023, 7/5/2023, 7/14/2023,8/31/2023, 9/29/2023, 10/4/2023, 10/20/2023, 11/30/2023,1/3/2024, 1/18/2024, 2/29/2024, 3/8/2024, 4/2/2024, 5/31/2024,7/8/2024, 8/30/2024, 10/10/2024, 12/02/2024, 1/6/2025,1/8/2025, 3/20/2025, 4/3/2025, 5/15/2025, 7/3/2025, 8/18/2025,3/11/2026, 5/7/2026, 5/18/2026 981,032 National Property REIT Corp. First Lien Term Loan E 6/26/2024 35,300 New WPCC Parent, LLC First Lien Term Loan 7/8/2025, 7/9/2025, 9/26/2025, 1/15/2026, 5/29/2026 12,158 New WPCC Parent, LLC Series A Preferred Interests 9/4/2025, 9/11/2025, 9/12/2025, 11/14/2025, 12/17/2025,2/6/2026, 2/11/2026 1,123 NEW WPCC PARENT, LLC. Class A Common Interests 11/14/2025, 12/17/2025, 2/6/2026, 2/11/2026, 2/20/2026 67 NMMB, Inc. First Lien Term Loan 12/30/2019, 3/28/2022 40,100 Octagon Investment Partners XV, Ltd. Subordinated Structured Note 4/27/2015, 8/3/2015, 6/27/2017 10,516 Pacific World Corporation Convertible Preferred Equity 4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019,12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021, 1/26/2024,7/31/2025, 8/15/2025, 9/12/2025, 12/19/2025, 3/26/2026,4/10/2026 71,800 Pacific World Corporation First Lien Term Loan A 12/22/2022, 11/25/2024, 3/7/2025 19,900 PeopleConnect Holdings, LLC First Lien Term Loan 10/21/2021, 2/9/2026 116,229 (Precisely) Vision Solutions, Inc. Second Lien Term Loan 5/28/2021, 6/24/2021, 6/3/2022 59,333 Preventics, Inc. First Lien Term Loan 2 4/30/2025 1,900 Preventics, Inc. Preferred Units 4/30/2025 38 Preventics, Inc. Preferred Units 4/30/2025 527 QC Holdings TopCo, LLC Second Lien Delayed Draw Term Loan 1/5/2026, 4/1/2026, 6/26/2026 5,099 Recovery Solutions Parent, LLC First Lien Term Loan 6/27/2025, 7/8/2025, 1/15/2026, 1/21/2026 12,554 Recovery Solutions Parent, LLC Common Stock 5/30/2025, 9/4/2025, 9/5/2025, 9/11/2025, 9/15/2025, 9/25/2025,11/21/2025, 2/18/2026 3,473 RGIS Services, LLC Membership Interest 5/28/2024, 12/12/2025 2,532 RME Group Holdings Company First Lien Term Loan B 12/29/2025 2,000 Rosa Mexicano First Lien Revolving Line of Credit 3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024, 8/12/2025,11/3/2025, 4/1/2026 7,750 R-V Industries, Inc. First Lien Term Loan 3/4/2022, 9/25/2023, 11/24/2025 17,700 R-V Industries, Inc. Common Stock 12/27/2016 1,854 Shiftkey, LLC First Lien Term Loan 8/26/2022, 9/14/2022, 9/23/2022 39,450 STG Distribution, LLC First Lien DIP Term Loan 1/29/2026, 2/13/2026 2,925 The RK Logistics Group, Inc. Class B Common Units 12/19/2023 1,250 The RK Logistics Group, Inc. First Lien Term Loan 6/28/2024 13,000 Town & Country Holdings, Inc. First Lien Term Loan 7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024 115,000 Town & Country Holdings, Inc. Class B of Town & Country TopCo LLC 10/18/2024, 12/27/2024, 1/10/2025, 5/7/2025, 7/11/2025,10/1/2025, 1/7/2026, 3/20/2026, 4/1/2026 50,882 See notes to consolidated financial statements. 161

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) United Sporting Companies, Inc. Second Lien Term Loan 3/7/2013, 3/14/2024 59,325 Universal Turbine Parts, LLC First Lien Delayed Draw Term Loan 10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023,6/27/2025 6,716 USES Corp. First Lien Term Loan A 6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017,8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019 14,100 USES Corp. First Lien Equipment Term Loan 6/23/2023, 7/3/2024, 11/6/2024, 1/9/2025 9,900 USG Intermediate, LLC First Lien Term Loan B 8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023,12/20/2023, 2/21/2025 129,475 Valley Electric Company, Inc. Common Stock 12/31/2012, 6/24/2014 18,502 Valley Electric Company, Inc. First Lien Term Loan 6/30/2014, 8/31/2018, 3/28/2022 18,129 Valley Electric Company, Inc. First Lien Term Loan B 5/1/2023 19,000 (40) Since Prospect’s initial common equity investment in NPRC on December 31, 2013, we have made numerous additional follow-on investments that have been used to invest in new and existing properties as well as online consumer loans and rated secured structured notes. These follow-on acquisitions are summarized by fiscal year below (excluding effects of return of capital distributions). Details of specific transactions are included in the respective fiscal year Form 10-K filing (refer to endnote 42 for NPRC term loan follow-on investments): Fiscal Year Follow-On Investments(NPRC Common Stock, excluding cost of initial investment) 2014 $ 4,555 2015 68,693 2016 93,857 2017 116,830 2018 137,024 2019 11,582 2020 19,800 2022 15,620 2023 3,600 2024 4,600 2025 — 2026 — (41) On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick, LLC and certain of its subsidiaries (“Belnick”), enabling Prospect to control 100% of the voting power of Belnick, and to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick became classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Holdings of Delaware, LLC (“Belnick Delaware”), a wholly owned consolidated holdings company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which, together with the voting rights obtained through the proxy over the remaining Class A units, provides Prospect with 100% of the voting interest in Belnick. Belnick Delaware executed a share transfer agreement for the remaining Class A units and effective December 31, 2025, owns 100% of the membership units in Belnick. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets. (42) This investment represents a Level 2 security in the ASC 820 table as of June 30, 2026. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion. (43) Investment provides future right to acquire voting securities not beneficially owned, subject to certain terms and conditions, including prior notice, which if exercised, could result in such investment becoming an affiliate or control investment. See notes to consolidated financial statements. 162

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2026 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2026 (44) The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreementamong lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investmentis the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the“first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts duethereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investmentsabove reflects such higher rate, as applicable. (45) Emerge Intermediate, Inc., HD Research, LLC, ERG Buyer, LLC, and ERG Blocker, Inc. are joint borrowers on the First Lien Term Loan. (46) The stated interest rate on the drawn revolver and delayed drawn term loan commitments represents a weighted average interest rate for thefunded amounts of the investment. (47) Wellpath Holdings, Inc. (“Wellpath”) filed for Chapter 11 bankruptcy on November 11, 2024. On May 9, 2025 Wellpath Holdings, Inc.consummated a court-approved restructuring pursuant to its Chapter 11 Plan of Reorganization. As part of this transaction, our existing First LienTerm Loan was restructured into new debt and equity positions in New WPCC Parent, LLC and our residual Second Lien Senior Secured TermLoan deficiency claims were exchanged for beneficial interests in the Wellpath Holdings, Inc. Liquidation Trust. Our recovery in the Trust is subject to a claim’s reconciliation process and the value of our interest is based on management’s current estimate of expected recovery, usingLevel 3 unobservable inputs. (48) Prospect owns 100% of the equity of Victor Holdings of Delaware, LLC (“Victor Holdings”), a Consolidated Holding Company. During the yearended June 30, 2026, Victor Holdings acquired 100% of the equity interest in VTI Acquisition, Inc. (“VTI”) and 99.90% of the equity interest inVictor Technology, LLC (“Victor Technology”), with VTI owning the remaining 0.1%. As a result, Prospect’s investment in Victory Technology is classified as a control investment as of June 30, 2026. Victor Technology is a manufacturer and distributor of office supplies, including calculators,standing desks, organizers and paperclips. (49) Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income andcumulative dividend income represent income not paid currently in cash. The difference between the All-in Rate and PIK Rate represents the cashrate as of June 30, 2026. (50) The Prospect owns 100% of the equity of R-V Holdings of Delaware, LLC (“R-V Holdings”), a Consolidated Holding Company. R-VHoldings owns 90.28% of the fully-diluted equity of R-V Industries, Inc. (51) First Brands is progressing towards an exit from bankruptcy via a liquidating Chapter 11 plan. Given case complexities, the lenders have executed a forbearance into a Forbearance Agreement (approved by the Bankruptcy Court via Stipulation and Agreed Order entered July 29, 2026) instead of a maturity extension. Additionally, the disclosed interest for First Lien Term Loan A and First Lien Term Loan B represents the default rate, which became effective June 29, 2026 per the Forbearance Agreement. Additional Information - Derivative instrument held at fair value: Counterparty Contract CurrencyPurchased (1) CurrencySold SettlementDate MaturityDate Range DerivativeAsset FairValue % of NetAssets DerivativeLiability FairValue % of NetAssets (2) Mizuho Capital MarketsLLC Foreign CurrencyForward Contracts ILS 680,773$ 221,317 10/28/2025 9/23/2026 -12/23/2030$ 18,900 0.6 %$ — — % (1) Currency purchased is Israeli Shekel (“ILS”). (2) Percentage is less than 0.01% of Net Assets. See notes to consolidated financial statements. 163

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) Belnick, LLC (d/b/aThe Ubique Group)(41) Household Durables First Lien Term Loan 1/20/2022 13.06% (3M SOFR +8.50%) 4.00 1/20/2027 $ 84,852 $ 84,852 $ 51,166 1.7 %(8)(36) Preferred Class P Units (5,000units) 5/23/2025 8.50% PIK N/A 3,400 — — %(14) 88,252 51,166 1.7% CP Energy ServicesInc. (18) Energy Equipment &Services First Lien Delayed Draw TermLoan - $10,000 Commitment 12/24/2024 13.56% (3M SOFR +9.00%) 1.00 4/4/2027 9,769 9,769 8,580 0.3% (8)(13)(36) First Lien Term Loan 10/1/2017 13.56% (3M SOFR +9.00%) 1.00 4/4/2027 63,003 63,003 55,337 1.9% (8)(36) First Lien Term Loan 4/5/2022 13.56% (3M SOFR +9.00%) 1.00 4/4/2027 8,191 8,191 7,194 0.2% (8)(36) First Lien Term Loan 1/6/2023 13.56% (3M SOFR +9.00%) 1.00 4/4/2027 16,223 16,223 14,248 0.5% (8)(36) First Lien Term Loan A toSpartan Energy Services, LLC 10/20/2014 12.56% PIK (3M SOFR+ 8.00%) 1.00 12/31/2025 46,908 46,908 32,863 1.1% (8)(36) First Lien Term Loan A toSpartan Energy Services, LLC 10/20/2014 12.56% (3M SOFR +8.00%) 1.00 12/31/2025 4,569 4,569 3,967 0.1% (8) Incremental First Lien Term LoanA to Spartan Energy Services,LLC - $2,500 Commitment 3/25/2025 12.56% (3M SOFR+8.00%) 1.00 12/31/2025 — — —% (8)(13)(36) Series A Preferred Units toSpartan Energy Holdings, Inc. (10,000 shares) 9/25/2020 15.00% N/A 26,193 — —% (14) Series B Redeemable Preferred Stock (790 shares) 10/30/2015 16.00% N/A 63,225 — —% (14) Common Stock (102,924 shares) 8/2/2013 N/A 86,240 — —% (14) 324,321 122,189 4.1% Credit Central LoanCompany, LLC (19) Consumer Finance First Lien Term Loan 12/28/2012 5.00% plus 5.00% PIK — 9/15/2027 90,578 90,578 78,736 2.6% (12)(36) Class A Units (14,867,312 units) 12/28/2012 N/A 19,331 — —% (12)(14) Preferred Class P Shares(14,518,187 units) 7/1/2022 12.75% PIK N/A 11,520 — —% (12)(14) Net Revenues Interest (25% ofNet Revenues) 1/28/2015 N/A — — —% (12)(14) 121,429 78,736 2.6% EchelonTransportation, LLC Trading Companies &Distributors First Lien Term Loan 3/31/2014 6.00% — 12/7/2026 54,739 54,739 54,739 1.8% Membership Interest (19,157,851units) 3/31/2014 N/A 22,738 — —% (14) Preferred Units (47,074,638units) 1/31/2022 12.75% N/A 32,843 10,914 0.4% (14) 110,320 65,653 2.2% First Tower FinanceCompany LLC (21) Consumer Finance First Lien Term Loan to FirstTower, LLC 6/24/2014 10.00% plus 5.00% PIK — 12/18/2027 452,172 452,172 452,172 15.1% (12)(36) Class A Units (95,709,910 units) 6/14/2012 N/A 31,146 308,346 10.3% (12)(14) 483,318 760,518 25.4% Freedom MarineSolutions, LLC (22) Marine Transport Membership Interest (100%) 11/9/2006 N/A 47,117 11,660 0.4% (14) 47,117 11,660 0.4% InterDent, Inc. Health Care Providers& Services First Lien Delayed Draw TermLoan B - $26,000 Commitment 9/30/2024 5.00% plus 7.00% PIK — 9/5/2027 17,355 17,355 16,619 0.6% (13)(36) First Lien Term Loan A/B 8/1/2018 19.09% (1M SOFR +14.65%) 2.00 9/5/2027 14,249 14,249 14,249 0.5% (3)(8) First Lien Term Loan A 8/3/2012 9.94% (1M SOFR +5.50%) 1.00 9/5/2027 95,823 95,823 95,823 3.2% (3)(8) First Lien Term Loan B 8/3/2012 5.00% plus 7.00% PIK — 9/5/2027 221,480 221,480 212,090 7.1% (36) Common Stock ( 99,900 shares) 5/3/2019 N/A 45,118 — —% (14) 394,025 338,781 11.4% See notes to consolidated financial statements. 164

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Control Investments (greater than 25.00% voting control)(37) Kickapoo Ranch PetResort Diversified ConsumerServices First Lien Term Loan 1/11/2024 11.80% (3M SOFR +7.50%) 3.00 1/10/2029 $ 700 $ 700 $ 700 —% (8) Membership Interest (100%) 8/26/2019 N/A 2,378 3,217 0.1% (14) 3,078 3,917 0.1% MITY, Inc. (23) Commercial Services &Supplies First Lien Term Loan A 9/19/2013 13.58% (3M SOFR +9.02%) 3.00 11/30/2027 51,489 51,489 51,489 1.7% (3)(8) First Lien Term Loan B 6/23/2014 11.56% (3M SOFR +7.00%) plus 10.00%PIK 3.00 11/30/2027 8,274 8,274 8,274 0.3% (8)(36) Unsecured Note to BrodaEnterprises ULC 9/19/2013 10.00% — 1/1/2028 5,417 7,200 5,403 0.2% (12) Common Stock (42,053 shares) 9/19/2013 N/A 27,349 29,252 1.0% (14) 94,312 94,418 3.2% National PropertyREIT Corp. (24) Residential Real EstateInvestment Trusts(REITs) / ConsumerFinance / StructuredFinance First Lien Term Loan A 12/31/2018 4.25% (3M SOFR +0.25%) plus 2.00% PIK 3.75 3/31/2026 671,540 671,540 671,540 22.4% (8)(36)(33) First Lien Term Loan D 6/19/2020 4.25% (3M SOFR +0.25%) plus 2.00% PIK 3.75 3/31/2026 178,425 178,425 178,425 6.0% (8)(36)(33) First Lien Term Loan E 11/14/2022 7.00% (3M SOFR +1.50%) plus 7.00% PIK 5.50 3/31/2026 52,652 52,652 52,652 1.8% (8)(36)(33) Residual Profit Interest 12/31/2018 N/A — 32,206 1.1% (33) Common Stock (3,374,914shares) 12/31/2013 N/A 20,030 366,149 12.3% (14)(40) 922,647 1,300,972 43.6% Nationwide LoanCompany LLC (25) Consumer Finance First Lien Delayed Draw TermLoan A - $7,350 Commitment 5/15/2024 10.00% — 5/15/2029 5,862 5,862 5,862 0.2% (12)(13)(36) First Lien Delayed Draw TermLoan B - $8,000 Commitment 12/23/2024 10.00% — 5/15/2029 4,101 4,101 4,101 0.1% (12)(13)(36) Class A Units (925,796,475 units) 1/31/2013 N/A 49,936 26,817 0.9% (12)(14) 59,899 36,780 1.2% NMMB, Inc. (26) Media First Lien Term Loan 12/30/2019 13.06% (3M SOFR +8.50%) 2.00 3/31/2027 29,723 29,723 29,723 1.0% (3)(8) Common Stock (21,418 shares) 12/30/2019 N/A — 42,484 1.4% (14) 29,723 72,207 2.4% Pacific WorldCorporation (34) Personal Care Products First Lien Term Loan A 12/31/2014 8.58% PIK (1M SOFR +4.25%) 1.00 3/26/2029 114,318 114,318 107,970 3.6% (8)(36) Convertible Preferred Equity(685,164 shares) 6/15/2018 12.00% PIK N/A 221,795 — —% (14) Common Stock (6,778,414shares) 9/29/2017 N/A — — —% (14) 336,113 107,970 3.6% QC Holdings TopCo,LLC (17) Consumer Finance Second Lien Term Loan 6/30/2025 24.00% (3M SOFR+19.00%) 5.00 7/1/2030 54,997 54,997 54,997 1.9% (8)(12) Class A Units (222,886 units) 6/30/2025 N/A 22,289 22,289 0.7% (12)(14) 77,286 77,286 2.6% R-V Industries, Inc. Machinery First Lien Term Loan 12/15/2020 13.56% (3M SOFR +9.00%) 1.00 12/15/2028 37,322 37,322 37,322 1.3% (3)(8)(36) First Lien Term Loan 12/20/2024 7.80% (3M SOFR +3.50%) 4.00 12/15/2028 10,000 10,000 10,000 0.3% (3)(8) Common Stock (745,107 shares) 6/26/2007 N/A 6,866 58,255 1.9% 54,188 105,577 3.5% Universal TurbineParts, LLC (32) Aerospace & Defense First Lien Delayed Draw TermLoan - $6,965 Commitment 2/28/2019 12.31% (3M SOFR +7.75%) 1.00 2/29/2028 6,503 6,503 6,503 0.2% (8)(13) First Lien Term Loan A 7/22/2016 10.31% (3M SOFR +5.75%) 1.00 2/29/2028 29,575 29,575 29,575 1.0% (3)(8) First Lien Term Loan A 1/21/2025 12.31% (3M SOFR+7.75%) 2.50 2/29/2028 4,000 4,000 4,000 0.1% (3)(8) First Lien Term Loan A 2/28/2025 12.31% (3M SOFR+7.75%) 2.50 2/29/2028 14,950 14,950 14,950 0.5% (3)(8) Preferred Units (80,539,543units) 3/31/2021 12.75% PIK N/A 32,500 47,700 1.6% (14) Common Stock (10,000 units) 12/10/2018 N/A — — —% (14) 87,528 102,728 3.4% See notes to consolidated financial statements. 165

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) 8th Avenue Food &Provisions, Inc. Food Products Second Lien Term Loan 9/21/2018 15.25% (PRIME +7.75%) — 10/1/2026 $ 32,133 $ 32,083 $ 32,133 1.1 % 32,083 32,133 1.1 % Apidos CLO XV Structured Finance Subordinated Structured Note 9/13/2013 Residual Interest,current yield 0.00% — 4/21/2031 48,515 8,810 8,719 0.3 %(5)(12)(15) 8,810 8,719 0.3 % Apidos CLO XXII Structured Finance Subordinated Structured Note 9/16/2015 Residual Interest,current yield 0.00% — 4/21/2031 35,855 16,700 12,301 0.4 %(5)(12)(15) 16,700 12,301 0.4 % Atlantis Health CareGroup (Puerto Rico),Inc. Health CareProviders & Services First Lien Term Loan 2/21/2013 13.30% (3M SOFR +8.75%) 2.00 5/15/2026 56,574 56,574 56,574 1.9 %(3)(8) 56,574 56,574 1.9 % Aventiv Technologies,LLC DiversifiedTelecommunicationServices Second Out Super PriorityFirst Lien Term Loan 4/24/2025 14.52% (3M SOFR+10.00%) 1.00 3/25/2026 43,663 42,280 43,663 1.5 %(8)(44) Second Out Super PriorityFirst Lien Term Loan 12/23/2024 14.59% (3M SOFR+10.00%) 1.00 3/25/2026 3,053 2,951 3,053 0.1 %(8)(44) Second Out Super PriorityFirst Lien Term Loan 4/2/2024 12.06% (3M SOFR +7.50%) 1.00 3/25/2026 722 722 722 — %(8)(36)(44) Third Out Super Priority FirstLien Term Loan 3/28/2024 9.65% (3M SOFR +5.09%) 1.00 3/25/2026 27,374 27,954 19,550 0.7 %(8)(36)(42)(44) Super Priority Second LienTerm Loan 3/28/2024 13.61% (3M SOFR +9.05%) 1.00 3/25/2026 147,741 59,071 7,387 0.2 %(7)(8) 132,978 74,375 2.5 % Barings CLO 2018-III Structured Finance Subordinated Structured Note 10/9/2014 Residual Interest,current yield 0.00% — 7/20/2029 82,809 — 3,071 0.1 %(5)(12)(15) — 3,071 0.1 % Barracuda Parent, LLC IT Services Second Lien Term Loan 8/15/2022 11.28% (3M SOFR +7.00%) 0.50 8/15/2030 20,000 19,619 16,189 0.5 %(8) 19,619 16,189 0.5 % BCPE North Star USHoldco 2, Inc. Food Products Second Lien Term Loan 6/7/2021 11.69% (1M SOFR +7.25%) 0.75 6/8/2029 100,000 99,570 98,762 3.3 %(3)(8) 99,570 98,762 3.3 % BCPE Osprey Buyer,Inc. Health CareTechnology First Lien Revolving Line ofCredit - $4,239 Commitment 10/18/2021 10.19% (1M SOFR +5.75%) 0.75 8/21/2026 2,120 2,120 2,120 — %(8)(13) First Lien Term Loan 10/18/2021 10.19% (1M SOFR +5.75%) 0.75 8/23/2028 4,621 4,587 4,621 0.2 %(3)(8)(13) First Lien Term Loan 10/18/2021 10.34% (3M SOFR +5.75%) 0.75 8/23/2028 62,725 62,725 62,725 2.1 %(3)(8) 69,432 69,466 2.3 % Burgess Point PurchaserCorporation AutomobileComponents Second Lien Term Loan 7/25/2022 13.38% (3M SOFR +9.00%) 0.75 7/25/2030 30,000 30,000 26,515 0.9 %(3)(8) 30,000 26,515 0.9 % Capstone LogisticsAcquisition, Inc. Commercial Services& Supplies Second Lien Term Loan 11/12/2020 12.93% (1M SOFR +8.50%) 1.00 11/12/2030 8,500 8,366 8,500 0.3 %(3)(8) 8,366 8,500 0.3 % Cent CLO 21 Limited Structured Finance Subordinated Structured Note 5/15/2014 Residual Interest,current yield 0.00% — 7/29/2030 49,552 — 96 — %(5)(12)(15) — 96 — % Collections AcquisitionCompany, Inc. Financial Services First Lien Term Loan 12/3/2019 12.21% (3M SOFR +7.65%) 2.50 6/3/2027 44,537 44,537 44,537 1.5 %(3)(8) 44,537 44,537 1.5 % Credit.com Holdings,LLC DiversifiedConsumer Services First Lien Term Loan A 9/28/202315.56% (3M SOFR +11.00%) 1.50 9/28/2028 38,964 38,964 36,782 1.2 %(8)(36) First Lien Term Loan B 9/28/202316.56% (3M SOFR +12.00%) 1.50 9/28/2028 67,398 62,114 3,370 0.1 %(7)(8) Class B of PGX TopCo IILLC (999 Non-Voting Units) 9/28/2023 N/A — — — %(14)(48) 101,078 40,152 1.3 % See notes to consolidated financial statements. 168

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) Discovery Point Retreat,LLC (6) Health CareProviders & Services First Lien Term Loan 6/14/202412.31% (3M SOFR +7.75%) 3.25 6/14/2029 $ 20,445 $ 20,445 $ 20,445 0.6 %(3)(8) Series A Preferred Stock ofDiscovery MSO HoldCo LLC- 8,395 Units 6/14/20248.00% PIK N/A 7,950 10,897 0.4 %(14) 28,395 31,342 1.0 % DRI Holding Inc. Commercial Services& Supplies First Lien Term Loan 12/21/2021 9.68% (1M SOFR +5.25%) 0.50 12/21/2028 $ 33,217 $ 32,507 $ 33,192 1.1 %(3)(8) Second Lien Term Loan 12/21/2021 12.43% (1M SOFR +8.00%) 0.50 12/21/2029 145,000 145,000 145,000 4.9 %(3)(8) 177,507 178,192 6.0 % Druid City Infusion,LLC Pharmaceuticals First Lien Term Loan 9/30/2024 11.80% (3M SOFR +7.50%) 3.00 10/4/2029 49,630 49,630 49,630 1.7 %(3)(8) First Lien Convertible Note toDruid City Intermediate, Inc. 9/30/2024 6.00% plus 2.00% PIK — 10/4/2033 19,235 19,235 30,673 1.0 %(3)(36)(48) 68,865 80,303 2.7 % Dukes Root Control Inc. Commercial Services& Supplies First Lien Revolving Line ofCredit - $4,464 Commitment 12/8/2022 10.98% (3M SOFR +6.50%) 1.00 12/8/2028 1,393 1,427 1,393 — %(8)(13) First Lien Term Loan 12/8/2022 10.96% (3M SOFR +6.50%) 1.00 12/8/2028 3,206 3,196 3,206 0.1 %(3)(8)(13)(46) First Lien Term Loan 12/8/2022 10.98% (3M SOFR +6.50%) 1.00 12/8/2028 35,692 35,966 35,692 1.2 %(3)(8) 40,589 40,291 1.3 % Emerge Intermediate,Inc. (45) Pharmaceuticals First Lien Term Loan 2/26/2024 6.00% plus 4.50% PIK — 8/31/2027 57,053 57,053 53,273 1.8 %(3)(36) 57,053 53,273 1.8 % Enseo Acquisition, Inc. Media First Lien Term Loan 6/2/2021 13.06% (3M SOFR +8.50%) 2.00 12/31/2027 49,642 49,642 49,642 1.7 %(3)(8) 49,642 49,642 1.7 % Eze Castle Integration,Inc. Software First Lien Delayed Draw TermLoan - $8,036 Commitment 7/15/2020 11.91% (3M SOFR +7.50%) 3.00 1/15/2027 2,565 2,553 2,565 0.1 %(8)(13)(46) First Lien Term Loan 7/15/2020 11.92% (3M SOFR +7.50%) 3.00 1/15/2027 45,925 45,925 45,925 1.5 %(3)(8) 48,478 48,490 1.6 % Faraday Buyer, LLC Electrical Equipment First Lien Delayed Draw TermLoan - $6,540 - Commitment 10/11/2022 10.30% (3M SOFR +6.00%) 1.00 10/11/2028 — — — — %(8)(13) First Lien Term Loan 10/11/2022 10.30% (3M SOFR +6.00%) 1.00 10/11/2028 61,367 61,367 61,367 2.1 %(3)(8) 61,367 61,367 2.1 % First Brands Group AutomobileComponents First Lien Term Loan 3/24/2021 9.54% ( 3M SOFR +5.00%) 1.00 3/30/2027 21,841 21,906 20,695 0.6 %(3)(8)(42) Second Lien Term Loan 3/24/2021 13.04% (3M SOFR +8.50%) 1.00 3/30/2028 37,000 37,023 34,450 1.2 %(3)(8) 58,929 55,145 1.8 % Galaxy XV CLO, Ltd. Structured Finance Subordinated Structured Note 2/13/2013 Residual Interest,current yield 0.00% — 10/15/2030 50,525 612 608 — %(5)(12)(15) 612 608 — % Galaxy XXVII CLO,Ltd. Structured Finance Subordinated Structured Note 9/30/2013 Residual Interest,current yield 0.00% — 5/16/2031 24,575 865 847 — %(5)(12)(15) 865 847 — % Galaxy XXVIII CLO,Ltd. Structured Finance Subordinated Structured Note 5/30/2014 Residual Interest,current yield 0.00% — 7/15/2031 39,905 835 830 — %(5)(12)(15) 835 830 — % Global Tel*LinkCorporation (d./b/aViaPath Technologies) DiversifiedTelecommunicationServices First Lien Term Loan 8/6/2024 11.83% (1M SOFR +7.50%) 3.00 8/6/2029 126,048 121,898 124,174 4.2 %(3)(8) 121,898 124,174 4.2 % Halcyon Loan AdvisorsFunding 2014-2 Ltd. Structured Finance Subordinated Structured Note 4/14/2014 Residual Interest,current yield 0.00% — 4/28/2030 41,164 1 8 — %(5)(12)(15) 1 8 — % See notes to consolidated financial statements. 169

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) Halcyon Loan AdvisorsFunding 2015-3 Ltd. Structured Finance Subordinated Structured Note 7/23/2015 Residual Interest,current yield 0.00% — 10/18/2027 $ 39,598 $ 19 $ 17 — %(5)(12)(15) 19 17 — % HarbourView CLO VII-R, Ltd. Structured Finance Subordinated Structured Note 6/5/2015 Residual Interest,current yield 0.00% — 7/18/2031 19,025 — — — %(5)(12)(15) — — — % Help/Systems Holdings,Inc. (d/b/a Forta, LLC) Software Second Lien Term Loan 11/14/2019 11.13% (3M SOFR +6.75%) 0.75 11/19/2027 52,500 52,460 48,931 1.6 %(3)(8) 52,460 48,931 1.6 % Imperative Worldwide,LLC Air Freight &Logistics First Lien Term Loan 3/11/2022 9.95% (3M SOFR +5.50%) 0.75 12/30/2028 37,349 37,235 37,349 1.2 %(3)(8) Second Lien Term Loan 12/30/2021 12.95% (3M SOFR +8.50%) 0.75 12/30/2029 95,000 95,000 95,000 3.2 %(3)(8) 132,235 132,349 4.4 % InterventionalManagement Services,LLC Health CareProviders &Services First Lien Revolving Line ofCredit - $5,000 Commitment 2/22/2021 13.55% (3M SOFR +9.00%) 1.00 2/23/2026 5,000 5,000 4,989 0.2 %(8)(13) First Lien Term Loan 2/22/2021 13.55% (3M SOFR +9.00%) 1.00 2/20/2026 64,155 64,155 64,018 2.1 %(3)(8) 69,155 69,007 2.3 % iQor Holdings, Inc. ProfessionalServices First Lien Term Loan 6/11/2024 11.81% (3M SOFR +7.25%) 2.50 6/11/2029 45,704 45,704 45,704 1.6 %(3)(8) Common Stock of BloomParent, Inc. (10,450 units) 6/11/2024 N/A 10,450 15,706 0.5 %(14) 56,154 61,410 2.1 % Japs-Olson Company,LLC (31) CommercialServices & Supplies First Lien Term Loan 5/25/2023 11.05% (3M SOFR +6.75%) 2.00 5/25/2028 56,109 56,109 56,109 1.9 %(3)(8) 56,109 56,109 1.9 % Julie Lindsey, Inc. Textiles, Apparel &Luxury Goods First Lien Revolving Line ofCredit - $2,000 Commitment 7/27/2023 10.30% (3M SOFR +6.00%) 4.00 7/27/2027 — — — — %(8)(13) First Lien Term Loan 7/27/2023 10.30% (3M SOFR +6.00%) 4.00 7/27/2028 19,200 19,200 19,200 0.6 %(3)(8) 19,200 19,200 0.6 % K&N HoldCo, LLC AutomobileComponents Class A Common Units(137,215 units) 2/14/2023 N/A 25,802 612 — %(14) 25,802 612 — % KM2 Solutions LLC ProfessionalServices First Lien Term Loan 12/17/2020 14.05% (3M SOFR +9.60%) 3.00 6/16/2026 17,697 17,697 17,697 0.6 %(3)(8) 17,697 17,697 0.6 % LCM XIV Ltd. Structured Finance Subordinated Structured Note 6/25/2013 Residual Interest,current yield 0.00% — 7/21/2031 49,934 — — — %(5)(12)(15) — — — % LGC US FINCO, LLC Machinery First Lien Term Loan 1/17/2020 10.94% (1M SOFR +6.50%) 1.00 12/20/2025 28,586 28,509 27,674 0.9 %(3)(8) 28,509 27,674 0.9 % Lucky US BuyerCoLLC Financial Services First Lien Revolving Line ofCredit - $2,775 Commitment 4/3/2023 11.82% (3M SOFR +7.50%) 1.00 4/1/2029 2,054 2,054 2,054 0.1 %(8)(13)(46) First Lien Term Loan 4/3/2023 11.80% (3M SOFR +7.50%) 1.00 4/1/2029 21,239 21,239 21,239 0.7 %(3)(8) 23,293 23,293 0.8 % MAC Discount, LLC Distributors First Lien Term Loan 5/11/2023 13.05% (3M SOFR +8.50%) 1.50 5/11/2028 31,140 30,936 30,551 1.1 %(3)(8) Class A Senior PreferredStock of MAC DiscountInvestments, LLC (1,500,000shares) 5/11/2023 12.00% N/A 1,500 1,255 — %(14) 32,436 31,806 1.1 % Medical SolutionsHoldings, Inc. (4) Health CareProviders &Services Second Lien Term Loan 11/1/2021 11.38% (3M SOFR +7.00%) 0.50 11/1/2029 54,463 54,439 28,614 1.0 %(3)(8) 54,439 28,614 1.0 % Mountain View CLO IXLtd. Structured Finance Subordinated Structured Note 5/13/2015 Residual Interest,current yield 0.00% — 7/15/2031 47,830 204 169 — %(5)(12)(15) 204 169 — % See notes to consolidated financial statements. 170

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) New WPCC Parent,LLC (47) Health CareProviders &Services First Lien Term Loan 5/9/2025 13.80% (3M SOFR+9.50%) 2.00 5/9/2030 $ 20,943 $ 18,142 $ 20,943 0.7 %(8)(36) Series A Preferred Interests(802,479 units) 5/9/2025 13.00% PIK N/A 8,224 10,654 0.4 %(14) Class A Common Interests(822,629 units) 5/9/2025 N/A — 6,346 0.2 %(14)(48) Liquidating Trust of WellpathHoldings, Inc. 5/9/2025 N/A 2,011 6,500 0.2 %(14)(48) 28,377 44,443 1.5 % Nexus Buyer LLC Capital Markets Second Lien Term Loan 11/5/2021 10.68% (1M SOFR +6.25%) 0.50 11/5/2029 21,500 21,500 21,500 0.7 %(3)(8)(42) 21,500 21,500 0.7 % Octagon InvestmentPartners XV, Ltd. Structured Finance Subordinated Structured Note 1/24/2013 Residual Interest,current yield 0.00% — 7/19/2030 42,064 5,114 5,077 0.2 %(5)(12)(15) 5,114 5,077 0.2 % OneTouchPoint Corp CommercialServices & Supplies First Lien Term Loan 2/19/2021 12.55% (3M SOFR +8.00%) 1.00 6/30/2026 33,737 33,737 33,720 1.1 %(3)(8) 33,737 33,720 1.1 % PeopleConnectHoldings, Inc (9) Interactive Media &Services First Lien Term Loan 1/22/2020 12.70% (3M SOFR +8.25%) 2.75 1/22/2026 75,076 75,076 75,076 2.5 %(3)(8) 75,076 75,076 2.5 % PlayPower, Inc. Leisure Products First Lien Revolving Line ofCredit - $2,626 Commitment 8/28/2024 9.55% (3M SOFR +5.25%) 0.75 8/28/2030 — — — — %(8)(13) First Lien Term Loan 8/28/2024 9.55% ( 3M SOFR +5.25%) 0.75 8/28/2030 17,243 16,960 17,185 0.6 %(3)(8) 16,960 17,185 0.6 % Precisely SoftwareIncorporated Software Second Lien Term Loan 4/23/2021 11.79% (3M SOFR +7.25%) 0.75 4/23/2029 80,000 79,562 75,334 2.5 %(3)(8) 79,562 75,334 2.5 % Preventics, Inc. (d/b/aLegerePharmaceuticals) Personal CareProducts First Lien Term Loan 11/12/2021 15.06% (3M SOFR +10.50%) 1.00 11/12/2026 8,789 8,789 8,789 0.3 %(3)(8) First Lien Term Loan 4/30/2025 12.06% (3M SOFR+7.50%) 3.00 11/12/2026 1,900 1,900 1,900 0.1 %(3)(8) Series A Convertible PreferredStock (472 units) 11/12/2021 8.00% N/A 165 515 — %(14)(48) Series C Convertible PreferredStock (5,677 units) 11/12/2021 8.00% N/A 1,946 6,182 0.2 %(14)(48) 12,800 17,386 0.6 % Recovery SolutionsParent, LLC Health CareProviders &Services First Lien Term Loan 1/27/2025 11.80% (3M SOFR +7.50%) 2.00 1/27/2030 33,399 21,137 33,399 1.2 %(3)(8)(36) Membership Interest(1,401,081 units) 1/27/2025 N/A 17,884 36,997 1.2 %(14)(48) 39,021 70,396 2.4 % Redstone Holdco 2 LP(20) IT Services Second Lien Term Loan 4/16/2021 12.29% (3M SOFR +7.75%) 0.75 4/27/2029 50,000 49,569 25,557 0.9 %(3)(8) 49,569 25,557 0.9 % Research Now Group,LLC and Dynata, LLC ProfessionalServices First Lien First Out Term Loan 7/15/2024 9.59% (3M SOFR +5.00%) 1.00 7/15/2028 363 356 359 — %(8) First Lien Second Out TermLoan 7/15/2024 10.09% (3M SOFR +5.50%) 1.00 10/15/2028 7,995 7,995 6,956 0.2 %(8)(44) Common Stock of NewInsight Holdings, Inc. -210,781 Shares 7/15/2024 N/A 3,329 1,637 0.1 %(14) Warrants (to purchase 285,714shares of Common Stock ofNew Insight Holdings, Inc.) 7/15/2024 7/15/2029 — — — %(14) 11,680 8,952 0.3 % See notes to consolidated financial statements. 171

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) Rising Tide Holdings,Inc. Specialty Retail First Lien First Out Term Loan 9/25/2024 15.00% PIK — 6/13/2028 $ 2,363 $ 2,363 $ 2,363 0.1 %(36) First Lien Second Out TermLoan 9/25/2024 12.00% PIK — 6/13/2028 6,198 5,815 3,551 0.1 %(36)(44) Class A Common Units ofMarine One Holdco, LLC(345,600 units) 9/12/2023 N/A 23,898 — — %(14) Warrants (to purchase3,456,000 Class A CommonUnits of Marine One Holdco,LLC) 9/25/2024 9/25/2044 — — — %(14) Warrants (to purchase 50,456Class A Common Units ofMarine One Holdco, LLC) 9/12/2023 9/12/2028 — — — %(14) 32,076 5,914 0.2 % The RK LogisticsGroup, Inc. CommercialServices & Supplies First Lien Term Loan 3/24/2022 15.06% (3M SOFR +10.50%) 1.00 12/18/2028 5,628 5,628 5,628 0.1 %(3)(8) First Lien Term Loan 12/19/2023 12.06% (3M SOFR +7.50%) 4.00 12/18/2028 33,257 33,257 32,930 1.1 %(3)(8) Class A Common Units of RKLogistics Holdings Inc.of RK Logistics Holdings Inc. (263,000 units) 3/24/2022 N/A 263 1,586 0.1 %(14) Class B Common Units of RKLogistics Holdings Inc.(1,435,000 units) 3/24/2022 N/A 2,487 8,651 0.3 %(14)(48) Class C Common Units of RKLogistics Holdings Inc.(450,000 units) 6/28/2024 N/A 2,250 2,713 0.1 %(14) 43,885 51,508 1.7 % RME Group HoldingCompany Media First Lien Term Loan A 5/4/2017 10.05% (3M SOFR +5.50%) 1.00 5/6/2026 18,874 18,874 18,874 0.6 %(3)(8) First Lien Term Loan B 5/4/2017 15.55% (3M SOFR +11.00%) 1.00 5/6/2026 20,233 20,233 19,889 0.7 %(3)(8) 39,107 38,763 1.3 % Rosa Mexicano Hotels, Restaurants& Leisure First Lien Revolving Line ofCredit - $5,195 Commitment 3/29/2018 16.00% — 6/13/2026 5,194 5,194 4,938 0.2 %(13) First Lien Term Loan 3/29/2018 12.06% (3M SOFR +7.50%) 1.25 6/13/2026 23,291 23,291 21,311 0.7 %(8) 28,485 26,249 0.9 % ShiftKey, LLC Health CareTechnology First Lien Term Loan 6/21/2022 10.31% (3M SOFR +5.75%) 1.00 6/21/2027 62,944 62,721 60,780 2.0 %(3)(8) 62,721 60,780 2.0 % Shoes West, LLC (d/b/aTaos Footwear) (27) Textiles, Apparel &Luxury Goods First Lien Term Loan A 1/23/2025 11.56% (3M SOFR+7.00%) 3.00 1/23/2030 38,350 38,350 38,350 1.3 %(3)(8) First Lien Convertible TermLoan B 1/23/2025 9.00% plus 2.00% PIK — 1/23/2030 9,461 9,461 11,852 0.4 %(3)(36)(48) Class A Preferred Units ofTaos Footwear Holdings, LLC- 16,753 Units 1/23/2025 8.00% PIK N/A 17,139 30,303 1.0 %(14)(48) 64,950 80,505 2.7 % Shutterfly Finance, LLCHousehold Durables First Lien Term Loan 6/5/2023 10.28% (3M SOFR +6.00%) 1.00 10/1/2027 2,406 2,406 2,406 0.1 %(8)(42) Second Lien Term Loan 6/6/2023 9.33% (3M SOFR +5.00%) 1.00 10/1/2027 19,206 19,206 17,934 0.6 %(8)(36)(42) 21,612 20,340 0.7 % Silver Hill MineralLease Energy Equipment& Services Revenue Interest 5/13/2025 N/A — — — %(11) — — — % Spectrum VisionHoldings, LLC Health CareProviders &Services First Lien Term Loan 5/2/2023 11.06% (1M SOFR+6.50%) 1.00 11/17/2025 749 749 749 — %(3)(8) First Lien Term Loan 5/2/2023 11.06% (3M SOFR+6.50%) 1.00 11/17/2025 28,570 28,570 28,570 1.0 %(3)(8) 29,319 29,319 1.0 % See notes to consolidated financial statements. 172

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) June 30, 2025 Portfolio Company Industry(43) Investments(1)(35) AcquisitionDate(39) Coupon/Yield Floor LegalMaturity PrincipalValue AmortizedCost FairValue(2) % of NetAssets Non-Control/Non-Affiliate Investments (less than 5.00% voting control) STG Distribution, LLC Air Freight &Logistics First Out First Lien Term Loan 10/3/2024 5.42% (1M SOFR +1.00% ) plus 7.25% PIK 1.50 10/3/2029 $ 15,144 $ 14,881 $ 15,144 0.5 %(8)(36) Second Out First Lien TermLoan 10/3/2024 5.42% (1M SOFR +1.00% ) plus 6.50% PIK 1.50 10/3/2029 38,838 38,838 31,226 1.0 %(8)(36)(44) Third Out First Lien TermLoan 10/3/2024 5.42% (1M SOFR +1.00% ) plus 6.00% PIK 1.50 10/3/2029 19,353 18,970 5,922 0.2 %(8)(44) 72,689 52,292 1.7 % Stryker Energy, LLC Energy Equipment& Services Overriding Royalty Interest 12/4/2006 N/A — — — %(11) — — — % Town & CountryHoldings, Inc. Distributors First Lien Term Loan 11/17/2022 8.00% — 8/29/2028 28,761 28,761 2,821 0.2 % First Lien Term Loan 1/26/2018 3.00% plus 5.00% PIK — 8/29/2028 42,136 42,136 43,004 1.4 %(36) First Lien Term Loan 1/26/2018 8.00% — 8/29/2028 164,931 164,931 168,328 5.6 % Class B of Town & CountryTopCo LLC (999 Non-VotingUnits) 11/17/2022 N/A 31,882 — — %(14)(48) 267,710 214,153 7.2 % TPS, LLC Machinery First Lien Term Loan 11/30/2020 14.00% (3M SOFR +9.00%) 5.00 5/31/2027 18,663 18,663 18,663 0.6 %(3)(8) 18,663 18,663 0.6 % United SportingCompanies, Inc. (16) Distributors Second Lien Term Loan 9/28/2012 11.00% (1M LIBOR +11.00%) plus 2.00%PIK — 11/16/2019 187,012 86,309 12,897 0.4 %(7) 86,309 12,897 0.4 % Upstream Newco, Inc. Health CareProviders &Services Second Lien Term Loan 11/20/2019 12.88% (3M SOFR +8.50%) — 11/20/2027 22,000 21,938 16,106 0.5 %(8) 21,938 16,106 0.5 % USG Intermediate, LLC Leisure Products First Lien Revolving Line ofCredit - $14,000 Commitment 4/15/2015 13.68% (1M SOFR +9.25%) 1.00 2/9/2029 14,000 14,000 14,000 0.5 %(8)(13) First Lien Term Loan B 4/15/2015 16.18% (1M SOFR +11.75%) 1.00 2/9/2029 71,188 71,188 71,188 2.4 %(3)(8) Equity 4/15/2015 N/A 1 — — %(14) 85,189 85,188 2.9 % Verify Diagnostics LLC Health CareProviders &Services First Lien Term Loan 5/15/2025 14.58% (3M SOFR+10.28%) 3.50 5/15/2030 37,500 37,500 36,750 1.3 %(3)(8)(44) Class A Preferred Units ofVerify Diagnostic HoldingsLLC (9,250,000 units) 5/15/2025 12.00% PIK N/A 9,250 10,195 0.3 %(14) 46,750 46,945 1.6 % Victor Technology, LLCCommercialServices & Supplies First Lien Term Loan 12/3/2021 12.06% (3M SOFR +7.50%) 1.00 12/3/2028 10,950 10,950 10,851 0.4 %(3)(8) 10,950 10,851 0.4 % Voya CLO 2012-4, Ltd. Structured Finance Subordinated Structured Note 11/5/2012 Residual Interest,current yield 0.00% — 10/15/2030 40,613 3,476 2,506 0.1 %(5)(12)(15) 3,476 2,506 0.1 % Voya CLO 2014-1, Ltd. Structured Finance Subordinated Structured Note 2/5/2014 Residual Interest,current yield 0.00% — 4/18/2031 40,773 1,204 753 — %(5)(12)(15) 1,204 753 — % WatchGuardTechnologies, Inc. IT Services First Lien Term Loan 8/17/2022 9.58% (1M SOFR +5.25%) 0.75 6/30/2029 34,038 34,038 33,873 1.1 %(3)(8) 34,038 33,873 1.1 % Wellful Inc. Food Products Second Out First Lien TermLoan 11/27/2024 8.94% (1M SOFR+4.50%) plus 1.75% PIK 1.00 4/19/2030 18,560 18,560 15,071 0.5 %(8)(36)(44) 18,560 15,071 0.5 % Total Non-Control/Non-Affiliate Investments$ 3,265,522 $ 2,950,092 98.7 % Total Portfolio Investments$ 6,693,501 $ 6,673,516 223.3 % See notes to consolidated financial statements. 173

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (1) The terms “Prospect,” “the Company,” “we,” “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. The securities in which Prospect has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These securities may be resold only in transactions that are exempt from registration under the Securities Act. (2) Fair value is determined by or under the direction of our Board of Directors. Unless otherwise indicated by endnote 42 below, all of our investments are valued using significant unobservable inputs. In accordance with ASC 820, such investments are classified as Level 3 within the fair value hierarchy. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion. (3) Security, or a portion thereof, is held by Prospect Capital Funding LLC (“PCF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the Revolving Credit Facility and such security is not available as collateral to our general creditors (see Note 4). The fair value of the investments held by PCF at June 30, 2025 was $2,520,620, representing 37.8% of our total investments. (4) Medical Solutions Holdings, Inc. and Medical Solutions, LLC are joint borrowers on the Second Lien Term Loan. (5) This investment is in the equity class of the collateralized loan obligation (“CLO”) security, which is referred to as “Subordinated Structured Note,” or “SSN”. The SSN investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield, calculated using amortized cost, is based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions. (6) Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, Discovery Point Retreat Waxahachie, LLC arejoint borrowers on the First Lien Term Loan. (7) Investment on non-accrual status as of the reporting date (see Note 2). (8) Certain variable rate securities in our portfolio bear interest at a rate determined by a publicly disclosed base rate plus a basis point spread. The 1- Month Secured Overnight Financing Rate or “1M SOFR”, was 4.32% as of June 30, 2025. The 3-Month Secured Overnight Financing Rate or “3M SOFR”, was 4.29% as of June 30, 2025. The PRIME Rate or “PRIME” was 7.50% as of June 30, 2025. The impact of a SOFR credit spread adjustment, if applicable, is included within the stated all-in interest rate. (9) PeopleConnect Holdings, Inc. and Pubrec Holdings, Inc. are joint borrowers. (10) The consolidated revenue interest is equal to the lesser of (i) 2.0% of consolidated revenue for the twelve-month period ending on the last day of the prior fiscal quarter (or portion thereof) and (ii) 25% of the amount of interest accrued on the Notes at the cash interest rate for such fiscal quarter (or portion thereof). (11) Represents overriding royalty interests or revenue interests held which receive payments at the stated rates based upon the underlying operations. (12) Investment has been designated as an investment not “qualifying” under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets as calculated in accordance with regulatory requirements. As of June 30, 2025, our qualifying assets, as a percentage of total assets, stood at 85.27%. We monitor the status of these assets on an ongoing basis. (13) Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 5.00%. As of June 30, 2025, $40,707 of undrawn revolver and delayed draw term loan commitments to our portfolio companies, of which $15,900 are considered at the Company’s sole discretion. (14) Represents non-income producing security that has not paid a dividend or other income in the year preceding the reporting date. See notes to consolidated financial statements. 174

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (15) The effective yield has been estimated to be 0% as expected future cash flows are anticipated to not be sufficient to repay the investment at cost. If the expected investment proceeds increase, there is a potential for future investment income from the investment. Distributions, once received, will be recognized as return of capital, and when called, any remaining unamortized investment costs will be written off if the actual distributions are less than the amortized investment cost. To the extent that the cost basis of the SSN is fully recovered, any future distributions will be recorded as realized gains. (16) Ellett Brothers, LLC, Evans Sports, Inc., Jerry’s Sports, Inc., Simmons Gun Specialties, Inc., Bonitz Brothers, Inc., and Outdoor Sports Headquarters, Inc. are joint borrowers on the second lien term loan. United Sporting Companies, Inc. (“USC”) is a parent guarantor of this debt investment, and is 100% owned by SportCo Holdings, Inc. (“SportCo”). In June 2019, USC filed for Chapter 11 bankruptcy and began liquidating its remaining assets. (17) On June 30, 2025, Prospect acquired a 99.5% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions. (18) CP Holdings of Delaware LLC (“CP Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of CP Energy Services Inc. (“CP Energy”) as of June 30, 2025. CP Energy owns directly or indirectly 100% of each of CP Well Testing, LLC; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. We report CP Energy as a separate controlled company. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”), a portfolio company of Prospect with $51,477 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2025. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy. Spartan remains the direct borrower and guarantor to Prospect for the Spartan Term Loans. In September 2020, we made a new $26,193 Series A preferred stock investment in Spartan Energy Holdings, Inc., which equates to 100% of the Series A non-voting redeemable preferred stock outstanding. (19) Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 99.8% of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC (“Credit Central”)) as of June 30, 2025. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC, the operating companies. We report Credit Central as a separate controlled company. (20) Redstone Holdco 2 LP is the parent borrower on the second lien term loan. Redstone Buyer, LLC, Redstone Intermediate (Archer) HoldCo LLC, Redstone Intermediate (FRI) HoldCo LLC, Redstone Intermediate (NetWitness) HoldCo, LLC, and Redstone Intermediate (SecurID) HoldCo, LLC are joint borrowers on the Second Lien Term Loan. (21) First Tower Holdings of Delaware LLC (“First Tower Delaware”), a consolidated entity in which we own 100% of the membership interests, owns 80.10% of the voting interest and 78.06% of the fully-diluted economic interest of First Tower Finance Company LLC (“First Tower Finance”). First Tower Finance owns 100% of First Tower, LLC, the operating company. We report First Tower Finance as a separate controlled company. Effective March 17, 2021, the First Tower, LLC lenders were granted a first priority security interest in First Tower Finance’s assets and our investment became classified as a First Lien Term Loan. (22) Energy Solutions Holdings Inc., a consolidated entity in which we own 100% of the equity, owns 100% of Freedom Marine Solutions, LLC (“Freedom Marine”), which owns Vessel Company, LLC, Vessel Company II, LLC and Vessel Company III, LLC. We report Freedom Marine as a separate controlled company. (23) MITY Holdings of Delaware Inc. (“MITY Delaware”), a consolidated entity in which we own 100% of the common stock, owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda Enterprises USA, Inc.; and Broda Enterprises ULC (“Broda Canada”). We report MITY as a separate controlled company. Our subordinated unsecured note issued and outstanding to Broda Canada is denominated in Canadian Dollars (“CAD”). As of June 30, 2025, the principal balance of this note was CAD 7,371. In accordance with ASC 830, Foreign Currency Matters (“ASC 830”), this note was remeasured into our functional currency, US Dollars (USD), and is presented on our Consolidated Schedule of Investments in USD. We formed a separate legal entity domiciled in the United States, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder. See notes to consolidated financial statements. 175

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (24) NPH Property Holdings, LLC (“NPH”), a consolidated entity in which we own 100% of the membership interests, owns 100% of the common equity of National Property REIT Corp. (“NPRC”) (f/k/a National Property Holdings Corp.), a property REIT which holds investments in several real estate properties. We report NPRC as a separate controlled company. See Note 3 for further discussion of the investments held by NPRC. On July 11, 2025, the NPRC loan agreement was amended, extending the maturity date to March 31, 2027. (25) Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a consolidated entity in which we own 100% of the membership interests, owns 94.22% of Nationwide Loan Company LLC, the operating company, as of June 30, 2025. We report Nationwide Loan Company LLC as a separate controlled company. Prospect has a first priority security interest in the assets of Nationwide. (26) NMMB Holdings, Inc. (“NMMB Holdings”), a consolidated entity in which we own 100% of the equity, owns 92.77% of the fully diluted equity of NMMB, Inc. (“NMMB”) as of June 30, 2025. NMMB owns 100% of Refuel Agency, Inc., which owns 100% of Armed Forces Communications, Inc. We report NMMB as a separate controlled company. (27) Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Convertible Term Loan B. (28) Prospect owns 99.96% of the equity of USES Corp. as of June 30, 2025. (29) Valley Electric Holdings I, Inc., a consolidated entity in which we own 100% of the common stock, owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), another consolidated entity. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”). Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. We report Valley Electric as a separate controlled company. (30) As of June 30, 2025, Prospect owns 8.57% of the equity in Encinitas Watches Holdco, LLC, the parent company of Nixon, Inc. (31) Japs-Olson Company, LLC, Alpha Mail Debt Merger Sub, LLC and J-O Building Company LLC are joint borrowers on the First Lien Term Loan. (32) UTP Holdings Group, Inc. (“UTP Holdings”) owns all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and has appointed a Board of Directors to UTP Holdings, consisting of three employees of the Investment Adviser. UTP Holdings owns UTP. UTP Holdings is a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment. (33) As of June 30, 2025, the residual profit interest includes 8.33% of TLA, TLD and TLE residual profit calculated quarterly in arrears. The investments in TLA and TLD are subject to a maximum SOFR of 4.00%. (34) Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% ownership interest of Pacific World as of June 30, 2025. As a result, Prospect’s investment in Pacific World is classified as a control investment. See notes to consolidated financial statements. 176

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (35) The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of June 30, 2025: Industry(43) 1st LienTerm Loan 2nd LienTerm Loan Subordinated StructuredNotes Unsecured Debt Equity AmortizedCost Total Control Investments Aerospace & Defense $ 55,028 $ — $ — $ — $ 32,500 $ 87,528 Commercial Services & Supplies 146,539 — — 7,200 27,349 181,088 Construction & Engineering 83,859 — — — 12,053 95,912 Consumer Finance 552,713 54,997 — — 134,222 741,932 Diversified Consumer Services 700 — — — 2,378 3,078 Energy Equipment & Services 148,663 — — — 175,658 324,321 Residential Real Estate Investment Trusts (REITs) 902,617 — — — 20,030 922,647 Health Care Providers & Services 348,907 — — — 45,118 394,025 Household Durables 84,852 — — — 3,400 88,252 Machinery 47,322 — — — 6,866 54,188 Marine Transport — — — — 47,117 47,117 Media 29,723 — — — — 29,723 Personal Care Products 114,318 — — — 221,795 336,113 Trading Companies & Distributors 54,739 — — — 55,581 110,320 Total Control Investments $ 2,569,980 $ 54,997 $ — $ 7,200 $ 784,067 $ 3,416,244 Affiliate Investments Commercial Services & Supplies $ — $ — $ — $ — $ 11,735 $ 11,735 Total Affiliate Investments $ — $ — $ — $ — $ 11,735 $ 11,735 Non-Control/Non-Affiliate Investments Air Freight & Logistics $ 109,924 $ 95,000 $ — $ — $ — $ 204,924 Automobile Components 21,906 67,023 — — 25,802 114,731 Capital Markets — 21,500 — — — 21,500 Commercial Services & Supplies 201,827 153,366 — — 5,000 360,193 Distributors 277,714 86,309 — — 33,382 397,405 Diversified Consumer Services 101,078 — — — — 101,078 Diversified Telecommunication Services 195,805 59,071 — — — 254,876 Electrical Equipment 61,367 — — — — 61,367 Financial Services 67,830 — — — — 67,830 Food Products 18,560 131,653 — — — 150,213 Health Care Providers & Services 252,272 76,377 — — 45,319 373,968 Health Care Technology 132,153 — — — — 132,153 Hotels, Restaurants & Leisure 28,485 — — — — 28,485 Household Durables 2,406 19,206 — — — 21,612 Interactive Media & Services 75,076 — — — — 75,076 IT Services 34,038 69,188 — — — 103,226 Leisure Products 102,148 — — — 1 102,149 Machinery 47,172 — — — — 47,172 Media 88,749 — — — — 88,749 Personal Care Products 10,689 — — — 2,111 12,800 Pharmaceuticals 125,918 — — — — 125,918 Professional Services 71,752 — — — 13,779 85,531 Software 48,478 132,022 — — — 180,500 Specialty Retail 8,178 — — — 23,898 32,076 Textiles, Apparel & Luxury Goods 67,011 — — — 17,139 84,150 Structured Finance(A) — — 37,840 — — 37,840 Total Non-Control/Non-Affiliate $ 2,150,536 $ 910,715 $ 37,840 $ — $ 166,431 $ 3,265,522 Total Portfolio Investment Cost $ 4,720,516 $ 965,712 $ 37,840 $ 7,200 $ 962,233 $ 6,693,501 (B) See notes to consolidated financial statements. 177

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of June 30, 2025: Industry(43) 1st LienTerm Loan 2nd LienTerm Loan SubordinatedStructured Notes UnsecuredDebt Equity Fair Value Total Fair Value % of NetAssets Applicable toCommon Stock Control Investments Aerospace & Defense $ 55,028 $ — $ — $ — $ 47,700 $ 102,728 3.4 % Commercial Services & Supplies 74,281 — — 5,403 29,252 108,936 3.7 % Construction & Engineering 83,859 — — — 267,432 351,291 11.8 % Consumer Finance 540,871 54,997 — — 357,452 953,320 31.8 % Diversified Consumer Services 700 — — — 3,217 3,917 0.1 % Energy Equipment & Services 122,189 — — — — 122,189 4.1 % Residential Real Estate Investment Trusts(REITs) 902,617 — — — 398,355 1,300,972 43.6 % Health Care Providers & Services 338,781 — — — — 338,781 11.4 % Household Durables 51,166 — — — — 51,166 1.7 % Machinery 47,322 — — — 58,255 105,577 3.5 % Marine Transport — — — — 11,660 11,660 0.4 % Media 29,723 — — — 42,484 72,207 2.4 % Personal Care Products 107,970 — — — — 107,970 3.6 % Trading Companies & Distributors 54,739 — — — 10,914 65,653 2.2 % Total Control Investments $ 2,409,246 $ 54,997 $ — $ 5,403 $ 1,226,721 $ 3,696,367 123.7 % Fair Value % of Net Assets 80.6 % 1.8 % — % 0.2 % 41.1 % 123.7 % Affiliate Investments Commercial Services & Supplies $ — $ — $ — $ — $ 27,057 $ 27,057 0.9 % Total Affiliate Investments $ — $ — $ — $ — $ 27,057 $ 27,057 0.9 % Fair Value % of Net Assets — % — % — % — % 0.9 % 0.9 % Non-Control/Non-Affiliate Investments Air Freight & Logistics $ 89,641 $ 95,000 $ — $ — $ — $ 184,641 6.1 % Automobile Components 20,695 60,965 — — 612 82,272 2.7 % Capital Markets — 21,500 — — — 21,500 0.7 % Commercial Services & Supplies 201,870 153,500 — — 12,950 368,320 12.3 % Distributors 255,555 12,897 — — 1,255 269,707 9.1 % Diversified Consumer Services 40,152 — — — — 40,152 1.3 % Diversified Telecommunication Services 191,162 7,387 — — — 198,549 6.6 % Electrical Equipment 61,367 — — — — 61,367 2.1 % Financial Services 67,830 — — — — 67,830 2.3 % Food Products 15,071 130,895 — — — 145,966 4.9 % Health Care Providers & Services 266,437 44,720 — — 81,589 392,746 13.2 % Health Care Technology 130,246 — — — — 130,246 4.3 % Hotels, Restaurants & Leisure 26,249 — — — — 26,249 0.9 % Household Durables 2,406 17,934 — — — 20,340 0.7 % Interactive Media & Services 75,076 — — — — 75,076 2.5 % IT Services 33,873 41,746 — — — 75,619 2.5 % Leisure Products 102,373 — — — — 102,373 3.5 % Machinery 46,337 — — — — 46,337 1.5 % Media 88,405 — — — — 88,405 3.0 % Personal Care Products 10,689 — — — 6,697 17,386 0.6 % Pharmaceuticals 133,576 — — — — 133,576 4.5 % Professional Services 70,716 — — — 17,343 88,059 3.0 % Software 48,490 124,265 — — — 172,755 5.7 % (B) See notes to consolidated financial statements. 178

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) Industry(43) 1st LienTerm Loan 2nd LienTerm Loan SubordinatedStructured Notes UnsecuredDebt Equity Fair Value Total Fair Value % of NetAssets Applicable toCommon Stock Specialty Retail 5,914 — — — — 5,914 0.2 % Textiles, Apparel & Luxury Goods 69,402 — — — 30,303 99,705 3.3 % Structured Finance (A) — — 35,002 — — 35,002 1.1 % Total Non-Control/Non-Affiliate $ 2,053,532 $ 710,809 $ 35,002 $ — $ 150,749 $ 2,950,092 98.7 % Fair Value % of Net Assets 68.7 % 23.8 % 1.2 % — % 5.0 % 98.7 % Total Portfolio $ 4,462,778 $ 765,806 $ 35,002 $ 5,403 $ 1,404,527 $ 6,673,516 223.3 % Fair Value % of Net Assets 149.3 % 25.6 % 1.2 % 0.2 % 47.0 % 223.3 % (A) Our SSN investments do not have industry concentrations and as such have been separated in the tables above. (B) Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants. (B) See notes to consolidated financial statements. 179

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (36) The interest rate on the below list of investments, which excludes those on non-accrual, contains a paid in kind (“PIK”) provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of June 30, 2025: Security Name PIK Rate -Capitalized PIK Rate -Paid as cash MaximumCurrent PIK Rate Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan 9.65% —% 9.65% (A) Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan 12.06% —% 12.06% (A) Belnick, LLC - First Lien Term Loan 13.06% —% 13.06% (B) CP Energy Services Inc. - First Lien Term Loan —% 13.56% 13.56% CP Energy Services Inc. - First Lien Term Loan —% 13.56% 13.56% CP Energy Services Inc. - First Lien Term Loan —% 13.56% 13.56% CP Energy Services Inc. - Delayed Draw Term Loan 10.53% 3.03% 13.56% CP Energy Services Inc. - Incremental First Lien Term Loan A to Spartan Energy Services, LLC —% 12.56% 12.56% (C) CP Energy Services Inc. - First Lien Term Loan A to Spartan Energy Services, LLC 3.94% 8.62% 12.56% (C) Credit Central Loan Company, LLC - First Lien Term Loan 10.00% —% 10.00% (D) Credit.com Holdings, LLC - First Lien Term Loan A 15.56% —% 15.56% (E) Druid City Infusion, LLC - First Lien Convertible Note 2.00% —% 2.00% Emerge Intermediate, Inc. - First Lien Term Loan 4.50% —% 4.50% First Tower Finance Company LLC - First Lien Term Loan 0.08% 14.92% 15.00% (F) InterDent, Inc. - First Lien Term Loan B 7.00% —% 7.00% InterDent, Inc. - First Lien Delayed Draw Term Loan B 7.00% —% 7.00% MITY, Inc. - First Lien Term Loan B —% 10.00% 10.00% National Property REIT Corp. - First Lien Term Loan A —% 2.00% 2.00% National Property REIT Corp. - First Lien Term Loan D —% 2.00% 2.00% National Property REIT Corp. - First Lien Term Loan E —% 7.00% 7.00% Nationwide Loan Company LLC - Delayed Draw Term Loan 10.00% —% 10.00% (G) Nationwide Loan Company LLC - Delayed Draw Term Loan 10.00% —% 10.00% (G) New WPCC Parent, LLC. - First Lien Term Loan —% 8.00% 8.00% QC Holdings TopCo, LLC - Second Lien Term Loan —% 14.50% 14.50% (J) Pacific World Corporation - First Lien Term Loan A 7.07% 1.51% 8.58% Recovery Solutions Parent, LLC - First Lien Term Loan —% 8.50% 8.50% (H) STG Distribution, LLC - First Out First Lien Term Loan 7.25% —% 7.25% STG Distribution, LLC - Second Out First Lien Term Loan 6.50% —% 6.50% Rising Tide Holdings, Inc. - First Lien First Out Term Loan 15.00% —% 15.00% Rising Tide Holdings, Inc. - First Lien Second Out Term Loan 12.00% —% 12.00% Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Term Loan B 2.00% —% 2.00% Town & Country Holdings, Inc. - First Lien Term Loan —% 5.00% 5.00% USES Corp. - First Lien Term Loan —% 13.59% 13.59% USES Corp. - First Lien Equipment Term Loan 13.59% —% 13.59% (I) Valley Electric Co. of Mt. Vernon, Inc. - First Lien Term Loan —% 2.50% 2.50% Valley Electric Company, Inc. - First Lien Term Loan —% 10.00% 10.00% Valley Electric Company, Inc. - First Lien Term Loan B —% 5.50% 5.50% Wellful Inc. - Tranche B Term Loan 1.75% —% 1.75% (A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing incash to be payable in kind. (B) On May 13, 2025, the Belnick, LLC First Lien Term Loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 13.06%. (C) On August 22, 2022, the Spartan Energy Services, LLC Twenty-Fifth Amendment to Amended and Restated Senior Secured Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 12.56%. (D) On September 30, 2022, the Credit Central Senior Subordinated Loan Agreement was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 10.00%. See notes to consolidated financial statements. 180

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (E) On September 28, 2023, the Credit.com First Lien Term Loan A was amended to allow a portion of interest accruing in cash to be payable in kind. (F) On December 30, 2022, the First Tower Finance Company LLC Amendment No. 15 was amended to reduce the PIK rate to 5.00% and allow the interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 15.00%. (G) The Nationwide Loan Company LLC Delayed Draw Term Loan agreement allows for a portion of interest accruing in cash to be payable in kind. (H) The Recovery Solutions Parent, LLC First Lien Term Loan agreement dated January 27, 2025 allows for a portion of interest accruing in cash to be payable in kind. (I) On March 28, 2023, the USES Corp. First Lien Equipment Term loan was amended to allow interest accruing in cash to be payable in kind resulting in a maximum current PIK rate of 13.59%. (J) The QC Holdings TopCo, LLC Senior Secured Term Loan Agreement dated June 30, 2025, allows for a portion of interest accruing in cash to be payable in kind. The first interest payment is due September 30, 2025. (37) As defined in the 1940 Act, we are deemed to “Control” these portfolio companies because we own more than 25% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2025, with these controlled investments were as follows: Controlled Companies Fair Value atJune 30, 2024 GrossAdditions(Cost)(A) GrossReductions(Cost)(B) Netunrealizedgains (losses) Fair Value atJune 30, 2025 Interestincome Dividendincome Otherincome Netrealizedgains(losses) Belnick, LLC (d/b/a The Ubique Group) $ — $ 76,346 $ — $ (25,180) $ 51,166 (c) $ 2,748 $ — $ 33 $ — CP Energy Services Inc. 70,721 15,174 — (536) 85,359 12,550 — — — CP Energy - Spartan Energy Services, LLC 39,485 10,301 — (12,956) 36,830 6,013 — — — Credit Central Loan Company, LLC 79,230 7,949 — (8,443) 78,736 8,711 — — — Echelon Transportation, LLC 66,923 1,260 (1,260) (1,270) 65,653 3,343 — — — First Tower Finance Company LLC 605,928 27,616 (437) 127,411 760,518 65,954 — 421 — Freedom Marine Solutions, LLC 12,651 975 — (1,966) 11,660 — — — — InterDent, Inc. 463,883 32,479 — (157,581) 338,781 39,207 — — — Kickapoo Ranch Pet Resort 4,742 — (800) (25) 3,917 160 — — — MITY, Inc. 85,583 4,265 — 4,570 94,418 9,336 — 107 12 National Property REIT Corp. 1,696,462 99,723 (285,386) (209,827) 1,300,972 89,786 — 14,825 — Nationwide Loan Company LLC 43,162 6,484 — (12,866) 36,780 3,793 — — — NMMB, Inc. 94,265 — — (22,058) 72,207 4,039 — — 6,366 Pacific World Corporation 104,663 20,592 (4,875) (12,410) 107,970 9,865 — 286 — QC Holdings TopCo, LLC — 77,286 — — 77,286 37 — 2,319 — R-V Industries, Inc. 102,402 10,000 — (6,825) 105,577 5,558 8,774 — — Universal Turbine Parts, LLC 68,067 20,000 (107) 14,768 102,728 4,755 — 300 — USES Corp. 17,989 8,638 (2,300) (9,809) 14,518 2,775 — — — Valley Electric Company, Inc. 316,419 — — 34,872 351,291 12,677 — 666 — Total$ 3,872,575 $ 419,088 $ (295,165) $ (300,131) $ 3,696,367 $ 281,307 $ 8,774 $ 18,957 $ 6,378 (A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, OID accretion and PIK interest, and any transfer of investments. (B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments. (C) Belnick, LLC (d/b/a The Ubique Group) was transferred to a control investment effective March 31, 2025 (see endnote 48). Income recognized prior to the reclassification date is reflected as income from non-control/non-affiliate investments on our Consolidated Statement of Operations. See notes to consolidated financial statements. 181

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (38) As defined in the 1940 Act, we are deemed to be an “Affiliated company” of these portfolio companies because we own more than 5% of the portfolio company’s outstanding voting securities. Transactions during the year ended June 30, 2025 with these affiliated investments were as follows: Affiliated Companies Fair Value atJune 30,2024 GrossAdditions(Cost)(A) GrossReductions(Cost)(B) Netunrealizedgains (losses) Fair Value atJune 30,2025 Interestincome Dividendincome Otherincome Net realizedgains (losses) Nixon, Inc. $ — $ — $ — $ — $ — $ — $ — $ — $ — RGIS Services, LLC 18,069 — 141 8,847 27,057 — 681 — — Total$ 18,069 $ — $ 141 $ 8,847 $ 27,057 $ — $ 681 $ — $ — (A) Gross additions include increases in the cost basis of the investments resulting from new portfolio investments, PIK interest, and any transfer of investments. (B) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investments repayments or sales, impairments, and any transfer of investments. See notes to consolidated financial statements. 182

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (39) Acquisition date represents the date of PSEC’s initial investment. Follow-on acquisitions have occurred on the following dates to arrive at PSEC’s current investment as of June 30, 2025 (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments) (see endnote 40 for NPRC equity follow-on acquisitions): Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) 8th Avenue Food & Provisions, Inc. Second Lien Term Loan 11/17/2020, 9/17/2021$ 7,051 Apidos CLO XV Subordinated Structured Note 3/29/2018 6,480 Apidos CLO XXII Subordinated Structured Note 2/24/2020 1,912 Atlantis Health Care Group (Puerto Rico), Inc. First Lien Term Loan 12/9/2016 42,000 Aventiv Technologies, LLC Second Out Super Priority First Lien TermLoan 6/28/2024 834 Aventiv Technologies, LLC Second Out Super Priority First Lien TermLoan 3/4/2025 595 Aventiv Technologies, LLC Super Priority Second Lien Term Loan 1/2/2025 105 Barings CLO 2018-III Subordinated Structured Note 5/18/2018 9,255 BCPE North Star US Holdco 2, Inc. Second Lien Term Loan 12/30/2021, 10/28/2022 70,133 BCPE Osprey Buyer, Inc. First Lien Revolving Line of Credit 2/22/2023, 5/23/2023, 9/14/2023, 11/22/2023, 3/28/2024,7/11/2024, 11/26/2024, 2/27/2025, 3/27/2025 7,301 BCPE Osprey Buyer, Inc. First Lien Delayed Draw Term Loan 9/26/2023 4,639 Belnick, LLC (d/b/a The Ubique Group) First Lien Term Loan 6/27/2022, 12/1/2023 18,000 Cent CLO 21 Limited Subordinated Structured Note 7/12/2018 1,024 Collections Acquisition Company, Inc. First Lien Term Loan 1/13/2022, 3/14/2024 15,800 CP Energy Services Inc. First Lien Term Loan 8/31/2023 2,900 CP Energy Services Inc. First Lien Delayed Draw Term Loan 3/25/2025, 6/24/2025 7,000 CP Energy Services Inc. First Lien Term Loan A to Spartan EnergyServices, LLC 4/9/2021, 1/10/2022, 2/10/2023, 6/7/2024, 11/13/2024, 1/9/2025,3/25/2025, 6/24/2025 25,181 CP Energy Services Inc. Common Stock 10/11/2013, 12/26/2013, 4/6/2018, 12/31/2019 69,586 Credit Central Loan Company, LLC Class A Units 12/28/2012, 3/28/2014, 6/26/2014, 9/28/2016, 8/21/2019 11,975 Credit Central Loan Company, LLC First Lien Term Loan 6/26/2014, 9/28/2016, 12/16/2022, 1/27/2023 45,995 Credit Central Loan Company, LLC Class P Units 1/27/2023 1,540 Discovery Point Retreat, LLC First Lien Term Loan 5/9/2025 3,700 DRI Holding, Inc. First Lien Term Loan 4/26/2022, 7/21/2022 12,999 DRI Holding, Inc. Second Lien Term Loan 5/18/2022 10,000 Dukes Root Control Inc. First Lien Revolving Line of Credit 4/24/2023, 11/27/2023, 2/2/2024, 2/26/2024, 2/26/2025 3,875 Dukes Root Control Inc. First Lien Delayed Draw Term Loan 5/26/2023, 10/26/2023 3,254 Echelon Transportation, LLC Membership Interest 3/31/2014, 9/30/2014, 12/9/2016 22,488 Echelon Transportation, LLC First Lien Term Loan 11/14/2018, 7/9/2019, 5/5/2020, 10/9/2020, 1/21/2021,3/18/2021 5,465 Emerge Intermediate, Inc. First Lien Term Loan 6/14/2024 1,467 Eze Castle Integration, Inc. First Lien Delayed Draw Term Loan 10/7/2022, 9/5/2023, 1/10/2025 2,576 First Brands Group First Lien Term Loan 4/27/2022 5,955 First Brands Group Second Lien Term Loan 5/12/2022 4,938 First Tower Finance Company LLC Class A Units 12/30/2013, 6/24/2014, 12/15/2015, 11/21/2016, 3/9/2018 39,885 First Tower Finance Company LLC First Lien Term Loan to First Tower, LLC 12/15/2015, 3/9/2018, 3/24/2022, 5/30/2025, 6/27/2025 60,548 Freedom Marine Solutions, LLC Membership Interest 10/1/2009, 12/22/2009, 1/13/2010, 3/30/2010, 5/13/2010,2/14/2011, 4/28/2011, 7/7/2011, 10/20/2011, 10/30/2015,1/7/2016, 4/11/2016, 8/11/2016, 1/30/2017, 4/20/2017,6/13/2017, 8/30/2017, 1/17/2018, 2/15/2018, 5/8/2018,10/31/2018, 5/14/2021, 4/18/2022, 2/15/2023, 7/2/2024 43,093 Galaxy XV CLO, Ltd. Subordinated Structured Note 8/21/2015, 3/10/2017 9,161 Galaxy XXVII CLO, Ltd. Subordinated Structured Note 6/11/2015 1,460 Help/Systems Holdings, Inc. (d/b/a Forta, LLC) Second Lien Term Loan 5/11/2021, 10/14/2021 54,649 Imperative Worldwide, LLC First Lien Term Loan 10/26/2022, 6/1/2023, 9/30/2024 8,190 See notes to consolidated financial statements. 183

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) InterDent, Inc. First Lien Term Loan A 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014, 7/14/2021,3/28/2022 93,903 InterDent, Inc. First Lien Term Loan B 2/11/2014, 4/21/2014, 11/25/2014, 12/23/2014 76,125 InterDent, Inc. Delayed Draw Term Loan B 12/20/2024, 3/24/2025, 5/27/2025, 6/23/2025 14,000 Interventional Management Services, LLC First Lien Revolving Line of Credit 2/25/2021, 11/17/2021 5,000 K&N HoldCo, LLC Class A Membership Units 7/31/2024 105 Kickapoo Ranch Pet Resort Membership Interest 10/21/2019, 12/4/2019 28 LCM XIV Ltd. Subordinated Structured Note 9/25/2015, 5/18/2018 9,422 LGC US FINCO, LLC First Lien Term Loan 3/2/2022 2,095 Lucky US BuyerCo LLC First Lien Revolving Line of Credit 3/21/2024, 6/24/2024, 3/31/2025 2,054 MITY, Inc. Common Stock 6/23/2014 7,200 MITY, Inc. First Lien Term Loan A 1/17/2017, 3/23/2021, 2/14/2024, 3/15/2024, 5/15/2024,9/16/2024, 12/3/2024, 4/4/2025 20,065 MITY, Inc. First Lien Term Loan B 1/17/2017, 6/3/2019 11,000 Nationwide Loan Company LLC Class A Units 3/28/2014, 6/18/2014, 9/30/2014, 6/29/2015, 3/31/2016,8/31/2016, 5/31/2017, 10/31/2017 20,469 Nationwide Loan Company LLC First Lien Delayed Draw Term Loan A 6/26/2024 2,250 Nationwide Loan Company LLC First Lien Delayed Draw Term Loan B 3/6/2025 3,000 National Property REIT Corp. First Lien Term Loan A 4/3/2020, 5/15/2020, 6/10/2020, 7/29/2020, 8/14/2020,9/15/2020,10/15/2020, 10/30/2020, 11/10/2020, 11/13/2020,11/19/2020, 12/11/2020, 1/27/2021, 2/25/2021, 3/11/2021,5/14/2021, 6/14/2021, 6/25/2021, 8/16/2021, 11/15/2021,11/26/2021, 12/1/2021, 12/28/2021, 1/14/2022, 2/15/2022,3/17/2022, 3/28/2022, 4/1/2022, 4/7/2022, 5/24/2022, 6/6/2022,7/5/2022, 8/31/2022, 10/6/2022, 1/10/2023, 2/28/2023, 4/4/2023,4/6/2023, 4/28/2023, 6/9/2023, 6/14/2023, 7/5/2023, 7/14/2023,8/31/2023, 9/29/2023, 10/4/2023, 10/20/2023, 11/30/2023,1/3/2024, 1/18/2024, 2/29/2024, 3/8/2024, 4/2/2024, 5/31/2024,7/8/2024, 8/30/2024, 10/10/2024, 12/02/2024, 1/6/2025,1/8/2025, 3/20/2025, 4/3/2025, 5/15/2025 933,468 National Property REIT Corp. First Lien Term Loan E 6/26/2024 35,300 NMMB, Inc. First Lien Term Loan 12/30/2019, 3/28/2022 40,100 Octagon Investment Partners XV, Ltd. Subordinated Structured Note 4/27/2015, 8/3/2015, 6/27/2017 10,516 Pacific World Corporation Convertible Preferred Equity 4/3/2019, 4/29/2019, 6/3/2019, 10/4/2019, 11/12/2019,12/20/2019, 1/7/2020, 3/5/2020, 12/30/2021, 1/26/2024 55,100 Pacific World Corporation First Lien Term Loan A 12/22/2022, 11/25/2024, 3/7/2025 19,900 PeopleConnect Holdings, Inc. First Lien Term Loan 10/21/2021 82,005 Precisely Software Incorporated Second Lien Term Loan 5/28/2021, 6/24/2021, 6/3/2022 59,333 Preventics, Inc. First Lien Term Loan 2 4/30/2025 1,900 Preventics, Inc. Preferred Units 4/30/2025 38 Preventics, Inc. Preferred Units 4/30/2025 527 Recovery Solutions Parent, LLC First Lien Term Loan 6/27/2025 2,190 Recovery Solutions Parent, LLC Common Stock 5/30/2025 102 Redstone Holdco 2 LP Second Lien Term Loan 9/10/2021 17,903 RGIS Services, LLC Membership Interest 5/28/2024 1,432 Rosa Mexicano First Lien Revolving Line of Credit 3/27/2020, 10/13/2023, 2/7/2024, 5/17/2024 5,400 R-V Industries, Inc. First Lien Term Loan 3/4/2022, 9/25/2023 8,700 R-V Industries, Inc. Common Stock 12/27/2016 1,854 Shiftkey, LLC First Lien Term Loan 8/26/2022, 9/14/2022, 9/23/2022 39,450 The RK Logistics Group, Inc. Class B Common Units 12/19/2023 1,250 The RK Logistics Group, Inc. First Lien Term Loan 6/28/2024 13,000 Town & Country Holdings, Inc. First Lien Term Loan 7/13/2018, 7/16/2018, 2/27/2024, 3/28/2024, 4/23/2024 115,000 Town & Country Holdings, Inc. Common Stock 10/18/2024, 12/27/2024, 1/10/2025, 5/7/2025 31,882 United Sporting Companies, Inc. Second Lien Term Loan 3/7/2013, 3/14/2024 59,325 Universal Turbine Parts, LLC First Lien Delayed Draw Term Loan 10/24/2019, 2/7/2020, 2/26/2020, 4/5/2021, 11/24/2023,6/27/2025 6,716 USES Corp. First Lien Term Loan A 6/15/2016, 6/29/2016, 2/22/2017, 4/27/2017, 5/4/2017,8/30/2017, 10/11/2017, 12/11/2018, 8/30/2019 14,100 USES Corp. First Lien Equipment Term Loan 6/23/2023, 7/3/2024, 11/6/2024, 1/9/2025 9,900 See notes to consolidated financial statements. 184

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) Portfolio Company Investment Follow-On Acquisition Dates Follow-OnAcquisitions(Excluding initialinvestment cost) USG Intermediate, LLC First Lien Revolving Line of Credit 7/2/2015, 9/23/2015, 9/14/2017, 8/21/2019, 9/17/2020, 9/8/2021,5/19/2022, 5/22/2023, 10/12/2023 21,700 USG Intermediate, LLC First Lien Term Loan B 8/24/2017, 7/30/2021, 2/9/2022, 8/17/2022, 5/12/2023,12/20/2023, 2/21/2025 129,475 Valley Electric Company, Inc. Common Stock 12/31/2012, 6/24/2014 18,502 Valley Electric Company, Inc. First Lien Term Loan 6/30/2014, 8/31/2018, 3/28/2022 18,129 Valley Electric Company, Inc. First Lien Term Loan B 5/1/2023 19,000 Voya CLO 2014-1, Ltd. Subordinated Structured Note 3/29/2018 3,943 (40) Since Prospect’s initial common equity investment in NPRC on December 31, 2013, we have made numerous additional follow-on investments that have been used to invest in new and existing properties as well as online consumer loans and rated secured structured notes. These follow-on acquisitions are summarized by fiscal year below (excluding effects of return of capital distributions). Details of specific transactions are included in the respective fiscal year Form 10-K filing (refer to endnote 42 for NPRC term loan follow-on investments): Fiscal Year Follow-On Investments(NPRC Common Stock, excluding cost of initial investment) 2014 $ 4,555 2015 68,693 2016 93,857 2017 116,830 2018 137,024 2019 11,582 2020 19,800 2022 15,620 2023 3,600 2024 4,600 2025 — (41) On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick, LLC and certain of its subsidiaries (“Belnick”) to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick is classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Holdings of Delaware, LLC (“Belnick Delaware”), a wholly owned consolidated holdings company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which equates to a 99.01% fully diluted beneficial interest in Belnick as of June 30, 2025. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets. (42) This investment represents a Level 2 security in the ASC 820 table as of June 30, 2025. See Notes 2 and 3 within the accompanying notes to consolidated financial statements for further discussion. (43) As of June 30, 2025, certain industries classifications have been revised compared to June 30, 2024 to align with updated industry structures. (44) The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreementamong lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investmentis the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, theCompany has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the“first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts duethereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable. (45) Emerge Intermediate, Inc., HD Research, LLC, ERG Buyer, LLC, and ERG Blocker, Inc. are joint borrowers on the First Lien Term Loan. See notes to consolidated financial statements. 185

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PROSPECT CAPITAL CORPORATION CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued) (in thousands, except share data) Endnote Explanations as of June 30, 2025 (Continued) (46) The stated interest rate on the drawn revolver and delayed drawn term loan commitments represents a weighted average interest rate for thefunded amounts of the investment. (47) Wellpath Holdings, Inc. (“Wellpath”) filed for Chapter 11 bankruptcy on November 11, 2024. On May 9, 2025 Wellpath Holdings, Inc. consummated a court-approved restructuring pursuant to its Chapter 11 Plan of Reorganization. As part of this transaction, our existing First LienTerm Loan was restructured into new debt and equity positions in New WPCC Parent, LLC and our residual Second Lien Senior Secured TermLoan deficiency claims were exchanged for beneficial interests in the Wellpath Holdings, Inc. Liquidation Trust. Our recovery in the Trust issubject to a claim’s reconciliation process and the value of our interest is based on management’s current estimate of expected recovery, usingLevel 3 unobservable inputs. (48) Investment provides future right to acquire voting securities not beneficially owned, subject to certain terms and conditions, including prior notice,which if exercised, could result in such investment becoming an affiliate or control investment. See notes to consolidated financial statements. 186

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except share and per share data) Note 1. Organization In this report, the terms “Prospect”, “the Company”, “we”, “us” and “our” mean Prospect Capital Corporation and its subsidiaries unless the context specifically requires otherwise. 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, as amended (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. On May 15, 2007, we formed a wholly owned subsidiary Prospect Capital Funding LLC (“PCF”), a Delaware limited liability company and a bankruptcy remote special purpose entity, which holds certain of our portfolio loan investments that are used as collateral for the revolving credit facility at PCF. On September 30, 2014, we formed a wholly-owned subsidiary Prospect Yield Corporation, LLC (“PYC”) and effective October 23, 2014, PYC holds a portion of our collateralized loan obligations (“CLOs”), which we also refer to as subordinated structured notes (“SSNs”). Each of these subsidiaries have been consolidated since operations commenced. We consolidate certain of our wholly owned and substantially wholly owned holding companies formed by us in order to facilitate our investment strategy. The following companies are included in our consolidated financial statements and are collectively referred to as the “Consolidated Holding Companies”: Belnick Holdings of Delaware, LLC (“Belnick Delaware”); CP Holdings of Delaware LLC (“CP Holdings”); Credit Central Holdings of Delaware, LLC; Energy Solutions Holdings Inc.; First Tower Holdings of Delaware LLC (“First Tower Delaware”); MITY Holdings of Delaware Inc.; Nationwide Acceptance Holdings LLC; NMMB Holdings, Inc. (“NMMB Holdings”); NPH Property Holdings, LLC (“NPH”); NPH Holdco LLC (“NPH Holdco”); Prospect Opportunity Holdings I, Inc. (“POHI”); R-V Holdings of Delaware, LLC (“R-V Holdings”); SB Forging Company, Inc. (“SB Forging”); STI Holding, Inc.; UTP Holdings Group Inc. (“UTP Holdings”); Valley Electric Holdings I, Inc. (“Valley Holdings I”); Valley Electric Holdings II, Inc. (“Valley Holdings II”); and Victor Holdings of Delaware, LLC (“Victor Holdings”). 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 is to generate both current income and long-term capital appreciation. We intend to invest primarily in privately owned United States (“U.S.”) middle market companies, in senior and secured first lien loans and, to a lesser extent, second lien loans, as well as equity and equity-linked investments with capital-appreciation potential (such as senior and secured convertible debt, preferred equity, common equity and warrants). Most of our investments will be in private U.S. companies; however, we may also invest to some extent in broadly-traded public companies and non-U.S. companies (subject to compliance with BDC requirements to invest at least 70% of assets in “eligible portfolio companies,” which are generally privately offered securities issued by U.S. private or thinly-traded companies). We are a non-diversified company within the meaning of the 1940 Act. 187

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 2. Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) pursuant to the requirements for reporting on Form 10-K, ASC 946, Financial Services—Investment Companies (“ASC 946”), and Articles 3, 6, and 12 of Regulation S-X. Under the 1940 Act, ASC 946, and the regulations pursuant to Article 6 of Regulation S-X, we are precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit us. Our consolidated financial statements include the accounts of Prospect, PCF, PYC, and the Consolidated Holding Companies. The consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated in consolidation. The financial results of our non-substantially wholly-owned holding companies and operating portfolio company investments are not consolidated in the financial statements. Any operating companies owned by the Consolidated Holding Companies are not consolidated. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. Cash, cash equivalents, and restricted cash are carried at cost, which approximates fair value. All cash and restricted cash balances are maintained with high credit quality financial institutions. Cash and restricted cash held at financial institutions, at times, has exceeded the Federal Deposit Insurance Corporation (“FDIC”) insured limit. The Company has not incurred any losses on these accounts, and the credit risk exposure is mitigated by the financial strength of the banking institutions where the amounts are held. Restricted cash relates to a contractual requirement for our Revolving Credit Facility to maintain a minimum cash balance in a reserve account. The contractual requirement is based upon our outstanding borrowing on our Revolving Credit Facility. Additionally, as of June 30, 2026, restricted cash may also include collateral posted to cover variation margin that may be restricted until the position is closed out. This balance is required by our custody control agreement to be held in a custody account. Reclassifications Certain reclassifications have been made in the presentation of prior consolidated financial statements and accompanying notes to conform to the presentation as of and for the year ended June 30, 2026. See Note 12. Income Taxes and Note 16. Financial Highlights. Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income, expenses, and gains and losses during the reported period. Changes in the economic environment, financial markets, creditworthiness of the issuers of our investment portfolio and any other parameters used in determining these estimates could cause actual results to differ, and these differences could be material. Investment Classification We are a non-diversified company within the meaning of the 1940 Act. As required by the 1940 Act, we classify our investments by level of control. As defined in the 1940 Act, “Control Investments” are those where there is the ability or power to exercise a controlling influence over the management or policies of a company. Control is generally deemed to exist when a company or individual possesses a beneficial ownership of more than 25% of the voting securities of an investee company. Under the 1940 Act, “Affiliate Investments” are defined by a lesser degree of influence and are deemed to exist through owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of another person. “Non-Control/Non-Affiliate Investments” are those that are neither Control Investments nor Affiliate Investments. As a BDC, we must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). As of June 30, 2026 and June 30, 2025, our qualifying assets as a percentage of total assets, stood at 81.94% and 85.27%, respectively. 188

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Investment Transactions Investments are recognized when we assume an obligation to acquire a financial instrument and assume the risks for gains or losses related to that instrument. Specifically, we record all security transactions on a trade date basis. We determine the fair value of our investments on a quarterly basis (as discussed in Investment Valuation below), with changes in fair value reflected as a net change in unrealized gains (losses) from investments in the Consolidated Statement of Operations. Investments are derecognized when we assume an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Realized gains or losses on the sale of investments are calculated using the specific identification method. Amounts for investments traded but not yet settled are reported in Due to Broker or Due from Broker, in the Consolidated Statements of Assets and Liabilities. As of June 30, 2026 and June 30, 2025, we have no assets going through foreclosure. Foreign Currency Foreign currency amounts are translated into U.S. Dollars (USD) on the following basis: i. fair value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and ii. purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such investment transactions, income or expenses. We do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held or disposed of during the period. Such fluctuations are included within the net realized and net change in unrealized gains or losses from investments in the Consolidated Statements of Operations. Foreign-denominated monetary assets and liabilities, including our 5.50% 2030 Notes, are remeasured at the spot exchange rate as of the last business day of the period, with the resulting gains and losses recognized in net change in unrealized gains (losses) from derivative instruments and foreign currency transactions. Foreign-currency-denominated cash proceeds and payments, including interest payments on the 5.50% 2030 Notes, are translated at the exchange rates in effect on the settlement dates and recognized in net realized gains (losses) from derivative instruments and foreign currency transactions and for interest payment in interest expense. We use foreign currency forward contracts to manage a portion of our exposure to changes in the Israeli Shekel/U.S. Dollar exchange rate associated with principal and interest on the 5.50% 2030 Notes. Certain forward contracts are designated as cash flow hedges of forecasted interest payments and certain forward contracts are designated as fair value hedges of the foreign currency risk in the 5.50% 2030 Notes’ principal. Refer to Note 6. Public Notes for additional information, including the accounting for amounts recognized in earnings and other comprehensive income. Investment Risks Our investments are subject to a variety of risks. Those risks include the following: Market Risk Market risk represents the potential loss that can be caused by a change in the fair value of the financial instrument. Credit Risk Credit risk represents the risk that we would incur if the counterparties failed to perform pursuant to the terms of their agreements with us. Liquidity Risk Liquidity risk represents the possibility that we may not be able to rapidly adjust the size of our investment positions in times of high volatility and financial stress at a reasonable price. 189

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Interest Rate Risk Interest rate risk represents a change in interest rates, which could result in an adverse change in the fair value of an interest-bearing financial instrument. Prepayment Risk Many of our debt investments allow for prepayment of principal without penalty. Downward changes in interest rates may cause prepayments to occur at a faster than expected rate, thereby effectively shortening the maturity of the security and making us less likely to fully earn all of the expected income of that security and reinvesting in a lower yielding instrument. Structured Credit Related Risk CLO investments may be riskier and less transparent to us than direct investments in underlying companies. CLOs typically will have no significant assets other than their underlying senior secured loans. Therefore, payments on CLO investments are and will be payable solely from the cash flows from such senior secured loans. Foreign Currency Investments and debt denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Other Risks Political developments, including civil conflicts and war, sanctions or other measures by the United States or other governments, natural disasters, public health crises and other events outside the Company’s control can directly or indirectly have a material adverse impact on the Company and our portfolio companies. Investment Valuation As a BDC, and in accordance with the 1940 Act, we fair value our investment portfolio on a quarterly basis, with any unrealized gains and losses reflected in net increase (decrease) in net assets resulting from operations on our Consolidated Statement of Operations. To value our investments, we follow the guidance of ASC 820, Fair Value Measurement (“ASC 820”), that defines fair value, establishes a framework for measuring fair value in conformity with GAAP, and requires disclosures about fair value measurements. In accordance with ASC 820, the fair value of our investments is defined as the price that we would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market in which that investment is transacted. ASC 820 classifies the inputs used to measure these fair values into the following hierarchy: Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices, including valuations derived from observable market data such as interest rate curves, forward curves, foreign exchange rates, and credit spreads. Level 3: Unobservable inputs for the asset or liability. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. Our Board of Directors has established procedures for the valuation of our investment portfolio. These procedures are detailed below. Investments for which market quotations are readily available are valued at such market quotations, subject to the quotations meeting sufficient volume and liquidity metrics. 190

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) For most of our investments, market quotations are not available. With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, due to factors such as volume and frequency of price quotes, our Board of Directors has approved a multi-step valuation process each quarter, as described below. 1. Each portfolio company or investment is reviewed by our investment professionals with independent valuation firms engaged by our Board of Directors. 2. The independent valuation firms prepare independent valuations for each investment based on their own independent assessments and issue their report. 3. The Audit Committee of our Board of Directors reviews and discusses with the independent valuation firms the valuation reports, and then makes a recommendation to the Board of Directors of the value for each investment. 4. The Board of Directors discusses valuations and determines the fair value of each investment in our portfolio in good faith based on the input of the Investment Adviser, the respective independent valuation firm and the Audit Committee. Our non-CLO investments that are classified as Level 3 are primarily valued utilizing a discounted cash flow, enterprise value (“EV”) waterfall, asset recovery analysis, deficiency claims analysis, or an option pricing model. The discounted cash flow converts future cash flows or earnings to a range of fair values from which a single estimate may be derived utilizing an appropriate discount rate. The fair value measurement is basedon the net present value indicated by current market expectations about those future amounts. Under the EV waterfall, the EV of a portfolio company is first determined and allocated over the portfolio company’s securities in order of their preference relative to one another (i.e., “waterfall” allocation). To determine the EV, we typically use a market (multiples) valuation approach that considers relevant and applicable market trading data of guideline public companies, transaction metrics from precedent merger and acquisitions transactions, and/or a discounted cash flow. The asset recovery analysis is intended to approximate the net recovery value of an investment based on, among other things, assumptions regarding liquidation proceeds based on a hypothetical liquidation of a portfolio company’s assets. The deficiency claim analysis approximates the potential recoveries from claims after liquidation. The option pricing model considers the optionality of certain equity positions when there is a limitation to exit or effectuate a sale. The model utilizes the underlying price, the strike or exercise price, interest rate, volatility, and time to expiration date. In applying these methodologies, additional factors that we consider in valuing our investments may include, as we deem relevant: security covenants, call protection provisions, and information rights; the nature and realizable value of any collateral; the portfolio company’s ability to make payments; the principal markets in which the portfolio company does business; publicly available financial ratios of peer companies; the principal market; and enterprise values, among other factors. Our investments in CLOs are classified as Level 3 fair value measured securities under ASC 820 and are valued using a discounted multi-path cash flow model. The CLO structures are analyzed to identify the risk exposures and to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations, which is a simulation used to model the probability of different outcomes, to generate probability-weighted (i.e., multi-path) cash flows from the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market as well as certain benchmark credit indices are considered, to determine the value of each CLO investment. In addition, we generate a single-path cash flow utilizing our best estimate of expected cash receipts, and assess the reasonableness of the implied discount rate that would be effective for the value derived from the multi-path cash flows. We are not responsible for and have no influence over the asset management of the portfolios underlying the CLO investments we hold, as those portfolios are managed by non-affiliated third-party CLO collateral managers. The main risk factors are default risk, prepayment risk, interest rate risk, downgrade risk, and credit spread risk. Convertible Notes Our previously outstanding 6.375% convertible notes due 2025, which matured during the fiscal year ended June 30, 2025, are referred to as the “2025 Notes” or the “Convertible Notes”. We recorded the Convertible Notes at their contractual amounts and at issuance, we determined that the embedded conversion options in the Convertible Notes are not required to be separately accounted for as a derivative under ASC 815, Derivatives and Hedging. The Convertible Notes were repaid at maturity on March 3, 2025. See Note 5 for activity recorded during the year ended June 30, 2025. Revenue Recognition Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Original issue discounts and market discounts are capitalized and accreted into interest income over the respective terms of the applicable 191

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) loans using the effective interest method or straight-line, as applicable, and adjusted only for material amendments or prepayments. Upon a prepayment of a loan, prepayment premiums, original issue discount, or market discounts are recorded as interest income. Loans are placed on non-accrual status when there is reasonable doubt that principal or interest will be collected. Unpaid accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans are either applied to the cost basis or interest income, depending upon management’s judgment of the collectability of the loan receivable. Non-accrual loans are restored to accrual status when past due principal and interest is paid and in management’s judgment, is likely to remain current and future principal and interest collections when due are probable. Interest received and applied against cost while a loan is on non-accrual, and payment-in-kind (“PIK”) interest capitalized but not recognized while on non-accrual, is recognized prospectively on the effective yield basis through maturity of the loan when placed back on accrual status, to the extent deemed collectible by management. As of June 30, 2026 and June 30, 2025, approximately 0.7% and 0.3%, respectively, of our total assets at fair value are in non-accrual status. Some of our loans and other investments may have contractual PIK interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, we capitalize the accrued interest (reflecting such amounts in the basis as additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At the point that we believe PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. We do not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if we believe that PIK is expected to be realized. Interest income from investments in Subordinated Structured Notes (typically preferred shares, income notes or subordinated notes of CLO funds) and “equity” class of security of securitized trust is recorded based upon an estimation of an effective yield to expected maturity utilizing assumed cash flows in accordance with ASC 325-40, Beneficial Interests in Securitized Financial Assets. We monitor the expected cash inflows from our CLO and securitized trust equity investments, including the expected residual payments, and the effective yield is determined and updated periodically. We recognize realized losses for certain CLO equity investments when we determine that a CLO’s expected remaining cash flows do not exceed amortized cost basis. In such situations, the amortized cost basis of the CLO is written down and recognized as a realized loss. Dividend income is recorded on the ex-dividend date. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient current or accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Other income consists of structuring fees, amendment fees, overriding royalty interests, receipts related to net profit and revenue interests, deal deposits, administrative agent fees, and other miscellaneous receipts, which are recognized as revenue when received. Structuring fees and certain other amendment or advisory fees are considered fees in exchange for the provision of certain services and are subject to the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). All other types of income are derived fromlending or equity investments, which is recognized in accordance with ASC 310-20, Nonrefundable Fees and Other Costs. See Note 10. OtherIncome. Realized gains or losses on the sale of investments are calculated using the specific identification method. Refer to Investment Transactions above. 192

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Federal and State Income Taxes We have elected to be treated as a RIC and intend to continue to comply with the requirements of the Code applicable to RICs. We are required to distribute at least 90% of our investment company taxable income and intend to distribute (or retain through a deemed distribution) all of our investment company taxable income and net capital gain to stockholders; therefore, we have made no provision for income taxes. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gains in the calendar year earned, we will generally be required to pay an excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated excess taxable income. As of June 30, 2026, we do not expect to have any excise tax due for the 2026 calendar year. Thus, we have not accrued any excise tax for the year ended June 30, 2026. If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate income tax rates. We would not be able to deduct distributions to stockholders, nor would we be required to make distributions. Distributions would generally be taxable to our individual and other non-corporate taxable stockholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits, provided certain holding period and other requirements are met. Subject to certain limitations under the Code, corporate distributions would be eligible for the dividends-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our stockholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. We follow ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. As of June 30, 2026, we did not record any unrecognized tax benefits or liabilities. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations, and interpretations thereof. Although we file both federal and state income tax returns, our major tax jurisdiction is federal. Our federal tax returns for the tax years ended August 31, 2023 and thereafter remain subject to examination by the Internal Revenue Service. Taxable Subsidiaries Certain of our consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. As of June 30, 2026, and June 30, 2025, no net tax benefit or expense was recorded since they did not result in a material provision for income taxes. As of June 30, 2026, and June30, 2025, the net deferred tax asset or liability was not material to the financial statements after taking into account valuation allowances. Dividends and Distributions to Common Shareholders Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount, if any, to be paid as a monthly dividend or distribution is approved by our Board of Directors quarterly and is generally based upon our management’s estimate of our future taxable earnings. Net realized capital gains, if any, are distributed at least annually. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be a return of the money originally invested and represent a return of capital distribution to shareholders for tax purposes. 193

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Financing Costs We record origination expenses related to our Revolving Credit Facility as deferred financing costs. These expenses are deferred and amortized as part of interest expense using the straight-line method over the stated life of the obligation for our Revolving Credit Facility. Debt issuance costs and origination discounts related to our Convertible Notes, 3.364% 2026 Notes, and 3.437% 2028 Notes are presented net against the outstanding principal of the respective instrument and amortized as part of interest expense using the effective interest method over the stated life of the respective instrument. Debt issuance costs and origination discounts related to our 5.50% 2030 Notes (collectively, with our 3.364% 2026 Notes and 3.437% 2028 Notes, our “Public Notes”) and Prospect Capital InterNotes® (collectively, with our Public Notes, our “Unsecured Notes”) are net against the outstanding principal amount of our 5.50% 2030 Notes and Prospect Capital InterNotes®, respectively, and are amortized as part of interest expense using the straight-line method over the stated maturity of the respective note. In the event that we modify or extinguish our debt before maturity, we follow the guidance in ASC 470-50, Modification and Extinguishments (“ASC 470-50”). For modifications to or exchanges of our Revolving Credit Facility, any unamortized deferred costs relating to lenders who are not part of the new lending group are expensed. For extinguishments of our Unsecured Notes, any unamortized deferred costs are deducted from the carrying amount of the debt in determining the gain or loss from the extinguishment. Unamortized deferred financing costs are presented as a direct deduction to the respective Unsecured Notes (see Notes 5, 6, and 7). We may record registration expenses related to shelf filings as prepaid expenses. These expenses consist principally of the Securities and Exchange Commission (“SEC”) or Israeli Securities Authority (“ISA”) registration fees, legal fees and accounting fees incurred. These prepaid expenses are charged to capital upon the receipt of proceeds from an equity offering or reclassified to deferred debt issuance costs upon the receipt of proceeds from a debt offering and are presented and amortized in accordance with the above policy. The prepaid expenses are charged to expense if no offering is completed. As of June 30, 2026 and June 30, 2025, there are no prepaid expenses related to registration expenses and all amounts incurred have been expensed. Per Share Information In accordance with ASC 946, senior equity securities, such as preferred stock, are not considered in the calculation of net asset value per common share. Net asset value per common share also excludes the effects of assumed conversion of outstanding convertible securities, regardless of whether their conversion would have a diluting effect. Therefore, our net asset value is presented on the basis of per common share outstanding as of the applicable period end. We compute earnings per common share in accordance with ASC 260, Earnings Per Share (“ASC 260”). Basic earnings per common share is calculated by dividing the net increase (decrease) in net assets resulting from operations applicable to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share gives effect to all dilutive potential common shares outstanding using the if-converted method for our Convertible Preferred Stock and, prior to our full redemption of the 2025 Notes on March 3, 2025, our Convertible Notes (together, “convertible instruments”). Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive. 194

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Preferred Stock In accordance with ASC 480-10-S99-3A, the Company’s Preferred Stock (as defined in “Note 9. Equity Offerings, Offering Expenses, and Distributions”) has been classified in temporary equity on the Consolidated Statement of Assets and Liabilities. Beginning with the period ended September 30, 2021, limitations on our ability to exercise our Issuer Optional Conversion on the 5.50% Preferred Stock and 6.50% Preferred Stock (each, as defined below) created the possibility of redemption outside of the Company’s control if dividends on the Preferred Stock have accumulated and been unpaid for a period of two years. The 5.50% Preferred Stock, 6.50% Preferred Stock and 5.35% Series A Preferred Stock issued as temporary equity is recorded net of offering costs and issuance costs due to this possibility. The 5.50% Preferred Stock issued prior to the issuance of our 5.35% Series A Preferred Stock has a carrying value on our Consolidated Statement of Assets and Liabilities equal to liquidation value per share. The Floating Rate Preferred Stock and 7.50% Preferred Stock (each, as defined below) are redeemable at the election of the holder at any time and is probable of redemption outside of the Company’s control. In accordance with ASC 480-10-S99-3A, the Floating Rate Preferred Stock and 7.50% Preferred Stock are accreted to redemption value within temporary equity upon issuance. Accretion to redemption value is treated as an adjustment to net increase (decrease) in net assets resulting from operations applicable to common stockholders on our Consolidated Statement of Operations. Accrued and unpaid dividends relating to the Preferred Stock are included in the preferred stock carrying value on the Consolidated Statement of Assets and Liabilities. Dividends declared on the Preferred Stock are included in preferred stock dividends on the Consolidated Statement of Operations. Segment Reporting In accordance with ASC Topic 280 - Segment Reporting (“ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra- segment sales and transfers of assets. Derivative Instruments The Company follows the guidance in ASC Topic 815 - Derivatives and Hedging (“ASC Topic 815”) when accounting for derivative instruments. The Company may enter into derivative instruments, primarily foreign currency forward contracts, to manage its exposure to foreign currency exchange rate risk associated with certain financing arrangements, including the 5.50% 2030 Notes. Derivative instruments are recognized as assets or liabilities at fair value in the Consolidated Statement of Assets and Liabilities. The Company designates certain foreign currency forward contracts as cash flow hedges, which hedge the foreign currency exchange rate risk associated with forecasted interest payments on the 5.50% 2030 Notes, which are payable in Israeli Shekel. For qualifying cash flow hedges, the change in fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in other comprehensive income (loss) (“OCI”) and is reclassified into earnings in the same Consolidated Statement of Operations line item as the hedged item, when the hedged cash flows affect earnings. This will occur when interest payments are made and when the principal of the loan is fully repaid. The Company designates a certain foreign currency forward contract as fair value hedge of the foreign currency exchange rate risk associated with the principal of the 5.50% 2030 Notes. For this hedge, the Company has elected to apply the spot method (as defined within ASC Topic 815), whereby changes in the fair value of the forward contracts attributable to spot rate changes are included in the assessment of hedge effectiveness. The related gains and losses are recognized in earnings in the same Consolidated Statement of Operations line item as the earnings effect of the hedged item, which is net change in unrealized gains (losses) from derivative instruments and foreign currency transactions. The Company excludes forward points, the spot-forward difference, from the hedge effectiveness assessment. Forward points are recognized in earnings on a systematic basis over the term of the hedge, with any remaining change in the fair value of forward points recorded in OCI. Amounts recognized in earnings are presented in the same Consolidated Statement of Operations line item as the hedged item, which is net realized gains (losses) from derivative instruments and foreign currency transactions. Although the Company has the ability to offset derivative assets and liabilities that may be received or paid as part of collateral arrangements in the Consolidated Statement of Assets and Liabilities in accordance with the applicable offsetting guidance, the Company has elected not to offset and therefore presents derivative assets and derivative liabilities on a gross basis. The Company also does not offset the fair value of derivative instruments against cash collateral posted or received. 195

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In November 2025, the FASB issued ASU No. 2025-09, “Derivatives and Hedging (Topic 815): Hedge Accounting Improvements” (“ASU 2025- 09”), which clarifies certain aspects of the hedge accounting guidance and addresses incremental hedge accounting issues arising from the global reference rate reform initiative, with the objective of more closely aligning hedge accounting with the economics of an entity’s risk management activities. ASU 2025-09 is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and is to be applied on a prospective basis. The Company will adopt ASU 2025-09 as of September 30, 2027, and the application of this guidance is not expected to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023- 09”),” which intends to improve the transparency of income tax disclosures. ASU No. 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company adopted ASU 2023-09 during the year ended June 30, 2026 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements. Note 3. Portfolio Investments As of June 30, 2026, we had investments in 91 portfolio companies and other portfolio investments, which had an amortized cost of $6,315,369 and a fair value of $6,342,558. As of June 30, 2025, we had investments in 97 portfolio companies, which had an amortized cost of $6,693,501 and a fair value of $6,673,516. The original cost basis of debt and equity securities acquired, including follow-on investments for existing portfolio companies, payment-in-kind interest, and structuring fees, totaled $453,597 and $892,598 during the years ended June 30, 2026 and June 30, 2025, respectively. Debt repayments and considerations from sales of equity securities of approximately $581,994 and $1,302,673 were received during the years ended June 30, 2026 and June 30, 2025, respectively. Throughout the remainder of this footnote, we aggregate our portfolio investments by type of investment, which may differ slightly from the nomenclature used by the constituent instruments defining the rights of holders of the investment, as disclosed on our Consolidated Schedules of Investments (“SOI”). The following investments are included in each category: • First Lien Revolving Line of Credit includes our debt investments in first lien revolvers as well as our debt investments in delayed draw term loans. • First Lien Debt includes our debt investments listed on the SOI such as first lien term loans (including “unitranche” loans, which are loans that combine both senior and subordinated debt and “last out” loans which are loans that have a secondary payment priority behind “first out” first-lien loans). • Second Lien Revolving Line of Credit includes our debt investments in second lien revolvers as well as our debt investments in delayed draw term loans. • Second Lien Debt includes our debt investments listed on the SOI as second lien term loans. • Unsecured Debt includes our debt investments listed on the SOI as unsecured. • Subordinated Structured Notes includes our investments in the “equity” security class of CLO funds such as income notes, preference shares, and subordinated notes. • Equity, unless specifically stated otherwise, includes our investments in preferred stock, common stock, membership interests, net profits interests, net operating income interests, net revenue interests, overriding royalty interests, escrows receivable, and warrants. 196

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table shows the composition of our investment portfolio as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Cost Fair Value Cost Fair Value First Lien Revolving Line of Credit $ 78,795 $ 72,378 $ 83,721 $ 81,551 First Lien Debt 4,494,789 4,216,556 4,636,795 4,381,227 Second Lien Revolving Line of Credit 1,854 1,854 — — Second Lien Debt 752,658 577,354 965,712 765,806 Unsecured Debt 7,200 5,195 7,200 5,403 Subordinated Structured Notes 2,108 2,794 37,840 35,002 Equity 977,965 1,466,427 962,233 1,404,527 Total Investments $ 6,315,369 $ 6,342,558 $ 6,693,501 $ 6,673,516 (1) First lien debt includes loans that the Company classifies as “unitranche” and loans classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $219,582 and $155,717, respectively, as of June 30, 2026. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The following table shows the fair value of our investments and derivative instruments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2026: Level 1 Level 2 Level 3 Total First Lien Revolving Line of Credit $ — $ — $ 72,378 $ 72,378 First Lien Debt — 1,192 4,215,364 4,216,556 Second Lien Revolving Line of Credit — — 1,854 1,854 Second Lien Debt — 41 577,313 577,354 Unsecured Debt — — 5,195 5,195 Subordinated Structured Notes — — 2,794 2,794 Equity — — 1,466,427 1,466,427 Total Investments $ — $ 1,233 $ 6,341,325 $ 6,342,558 Derivative Instruments Foreign currency forward contracts - Assets $ — $ 18,900 $ — $ 18,900 Total Foreign currency forward contracts - Assets $ — $ 18,900 $ — $ 18,900 Foreign currency forward contracts - Liabilities $ — $ — $ — $ — Total Foreign currency forward contracts - Liabilities $ — $ — $ — $ — (1) First lien debt includes loans that the Company classifies as “unitranche”. The total amortized cost and fair value of the unitranche loan was $219,582 and $155,717, respectively, as of June 30, 2026. (2) All foreign currency forward contracts are designated in hedge relationships. (1) (1) (2) 197

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table shows the fair value of our investments disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2025. There were no derivative instruments held as of June 30, 2025. Level 1 Level 2 Level 3 Total First Lien Revolving Line of Credit $ — $ — $ 81,551 $ 81,551 First Lien Debt — 42,651 4,338,576 4,381,227 Second Lien Revolving Line of Credit — — — — Second Lien Debt — 39,434 726,372 765,806 Unsecured Debt — — 5,403 5,403 Subordinated Structured Notes — — 35,002 35,002 Equity — — 1,404,527 1,404,527 Total Investments $ — $ 82,085 $ 6,591,431 $ 6,673,516 (1) First lien debt includes loans that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2026: First LienRevolving Lineof Credit First LienDebt(2) Second LienRevolving Lineof Credit Second LienDebt UnsecuredDebt SubordinatedStructured Notes Equity Total Fair value as of June 30, 2025 $ 81,551 $ 4,338,576 $ — $ 726,372 $ 5,403 $ 35,002 $ 1,404,527 $ 6,591,431 Net realized (losses) gains on investments — (65,745) — (102,859) 19 (5,484) (50,226) (224,295) Net change in unrealized (losses) gains (5,403) 9,598 — 64,933 (208) 3,526 46,167 118,613 Net realized and unrealized (losses) gains(5,403) (56,147) — (37,926) (189) (1,958) (4,059) (105,682) Purchases of portfolio investments 33,949 259,719 5,229 8,359 — — 58,803 366,059 Payment-in-kind interest 2,849 57,164 — 5,790 — — 10,011 75,814 Accretion of discounts and premiums, net (12) 6,335 — 459 — — — 6,782 Decrease to Subordinated Structured Notescost, net(3) — — — — — (29,611) — (29,611) Repayments and sales of portfolio investments(27,353) (443,442) — (66,969) (19) (639) (5,355) (543,777) Transfers within Level 3(1) (13,203) 31,203 (3,375) (17,125) — — 2,500 — Transfers out of Level 3(1) — — — (48,947) — — — (48,947) Transfers into Level 3(1) — 21,956 — 7,300 — — — 29,256 Fair value as of June 30, 2026 $ 72,378 $ 4,215,364 $ 1,854 $ 577,313 $ 5,195 $ 2,794 $ 1,466,427 $ 6,341,325 (1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2026, three of our first lien notes and one of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2026, two of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable. During the year ended June 30, 2026, one of our second lien notes transferred to two first lien loans and three equity positions. In addition, one of our second lien revolving line of credit loans transferred to one second lien loan and two of our first lien revolving line of credit loans transferred to two of our first lien loans. (2) First lien debt includes loans that the Company classifies as “unitranche” and a loan classified as “first lien last out”. The total amortized cost and fair value of the unitranche and/or last out loans were $219,582 and $155,717, respectively, as of June 30, 2026. The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. (3) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2026, of $29,611 and the effective yield interest income recognized on our Subordinated Structured Notes of $0. The following tables show the aggregate changes in the fair value of our Level 3 investments during the year ended June 30, 2025: (1) 198

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) First Lien RevolvingLine of Credit First LienDebt(2) Second LienRevolvingLine of Credit Second LienDebt UnsecuredDebt SubordinatedStructured Notes Equity Total Fair value as of June 30, 2024 $ 86,544 $ 4,519,816 $ 4,987 $ 1,038,882 $ 7,200 $ 531,690 $ 1,479,473 $ 7,668,592 Net realized (losses) gains on investments — (9,258) — (81,838) 12 (432,592) 4,361 (519,315) Net change in unrealized (losses) gains (1,125) (134,545) 160 (20,233) (1,797) 89,170 (219,225) (287,595) Net realized and unrealized (losses) gains (1,125) (143,803) 160 (102,071) (1,785) (343,422) (214,864) (806,910) Purchases of portfolio investments(3) 57,591 578,939 (5,147) 55,694 — — 109,282 796,359 Payment-in-kind interest 2,778 89,671 — 2,187 — — — 94,636 Accretion of discounts and premiums, net 56 5,511 — 1,253 — — — 6,820 Decrease to Subordinated Structured Notescost, net(4) — — — — — (77,660) — (77,660) Repayments and sales of portfolioinvestments(3) (15,538) (701,471) — (227,569) (12) (75,606) (6,224) (1,026,420) Transfers within Level 3(1)(3) (48,755) 10,706 — 1,189 — — 36,860 — Transfers out of Level 3(1) — (147,000) — (43,193) — — — (190,193) Transfers into Level 3(1) — 126,207 — — — — — 126,207 Fair value as of June 30, 2025 $ 81,551 $ 4,338,576 $ — $ 726,372 $ 5,403 $ 35,002 $ 1,404,527 $ 6,591,431 (1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2025, two of our first lien notes and two of our second lien notes transferred out of Level 3 to Level 2 because inputs to the valuation became observable. During the year ended June 30, 2025, one of our first lien notes transferred out of Level 2 to Level 3 because inputs to the valuation became unobservable. (2) First lien debt includes a loan that the Company classifies as “unitranche” and a loan classified as “first lien last out.” The total amortized cost and fair value of the unitranche and/or last out loans were $201,585 and $166,464, respectively, as of June 30, 2025. The total amortized cost and fair value of the unitranche and/or last out loans were $22,359 and $22,413, respectively, as of June 30, 2024. (3)Includes reorganizations and restructuring of investments. (4) Reduction to cost value of our Subordinated Structured Notes investments represents the difference between distributions received, or entitled to be received, for the year ended June 30, 2025, of $84,604 and the effective yield interest income recognized on our Subordinated Structured Notes of $14,017. For the years ended June 30, 2026 and June 30, 2025, respectively the net change in unrealized (losses) gains on the investments that use Level 3 inputs was $85,896 and $(429,221) for investments still held as of June 30, 2026 and June 30, 2025, respectively. The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of June 30, 2026 and June 30, 2025: June 30, 2026 June 30, 2025 Cost Fair Value % of Portfolio Cost Fair Value % of Portfolio Consumer Finance $ 760,592 $ 1,149,153 18.1 % $ 741,932 $ 953,320 14.3 % Equity Real Estate Investment Trusts (REITs) 896,889 1,081,596 17.1 % 922,647 1,300,972 19.5 % Health Care Providers & Services 776,917 758,688 12.0 % 767,993 731,527 11.0 % All Other Industries 3,880,971 3,353,121 52.8 % 4,260,929 3,687,697 55.2 % Total $ 6,315,369 $ 6,342,558 100.0 % $ 6,693,501 $ 6,673,516 100.0 % As of June 30, 2026, portfolio investments located in Mississippi comprised 15.1% of our portfolio at fair value, with a cost of $491,410 and a fair value of $960,778 while portfolio investments located in California comprised 12.7% of our portfolio at fair value, with a cost of $1,123,855 and a fair value of $805,665. As of June 30, 2025, portfolio investments located in California comprised 11.9% of our portfolio at fair value, with a cost of $1,083,513 and a fair value of $794,097 while portfolio investments located in Mississippi comprised 11.4% of our investments at fair value, with a cost of $483,318 and a fair value of $760,518. 199

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2026 were as follows: Unobservable Input Asset Category Fair Value Primary Valuation Approach orTechnique Input Range WeightedAverage (3) First Lien Debt $ 1,387,300 Discounted cash flow (Yield analysis) Market yield 8.0% to 24.0% 12.0% First Lien Debt 876,859 Discounted cash flow Discount Rate 6.5% to 10.5% 7.3% Terminal Cap Rate 5.5% to 8.3% 6.1% First Lien Debt 655,124 Enterprise value waterfall (Marketapproach) EBITDA multiple 5.3x to 12.5x 9.7x Enterprise value waterfall (Discountedcash flow) Discount rate 11.3% to 16.0% 13.3% First Lien Debt 506,062 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.8x to 10.0x 8.4x First Lien Debt 460,264 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 3.5x to 4.0x 4.0x Earnings multiple 8.8x to 13.3x 13.3x First Lien Debt 307,175 Enterprise value waterfall (Marketapproach) Revenue multiple 0.3x to 3.0x 1.5x First Lien Debt 56,537 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 0.9x to 1.6x 1.3x First Lien Debt 18,034 Discounted cash flow (Yield analysis) Market yield 13.1% to 13.1% 13.1% Option Pricing Model Expected volatility 50.0% to 60.0% 60.0% First Lien Debt 11,012 Enterprise value waterfall (Discountedcash flow) Discount rate 10.0% to 20.0% 15.0% First Lien Debt 9,375 Enterprise value waterfall (Marketapproach) Revenue multiple 1.1x to 1.5x 1.5x Enterprise value waterfall (Discountedcash flow) Discount rate 18.3% to 20.3% 18.3% Second Lien Debt 480,118 Discounted cash flow (Yield analysis) Market yield 11.4% to 57.7% 17.0% Second Lien Debt 61,802 Enterprise value waterfall (Marketapproach) EBITDA multiple 6.3x to 7.3x 7.3x Second Lien Debt 21,402 Enterprise value waterfall (Marketapproach) EBITDA multiple 9.3x to 9.8x 9.5x Discounted cash flow (Yield analysis) Equity rates of return 25.0% to 30.0% 25.0% Second Lien Debt 8,429 Enterprise value waterfall (Marketapproach) EBITDA multiple 5.3x to 8.0x 6.6x Enterprise value waterfall (Discountedcash flow) Discount rate 11.3% to 13.3% 12.3% Second Lien Debt 7,416 Asset recovery analysis Recoverable amount n/a n/a Subordinated Structured Notes 2,794 Discounted cash flow Discount rate (1) 13.8% to 13.9% 13.9% Unsecured Debt 5,195 Enterprise value waterfall (Marketapproach) EBITDA multiple 5.3x to 6.8x 6.8x Preferred Equity 158,791 Enterprise value waterfall (Marketapproach) EBITDA multiple 3.5x to 10.0x 8.7x Preferred Equity 35,496 Option Pricing Model Expected volatility 55.0% to 70.0% 66.9% Enterprise value waterfall (Marketapproach) EBITDA multiple 6.0x to 7.5x 7.2x Liquidation Trust 12,264 Deficiency claim analysis Recoverable amount n/a n/a Common Equity/Interests/Warrants 503,988 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.5x to 11.3x 8.1x Common Equity/Interests/Warrants 500,514 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 3.5x to 4.0x 4.0x Earnings multiple 8.8x to 13.3x 13.3x 200

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The ranges of unobservable inputs used in the fair value measurement of our Level 3 investments as of June 30, 2025 were as follows: Unobservable Input Asset Category Fair Value Primary Valuation Approach orTechnique Input Range WeightedAverage (4) First Lien Debt $ 1,605,991 Discounted cash flow (Yield analysis) Market yield 7.8% to 28.9% 11.8% First Lien Debt 902,617 Discounted cash flow Discount Rate 6.5% to 10.3% 7.3% Terminal Cap Rate 5.3% to 8.3% 6.0% First Lien Debt 630,095 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.8x to 12.8x 10.6x Enterprise value waterfall (Discountedcash flow) Discount rate 14.5% to 38.8% 17.2% First Lien Debt 452,172 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 3.0x to 3.5x 3.5x Earnings multiple 8.0x to 12.5x 12.5x First Lien Debt 351,480 Enterprise value waterfall (Marketapproach) EBITDA multiple 5.0x to 11.5x 9.8x First Lien Debt 236,073 Enterprise value waterfall (Marketapproach) Revenue multiple 0.3x to 2.0x 1.7x First Lien Debt 78,736 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 1.4x to 2.2x 2.2x First Lien Debt 54,739 Enterprise value waterfall (Discountedcash flow) Discount rate 6.0% to 8.0% 6.0% Enterprise value waterfall Indicative bid estimate n/a n/a First Lien Debt 49,114 Enterprise value waterfall (Marketapproach) Revenue multiple 0.4x to 1.6x 0.9x Enterprise value waterfall (Discountedcash flow) Discount rate 15.5% to 31.0% 17.8% First Lien Debt 30,673 Discounted cash flow (Yield analysis) Market yield 26.4% to 26.4% 26.4% Option Pricing Model Expected volatility 45.0% to 55.0% 55.0% Enterprise value waterfall (Marketapproach) EBITDA multiple 8.0x to 9.0x 9.0x First Lien Debt 11,852 Discounted cash flow (Yield analysis) Market yield 17.2% to 17.2% 17.2% Option Pricing Model Expected volatility 45.0% to 55.0% 55.0% First Lien Debt 10,663 Enterprise value waterfall (Discountedcash flow) Discount rate 10.0% to 30.0% 15.3% First Lien Debt 5,922 Option Pricing Model Expected volatility 30.0% to 40.0% 40.0% Second Lien Debt 651,091 Discounted cash flow (Yield analysis) Market yield 11.0% to 48.5% 15.6% Second Lien Debt 54,997 Enterprise value waterfall Purchase price n/a n/a Second Lien Debt 12,897 Asset recovery analysis Recoverable amount n/a n/a Second Lien Debt 7,387 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.8x to 7.8x 6.3x Enterprise value waterfall (Discountedcash flow) Discount rate 14.5% to 16.5% 15.5% Subordinated Structured Notes 35,002 Discounted cash flow Discount rate (2) 16.0% to 60.2% 17.7% Unsecured Debt 5,403 Enterprise value waterfall (Marketapproach) EBITDA multiple 5.8x to 7.0x 7.0x Preferred Equity 89,912 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.3x to 11.3x 8.9x Preferred Equity 21,092 Option Pricing Model Expected volatility 55.0% to 70.0% 65.2% Enterprise value waterfall (Marketapproach) EBITDA multiple 3.3x to 6.8x 5.3x Preferred Equity 10,914 Enterprise value waterfall (Discountedcash flow) Discount rate 6.0% to 8.0% 6.0% Enterprise value waterfall Indicative bid estimate n/a n/a Preferred Equity 6,697 Enterprise value waterfall (Marketapproach) Revenue multiple 0.3x to 2.0x 1.1x Liquidation Trust 6,500 Deficiency claim analysis Recoverable amount n/a n/a 202

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Unobservable Input Asset Category Fair Value Primary Valuation Approach orTechnique Input Range WeightedAverage (4) Common Equity/Interests/Warrants 454,847 Enterprise value waterfall (Marketapproach) EBITDA multiple 4.5x to 11.5x 10.2x Common Equity/Interests/Warrants 354,269 Discounted cash flow Discount rate 6.5% to 10.3% 7.3% Terminal Cap Rate 5.3% to 8.3% 6.0% Common Equity/Interests/Warrants 308,346 Enterprise value waterfall (Marketapproach) Tangible book valuemultiple 3.0x to 3.5x 3.5x Earnings multiple 8.0x to 12.5x 12.5x Common Equity/Interests/Warrants 42,484 Enterprise value waterfall (Marketapproach) EBITDA multiple 7.0x to 12.8x 11.8x Enterprise value waterfall (Discountedcash flow) Discount rate 16.0% to 38.8% 36.8% Common Equity/Interests/Warrants(3) 32,206 Discounted cash flow Discount rate 6.5% to 10.3% 7.3% Terminal Cap Rate 5.3% to 8.3% 6.0% Common Equity/Interests/Warrants 26,817 Enterprise value waterfall (Discountedcash flow) Discount rate 10.0% to 30.0% 15.5% Common Equity/Interests/Warrants 22,289 Enterprise value waterfall Purchase price n/a n/a Common Equity/Interests/Warrants(1) 11,880 Enterprise value waterfall Discount rate (2) 12.3% to 16.0% 13.0% Common Equity/Interests/Warrants 11,660 Asset recovery analysis Recoverable amount n/a n/a Common Equity/Interests/Warrants 4,614 Enterprise value waterfall (Discountedcash flow) Discount Rate 20.0% to 30.0% 20.5% Total Level 3 Investments $ 6,591,431 (1) Represents the fair value of investments held by NPRC (see National Property REIT Corp section below) through its wholly owned subsidiary, National General Lending Limited (“NGL”), and valued using a discounted cash flow valuation technique. (2) Represents the implied discount rate based on our internally generated single-cash flow model that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm. (3) Represents Residual Profit Interests in Real Estate Investments. (4) The weighted average information is generally derived by assigning each disclosed unobservable input a proportionate weight based on the fair value of the related investment. Investments for which market quotations are readily available are valued at such market quotations. In order to validate market quotations, management and the independent valuation firm look at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. These investments are classified as Level 1 or Level 2 in the fair value hierarchy. The fair value of debt investments specifically classified as Level 2 in the fair value hierarchy are generally valued by an independent pricing agent or more than one principal market maker, if available, otherwise a principal market maker or a primary market dealer. We generally value over-the-counter securities by using the prevailing bid and ask prices from dealers during the relevant period end, which were provided by an independent pricing agent and screened for validity by such service. Certain derivative instruments are valued as Level 2 assets or liabilities using pricing information obtained from third-party pricing services, including IHS Markit. These valuations are based on prevailing market data as of the measurement date and are derived using models that apply well-recognized financial principles. Significant inputs to the valuation models include observable market data such as interest rate curves, forward curves, credit spreads, foreign exchange rates, volatilities, and other market-corroborated inputs. Management and the independent valuation firm evaluate the methodologies and inputs to assess whether the resulting values are representative of fair value. In determining the range of values for debt instruments where market quotations are not readily available, and are therefore classified as Level 3 in the fair value hierarchy, except CLOs and debt investments in controlling portfolio companies, management and the independent valuation firm estimated corporate and security credit ratings and identified corresponding yields to maturity for each loan from relevant market data. A discounted cash flow technique was then applied using the appropriate yield to maturity as the discount rate, to determine a range of values. In determining the range of values for debt investments of controlled companies and equity investments, the enterprise value was determined by applying a market 203

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) approach such as using earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples, net income and/or book value multiples for similar guideline public companies and/or similar recent investment transactions and/or an income approach, such as the discounted cash flow technique. The enterprise value technique may also be used to value debt investments which are credit impaired. For stressed debt and equity investments, asset recovery analysis was used. In determining the range of values for our investments in CLOs, the independent valuation firm uses a discounted multi-path cash flow model. The valuations were accomplished through the analysis of the CLO deal structures to identify the risk exposures from the modeling point of view as well as to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations, to generate probability-weighted (i.e., multi-path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. In addition, we generate a single-path cash flow utilizing our best estimate of expected cash receipts, and assess the reasonableness of the implied discount rate that would be effective for the value derived from the corresponding multi- path cash flow model. These investments are classified as Level 3 in the fair value hierarchy. The significant unobservable input used to value our investments based on the yield technique and discounted cash flow technique is the market yield (or applicable discount rate) used to discount the estimated future cash flows expected to be received from the underlying investment, which includes both future principal and interest/dividend payments. Increases or decreases in the market yield (or applicable discount rate) would result in a decrease or increase, respectively, in the fair value measurement. Management and the independent valuation firms consider the following factors when selecting market yields or discount rates: risk of default, rating of the investment and comparable company investments, and call provisions. The significant unobservable inputs used to value our investments based on the EV analysis may include market multiples of specified financial measures such as EBITDA, revenue, net income, or book value of identified guideline public companies, implied valuation multiples from precedent M&A transactions, and/or discount rates applied in a discounted cash flow technique. The independent valuation firm identifies a population of publicly traded companies with similar operations and key attributes to that of the portfolio company. Using valuation and operating metrics of these guideline public companies and/or as implied by relevant precedent transactions, a range of multiples of the latest twelve months EBITDA, or other measure such as net income or book value, is typically calculated. The independent valuation firm utilizes the determined multiples to estimate the portfolio company’s EV generally based on the latest twelve months EBITDA of the portfolio company (or other meaningful measure). Increases or decreases in the multiple would result in an increase or decrease, respectively, in EV which would result in an increase or decrease in the fair value measurement of the debt of controlled companies and/or equity investment, as applicable. In certain instances, a discounted cash flow analysis may be considered in estimating EV, in which case, discount rates based on a weighted average cost of capital and application of the capital asset pricing model may be utilized. The significant unobservable inputs used to value our private REIT investments based on the discounted cash flow analysis is the discount rate and terminal capitalization rate applied to projected cash flows of the underlying properties. Increases or decreases in the discount rate and terminal capitalization rate would result in a decrease or increase, respectively, in the fair value measurement. Changes in market yields, discount rates, capitalization rates or EBITDA (or other) multiples, each in isolation, may change the fair value measurement of certain of our investments. Generally, an increase in market yields, discount rates or capitalization rates, or a decrease in EBITDA (or other) multiples may result in a decrease in the fair value measurement of certain of our investments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of our investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations. 204

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Changes in Valuation Techniques During the year ended June 30, 2026, the valuation methodology for Aventiv Technologies, LLC (“Aventiv”) for the Third Out Super Priority First Lien Term Loan changed from relying on market quotes to relying solely on the enterprise value waterfall, since market quotes were less active in the current period and given the performance of Aventiv. The fair value of our investment in Aventiv’s Third Out Super Priority FirstLien Term Loan increased to $22,126, as of June 30, 2026, a discount of $7,653 from its amortized cost, compared to the $8,404 unrealized discount recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for Credit.com Holdings LLC (“Credit.com”) for the First Lien Term Loan A changed from the yield analysis to the enterprise value waterfall, given Credit.com’s declining performance. The fair value of our investment in the First Lien Term Loan A decreased to $8,436 as of June 30, 2026, a discount of $32,077 from its amortized cost, compared to the $2,182unrealized discount recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for Druid City Infusion, LLC (“Druid City”) for the Convertible First Lien Term Loan changed from a combination of the yield analysis, Black-Scholes Option Pricing Method, and enterprise value waterfall, to solely the enterprise value waterfall, given Druid City’s continued performance in excess of underwriting expectations, which resulted in comparable valuation outcomes across methodologies and a valuation increasingly driven by expected recovery rather than optionality. The fair value of our investment in the Convertible First Lien Term Loan increased to $38,732 as of June 30, 2026, a premium of $19,103 from its amortized cost,compared to the $11,438 unrealized premium recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for Eze Castle Integration, Inc. (“ECI”) LLC for the First Lien Term Loan changed from the yield analysis to a combination of the yield analysis and a take-out scenario, weighted primarily toward the take-out scenario, reflecting an anticipated refinancing of the investment. The fair value of our investment in the First Lien Term Loan was $45,443 as of June 30, 2026, which is equal to its amortized cost, consistent with the fair value having equaled its amortized cost at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for First Brands Group for the Second Lien Term Loan changed from the yield analysis to relying solely on market quotes, since market quotes were more active in the current period. As a result of the quoted prices, the fair value of our investment in the Second Lien Term Loan decreased to $41 as of June 30, 2026, a discount of $36,959 from its amortized cost, compared to the $2,573 unrealized discount recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for Medical Solutions Holdings, Inc. changed from the yield analysis to a combination of the yield analysis and enterprise value waterfall, given the performance and conditions of Medical Solutions Holdings, Inc. As a result, the fair value of our investment decreased to $21,402, as of June 30, 2026, a discount of $33,042 from its amortized cost, compared to the $25,825 unrealized discount recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for STG Distribution, LLC for the First Out Term Loan and the Third Out Term Loan changed from the yield analysis and Black-Scholes Option Pricing Method, respectively, to the enterprise value waterfall, to reflect the expected attributable recovery associated with a post-Chapter 11 restructuring. The Chapter 11 filing occurred on January 12, 2026. Subsequent to year-end, on July 8, 2026, STG Distribution, LLC emerged from Chapter 11 pursuant to its court-approved plan of reorganization. As of June 30, 2026, the fair value of our investment in STG Distribution, LLC’s First Out Term Loan and Third Out Term Loan were $6,076 and $0, representing a premium of $167 and a discount of $18,604 to their respective amortized costs, compared to an unrealized premium of $263 and an unrealized discount of $13,048 recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for Victor Technology, LLC for the First Lien Term Loan changed from the yield analysis to the enterprise value waterfall, resulting from a change in control. Given a decline in performance, the fair value of our investment in Victor Technology, LLC’s First Lien Term Loan decreased to $6,710, as of June 30, 2026, a discount of $3,940 from its amortized cost, compared to the $99 unrealized discount recorded at June 30, 2025. During the year ended June 30, 2026, the valuation methodology for WatchGuard Technologies, Inc. changed from a combination of the yield analysis and market quotes to solely the yield analysis, given market quotes were less active in the current period. As a result, the fair value of our investment decreased to $33,688, as of June 30, 2026, which is equal to its amortized cost, compared to the $165 unrealized discount recorded at June 30, 2025. Credit Quality Indicators and Undrawn Commitments As of June 30, 2026, $3,701,239 of our loans to portfolio companies, at fair value, bear interest at floating rates and, if applicable, have LIBOR or SOFR floors ranging from 0.5% to 5.5%. As of June 30, 2026, $1,172,098 of our loans to portfolio companies, at fair value, bear interest at fixed rates ranging from 5.75% to 30.0%. As of June 30, 2025, $4,010,055 of our loans 205

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) to portfolio companies, at fair value, bore interest at floating rates and, if applicable, have LIBOR or SOFR floors ranging from 0.5% to 5.5%. As of June 30, 2025, $1,223,932 of our loans to portfolio companies, at fair value, bore interest at fixed rates ranging from 6.0% to 18.0%. As of June 30, 2026 and June 30, 2025, the cost basis of our loans on non-accrual status amounted to $298,227 and $273,713 respectively, with fair value of $42,531 and $23,654, respectively. The fair values of these investments represent approximately 0.7% and 0.3% of our total assets at fair value as of June 30, 2026 and June 30, 2025, respectively. Undrawn committed revolvers and delayed draw term loans to our portfolio companies incur commitment and unused fees ranging from 0.00% to 3.00%. As of June 30, 2026 and June 30, 2025, we had $64,611 and $40,707, respectively, of undrawn revolver and delayed draw term loan commitments to our portfolio companies of which $52,446 and $15,900 are considered at the Company’s sole discretion. The fair value of our undrawn committed revolvers and delayed draw term loans was zero as of June 30, 2026 and June 30, 2025 as they were all floating rate instruments that repriced frequently. National Property REIT Corp. Prospect owns 100% of the equity of NPH Property Holdings, LLC (“NPH”), a consolidated holding company which owns 100% of the common equity of NPRC. NPRC is a Maryland corporation and a qualified REIT for federal income tax purposes. NPRC was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. NPRC acquires real estate assets, including, but not limited to, industrial, commercial, multi-family, self- storage, and student housing properties. NPRC may acquire real estate assets directly or through joint ventures by making a majority equity investment in a property-owning entity. Additionally, through its wholly-owned subsidiaries, NPRC invests in online consumer loans and rated secured structured notes (“RSSN”). During the year ended June 30, 2026, we provided $47,564 of debt financing to NPRC to fund real estate capital expenditures and provide working capital. During the year ended June 30, 2026, we received partial repayments of $73,323 of our loans previously outstanding with NPRC and its wholly owned subsidiary. During the year ended June 30, 2025, we provided $96,995 of debt financing to NPRC to fund real estate capital expenditures and provide working capital. During the year ended June 30, 2025, we received partial repayments of $285,386 of our loans previously outstanding with NPRC and its wholly owned subsidiary. As of June 30, 2026, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $896,889 and a fair value of $1,081,596, primarily related to NPRC’s real estate portfolio. The real estate portfolio was comprised of forty-four multi-family properties, two student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2026: 206

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) No. Property Name City Acquisition Date Purchase Price MortgageOutstanding 1 Taco Bell, OK Yukon, OK 6/4/2014 $ 1,719 $ — 2 Taco Bell, MO Marshall, MO 6/4/2014 1,405 — 3 Abbie Lakes OH Partners, LLC Canal Winchester, OH 9/30/2014 12,600 21,569 4 Kengary Way OH Partners, LLC Reynoldsburg, OH 9/30/2014 11,500 22,945 5 Lakeview Trail OH Partners, LLC Canal Winchester, OH 9/30/2014 26,500 43,656 6 Lakepoint OH Partners, LLC Pickerington, OH 9/30/2014 11,000 25,935 7 Sunbury OH Partners, LLC Columbus, OH 9/30/2014 13,000 21,372 8 Heatherbridge OH Partners, LLC Blacklick, OH 9/30/2014 18,416 31,810 9 Jefferson Chase OH Partners, LLC Blacklick, OH 9/30/2014 13,551 27,625 10 Goldenstrand OH Partners, LLC Hilliard, OH 10/29/2014 7,810 17,195 11 Vesper Corpus Christi, LLC Corpus Christi, TX 9/28/2016 14,250 9,905 12 Vesper Campus Quarters, LLC Corpus Christi, TX 9/28/2016 18,350 13,000 13 9220 Old Lantern Way, LLC Laurel, MD 1/30/2017 187,250 147,934 14 7915 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 95,700 85,465 15 8025 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 15,300 14,892 16 23275 Riverside Drive Owner, LLC Southfield, MI 11/8/2017 52,000 52,245 17 23741 Pond Road Owner, LLC Southfield, MI 11/8/2017 16,500 18,073 18 150 Steeplechase Way Owner, LLC Largo, MD 1/10/2018 44,500 34,505 19 Olentangy Commons Owner LLC Columbus, OH 6/1/2018 113,000 91,417 20 Villages of Wildwood Holdings LLC Fairfield, OH 7/20/2018 46,500 57,729 21 Falling Creek Holdings LLC Richmond, VA 8/8/2018 25,000 29,652 22 Lorring Owner LLC Forestville, MD 10/30/2018 58,521 46,561 23 Hamptons Apartments Owner, LLC Beachwood, OH 1/9/2019 96,500 79,107 24 5224 Long Road Holdings, LLC Orlando, FL 6/28/2019 26,500 21,200 25 Druid Hills Holdings LLC Atlanta, GA 7/30/2019 96,000 74,962 26 Sterling Place Holdings LLC Columbus, OH 10/28/2019 41,500 34,196 27 SPCP Hampton LLC Dallas, TX 11/2/2020 36,000 38,503 28 Palmetto Creek Holdings LLC North Charleston, SC 11/10/2020 33,182 25,668 29 Valora at Homewood Holdings LLC Homewood, AL 11/19/2020 81,250 62,718 30 NPRC Fairburn LLC Fairburn, GA 12/14/2020 52,140 43,900 31 NPRC Taylors LLC Taylors, SC 1/27/2021 18,762 13,980 32 Parkside at Laurel West Owner LLC Spartanburg, SC 2/26/2021 57,005 41,817 33 Willows at North End Owner LLC Spartanburg, SC 2/26/2021 23,255 18,519 34 SPCP Edge CL Owner LLC Webster, TX 3/12/2021 34,000 25,496 35 Jackson Pear Orchard LLC Ridgeland, MS 6/28/2021 50,900 42,975 36 Jackson Lakeshore Landing LLC Ridgeland, MS 6/28/2021 22,600 17,955 37 Jackson Reflection Pointe LLC Flowood, MS 6/28/2021 45,100 33,203 38 Jackson Crosswinds LLC Pearl, MS 6/28/2021 41,400 38,601 39 Elliot Apartments Norcross, LLC Norcross, GA 11/30/2021 128,000 106,850 40 Orlando 442 Owner, LLC (West Vue Apartments) Orlando, FL 12/30/2021 97,500 62,223 41 NPRC Wolfchase LLC Memphis, TN 3/18/2022 82,100 60,000 42 NPRC Twin Oaks LLC Hattiesburg, MS 3/18/2022 44,850 37,105 43 NPRC Lancaster LLC Birmingham, AL 3/18/2022 37,550 29,961 44 NPRC Rutland LLC Macon, GA 3/18/2022 29,750 24,700 45 Southport Owner LLC (Southport Crossing) Indianapolis, IN 3/29/2022 48,100 36,075 46 TP Cheyenne, LLC Cheyenne, WY 5/26/2022 27,500 17,656 47 TP Pueblo, LLC Pueblo, CO 5/26/2022 31,500 20,166 48 TP Stillwater, LLC Stillwater, OK 5/26/2022 26,100 15,328 49 TP Kokomo, LLC Kokomo, IN 5/26/2022 20,500 12,753 50 Terraces at Perkins Rowe JV LLC Baton Rouge, LA 11/14/2022 41,400 29,403 51 NPRC Apex Holdings LLC Cincinnati, OH 1/19/2024 34,225 27,712 52 NPRC Parkton Holdings LLC Cincinnati, OH 1/19/2024 45,775 37,090 $ 2,255,316 $ 1,943,307 207

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2025, our investment in NPRC and its wholly owned subsidiaries had an amortized cost of $922,647 and a fair value of $1,300,972. The fair value of $1,289,092 related to NPRC’s real estate portfolio was comprised of forty-seven multi-family properties, five student housing properties, four senior living properties, and two commercial properties. The following table shows the location, acquisition date, purchase price, and mortgage outstanding due to other parties for each of the properties held by NPRC as of June 30, 2025: No. Property Name City Acquisition Date Purchase Price Mortgage Outstanding 1 Taco Bell, OK Yukon, OK 6/4/2014 $ 1,719 $ — 2 Taco Bell, MO Marshall, MO 6/4/2014 1,405 — 3 Abbie Lakes OH Partners, LLC Canal Winchester, OH 9/30/2014 12,600 21,569 4 Kengary Way OH Partners, LLC Reynoldsburg, OH 9/30/2014 11,500 22,945 5 Lakeview Trail OH Partners, LLC Canal Winchester, OH 9/30/2014 26,500 43,656 6 Lakepoint OH Partners, LLC Pickerington, OH 9/30/2014 11,000 25,935 7 Sunbury OH Partners, LLC Columbus, OH 9/30/2014 13,000 21,372 8 Heatherbridge OH Partners, LLC Blacklick, OH 9/30/2014 18,416 31,810 9 Jefferson Chase OH Partners, LLC Blacklick, OH 9/30/2014 13,551 27,625 10 Goldenstrand OH Partners, LLC Hilliard, OH 10/29/2014 7,810 17,195 11 Vesper Tuscaloosa, LLC Tuscaloosa, AL 9/28/2016 54,500 40,312 12 Vesper Corpus Christi, LLC Corpus Christi, TX 9/28/2016 14,250 10,112 13 Vesper Campus Quarters, LLC Corpus Christi, TX 9/28/2016 18,350 13,272 14 Vesper College Station, LLC College Station, TX 9/28/2016 41,500 30,016 15 Vesper Statesboro, LLC Statesboro, GA 9/28/2016 7,500 7,323 16 9220 Old Lantern Way, LLC Laurel, MD 1/30/2017 187,250 150,423 17 7915 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 95,700 87,031 18 8025 Baymeadows Circle Owner, LLC Jacksonville, FL 10/31/2017 15,300 15,156 19 23275 Riverside Drive Owner, LLC Southfield, MI 11/8/2017 52,000 53,231 20 23741 Pond Road Owner, LLC Southfield, MI 11/8/2017 16,500 18,417 21 150 Steeplechase Way Owner, LLC Largo, MD 1/10/2018 44,500 35,185 22 Olentangy Commons Owner LLC Columbus, OH 6/1/2018 113,000 92,876 23 Villages of Wildwood Holdings LLC Fairfield, OH 7/20/2018 46,500 58,393 24 Falling Creek Holdings LLC Richmond, VA 8/8/2018 25,000 25,075 25 Crown Pointe Passthrough LLC Danbury, CT 8/30/2018 108,500 89,400 26 Lorring Owner LLC Forestville, MD 10/30/2018 58,521 47,274 27 Hamptons Apartments Owner, LLC Beachwood, OH 1/9/2019 96,500 79,520 28 5224 Long Road Holdings, LLC Orlando, FL 6/28/2019 26,500 21,200 29 Druid Hills Holdings LLC Atlanta, GA 7/30/2019 96,000 77,261 30 Bel Canto NPRC Parcstone LLC Fayetteville, NC 10/15/2019 45,000 42,329 31 Bel Canto NPRC Stone Ridge LLC Fayetteville, NC 10/15/2019 21,900 21,313 32 Sterling Place Holdings LLC Columbus, OH 10/28/2019 41,500 34,196 33 SPCP Hampton LLC Dallas, TX 11/2/2020 36,000 38,843 34 Palmetto Creek Holdings LLC North Charleston, SC 11/10/2020 33,182 25,865 35 Valora at Homewood Holdings LLC Homewood, AL 11/19/2020 81,250 63,844 36 NPRC Fairburn LLC Fairburn, GA 12/14/2020 52,140 43,900 37 NPRC Taylors LLC Taylors, SC 1/27/2021 18,762 14,075 38 Parkside at Laurel West Owner LLC Spartanburg, SC 2/26/2021 57,005 42,025 39 Willows at North End Owner LLC Spartanburg, SC 2/26/2021 23,255 18,906 40 SPCP Edge CL Owner LLC Webster, TX 3/12/2021 34,000 25,496 41 Jackson Pear Orchard LLC Ridgeland, MS 6/28/2021 50,900 42,975 42 Jackson Lakeshore Landing LLC Ridgeland, MS 6/28/2021 22,600 17,955 43 Jackson Reflection Pointe LLC Flowood, MS 6/28/2021 45,100 33,203 44 Jackson Crosswinds LLC Pearl, MS 6/28/2021 41,400 38,601 45 Elliot Apartments Norcross, LLC Norcross, GA 11/30/2021 128,000 106,850 46 Orlando 442 Owner, LLC (West Vue Apartments) Orlando, FL 12/30/2021 97,500 70,723 47 NPRC Wolfchase LLC Memphis, TN 3/18/2022 82,100 60,000 48 NPRC Twin Oaks LLC Hattiesburg. MS 3/18/2022 44,850 36,704 49 NPRC Lancaster LLC Birmingham, AL 3/18/2022 37,550 29,673 50 NPRC Rutland LLC Macon, GA 3/18/2022 29,750 24,383 208

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) No. Property Name City Acquisition Date Purchase Price Mortgage Outstanding 51 Southport Owner LLC (Southport Crossing) Indianapolis, IN 3/29/2022 48,100 36,075 52 TP Cheyenne, LLC Cheyenne, WY 5/26/2022 27,500 17,656 53 TP Pueblo, LLC Pueblo, CO 5/26/2022 31,500 20,166 54 TP Stillwater, LLC Stillwater, OK 5/26/2022 26,100 15,328 55 TP Kokomo, LLC Kokomo, IN 5/26/2022 20,500 12,753 56 Terraces at Perkins Rowe JV LLC Baton Rouge, LA 11/14/2022 41,400 29,566 57 NPRC Apex Holdings LLC Cincinnati, OH 1/19/2024 34,225 27,712 58 NPRC Parkton Holdings LLC Cincinnati, OH 1/19/2024 45,775 37,090 $ 2,534,216 $ 2,191,789 Unconsolidated Significant Subsidiaries Our investments are generally in small and mid-sized companies in a variety of industries. In accordance with Regulation S-X 3-09 and Regulation S-X 4-08(g), we must determine which of our unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any, as defined in Rule 1-02(w)(2) for BDC’s and closed end investment companies. Regulation S-X 3-09 requires separate audited financial statements of an unconsolidated subsidiary in an annual report. Regulation S-X 4-08(g) requires summarized financial information in an annual report. NPRC is a significant subsidiary due to income for the years ended June 30, 2026 and June 30, 2024 requiring we include the audited consolidated financial statements of NPRC for the years ended December 31, 2025 and December 31, 2024 as Exhibit 99.1 and years ended December 31, 2024 and December 31, 2023 as Exhibit 99.2. NPRC is also a significant subsidiary due to income for the year ended June 30, 2025 at a level which would otherwise require us to include summarized financial statements for NPRC; however, in accordance with Regulation S-X 3-09, the relevant consolidated financial statements of NPRC as of and for the year ended December 31, 2024 are provided within Exhibit 99.1. First Tower Finance Company LLC (“First Tower Finance”) was identified as a significant subsidiary due to income for the years ended June 30, 2026 and June 30, 2025 requiring we include the audited consolidated financial statements of First Tower Finance Company LLC and subsidiaries as of and for the years ended December 31, 2025 and December 31, 2024 as Exhibit 99.3. First Tower Finance was identified as a significant subsidiary due to income for the year ended June 30, 2024 at a level which would otherwise require us to include summarized financial statements for First Tower; however, in accordance with Regulation S-X 3-09 we have also included the unaudited consolidated financial statements of First Tower Finance Company LLC and subsidiaries as of and for the year ended December 31, 2023 as Exhibit 99.4. 209

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) InterDent, Inc. (“InterDent”) was identified as a significant subsidiary due to income in accordance with Regulation S-X 4-08(g) for the year ended June 30, 2025, but was not identified as a significant subsidiary at any level for the years ended June 30, 2026 and June 30, 2024. Summarized financial information for InterDent is below: Balance Sheet (1) June 30, 2026 June 30, 2025 Current assets $ 42,792 $ 50,885 Non-current assets 13,124 131,993 Current liabilities 71,981 76,752 Non-current liabilities 430,653 396,403 For the six months ended For the years ended December 31, Summary Statement of Operations (1) 6/30/2026 2025 2024 2023 Total revenue $ 172,774 $ 325,931 $ 321,337 $ 320,763 Gross profit 31,385 48,989 44,753 52,022 Net (loss) $ (18,100) $ (40,441) $ (38,044) $ (13,681) (1) The fiscal year end of the portfolio company is December 31st compared to PSEC’s June 30th fiscal year end. All amounts are unaudited. Note 4. Revolving Credit Facility On May 15, 2007, we formed our wholly owned subsidiary, PCF, a Delaware limited liability company and a bankruptcy remote special purpose entity, which holds certain of our portfolio loan investments that are used as collateral for the revolving credit facility at PCF. Since origination of the revolving credit facility, we have renegotiated the terms and extended the commitments of the revolving credit facility several times. Most recently, effective June 28, 2024, we completed an extension and upsizing of the revolving credit facility (the “Revolving Credit Facility”). The lenders have extended commitments of $2,121,500 as of June 30, 2026. The Revolving Credit Facility includes an accordion feature which allows commitments to be increased up to $2,250,000 in the aggregate. The extension and upsizing of the Revolving Credit Facility extended the maturity date to June 28, 2029 and the revolving period through June 28, 2028, followed by an additional one-year amortization period, with distributions allowed to Prospect after the completion of the revolving period. During such one-year amortization period, all principal payments on the pledged assets will be applied to reduce the balance. At the end of the one-year amortization period, the remaining balance will become due. The Revolving Credit Facility contains restrictions pertaining to the geographic and industry concentrations of funded loans, maximum size of funded loans, interest rate payment frequency of funded loans, maturity dates of funded loans and minimum equity requirements, among other items. The Revolving Credit Facility also contains certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, violation of which could result in the early termination of the Revolving Credit Facility. As of June 30, 2026, we were in compliance with the applicable covenants of the Revolving Credit Facility. The interest rate on borrowings under the Revolving Credit Facility is one-month SOFR plus 205 basis points. Additionally, the lenders charge a fee on the unused portion of the revolving credit facility amount equal to either 40 basis points if more than 60% of the revolving credit facility amount is drawn, 70 basis points if more than 35% and an amount less than or equal to 60% of the revolving credit facility amount is drawn, or 150 basis points if an amount less than or equal to 35% of the revolving credit facility amount is drawn. The Revolving Credit Facility requires us to pledge assets as collateral in order to borrow under the Revolving Credit Facility. As of June 30, 2026, the investments, including cash and cash equivalents, used as collateral for the Revolving Credit Facility, had an aggregate fair value of $2,182,005, which represents 34.2% of our total investments, including cash and cash equivalents. These assets are held and owned by PCF, a bankruptcy remote special purpose entity, and, as such, these investments are not available to our general creditors. As additional eligible investments are transferred to PCF and pledged under the Revolving Credit Facility, PCF will generate additional availability up to the current commitment amount of $2,121,500. 210

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) For the years ended June 30, 2026, June 30, 2025, and June 30, 2024, the average stated interest rate (i.e., rate in effect plus the spread) and average outstanding borrowings for the Revolving Credit Facility were as follows: Year Ended June 30, 2026 2025 2024 Average stated interest rate 5.98% 6.73% 7.36% Average outstanding balance $ 797,978 $ 790,921 1,037,466 As of June 30, 2026 and June 30, 2025, we had $623,891 and $570,532, respectively, available to us for borrowing under the Revolving Credit Facility, net of $562,328 and $856,322 outstanding borrowings as of the respective balance sheet dates. In connection with the origination and amendments of the Revolving Credit Facility, we incurred $38,278 of fees, all of which are being amortized over the term of the facility. As of June 30, 2026 and June 30, 2025, $14,128 and $18,842, respectively, of the fees remain to be amortized and is reflected as deferred financing costs on the Consolidated Statements of Assets and Liabilities. During the years ended June 30, 2026, 2025, and 2024, we recorded $62,685, $68,300, and $87,585, respectively, of interest costs, unused fees and amortization of financing costs on the Revolving Credit Facility as interest expense. Note 5. Convertible Notes On March 1, 2019, we issued $175,000 aggregate principal amount of senior convertible notes that mature on March 1, 2025 (the “2025 Notes”), unless previously converted or repurchased in accordance with their terms. We granted the underwriters a 13-day over-allotment option to purchase up to an additional $26,250 aggregate principal amount of the 2025 Notes. The underwriters fully exercised the over-allotment option on March 11, 2019, and we issued $26,250 aggregate principal amount of 2025 Notes at settlement on March 13, 2019. The 2025 Notes bore interest at a rate of 6.375% per year, payable semi-annually on March 1 and September 1 each year, beginning September 1, 2019. Total proceeds from the issuance of the 2025 Notes, net of underwriting discounts and offering costs, were $198,674. During the years ended June 30, 2026, June 30, 2025, and June 30, 2024, we recorded $0, $7,287, and $10,884, respectively, of interest costs and amortization of financing costs on the Convertible Notes as interest expense. On March 3, 2025, we repaid the remaining outstanding principal amount of $156,168 of the 2025 Notes, plus interest, at maturity. Note 6. Public Notes 6.375% 2024 Notes On October 1, 2018, we issued $100,000 aggregate principal amount of unsecured notes that mature on January 15, 2024 (the “6.375% 2024 Notes”). The 6.375% 2024 Notes bear interest at a rate of 6.375% per year, payable semi-annually on January 15 and July 15 of each year, beginning January 15, 2019. Total proceeds from the issuance of the 6.375% 2024 Notes, net of underwriting discounts and offering costs, were $98,985. As of June 30, 2023, the outstanding aggregate principal amount of the 6.375% 2024 Notes was $81,240. On January 16, 2024, we repaid the remaining outstanding principal amount of $81,240 of the 6.375% 2024 Notes, plus interest, at maturity. 2026 Notes On January 22, 2021, we issued $325,000 aggregate principal amount of unsecured notes that mature on January 22, 2026 (the “Original 2026 Notes”). The Original 2026 Notes bore interest at a rate of 3.706% per year, payable semi-annually on July 22, and January 22 of each year, beginning on July 22, 2021. Total proceeds from the issuance of the 2026 Notes, net of underwriting discounts and offering costs, were $317,720. On February 19, 2021, we issued an additional $75,000 aggregate principal amount of unsecured notes that mature on January 22, 2026 (the “Additional 2026 Notes”, and together with the Original 2026 Notes, the “2026 Notes”). The Additional 2026 Notes were a further issuance of, and are fully fungible and rank equally in right of payment with, the Original 2026 Notes and bore interest at a rate of 3.706% per year, payable semi-annually on July 22 and January 22 of each year, beginning July 22, 2021. Total proceeds from the issuance of the Additional 2026 Notes, net of underwriting discounts and offering costs, were $74,061. 211

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2024, the outstanding aggregate principal amount of the 2026 Notes was $400,000. During the year ended June 30, 2025, we repurchased $57,053 aggregate principal amount of the 2026 Notes at a weighted average price of 97.44%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $1,264 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 2026 Notes. During the year ended June 30, 2025, we commenced a tender offer to purchase for cash any and all of the aggregate principal amount of our outstanding 2026 Notes at a purchase price of 99.00%, plus accrued and unpaid interest. As a result, $135,731 aggregate principal amount of the 2026 Notes were validly tendered and accepted, and we recognized a net realized gain of $874 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the tendered 2026 Notes. On June 18, 2025, we redeemed the remaining outstanding principal amount of $207,216 of the 2026 Notes, at a price of 100.00%, plus accrued and unpaid interest. The transaction resulted in our recognizing a loss of $998 during the year ended June 30, 2025. Following the redemption, none of the 2026 Notes remained outstanding. 3.364% 2026 Notes On May 27, 2021, we issued $300,000 aggregate principal amount of unsecured notes that mature on November 15, 2026 (the “3.364% 2026 Notes”). The 3.364% 2026 Notes bear interest at a rate of 3.364% per year, payable semi-annually on November 15, and May 15 of each year, beginning on November 15, 2021. Total proceeds from the issuance of the 3.364% 2026 Notes, net of underwriting discounts and offering costs, were $293,283. During the year ended June 30, 2026, we repurchased $35,514 aggregate principal amount of the 3.364% 2026 Notes at a weighted average price of 96.91%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $1,011 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.364% 2026 Notes. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 3.364% 2026 Notes were $264,486 and $300,000, respectively. 3.437% 2028 Notes On September 30, 2021, we issued $300,000 aggregate principal amount of unsecured notes that mature on October 15, 2028 (the “3.437% 2028 Notes”). The 3.437% 2028 Notes bear interest at a rate of 3.437% per year, payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2022. Total proceeds from the issuance of the 3.437% 2028 Notes, net of underwriting discounts and offering costs, were $291,798. During the year ended June 30, 2026, we repurchased $45,251 aggregate principal amount of the 3.437% 2028 Notes at a weighted average price of 91.66%, including commissions, plus accrued and unpaid interest. As a result, we recognized a net realized gain of $3,526 from the extinguishment of debt in the amount of the difference between the reacquisition price and the net carrying amount of the repurchased 3.437% 2028 Notes. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 3.437% 2028 Notes were $254,749 and $300,000, respectively. 5.50% 2030 Notes On October 30, 2025, we issued approximately $167,637 in aggregate principal amount of 5.50% Series A Notes due 2030 (the “5.50% 2030 Notes”) pursuant to a deed of trust, dated as of October 28, 2025, between the Company and Mishmeret Trust Company Ltd., as trustee (the “Deed of Trust”). The 5.50% 2030 Notes offering in Israel closed on October 30, 2025 and the 5.50% 2030 Notes are listed and commenced trading on the Tel Aviv Stock Exchange Ltd. (the “TASE”) on November 2, 2025. The 5.50% 2030 Notes are denominated in Israeli Shekels. After the deduction of offering discounts, fees and other offering expenses, we received net proceeds of approximately $159,531, which we used for the refinancing of existing indebtedness including, but not limited to, the repayment of borrowings under the Revolving Credit Facility. The 5.50% 2030 Notes mature on December 31, 2030 and bear interest at a rate of 5.50% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2026. 212

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) After 60 days from the date on which the 5.50% 2030 Notes were listed for trading on the TASE, we may redeem the 5.50% 2030 Notes, at our option, in whole or in part, at any time or from time to time, at a redemption price equal to the greater of (i) par plus accrued and unpaid interest on the 5.50% 2030 Notes, if any, to, but excluding, the date of redemption, (ii) the average closing price of the 5.50% 2030 Notes over the 30 trading days preceding our Board of Directors’ resolution approving the redemption and (iii) the discounted value of the remaining payments under the 5.50% 2030 Notes, as set forth in the Deed of Trust. The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants, such as minimum total equity (common equity plus preferred equity), a maximum ratio of net debt to total assets, a minimum ratio of total equity (common equity plus preferred equity) to total assets, and a negative pledge. These and other covenants are subject to important limitations and exceptions that are described in the Deed of Trust. In addition, the Deed of Trust contains customary events of default, with customary cure and notice periods, for a notes offering in Israel. Based on our Consolidated Statement of Assets and Liabilities as of June 30, 2026, we are in compliance with the financial covenants of the Deed of Trust. In connection with the issuance of the 5.50% 2030 Notes, the Company entered into foreign exchange forward contracts in an aggregate notional amount equal to the expected interest and principal payments under the 5.50% 2030 Notes. As of June 30, 2026 and June 30, 2025, the outstanding aggregate principal amount of the 5.50% 2030 Notes were $182,153 and $0 respectively. The 6.375% 2024 Notes, 2026 Notes, the 3.364% 2026 Notes, the 3.437% 2028 Notes, and the 5.50% 2030 Notes (collectively, the “Public Notes”) are direct unsecured obligations and rank equally with all of our unsecured indebtedness from time to time outstanding. In connection with the issuance of the Public Notes we recorded a discount of $12,374 and debt issuance costs of $12,199, which are being amortized over the term of the notes. As of June 30, 2026 and June 30, 2025, $5,099 and $3,566 of the original issue discount and $5,448 and $2,990, respectively, of the debt issuance costs remain to be amortized and are included as a reduction within Public Notes on the Consolidated Statement of Assets and Liabilities. During the years ended June 30, 2026, 2025, and 2024, we recorded $29,638, $37,302, and $42,702, respectively, of interest costs and amortization of financing costs on the Public Notes as interest expense. Derivative Instruments In connection with the issuance of the 5.50% 2030 Notes, the Company entered into a series of forward currency contracts designated as hedging instruments under ASC 815. The Company uses derivative instruments in connection with its risk management activities to reduce exposure to foreign currency exchange rate risk arising from foreign-denominated interest payments and foreign-denominated principal on the 5.50% 2030 Notes. Derivative instruments are carried at fair value on the Consolidated Statements of Assets and Liabilities. The following table provides the terms and the estimated fair values of the Company’s derivative instruments, which are presented as separate asset and liability values, if applicable, on a gross basis within the corresponding line items in the Consolidated Statements of Assets and Liabilities as of June 30, 2026: DerivativeInstruments NotionalAmount to bePurchased NotionalAmount to beSold Maturity DateRange Gross FairValue ofRecognizedAssets ConsolidatedStatement ofAssets andLiabilitiesLocation Gross Fair ValueAmount ofRecognizedLiabilities ConsolidatedStatement ofAssets andLiabilitiesLocation Forward Contractsdesignated as cashflow hedginginstruments ILS 135,063$ 42,794 September 23,2026 - December23, 2030$ 3,672 Derivative Assets$ — DerivativeLiabilities Forward Contractsdesignated as fairvalue hedginginstruments ILS 545,710$ 178,523 December 23,2023$ 15,228 Derivative Assets$ — DerivativeLiabilities $ 18,900 $ — 213

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table summarizes the impact that changes in the fair values of derivatives designated as fair value hedges on earnings and reclassification of derivatives designated as cash flow hedges into earnings: Year Ended June 30, Derivative InstrumentsConsolidated Statement ofOperations Location Effect of DerivativeInstruments 2026 2025 2024 Forward Contracts designatedas cash flow hedginginstruments Interest Expense Total gain (loss) reclassifiedfrom accumulated othercomprehensive income (loss)$ 137 $ — $ — Forward Contracts designatedas fair value hedginginstruments Net change in unrealized gains(losses) from derivativeinstruments and foreigncurrency transactions Gain (loss) recognized inIncome $ 14,516 $ — $ — As of June 30, 2026, the net carrying value of the 5.50% 2030 Notes designated as the hedged item in the fair value hedge of the principal was $174,784. Because the hedge is designated for foreign currency exchange risk, the related changes in the 5.50% 2030 Notes’ net carrying value arose from foreign currency remeasurement, with offsetting changes in the related forward contract recognized in Net change in unrealized gains (losses) from derivative instruments and foreign currency transactions. During the year ended June 30, 2026, we reclassified net gains of $137 from accumulated other comprehensive income (loss) into earnings as a decrease to interest expense. As of June 30, 2026, the estimated amount of net gains recognized in accumulated other comprehensive income (loss) that are expected to be reclassified into earnings as a decrease to interest expense, net within the next 12 months is approximately $240. The Company's foreign currency forward contracts are transacted with a single counterparty under an International Swaps and Derivatives Association ("ISDA") Master Agreement providing for netting upon default or early termination. The Company has elected not to offset assets and liabilities in the Consolidated Statements of Assets and Liabilities that may be received or paid as part of collateral arrangements. The following table presents the offsetting of the Company's derivative instruments as of June 30, 2026. The Company did not have derivative instruments as of June 30, 2025. Gross Amounts ofRecognized Assets(Liabilities) Gross Amounts Offsetin the ConsolidatedStatement of Assetsand Liabilities Net AmountsPresented in theConsolidatedStatement of Assetsand Liabilities Gross Amounts ofFinancial InstrumentsNot Offset inConsolidatedStatements of Assetsand Liabilities Gross Amounts ofCash CollateralReceived (Pledged)from CounterpartyNot Offset inConsolidatedStatements of Assetsand Liabilities Net Amount Derivative assets: Foreign currency forwardcontracts $ 18,900 $ — $ 18,900 $ — $ — $ 18,900 Total derivative assets$ 18,900 $ — $ 18,900 $ — $ — $ 18,900 Derivative liabilities: Foreign currency forwardcontracts $ — $ — $ — $ — $ — $ — Total derivative liabilities$ — $ — $ — $ — $ — $ — The Company is required to post collateral if the Company is in a net liability position with its counterparty in excess of $250. As of June 30, 2026, the Company posted collateral of $0, which is included in restricted cash, within cash and cash equivalents (1) (1) 214

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) on the Consolidated Statements of Assets and Liabilities. The Company also does not offset the fair value of derivative instruments against cash collateral posted or received. Note 7. Prospect Capital InterNotes® On February 13, 2020, we entered into a selling agent agreement with InspereX LLC (formerly known as “Incapital LLC”) (as amended, the “Selling Agent Agreement”), authorizing the issuance and sale from time to time of up to $1,000,000 of Prospect Capital InterNotes® (collectively with previously authorized selling agent agreements, the “InterNotes® Offerings”). On February 6, 2026, our Board of Directors reauthorized $1,000,000 of Prospect Capital InterNotes® for sale under the Selling Agent Agreement. Additional agents may be appointed by us from time to time in connection with the InterNotes® Offering and become parties to the Selling Agent Agreement. Certain notes issued through the InterNotes® Offerings have been repaid and we have, from time to time, repurchased or redeemed such other notes and, therefore, as of June 30, 2026 and June 30, 2025, $614,879 and $647,232 aggregate principal amount of Prospect Capital InterNotes® were outstanding. These notes are direct unsecured obligations and rank equally with all of our unsecured indebtedness from time to time outstanding. These notes bear interest at fixed interest rates and offer a variety of maturities no less than twelve months from the original date of issuance. During the year ended June 30, 2026, we issued $29,799 aggregate principal amount of Prospect Capital InterNotes® for net proceeds of $29,392. These notes were issued with stated interest rates ranging from 6.25% to 8.00% with a weighted average interest rate of 6.85%. These notes will mature between July 15, 2028 and June 15, 2033. The following table summarizes the Prospect Capital InterNotes® issued during the year ended June 30, 2026: Tenor atOrigination(in years) PrincipalAmount Interest RateRange WeightedAverageInterest Rate Maturity Date Range 3 $ 20,095 6.25% – 7.50% 6.68% July 15, 2028 – July 15, 2029 5 3,151 6.50% – 7.75% 7.02% July 15, 2030 – June 15, 2031 7 6,553 6.75% – 8.00% 7.28% July 15, 2032 – June 15, 2033 $ 29,799 During the year ended June 30, 2025, we issued $151,592 aggregate principal amount of our Prospect Capital InterNotes® for net proceeds of $149,431. These notes were issued with stated interest rates ranging from 6.50% to 8.00% with a weighted average interest rate of 7.15%. These notes will mature between July 15, 2027 and December 15, 2034. The following table summarizes the Prospect Capital InterNotes® issued during the year ended June 30, 2025: Tenor atOrigination(in years) PrincipalAmount Interest Rate WeightedAverageInterest Rate Maturity Date Range 3 $ 60,429 6.50% - 7.50% 6.96% July 15, 2027 – July 15, 2028 5 48,993 6.75% - 7.75% 7.18% July 15, 2029 – July 15, 2030 7 718 8.00% - 8.00% 8.00% May 15, 2032 – July 15, 2032 10 41,452 7.00% - 7.75% 7.39% July 15, 2034 – December 15, 2034 $ 151,592 During the year ended June 30, 2026, we repaid $11,025 aggregate principal amount of Prospect Capital InterNotes® at par in accordance with the Survivor’s Option of the InterNotes®. During the year ended June 30, 2026, we also redeemed $20,658 aggregate principal amount of Prospect Capital InterNotes® at par with a weighted average interest rate of 6.41%. As a result of these transactions, we recorded a loss in the amount of the unamortized debt issuance costs. The net loss on the extinguishment of Prospect Capital InterNotes® in the year ended June 30, 2026 was $319. 215

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table summarizes the Prospect Capital InterNotes® outstanding as of June 30, 2026: Tenor atOrigination(in years) PrincipalAmount Interest RateRange WeightedAverageInterest Rate Maturity Date Range 3 $ 121,738 6.00% – 7.50% 6.81% January 15, 2027 – July 15, 2029 5 165,432 2.25% – 7.75% 5.70% July 15, 2026 – June 15, 2031 6 18,232 3.00% – 6.25% 3.56% June 15, 2027 – November 15, 2029 7 41,353 2.75% – 8.00% 4.65% January 15, 2028 – June 15, 2033 8 3,090 3.40% – 3.50% 3.45% June 15, 2029 – July 15, 2029 10 160,770 3.15% – 8.00% 5.89% August 15, 2029 – December 15, 2034 12 12,101 3.70% – 4.00% 3.94% June 15, 2033 – July 15, 2033 15 12,340 3.50% – 4.50% 3.84% July 15, 2036 – February 15, 2037 18 2,839 4.50% – 5.50% 4.82% January 15, 2031 – April 15, 2031 20 3,864 5.75% – 7.50% 6.23% November 15, 2032 – November 15, 2043 25 7,168 6.25% – 6.50% 6.37% November 15, 2038 – May 15, 2039 30 65,952 4.00% – 6.63% 5.42% November 15, 2042 – March 15, 2052 Principal Outstanding $ 614,879 Unamortized Debt Issuance (7,399) Carrying Amount $ 607,480 During the year ended June 30, 2025, we repaid $6,889 aggregate principal amount of Prospect Capital InterNotes® at par in accordance with the Survivor’s Option, as defined in the InterNotes® Offering prospectus. As a result of these transactions, we recorded a loss in the amount of the unamortized debt issuance costs. The net loss on the extinguishment of Prospect Capital InterNotes® in the year ended June 30, 2025 was $168. The following table summarizes the Prospect Capital InterNotes® outstanding as of June 30, 2025: Tenor atOrigination(in years) PrincipalAmount Interest RateRange WeightedAverageInterest Rate Maturity Date Range 3 $ 123,367 5.00% - 7.50% 6.75% October 15, 2025 – July 15, 2028 5 192,095 2.25% - 7.75% 5.26% January 15, 2026 – July 15, 2030 6 18,312 3.00% - 6.25% 3.56% June 15, 2027 – November 15, 2029 7 35,069 2.75% - 8.00% 4.14% January 15, 2028 – July 15, 2032 8 3,190 3.40% - 3.50% 3.45% June 15, 2029 – July 15, 2029 10 163,288 3.15% - 8.00% 5.86% August 15, 2029 – December 15, 2034 12 13,404 3.70% - 4.00% 3.95% June 15, 2033 – July 15, 2033 15 13,631 3.50% - 4.50% 3.84% July 15, 2036 – February 15, 2037 18 2,949 4.50% - 5.50% 4.82% January 15, 2031 – April 15, 2031 20 3,864 5.75% - 7.50% 6.23% November 15, 2032 – November 15, 2043 25 7,287 6.25% - 6.50% 6.37% November 15, 2038 – May 15, 2039 30 70,776 4.00% - 6.63% 5.38% November 15, 2042 – March 15, 2052 Principal Outstanding $ 647,232 Unamortized debt issuance (8,687) Carrying Amount $ 638,545 During the years ended June 30, 2026, 2025, and 2024, we recorded $37,562, $35,386, and $19,075, respectively, of interest costs and amortization of financing costs on the Prospect Capital InterNotes® as interest expense. 216

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 8. Fair Value and Maturity of Debt Outstanding As of June 30, 2026, our asset coverage ratio stood at 339.4% based on the outstanding principal amount of our senior securities representing indebtedness of $1,878,595 and our asset coverage ratio on our senior securities that are stock was 177.6%. As of June 30, 2025, our asset coverage ratio stood at 319.4% based on the outstanding principal amount of our senior securities representing indebtedness of $2,103,554 and our asset coverage ratio on our senior securities that are stock was 173.3%. See Note 9. Equity Offerings, Offering Expenses and Distributions for additional discussion on our senior securities that are stock. Information about our senior securities is shown in the following table as of the end of each of the last ten fiscal years and as of June 30, 2026: Total AmountOutstanding(1) AssetCoverage perUnit(2) InvoluntaryLiquidatingPreference perUnit AverageMarketValue perUnit(3) Credit Facility Fiscal 2026 (as of June 30, 2026) $ 562,328 $ 11,340 — — Fiscal 2025 (as of June 30, 2025) 856,322 7,846 — — Fiscal 2024 (as of June 30, 2024) 794,796 9,746 — — Fiscal 2023 (as of June 30, 2023) 1,014,703 7,639 — — Fiscal 2022 (as of June 30, 2022) 839,464 9,015 — — Fiscal 2021 (as of June 30, 2021) 356,937 17,408 — — Fiscal 2020 (as of June 30, 2020) 237,536 22,000 — — Fiscal 2019 (as of June 30, 2019) 167,000 34,298 — — Fiscal 2018 (as of June 30, 2018) 37,000 155,503 — — Fiscal 2017 (as of June 30, 2017) — — — — 2016 Notes(4) Fiscal 2016 (as of June 30, 2016) $ 167,500 $ 2,269 — — 2017 Notes(5) Fiscal 2017 (as of June 30, 2017) $ 50,734 $ 2,251 — — Fiscal 2016 (as of June 30, 2016) 129,500 2,269 — — 2018 Notes(6) Fiscal 2017 (as of June 30, 2017) $ 85,419 $ 2,251 — — Fiscal 2016 (as of June 30, 2016) 200,000 2,269 — — 2019 Notes(7) Fiscal 2018 (as of June 30, 2018) $ 101,647 $ 2,452 — — Fiscal 2017 (as of June 30, 2017) 200,000 2,251 — — Fiscal 2016 (as of June 30, 2016) 200,000 2,269 — — 5.00% 2019 Notes(8) Fiscal 2018 (as of June 30, 2018) $ 153,536 $ 2,452 — — Fiscal 2017 (as of June 30, 2017) 300,000 2,251 — — Fiscal 2016 (as of June 30, 2016) 300,000 2,269 — — 2020 Notes(11) Fiscal 2019 (as of June 30, 2019) $ 224,114 $ 2,365 — — Fiscal 2018 (as of June 30, 2018) 392,000 2,452 — — Fiscal 2017 (as of June 30, 2017) 392,000 2,251 — — Fiscal 2016 (as of June 30, 2016) 392,000 2,269 — — 2022 Notes(15) Fiscal 2022 (as of June 30, 2022) $ 60,501 $ 2,733 — — 217

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Total AmountOutstanding(1) AssetCoverage perUnit(2) InvoluntaryLiquidatingPreference perUnit AverageMarketValue perUnit(3) 5.35% Preferred Stock Fiscal 2026 (as of June 30, 2026) $ 132,920 $ 44 $ 25 $ 16.35 Fiscal 2025 (as of June 30, 2025) 131,279 43 25 17.12 Fiscal 2024 (as of June 30, 2024) 131,279 46 25 17.25 Fiscal 2023 (as of June 30, 2023) 149,066 47 25 15.98 Fiscal 2022 (as of June 30, 2022) 150,000 54 25 21.08 All Senior Securities(9)(10) Fiscal 2026 (as of June 30, 2026) $ 3,590,300 $ 1,776 — — Fiscal 2025 (as of June 30, 2025) 3,876,453 1,733 — — Fiscal 2024 (as of June 30, 2024) 4,191,646 1,848 — — Fiscal 2023 (as of June 30, 2023) 4,162,766 1,862 — — Fiscal 2022 (as of June 30, 2022) 3,509,353 2,156 — — Fiscal 2021 (as of June 30, 2021) 2,404,689 2,584 — — Fiscal 2020 (as of June 30, 2020) 2,169,899 2,408 — — Fiscal 2019 (as of June 30, 2019) 2,421,526 2,365 — — Fiscal 2018 (as of June 30, 2018) 2,346,563 2,452 — — Fiscal 2017 (as of June 30, 2017) 2,681,435 2,251 — — (1) Except for the per unit data noted in footnote 2 and 3 below, the total amount of each class of senior securities outstanding at the end of the year/period presented (in 000’s). (2) The asset coverage ratio for a class of secured senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness. The asset coverage ratio for a class of unsecured senior securities representing indebtedness is inclusive of all senior securities representing indebtedness. With respect to the senior securities represented by indebtedness, this asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. The asset coverage ratio for a class of senior securities representing preferred stock is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the sum of all senior securities representing indebtedness and the involuntary liquidation preference of senior securities representing preferred stock (the “Total Asset Coverage Ratio”). With respect to the Preferred Stock, the Asset Coverage Per Unit figure is expressed in terms of a dollar amount per share of outstanding Preferred Stock (based on a per share liquidation preference of $25). The rows reflecting “All Senior Securities” reflect the Total Asset Coverage Ratio as the asset coverage ratio, and express Asset Coverage Per Unit as per $1,000 of indebtedness or per $1,000 of Preferred Stock liquidation preference. (3) This column is inapplicable, except for the 2024 Notes, the 2028 Notes, the 2029 Notes, and the 5.35% Preferred Stock. Our 5.50% 2030 Notes are registered for public trading in Israel on the TASE under the ticker symbol “PSEC.B1”, but are not registered for public trading in the U.S. The average market value per unit of the U.S. traded securities is calculated as an average of quarter-end prices. With respect to the senior securities represented by indebtedness, the market value is shown per $1,000 of indebtedness. (4) We repaid the outstanding principal amount of the 2016 Notes on August 15, 2016. (5) We repaid the outstanding principal amount of the 2017 Notes on October 15, 2017. (6) We repaid the outstanding principal amount of the 2018 Notes on March 15, 2018. (7) We repaid the outstanding principal amount of the 2019 Notes on January 15, 2019. (8) We redeemed the 5.00% 2019 Notes on September 26, 2018. (9) For the fiscal years ended June 30, 2020 or prior, the 2023 Notes and 6.375% 2024 Notes are presented net of unamortized discount. (10)While we do not consider commitments to fund under revolving arrangements to be Senior Securities, if we were to elect to treat such unfunded commitments, which were $64,611 as of June 30, 2026 as Senior Securities for purposes of Section 18 of the 1940 Act, our asset coverage per unit would be $1,745. (11)We repaid the outstanding principal amount of the 2020 Notes on April 15, 2020. (12)We redeemed the 2024 Notes on February 16, 2021. (13)We redeemed the 2028 Notes on June 15, 2021. (14)We redeemed the 2029 Notes on December 30, 2021. (15)We redeemed the 2022 Notes on July 15, 2022. (16)We redeemed the 2023 Notes on March 15, 2023. (17)We redeemed the 6.375% 2024 Notes on January 16, 2024. (18)We repaid the outstanding principal amount of the 2025 Notes on March 3, 2025. (19)We redeemed the 2026 Notes on June 18, 2025. (20)The 5.50% 2030 Notes are denominated in Israeli Shekels and remeasured to the Company’s functional and reporting currency, U.S. Dollars, each reporting period date in accordance with ASC 830. 220

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table shows our outstanding debt as of June 30, 2026: PrincipalOutstanding UnamortizedDiscount & DebtIssuance Costs Net CarryingValue Fair Value Effective Interest Rate Revolving Credit Facility $ 562,328 $ 14,128 $ 562,328 (1) $ 562,328 (2) 1M SOFR +2.05% (5) 3.364% 2026 Notes 264,486 435 264,051 261,169 (3) 3.89 % (6) 3.437% 2028 Notes 254,749 2,743 252,006 239,729 (3) 3.97 % (6) 5.50% 2030 Notes 182,153 7,369 174,784 165,650 (3) 6.76 % (6) Public Notes 701,388 690,841 666,548 Prospect Capital InterNotes® 614,879 7,399 607,480 588,081 (4) 6.04 % (7) Total $ 1,878,595 $ 1,860,649 $ 1,816,957 (1) Net Carrying Value excludes deferred financing costs associated with the Revolving Credit Facility. See Note 2 for accounting policy details. (2) The fair value of the Revolving Credit Facility is equal to its carrying value because the revolver is a floating rate facility that reprices to a market rate frequently. The fair value is categorized as Level 2 under ASC 820. (3) We use available market quotes or readily observable transparent prices to estimate the fair value of the Public Notes. The fair value of these debt obligations are categorized as Level 1 under ASC 820. (4) The fair value of Prospect Capital InterNotes® is estimated by discounting remaining payments using current Treasury rates plus spread based on observable market inputs. The fair value of these debt obligations are categorized as Level 3 under ASC 820. (5) Represents the rate on drawn down and outstanding balances. Deferred debt issuance costs are amortized on a straight-line method over the stated life of the obligation. (6) The effective interest rate is equal to the effect of the stated interest, the accretion of original issue discount and amortization of debt issuance costs. (7) For the Prospect Capital InterNotes®, the rate presented is the weighted average effective interest rate. Interest expense and deferred debt issuance costs, which are amortized on a straight-line method over the stated life of the obligation which approximates level yield, are weighted against the average outstanding principal balance. The following table shows our outstanding debt as of June 30, 2025: PrincipalOutstanding UnamortizedDiscount & DebtIssuance Costs Net CarryingValue Fair Value Effective Interest Rate Revolving Credit Facility $ 856,322 $ 18,842 $ 856,322 (1)$ 856,322 (2) 1M SOFR + 2.05 % (5) 3.364% 2026 Notes 300,000 2,019 297,981 286,707 (3) 3.87 % (6) 3.437% 2028 Notes 300,000 4,537 295,463 268,671 (3) 3.93 % (6) Public Notes 600,000 593,444 555,378 Prospect Capital InterNotes® 647,232 8,687 638,545 607,339 (4) 5.85 % (7) Total $ 2,103,554 $ 2,088,311 $ 2,019,039 (1) Net Carrying Value excludes deferred financing costs associated with the Revolving Credit Facility. See Note 2 for accounting policy details. (2) The fair value of the Revolving Credit Facility is equal to its carrying value because the revolver is a floating rate facility that reprices to a market rate frequently. The fair value is categorized as Level 2 under ASC 820. (3) We use available market quotes to estimate the fair value of the Public Notes. The fair value of these debt obligations are categorized as Level 1 under ASC 820. 221

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) (4) The fair value of Prospect Capital InterNotes® is estimated by discounting remaining payments using current Treasury rates plus spread based on observable market inputs. The fair value of these debt obligations are categorized as Level 3 under ASC 820. (5) Represents the rate on drawn down and outstanding balances. Deferred debt issuance costs are amortized on a straight-line method over the stated life of the obligation. (6) The effective interest rate is equal to the effect of the stated interest, the accretion of original issue discount and amortization of debt issuance costs. (7) For the Prospect Capital InterNotes®, the rate presented is the weighted average effective interest rate. Interest expense and deferred debt issuance costs, which are amortized on a straight-line method over the stated life of the obligation which approximates level yield, are weighted against the outstanding principal balance. The following table shows the contractual maturities by fiscal year of our Revolving Credit Facility, Public Notes and Prospect Capital InterNotes® as of June 30, 2026: Payments Due by Fiscal Year ending June 30, Total 2027 2028 2029 2030 2031 After 5Years Revolving Credit Facility $ 562,328 $ — $ — $ 562,328 $ — $ — $ — Public Notes 701,388 264,486 — 254,749 — 182,153 — Prospect Capital InterNotes® 614,879 114,422 74,853 92,954 70,093 42,520 220,037 Total Contractual Obligations $ 1,878,595 $ 378,908 $ 74,853 $ 910,031 $ 70,093 $ 224,673 $ 220,037 We may from time to time seek to cancel or purchase our outstanding debt through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. In addition, we may from time to time enter into additional debt facilities, increase the size of existing facilities or issue additional debt securities, including secured debt, unsecured debt and/or debt securities convertible into common stock. Any such purchases or exchanges of outstanding debt would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. 222

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 9. Equity Offerings, Offering Expenses, and Distributions On February 10, 2026, we filed a registration statement on Form N-2 (File No. 333-293349) that became effective upon filing pursuant to Rule 462(e) under the Securities Act, and which replaced our previously effective registration statement on Form N-2 that had been filed on February 10, 2023 and which also became effective upon filing pursuant to Rule 462(e) under the Securities Act. The registration statement permits us to issue, through one or more transactions, an indeterminate amount of securities, consisting of common stock, preferred stock, debt securities, subscription rights to purchase our securities, warrants representing rights to purchase our securities or separately tradable units combining two or more of our securities. Preferred Stock On August 3, 2020, we entered into a Dealer Manager Agreement with Preferred Capital Securities, LLC (“PCS”), as amended on June 9, 2022, October 7, 2022, February 10, 2023, December 29, 2023, October 17, 2024, December 27, 2024, and February 10, 2026, pursuant to which PCS has agreed to serve as the Company’s agent, principal distributor and dealer manager for the Company’s offering of up to 105,858,302 shares, par value $0.001 per share, of preferred stock, with a liquidation preference of $25.00 per share. Such preferred stock may be issued in multiple series, including the 5.50% Series A1 Preferred Stock (“Series A1 Preferred Stock”), the 5.50% Series M1 Preferred Stock (“Series M1 Preferred Stock”), the 5.50% Series M2 Preferred Stock (“Series M2 Preferred Stock”), the 6.50% Series A3 Preferred Stock (“Series A3 Preferred Stock”), the 6.50% Series M3 Preferred Stock (“Series M3 Preferred Stock”), the Floating Rate Series A4 Preferred Stock (“Series A4 Preferred Stock”), the Floating Rate Series M4 Preferred Stock (“Series M4 Preferred Stock,” and together with the Series A4 Preferred Stock, the “Floating RatePreferred Stock”), the 7.50% Series A5 Preferred Stock (“Series A5 Preferred Stock”), and the 7.50% Series M5 Preferred Stock (“Series M5 Preferred Stock,” and together with the Series A5 Preferred Stock, the “7.50% Preferred Stock”). However, as disclosed in the Supplement No. 1 dated September 6, 2024 and Supplement No. 3 dated December 27, 2024 to the Prospectus Supplement dated December 29, 2023, the Company is no longer offering the Series A1 Preferred Stock, the Series M1 Preferred Stock, the Series M2 Preferred Stock, the Series A3 Preferred Stock, the Series M3 Preferred Stock, and the Floating Rate Preferred Stock and, as a result, any additional preferred stock offered under this offering will be only in any combination of our 7.50% Preferred Stock, which are not convertible. In connection with such offering, on August 3, 2020, June 9, 2022, October 11, 2022, February 10, 2023, December 28, 2023 (two filings), October 17, 2024, and December 27, 2024 we filed Articles Supplementary with the State Department of Assessments and Taxation of Maryland (“SDAT”), reclassifying and designating 120,000,000, 60,000,000, 120,000,000, 60,000,000, 160,000,000, 40,000,000, 20,000,000, and 180,000,000 shares, respectively, of the Company’s authorized and unissued shares of common stock into shares of preferred stock. On October 30, 2020, and as amended on February 18, 2022, October 7, 2022 and February 10, 2023, we entered into a Dealer Manager Agreement with InspereX LLC, pursuant to which InspereX LLC has agreed to serve as the Company’s agent and dealer manager for the Company’s offering of up to 10,000,000 shares, par value $0.001 per share, of preferred stock, with a liquidation preference of $25.00 per share. Such preferred stock will initially be issued in multiple series, including the 5.50% Series AA1 Preferred Stock (the “Series AA1 Preferred Stock”), the 5.50% Series MM1 Preferred Stock (the “Series MM1 Preferred Stock”), the 6.50% Series AA2 Preferred Stock (the “Series AA2 Preferred Stock”), and the 6.50% Series MM2 Preferred Stock (the “Series MM2 Preferred Stock” and together with the Series M1 PreferredStock, the Series M2 Preferred Stock, the Series M3 Preferred Stock, and the Series MM1 Preferred Stock, the “Series M Preferred Stock”, and the Series MM2 Preferred Stock, together with the Series AA2 Preferred Stock, the Series A3 Preferred Stock and the Series M3 Preferred Stock, the “6.50% Preferred Stock”); however as disclosed in the Supplement No. 2 dated September 6, 2024 to the Prospectus Supplement dated February 10, 2023, the Company is no longer offering the Series AA1 Preferred Stock, the Series MM1 Preferred Stock, the Series AA2 Preferred Stock and the Series MM2 Preferred Stock. On October 30, 2020, February 17, 2022, and October 11, 2022, we filed Articles Supplementary with the SDAT, reclassifying and designating an additional 80,000,000 shares of the Company’s authorized and unissued shares of common stock into shares of preferred stock as convertible preferred stock. On May 6, 2026, we filed Articles Supplementary with the SDAT, reclassifying and designating 80,000,000 authorized but unissued shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock and Series MM2 Preferred Stock as additional shares of common stock. As a result of such reclassification and designation, we no longer have any authorized shares of Series AA1 Preferred Stock, Series MM1 Preferred Stock, Series AA2 Preferred Stock or Series MM2 Preferred Stock as of June 30, 2026. On May 19, 2021, we entered into an Underwriting Agreement with UBS Securities LLC, relating to the offer and sale of 187,000 shares, par value $0.001 per share, of 5.50% Series A2 Preferred Stock, with a liquidation preference of $25.00 per share (the “Series A2 Preferred Stock”, and together with the Series A1 Preferred Stock, Series M1 Preferred Stock, Series M2 Preferred Stock, Series AA1 Preferred Stock, and Series MM1 Preferred Stock, the “5.50% Preferred Stock”). The issuance of the Series A2 Preferred Stock settled on May 26, 2021. In connection with such offering, on May 19, 2021, we filed Articles Supplementary with the SDAT, reclassifying and designating an additional 1,000,000 shares ofthe Company’s authorized and unissued shares of common stock into shares of preferred stock as Convertible Preferred Stock. 223

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) In connection with the offerings of the 5.50% Preferred Stock, the 6.50% Preferred Stock, the Floating Rate Preferred Stock, and the 7.50% Preferred Stock, we adopted and amended, respectively, a preferred stock dividend reinvestment plan (the “Preferred Stock Plan” or the “Preferred Stock DRIP”), pursuant to which (i) holders of the Floating Rate Preferred Stock and the 7.50% Preferred Stock will have dividends on their Floating Rate Preferred Stock and 7.50% Preferred Stock reinvested in additional shares of such Floating Rate Preferred Stock and 7.50% Preferred Stock at a price per share of $25.00 and (ii) holders of the 5.50% Preferred Stock and the 6.50% Preferred Stock will have dividends on their 5.50% Preferred Stock and 6.50% Preferred Stock automatically reinvested in additional shares of such 5.50% Preferred Stock and 6.50% Preferred Stock at a price per share of $23.75 (95% of the stated value of $25.00 per share), if they elect. At any time prior to the listing of the 5.50% Preferred Stock and the 6.50% Preferred Stock on a national securities exchange, shares of the 5.50% Preferred Stock and the 6.50% Preferred Stock are convertible, at the option of the holder of the 5.50% Preferred Stock and the 6.50% Preferred Stock (the “Holder Optional Conversion”). We will settle any Holder Optional Conversion by paying or delivering, as the case may be, (A) any portion of the Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the Settlement Amount, minus (b) any portion of the Settlement Amount that we elect to pay in cash, divided by (2) the arithmetic average of the daily volume weighted average price of shares of our common stock over each of the five consecutive trading days ending on the Holder Conversion Exercise Date (such arithmetic average, the “5-day VWAP”). For the Series A1 Preferred Stock, the Series A3 Preferred Stock, the Series AA1 Preferred Stock, the Series AA2 Preferred Stock and the Series A2 Preferred Stock, “Settlement Amount” means (A) $25.00 per share (the “Stated Value”), plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Holder Optional Conversion Fee for the respective Holder Conversion Deadline. For the Series M Preferred Stock, “Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the Holder Conversion Exercise Date, minus (C) the applicable Series M Clawback, if any. “Series M Clawback”, if applicable, means an amount equal to the aggregate amount of all dividends, whether paid or accrued, on such share of Series M stock in the three full months prior to the Holder Conversion Exercise Date. Subject to certain limited exceptions, we will not pay any portion of the Settlement Amount in cash (other than cash in lieu of fractional shares of our common stock) until the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued. Beginning on the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock is issued, we may elect to settle all or a portion of any Holder Optional Conversion in cash without limitation or restriction. The right of holders to convert a share of 5.50% Preferred Stock or 6.50% Preferred Stock will terminate upon the listing of such share on a national securities exchange. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have a Holder Optional Conversion feature. Subject to certain limited exceptions allowing earlier redemption, beginning on the earlier of the five year anniversary of the date on which a share of 5.50% Preferred Stock or 6.50% Preferred Stock has been issued, or the two year anniversary of the date on which a share of Floating Rate Preferred Stock or 7.50% Preferred Stock has been issued or, for listed shares of 5.50% Preferred Stock or 6.50% Preferred Stock, five years from the earliest date on which any series that has been listed was first issued and for listed shares of Floating Rate Preferred Stock or 7.50% Preferred Stock, two years from the earliest date on which any series that has been listed was first issued (the earlier of such dates as applicable to a series of Preferred Stock, the “Redemption Eligibility Date”), such share of Preferred Stock may be redeemed at any time or from time to time at our option (the “Issuer Optional Redemption”), at a redemption price of 100% of the Stated Value of the shares to be redeemed plus unpaid dividends accrued to, but not including, the date fixed for redemption. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock are redeemable, at the option of the holder of such Floating Rate Preferred Stock and 7.50% Preferred Stock, on a monthly basis (the “Holder Optional Redemption”). For all shares of Floating Rate Preferred Stock and 7.50% Preferred Stock duly submitted for redemption on or before a monthly Holder Redemption Deadline (defined in the prospectus supplement dated December 29, 2023), the HOR Settlement Amount (as defined below) is determined on any business day after such Holder Redemption Deadline but before the Holder Redemption Deadline occurring two months thereafter (such date, the “Holder Redemption Exercise Date”). Within such period, we may select the Holder Redemption Exercise Date in our sole discretion. We will settle any Holder Optional Redemption by paying the HOR Settlement Amount in cash. The aggregate amount of Holder Optional Redemptions by the holder of Floating Rate Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter and (iii) no more than 20% of the outstanding Floating Rate Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period. Redemption capacity of the Floating Rate Preferred Stock will be allocated on a pro rata basis based on the number of shares of Floating Rate Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed, based on any of the foregoing redemption limits. 224

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The aggregate amount of Holder Optional Redemptions by the holders of 7.50% Preferred Stock is subject to the following redemption limits: (i) no more than 2% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per calendar month; (ii) no more than 5% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per fiscal quarter; and (iii) no more than 20% of the outstanding 7.50% Preferred Stock, in aggregate, as of the end of the most recent fiscal quarter will be redeemed per Annual Redemption Period; plus, for each redemption limit set forth above in clauses (i) through (iii) of this paragraph, an amount of such 7.50% Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for Floating Rate Preferred Stock as set forth above and the respective amounts requested for the Floating Rate Preferred Stock on a Holder Redemption Deadline for the Floating Rate Preferred Stock. Additionally, we have covenanted to waive the applicable 2% / 5% / 20% redemption limits for the Floating Rate Preferred Stock as set forth in the terms of the Floating Rate Preferred Stock such that holders of the Floating Rate Preferred Stock may, in addition to the amount of Floating Rate Preferred Stock such holders are entitled to redeem pursuant to the terms of the Floating Rate Preferred Stock, also redeem an amount of such Floating Rate Preferred Stock equal to the lowest excess, if any, between the corresponding applicable 2% / 5% / 20% redemption limits for the 7.50% Preferred Stock as set forth in the terms of the 7.50% Preferred Stock and the respective amounts requested for the 7.50% Preferred Stock on a Holder Redemption Deadline for the 7.50% Preferred Stock. Redemption capacity of the 7.50% Preferred Stock will be allocated on a pro rata basis based on the number of 7.50% Preferred Stock, as applicable, submitted in the event that a monthly redemption is oversubscribed based on any of the foregoing redemption limits. An “Annual Redemption Period” means our then current fiscal quarter and the three fiscal quarters immediately preceding our then current fiscal quarter. Shares of Series A4 Preferred Stock and Series A5 Preferred Stock are subject to an early redemption fee if it is redeemed by its holder within five years of issuance. We may waive the foregoing redemption limits in our sole discretion at any time. For the Series A4 Preferred Stock and Series A5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, minus (C) the Series A4 Preferred Stock or Series A5 Preferred Stock Holder Optional Redemption fee, as applicable on the respective Holder Redemption Deadline. For the Series M4 Preferred Stock and Series M5 Preferred Stock, “HOR Settlement Amount” means (A) the stated value, plus (B) unpaid dividends accrued to, but not including, the Holder Redemption Exercise Date, but if a holder of Series M4 Preferred Stock or Series M5 Preferred Stock exercises a Holder Optional Redemption within the first twenty-four months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the HOR Settlement Amount payable to such holder will be reduced by (i) during the first twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock, respectively, in the six-month period prior to the Holder Redemption Exercise Date, and (ii) during the second twelve months of issuance of such Series M4 Preferred Stock or Series M5 Preferred Stock, the aggregate amount of all dividends, whether paid or accrued, on such Series M4 Preferred Stock or Series M5 Preferred Stock in the three-month period prior to the Holder Redemption Exercise Date (such amount, the “Series M4 Shares Clawback” and “Series M5 Shares Clawback,” respectively). We are permitted to waive the Series M4 Shares Clawback and Series M5 Shares Clawback through public announcement of the terms and duration of such waiver. Any such waiver would apply to any holder of Preferred Stock qualifying for the waiver and exercising a Holder Optional Redemption during the pendency of the term of such waiver. Although we have retained the right to waive the Series M4 Shares Clawback and Series M5 Shares Clawback in the manner described above, we are not required to establish any such waivers and we may never establish any such waivers. Subject to certain limitations, each share of 5.50% Preferred Stock or 6.50% Preferred Stock may be converted at our option (the “Issuer Optional Conversion”). We will settle any Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount (as defined below) that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the 5-day VWAP, subject to our ability to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value if the 5-day VWAP represents a discount to our net asset value per share of common stock. For the 5.50% Preferred Stock and 6.50% Preferred Stock, “IOC Settlement Amount” means (A) the Stated Value, plus (B) unpaid dividends accrued to, but not including, the date fixed for conversion. In connection with an Issuer Optional Conversion, we will use commercially reasonable efforts to obtain or maintain any stockholder approval that may be required under the 1940 Act to permit us to sell our common stock below net asset value. If we do not have or obtain any required stockholder approval under the 1940 Act to sell our common stock below net asset value and the 5-day VWAP is at a discount to our net asset value per share of common 225

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) stock, we will settle any conversions in connection with an Issuer Optional Conversion by paying or delivering, as the case may be, (A) any portion of the IOC Settlement Amount that we elect to pay in cash and (B) a number of shares of our common stock at a conversion rate equal to (1) (a) the IOC Settlement Amount, minus (b) any portion of the IOC Settlement Amount that we elect to pay in cash, divided by (2) the NAV per share of common stock at the close of business on the business day immediately preceding the date of conversion. We will not pay any portion of the IOC Settlement Amount from an Issuer Optional Conversion in cash (other than cash in lieu of fractional shares of our common stock) until the Redemption Eligibility Date. Beginning on the Redemption Eligibility Date, we may elect to settle any Issuer Optional Conversion in cash without limitation or restriction. In the event that we exercise an Issuer Optional Conversion with respect to any shares of 5.50% Preferred Stock or 6.50% Preferred Stock, the holder of such 5.50% Preferred Stock or 6.50% Preferred Stock may instead elect a Holder Optional Conversion with respect to such 5.50% Preferred Stock or 6.50% Preferred Stock provided that the date of conversion for such Holder Optional Conversion would occur prior to the date of conversion for an Issuer Optional Conversion. Shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock do not have an Issuer Optional Conversion feature. The Company actively manages its offerings of preferred stock and, although it may or may not be presently offering a particular series of its preferred stock, the Company may determine to issue any of its authorized series of preferred stock (and, in connection therewith, to relaunch the offering of any particular series, if previously terminated) based on its assessment of market conditions, demand, and appropriate cost of capital in light of the foregoing and the overall construction of its portfolio and capital structure. On July 12, 2021, we entered into an underwriting agreement by and among us, Prospect Capital Management L.P., Prospect Administration LLC, and Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC, as representatives of the underwriters, relating to the offer and sale of 6,000,000 shares, or $150,000 in aggregate liquidation preference, of our 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock, par value $0.001 per share (the “Series A Preferred Stock” or “5.35% Preferred Stock”), at a public offering price of $25.00 per share. Pursuant to the Underwriting Agreement, we also granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of Series A Preferred Stock solely to cover over-allotments. The offer settled on July 19, 2021, and no additional shares of the Series A Preferred Stock were issued pursuant to the option. In connection with such offering, on July 15, 2021, we filed Articles Supplementary with SDAT, reclassifying and designating 6,900,000 shares of the Company’s authorized and unissued shares of common stock into shares of Series A Preferred Stock. On May 8, 2026, we entered into an equity distribution agreement by and among us, Prospect Capital Management L.P., Prospect Administration LLC, and A.G.P. / Alliance Global Partners (“AGP”), with AGP as sales agent, relating to the offer and sale, by means of an at-the-market (“ATM”) offering, of up to 16,000,000 shares, or $400,000 in aggregate liquidation preference, of our Series A Preferred Stock (the “Series A Preferred Stock ATM Program”). In connection with such offering, on May 8, 2026, we filed Articles Supplementary with SDAT, reclassifying and designating 16,000,000 shares of the Company’s authorized and unissued shares of common stock into additional shares of Series A Preferred Stock. During the year ended June 30, 2026, we issued and sold $1,642 aggregate liquidation preference of the Series A Preferred Stock under the Series A Preferred Stock ATM Program, for net proceeds of $1,098, after commissions, discounts, and offering costs. As of June 30, 2026, there were 5,316,849 shares, or $132,921 aggregate liquidation preference, of the Series A Preferred Stock outstanding. Each series of 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, 7.50% Preferred Stock and Series A Preferred Stock ranks (with respect to the payment of dividends and rights upon liquidation, dissolution or winding up) (a) senior to our common stock, (b) on parity with each other series of our preferred stock, and (c) junior to our existing and future secured and unsecured indebtedness. See Note 8. Fair Value and Maturity of Debt Outstanding for further discussion on our senior securities. We may from time to time seek to purchase and cancel our outstanding preferred stock through cash purchases and/or exchanges, in open market purchases, privately negotiated transactions or otherwise. The amounts involved may be material. Any such purchases or exchanges of preferred stock would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. On June 16, 2022, our Board of Directors authorized the repurchase of up to 1.5 million shares our Series A Preferred Stock and further on October 11, 2023, authorized any and all outstanding Series A Preferred Stock to be repurchased. The manner, price, volume and timing of preferred share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. Each share of preferred stock converted into shares of common stock, redeemed, exchanged or acquired by the Company is canceled and retired and is not reissued, and is returned to the status of authorized but unissued common stock. 226

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) During the years ended June 30, 2026 and June 30, 2025, we did not repurchase shares of Series A Preferred Stock. On October 30, 2023, we commenced a tender offer (the “Series A Preferred Stock Tender Offer”) to purchase for cash any and all of 5,882,351 shares of outstanding Series A Preferred Stock at a price of $15.88, plus accrued and unpaid dividends for a total consideration of $16.00 per share. The Series A Preferred Stock Tender Offer expired at 5:00 p.m., New York City time, on November 29, 2023 and as a result, $15,780 aggregate liquidation amount of the Series A Preferred Stock were validly tendered and accepted, and we recognized a realized gain of $5,197 during the year ended June 30, 2024 from the purchase of 631,194 shares of Series A Preferred Stock in the amount of the difference between the consideration transferred and the net carrying amount of the Series A Preferred Stock. During the year ended June 30, 2024, we repurchased 80,303 shares of Series A Preferred Stock for a total cost of approximately $1,279, including fees and commissions paid to the broker, representing an average repurchase price of $15.76 per share. The difference in the consideration transferred and the net carrying value of the Series A Preferred Stock repurchased, which was $1,937, resulted in a gain applicable to common stock holders of approximately $657 during the year ended June 30, 2024. The repurchased shares reverted to authorized but unissued shares of Series A Preferred Stock and thus the Company holds no treasury stock. During the year ended June 30, 2026, we exchanged an aggregate of 44,894 Series M1 Preferred Stock for an aggregate of 44,894 newly-issued Series M5 Preferred Stock pursuant to Section 3(a)(9) of the Securities Act. During the year ended June 30, 2026, we exchanged an aggregate of 59,132 Series M3 Preferred Stock for an aggregate of 59,132 newly-issued Series M5 Preferred Stock pursuant to Section 3(a)(9) of the Securities Act. During the year ended June 30, 2025, we exchanged an aggregate of 195,938 Series M1 Preferred Stock for an aggregate of 10,842, 142,054, and 43,040 newly-issued Series M3 Preferred Stock, Series M4 Preferred Stock, and Series M5 Preferred Stock respectively, pursuant to Section 3(a) (9) of the Securities Act. During the year ended June 30, 2025, we exchanged an aggregate of 294,040 Series M3 Preferred Stock for an aggregate of 266,878 and 27,160 newly-issued Series M4 Preferred Stock and newly-issued Series M5 Preferred Stock, respectively, pursuant to Section 3(a)(9) of the Securities Act. The Series M3 Preferred Stock, Series M4 Preferred Stock, and Series M5 Preferred Stock issued in the exchanges were issued in each case to an existing security holder of the Company exclusively in exchange for such holder’s securities. No commission or other remuneration was paid or given for soliciting the exchange. Stockholders who exchange Series M1 Preferred Stock for Series M3 Preferred Stock, Series M4 Preferred Stock or Series M5 Preferred Stock or Series M3 Preferred Stock for Series M4 Preferred Stock or Series M5 Preferred Stock will receive unpaid dividends on their Series M1 Preferred Stock or Series M3 Preferred Stock accrued to, but not including, the Exchange Exercise Date, plus any fractional amount of a Series M1 Preferred Stock or Series M3 Preferred Stock exchanged multiplied by $25.00 in cash. Upon settlement, the carrying amount (including any premiums or discounts and a proportional amount of any issuance costs) of the Series M1 Preferred Stock or Series M3 Preferred Stock are reclassified to Series M3 Preferred Stock, Series M4 Preferred Stock, or Series M5 Preferred Stock, respectively, with no gain or loss recognized. Subject to certain limited exceptions allowing earlier redemption, at any time after the close of business on July 19, 2026 (any such date, an “Optional Redemption Date”), at our sole option, we may redeem the Series A Preferred Stock in whole or, from time to time, in part, out of funds legally available for such redemption, at a price per share equal to the liquidation preference of $25.00 per share, plus an amount equal to all unpaid dividends on such shares (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the date fixed for redemption. We may also redeem the Series A Preferred Stock at any time, in whole or, from time to time, in part, including prior to the Optional Redemption Date, pro rata, based on liquidation preference, with all other series of our then outstanding preferred stock, in the event that our Board of Directors determines to redeem any series of our preferred stock, in whole or, from time to time, in part, because such redemption is deemed necessary by our Board of Directors to comply with the asset coverage requirements of the 1940 Act or for us to maintain RIC status. In the event of a Change of Control Triggering Event (as defined below), we may, at our option, exercise our special optional redemption right to redeem the Series A Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control Triggering Event has occurred by paying the liquidation preference, plus an amount equal to all unpaid dividends on such shares (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the date fixed for such redemption. To the extent that we exercise our optional redemption right or our special optional redemption right relating to the Series A Preferred Stock, the holders of Series A Preferred Stock will not be permitted to exercise the conversion right described below in respect of their shares called for redemption. 227

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Except to the extent that we have elected to exercise our optional redemption right or our special optional redemption right by providing notice of redemption prior to the Change of Control Conversion Date (as defined below), upon the occurrence of a Change of Control Triggering Event, each holder of Series A Preferred Stock will have the right to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of our shares of common stock per Series A Preferred Stock to be converted equal to the lesser of: • the quotient obtained by dividing (i) the sum of the Liquidation Preference per share plus an amount equal to all unpaid dividends thereon (whether or not earned or declared, but excluding interest thereon) accumulated up to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a Record Date for a Series A Preferred Stock dividend payment and prior to the corresponding Series A Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividends will be included in this sum) by (ii) the Common Stock Price (as defined below); and • 6.03865, subject to certain adjustments, subject, in each case, to provisions for the receipt of alternative consideration upon conversion as described in the applicable prospectus supplement. If we have provided or provide a redemption notice with respect to some or all of the Series A Preferred Stock, holders of any Series A Preferred Stock that we have called for redemption will not be permitted to exercise their Change of Control Conversion Right in respect of any of their Series A Preferred Stock that have been called for redemption, and any Series A Preferred Stock subsequently called for redemption that have been tendered for conversion will be redeemed on the applicable date of redemption instead of converted on the Change of Control Conversion Date. For purposes of the foregoing discussion of a redemption upon the occurrence of a Change of Control Triggering Event, the following definitions are applicable: “Change of Control Triggering Event” means the occurrence of any of the following: • the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation and other than an Excluded Transaction) in one or a series of related transactions, of all or substantially all of the assets of the Company and its Controlled Subsidiaries taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than to any Permitted Holders); provided that, for the avoidance of doubt, a pledge of assets pursuant to any of our secured debt instruments or the secured debt instruments of our Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition; or • the consummation of any transaction (including, without limitation, any merger or consolidation and other than an Excluded Transaction) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of our outstanding Voting Stock, measured by voting power rather than number of shares. Notwithstanding the foregoing, the consummation of any of the transactions referred to in the bullet points above will not be deemed a Change of Control Triggering Event if we or the acquiring or surviving consolidated entity has or continues to have a class of common securities (or ADRs representing such securities) listed on the NYSE, the NYSE American or NASDAQ, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or NASDAQ, or is otherwise listed or quoted on a national securities exchange. The “Change of Control Conversion Date” is the date the shares of Series A Preferred Stock are to be converted, which will be a business day selected by us that is no fewer than 20 days nor more than 35 days after the date on which we provide the notice described above to the holders of Series A Preferred Stock. The “Common Stock Price” will be (i) if the consideration to be received in the Change of Control Triggering Event by the holders of our common stock is solely cash, the amount of cash consideration per share of our common stock or (ii) if the consideration to be received in the Change of Control Triggering Event by holders of our common stock is other than solely cash (x) the average of the closing sale prices per share of our common stock (or, if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control Triggering Event as reported on the principal U.S. securities exchange on which our common stock is then traded, or (y) the average of the last quoted bid prices for our common stock in the over-the-counter market as reported by 228

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) OTC Markets Group Inc. or similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control Triggering Event, if our common stock is not then listed for trading on a U.S. securities exchange. “Controlled Subsidiary” means any of our subsidiaries, 50% or more of the outstanding equity interests of which are owned by us and our direct or indirect subsidiaries and of which we possess, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise. “Excluded Transaction” means (i) any transaction that does not result in any reclassification, conversion, exchange or cancellation of all or substantially all of the outstanding shares of our Voting Stock; (ii) any changes resulting from a subdivision or combination or a change solely in par value; (iii) any transaction where the shares of our Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act) or any direct or indirect parent company of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act) immediately after giving effect to such transaction; (iv) any transaction if (A) we become a direct or indirect wholly-owned subsidiary of a holding company and (B)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of our Voting Stock immediately prior to that transaction or (2) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; or (v) any transaction primarily for the purpose of changing our jurisdiction of incorporation or form of organization. “Permitted Holders” means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) Prospect Capital Management or any affiliate of Prospect Capital Management that is organized under the laws of a jurisdiction located in the United States of America and in the business of managing or advising clients. “Voting Stocks” as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. Except as provided above in connection with a Change of Control Triggering Event, the Series A Preferred Stock is not convertible into or exchangeable for any other securities or property. For so long as the Series A Preferred Stock, the Floating Rate Preferred Stock, or 7.50% Preferred Stock are outstanding, we will not exercise anyoption we have to convert any other series of our outstanding preferred stock to common stock, including the Issuer Optional Conversion, or any other security ranking junior to such preferred stock. As a result, if dividends on the Preferred Stock have accumulated and been unpaid for a period of two years, a possibility of redemption outside of the Company’s control exists and, in accordance with ASC 480, we have presented our 5.50% Preferred Stock, 6.50% Preferred Stock, and Series A Preferred Stock within temporary equity on our Consolidated Statement of Assets and Liabilities as of June 30, 2026 and June 30, 2025. The Floating Rate Preferred Stock and 7.50% Preferred Stock are redeemable at the election of the holder at any time; therefore, is probable of redemption outside of the Company’s control. As a result, the Floating Rate Preferred Stock and 7.50% Preferred Stock are classified within temporary equity on our Consolidated Statement of Assets and Liabilities as of June 30, 2026 and are accreted to redemption value upon issuance. Accretion to redemption value is treated as an adjustment to net increase (decrease) in net assets resulting from operations applicable to common stockholders on our Consolidated Statement of Operations. Shares of the 5.50% Preferred Stock, 6.50% Preferred Stock, and 7.50% Preferred Stock will pay a monthly dividend, when and if declared by our Board of Directors, at a fixed annual dividend rate of 5.50%, 6.50%, and 7.50%, respectively, per annum of the Stated Value of $25.00 per share (computed on the basis of a 360-day year consisting of twelve 30-day months), payable in cash or through the issuance of additional 5.50% Preferred Stock, 6.50% Preferred Stock, and 7.50% Preferred Stock through the 5.50% Preferred Stock DRIP, 6.50% Preferred Stock DRIP, and 7.50% Preferred Stock DRIP, respectively. 229

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Shares of the Floating Rate Preferred Stock will pay a monthly dividend, when, and if authorized by, or under authority granted by, our Board of Directors, and declared by us out of funds legally available therefor, at an annualized floating rate equal to one-month Term SOFR (as defined in the Prospectus Supplement dated December 29, 2023) plus 2.00%, subject to a minimum annualized dividend rate of 6.50% (the “Cap Rate”) and a maximum annualized dividend rate of 8.00%, each with respect to the stated value of $25.00 per share of the Floating Rate Preferred Stock (computed on the basis of a 360-day year consisting of twelve 30-day months), payable in cash or through the issuance of additional Floating Rate Preferred Stock through the Floating Rate Preferred Stock DRIP. The floating dividend rate on the Floating Rate Preferred Stock will reset upon each dividend authorization by our Board of Directors, and will reset to the applicable rate as determined two U.S. Government Securities Business Days (as defined in the Prospectus Supplement dated December 29, 2023) prior to such authorization, as adjusted for the terms herein. The applicable floating dividend rate on the Floating Rate Preferred Stock is presently expected to reset approximately once every three months. Shares of the Series A Preferred Stock will pay a quarterly dividend, when and if declared by our Board of Directors, at a fixed annual dividend rate of 5.35% per annum of the Stated Value of $25.00 per share (computed on the bases of a 360-day year consisting of twelve 30-day months), payable in cash. The below distributions to our Preferred Stockholders are net of any Series M Clawback applied to Series M stock through either the Holder Optional Conversion or Holder Optional Redemption of such Series M shares. Our distributions to our 5.50% Preferred Stock holders, 6.50% Preferred Stock holders, 7.50% Preferred Stock holders, Floating Rate Preferred Stock holders and 5.35% Series A Preferred Stock holders for the year ended June 30, 2026 and June 30, 2025, are summarized in the following table: Declaration Date Record Date Payment Date Amount ($ per share), before pro ration forpartial periods Amount Distributed 5.50% Preferred Stockholders 5/8/2025 7/23/2025 8/1/2025 $ 0.114583 $ 3,196 5/8/2025 8/20/2025 9/2/2025 0.114583 3,175 8/26/2025 9/18/2025 10/1/2025 0.114583 3,148 8/26/2025 10/22/2025 11/3/2025 0.114583 3,124 8/26/2025 11/19/2025 12/1/2025 0.114583 3,106 11/6/2025 12/22/2025 1/2/2026 0.114583 3,091 11/6/2025 1/21/2026 2/2/2026 0.114583 3,072 11/6/2025 2/18/2026 3/2/2026 0.114583 3,048 2/9/2026 3/18/2026 4/1/2026 0.114583 3,031 2/9/2026 4/21/2026 5/1/2026 0.114583 2,976 2/9/2026 5/20/2026 6/1/2026 0.114583 2,905 5/7/2026 6/18/2026 7/1/2026 0.114583 2,854 Distributions for the year ended June 30, 2026 $ 36,726 5/8/2024 7/17/2024 8/1/2024 $ 0.114583 $ 3,516 5/8/2024 8/15/2024 9/3/2024 0.114583 3,491 8/28/2024 9/18/2024 10/1/2024 0.114583 3,430 8/28/2024 10/16/2024 11/1/2024 0.114583 3,406 8/28/2024 11/20/2024 12/2/2024 0.114583 3,394 11/8/2024 12/18/2024 1/2/2025 0.114583 3,376 11/8/2024 1/22/2025 2/3/2025 0.114583 3,361 11/8/2024 2/19/2025 3/3/2025 0.114583 3,341 2/10/2025 3/19/2025 4/1/2025 0.114583 3,307 2/10/2025 4/18/2025 5/1/2025 0.114583 3,259 2/10/2025 5/21/2025 6/2/2025 0.114583 3,245 5/8/2025 6/18/2025 7/1/2025 0.114583 3,220 230

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Distributions for the year ended June 30, 2025 $ 40,346 6.50% Preferred Stockholders 5/8/2025 7/23/2025 8/1/2025 $ 0.135417 $ 3,567 5/8/2025 8/20/2025 9/2/2025 0.135417 3,543 8/26/2025 9/18/2025 10/1/2025 0.135417 3,524 8/26/2025 10/22/2025 11/3/2025 0.135417 3,511 8/26/2025 11/19/2025 12/1/2025 0.135417 3,488 11/6/2025 12/22/2025 1/2/2026 0.135417 3,470 11/6/2025 1/21/2026 2/2/2026 0.135417 3,448 11/6/2025 2/18/2026 3/2/2026 0.135417 3,425 2/9/2026 3/18/2026 4/1/2026 0.135417 3,406 2/9/2026 4/21/2026 5/1/2026 0.135417 3,388 2/9/2026 5/20/2026 6/1/2026 0.135417 3,358 5/7/2026 6/18/2026 7/1/2026 0.135417 3,332 Distributions for the year ended June 30, 2026 $ 41,460 5/8/2024 7/17/2024 8/1/2024 0.135417 $ 3,803 5/8/2024 8/15/2024 9/3/2024 0.135417 3,785 8/28/2024 9/18/2024 10/1/2024 0.135417 3,749 8/28/2024 10/16/2024 11/1/2024 0.135417 3,702 8/28/2024 11/20/2024 12/2/2024 0.135417 3,696 11/8/2024 12/18/2024 1/2/2025 0.135417 3,686 11/8/2024 1/22/2025 2/3/2025 0.135417 3,665 11/8/2024 2/19/2025 3/3/2025 0.135417 3,627 2/10/2025 3/19/2025 4/1/2025 0.135417 3,607 2/10/2025 4/18/2025 5/1/2025 0.135417 3,594 2/10/2025 5/21/2025 6/2/2025 0.135417 3,582 5/8/2025 6/18/2025 7/1/2025 0.135417 3,571 Distributions for the year ended June 30, 2025 $ 44,067 Floating Rate Preferred Stockholders 5/8/2025 7/23/2025 8/1/2025 $ 0.135417 $ 1,244 5/8/2025 8/20/2025 9/2/2025 0.135417 1,244 8/26/2025 9/18/2025 10/1/2025 0.135417 1,235 8/26/2025 10/22/2025 11/3/2025 0.135417 1,229 8/26/2025 11/19/2025 12/1/2025 0.135417 1,226 11/6/2025 12/22/2025 1/2/2026 0.135417 1,212 11/6/2025 1/21/2026 2/2/2026 0.135417 1,217 11/6/2025 2/18/2026 3/2/2026 0.135417 1,185 2/9/2026 3/18/2026 4/1/2026 0.135417 1,204 2/9/2026 4/21/2026 5/1/2026 0.135417 1,201 2/9/2026 5/20/2026 6/1/2026 0.135417 1,201 5/7/2026 6/18/2026 7/1/2026 0.135417 1,182 Distributions for the year ended June 30, 2026 $ 14,580 231

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 5/8/2024 7/17/2024 8/1/2024 $ 0.152550 $ 876 5/8/2024 8/15/2024 9/3/2024 0.152550 1,052 8/28/2024 9/18/2024 10/1/2024 0.151584 1,111 8/28/2024 10/16/2024 11/1/2024 0.151584 1,225 8/28/2024 11/20/2024 12/2/2024 0.151584 1,314 11/8/2024 12/18/2024 1/2/2025 0.138583 1,262 11/8/2024 1/22/2025 2/3/2025 0.138583 1,290 11/8/2024 2/19/2025 3/3/2025 0.138583 1,276 2/10/2025 3/19/2025 4/1/2025 0.135417 1,231 2/10/2025 4/18/2025 5/1/2025 0.135417 1,244 2/10/2025 5/21/2025 6/2/2025 0.135417 1,245 5/8/2025 6/18/2025 7/1/2025 0.135417 1,245 Distributions for the year ended June 30, 2025 $ 14,371 5.35% Preferred Stockholders 5/8/2025 7/23/2025 8/1/2025 $ 0.334375 $ 1,756 8/26/2025 10/22/2025 11/3/2025 0.334375 1,756 11/6/2025 1/21/2026 2/2/2026 0.334375 1,756 2/9/2026 4/21/2026 5/1/2026 0.334375 1,756 Distributions for the year ended June 30, 2026 $ 7,024 5/8/2024 7/17/2024 8/1/2024 $ 0.334375 $ 1,756 8/28/2024 10/16/2024 11/1/2024 0.334375 1,756 11/8/2024 1/22/2025 2/3/2025 0.334375 1,756 2/10/2025 4/18/2025 5/1/2025 0.334375 1,756 Distributions for the year ended June 30, 2025 $ 7,024 7.50% Preferred Stockholders 5/8/2025 7/23/2025 8/1/2025 $ 0.156250 $ 331 5/8/2025 8/20/2025 9/2/2025 0.156250 384 8/26/2025 9/18/2025 10/1/2025 0.156250 419 8/26/2025 10/22/2025 11/3/2025 0.156250 456 8/26/2025 11/19/2025 12/1/2025 0.156250 508 11/6/2025 12/22/2025 1/2/2026 0.156250 556 11/6/2025 1/21/2026 2/2/2026 0.15625 603 11/6/2025 2/18/2026 3/2/2026 0.15625 638 2/9/2026 3/18/2026 4/1/2026 0.15625 676 2/9/2026 4/21/2026 5/1/2026 0.15625 711 2/9/2026 5/20/2026 6/1/2026 0.15625 766 5/7/2026 6/18/2026 7/1/2026 0.15625 790 Distributions for the year ended June 30, 2026 $ 6,838 1/17/2025 1/22/2025 2/3/2025 $ 0.156250 $ 15 1/17/2025 2/19/2025 3/3/2025 0.156250 78 232

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) 2/10/2025 3/19/2025 4/1/2025 0.156250 149 2/10/2025 4/18/2025 5/1/2025 0.156250 218 2/10/2025 5/21/2025 6/2/2025 0.156250 264 5/8/2025 6/18/2025 7/1/2025 0.156250 299 Distributions for the year ended June 30, 2025 $ 1,023 The above table includes dividends paid during the year ended June 30, 2026. It does not include distributions previously declared to the 5.50% Preferred Stock holders, 6.50% Preferred Stock holders, 7.50% Preferred Stock holders, Floating Rate Preferred Stock holders and 5.35% Series A Preferred Stock holders of record for any future dates, as those amounts are not yet determinable. The following dividends were previously declared and will be recorded and paid subsequent to June 30, 2026: • $0.114583 per share (before pro ration for partial period holders of record) for 5.50% Preferred Stock holders of record on July 22, 2026 with a payment date of August 3, 2026. • $0.114583 per share (before pro ration for partial period holders of record) for 5.50% Preferred Stock holders of record on August 19, 2026 with a payment date of September 1, 2026. • $0.135417 per share (before pro ration for partial period holders of record) for 6.50% Preferred Stock holders of record on July 22, 2026 with a payment date of August 3, 2026. • $0.135417 per share (before pro ration for partial period holders of record) for 6.50% Preferred Stock holders of record on August 19, 2026 with a payment date of September 1, 2026. • $0.135417 per share (before pro ration for partial period holders of record) for Floating Rate Preferred Stock holders of record on July 22, 2026 with a payment date of August 3, 2026. • $0.135417 per share (before pro ration for partial period holders of record) for Floating Rate Preferred Stock holders of record on August 19, 2026 with a payment date of September 1, 2026. • $0.334375 per share (before pro ration for partial period holders of record) for 5.35% Series A Preferred Stock holders of record on July 22, 2026 with a payment date of August 3, 2026. • $0.156250 per share (before pro ration for partial period holders of record) for 7.50% Preferred Stock holders of record on July 22, 2026 with a payment date of August 3, 2026. • $0.156250 per share (before pro ration for partial period holders of record) for 7.50% Preferred Stock holders of record on August 19, 2026 with a payment date of September 1, 2026. As of June 30, 2026, we have accrued approximately $4 and $1,185 in dividends that have not yet been paid for our 7.50% Preferred Stock holders and 5.35% Series A Preferred Stock holders, respectively. 233

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table shows our outstanding Preferred Stock as of June 30, 2026: Series SharesAuthorized(8) MaximumOffering Size(Shares) MaximumAggregateLiquidationPreference ofOffering Inception toDate PreferredShares Sold viaOffering Inception to DateLiquidationPreference Issuedvia Offering Preferred StockIssued andOutstanding LiquidationPreferenceOutstanding Series A1 72,069,234 105,858,302 (1) $ 2,646,458 (1) 31,448,021 $ 786,201 23,775,096 (4) $ 594,377 Series M1 76,769,095 105,858,302 (1) 2,646,458 (1) 4,110,318 102,758 885,095 (4) 22,127 Series M2 80,000,000 105,858,302 (1) 2,646,458 (1) — — — — Series A3 77,558,483 105,858,302 (1) 2,646,458 (1) 25,020,192 625,505 22,804,790 (4) 570,120 Series M3 77,797,471 105,858,302 (1) 2,646,458 (1) 3,490,259 87,256 1,658,155 (4) 41,454 Series A4 89,819,436 105,858,302 (1) 2,646,458 (1) 7,025,668 175,642 6,873,274 (5) 171,832 Series M4 89,664,559 105,858,302 (1) 2,646,458 (1) 938,860 23,472 1,910,755 (5) 47,769 Series A5 89,980,894 105,858,302 (1) 2,646,458 (1) 4,115,892 102,897 4,104,726 (5) 102,618 Series M5 89,996,200 105,858,302 (1) 2,646,458 (1) 909,536 22,738 1,080,460 (5) 27,012 Series A2 872,000 187,000 4,675 187,000 4,675 59,000 (4) 1,475 Series A 22,151,157 22,000,000 (2) 550,000 6,065,692 151,642 5,316,849 (6) 132,921 Total 766,678,529 128,045,302 (3) $ 3,201,133 (3) 83,311,438 $ 2,082,785 (7) 68,468,200 $ 1,711,704 (7) (1) The maximum offering of 105,858,302 shares and $2,646,458 aggregate liquidation preference is for any combination of Series A1, Series M1, Series M2, Series A3, Series M3, Series A4, Series M4, Series A5, and Series M5 shares. (2) The maximum offering of 22,000,000 shares and $550,000 aggregate liquidation preference is related to (i) the public offering of 6,000,000 shares, or $150,000 in aggregate liquidation preference, of our Series A Preferred Stock in July 2021 and (ii) the Series A Preferred Stock ATM Program of up to 16,000,000 shares, or $400,000 in aggregate liquidation preference, of our Series A Preferred Stock. (3) The authorized maximum offering size of Preferred Stock as of June 30, 2026 was 128,045,302 shares, par value $0.001 per share, with an aggregate liquidation preference of $3,201,133, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and the table columns are not intended to foot. (4) Preferred Stock shares issued and outstanding is calculated as shares issued under the respective offering program, including additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Conversion and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity. (5) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, including additional shares issued through the Preferred Stock DRIP and net of Preferred Stock redemptions through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity. (6) Preferred Stock shares outstanding is calculated as shares issued under the respective offering or Series A Preferred Stock ATM Program, net of shares repurchased via open market purchases and shares retired via the Tender Offer. Refer to subsequent tables for respective fiscal year activity. (7) Does not foot due to rounding. (8) Each share of preferred stock converted into shares of common stock, redeemed, exchanged or acquired by the Company is canceled and retired and is not reissued, and is returned to the status of authorized but unissued common stock. 234

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The following table shows our outstanding Preferred Stock as of June 30, 2025: Series SharesAuthorized MaximumOffering Size(Shares) MaximumAggregateLiquidationPreference ofOffering Inception to DatePreferred SharesSold via Offering Inception to DateLiquidationPreference Issuedvia Offering Preferred StockShares Issued andOutstanding(5) LiquidationPreferenceOutstanding Series A1 75,117,364 90,000,000 (1) $ 2,250,000 (1) 31,448,021 $ 786,201 26,763,091 (4) $ 669,077 Series M1 77,006,609 90,000,000 (1) 2,250,000 (1) 4,110,318 102,758 1,122,110 (4) 28,053 Series M2 80,000,000 90,000,000 (1) 2,250,000 (1) — — — — Series A3 78,908,326 90,000,000 (1) 2,250,000 (1) 25,020,192 625,505 24,081,697 (4) 602,042 Series M3 78,422,515 90,000,000 (1) 2,250,000 (1) 3,490,259 87,256 2,281,053 (4) 57,026 Series A4 89,941,659 90,000,000 (1) 2,250,000 (1) 7,025,668 175,642 6,981,297 (5) 174,532 Series M4 89,967,162 90,000,000 (1) 2,250,000 (1) 938,860 23,472 2,209,528 (5) 55,238 Series A5 90,000,000 90,000,000 (1) 2,250,000 (1) 1,645,964 41,149 1,647,217 41,180 Series M5 90,000,000 90,000,000 (1) 2,250,000 (1) 345,478 8,637 415,787 10,395 Series AA1 20,000,000 10,000,000 (2) 250,000 (2) — — — — Series MM1 20,000,000 10,000,000 (2) 250,000 (2) — — — — Series AA2 20,000,000 10,000,000 (2) 250,000 (2) — — — — Series MM2 20,000,000 10,000,000 (2) 250,000 (2) — — — — Series A2 976,000 187,000 4,675 187,000 4,675 163,000 (4) 4,075 Series A 6,151,157 6,000,000 150,000 6,000,000 150,000 5,251,157 (6) 131,279 Total 836,490,792 106,187,000 (3) $ 2,654,675 (3) 80,211,760 $ 2,005,294 (7) 70,915,937 $ 1,772,897 (1) The maximum offering of 90,000,000 shares and $2,250,000 aggregate liquidation preference was for any combinations of Series A1, Series M1, Series M2, Series A3, Series M3, Series A4, Series M4, Series A5, and Series M5 shares. (2) The maximum offering of 10,000,000 shares and $250,000 aggregate liquidation preference was for any combinations of Series AA1, Series MM1, Series AA2, and Series MM2. (3) The authorized maximum offering size of Preferred Stock as of June 30, 2025 was 106,187,000 shares, par value $0.001 per share, with an aggregate liquidation preference of $2,654,675, a liquidation preference of $25.00 per share. The totals referenced in the above table are in light of the combined maximum offering amounts for the various series of shares identified in footnote 1 and footnote 2 and the table columns are not intended to foot. (4) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program, including additional shares issued through the Preferred Stock DRIP and net of Preferred Stock conversions to common stock through the Holder Optional Conversion and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity. (5) Preferred Stock shares issued and outstanding is calculated as shares issued under the respective offering program including additional shares issued through the Preferred Stock DRIP and net of Preferred Stock redemptions through the Holder Optional Redemption and Optional Redemption Upon Death of Holder. Refer to subsequent tables for respective fiscal year activity. (6) Preferred Stock shares outstanding is calculated as shares issued under the respective offering program net of shares repurchased via open market purchases and shares retired via the Tender Offer. Refer to subsequent tables for respective fiscal year activity. (7) Does not foot due to rounding. Preferred Stock issued prior to the issuance of our 5.35% Series A Preferred Stock has a carrying value equal to liquidation value per share on our Consolidated Statements of Assets and Liabilities. Subsequent issuances of our Preferred Stock classified as temporary equity are recorded net of issuance costs, with the Floating Rate Preferred Stock and 7.50% Preferred Stock immediately accreted to redemption value as discussed above. The carrying value of all Preferred Stock is inclusive of cumulative accrued and unpaid dividends as of June 30, 2026 and June 30, 2025. 235

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Series A1, Series A2, Series M1, Series A3, and Series M3 shares outstanding are net of dividend reinvestments paid and conversions to common stock in accordance with their liquidation features. Series A4, Series M4, Series A5, and Series M5 shares outstanding are net of dividend reinvestments paid and redemptions in accordance with their liquidation features. Series A shares outstanding are net of shares repurchased via the authorized repurchase of Series A Preferred Stock. Series M shares outstanding are net of shares exchanged for shares of alternative Series M stock. The following tables show such activity during the year ended June 30, 2026: Series June 30, 2025 SharesOutstanding Shares Issued Shares issued throughPreferred Stock DRIP Exchanges Redemptions/Repurchases June 30, 2026SharesOutstanding Series A1 26,763,091 — 60,135 — (3,048,130) 23,775,096 Series M1 1,122,110 — 498 (44,894) (192,619) 885,095 Series A3 24,081,697 — 72,937 — (1,349,844) 22,804,790 Series M3 2,281,053 — 2,146 (59,132) (565,912) 1,658,155 Series A4 6,981,297 — 14,200 — (122,223) 6,873,274 Series M4 2,209,528 — 3,831 — (302,603) 1,910,755 (2) Series A5 1,647,217 2,469,928 6,687 — (19,106) 4,104,726 Series M5 415,787 564,058 388 104,026 (3,800) 1,080,460 (2) Series A2 163,000 — — — (104,000) 59,000 Series A 5,251,157 65,692 — — — 5,316,849 Total 70,915,937 3,099,678 (3) 160,822 — (5,708,237) 68,468,200 (1) During the year ended June 30, 2026, 5,260,505 shares of the 5.50% Preferred Stock and 6.50% Preferred Stock, were converted to common shares via Holder Optional Redemptions and Optional Redemptions Upon Death of Holder and 447,732 shares of the Floating Rate Preferred Stock and 7.50% Preferred Stock were redeemed for cash via Holder Optional Redemptions. (2) Does not foot or crossfoot due to fractional share rounding. (3) During the year ended June 30, 2026, we issued 3,099,678 shares of Preferred Stock for net proceeds of $70,356 with a liquidation value of $77,492. The following tables show such activity during the year ended June 30, 2025: Series June 30, 2024 SharesOutstanding Shares Issued Shares issued throughPreferred Stock DRIP Exchanges Redemptions/Repurchases June 30, 2025SharesOutstanding Series A1 28,932,457 — 66,115 — (2,235,479) 26,763,091 (2) Series M1 1,788,851 — 758 (195,938) (471,561) 1,122,110 Series A3 24,810,648 87,237 76,763 — (892,951) 24,081,697 Series M3 3,351,101 17,000 3,220 (283,198) (807,069) 2,281,053 (2) Series A4 3,766,166 3,260,346 13,125 — (58,341) 6,981,297 (2) Series M4 1,401,747 428,912 2,775 408,932 (32,838) 2,209,528 Series A5 — 1,645,964 1,252 — — 1,647,217 (2) Series M5 — 345,478 108 70,200 — 415,787 (2) Series A2 164,000 — — — (1,000) 163,000 Series A 5,251,157 — — — — 5,251,157 Total 69,466,127 5,784,937 (3) 164,116 (4) (4) (4,499,240) (2) 70,915,937 (2) (1) During the year ended June 30, 2025, 4,408,060 shares of the 5.50% Preferred Stock and 6.50% Preferred Stock were converted to common shares via Holder Optional Redemptions and Optional Redemptions Upon Death of Holder and 91,179 shares of the Floating Rate Preferred Stock were redeemed for cash via Holder Optional Redemptions. (2) Does not foot or crossfoot due to fractional share rounding. (3) During the year ended June 30, 2025, we issued 5,784,937 shares of Preferred Stock for net proceeds of $131,562 with a liquidation value of $144,623. (4) During the year ended June 30, 2025, an aggregate amount of 4.17 fractional shares were exchanged and paid to the exchanging holders with cash in lieu of the exchanged shares. (1) (1) 236

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Common Stock Our common stockholders’ equity accounts as of June 30, 2026 and June 30, 2025 reflect cumulative shares issued, net of shares previously repurchased, as of those respective dates. Our common stock has been issued through public offerings, a registered direct offering, the exercise of over-allotment options on the part of the underwriters, our common stock dividend reinvestment plan in connection with the acquisition of certain controlled portfolio companies and in connection with our 5.50% and 6.50% Preferred Stock Holder Optional Conversion and Optional Redemptions Following Death of a Holder. When our common stock is issued, the related offering expenses have been charged against paid-in capital in excess of par. All underwriting fees and offering expenses were borne by us. On August 24, 2011, our Board of Directors approved a share repurchase plan (the “Repurchase Program”), pursuant to which we may repurchase up to $100,000 of our common stock at prices below our net asset value per share. Prior to any repurchase, we are required to notify stockholders of our intention to purchase our common stock. We did not repurchase any shares of our common stock under the Repurchase Program for the years ended June 30, 2026 and June 30, 2025. As of June 30, 2026, the approximate dollar value of shares that may yet be purchased under the Repurchase Program is $65,860. Excluding common stock dividend reinvestments and shares issued in connection with the 5.50% and 6.50% Preferred Stock Holder Optional Conversion and Optional Redemption Upon Death of Holder, during the years ended June 30, 2026 and June 30, 2025, we did not issue any shares of our common stock. On February 9, 2016, we amended our common stock dividend reinvestment plan that provided for reinvestment of our dividends or distributions on behalf of our stockholders, unless a stockholder elects to receive cash, to add the ability of stockholders to purchase additional common shares by making optional cash investments. Under the revised dividend reinvestment and direct common stock repurchase plan, stockholders may elect to purchase additional common shares through our transfer agent in the open market or in negotiated transactions. On April 17, 2020, our Board of Directors approved further amendments to our common stock dividend reinvestment plan, effective May 21, 2020, that principally provide for the number of newly-issued shares of our common stock to be credited to a stockholder’s account shall be determined by dividing the total dollar amount of the distribution payable to such common stockholder by 95% of the market price per share of our common stock at the close of regular trading on the Nasdaq Global Select Market on the date fixed by our Board of Directors for such distribution. On July 7, 2026 at a special meeting of stockholders, our stockholders authorized us to sell shares of our common stock (during the next 12 months) at a price or prices below our net asset value per share at the time of sale in one or more offerings, subject to certain conditions as set forth in the proxy statement relating to the special meeting (including that the number of shares sold on any given date does not exceed 25% of its outstanding common stock immediately prior to such sale). During the years ended June 30, 2026 and June 30, 2025, we distributed approximately $249,696 and $264,059, respectively, to our common stockholders. The following table summarizes our distributions to common stockholders declared and payable for the years ended June 30, 2026 and June 30, 2025: 237

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Declaration Date Record Date Payment Date Amount Per Share Amount Distributed (inthousands) 5/8/2025 7/29/2025 8/20/2025 $ 0.045 $ 20,623 5/8/2025 8/27/2025 9/18/2025 0.045 20,805 8/26/2025 9/26/2025 10/22/2025 0.045 20,965 8/26/2025 10/29/2025 11/18/2025 0.045 21,145 11/6/2025 11/25/2025 12/18/2025 0.045 21,308 11/6/2025 12/29/2025 1/21/2026 0.045 21,441 11/6/2025 1/28/2026 2/18/2026 0.045 21,653 2/9/2026 2/25/2026 3/19/2026 0.045 21,812 2/9/2026 3/27/2026 4/21/2026 0.045 21,956 2/9/2026 4/28/2026 5/19/2026 0.045 22,382 5/7/2026 5/27/2026 6/18/2026 0.035 17,661 5/7/2026 6/26/2026 7/22/2026 0.035 17,945 Total declared and payable for the year ended June 30, 2026 $ 249,696 5/8/2024 7/29/2024 8/21/2024 $ 0.06 $ 25,607 5/8/2024 8/28/2024 9/19/2024 0.06 25,739 8/28/2024 9/26/2024 10/22/2024 0.06 26,012 8/28/2024 10/29/2024 11/19/2024 0.06 26,135 11/8/2024 11/26/2024 12/19/2024 0.045 19,671 11/8/2024 12/27/2024 1/22/2025 0.045 19,748 11/8/2024 1/29/2025 2/19/2025 0.045 19,842 2/10/2025 2/26/2025 3/20/2025 0.045 19,995 2/10/2025 3/27/2025 4/17/2025 0.045 20,129 2/10/2025 4/28/2025 5/20/2025 0.045 20,297 5/8/2025 5/28/2025 6/18/2025 0.045 20,380 5/8/2025 6/26/2025 7/22/2025 0.045 20,504 Total declared and payable for the year ended June 30, 2025 $ 264,059 Dividends and distributions to common stockholders are recorded on the ex-dividend date. As such, the table above includes distributions with record dates during the year ended June 30, 2026 and June 30, 2025. It does not include distributions previously declared to common stockholders of record on any future dates, as those amounts are not yet determinable. The following dividends were previously declared and will be recorded and payable subsequent to June 30, 2026: • $0.035 per share for July 2026 holders of record on July 29, 2026 with a payment date of August 20, 2026. • $0.035 per share for August 2026 holders of record on August 27, 2026 with a payment date of September 17, 2026. During the years ended June 30, 2026 and June 30, 2025, we issued 10,834,822 and 7,505,661 shares of our common stock, respectively, in connection with the common stock dividend reinvestment plan. As of June 30, 2026, we have reserved 612,825,656 shares of our common stock for issuance upon conversion of the 5.50% Preferred Stock and the 6.50% Preferred Stock and 89,165,178 shares of our common stock for issuance to common stock holders pursuant to our common stock dividend reinvestment and direct stock purchase plan. 238

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 10. Other Income Other income consists of structuring fees, amendment fees, overriding royalty interests, receipts related to net profit and revenue interests, deal deposits, administrative agent fees, and other miscellaneous and sundry cash receipts. The following table shows income from such sources during the years ended June 30, 2026, 2025, and 2024: Year Ended June 30, 2026 2025 2024 Structuring and amendment fees $ 9,000 $ 12,348 $ 27,666 Royalty, net profit and revenue interests 668 15,838 51,001 Administrative agent fees 887 763 730 Total other income $ 10,555 $ 28,949 $ 79,397 Note 11. Net Increase (Decrease) in Net Assets per Common Share Basic earnings (loss) per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred stock dividends plus net gain (loss) on repurchase and accretion to redemption value of redeemable preferred stock, by the weighted average number of common shares outstanding for that period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding using the if-converted method for the 5.50% Preferred Stock, the 6.50% Preferred Stock (see Note 9) and for the year ended June 30, 2024, the 2025 Notes (see Note 5). The 2025 Notes matured on March 1, 2025 and therefore are excluded from the if-converted method of dilutive earnings per share for the years ended June 30, 2026 and June 30, 2025. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive. During the year ended June 30, 2026, all 49,182,136 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed. During the year ended June 30, 2025, all 54,410,942 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed. During the year ended June 30, 2024, conversion of our Convertible Notes and 3,711,904 shares of our issued and outstanding Convertible Preferred Stock has an anti-dilutive effect and therefore, conversion is not assumed. The remaining 55,335,151 shares of issued and outstanding Convertible Preferred Stock were dilutive during the year ended June 30, 2024; therefore, the effects of their assumed conversion is reflected in the diluted earnings per share below. The following information sets forth the computation of basic and diluted earnings per common share during the year ended June 30, 2026, 2025,and 2024, respectively: 239

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) For the Year Ended June 30, 2026 2025 2024 Net increase (decrease) in net assets resulting from operations -basic $ 29,828 $ (593,762) $ 147,416 Adjustment for dividends on Convertible Preferred Stock — — 80,100 Adjustment for Incentive Fee on Convertible Instruments — — (16,020) Net increase (decrease) in net assets resulting from operations -diluted $ 29,828 $ (593,762) $ 211,496 Weighted average common shares outstanding - basic 479,866,265 440,314,909 412,703,365 Weighted average common shares from assumed conversion ofConvertible Preferred Stock — — 212,573,371 Weighted average common shares from assumed conversion ofConvertible Notes — — — Weighted average shares of common stock outstanding - diluted 479,866,265 440,314,909 625,276,736 Earnings (loss) per share - basic $ 0.06 $ (1.35) $ 0.36 Earnings (loss) per share - diluted $ 0.06 (1)$ (1.35) $ 0.34 Dilutive impacted from conversion is less than $0.01 per share. Note 12. Income Taxes While our fiscal year end for financial reporting purposes is June 30 of each year, our tax year end is August 31 of each year. The information presented in this footnote is based on our tax year end for each period presented, unless otherwise specified. The determination of tax character of distributions was not determinable at the end of the fiscal year end. Final determination of tax character of distributions will not be final until we file our return for the tax year. For income tax purposes, dividends paid and distributions made to stockholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of dividends paid to common stockholders during the tax years ended August 31, 2025, 2024, and 2023 were as follows: Tax Year Ended August 31, 2025 2024 2023 Ordinary income $ 189,162 $ 227,508 $ 243,085 Capital gain — — — Return of capital 69,913 71,414 44,838 Total distributions paid to common stockholders $ 259,075 $ 298,922 $ 287,923 The tax character of dividends paid to preferred stockholders during the tax years ended August 31, 2025, 2024, and 2023 were as follows: Tax Year Ended August 31, 2025 2024 2023 Ordinary income $ 106,977 $ 99,253 $ 74,975 Capital gain — — — Return of capital — — — Total distributions paid to preferred stockholders $ 106,977 $ 99,253 $ 74,975 (1) 240

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of August 26, 2025 when our prior Form 10-K was filed for the year ended June 30, 2025, we estimated our distributions for the fiscal year then ended to be $360,488 of distributions of ordinary income and $10,394 to be return of capital. Subsequent to our filing date, we obtained more information from our underlying investments as to the character of the distributions for the tax year ended August 31, 2025, which resulted in changes to distributions previously disclosed in our Form 10-K filing. As a result of the change, our total distributable loss on our Consolidated Statements of Assets and Liabilities for the year ended June 30, 2025 changed from $1,253,880 to $1,194,137, with $59,743 being reclassified to return of capital from ordinary income. The remaining reclassification of tax distributions classified as return of capital for the tax year ended August 31, 2025 has been adjusted in the fiscal year ended June 30, 2026. This adjustment results in an increase to distributable earnings of $10,170 for the year ended June 30, 2026. For the tax year ending August 31, 2026, the tax character of distributions paid to stockholders through June 30, 2026 is expected to be ordinaryincome and return of capital. However, due to the difference between our fiscal and tax year ends, the final determination of the tax character of distributions between ordinary income and return of capital will not be made until we file our tax return for the tax year ending August 31, 2026. Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The following table reconciles the net increase in net assets resulting from operations to taxable income for the tax years ended August 31, 2025, 2024, and 2023: Tax Year Ended August 31, 2025 2024 2023 Net increase (decrease) in net assets resulting from operations $ (490,501) $ 234,119 $ (88,043) Net realized (gains) losses on investments 539,089 434,238 40,795 Net unrealized (gains) losses on investments 289,399 (259,971) 480,916 Other temporary book-to-tax differences (42,450) (81,794) (148,147) Permanent differences 96 62 27 Taxable income before deductions for distributions $ 295,633 $ 326,654 $ 285,548 (1) Temporary book-to-tax differences include timing recognition of CLO income, flow-through investment income/loss, and dividend income from portfolio companies. As of our most recent tax year ended August 31, 2025, we had no undistributed ordinary income in excess of cumulative distributions and no capital gain in excess of cumulative distributions. Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. As of our most recent tax year ended August 31, 2025, we had a capital loss carryforward of $711,167 available for use in later tax years. As of June 30, 2026, the cost basis of investments for tax purposes was $6,367,797 resulting in an estimated net unrealized loss of $25,239. As of June 30, 2025, the cost basis of investments for tax purposes was $6,800,692 resulting in an estimated net unrealized loss of $127,176. As of June 30, 2026, the gross unrealized gains and losses were $1,263,482 and $1,288,721, respectively. As of June 30, 2025, the gross unrealized gains and losses were $1,308,011 and $1,435,187, respectively. Due to the difference between our fiscal year end and tax year end, the cost basis of our investments for tax purposes as of June 30, 2026 and June 30, 2025 was calculated based on the book cost of investments as of June 30, 2026 and June 30, 2025, respectively, with cumulative book-to-tax adjustments for investments through August 31, 2025 and 2024, respectively. In general, we may make certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which may include merger-related items, differences in the book and tax basis of certain assets and liabilities, and nondeductible federal excise taxes, among other items. During the tax year ended August 31, 2025, we increased total distributable earnings by $97, decreased accumulated realized losses by $16,242, and decreased capital in excess of par value by $16,339. During the tax year ended August 31, 2024, we increased total distributable earnings by $63 and decreased accumulated realized losses by $21,530, and decreased capital in excess of par value by $21,593. Due to the difference between our fiscal and tax year end, the reclassifications for the taxable year ended August 31, 2025, once finalized, were recorded in the fiscal year ending June 30, 2026 and the reclassifications for the taxable year ended August 31, 2024 were recorded in the fiscal year ended June 30, 2025. (1) 241

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 13. Related Party Agreements and Transactions Investment Advisory Agreement We have entered into an investment advisory and management agreement with the Investment Adviser (the “Investment Advisory Agreement”) under which the Investment Adviser, subject to the overall supervision of our Board of Directors, manages the day-to-day operations of, and provides investment advisory services to, us. Under the terms of the Investment Advisory Agreement, the Investment Adviser: (i) determines the composition of our portfolio, the nature and timing of the changes to our portfolio and the manner of implementing such changes, (ii) identifies, evaluates and negotiates the structure of the investments we make (including performing due diligence on our prospective portfolio companies), and (iii) closes and monitors investments we make. The Investment Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to us are not impaired. For providing these services the Investment Adviser receives a fee from us, consisting of two components: a base management fee and an incentive fee. The base management fee is calculated at an annual rate of 2.00% on our total assets. For services currently rendered under the Investment Advisory Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of our gross assets at the end of the two most recently completed calendar quarters and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. The total gross base management fee incurred to the favor of the Investment Adviser was $130,934, $145,756, and $157,001 during the years ended June 30, 2026, 2025, and 2024, respectively. The incentive fee has two parts. The first part, the income incentive fee, is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income for the immediately preceding calendar quarter. For this purpose, pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees and other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, expenses payable under the Administration Agreement described below, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre- incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital gains or losses. Pre- incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a “hurdle rate” of 1.75% per quarter (7.00% annualized). The net investment income used to calculate this part of the incentive fee is also included in the amount of the gross assets used to calculate the 2.00% base management fee. We pay the Investment Adviser an income incentive fee with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate; • 100.00% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate); and • 20.00% of the amount of our pre-incentive fee net investment income, if any, that exceeds 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate). These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter. 242

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) The second part of the incentive fee, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.00% of our realized capital gains for the calendar year, if any, computed net of all realized capital losses and unrealized capital depreciation at the end of such year. In determining the capital gains incentive fee payable to the Investment Adviser, we calculate the aggregate realized capital gains, aggregate realized capital losses and aggregate unrealized capital depreciation, as applicable, with respect to each investment that has been in our portfolio. For the purpose of this calculation, an “investment” is defined as the total of all rights and claims which may be asserted against a portfolio company arising from our participation in the debt, equity, and other financial instruments issued by that company. Aggregate realized capital gains, if any, equal the sum of the differences between the aggregate net sales price of each investment and the aggregate amortized cost basis of such investment when sold or otherwise disposed. Aggregate realized capital losses equal the sum of the amounts by which the aggregate net sales price of each investment is less than the aggregate amortized cost basis of such investment when sold or otherwise disposed. Aggregate unrealized capital depreciation equals the sum of the differences, if negative, between the aggregate valuation of each investment and the aggregate amortized cost basis of such investment as of the applicable calendar year-end. At the end of the applicable calendar year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee involves netting aggregate realized capital gains against aggregate realized capital losses on a since-inception basis and then reducing this amount by the aggregate unrealized capital depreciation. If this number is positive, then the capital gains incentive fee payable is equal to 20.00% of such amount, less the aggregate amount of any capital gains incentive fees paid since inception. The total income incentive fee incurred was $26,508, $40,772, and $80,548 during the years ended June 30, 2026, 2025, and 2024, respectively. No capital gains incentive fee was incurred during the years ended June 30, 2026, 2025, and 2024. Administration Agreement We have also entered into an administration agreement (the “Administration Agreement”) with Prospect Administration under which Prospect Administration, among other things, provides (or arranges for the provision of) administrative services and facilities for us. For providing these services, we reimburse Prospect Administration for our allocable portion of overhead incurred by Prospect Administration in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer and Chief Compliance Officer and her staff. Under this agreement, Prospect Administration furnishes us with office facilities, equipment and clerical, bookkeeping and record keeping services at such facilities. Prospect Administration also performs, or oversees the performance of, our required administrative services, which include, among other things, being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, Prospect Administration assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns and the printing and dissemination of reports to our stockholders, and generally oversees the payment of our expenses and the performance of administrative and professional services rendered to us by others. Under the Administration Agreement, Prospect Administration also provides on our behalf managerial assistance to certain portfolio companies (see Managerial Assistance to Portfolio Companies section below). The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Prospect Administration is a wholly-owned subsidiary of the Investment Adviser. The Administration Agreement provides that, absent willful misfeasance, bad faith or negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, Prospect Administration and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of Prospect Administration’s services under the Administration Agreement or otherwise as administrator for us. Our payments to Prospect Administration are reviewed quarterly by our Board of Directors. In December 2025, Prospect Administration finalized a litigation settlement related to a portfolio company owned by the Company that provided $20,500 in proceeds to Prospect Administration. During the year ended June 30, 2026, Prospect Administration sent $2,369 of the proceeds to the Company for reimbursement of external legal fees previously incurred by us related to the litigation, which is recorded within the reimbursement of administrative expenses presented in the Consolidated Statement of Operations. From the remaining proceeds, $3,375 was sent to the portfolio company involved in the litigation settlement, and $14,756 was used to offset the below allocations of overhead expense from Prospect Administration to the Company during the year ended June 30, 2026. The gross allocation of overhead expense from Prospect Administration to the Company was $22,095, $22,257, and $25,781 for the years ended June 30, 2026, 2025, and 2024, respectively. The $17,125 in litigation settlement proceeds discussed above was 243

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) recorded in the year ended June 30, 2026 to offset this allocation of overhead expense and is presented as a reimbursement of administrative expenses to arrive at the total net operating expenses reported in the Consolidated Statement of Operations. Prospect Administration received estimated payments of $1,534, $2,615, and $4,435 directly from our portfolio companies for legal, tax, and other administrative services during the years ended June 30, 2026, 2025, and 2024, respectively. We were given a credit for these payments as a reduction of the administrative services cost payable by us to Prospect Administration. Had Prospect Administration not received these payments during the years ended June 30, 2026, 2025, and 2024, Prospect Administration’s charges for its administrative services during the respective periods would have increased by this amount. Managerial Assistance As a BDC, we are obligated under the 1940 Act to make available to certain of our portfolio companies significant managerial assistance. “Making available significant managerial assistance” refers to any arrangement whereby we provide significant guidance and counsel concerning the management, operations, or business objectives and policies of a portfolio company. We are also deemed to be providing managerial assistance to all portfolio companies that we control, either by ourselves or in conjunction with others. The nature and extent of significant managerial assistance provided by us to controlled and non-controlled portfolio companies will vary according to the particular needs of each portfolio company. Examples of such activities include (i) advice on recruiting, hiring, management and termination of employees, officers and directors, succession planning and other human resource matters; (ii) advice on capital raising, capital budgeting, and capital expenditures; (iii) advice on advertising, marketing, and sales; (iv) advice on fulfillment, operations, and execution; (v) advice on managing relationships with unions and other personnel organizations, financing sources, vendors, customers, lessors, lessees, lawyers, accountants, regulators and other important counterparties; (vi) evaluating acquisition and divestiture opportunities, plant expansions and closings, and market expansions; (vii) participating in audit committee, nominating committee, board and management meetings; (viii) consulting with and advising board members and officers of portfolio companies (on overall strategy and other matters); and (ix) providing other organizational, operational, managerial and financial guidance. Prospect Administration arranges for the provision of such managerial assistance arrangement on our behalf. When doing so, Prospect Administration utilizes its own personnel and primarily personnel of our Investment Adviser. We may bear the administrative expense of managerial assistance or, on behalf of Prospect Administration, may invoice portfolio companies receiving and paying for contractual managerial assistance, and we remit to Prospect Administration its cost of providing such services, including the charges deemed appropriate by our Investment Adviser for providing such managerial assistance. No income is recognized by Prospect. During the years ended June 30, 2026, 2025, and 2024 we received payments of $11,021 ,$9,286, $10,459, respectively, from our portfolio companies for contractual managerial assistance and subsequently remitted these amounts to Prospect Administration. Co-Investments On January 6, 2026, we, our Investment Adviser and certain affiliates received an exemptive order from the SEC (the “Order”), which superseded a prior co-investment exemptive order granted on January 13, 2020 (and amended on August 2, 2022), that permits us, among other things, to participate with other funds managed by the Investment Adviser or certain affiliates, including Priority Income Fund, Inc., Prospect Floating Rate and Alternative Income Fund, Inc. and Prospect Enhanced Yield Fund, in certain co-investment transactions, where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions included therein. Under the terms of the Order, we generally are permitted to co-invest with certain of our affiliates if such co-investments are done on the same terms and at the same time, as further detailed in the Order. The Order requires that a “required majority” (as defined in Section 57(o) of the 1940 Act) of our Board of Directors make certain findings (1) in most instances when we co-invest with our affiliate in an issuer where our affiliate has an existing investment in the issuer, and either (i) we do not have an existing investment in the issuer or (ii) we do have an existing investment in the issuer, but we are not co-investing on a pro-rata basis with our affiliate, and (2) if we dispose of an asset acquired in a transaction under the Order unless the disposition is done on a pro rata basis. Pursuant to the Order, our Board of Directors oversees our participation in the co-investment program. As required by the Order, we have adopted, and our Board of Directors has approved, policies and procedures reasonably designed to ensure compliance with the terms of the Order, and the Investment Adviser and our Chief Compliance Officer will provide reporting to the Board of Directors. 244

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) In certain situations where a co-investment with one or more funds managed by the Investment Adviser or its affiliates is not covered by the Order, such as when there is an opportunity to invest in different securities of the same issuer, the personnel of the Investment Adviser or its affiliates will need to decide which fund will proceed with the investment. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. We reimburse CLO investment valuation services fees initially incurred by Priority Income Fund, Inc. During the years ended June 30, 2026, 2025, and 2024, we recognized expenses related to valuation services of $32, $89, and $80, respectively. Additionally, we both incur and reimburse for expenses related to marketing, insurance, legal fees, offering costs and general and administrative expenses that are allocated between Prospect, Priority Income Fund, Inc., Prospect Floating Rate and Alternative Income Fund, Inc., Prospect Enhanced Yield Fund and Prospect Credit REIT, LLC. During the year ended June 30, 2026, the net amount reimbursed to us for these expenses was $203 and during the years ended June 30, 2025 and 2024, the net amount reimbursed from us for these expenses was $51 and $177, respectively. Note 14. Transactions with Controlled Companies The descriptions below detail the transactions which Prospect Capital Corporation (“Prospect”) has entered into with each of our controlled companies. Certain of the controlled entities discussed below were consolidated effective July 1, 2014 (see Note 1). As such, transactions with these Consolidated Holding Companies are presented on a consolidated basis. Belnick, LLC (d/b/a The Ubique Group) On March 31, 2025, Prospect exercised certain rights and remedies under its loan documents to exercise voting rights in respect of the equity of Belnick, LLC and certain of its subsidiaries (“Belnick”), enabling Prospect to control 100% of the voting power of Belnick and to, among other things, appoint new officers, all of whom are our Investment Adviser’s professionals. As a result, Prospect’s investment in Belnick became classified as a control investment. Effective May 22, 2025, Prospect established 100% ownership of Belnick Holdings of Delaware, LLC (“Belnick Delaware”), a Consolidated Holding Company. On May 23, 2025, Belnick Delaware acquired a 100% voting interest in Belnick’s Class P Preferred units, which together with the voting rights obtained through proxy over the remaining Class A units, provides Prospect with 100% of the voting interest in Belnick. Belnick Delaware executed a share transfer agreement for the remaining Class A units and effective December 31, 2025, owns 100% of the membership units in Belnick. Belnick is a provider of high-volume, value-oriented furniture and furnishings to a broad range of residential and commercial end markets. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 11,508 $ 2,748 $ — Other Income Structuring Fee $ — $ 33 $ — Administrative Agent 50 — — Total Other Income $ 50 $ 33 $ — Reimbursement of Legal, Tax, etc. (1) $ 84 $ 8 $ — (1) Paid from Belnick to Prospect Administration LLC (“PA”) as reimbursement for legal, tax, and portfolio level accounting services provided directly to Belnick (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable byProspect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions (2) $ — $ 3,400 $ — Interest Income Capitalized as PIK 11,505 2,740 — 245

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 33 $ 31 Other Receivables (4) 3 (41) (2) During the year ended June 30, 2025, Prospect provided $3,400 of equity funding. (3) Interest income recognized but not yet paid. (4) Represents amounts due from/to Belnick to/from Prospect for reimbursement of future expenses paid by Prospect on behalf of Belnick. CP Energy Services Inc. Prospect owns 100% of the equity of CP Holdings of Delaware LLC (“CP Holdings”), a Consolidated Holding Company. CP Holdings owns 99.8% of the equity of CP Energy Services, Inc. (“CP Energy”), and the remaining equity is owned by CP Energy management. CP Energy owns directly or indirectly 100% of each of CP Well; Wright Foster Disposals, LLC; Foster Testing Co., Inc.; ProHaul Transports, LLC; and Wright Trucking, Inc. CP Energy provides oilfield flowback services and fluid hauling and disposal services through its subsidiaries. In June 2019, CP Energy purchased a controlling interest in the common equity of Spartan Energy Holdings, Inc. (“Spartan Holdings”), which owns 100% of Spartan Energy Services, LLC (“Spartan”) a portfolio company of Prospect with $61,429 and $51,477 in first lien term loans (the “Spartan Term Loans”) due to us as of June 30, 2026 and June 30, 2025, respectively. As a result of CP Energy’s purchase, and given Prospect’s controlling interest in CP Energy, our Spartan Term Loans are presented as control investments under CP Energy beginning June 30, 2019. Spartan remains the direct borrow and guarantor to Prospect for the Spartan Term Loans. In December 2019, Wolf Energy Holdings, Inc. (“Wolf Energy Holdings”), our Consolidated Holding Company that previously owned 100% of Appalachian Energy LLC (“AEH”); Wolf Energy Services Company, LLC (“Wolf Energy Services”); and Wolf Energy, LLC (collectively our previously controlled membership interest and net profit interest investments in “Wolf Energy”), merged with and into CP Energy, with CP Energy continuing as the surviving entity. CP Energy acquired 100% of our equity investment in Wolf Energy, which is reflected in our valuation of the CP Energy common stock beginning December 31, 2019. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income Interest Income from CP Energy $ 13,355 $ 12,550 $ 11,452 Interest Income from Spartan 6,898 6,013 4,840 Total Interest Income $ 20,253 $ 18,563 $ 16,292 Reimbursement of Legal, Tax, etc. (1) $ 7 $ 35 $ 99 (1) Paid from CP Energy to Prospect Administration LLC as reimbursement for legal, tax, and portfolio level accounting services provided directly to CP Energy (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions CP Energy $ 3,601 $ 9,600 $ 2,900 Spartan 7,000 5,931 4,569 Total Additions $ 10,601 $ 15,531 $ 7,469 Interest Income Capitalized as PIK CP Energy $ 7,252 $ 5,574 $ 8,455 Spartan 2,952 4,370 3,954 Total Interest Income Capitalized as PIK $ 10,204 $ 9,944 $ 12,409 246

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (2) $ 59 $ 55 Other Receivables (3) 1,107 778 (2) Interest income recognized but not yet paid. (3) Represents amounts due from CP Energy and Spartan to Prospect for reimbursement of expenses paid by Prospect on behalf of CP Energy and Spartan. Credit Central Loan Company, LLC Prospect owns 100% of the equity of Credit Central Holdings of Delaware, LLC (“Credit Central Delaware”), a Consolidated Holding Company. Credit Central Delaware owns 99.8% of the equity of Credit Central Loan Company, LLC (f/k/a Credit Central Holdings, LLC) (“Credit Central”), with entities owned by Credit Central management owning the remaining equity. Credit Central owns 100% of each of Credit Central, LLC; Credit Central South, LLC; Credit Central of Texas, LLC; and Credit Central of Tennessee, LLC. Credit Central is a branch-based provider of installment loans. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 6,355 $ 8,711 $ 8,207 Managerial Assistance (1) 700 700 700 Reimbursement of Legal, Tax, etc. (2) — — 6 (1) No income recognized by Prospect. Managerial Assistance (“MA”) payments were paid from Credit Central to Prospect and subsequently remitted to PA. (2) Paid from Credit Central to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Credit Central (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 2,714 $ — $ — Accreted Original Issue Discount — — 1,105 Interest Income Capitalized as PIK — 7,949 4,882 As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 15 $ 26 Other Receivables (4) 79 11 (3) Interest income recognized but not yet paid. (4) Represents amounts due from Credit Central to Prospect for reimbursement of expenses paid by Prospect on behalf of Credit Central. Echelon Transportation LLC (f/k/a Echelon Aviation LLC) 247

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Prospect owns 100% of the membership interests of Echelon Transportation LLC (“Echelon”). Echelon owns 60.7% of the equity of AerLift Leasing Limited (“AerLift”). Following Echelon’s receipt of the final plane proceeds in the year ended June 30, 2026, we wrote off the remaining cost basis of our common and preferred equity and recognized realized losses of $22,738 and $29,596 respectively. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 1,297 $ 3,343 $ 3,470 Managerial Assistance (1) 189 250 250 Reimbursement of Legal, Tax, etc. (2) 37 288 6 (1) No income recognized by Prospect. MA payments were paid from Echelon to Prospect and subsequently remitted to PA. (2) Paid from Echelon to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Echelon (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income Capitalized as PIK $ — $ 1,260 $ — Repayment of Loan Receivable 57,986 1,260 1,861 Realized (Loss) Gain (52,334) — — As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ — $ 1,378 Other Receivables (4) 9 24 (3) Interest income recognized but not yet paid. (4) Represents amounts due from Echelon to Prospect for reimbursement of expenses paid by Prospect on behalf of Echelon. Energy Solutions Holdings Inc. Prospect owns 100% of the equity of Energy Solutions Holdings Inc. (“Energy Solutions”), a Consolidated Holding Company. Energy Solutions owns 100% of each of Freedom Marine Solutions, LLC (“Freedom Marine”) (see discussion below for transactions with our controlled portfolio company “Freedom Marine Solutions, LLC”) and Yatesville Coal Company, LLC (“Yatesville”). Energy Solutions also serves as the holding company for our 4.9% voting interest of Discovery MSO Holdco, LLC. Discovery MSO Holdco, LLC owns 100% of Discovery Point Retreat, LLC, a non-control portfolio company of Prospect with outstanding principal of $20,135 in first lien term loans and $293 in first lien delay draw term loans due to us as of June 30, 2026. Energy Solutions also serves as the holding company for our 4.7% voting interest of TCSPV Holdings IV, LLC. TCSPV Holdings IV, LLC owns 100% of Healthcare Venture Partners, LLC, a non-control portfolio company of Prospect with outstanding principal of $11,570 in first lien term loans due to us as of June 30, 2026. Energy Solutions also serves as the holding company for our 4.8% voting interest of BFC-SDR, LLC. BFC-SDR, LLC owns 100% of Safety Solutions Financing, LLC, a non-control portfolio company of Prospect with outstanding principal of $19,252 in first lien term loans due to us as of June 30, 2026. First Tower Finance Company LLC Prospect owns 100% of the equity of First Tower Holdings of Delaware LLC (“First Tower Delaware”), a Consolidated Holding Company. First Tower Delaware holds 80.10% of the voting interest of First Tower Finance Company LLC (“First Tower Finance”), resulting in a 78.06% ownership of First Tower Finance. First Tower Finance owns 100% of First Tower, LLC (“First Tower”), a multiline specialty finance company. 248

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 71,975 $ 65,954 $ 62,675 Other Income Structuring Fee $ 328 $ 421 $ — Total Other Income $ 328 $ 421 $ — Managerial Assistance (1) $ 2,400 $ 2,400 $ 2,400 Reimbursement of Legal, Tax, etc. (2) 13 — — (1) No income recognized by Prospect. MA payments were paid from First Tower to Prospect and subsequently remitted to PA. (2) Paid from First Tower to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to First Tower (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 10,928 $ 17,501 $ — Interest Income Capitalized as PIK 31 10,115 29,385 Repayment of Loan Receivable 2,867 437 319 As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 205 $ 189 Other Receivables (4) 4 96 (3) Interest income recognized but not yet paid. (4) Represents amounts due from First Tower to Prospect for reimbursement of expenses paid by Prospect on behalf of First Tower. Freedom Marine Solutions, LLC As discussed above, Prospect owns 100% of the equity of Energy Solutions, a Consolidated Holding Company. Energy Solutions owns 100% of Freedom Marine. Freedom Marine owns 100% of each of Vessel Company, LLC (“Vessel”); Vessel Company II, LLC (“Vessel II”); and Vessel Company III, LLC (“Vessel III”). Vessel II owns MV JF Jett LLC; MV Clint Jett, LLC; and MV Gulf Endeavor, LLC. Vessel III owns MV FMS Courage, LLC; and MV FMS Endurance, LLC. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Reimbursement of Legal, Tax, etc. (1) $ — $ 1 $ — (1) Paid from Freedom Marine to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Freedom Marine (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 850 $ 975 $ — 249

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Other Receivables (2) $ 5 $ 1 (2) Represents amounts due from Freedom Marine to Prospect for reimbursement of expenses paid by Prospect on behalf of Freedom Marine. InterDent, Inc. Prospect owns 100% of the equity of InterDent, Inc. (“InterDent”). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 42,685 $ 39,207 $ 36,946 Managerial Assistance (1) 1,463 1,463 1,463 Reimbursement of Legal, Tax, etc. (2) 21 15 23 (1) No income recognized by Prospect. MA payments were paid from InterDent to Prospect and subsequently remitted to PA. (2) Paid from InterDent to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to InterDent (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 18,000 $ 17,000 $ — Interest Income Capitalized as PIK 17,916 15,479 23,249 As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 124 $ 116 Other Receivables (4) 11 55 (3) Interest income recognized but not yet paid. (4) Represents amounts due from InterDent to Prospect for reimbursement of expenses paid by Prospect on behalf of InterDent. Kickapoo Ranch Pet Resort Prospect owns 100% of the membership interest of Kickapoo Ranch Pet Resort (“Kickapoo”). Kickapoo is a luxury pet boarding facility. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 81 $ 160 $ 92 Dividend Income — — 80 Other Income Structuring Fee $ — $ — $ 75 Total Other Income $ — $ — $ 75 250

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ — $ — $ 1,500 Repayment of Loan Receivable — 800 — As of June 30, 2026 June 30, 2025 Other Receivables (1) $ 11 $ 4 (1) Represents amounts due from Kickapoo to Prospect for reimbursement of expenses paid by Prospect on behalf of Kickapoo. MITY, Inc. Prospect owns 100% of the equity of MITY Holdings of Delaware Inc. (“MITY Delaware”), a Consolidated Holding Company. MITY Delaware owns 100% of the equity of MITY, Inc. (f/k/a MITY Enterprises, Inc.) (“MITY”). MITY owns 100% of each of MITY-Lite, Inc. (“MITY-Lite”); Broda USA, Inc. (f/k/a Broda Enterprises USA, Inc.) (“Broda USA”); and Broda Enterprises ULC (“Broda Canada”). MITY is a designer, manufacturer and seller of multipurpose room furniture and specialty healthcare seating products. During the three months ended December 31, 2016, Prospect formed a separate legal entity, MITY FSC, Inc., (“MITY FSC”) in which Prospect owns 100% of the equity. MITY FSC does not have material operations. This entity earns commission payments from MITY-Lite based on its sales to foreign customers, and distributes it to its shareholder. We recognize such commission, if any, as other income. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 9,052 $ 8,801 $ 8,434 Interest Income from Broda Canada 538 535 554 Total Interest Income $ 9,590 $ 9,336 $ 8,988 Other Income Structuring Fee $ 178 $ 107 $ 130 Total Other Income $ 178 $ 107 $ 130 Managerial Assistance (1) $ 450 $ 376 $ 300 Reimbursement of Legal, Tax, etc. (2) 31 37 23 Realized (Loss) Gain 19 12 (1) (1) No income recognized by Prospect. MA payments were paid from MITY to Prospect and subsequently remitted to PA. (2) Paid from MITY to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to MITY (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 7,123 $ 4,265 $ 5,150 251

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 27 $ 26 Other Receivables (4) 2 65 (3) Interest income recognized but not yet paid. (4) Represents amounts due from MITY to Prospect for reimbursement of expenses paid by Prospect on behalf of MITY. National Property REIT Corp. Prospect owns 100% of the equity of NPH Property Holdings, LLC (“NPH”), a Consolidated Holding Company. NPH owns 100% of the common equity of National Property REIT Corp. (“NPRC”). NPRC is a Maryland corporation and a qualified REIT for federal income tax purposes. In order to qualify as a REIT, NPRC issued 125 shares of Series A Cumulative Non-Voting Preferred Stock to 125 accredited investors. The preferred stockholders are entitled to receive cumulative dividends semi-annually at an annual rate of 12.5% and do not have the ability to participate in the management or operation of NPRC. NPRC was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. NPRC acquires real estate assets, including, but not limited to, industrial, commercial, and multi-family properties. NPRC may acquire real estate assets directly or through joint ventures by making a majority equity investment in a property-owning entity (the “JV”). Additionally, through its wholly owned subsidiaries, NPRC invests in online consumer loans and rated secured structured notes (“RSSN”). During the year ended June 30, 2026, we provided $47,564 of debt financing to NPRC to fund real estate capital expenditures and provide working capital. During the year ended June 30, 2026, we received partial repayments of $73,323 of our loans previously outstanding with NPRC and its wholly owned subsidiary. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 60,395 $ 89,786 $ 99,538 Other Income Structuring Fee $ — $ — $ 16,470 Royalty, net profit and revenue interests — 14,825 50,329 Total Other Income $ — $ 14,825 $ 66,799 Managerial Assistance (1) $ 2,300 $ 1,767 $ 3,525 Reimbursement of Legal, Tax, etc. (2) 1,777 2,151 1,664 (1) No income recognized by Prospect. MA payments were paid from NPRC to Prospect and subsequently remitted to PA. (2) Paid from NPRC to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to NPRC (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 47,564 $ 96,995 $ 252,944 Interest Income Capitalized as PIK — 2,728 1,004 Repayment of Loan Receivable 73,323 285,386 108,950 252

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 158 $ 1,100 Other Receivables (4) 1 (1) (3) Interest income recognized but not yet paid. (4) Represents amounts due to NPRC from Prospect for a credit of reimbursements of expenses paid by Prospect on behalf of NPRC. Nationwide Loan Company LLC Prospect owns 100% of the membership interests of Nationwide Acceptance Holdings LLC (“Nationwide Holdings”), a Consolidated Holding Company. Nationwide Holdings owns 94.22% of the equity of Nationwide Loan Company LLC (“Nationwide”), with members of Nationwide management owning the remaining 5.78% of the equity. On June 20, 2025, the First Lien Term Loan debt of $29,091 converted to equity. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 1,049 $ 3,793 $ 5,111 Other Income Structuring Fee $ — $ — $ 147 Total Other Income $ — $ — $ 147 Managerial Assistance (1) $ 400 $ 400 $ 100 Reimbursement of Legal, Tax, etc. (2) 3 115 3 (1) No income recognized by Prospect. MA payments were paid from Nationwide to Prospect and subsequently remitted to PA. (2) Paid from Nationwide to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Nationwide (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ — $ 4,000 $ 5,350 Interest Income Capitalized as PIK 1,049 2,484 4,622 As of June 30, 2026 June 30, 2025 Interest Receivable (3) $ 3 $ 3 Other Receivables (4) 55 36 (3) Interest income recognized but not yet paid. (4) Represents amounts due from Nationwide to Prospect for reimbursement of expenses paid by Prospect on behalf of Nationwide. NMMB, Inc. Prospect owns 100% of the equity of NMMB Holdings, Inc. (“NMMB Holdings”), a Consolidated Holding Company. NMMB Holdings owns 92.77% of the fully-diluted equity of NMMB, Inc. (f/k/a NMMB Acquisition, Inc.) (“NMMB”) as of June 30, 2026 and June 30, 2025, with NMMB management owning the remaining equity. NMMB owns 100% of Refuel Agency, Inc. (“Refuel Agency”). Refuel Agency owns 100% of Armed Forces Communications, Inc. (“Armed Forces”). NMMB is an advertising media buying business. 253

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 3,820 $ 4,039 $ 4,255 Dividend Income (1) 2,112 — 657 Managerial Assistance (2) 400 400 400 Realized (Loss) Gain 2,108 6,366 1,040 Reimbursement of Legal, Tax, etc. (3) 17 9 1 (1) All dividends were paid from earnings and profits of NMMB. (2) No income recognized by Prospect. MA payments were paid from NMMB to Prospect and subsequently remitted to PA. (3) Paid from NMMB to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to NMMB (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). As of June 30, 2026 June 30, 2025 Interest Receivable (4) $ 10 $ 11 Other Receivables (5) 1 10 (4) Interest income recognized but not yet paid. (5) Represents amounts due from NMMB to Prospect for reimbursement of expenses paid by Prospect on behalf of NMMB. Pacific World Corporation Prospect owns 100% of the preferred equity of Pacific World Corporation (“Pacific World”), which represents a 99.99% and 99.99% fully-diluted ownership interest of Pacific World as of June 30, 2026 and June 30, 2025, respectively. As a result, Prospect’s investment in Pacific World is classified as a control investment. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 9,775 $ 9,865 $ 10,164 Other Income Structuring Fee $ 418 $ 286 $ 812 Total Other Income $ 418 $ 286 $ 812 Reimbursement of Legal, Tax, etc. (1) $ — $ 38 $ 5 (1) Paid from Pacific World to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Pacific World (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 16,700 $ 14,275 $ 32,500 Interest Income Capitalized as PIK 8,126 6,317 9,021 Repayment of Loan Receivable — 4,875 — 254

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (2) $ 27 $ 27 Other Receivables (3) 197 155 (2) Interest income recognized but not yet paid. (3) Represents amounts due from Pacific World to Prospect for reimbursement of expenses paid by Prospect on behalf of Pacific World. QC Holdings TopCo, LLC As of June 30, 2026 and June 30, 2025, Prospect holds a 95.4% and 99.55% equity interest in QC Holdings TopCo, LLC (“QC Holdings”), representing a controlling beneficial interest in QC Holdings per the 1940 Act. QC Holdings specializes in consumer-focused alternative financial services and credit solutions. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 13,767 $ 37 $ — Other Income Structuring Fee $ — $ 2,319 $ — Total Other Income $ — $ 2,319 $ — Managerial Assistance (1) $ 650 $ — $ — Reimbursement of Legal, Tax, etc. (2) 269 — — (1) No income recognized by Prospect. MA payments were paid from QC Holdings to Prospect and subsequently remitted to PA. (2) Paid from QC Holdings to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to QC Holdings (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 6,805 $ 77,286 $ — As of June 30, 2026 June 30, 2025 Interest Receivable (2) $ 40 $ 37 Other Receivables (3) (122) (132) (2) Interest income recognized but not yet paid. (3) Represents amounts due to QC Holdings from Prospect for a credit of reimbursements of expenses paid by Prospect on behalf of QC Holdings. R-V Industries, Inc. Prospect owns 100% of the equity of R-V Holdings of Delaware, LLC (“R-V Holdings”), a Consolidated Holding Company. R-V Holdings owns 90.28% of the fully-diluted equity of R-V Industries, Inc. (“R-V”), with R-V management owning the remaining 9.72% of the equity. On December 15, 2020 we restructured our $28,622 Senior Subordinated Note with R-V into a $28,622 First Lien Note. No realized gain or loss was recorded as a result of the transaction. 255

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 6,333 $ 5,558 $ 5,358 Dividend Income 13,288 8,774 — Other Income Advisory Fee $ — $ — $ 106 Total Other Income $ — $ — $ 106 Managerial Assistance (2) $ 180 $ 180 $ 180 Reimbursement of Legal, Tax, etc. (3) 13 14 17 (1) All dividends were paid from earnings and profits of R-V. (2) No income recognized by Prospect. MA payments were paid from R-V to Prospect and subsequently remitted to PA. (3) Paid from R-V to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to R-V (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ 14,000 $ 10,000 $ 3,700 As of June 30, 2026 June 30, 2025 Interest Receivable (4) $ — $ 16 Other Receivables 10 8 (4) Interest income recognized but not yet paid. (5) Represents amounts due from R-V to Prospect for reimbursement of expenses paid by Prospect on behalf of R-V. Strategic Chemical Solutions Corp. (effective October 21, 2025 f/k/a USES Corp.) Prospect owns 99.96% of the equity of Strategic Chemical Solutions Corp. as of June 30, 2026. Strategic Chemical Solutions Corp. provides industrial, environmental, and maritime services in the Gulf States region. On December 31, 2025, we wrote down the cost basis of the Term Loan A and the Term Loan B loans to zero and realized a loss of $35,568 and $30,651 respectively. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 2,826 $ 2,775 $ 1,990 Other Income Administrative Agent $ 6 $ — $ — Total Other Income $ 6 $ — $ — Realized (Loss) Gain $ (66,219) $ — $ — Reimbursement of Legal, Tax, etc. (1) 4 74 — (1) (5) 256

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) (1) Paid from Strategic Chemical Solutions Corp. to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Strategic Chemical Solutions Corp. (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ — $ 6,000 $ — Interest Income Capitalized as PIK 1,405 2,638 1,545 Repayment of Loan Receivable — 2,300 — As of June 30, 2026 June 30, 2025 Interest Receivable (2) $ 8 $ 8 Other Receivables (3) 197 221 (2) Interest income recognized but not yet paid. (3) Represents amounts due from Strategic Chemical Solutions Corp. to Prospect for reimbursement of expenses paid by Prospect on behalf of Strategic Chemical Solutions Corp. Universal Turbine Parts, LLC On December 10, 2018, UTP Holdings Group, Inc. (“UTP Holdings”) purchased all of the voting stock of Universal Turbine Parts, LLC (“UTP”) and appointed a new board of directors to UTP Holdings, consisting of three employees of the Investment Adviser. At the time UTP Holdings acquired UTP, UTP Holdings (f/k/a Harbortouch Holdings of Delaware) was a wholly-owned holding company controlled by Prospect and therefore Prospect’s investment in UTP is classified as a control investment. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 6,043 $ 4,755 $ 4,030 Dividend Income (1) 6,179 — — Other Income Structuring Fee $ — $ 300 $ — Total Other Income $ — $ 300 $ — Managerial Assistance (2) $ 10 $ 10 $ 10 Reimbursement of Legal, Tax, etc. (3) 14 21 3,345 (1) All dividends were paid from earnings and profits of UTP. (2) No income recognized by Prospect. MA payments were paid from UTP to Prospect and subsequently remitted to PA. (3) Paid from UTP to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to UTP (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions $ — $ 20,000 $ 2,500 Dividend Income Capitalized as PIK 6,179 — — Repayment of Loan Receivable 248 107 49 257

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) As of June 30, 2026 June 30, 2025 Interest Receivable (4) $ 16 $ 17 Other Receivables (5) 4 10 (4) Interest income recognized but not yet paid. (5) Represents amounts due from UTP to Prospect for reimbursement of expenses paid by Prospect on behalf of UTP. Valley Electric Company, Inc. Prospect owns 100% of the common stock of Valley Electric Holdings I, Inc. (“Valley Holdings I”), a Consolidated Holding Company. Valley Holdings I owns 100% of Valley Electric Holdings II, Inc. (“Valley Holdings II”), a Consolidated Holding Company. Valley Holdings II owns 94.99% of Valley Electric Company, Inc. (“Valley Electric”), with Valley Electric management owning the remaining 5.01% of the equity. Valley Electric owns 100% of the equity of VE Company, Inc., which owns 100% of the equity of Valley Electric Co. of Mt. Vernon, Inc. (“Valley”), a leading provider of specialty electrical services in the state of Washington and among the top 50 electrical contractors in the United States. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income Interest Income from Valley $ 1,238 $ 1,314 $ 1,389 Interest Income from Valley Electric 11,300 11,363 10,927 Total Interest Income $ 12,538 $ 12,677 $ 12,316 Dividend Income (1) $ 10,924 $ — $ — Other Income Royalty, net profit and revenue interests $ 666 $ 666 $ 666 Total Other Income $ 666 $ 666 $ 666 Managerial Assistance (2) $ 600 $ 600 $ 600 Reimbursement of Legal, Tax, etc. (3) 12 3 — (1) All dividends were paid from earnings and profits of Valley. (2) No income recognized by Prospect. MA payments were paid from Valley Electric to Prospect and subsequently remitted to PA. (3) Paid from Valley to PA as reimbursement for legal, tax, and portfolio level accounting services provided directly to Valley (No direct income recognized by Prospect, but we were given a credit for these payments as a reduction to the administrative services payable by Prospect to PA). Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income Capitalized as PIK $ — $ — $ 4,763 As of June 30, 2026 June 30, 2025 Interest Receivable (4) $ 35 $ 757 Other Receivables (5) 9 9 (4) Interest income recognized but not yet paid. (5) Represents amounts due from Valley Electric to Prospect for reimbursement of expenses paid by Prospect on behalf of Valley Electric. 258

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Victor Technology, LLC Prospect owns 100% of the equity of Victor Holdings of Delaware, LLC (“Victor Holdings”), a Consolidated Holding Company. During the year ended June 30, 2026, Victor Holdings acquired 100% of the equity interest in VTI Acquisition, Inc. (“VTI”) and 100% of the equity interest in Victor Technology, LLC (“Victor Technology”). As a result, Prospect’s investment in Victor Technology is classified as a control investment as of June 30, 2026. Victor Technology is a manufacturer and distributor of office supplies, including calculators, standing desks, organizers and paperclips. Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Interest Income $ 619 $ — $ — Other Income Administrative Agent $ 13 $ — $ — Total Other Income $ 13 $ — $ — Years Ended June 30, 2026 June 30, 2025 June 30, 2024 Additions (1) $ 2,000 $ — $ — Repayment of Loan Receivable 150 — — (1) During the year ended June 30, 2026, Prospect provided $2,000 of equity funding. As of June 30, 2026 June 30, 2025 Interest Receivable (2) $ 3 $ — Other Receivables (3) 17 — (2) Interest income recognized but not yet paid. (3) Represents amounts due from Victor Technology to Prospect for reimbursement of expenses paid by Prospect on behalf of Victor Technology. Note 15. Litigation From time to time, we may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may relate to intellectual property, employment, tax, regulation, contract or other matters. The resolution of such matters as may arise will be subject to various uncertainties and, even if such claims are without merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any material legal proceedings as of June 30, 2026. 259

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 16. Financial Highlights The following is a schedule of financial highlights for each of the five years ended in the period ended June 30, 2026: Year Ended June 30, 2026 2025 2024 2023 2022 Per Share Data(10) Net asset value per common share at beginning of year $ 6.56 $ 8.74 $ 9.24 $ 10.48 $ 9.81 Net investment income 0.68 0.77 1.02 1.06 0.88 Net realized and change in unrealized gains (losses)(1) (0.40) (1.87) (0.42) (1.31) 0.61 Net increase (decrease) from operations 0.28 (1.11) (5) 0.60 (0.25) 1.49 Distributions of net investment income to preferredstockholders (0.22) (4) (0.24) (0.24) (0.17) (0.05) Distributions of capital gains to preferred stockholders — (4) — — (7) — (7) (0.01) Total distributions to preferred stockholders (0.22) (0.24) (0.24) (0.17) (0.06) Net increase (decrease) from operations applicable tocommon stockholders 0.06 (1.35) 0.36 (0.43) (5) 1.43 Distributions of net investment income to commonstockholders (0.50) (4) (0.44) (8) (0.56) (0.60) (0.60) Distributions of capital gains to common stockholders — (4) — — (0.02) (0.11) Return of capital to common stockholders (0.02) (4) (0.16) (8) (0.16) (0.10) (0.01) Total distributions to common stockholders (0.52) (0.60) (0.72) (0.72) (0.72) Effect of other comprehensive income (9) 0.01 Common stock transactions(2) (0.41) (0.25) (0.15) (0.10) (0.05) Offering costs from issuance of preferred stock — — — — (0.03) Reclassification of preferred stock issuance costs — — — — 0.03 Net asset value per common share at end of year $ 5.71 (5) $ 6.56 (5) $ 8.74 (5) $ 9.24 (5) $ 10.48 (5) Per share market value at end of year $ 2.31 $ 3.18 $ 5.53 $ 6.20 $ 6.99 Total return based on market value(3) (10.73%) (33.71%) 1.47% (1.37%) (8.59%) Total return based on net asset value(3) 6.97% (13.47%) 7.61% (1.96%) 17.21% Shares of common stock outstanding at end of year 512,746,556 455,902,826 424,846,963 404,033,549 393,164,437 Weighted average shares of common stock outstanding 479,866,265 440,314,909 412,703,365 398,514,965 390,571,648 Ratios/Supplemental Data Net assets at end of year $ 2,928,846 $ 2,988,772 $ 3,711,733 $ 3,732,665 $ 4,119,123 Portfolio turnover rate 7.03% 12.43% 7.56% 6.05% 15.92% Ratio of operating expenses to average net assetsapplicable to common shares(6)(11) 10.55% 11.26% 11.84% 11.01% 9.00% Ratio of net investment income to average net assetsapplicable to common shares(6) 11.00% 10.03% 11.25% 10.75% 8.44% (1) Realized gains (losses) is inclusive of net realized losses (gains) on investments, net realized losses (gains) from extinguishment of debt, net realized gains (losses) on derivative instruments and foreign currency transactions, and net realized gains (losses) from the repurchases and redemptions of preferred stock. (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock. (3) Total return based on market value is based on the change in market price per common share between the opening and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per common share between the opening and ending net asset values per common share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized. (4) Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2026. Refer to Note 12. (5) Does not foot due to rounding. 260

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) (6) Operating expenses for the respective fiscal periods do not reflect the effect of dividend payments to preferred shareholders. (7) Effect is less than $0.01. (8) The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2025. Certain reclassifications have been made in the presentation of prior period amounts. See Note 2 and Note 12 within the accompanying notes to the consolidated financial statements for further discussion. (9) Effect of other comprehensive income is related to income/(loss) deemed attributable to instrument specific credit risk derived from changes in fair value associated with liabilities valued under the fair value option (ASC 825.) (10)Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). (11)Absent the reimbursement of administrative expenses described in Note 13, the ratio of operating expenses to average net assets applicable to common shares would have been 11.13% for the year ended June 30, 2026. 261

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 17. Segment Reporting The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation. The chief operating decision maker (“CODM”) is comprised of the Company’s chief executive officer and chief operating officer and the CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net increase (decrease) in net assets resulting from operations applicable to common stockholders (“net income”). In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s common stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations. 262

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) Note 18. Subsequent Events Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below. On August 20, 2026, we announced the declaration of monthly dividends for our for 7.50% Preferred Stock holders of record on the following dates based on an annual dividend rate equal to 7.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 7.50% Preferred Shareholder Distribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.156250 October 2026 10/21/2026 11/2/2026 $0.156250 November 2026 11/18/2026 12/1/2026 $0.156250 On August 20, 2026, we announced the declaration of monthly dividends for our Floating Rate Preferred Stock for holders of record on the following dates based on an annualized dividend rate equal to 6.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), authorized on August 19, 2026, as follows: Monthly Cash Floating Rate Preferred ShareholderDistribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.135417 October 2026 10/21/2026 11/2/2026 $0.135417 November 2026 11/18/2026 12/1/2026 $0.135417 On August 20, 2026, we announced the declaration of monthly dividends for our 5.50% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 5.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 5.50% Preferred Shareholder Distribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.114583 October 2026 10/21/2026 11/2/2026 $0.114583 November 2026 11/18/2026 12/1/2026 $0.114583 263

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PROSPECT CAPITAL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) (in thousands, except share and per share data) On August 20, 2026, we announced the declaration of monthly dividends for our 6.50% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 6.50% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Monthly Cash 6.50% Preferred Shareholder Distribution Record Date Payment Date Monthly Amount ($ per share), before proration for partial periods September 2026 9/21/2026 10/1/2026 $0.135417 October 2026 10/21/2026 11/2/2026 $0.135417 November 2026 11/18/2026 12/1/2026 $0.135417 On August 20, 2026, we announced the declaration of quarterly dividends for our 5.35% Preferred Stock for holders of record on the following dates based on an annual dividend rate equal to 5.35% of the stated value of $25.00 per share as set forth in the Articles Supplementary for the 5.35% Preferred Stock, from the date of issuance or, if later from the most recent dividend payment date (the first business day of the month, with no additional dividend accruing in November as a result), as follows: Quarterly Cash 5.35% Preferred ShareholderDistribution Record Date Payment Date Amount ($ per share) August 2026 - October 2026 10/21/2026 11/2/2026 $0.334375 On August 20, 2026, we announced the declaration of monthly dividends on our common stock as follows: Monthly Cash Common Stockholder Distribution Record Date Payment Date Amount ($ per share) September 2026 9/28/2026 10/21/2026 $0.0350 October 2026 10/28/2026 11/18/2026 $0.0350 On July 1, 2026, we sold our 94.99% equity interests in Valley Electric for total consideration of $280,779, including fees and escrowed amounts. The consideration includes repayment in full of the $10,452 First Lien Term Loan, $34,777 First Lien Term B, and $38,630 First Lien Term Loan receivable to us, together with $35 of accrued interest and a $2,516 prepayment premium for early repayment, as well as a $9,840 advisory fee for the transaction. We received $143,874 of cash at closing and recorded a realized gain of $131,821 on the sale of our equity position in Valley Electric. In addition, there is $40,655 being held in escrow and additional future earn-out potential that will be recognized as additional realized gain if and when it is received. On August 19, 2026, the Company filed an amendment to its charter (the “Articles of Amendment”) with the SDAT to increase the Company’s authorized shares of stock from 2,000,000,000 shares of stock to 4,000,000,000 shares of stock. The foregoing description of the Articles of Amendment is only a summary and is qualified in its entirety by reference to the full text of the Articles of Amendment, a copy of which is filed as Exhibit 3.21 to this Annual Report on Form 10-K. On August 19, 2026, the Board of Directors of the Company amended and restated the bylaws of the Company (the “Amended and Restated Bylaws”) to change the voting standard for uncontested director elections from absolute majority to majority of the votes cast. The foregoing description of the Amended and Restated Bylaws is only a summary and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.2 to this Annual Report on Form 10-K. 264

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Not applicable. Item 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures As of June 30, 2026, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a- 15(e) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was necessarily required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures. Report of Management on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness of internal control over financial reporting as of June 30, 2026. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company’s internal control over financial reporting includes those policies and procedures that (i) pertain to assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements. Management performed an assessment of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2026, based upon criteria in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on this assessment, management has concluded that the Company’s internal control over financial reporting was effective as of June 30, 2026 based on Internal Control—Integrated Framework (2013) issued by COSO. Attestation Report of Independent Registered Public Accounting Firm Our independent registered public accounting firm, Deloitte & Touche LLP, as auditor of our consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on the effectiveness of our internal control over financial reporting as of June 30, 2026. Inherent Limitations on Effectiveness of Controls A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all control issues or misstatements. Accordingly, our controls and procedures are designed to provide reasonable, not absolute, assurance that the objectives of our control system are met. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Changes in Internal Control There were no changes in our internal control over financial reporting during the quarter ended June 30, 2026, that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting. 265

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Prospect Capital Corporation Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Prospect Capital Corporation (the “Company”) as of June 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as ofJune 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2026, of the Company and our report dated August 20, 2026, expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of anyevaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ DELOITTE & TOUCHE LLP New York, New York August 20, 2026 266

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Item 9B. Other Information During the year ended June 30, 2026, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K. We have adopted insider trading policies and procedures governing the purchase, sale, and disposition of our securities by our officers and directors that are reasonably designed to promote compliance with insider trading laws, rules and regulations. On August 19, 2026, the Company filed an amendment to its charter (the “Articles of Amendment”) with the SDAT to increase the Company’s authorized shares of stock from 2,000,000,000 shares of stock to 4,000,000,000 shares of stock. The foregoing description of the Articles of Amendment is only a summary and is qualified in its entirety by reference to the full text of the Articles of Amendment, a copy of which is filed as Exhibit 3.21 to this Annual Report on Form 10-K. On August 19, 2026, the Board of Directors of the Company amended and restated the bylaws of the Company (the “Amended and Restated Bylaws”) to change the voting standard for uncontested director elections from absolute majority to majority of the votes cast. The foregoing description of the Amended and Restated Bylaws is only a summary and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, a copy of which is filed as Exhibit 3.2 to this Annual Report on Form 10-K. The below table sets forth each class of our outstanding securities as of August 19, 2026: Title of Class of Securities AmountAuthorized Amount Held by Registrant orfor its Account Amount OutstandingExclusive of Amount held byRegistrant or for its Account Common Stock 3,234,237,954 — 524,832,496 Preferred Stock 765,762,046 — 68,028,556 3.364% 2026 Notes 300,000 — 263,220 3.437% 2028 Notes 300,000 — 239,603 5.50% 2030 Notes 182,491 — 182,491 (1) Prospect Capital InterNotes® 1,000,000 — 603,284 (2) (1) The 5.50% 2030 Notes are a foreign-denominated bond, issued in Israeli Shekels. The amount outstanding has been remeasured into U.S. Dollars as of August 19, 2026. (2) Prospect Capital InterNotes® amount outstanding includes settlements occurring on or before the filing date of the 10-K for the year ended June 30, 2026. Financial Highlights The financial highlights for each of the five years ended June 30, 2026 are presented within Note 16. Financial Highlights within our consolidated financial statements. The following is a schedule of financial highlights for each of the fiscal years ended June 30, 2021, June 30, 2020, June 30, 2019, June 30, 2018, and June 30, 2017: 267

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Year Ended June 30, 2021 2020 2019 2018 2017 Per Share Data(6) Net asset value at beginning of year $ 8.18 $ 9.01 $ 9.35 $ 9.32 $ 9.62 Net investment income 0.75 0.72 0.85 0.79 0.85 Net realized and change in unrealized gains (losses)(1) 1.77 (0.76) (0.46) 0.04 (0.15) Net increase (decrease) from operations 2.51 (5) (0.04) 0.39 0.83 0.70 Distributions of net investment income topreferred stockholders — (4) — (4) — (7) — (7) — (7) Total Distributions to Preferred Stockholders — (4) — (4) — (7) — (7) — (7) Net increase (decrease) from operations applicableto common stockholders 2.51 (0.04) 0.39 0.83 0.70 Distributions of net investment income tocommon stockholders (0.63) (0.49) (0.72) (0.77) (1.00) Return of capital to common stockholders(0.09) (0.23) — — — Total Distributions to common stockholders(0.72) (0.72) (0.72) (0.77) (1.00) Common stock transactions(2) (0.11) (0.07) (0.01) (0.03) — (4) Offering costs from issuance of preferred stock(0.04) — (4) — (7) — (7) — (7) Net asset value at end of year $ 9.81 (5)$ 8.18 $ 9.01 $ 9.35 $ 9.32 Per share market value at end of year$ 8.39 $ 5.11 $ 6.53 $ 6.71 $ 8.12 Total return based on market value(3) 85.83% (11.35%) 8.23% (7.42%) 16.80% Total return based on net asset value(3) 35.52% 2.84% 7.17% 12.39% 8.98% Shares of common stock outstanding at end ofyear 388,419,573 373,538,499 367,131,025 364,409,938 360,076,933 Weighted average shares of common stockoutstanding 382,705,106 368,094,299 365,984,541 361,456,075 358,841,714 Ratios/Supplemental Data Net assets at end of year $ 3,945,517 $ 3,055,861 $ 3,306,275 $ 3,407,047 $ 3,354,952 Portfolio turnover rate 14.64% 16.46% 10.86% 30.70% 23.65% Ratio of operating expenses to average net assets9.98% 11.37% 11.65% 11.08% 11.57% Ratio of net investment income to average netassets 8.24% 8.44% 9.32% 8.57% 8.96% (1) Realized gains (losses) is inclusive of net realized losses (gains) on investments and realized losses (gains) from extinguishment of debt. (2) Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our dividend reinvestment plan, shares issued to acquire investments and shares repurchased below net asset value pursuant to our Repurchase Program. (3) Total return based on market value is based on the change in market price per share between the opening and ending market prices per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our dividend reinvestment plan. (4) Amount is less than $0.01. (5) Does not foot due to rounding. (6) Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to shareholders which is based on actual rate per share). (7) Not applicable to the respective fiscal year. 268

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Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable. PART III We will file a definitive Proxy Statement for our 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”) with the SEC, pursuant to Regulation 14A, not later than 120 days after the end of our fiscal year. Accordingly, certain information required by Part III has been omitted under General Instruction G(3) to Form 10-K. Only those sections of the 2026 Proxy Statement that specifically address the items set forth herein are incorporated by reference. Item 10. Directors, Executive Officers and Corporate Governance The information required by Item 10 is hereby incorporated by reference from our 2026 Proxy Statement. Item 11. Executive Compensation The information required by Item 11 is hereby incorporated by reference from our 2026 Proxy Statement. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by Item 12 is hereby incorporated by reference from our 2026 Proxy Statement. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by Item 13 is hereby incorporated by reference from our 2026 Proxy Statement. Item 14. Principal Accountant Fees and Services The information required by Item 14 is hereby incorporated by reference from our 2026 Proxy Statement. 269

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PART IV Item 15. Exhibits, Financial Statement Schedules The following documents are filed as part of this Annual Report: 1. Financial Statements – See the Index to Consolidated Financial Statements in Item 8 of this report. 2. Financial Statement Schedules – The financial statements of National Property REIT Corp. required by Rule 3-09 of Regulation S-X will be provided as Exhibit 99.1 and Exhibit 99.2 to this report. The financial statements of First Tower Finance Company LLC. required by Rule 3- 09 of Regulation S-X will be provided as Exhibit 99.3 and Exhibit 99.4 to this report. 3. Exhibits – The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC (according to the number assigned to them in Item 601 of Regulation S-K): Exhibit No. 3.1 Articles of Amendment and Restatement(1) 3.2 Amended and Restated Bylaws* 3.3 Articles of Amendment(96) 3.4 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation (97) 3.5 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation (98) 3.6 Certificate of Correction to the Articles Supplementary of Prospect Capital Corporation(99) 3.7 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(119) 3.8 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(129) 3.9 Certificate of Correction to Articles Supplementary of Prospect Capital Corporation(130) 3.10 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(161) 3.11 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(178) 3.12 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(194) 3.13 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(195) 3.14 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(212) 3.15 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(253) 3.16 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(258) 3.17 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(304) 3.18 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(315) 3.19 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(382) 3.20 Articles Supplementary to the Articles of Amendment and Restatement of Prospect Capital Corporation(383) 3.21 Articles of Amendment* 4.1 Form of Share Certificate(2) 4.2 Form of Indenture(4) 4.3 Indenture dated as of February 16, 2012, by and between the Registrant and American Stock Transfer & Trust Company, LLC, as Trustee(5) 4.4 Agreement of Resignation, Appointment and Acceptance dated as of March 12, 2012, by and among the Registrant, American StockTransfer & Trust Company, LLC, as Retiring Trustee, and U.S. Bank National Association, as Successor Trustee (the “U.S. Bank Indenture”)(6) 4.5 Twenty-Second Supplemental Indenture dated as of November 23, 2012, to the U.S. Bank Indenture and Form of 6.625% Prospect CapitalInterNote® due 2042(7) 4.6 Twenty-Fourth Supplemental Indenture dated as of November 29, 2012, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2032(8) 4.7 Twenty-Fifth Supplemental Indenture dated as of November 29, 2012, to the U.S. Bank Indenture and Form of 6.500% Prospect CapitalInterNote® due 2042(8) 4.8 Twenty-Eighth Supplemental Indenture dated as of December 6, 2012, to the U.S. Bank Indenture and Form of 6.375% Prospect CapitalInterNote® due 2042(9) 4.9 Thirty-First Supplemental Indenture dated as of December 13, 2012, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2042(10) 270

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4.10 Thirty-Fourth Supplemental Indenture dated as of December 20, 2012, to the U.S. Bank Indenture and Form of 6.125% Prospect CapitalInterNote® due 2042(11) 4.11 Thirty-Sixth Supplemental Indenture dated as of December 28, 2012, to the U.S. Bank Indenture and Form of 5.000% Prospect CapitalInterNote® due 2030(12) 4.12 Thirty-Seventh Supplemental Indenture dated as of December 28, 2012, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2042(12) 4.13 Thirty-Ninth Supplemental Indenture dated as of January 4, 2013, to the U.S. Bank Indenture and Form of 4.875% Prospect CapitalInterNote® due 2031(13) 4.14 Fortieth Supplemental Indenture dated as of January 4, 2013, to the U.S. Bank Indenture and Form of 5.875% Prospect CapitalInterNote® due 2043(13) 4.15 Forty-Second Supplemental Indenture dated as of January 10, 2013, to the U.S. Bank Indenture and Form of 4.750% Prospect CapitalInterNote® due 2031(14) 4.16 Forty-Third Supplemental Indenture dated as of January 10, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2043(14) 4.17 Forty-Fifth Supplemental Indenture dated as of January 17, 2013, to the U.S. Bank Indenture and Form of 4.625% Prospect CapitalInterNote® due 2031(15) 4.18 Forty-Sixth Supplemental Indenture dated as of January 17, 2013, to the U.S. Bank Indenture and Form of 5.625% Prospect CapitalInterNote® due 2043(15) 4.19 Forty-Eighth Supplemental Indenture dated as of January 25, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(16) 4.20 Forty-Ninth Supplemental Indenture dated as of January 25, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(16) 4.21 Fifty-First Supplemental Indenture dated as of January 31, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(17) 4.22 Fifty-Second Supplemental Indenture dated as of January 31, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(17) 4.23 Fifty-Fourth Supplemental Indenture dated as of February 7, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(18) 4.24 Fifty-Fifth Supplemental Indenture dated as of February 7, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(18) 4.25 Fifty-Seventh Supplemental Indenture dated as of February 22, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(19) 4.26 Fifty-Eighth Supplemental Indenture dated as of February 22, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(19) 4.27 Sixtieth Supplemental Indenture dated as of February 28, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(20) 4.28 Sixty-First Supplemental Indenture dated as of February 28, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(20) 4.29 Sixty-Third Supplemental Indenture dated as of March 7, 2013, to the U.S. Bank Indenture and Form of 4.500% Prospect CapitalInterNote® due 2031(21) 4.30 Sixty-Fourth Supplemental Indenture dated as of March 7, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(21) 4.31 Sixty-Sixth Supplemental Indenture dated as of March 14, 2013, to the U.S. Bank Indenture and Form of 4.125% to 6.000% Prospect CapitalInterNote® due 2031(22) 4.32 Sixty-Seventh Supplemental Indenture dated as of March 14, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(22) 4.33 Seventieth Supplemental Indenture dated as of March 21, 2013, to the U.S. Bank Indenture and Form of 4.125% to 6.000% Prospect CapitalInterNote® due 2031(23) 4.34 Seventy-First Supplemental Indenture dated as of March 21, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(23) 4.35 Seventy-Fourth Supplemental Indenture dated as of March 28, 2013, to the U.S. Bank Indenture and Form of 4.125% to 6.000% ProspectCapital InterNote® due 2031(24) 4.36 Seventy-Fifth Supplemental Indenture dated as of March 28, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2043(24) 4.37 Seventy-Eighth Supplemental Indenture dated as of April 4, 2013, to the U.S. Bank Indenture and Form of 4.625% to 6.500% ProspectCapital InterNote® due 2031(25) 4.38 Seventy-Ninth Supplemental Indenture dated as of April 4, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2043(25) 4.39 Eighty-Second Supplemental Indenture dated as of April 11, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2031(26) 271

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4.40 Eighty-Third Supplemental Indenture dated as of April 11, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2043(26) 4.41 Eighty-Sixth Supplemental Indenture dated as of April 18, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2031(27) 4.42 Eighty-Seventh Supplemental Indenture dated as of April 18, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2043(27) 4.43 Eighty-Ninth Supplemental Indenture dated as of April 25, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2031(28) 4.44 Ninetieth Supplemental Indenture dated as of April 25, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2043(28) 4.45 Ninety-Second Supplemental Indenture dated as of May 2, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(29) 4.46 Ninety-Third Supplemental Indenture dated as of May 2, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(29) 4.47 Ninety-Fifth Supplemental Indenture dated as of May 9, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(30) 4.48 Ninety-Sixth Supplemental Indenture dated as of May 9, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(30) 4.49 Ninety-Eighth Supplemental Indenture dated as of May 23, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(31) 4.50 Ninety-Ninth Supplemental Indenture dated as of May 23, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(31) 4.51 One Hundredth Supplemental Indenture dated as of May 23, 2013, to the U.S. Bank Indenture and Form of 5.000% to 7.000% ProspectCapital InterNote® due 2028(31) 4.52 One Hundred-Second Supplemental Indenture dated as of May 31, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(32) 4.53 One Hundred-Third Supplemental Indenture dated as of May 31, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(32) 4.54 One Hundred-Fifth Supplemental Indenture dated as of June 6, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(33) 4.55 One Hundred-Sixth Supplemental Indenture dated as of June 6, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(33) 4.56 One Hundred-Seventh Supplemental Indenture dated as of June 6, 2013, to the U.S. Bank Indenture and Form of 5.000% to 7.000% ProspectCapital InterNote® due 2028(33) 4.57 One Hundred-Ninth Supplemental Indenture dated as of June 13, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(34) 4.58 One Hundred-Tenth Supplemental Indenture dated as of June 13, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(34) 4.59 One Hundred-Twelfth Supplemental Indenture dated as of June 20, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(35) 4.60 One Hundred-Thirteenth Supplemental Indenture dated as of June 20, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(35) 4.61 One Hundred-Fifteenth Supplemental Indenture dated as of June 27, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2031(36) 4.62 One Hundred-Sixteenth Supplemental Indenture dated as of June 27, 2013, to the U.S. Bank Indenture and Form of 6.500% Prospect CapitalInterNote® due 2043(36) 4.63 One Hundred-Eighteenth Supplemental Indenture dated as of July 5, 2013, to the U.S. Bank Indenture and Form of 5.500% Prospect CapitalInterNote® due 2031(37) 4.64 One Hundred-Nineteenth Supplemental Indenture dated as of July 5, 2013, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2043(37) 4.65 One Hundred-Twentieth Supplemental Indenture dated as of July 5, 2013, to the U.S. Bank Indenture and Form of 6.750% Prospect CapitalInterNote® due 2043(37) 4.66 One Hundred Twenty-Second Supplemental Indenture dated as of July 11, 2013, to the U.S. Bank Indenture and Form of 5.500% ProspectCapital InterNote® due 2031(38) 4.67 One Hundred Twenty-Third Supplemental Indenture dated as of July 11, 2013, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2043(38) 4.68 One Hundred Twenty-Fourth Supplemental Indenture dated as of July 11, 2013, to the U.S. Bank Indenture and Form of 6.750% ProspectCapital InterNote® due 2043(38) 4.69 One Hundred Twenty-Sixth Supplemental Indenture dated as of July 18, 2013, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2031(39) 272

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4.70 One Hundred Twenty-Seventh Supplemental Indenture dated as of July 18, 2013, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2043(39) 4.71 One Hundred Twenty-Eighth Supplemental Indenture dated as of July 18, 2013, to the U.S. Bank Indenture and Form of 6.750% ProspectCapital InterNote® due 2043(39) 4.72 One Hundred Thirtieth Supplemental Indenture dated as of July 25, 2013, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2031(40) 4.73 One Hundred Thirty-First Supplemental Indenture dated as of July 25, 2013, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2043(40) 4.74 One Hundred Thirty-Second Supplemental Indenture dated as of July 25, 2013, to the U.S. Bank Indenture and Form of 6.750% ProspectCapital InterNote® due 2043(40) 4.75 One Hundred Thirty-Fifth Supplemental Indenture dated as of August 1, 2013, to the U.S. Bank Indenture and Form of 6.125% ProspectCapital InterNote® due 2031(41) 4.76 One Hundred Thirty-Sixth Supplemental Indenture dated as of August 1, 2013, to the U.S. Bank Indenture and Form of 6.625% ProspectCapital InterNote® due 2043(41) 4.77 One Hundred Thirty-Ninth Supplemental Indenture dated as of August 8, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2031(42) 4.78 One Hundred Fortieth Supplemental Indenture dated as of August 8, 2013, to the U.S. Bank Indenture and Form of 6.500% Prospect CapitalInterNote® due 2043(42) 4.79 One Hundred Forty-Third Supplemental Indenture dated as of August 15, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(43) 4.80 One Hundred Forty-Fourth Supplemental Indenture dated as of August 15, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(43) 4.81 One Hundred Forty-Seventh Supplemental Indenture dated as of August 22, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(44) 4.82 One Hundred Forty-Eighth Supplemental Indenture dated as of August 22, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(44) 4.83 One Hundred Fifty-First Supplemental Indenture dated as of September 6, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(45) 4.84 One Hundred Fifty-Second Supplemental Indenture dated as of September 6, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(45) 4.85 One Hundred Fifty-Fifth Supplemental Indenture dated as of September 12, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(46) 4.86 One Hundred Fifty-Sixth Supplemental Indenture dated as of September 12, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2043(46) 4.87 One Hundred Fifty-Ninth Supplemental Indenture dated as of September 19, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(47) 4.88 One Hundred Sixtieth Supplemental Indenture dated as of September 19, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2043(47) 4.89 One Hundred Sixty-Third Supplemental Indenture dated as of September 26, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(48) 4.90 One Hundred Sixty-Fourth Supplemental Indenture dated as of September 26, 2013, to the U.S. Bank Indenture and Form of 6.500%Prospect Capital InterNote® due 2043(48) 4.91 One Hundred Sixty-Seventh Supplemental Indenture dated as of October 3, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(49) 4.92 One Hundred Sixty-Eighth Supplemental Indenture dated as of October 3, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2043(49) 4.93 One Hundred Seventy-First Supplemental Indenture dated as of October 10, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(50) 4.94 One Hundred Seventy-Second Supplemental Indenture dated as of October 10, 2013, to the U.S. Bank Indenture and Form of 6.500%Prospect Capital InterNote® due 2043(50) 4.95 One Hundred Seventy-Fifth Supplemental Indenture dated as of October 18, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(51) 4.96 One Hundred Seventy-Sixth Supplemental Indenture dated as of October 18, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2043(51) 4.97 One Hundred Eightieth Supplemental Indenture dated as of October 24, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2033(52) 4.98 One Hundred Eighty-First Supplemental Indenture dated as of October 24, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2043(52) 4.99 One Hundred Eighty-Fifth Supplemental Indenture dated as of October 31, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(53) 273

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4.100 One Hundred Eighty-Sixth Supplemental Indenture dated as of October 31, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(53) 4.101 One Hundred Ninetieth Supplemental Indenture dated as of November 7, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(54) 4.102 One Hundred Ninety-First Supplemental Indenture dated as of November 7, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(54) 4.103 One Hundred Ninety-Fifth Supplemental Indenture dated as of November 15, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2028(55) 4.104 One Hundred Ninety-Sixth Supplemental Indenture dated as of November 15, 2013, to the U.S. Bank Indenture and Form of 6.500%Prospect Capital InterNote® due 2038(55) 4.105 Two Hundredth Supplemental Indenture dated as of November 21, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2028(56) 4.106 Two Hundred First Supplemental Indenture dated as of November 21, 2013, to the U.S. Bank Indenture and Form of 6.500% Prospect CapitalInterNote® due 2038(56) 4.107 Two Hundred Fifth Supplemental Indenture dated as of November 29, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2025(57) 4.108 Two Hundred Sixth Supplemental Indenture dated as of November 29, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(57) 4.109 Two Hundred Tenth Supplemental Indenture dated as of December 5, 2013, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2025(58) 4.110 Two Hundred Eleventh Supplemental Indenture dated as of December 5, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(58) 4.111 Two Hundred Fifteenth Supplemental Indenture dated as of December 12, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2025(59) 4.112 Two Hundred Sixteenth Supplemental Indenture dated as of December 12, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(59) 4.113 Two Hundred Twentieth Supplemental Indenture dated as of December 19, 2013, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2025(60) 4.114 Two Hundred Twenty-First Supplemental Indenture dated as of December 19, 2013, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2038(60) 4.115 Two Hundred Twenty-Fifth Supplemental Indenture dated as of December 27, 2013, to the U.S. Bank Indenture and Form of 6.000%Prospect Capital InterNote® due 2025(61) 4.116 Two Hundred Twenty-Sixth Supplemental Indenture dated as of December 27, 2013, to the U.S. Bank Indenture and Form of 6.500%Prospect Capital InterNote® due 2038(61) 4.117 Two Hundred Thirtieth Supplemental Indenture dated as of January 3, 2014, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2026(62) 4.118 Two Hundred Thirty-First Supplemental Indenture dated as of January 3, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(62) 4.119 Two Hundred Fortieth Supplemental Indenture dated as of January 16, 2014, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2026(63) 4.120 Two Hundred Forty-First Supplemental Indenture dated as of January 16, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(63) 4.121 Two Hundred Forty-Fifth Supplemental Indenture dated as of January 24, 2014, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2026(64) 4.122 Two Hundred Forty-Sixth Supplemental Indenture dated as of January 24, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(64) 4.123 Two Hundred Fiftieth Supplemental Indenture dated as of January 30, 2014, to the U.S. Bank Indenture and Form of 6.000% Prospect CapitalInterNote® due 2026(65) 4.124 Two Hundred Fifty-First Supplemental Indenture dated as of January 30, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(65) 4.125 Two Hundred Fifty-Fifth Supplemental Indenture dated as of February 6, 2014, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2026(66) 4.126 Two Hundred Fifty-Sixth Supplemental Indenture dated as of February 6, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(66) 4.127 Two Hundred Sixtieth Supplemental Indenture dated as of February 13, 2014, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2026(67) 4.128 Two Hundred Sixty-First Supplemental Indenture dated as of February 13, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(67) 4.129 Two Hundred Sixty-Fifth Supplemental Indenture dated as of February 21, 2014, to the U.S. Bank Indenture and Form of 6.000% ProspectCapital InterNote® due 2026(68) 274

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4.130 Two Hundred Sixty-Sixth Supplemental Indenture dated as of February 21, 2014, to the U.S. Bank Indenture and Form of 6.500% ProspectCapital InterNote® due 2039(68) 4.131 Two Hundred Seventy-First Supplemental Indenture dated as of February 27, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2026(69) 4.132 Two Hundred Seventy-Second Supplemental Indenture dated as of February 27, 2014, to the U.S. Bank Indenture and Form of 6.250%Prospect Capital InterNote® due 2039(69) 4.133 Two Hundred Seventy-Sixth Supplemental Indenture dated as of March 6, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2026(70) 4.134 Two Hundred Seventy-Seventh Supplemental Indenture dated as of March 6, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(70) 4.135 Two Hundred Eighty-First Supplemental Indenture dated as of March 13, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2026(71) 4.136 Two Hundred Eighty-Second Supplemental Indenture dated as of March 13, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(71) 4.137 Two Hundred Eighty-Seventh Supplemental Indenture dated as of March 20, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2026(72) 4.138 Two Hundred Eighty-Eighth Supplemental Indenture dated as of March 20, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(72) 4.139 Two Hundred Ninety-Second Supplemental Indenture dated as of March 27, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2026(73) 4.140 Two Hundred Ninety-Third Supplemental Indenture dated as of March 27, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(73) 4.141 Two Hundred Ninety-Seventh Supplemental Indenture dated as of April 3, 2014, to the U.S. Bank Indenture and Form of 5.750% ProspectCapital InterNote® due 2024(74) 4.142 Two Hundred Ninety-Eighth Supplemental Indenture dated as of April 3, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(74) 4.143 Three Hundred Second Supplemental Indenture dated as of April 10, 2014, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2024(75) 4.144 Three Hundred Third Supplemental Indenture dated as of April 10, 2014, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2039(75) 4.145 Three Hundred Seventh Supplemental Indenture dated as of April 17, 2014, to the U.S. Bank Indenture and Form of 5.750% Prospect CapitalInterNote® due 2024(76) 4.146 Three Hundred Eighth Supplemental Indenture dated as of April 17, 2014, to the U.S. Bank Indenture and Form of 6.250% Prospect CapitalInterNote® due 2039(76) 4.147 Three Hundred Eighteenth Supplemental Indenture dated as of May 1, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(77) 4.148 Three Hundred Twenty-Third Supplemental Indenture dated as of May 8, 2014, to the U.S. Bank Indenture and Form of 6.250% ProspectCapital InterNote® due 2039(78) 4.149 Seven Hundred Nineteenth Supplemental Indenture dated as of August 1, 2019, to the U.S. Bank Indenture, and Form of 4.250% to 6.750%Prospect Capital InterNote® due 2029(82) 4.150 Seven Hundred Twenty-Third Supplemental Indenture dated as of August 8, 2019, to the U.S. Bank Indenture, and Form of 4.250% to6.750% Prospect Capital InterNote® due 2029(83) 4.151 Seven Hundred Twenty-Seventh Supplemental Indenture dated as of August 15, 2019, to the U.S. Bank Indenture, and Form of 4.000% to6.500% Prospect Capital InterNote® due 2029(84) 4.152 Seven Hundred Thirtieth Supplemental Indenture dated as of August 22, 2019, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2029(85) 4.153 Seven Hundred Thirty-First Supplemental Indenture dated as of August 22, 2019, to the U.S. Bank Indenture, and Form of 3.750% to 6.250%Prospect Capital InterNote® due 2029(85) 4.154 Seven Hundred Thirty-Fourth Supplemental Indenture dated as of September 26, 2019, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2029(86) 4.155 Seven Hundred Thirty-Fifth Supplemental Indenture dated as of September 26, 2019, to the U.S. Bank Indenture, and Form of 3.750% to6.250% Prospect Capital InterNote® due 2029(86) 4.156 Seven Hundred Thirty-Eighth Supplemental Indenture dated as of October 3, 2019, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2029(87) 4.157 Seven Hundred Thirty-Ninth Supplemental Indenture dated as of October 3, 2019, to the U.S. Bank Indenture, and Form of 3.750% to6.250% Prospect Capital InterNote® due 2029(87) 4.158 Seven Hundred Forty-Second Supplemental Indenture dated as of October 10, 2019, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2029(88) 4.159 Seven Hundred Forty-Third Supplemental Indenture dated as of October 10, 2019, to the U.S. Bank Indenture, and Form of 3.750% to6.250% Prospect Capital InterNote® due 2029(88) 275

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4.160 Seven Hundred Forty-Sixth Supplemental Indenture dated as of October 18, 2019, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2029(89) 4.161 Seven Hundred Forty-Ninth Supplemental Indenture dated as of October 24, 2019, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2029(90) 4.162 Seven Hundred Fifty-Second Supplemental Indenture dated as of October 31, 2019, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2029(91) 4.163 Seven Hundred Seventieth Supplemental Indenture dated as of December 19, 2019, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2029(92) 4.164 Seven Hundred Ninety-Fourth Supplemental Indenture dated as of February 12, 2020, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2030(93) 4.165 Nine Hundred Fourteenth Supplemental Indenture dated as of January 7, 2021, to the U.S. Bank Indenture, and Form of 4.500% ProspectCapital InterNote® due 2031(100) 4.166 Nine Hundred Seventeenth Supplemental Indenture dated as of January 14, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2028(101) 4.167 Nine Hundred Eighteenth Supplemental Indenture dated as of January 14, 2021, to the U.S. Bank Indenture, and Form of 4.250% ProspectCapital InterNote® due 2031(101) 4.168 Supplemental Indenture, dated as of January 22, 2021, by and between Prospect Capital Corporation and U.S. Bank National Association, asTrustee(102) 4.169 Form of Global Note of 3.706% Notes due 2026(103) 4.170 Nine Hundred Twenty-Third Supplemental Indenture dated as of January 28, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(104) 4.171 Nine Hundred Twenty-Fourth Supplemental Indenture dated as of January 28, 2021, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2028(104) 4.172 Nine Hundred Twenty-Fifth Supplemental Indenture dated as of January 28, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2031(104) 4.173 Nine Hundred Twenty-Sixth Supplemental Indenture dated as of February 4, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(105) 4.174 Nine Hundred Twenty-Seventh Supplemental Indenture dated as of February 4, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2028(105) 4.175 Nine Hundred Twenty-Eighth Supplemental Indenture dated as of February 4, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2031(105) 4.176 Nine Hundred Twenty-Ninth Supplemental Indenture dated as of February 11, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2026(106) 4.177 Nine Hundred Thirtieth Supplemental Indenture dated as of February 11, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(106) 4.178 Nine Hundred Thirty-First Supplemental Indenture dated as of February 11, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(106) 4.179 Nine Hundred Thirty-Second Supplemental Indenture dated as of February 25, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2026(107) 4.180 Nine Hundred Thirty-Third Supplemental Indenture dated as of February 25, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(107) 4.181 Nine Hundred Thirty-Fourth Supplemental Indenture dated as of February 25, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2031(107) 4.182 Nine Hundred Thirty-Fifth Supplemental Indenture dated as of March 4, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(109) 4.183 Nine Hundred Thirty-Sixth Supplemental Indenture dated as of March 4, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(109) 4.184 Nine Hundred Thirty-Seventh Supplemental Indenture dated as of March 4, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(109) 4.185 Nine Hundred Thirty-Eighth Supplemental Indenture dated as of March 11, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(110) 4.186 Nine Hundred Thirty-Ninth Supplemental Indenture dated as of March 11, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(110) 4.187 Nine Hundred Fortieth Supplemental Indenture dated as of March 11, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(110) 4.188 Nine Hundred Forty-First Supplemental Indenture dated as of March 18, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(111) 4.189 Nine Hundred Forty-Second Supplemental Indenture dated as of March 18, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(111) 276

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4.190 Nine Hundred Forty-Third Supplemental Indenture dated as of March 18, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(111) 4.191 Nine Hundred Forty-Fourth Supplemental Indenture dated as of March 25, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(112) 4.192 Nine Hundred Forty-Fifth Supplemental Indenture dated as of March 25, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(112) 4.193 Nine Hundred Forty-Sixth Supplemental Indenture dated as of March 25, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(112) 4.194 Nine Hundred Forty-Seventh Supplemental Indenture dated as of April 1, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(113) 4.195 Nine Hundred Forty-Eighth Supplemental Indenture dated as of April 1, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(131) 4.196 Nine Hundred Forty-Ninth Supplemental Indenture dated as of April 1, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(113) 4.197 Nine Hundred Fiftieth Supplemental Indenture dated as of April 8, 2021, to the U.S. Bank Indenture, and Form of 3.000% Prospect CapitalInterNote® due 2026(114) 4.198 Nine Hundred Fifty-First Supplemental Indenture dated as of April 8, 2021, to the U.S. Bank Indenture, and Form of 3.500% Prospect CapitalInterNote® due 2028(114) 4.199 Nine Hundred Fifty-Second Supplemental Indenture dated as of April 8, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(114) 4.200 Nine Hundred Fifty-Third Supplemental Indenture dated as of April 15, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(115) 4.201 Nine Hundred Fifty-Fourth Supplemental Indenture dated as of April 15, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(115) 4.202 Nine Hundred Fifty-Fifth Supplemental Indenture dated as of April 15, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(115) 4.203 Nine Hundred Fifty-Sixth Supplemental Indenture dated as of April 22, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(116) 4.204 Nine Hundred Fifty-Seventh Supplemental Indenture dated as of April 22, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(116) 4.205 Nine Hundred Fifty-Eighth Supplemental Indenture dated as of April 22, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(116) 4.206 Nine Hundred Fifty-Ninth Supplemental Indenture dated as of April 29, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(117) 4.207 Nine Hundred Sixtieth Supplemental Indenture dated as of April 29, 2021, to the U.S. Bank Indenture, and Form of 3.500% Prospect CapitalInterNote® due 2028(117) 4.208 Nine Hundred Sixty-First Supplemental Indenture dated as of April 29, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(117) 4.209 Nine Hundred Sixty-Second Supplemental Indenture dated as of May 6, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(118) 4.210 Nine Hundred Sixty-Third Supplemental Indenture dated as of May 6, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(118) 4.211 Nine Hundred Sixty-Fourth Supplemental Indenture dated as of May 6, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(118) 4.212 Nine Hundred Sixty-Fifth Supplemental Indenture dated as of May 20, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(119) 4.213 Nine Hundred Sixty-Sixth Supplemental Indenture dated as of May 20, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(119) 4.214 Nine Hundred Sixty-Seventh Supplemental Indenture dated as of May 20, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(119) 4.215 Nine Hundred Sixty-Eighth Supplemental Indenture dated as of May 27, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2026(121) 4.216 Nine Hundred Sixty-Ninth Supplemental Indenture dated as of May 27, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2028(121) 4.217 Nine Hundred Seventieth Supplemental Indenture dated as of May 27, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(121) 4.218 Supplemental Indenture, dated as of May 27, 2021, by and between Prospect Capital Corporation and U.S. Bank National Association, asTrustee(122) 4.219 Form of Global Note of 3.364% Notes due 2026 (122) 277

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4.220 Nine Hundred Seventy-First Supplemental Indenture dated as of June 4, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2027(123) 4.221 Nine Hundred Seventy-Second Supplemental Indenture dated as of June 4, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2029(123) 4.222 Nine Hundred Seventy-Third Supplemental Indenture dated as of June 4, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(123) 4.223 Nine Hundred Seventy-Fourth Supplemental Indenture dated as of June 10, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2027(124) 4.224 Nine Hundred Seventy-Fifth Supplemental Indenture dated as of June 10, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2029(124) 4.225 Nine Hundred Seventy-Sixth Supplemental Indenture dated as of June 10, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(124) 4.226 Nine Hundred Seventy-Seventh Supplemental Indenture dated as of June 17, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2027(125) 4.227 Nine Hundred Seventy-Eighth Supplemental Indenture dated as of June 17, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2029(125) 4.228 Nine Hundred Seventy-Ninth Supplemental Indenture dated as of June 17, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2031(125) 4.229 Nine Hundred Eightieth Supplemental Indenture dated as of June 24, 2021, to the U.S. Bank Indenture, and Form of 3.000% Prospect CapitalInterNote® due 2027(126) 4.230 Nine Hundred Eighty-First Supplemental Indenture dated as of June 24, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2029(126) 4.231 Nine Hundred Eighty-Second Supplemental Indenture dated as of June 24, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2031(126) 4.232 Nine Hundred Eighty-Third Supplemental Indenture dated as of June 24, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2033(126) 4.233 Nine Hundred Eighty-Fourth Supplemental Indenture dated as of July 1, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2027(127) 4.234 Nine Hundred Eighty-Fifth Supplemental Indenture dated as of July 1, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2029(127) 4.235 Nine Hundred Eighty-Sixth Supplemental Indenture dated as of July 1, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2031(127) 4.236 Nine Hundred Eighty-Seventh Supplemental Indenture dated as of July 1, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2033(127) 4.237 Nine Hundred Eighty-Eighth Supplemental Indenture dated as of July 9, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(128) 4.238 Nine Hundred Eighty-Ninth Supplemental Indenture dated as of July 9, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2031(128) 4.239 Nine Hundred Ninetieth Supplemental Indenture dated as of July 9, 2021, to the U.S. Bank Indenture, and Form of 3.700% Prospect CapitalInterNote® due 2033(128) 4.240 Nine Hundred Ninety-First Supplemental Indenture dated as of July 9, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2036(128) 4.241 Nine Hundred Ninety-Second Supplemental Indenture dated as of July 15, 2021, to the U.S. Bank Indenture, and Form of 2.500% ProspectCapital InterNote® due 2026(129) 4.242 Nine Hundred Ninety-Third Supplemental Indenture dated as of July 15, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(129) 4.243 Nine Hundred Ninety-Fourth Supplemental Indenture dated as of July 15, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2031(129) 4.244 Nine Hundred Ninety-Fifth Supplemental Indenture dated as of July 15, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2033(129) 4.245 Nine Hundred Ninety-Sixth Supplemental Indenture dated as of July 15, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2036(129) 4.246 Nine Hundred Ninety-Seventh Supplemental Indenture dated as of July 22, 2021, to the U.S. Bank Indenture, and Form of 2.500% ProspectCapital InterNote® due 2026(132) 4.247 Nine Hundred Ninety-Eighth Supplemental Indenture dated as of July 22, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(132) 4.248 Nine Hundred Ninety-Ninth Supplemental Indenture dated as of July 22, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2031(132) 4.249 One Thousandth Supplemental Indenture dated as of July 22, 2021, to the U.S. Bank Indenture, and Form of 3.700% Prospect CapitalInterNote® due 2036(132) 278

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4.250 One Thousand First Supplemental Indenture dated as of July 22, 2021, to the U.S. Bank Indenture, and Form of 4.000% Prospect CapitalInterNote® due 2051(132) 4.251 One Thousand Second Supplemental Indenture dated as of July 29, 2021, to the U.S. Bank Indenture, and Form of 2.500% Prospect CapitalInterNote® due 2026(133) 4.252 One Thousand Third Supplemental Indenture dated as of July 29, 2021, to the U.S. Bank Indenture, and Form of 3.000% Prospect CapitalInterNote® due 2028(133) 4.253 One Thousand Fourth Supplemental Indenture dated as of July 29, 2021, to the U.S. Bank Indenture, and Form of 3.400% Prospect CapitalInterNote® due 2031(133) 4.254 One Thousand Fifth Supplemental Indenture dated as of July 29, 2021, to the U.S. Bank Indenture, and Form of 3.700% Prospect CapitalInterNote® due 2036(133) 4.255 One Thousand Sixth Supplemental Indenture dated as of July 29, 2021, to the U.S. Bank Indenture, and Form of 4.000% Prospect CapitalInterNote® due 2051(133) 4.256 One Thousand Seventh Supplemental Indenture dated as of August 5, 2021, to the U.S. Bank Indenture, and Form of 2.500% Prospect CapitalInterNote® due 2026(134) 4.257 One Thousand Eighth Supplemental Indenture dated as of August 5, 2021, to the U.S. Bank Indenture, and Form of 3.000% Prospect CapitalInterNote® due 2028(134) 4.258 One Thousand Ninth Supplemental Indenture dated as of August 5, 2021, to the U.S. Bank Indenture, and Form of 3.400% Prospect CapitalInterNote® due 2031(134) 4.259 One Thousand Tenth Supplemental Indenture dated as of August 5, 2021, to the U.S. Bank Indenture, and Form of 3.700% Prospect CapitalInterNote® due 2036(134) 4.260 One Thousand Eleventh Supplemental Indenture dated as of August 5, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(134) 4.261 One Thousand Twelfth Supplemental Indenture dated as of August 12, 2021, to the U.S. Bank Indenture, and Form of 2.500% ProspectCapital InterNote® due 2026(135) 4.262 One Thousand Thirteenth Supplemental Indenture dated as of August 12, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(135) 4.263 One Thousand Fourteenth Supplemental Indenture dated as of August 12, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2031(135) 4.264 One Thousand Fifteenth Supplemental Indenture dated as of August 12, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2036(135) 4.265 One Thousand Sixteenth Supplemental Indenture dated as of August 12, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(135) 4.266 One Thousand Seventeenth Supplemental Indenture dated as of August 19, 2021, to the U.S. Bank Indenture, and Form of 2.500% ProspectCapital InterNote® due 2026(136) 4.267 One Thousand Eighteenth Supplemental Indenture dated as of August 19, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(136) 4.268 One Thousand Nineteenth Supplemental Indenture dated as of August 19, 2021, to the U.S. Bank Indenture, and Form of 3.400% ProspectCapital InterNote® due 2031(136) 4.269 One Thousand Twentieth Supplemental Indenture dated as of August 19, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2036(136) 4.270 One Thousand Twenty-First Supplemental Indenture dated as of August 19, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(136) 4.271 One Thousand Twenty-Second Supplemental Indenture dated as of August 26, 2021, to the U.S. Bank Indenture, and Form of 2.500%Prospect Capital InterNote® due 2026(137) 4.272 One Thousand Twenty-Third Supplemental Indenture dated as of August 26, 2021, to the U.S. Bank Indenture, and Form of 3.000% ProspectCapital InterNote® due 2028(137) 4.273 One Thousand Twenty-Fourth Supplemental Indenture dated as of August 26, 2021, to the U.S. Bank Indenture, and Form of 3.400%Prospect Capital InterNote® due 2031(137) 4.274 One Thousand Twenty-Fifth Supplemental Indenture dated as of August 26, 2021, to the U.S. Bank Indenture, and Form of 3.700% ProspectCapital InterNote® due 2036(137) 4.275 One Thousand Twenty-Sixth Supplemental Indenture dated as of August 26, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(137) 4.276 One Thousand Twenty-Seventh Supplemental Indenture dated as of September 10, 2021, to the U.S. Bank Indenture, and Form of 2.250%Prospect Capital InterNote® due 2026(138) 4.277 One Thousand Twenty-Eighth Supplemental Indenture dated as of September 10, 2021, to the U.S. Bank Indenture, and Form of 2.750%Prospect Capital InterNote® due 2028(138) 4.278 One Thousand Twenty-Ninth Supplemental Indenture dated as of September 10, 2021, to the U.S. Bank Indenture, and Form of 3.150%Prospect Capital InterNote® due 2031(138) 4.279 One Thousand Thirtieth Supplemental Indenture dated as of September 10, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(138) 279

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4.280 One Thousand Thirty-First Supplemental Indenture dated as of September 10, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(138) 4.281 One Thousand Thirty-Second Supplemental Indenture dated as of September 16, 2021, to the U.S. Bank Indenture, and Form of 2.250%Prospect Capital InterNote® due 2026(139) 4.282 One Thousand Thirty-Third Supplemental Indenture dated as of September 16, 2021, to the U.S. Bank Indenture, and Form of 2.750%Prospect Capital InterNote® due 2028(139) 4.283 One Thousand Thirty-Fourth Supplemental Indenture dated as of September 16, 2021, to the U.S. Bank Indenture, and Form of 3.150%Prospect Capital InterNote® due 2031(139) 4.284 One Thousand Thirty-Fifth Supplemental Indenture dated as of September 16, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2036(139) 4.285 One Thousand Thirty-Sixth Supplemental Indenture dated as of September 16, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(139) 4.286 One Thousand Thirty-Seventh Supplemental Indenture dated as of September 23, 2021, to the U.S. Bank Indenture, and Form of 2.250%Prospect Capital InterNote® due 2026(140) 4.287 One Thousand Thirty-Eighth Supplemental Indenture dated as of September 23, 2021, to the U.S. Bank Indenture, and Form of 2.750%Prospect Capital InterNote® due 2028(140) 4.288 One Thousand Thirty-Ninth Supplemental Indenture dated as of September 23, 2021, to the U.S. Bank Indenture, and Form of 3.150%Prospect Capital InterNote® due 2031(140) 4.289 One Thousand Fortieth Supplemental Indenture dated as of September 23, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(140) 4.290 One Thousand Forty-First Supplemental Indenture dated as of September 23, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(140) 4.291 One Thousand Forty-Second Supplemental Indenture dated as of September 30, 2021, to the U.S. Bank Indenture, and Form of 2.250%Prospect Capital InterNote® due 2026(141) 4.292 One Thousand Forty-Third Supplemental Indenture dated as of September 30, 2021, to the U.S. Bank Indenture, and Form of 2.750%Prospect Capital InterNote® due 2028(141) 4.293 One Thousand Forty-Fourth Supplemental Indenture dated as of September 30, 2021, to the U.S. Bank Indenture, and Form of 3.150%Prospect Capital InterNote® due 2031(141) 4.294 One Thousand Forty-Fifth Supplemental Indenture dated as of September 30, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2036(141) 4.295 One Thousand Forty-Sixth Supplemental Indenture dated as of September 30, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(141) 4.296 One Thousand Forty-Seventh Supplemental Indenture dated as of October 7, 2021, to the U.S. Bank Indenture, and Form of 2.250% ProspectCapital InterNote® due 2026(143) 4.297 One Thousand Forty-Eighth Supplemental Indenture dated as of October 7, 2021, to the U.S. Bank Indenture, and Form of 2.750% ProspectCapital InterNote® due 2028(143) 4.298 One Thousand Forty-Ninth Supplemental Indenture dated as of October 7, 2021, to the U.S. Bank Indenture, and Form of 3.150% ProspectCapital InterNote® due 2031(143) 4.299 One Thousand Fiftieth Supplemental Indenture dated as of October 7, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(143) 4.300 One Thousand Fifty-First Supplemental Indenture dated as of October 7, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(143) 4.301 One Thousand Fifty-Second Supplemental Indenture dated as of October 15, 2021, to the U.S. Bank Indenture, and Form of 2.250% ProspectCapital InterNote® due 2026(144) 4.302 One Thousand Fifty-Third Supplemental Indenture dated as of October 15, 2021, to the U.S. Bank Indenture, and Form of 2.750% ProspectCapital InterNote® due 2028(144) 4.303 One Thousand Fifty-Fourth Supplemental Indenture dated as of October 15, 2021, to the U.S. Bank Indenture, and Form of 3.150% ProspectCapital InterNote® due 2031(144) 4.304 One Thousand Fifty-Fifth Supplemental Indenture dated as of October 15, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(144) 4.305 One Thousand Fifty-Sixth Supplemental Indenture dated as of October 15, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(144) 4.306 One Thousand Fifty-Seventh Supplemental Indenture dated as of October 21, 2021, to the U.S. Bank Indenture, and Form of 2.250%Prospect Capital InterNote® due 2026(145) 4.307 One Thousand Fifty-Eighth Supplemental Indenture dated as of October 21, 2021, to the U.S. Bank Indenture, and Form of 2.750% ProspectCapital InterNote® due 2028(145) 4.308 One Thousand Fifty-Ninth Supplemental Indenture dated as of October 21, 2021, to the U.S. Bank Indenture, and Form of 3.150% ProspectCapital InterNote® due 2031(145) 4.309 One Thousand Sixtieth Supplemental Indenture dated as of October 21, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(145) 280

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4.310 One Thousand Sixty-First Supplemental Indenture dated as of October 21, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(145) 4.311 One Thousand Sixty-Second Supplemental Indenture dated as of October 28, 2021, to the U.S. Bank Indenture, and Form of 2.250% ProspectCapital InterNote® due 2026(146) 4.312 One Thousand Sixty-Third Supplemental Indenture dated as of October 28, 2021, to the U.S. Bank Indenture, and Form of 2.750% ProspectCapital InterNote® due 2028(146) 4.313 One Thousand Sixty-Fourth Supplemental Indenture dated as of October 28, 2021, to the U.S. Bank Indenture, and Form of 3.150% ProspectCapital InterNote® due 2031(146) 4.314 One Thousand Sixty-Fifth Supplemental Indenture dated as of October 28, 2021, to the U.S. Bank Indenture, and Form of 3.500% ProspectCapital InterNote® due 2036(146) 4.315 One Thousand Sixty-Sixth Supplemental Indenture dated as of October 28, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(146) 4.316 One Thousand Sixty-Seventh Supplemental Indenture dated as of November 4, 2021, to the U.S. Bank Indenture, and Form of 2.400%Prospect Capital InterNote® due 2026(147) 4.317 One Thousand Sixty-Eighth Supplemental Indenture dated as of November 4, 2021, to the U.S. Bank Indenture, and Form of 2.800%Prospect Capital InterNote® due 2028(147) 4.318 One Thousand Sixty-Ninth Supplemental Indenture dated as of November 4, 2021, to the U.S. Bank Indenture, and Form of 3.250% ProspectCapital InterNote® due 2031(147) 4.319 One Thousand Seventieth Supplemental Indenture dated as of November 4, 2021, to the U.S. Bank Indenture, and Form of 3.600% ProspectCapital InterNote® due 2036(147) 4.320 One Thousand Seventy-First Supplemental Indenture dated as of November 4, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(147) 4.321 One Thousand Seventy-Second Supplemental Indenture dated as of November 18, 2021, to the U.S. Bank Indenture, and Form of 2.500%Prospect Capital InterNote® due 2026(148) 4.322 One Thousand Seventy-Third Supplemental Indenture dated as of November 18, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2028(148) 4.323 One Thousand Seventy-Fourth Supplemental Indenture dated as of November 18, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2031(148) 4.324 One Thousand Seventy-Fifth Supplemental Indenture dated as of November 18, 2021, to the U.S. Bank Indenture, and Form of 3.750%Prospect Capital InterNote® due 2036(148) 4.325 One Thousand Seventy-Sixth Supplemental Indenture dated as of November 18, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(148) 4.326 One Thousand Seventy-Seventh Supplemental Indenture dated as of November 26, 2021, to the U.S. Bank Indenture, and Form of 2.500%Prospect Capital InterNote® due 2026(149) 4.327 One Thousand Seventy-Eighth Supplemental Indenture dated as of November 26, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2028(149) 4.328 One Thousand Seventy-Ninth Supplemental Indenture dated as of November 26, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2031(149) 4.329 One Thousand Eightieth Supplemental Indenture dated as of November 26, 2021, to the U.S. Bank Indenture, and Form of 3.750% ProspectCapital InterNote® due 2036(149) 4.330 One Thousand Eighty-First Supplemental Indenture dated as of November 26, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(149) 4.331 One Thousand Eighty-Second Supplemental Indenture dated as of December 2, 2021, to the U.S. Bank Indenture, and Form of 2.750%Prospect Capital InterNote® due 2026(170) 4.332 One Thousand Eighty-Third Supplemental Indenture dated as of December 2, 2021, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2028(150) 4.333 One Thousand Eighty-Fourth Supplemental Indenture dated as of December 2, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2031(150) 4.334 One Thousand Eighty-Sixth Supplemental Indenture dated as of December 2, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(150) 4.335 One Thousand Eighty-Seventh Supplemental Indenture dated as of December 9, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2026(151) 4.336 One Thousand Eighty-Eighth Supplemental Indenture dated as of December 9, 2021, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2028(151) 4.337 One Thousand Eighty-Ninth Supplemental Indenture dated as of December 9, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2031(151) 4.338 One Thousand Ninetieth Supplemental Indenture dated as of December 9, 2021, to the U.S. Bank Indenture, and Form of 3.750% ProspectCapital InterNote® due 2036(151) 4.339 One Thousand Ninety-First Supplemental Indenture dated as of December 9, 2021, to the U.S. Bank Indenture, and Form of 4.000% ProspectCapital InterNote® due 2051(151) 281

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4.340 One Thousand Ninety-Second Supplemental Indenture dated as of December 16, 2021, to the U.S. Bank Indenture, and Form of 3.000%Prospect Capital InterNote® due 2026(152) 4.341 One Thousand Ninety-Third Supplemental Indenture dated as of December 16, 2021, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2028(152) 4.342 One Thousand Ninety-Fourth Supplemental Indenture dated as of December 16, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2031(152) 4.343 One Thousand Ninety-Fifth Supplemental Indenture dated as of December 16, 2021, to the U.S. Bank Indenture, and Form of 3.750%Prospect Capital InterNote® due 2036(152) 4.344 One Thousand Ninety-Sixth Supplemental Indenture dated as of December 16, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2051(152) 4.345 One Thousand Ninety-Seventh Supplemental Indenture dated as of December 23, 2021, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2026(153) 4.346 One Thousand Ninety-Eighth Supplemental Indenture dated as of December 23, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2028(153) 4.347 One Thousand Ninety-Ninth Supplemental Indenture dated as of December 23, 2021, to the U.S. Bank Indenture, and Form of 3.750%Prospect Capital InterNote® due 2031(153) 4.348 One Thousand One Hundredth Supplemental Indenture dated as of December 23, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2036(153) 4.349 One Thousand One Hundred First Supplemental Indenture dated as of December 23, 2021, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2051(153) 4.350 One Thousand One Hundred Second Supplemental Indenture dated as of December 30, 2021, to the U.S. Bank Indenture, and Form of3.250% Prospect Capital InterNote® due 2026(154) 4.351 One Thousand One Hundred Third Supplemental Indenture dated as of December 30, 2021, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2028(154) 4.352 One Thousand One Hundred Fifth Supplemental Indenture dated as of December 30, 2021, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2036(154) 4.353 One Thousand One Hundred Sixth Supplemental Indenture dated as of December 30, 2021, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2051(154) 4.354 One Thousand One Hundred Seventh Supplemental Indenture dated as of January 6, 2022, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2027(155) 4.355 One Thousand One Hundred Eighth Supplemental Indenture dated as of January 6, 2022, to the U.S. Bank Indenture, and Form of 3.500%Prospect Capital InterNote® due 2029(155) 4.356 One Thousand One Hundred Ninth Supplemental Indenture dated as of January 6, 2022, to the U.S. Bank Indenture, and Form of 3.750%Prospect Capital InterNote® due 2032(155) 4.357 One Thousand One Hundred Tenth Supplemental Indenture dated as of January 6, 2022, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2037(155) 4.358 One Thousand One Hundred Eleventh Supplemental Indenture dated as of January 6, 2022, to the U.S. Bank Indenture, and Form of 4.250%Prospect Capital InterNote® due 2052(155) 4.359 One Thousand One Hundred Twelfth Supplemental Indenture dated as of January 13, 2022, to the U.S. Bank Indenture, and Form of 3.250%Prospect Capital InterNote® due 2027(156) 4.360 One Thousand One Hundred Thirteenth Supplemental Indenture dated as of January 13, 2022, to the U.S. Bank Indenture, and Form of3.500% Prospect Capital InterNote® due 2029(156) 4.361 One Thousand One Hundred Fourteenth Supplemental Indenture dated as of January 13, 2022, to the U.S. Bank Indenture, and Form of3.750% Prospect Capital InterNote® due 2032(156) 4.362 One Thousand One Hundred Fifteenth Supplemental Indenture dated as of January 13, 2022, to the U.S. Bank Indenture, and Form of 4.000%Prospect Capital InterNote® due 2037(156) 4.363 One Thousand One Hundred Sixteenth Supplemental Indenture dated as of January 13, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2052(156) 4.364 One Thousand One Hundred Seventeenth Supplemental Indenture dated as of January 21, 2022, to the U.S. Bank Indenture, and Form of3.500% Prospect Capital InterNote® due 2027(157) 4.365 One Thousand One Hundred Eighteenth Supplemental Indenture dated as of January 21, 2022, to the U.S. Bank Indenture, and Form of3.750% Prospect Capital InterNote® due 2029(157) 4.366 One Thousand One Hundred Nineteenth Supplemental Indenture dated as of January 21, 2022, to the U.S. Bank Indenture, and Form of4.000% Prospect Capital InterNote® due 2032(157) 4.367 One Thousand One Hundred Twentieth Supplemental Indenture dated as of January 21, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2037(157) 4.368 One Thousand One Hundred Twenty-First Supplemental Indenture dated as of January 21, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2052(157) 4.369 One Thousand One Hundred Twenty-Second Supplemental Indenture dated as of January 27, 2022, to the U.S. Bank Indenture, and Form of3.625% Prospect Capital InterNote® due 2027(158) 282

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4.370 One Thousand One Hundred Twenty-Third Supplemental Indenture dated as of January 27, 2022, to the U.S. Bank Indenture, and Form of3.875% Prospect Capital InterNote® due 2029(158) 4.371 One Thousand One Hundred Twenty-Fourth Supplemental Indenture dated as of January 27, 2022, to the U.S. Bank Indenture, and Form of4.125% Prospect Capital InterNote® due 2032(158) 4.372 One Thousand One Hundred Twenty-Fifth Supplemental Indenture dated as of January 27, 2022, to the U.S. Bank Indenture, and Form of4.375% Prospect Capital InterNote® due 2037(158) 4.373 One Thousand One Hundred Twenty-Sixth Supplemental Indenture dated as of January 27, 2022, to the U.S. Bank Indenture, and Form of4.625% Prospect Capital InterNote® due 2052(158) 4.374 One Thousand One Hundred Twenty-Seventh Supplemental Indenture dated as of February 3, 2022, to the U.S. Bank Indenture, and Form of3.750% Prospect Capital InterNote® due 2027(199) 4.375 One Thousand One Hundred Twenty-Eighth Supplemental Indenture dated as of February 3, 2022, to the U.S. Bank Indenture, and Form of4.000% Prospect Capital InterNote® due 2029(199) 4.376 One Thousand One Hundred Twenty-Ninth Supplemental Indenture dated as of February 3, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2032(159) 4.377 One Thousand One Hundred Thirtieth Supplemental Indenture dated as of February 3, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2037(159) 4.378 One Thousand One Hundred Thirty-First Supplemental Indenture dated as of February 10, 2022, to the U.S. Bank Indenture, and Form of4.000% Prospect Capital InterNote® due 2027(160) 4.379 One Thousand One Hundred Thirty-Second Supplemental Indenture dated as of February 10, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2029(160) 4.380 One Thousand One Hundred Thirty-Third Supplemental Indenture dated as of February 10, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2032(160) 4.381 One Thousand One Hundred Thirty-Fourth Supplemental Indenture dated as of February 25, 2022, to the U.S. Bank Indenture, and Form of2.500% Prospect Capital InterNote® due 2025(163) 4.382 One Thousand One Hundred Thirty-Fifth Supplemental Indenture dated as of February 25, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2027(163) 4.383 One Thousand One Hundred Thirty-Sixth Supplemental Indenture dated as of February 25, 2022, to the U.S. Bank Indenture, and Form of4.375% Prospect Capital InterNote® due 2032(163) 4.384 One Thousand One Hundred Thirty-Seventh Supplemental Indenture dated as of February 25, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2052(163) 4.385 One Thousand One Hundred Thirty-Eighth Supplemental Indenture dated as of March 3, 2022, to the U.S. Bank Indenture, and Form of2.500% Prospect Capital InterNote® due 2025(164) 4.386 One Thousand One Hundred Thirty-Ninth Supplemental Indenture dated as of March 3, 2022, to the U.S. Bank Indenture, and Form of4.250% Prospect Capital InterNote® due 2027(164) 4.387 One Thousand One Hundred Fortieth Supplemental Indenture dated as of March 3, 2022, to the U.S. Bank Indenture, and Form of 4.375%Prospect Capital InterNote® due 2032(164) 4.388 One Thousand One Hundred Forty-First Supplemental Indenture dated as of March 3, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2052(164) 4.389 One Thousand One Hundred Forty-Second Supplemental Indenture dated as of March 10, 2022, to the U.S. Bank Indenture, and Form of2.500% Prospect Capital InterNote® due 2025(165) 4.390 One Thousand One Hundred Forty-Third Supplemental Indenture dated as of March 10, 2022, to the U.S. Bank Indenture, and Form of4.375% Prospect Capital InterNote® due 2027(165) 4.391 One Thousand One Hundred Forty-Fourth Supplemental Indenture dated as of March 10, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2052(165) 4.392 One Thousand One Hundred Forty-Fifth Supplemental Indenture dated as of March 17, 2022, to the U.S. Bank Indenture, and Form of2.500% Prospect Capital InterNote® due 2025(166) 4.393 One Thousand One Hundred Forty-Sixth Supplemental Indenture dated as of March 17, 2022, to the U.S. Bank Indenture, and Form of4.375% Prospect Capital InterNote® due 2027(166) 4.394 One Thousand One Hundred Forty-Seventh Supplemental Indenture dated as of March 17, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2052(166) 4.395 One Thousand One Hundred Forty-Eighth Supplemental Indenture dated as of March 24, 2022, to the U.S. Bank Indenture, and Form of2.500% Prospect Capital InterNote® due 2025(167) 4.396 One Thousand One Hundred Forty-Ninth Supplemental Indenture dated as of March 24, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(167) 4.397 One Thousand One Hundred Fiftieth Supplemental Indenture dated as of March 31, 2022, to the U.S. Bank Indenture, and Form of 2.500%Prospect Capital InterNote® due 2025(168) 4.398 One Thousand One Hundred Fifty-First Supplemental Indenture dated as of March 31, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(168) 4.399 One Thousand One Hundred Fifty-Second Supplemental Indenture dated as of April 7, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(169) 283

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4.400 One Thousand One Hundred Fifty-Third Supplemental Indenture dated as of April 7, 2022, to the U.S. Bank Indenture, and Form of 4.250%to 5.250% Prospect Capital InterNote® due 2032(169) 4.401 One Thousand One Hundred Fifty-Fourth Supplemental Indenture dated as of April 14, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(170) 4.402 One Thousand One Hundred Fifty-Fifth Supplemental Indenture dated as of April 14, 2022, to the U.S. Bank Indenture, and Form of 4.250%to 5.250% Prospect Capital InterNote® due 2032(170) 4.403 One Thousand One Hundred Fifty-Sixth Supplemental Indenture dated as of April 21, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(171) 4.404 One Thousand One Hundred Fifty-Seventh Supplemental Indenture dated as of April 21, 2022, to the U.S. Bank Indenture, and Form of4.250% to 5.250% Prospect Capital InterNote® due 2032(171) 4.405 One Thousand One Hundred Fifty-Eighth Supplemental Indenture dated as of April 28, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(172) 4.406 One Thousand One Hundred Sixtieth Supplemental Indenture dated as of May 5, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(173) 4.407 One Thousand One Hundred Sixty-First Supplemental Indenture dated as of May 5, 2022, to the U.S. Bank Indenture, and Form of 4.250% to5.250% Prospect Capital InterNote® due 2032(173) 4.408 One Thousand One Hundred Sixty-Second Supplemental Indenture dated as of May 19, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(174) 4.409 One Thousand One Hundred Sixty-Third Supplemental Indenture dated as of May 26, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(175) 4.410 One Thousand One Hundred Sixty-Fourth Supplemental Indenture dated as of June 3, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(176) 4.411 One Thousand One Hundred Sixty-Fifth Supplemental Indenture dated as of June 9, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(177) 4.412 One Thousand One Hundred Sixty-Sixth Supplemental Indenture dated as of June 16, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(180) 4.413 One Thousand One Hundred Sixty-Seventh Supplemental Indenture dated as of June 24, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(181) 4.414 One Thousand One Hundred Sixty-Eighth Supplemental Indenture dated as of June 30, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(182) 4.415 One Thousand One Hundred Sixty-Ninth Supplemental Indenture dated as of July 8, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(183) 4.416 One Thousand One Hundred Seventieth Supplemental Indenture dated as of July 14, 2022, to the U.S. Bank Indenture, and Form of 4.500%Prospect Capital InterNote® due 2027(184) 4.417 One Thousand One Hundred Seventy-First Supplemental Indenture dated as of July 21, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(185) 4.418 One Thousand One Hundred Seventy-Second Supplemental Indenture dated as of July 28, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(186) 4.419 One Thousand One Hundred Seventy-Third Supplemental Indenture dated as of August 4, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(187) 4.420 One Thousand One Hundred Seventy-Fourth Supplemental Indenture dated as of August 11, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(188) 4.421 Supplemental Indenture, dated as of September 30, 2021, by and between Prospect Capital Corporation and U.S. Bank National Association,as Trustee (142) 4.422 Form of Global Note of 3.437% Notes due 2028 (142) 4.423 One Thousand One Hundred Seventy-Fifth Supplemental Indenture dated as of August 18, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(189) 4.424 One Thousand One Hundred Seventy-Sixth Supplemental Indenture dated as of August 25, 2022, to the U.S. Bank Indenture, and Form of4.500% Prospect Capital InterNote® due 2027(190) 4.425 One Thousand One Hundred Seventy-Seventh Supplemental Indenture dated as of September 22, 2022, to the U.S. Bank Indenture, and Formof 4.500% Prospect Capital InterNote® due 2027(191) 4.426 One Thousand One Hundred Eighty-First Supplemental Indenture dated as of October 20, 2022, to the U.S. Bank Indenture, and Form of5.000% Prospect Capital InterNote® due 2025(196) 4.427 One Thousand One Hundred Eighty-Second Supplemental Indenture dated as of October 20, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2027(196) 4.428 One Thousand One Hundred Eighty-Third Supplemental Indenture dated as of October 27, 2022, to the U.S. Bank Indenture, and Form of5.375% Prospect Capital InterNote® due 2025(197) 4.429 One Thousand One Hundred Eighty-Fourth Supplemental Indenture dated as of October 27, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2027(197) 284

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4.430 One Thousand One Hundred Eighty-Fifth Supplemental Indenture dated as of November 3, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(198) 4.431 One Thousand One Hundred Eighty-Sixth Supplemental Indenture dated as of November 10, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(199) 4.432 One Thousand One Hundred Eighty-Seventh Supplemental Indenture dated as of November 25, 2022, to the U.S. Bank Indenture, and Formof 5.500% Prospect Capital InterNote® due 2025(200) 4.433 One Thousand One Hundred Eighty-Eighth Supplemental Indenture dated as of December 1, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(201) 4.434 One Thousand One Hundred Eighty-Ninth Supplemental Indenture dated as of December 8, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(202) 4.435 One Thousand One Hundred Ninetieth Supplemental Indenture dated as of December 15, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(203) 4.436 One Thousand One Hundred Ninety-First Supplemental Indenture dated as of December 22, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(204) 4.437 One Thousand One Hundred Ninety-Second Supplemental Indenture dated as of December 22, 2022, to the U.S. Bank Indenture, and Formof 5.750% Prospect Capital InterNote® due 2028(204) 4.438 One Thousand One Hundred Ninety-Third Supplemental Indenture dated as of December 30, 2022, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2025(205) 4.439 One Thousand One Hundred Ninety-Fourth Supplemental Indenture dated as of December 30, 2022, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2028(205) 4.440 One Thousand One Hundred Ninety-Fifth Supplemental Indenture dated as of December 30, 2022, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2032(205) 4.441 One Thousand One Hundred Ninety-Sixth Supplemental Indenture dated as of January 6, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(206) 4.442 One Thousand One Hundred Ninety-Seventh Supplemental Indenture dated as of January 6, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(206) 4.443 One Thousand One Hundred Ninety-Eighth Supplemental Indenture dated as of January 6, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(206) 4.444 One Thousand One Hundred Ninety-Ninth Supplemental Indenture dated as of January 12, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(207) 4.445 One Thousand Two Hundredth Supplemental Indenture dated as of January 12, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(207) 4.446 One Thousand Two Hundred First Supplemental Indenture dated as of January 12, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(207) 4.447 One Thousand Two Hundred Second Supplemental Indenture dated as of January 20, 2023, to the U.S. Bank Indenture, and Form of 5.500%Prospect Capital InterNote® due 2026(208) 4.448 One Thousand Two Hundred Third Supplemental Indenture dated as of January 20, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(208) 4.449 One Thousand Two Hundred Fourth Supplemental Indenture dated as of January 20, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(208) 4.450 One Thousand Two Hundred Fifth Supplemental Indenture dated as of January 26, 2023, to the U.S. Bank Indenture, and Form of 5.500%Prospect Capital InterNote® due 2026(209) 4.451 One Thousand Two Hundred Sixth Supplemental Indenture dated as of January 26, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(209) 4.452 One Thousand Two Hundred Seventh Supplemental Indenture dated as of January 26, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(209) 4.453 One Thousand Two Hundred Eighth Supplemental Indenture dated as of February 2, 2023, to the U.S. Bank Indenture, and Form of 5.500%Prospect Capital InterNote® due 2026(210) 4.454 One Thousand Two Hundred Ninth Supplemental Indenture dated as of February 2, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(210) 4.455 One Thousand Two Hundred Tenth Supplemental Indenture dated as of February 2, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(210) 4.456 One Thousand Two Hundred Eleventh Supplemental Indenture dated as of February 9, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(211) 4.457 One Thousand Two Hundred Twelfth Supplemental Indenture dated as of February 9, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(211) 4.458 One Thousand Two Hundred Thirteenth Supplemental Indenture dated as of February 9, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(211) 4.459 One Thousand Two Hundred Fourteenth Supplemental Indenture dated as of February 24, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(214) 285

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4.460 One Thousand Two Hundred Fifteenth Supplemental Indenture dated as of February 24, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(214) 4.461 One Thousand Two Hundred Sixteenth Supplemental Indenture dated as of February 24, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(214) 4.462 One Thousand Two Hundred Seventeenth Supplemental Indenture dated as of March 2, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(215) 4.463 One Thousand Two Hundred Eighteenth Supplemental Indenture dated as of March 2, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(215) 4.464 One Thousand Two Hundred Nineteenth Supplemental Indenture dated as of March 2, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(215) 4.465 One Thousand Two Hundred Twentieth Supplemental Indenture dated as of March 9, 2023, to the U.S. Bank Indenture, and Form of 5.500%Prospect Capital InterNote® due 2026(216) 4.466 One Thousand Two Hundred Twenty-First Supplemental Indenture dated as of March 9, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(216) 4.467 One Thousand Two Hundred Twenty-Second Supplemental Indenture dated as of March 9, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(216) 4.468 One Thousand Two Hundred Twenty-Third Supplemental Indenture dated as of March 16, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(217) 4.469 One Thousand Two Hundred Twenty-Fourth Supplemental Indenture dated as of March 16, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(217) 4.470 One Thousand Two Hundred Twenty-Fifth Supplemental Indenture dated as of March 16, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(217) 4.471 One Thousand Two Hundred Twenty-Sixth Supplemental Indenture dated as of March 23, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(218) 4.472 One Thousand Two Hundred Twenty-Seventh Supplemental Indenture dated as of March 23, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(218) 4.473 One Thousand Two Hundred Twenty-Eighth Supplemental Indenture dated as of March 23, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(218) 4.474 One Thousand Two Hundred Twenty-Ninth Supplemental Indenture dated as of March 30, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(219) 4.475 One Thousand Two Hundred Thirtieth Supplemental Indenture dated as of March 30, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(219) 4.476 One Thousand Two Hundred Thirty-First Supplemental Indenture dated as of March 30, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(219) 4.477 One Thousand Two Hundred Thirty-Second Supplemental Indenture dated as of April 6, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(220) 4.478 One Thousand Two Hundred Thirty-Third Supplemental Indenture dated as of April 6, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2029(220) 4.479 One Thousand Two Hundred Thirty-Fourth Supplemental Indenture dated as of April 6, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(220) 4.480 One Thousand Two Hundred Thirty-Fifth Supplemental Indenture dated as of April 13, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(221) 4.481 One Thousand Two Hundred Thirty-Sixth Supplemental Indenture dated as of April 13, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(221) 4.482 One Thousand Two Hundred Thirty-Seventh Supplemental Indenture dated as of April 13, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2033(221) 4.483 One Thousand Two Hundred Thirty-Eighth Supplemental Indenture dated as of April 20, 2023, to the U.S. Bank Indenture, and Form of5.500% Prospect Capital InterNote® due 2026(222) 4.484 One Thousand Two Hundred Thirty-Ninth Supplemental Indenture dated as of April 20, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2029(222) 4.485 One Thousand Two Hundred Fortieth Supplemental Indenture dated as of April 20, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2033(222) 4.486 One Thousand Two Hundred Forty-First Supplemental Indenture dated as of April 27, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(223) 4.487 One Thousand Two Hundred Forty-Second Supplemental Indenture dated as of April 27, 2023, to the U.S. Bank Indenture, and Form of5.950% Prospect Capital InterNote® due 2029(223) 4.488 One Thousand Two Hundred Forty-Third Supplemental Indenture dated as of April 27, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(223) 4.489 One Thousand Two Hundred Forty-Fourth Supplemental Indenture dated as of May 4, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(224) 286

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4.490 One Thousand Two Hundred Forty-Fifth Supplemental Indenture dated as of May 4, 2023, to the U.S. Bank Indenture, and Form of 5.950%Prospect Capital InterNote® due 2029(224) 4.491 One Thousand Two Hundred Forty-Sixth Supplemental Indenture dated as of May 4, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(224) 4.492 One Thousand Two Hundred Forty-Seventh Supplemental Indenture dated as of May 11, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(225) 4.493 One Thousand Two Hundred Forty-Eighth Supplemental Indenture dated as of May 11, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(225) 4.494 One Thousand Two Hundred Forty-Ninth Supplemental Indenture dated as of May 11, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(225) 4.495 One Thousand Two Hundred Fiftieth Supplemental Indenture dated as of May 11, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(225) 4.496 One Thousand Two Hundred Fifty-First Supplemental Indenture dated as of May 25, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(226) 4.497 One Thousand Two Hundred Fifty-Second Supplemental Indenture dated as of May 25, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(226) 4.498 One Thousand Two Hundred Fifty-Third Supplemental Indenture dated as of May 25, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(226) 4.499 One Thousand Two Hundred Fifty-Fourth Supplemental Indenture dated as of May 25, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(226) 4.500 One Thousand Two Hundred Fifty-Fifth Supplemental Indenture dated as of June 2, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(227) 4.501 One Thousand Two Hundred Fifty-Sixth Supplemental Indenture dated as of June 2, 2023, to the U.S. Bank Indenture, and Form of 6.000%Prospect Capital InterNote® due 2029(227) 4.502 One Thousand Two Hundred Fifty-Eighth Supplemental Indenture dated as of June 2, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(227) 4.503 One Thousand Two Hundred Fifty-Ninth Supplemental Indenture dated as of June 8, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(228) 4.504 One Thousand Two Hundred Sixtieth Supplemental Indenture dated as of June 8, 2023, to the U.S. Bank Indenture, and Form of 6.000%Prospect Capital InterNote® due 2029(228) 4.505 One Thousand Two Hundred Sixty-First Supplemental Indenture dated as of June 8, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(228) 4.506 One Thousand Two Hundred Sixty-Second Supplemental Indenture dated as of June 8, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(228) 4.507 One Thousand Two Hundred Sixty-Fourth Supplemental Indenture dated as of June 15, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(229) 4.508 One Thousand Two Hundred Sixty-Fifth Supplemental Indenture dated as of June 15, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(229) 4.509 One Thousand Two Hundred Sixty-Sixth Supplemental Indenture dated as of June 15, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(229) 4.510 One Thousand Two Hundred Sixty-Seventh Supplemental Indenture dated as of June 23, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(230) 4.511 One Thousand Two Hundred Sixty-Eighth Supplemental Indenture dated as of June 23, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(230) 4.512 One Thousand Two Hundred Sixty-Ninth Supplemental Indenture dated as of June 23, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(230) 4.513 One Thousand Two Hundred Seventieth Supplemental Indenture dated as of June 23, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(230) 4.514 One Thousand Two Hundred Seventy-First Supplemental Indenture dated as of June 29, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(231) 4.515 One Thousand Two Hundred Seventy-Third Supplemental Indenture dated as of June 29, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(231) 4.516 One Thousand Two Hundred Seventy-Fourth Supplemental Indenture dated as of June 29, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(231) 4.517 One Thousand Two Hundred Seventy-Fifth Supplemental Indenture dated as of July 7, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(232) 4.518 One Thousand Two Hundred Seventy-Sixth Supplemental Indenture dated as of July 7, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(232) 4.519 One Thousand Two Hundred Seventy-Seventh Supplemental Indenture dated as of July 7, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(232) 287

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4.520 One Thousand Two Hundred Seventy-Eighth Supplemental Indenture dated as of July 7, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(232) 4.521 One Thousand Two Hundred Eightieth Supplemental Indenture dated as of July 13, 2023, to the U.S. Bank Indenture, and Form of 6.000%Prospect Capital InterNote® due 2029(233) 4.522 One Thousand Two Hundred Eighty-First Supplemental Indenture dated as of July 13, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(233) 4.523 One Thousand Two Hundred Eighty-Second Supplemental Indenture dated as of July 13, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(233) 4.524 One Thousand Two Hundred Eighty-Third Supplemental Indenture dated as of July 20, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(234) 4.525 One Thousand Two Hundred Eighty-Fourth Supplemental Indenture dated as of July 20, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(234) 4.526 One Thousand Two Hundred Eighty-Fifth Supplemental Indenture dated as of July 20, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(234) 4.527 One Thousand Two Hundred Eighty-Sixth Supplemental Indenture dated as of July 20, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(234) 4.528 One Thousand Two Hundred Eighty-Seventh Supplemental Indenture dated as of July 27, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(235) 4.529 One Thousand Two Hundred Eighty-Eighth Supplemental Indenture dated as of July 27, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(235) 4.530 One Thousand Two Hundred Eighty-Ninth Supplemental Indenture dated as of July 27, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(235) 4.531 One Thousand Two Hundred Ninetieth Supplemental Indenture dated as of July 27, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(235) 4.532 One Thousand Two Hundred Ninety-First Supplemental Indenture dated as of August 3, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(236) 4.533 One Thousand Two Hundred Ninety-Third Supplemental Indenture dated as of August 3, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(236) 4.534 One Thousand Two Hundred Ninety-Fourth Supplemental Indenture dated as of August 3, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(236) 4.535 One Thousand Two Hundred Ninety-Fifth Supplemental Indenture dated as of August 10, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(237) 4.536 One Thousand Two Hundred Ninety-Sixth Supplemental Indenture dated as of August 10, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(237) 4.537 One Thousand Two Hundred Ninety-Seventh Supplemental Indenture dated as of August 10, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(237) 4.538 One Thousand Two Hundred Ninety-Eighth Supplemental Indenture dated as of August 10, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(237) 4.539 One Thousand Two Hundred Ninety-Ninth Supplemental Indenture dated as of August 17, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(238) 4.540 One Thousand Three Hundredth Supplemental Indenture dated as of August 17, 2023, to the U.S. Bank Indenture, and Form of 6.000%Prospect Capital InterNote® due 2029(238) 4.541 One Thousand Three Hundred First Supplemental Indenture dated as of August 17, 2023, to the U.S. Bank Indenture, and Form of 6.250%Prospect Capital InterNote® due 2033(238) 4.542 One Thousand Three Hundred Second Supplemental Indenture dated as of August 17, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(238) 4.543 One Thousand Three Hundred Third Supplemental Indenture dated as of August 24, 2023, to the U.S. Bank Indenture, and Form of 5.750%Prospect Capital InterNote® due 2026(239) 4.544 One Thousand Three Hundred Sixth Supplemental Indenture dated as of August 24, 2023, to the U.S. Bank Indenture, and Form of 6.500%Prospect Capital InterNote® due 2043(239) 4.545 One Thousand Three Hundred Seventh Supplemental Indenture dated as of September 21, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(240) 4.546 One Thousand Three Hundred Tenth Supplemental Indenture dated as of September 21, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(240) 4.547 One Thousand Three Hundred Twelfth Supplemental Indenture dated as of September 28, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(241) 4.548 One Thousand Three Hundred Thirteenth Supplemental Indenture dated as of September 28, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(241) 4.549 One Thousand Three Hundred Fourteenth Supplemental Indenture dated as of September 28, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(241) 288

Page 294

4.550 One Thousand Three Hundred Sixteenth Supplemental Indenture dated as of October 5, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(242) 4.551 One Thousand Three Hundred Seventeenth Supplemental Indenture dated as of October 5, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(242) 4.552 One Thousand Three Hundred Eighteenth Supplemental Indenture dated as of October 5, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(242) 4.553 One Thousand Three Hundred Twenty-Third Supplemental Indenture dated as of October 19, 2023, to the U.S. Bank Indenture, and Form of5.750% Prospect Capital InterNote® due 2026(243) 4.554 One Thousand Three Hundred Twenty-Sixth Supplemental Indenture dated as of October 19, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(243) 4.555 One Thousand Three Hundred Twenty-Eighth Supplemental Indenture dated as of October 26, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(244) 4.556 One Thousand Three Hundred Twenty-Ninth Supplemental Indenture dated as of October 26, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2033(244) 4.557 One Thousand Three Hundred Thirtieth Supplemental Indenture dated as of October 26, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2043(244) 4.558 One Thousand Three Hundred Thirty-Fifth Supplemental Indenture dated as of November 9, 2023, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2026(245) 4.559 One Thousand Three Hundred Thirty-Sixth Supplemental Indenture dated as of November 9, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2029(245) 4.560 One Thousand Three Hundred Thirty-Seventh Supplemental Indenture dated as of November 9, 2023, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(245) 4.561 One Thousand Three Hundred Thirty-Eighth Supplemental Indenture dated as of November 9, 2023, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2043(245) 4.562 One Thousand Three Hundred Thirty-Ninth Supplemental Indenture dated as of November 24, 2023, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2026(246) 4.563 One Thousand Three Hundred Fortieth Supplemental Indenture dated as of November 24, 2023, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2028(246) 4.564 One Thousand Three Hundred Forty-First Supplemental Indenture dated as of November 24, 2023, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2033(246) 4.565 One Thousand Three Hundred Forty-Second Supplemental Indenture dated as of November 30, 2023, to the U.S. Bank Indenture, and Formof 6.250% Prospect Capital InterNote® due 2026(247) 4.566 One Thousand Three Hundred Forty-Third Supplemental Indenture dated as of November 30, 2023, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2028(247) 4.567 One Thousand Three Hundred Forty-Fourth Supplemental Indenture dated as of November 30, 2023, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2033(247) 4.568 One Thousand Three Hundred Forty-Fifth Supplemental Indenture dated as of December 7, 2023, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2026(248) 4.569 One Thousand Three Hundred Forty-Sixth Supplemental Indenture dated as of December 7, 2023, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2028(248) 4.570 One Thousand Three Hundred Forty-Seventh Supplemental Indenture dated as of December 7, 2023, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2033(248) 4.571 One Thousand Three Hundred Forty-Eighth Supplemental Indenture dated as of December 14, 2023, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2026(249) 4.572 One Thousand Three Hundred Forty-Ninth Supplemental Indenture dated as of December 14, 2023, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2028(249) 4.573 One Thousand Three Hundred Fiftieth Supplemental Indenture dated as of December 14, 2023, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2033(249) 4.574 One Thousand Three Hundred Fifty-First Supplemental Indenture dated as of December 21, 2023, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2026(250) 4.575 One Thousand Three Hundred Fifty-Second Supplemental Indenture dated as of December 21, 2023, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(250) 4.576 One Thousand Three Hundred Fifty-Third Supplemental Indenture dated as of December 21, 2023, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(250) 4.577 One Thousand Three Hundred Fifty-Fourth Supplemental Indenture dated as of December 21, 2023, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2033(250) 4.578 One Thousand Three Hundred Fifty-Fifth Supplemental Indenture dated as of December 29, 2023, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2026(251) 4.579 One Thousand Three Hundred Fifty-Sixth Supplemental Indenture dated as of December 29, 2023, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2028(251) 289

Page 295

4.580 One Thousand Three Hundred Fifty-Seventh Supplemental Indenture dated as of December 29, 2023, to the U.S. Bank Indenture, and Formof 7.750% Prospect Capital InterNote® due 2033(251) 4.581 One Thousand Three Hundred Fifty-Eighth Supplemental Indenture dated as of January 5, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(254) 4.582 One Thousand Three Hundred Fifty-Ninth Supplemental Indenture dated as of January 5, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(254) 4.583 One Thousand Three Hundred Sixtieth Supplemental Indenture dated as of January 5, 2024, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2034(254) 4.584 One Thousand Three Hundred Sixty-First Supplemental Indenture dated as of January 11, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(255) 4.585 One Thousand Three Hundred Sixty-Second Supplemental Indenture dated as of January 11, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(255) 4.586 One Thousand Three Hundred Sixty-Third Supplemental Indenture dated as of January 11, 2024, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2034(255) 4.587 One Thousand Three Hundred Sixty-Fourth Supplemental Indenture dated as of January 19, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(256) 4.588 One Thousand Three Hundred Sixty-Fifth Supplemental Indenture dated as of January 19, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(256) 4.589 One Thousand Three Hundred Sixty-Sixth Supplemental Indenture dated as of January 19, 2024, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2034(256) 4.590 One Thousand Three Hundred Sixty-Seventh Supplemental Indenture dated as of January 25, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(257) 4.591 One Thousand Three Hundred Sixty-Eighth Supplemental Indenture dated as of January 25, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(257) 4.592 One Thousand Three Hundred Sixty-Ninth Supplemental Indenture dated as of January 25, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(257) 4.593 One Thousand Three Hundred Seventieth Supplemental Indenture dated as of February 1, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(259) 4.594 One Thousand Three Hundred Seventy-First Supplemental Indenture dated as of February 1, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(259) 4.595 One Thousand Three Hundred Seventy-Second Supplemental Indenture dated as of February 1, 2024, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2034(259) 4.596 One Thousand Three Hundred Seventy-Third Supplemental Indenture dated as of February 8, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(260) 4.597 One Thousand Three Hundred Seventy-Fourth Supplemental Indenture dated as of February 8, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(260) 4.598 One Thousand Three Hundred Seventy-Fifth Supplemental Indenture dated as of February 8, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(260) 4.599 One Thousand Three Hundred Seventy-Sixth Supplemental Indenture dated as of February 23, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(261) 4.600 One Thousand Three Hundred Seventy-Seventh Supplemental Indenture dated as of February 23, 2024, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2029(261) 4.601 One Thousand Three Hundred Seventy-Eighth Supplemental Indenture dated as of February 23, 2024, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2034(261) 4.602 One Thousand Three Hundred Seventy-Ninth Supplemental Indenture dated as of February 29, 2024, to the U.S. Bank Indenture, and Formof 6.000% Prospect Capital InterNote® due 2027(262) 4.603 One Thousand Three Hundred Eightieth Supplemental Indenture dated as of February 29, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(262) 4.604 One Thousand Three Hundred Eighty-First Supplemental Indenture dated as of February 29, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(262) 4.605 One Thousand Three Hundred Eighty-Second Supplemental Indenture dated as of March 7, 2024, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2027(263) 4.606 One Thousand Three Hundred Eighty-Third Supplemental Indenture dated as of March 7, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(263) 4.607 One Thousand Three Hundred Eighty-Fourth Supplemental Indenture dated as of March 7, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(263) 4.608 One Thousand Three Hundred Eighty-Fifth Supplemental Indenture dated as of March 14, 2024, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2027(264) 4.609 One Thousand Three Hundred Eighty-Sixth Supplemental Indenture dated as of March 14, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(264) 290

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4.610 One Thousand Three Hundred Eighty-Seventh Supplemental Indenture dated as of March 14, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(264) 4.611 One Thousand Three Hundred Eighty-Eighth Supplemental Indenture dated as of March 21, 2024, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2027(265) 4.612 One Thousand Three Hundred Eighty-Ninth Supplemental Indenture dated as of March 21, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(265) 4.613 One Thousand Three Hundred Ninetieth Supplemental Indenture dated as of March 21, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(265) 4.614 One Thousand Three Hundred Ninety-First Supplemental Indenture dated as of March 28, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(266) 4.615 One Thousand Three Hundred Ninety-Second Supplemental Indenture dated as of March 28, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(266) 4.616 One Thousand Three Hundred Ninety-Third Supplemental Indenture dated as of March 28, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(266) 4.617 One Thousand Three Hundred Ninety-Fourth Supplemental Indenture dated as of April 4, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(267) 4.618 One Thousand Three Hundred Ninety-Fifth Supplemental Indenture dated as of April 4, 2024, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2029(267) 4.619 One Thousand Three Hundred Ninety-Sixth Supplemental Indenture dated as of April 4, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(267) 4.620 One Thousand Three Hundred Ninety-Seventh Supplemental Indenture dated as of April 11, 2024, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2027(268) 4.621 One Thousand Three Hundred Ninety-Eighth Supplemental Indenture dated as of April 11, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(268) 4.622 One Thousand Three Hundred Ninety-Ninth Supplemental Indenture dated as of April 11, 2024, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2034(268) 4.623 One Thousand Four Hundredth Supplemental Indenture dated as of April 18, 2024, to the U.S. Bank Indenture, and Form of 6.250% ProspectCapital InterNote® due 2027(269) 4.624 One Thousand Four Hundred First Supplemental Indenture dated as of April 18, 2024, to the U.S. Bank Indenture, and Form of 7.000%Prospect Capital InterNote® due 2029(269) 4.625 One Thousand Four Hundred Second Supplemental Indenture dated as of April 18, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(269) 4.626 One Thousand Four Hundred Third Supplemental Indenture dated as of April 25, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(270) 4.627 One Thousand Four Hundred Fourth Supplemental Indenture dated as of April 25, 2024, to the U.S. Bank Indenture, and Form of 7.125%Prospect Capital InterNote® due 2029(270) 4.628 One Thousand Four Hundred Fifth Supplemental Indenture dated as of April 25, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(270) 4.629 One Thousand Four Hundred Sixth Supplemental Indenture dated as of May 2, 2024, to the U.S. Bank Indenture, and Form of 6.750%Prospect Capital InterNote® due 2027(271) 4.630 One Thousand Four Hundred Seventh Supplemental Indenture dated as of May 2, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2029(271) 4.631 One Thousand Four Hundred Eighth Supplemental Indenture dated as of May 2, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(271) 4.632 One Thousand Four Hundred Ninth Supplemental Indenture dated as of May 9, 2024, to the U.S. Bank Indenture, and Form of 7.000%Prospect Capital InterNote® due 2027(272) 4.633 One Thousand Four Hundred Tenth Supplemental Indenture dated as of May 9, 2024, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2029(272) 4.634 One Thousand Four Hundred Eleventh Supplemental Indenture dated as of May 9, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(272) 4.635 One Thousand Four Hundred Twelfth Supplemental Indenture dated as of May 23, 2024, to the U.S. Bank Indenture, and Form of 7.000%Prospect Capital InterNote® due 2027(273) 4.636 One Thousand Four Hundred Thirteenth Supplemental Indenture dated as of May 23, 2024, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2029(273) 4.637 One Thousand Four Hundred Fourteenth Supplemental Indenture dated as of May 23, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(273) 4.638 One Thousand Four Hundred Fifteenth Supplemental Indenture dated as of May 31, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2027(274) 4.639 One Thousand Four Hundred Sixteenth Supplemental Indenture dated as of May 31, 2024, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2029(274) 291

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4.640 One Thousand Four Hundred Seventeenth Supplemental Indenture dated as of May 31, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(274) 4.641 One Thousand Four Hundred Eighteenth Supplemental Indenture dated as of June 6, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2027(275) 4.642 One Thousand Four Hundred Nineteenth Supplemental Indenture dated as of June 6, 2024, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2029(275) 4.643 One Thousand Four Hundred Twentieth Supplemental Indenture dated as of June 6, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(275) 4.644 One Thousand Four Hundred Twenty-First Supplemental Indenture dated as of June 13, 2024, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2027(276) 4.645 One Thousand Four Hundred Twenty-Second Supplemental Indenture dated as of June 13, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(276) 4.646 One Thousand Four Hundred Twenty-Third Supplemental Indenture dated as of June 13, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(276) 4.647 One Thousand Four Hundred Twenty-Fourth Supplemental Indenture dated as of June 21, 2024, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2027(277) 4.648 One Thousand Four Hundred Twenty-Fifth Supplemental Indenture dated as of June 21, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(277) 4.649 One Thousand Four Hundred Twenty-Sixth Supplemental Indenture dated as of June 21, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(277) 4.650 One Thousand Four Hundred Twenty-Seventh Supplemental Indenture dated as of June 27, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(278) 4.651 One Thousand Four Hundred Twenty-Eighth Supplemental Indenture dated as of June 27, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(278) 4.652 One Thousand Four Hundred Twenty-Ninth Supplemental Indenture dated as of June 27, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(278) 4.653 One Thousand Four Hundred Thirtieth Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of 7.125%Prospect Capital InterNote® due 2027(280) 4.654 One Thousand Four Hundred Thirty-First Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of 7.375%Prospect Capital InterNote® due 2029(284) 4.655 One Thousand Four Hundred Thirty-Second Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(280) 4.656 One Thousand Four Hundred Thirty-Third Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(281) 4.657 One Thousand Four Hundred Thirty-Fourth Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(281) 4.658 One Thousand Four Hundred Thirty-Fifth Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(281) 4.659 One Thousand Four Hundred Thirty-Sixth Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(282) 4.660 One Thousand Four Hundred Thirty-Seventh Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(282) 4.661 One Thousand Four Hundred Thirty-Eighth Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(282) 4.662 One Thousand Four Hundred Thirty-Ninth Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(283) 4.663 One Thousand Four Hundred Fortieth Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of 7.375%Prospect Capital InterNote® due 2029(283) 4.664 One Thousand Four Hundred Forty-First Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(283) 4.665 One Thousand Four Hundred Forty-Second Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2027(284) 4.666 One Thousand Four Hundred Forty-Third Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(284) 4.667 One Thousand Four Hundred Forty-Fourth Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(284) 4.668 One Thousand Four Hundred Forty-Fifth Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2027(285) 4.669 One Thousand Four Hundred Forty-Sixth Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2029(285) 292

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4.670 One Thousand Four Hundred Forty-Seventh Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2034(285) 4.671 One Thousand Four Hundred Forty-Eighth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(286) 4.672 One Thousand Four Hundred Forty-Ninth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(286) 4.673 One Thousand Four Hundred Fiftieth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of 7.000%Prospect Capital InterNote® due 2034(286) 4.674 One Thousand Four Hundred Fifty-First Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(287) 4.675 One Thousand Four Hundred Fifty-Second Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(287) 4.676 One Thousand Four Hundred Fifty-Third Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(287) 4.677 One Thousand Four Hundred Thirtieth Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of 7.125%Prospect Capital InterNote® due 2027(289) 4.678 One Thousand Four Hundred Thirty-First Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of 7.375%Prospect Capital InterNote® due 2029(289) 4.679 One Thousand Four Hundred Thirty-Second Supplemental Indenture dated as of July 5, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(289) 4.680 One Thousand Four Hundred Thirty-Third Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(290) 4.681 One Thousand Four Hundred Thirty-Fourth Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(290) 4.682 One Thousand Four Hundred Thirty-Fifth Supplemental Indenture dated as of July 11, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(290) 4.683 One Thousand Four Hundred Thirty-Sixth Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(291) 4.684 One Thousand Four Hundred Thirty-Seventh Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(291) 4.685 One Thousand Four Hundred Thirty-Eighth Supplemental Indenture dated as of July 18, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(291) 4.686 One Thousand Four Hundred Thirty-Ninth Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(292) 4.687 One Thousand Four Hundred Fortieth Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of 7.375%Prospect Capital InterNote® due 2029(292) 4.688 One Thousand Four Hundred Forty-First Supplemental Indenture dated as of July 25, 2024, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2034(292) 4.689 One Thousand Four Hundred Forty-Second Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2027(293) 4.690 One Thousand Four Hundred Forty-Third Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(293) 4.691 One Thousand Four Hundred Forty-Fourth Supplemental Indenture dated as of August 1, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(293) 4.692 One Thousand Four Hundred Forty-Fifth Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2027(294) 4.693 One Thousand Four Hundred Forty-Sixth Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2029(294) 4.694 One Thousand Four Hundred Forty-Seventh Supplemental Indenture dated as of August 8, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2034(294) 4.695 One Thousand Four Hundred Forty-Eighth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2027(295) 4.696 One Thousand Four Hundred Forty-Ninth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(295) 4.697 One Thousand Four Hundred Fiftieth Supplemental Indenture dated as of August 15, 2024, to the U.S. Bank Indenture, and Form of 7.000%Prospect Capital InterNote® due 2034(295) 4.698 One Thousand Four Hundred Fifty-First Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(296) 4.699 One Thousand Four Hundred Fifty-Second Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(296) 293

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4.700 One Thousand Four Hundred Fifty-Third Supplemental Indenture dated as of August 22, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(296) 4.701 One Thousand Four Hundred Fifty-Fourth Supplemental Indenture dated as of August 29, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2027(297) 4.702 One Thousand Four Hundred Fifty-Fifth Supplemental Indenture dated as of August 29, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(297) 4.703 One Thousand Four Hundred Fifty-Sixth Supplemental Indenture dated as of August 29, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(297) 4.704 One Thousand Four Hundred Fifty-Seventh Supplemental Indenture dated as of September 12, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2027(298) 4.705 One Thousand Four Hundred Fifty-Eighth Supplemental Indenture dated as of September 12, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2029(298) 4.706 One Thousand Four Hundred Fifty-Ninth Supplemental Indenture dated as of September 12, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2034(298) 4.707 One Thousand Four Hundred Sixtieth Supplemental Indenture dated as of September 19, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(299) 4.708 One Thousand Four Hundred Sixty-First Supplemental Indenture dated as of September 19, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(299) 4.709 One Thousand Four Hundred Sixty-Second Supplemental Indenture dated as of September 19, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(299) 4.710 One Thousand Four Hundred Sixty-Third Supplemental Indenture dated as of September 26, 2024, to the U.S. Bank Indenture, and Form of6.625% Prospect Capital InterNote® due 2027(300) 4.711 One Thousand Four Hundred Sixty-Fourth Supplemental Indenture dated as of September 26, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2029(300) 4.712 One Thousand Four Hundred Sixty-Fifth Supplemental Indenture dated as of September 26, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2034(300) 4.713 One Thousand Four Hundred Sixty-Sixth Supplemental Indenture dated as of October 3, 2024, to the U.S. Bank Indenture, and Form of6.625% Prospect Capital InterNote® due 2027(301) 4.714 One Thousand Four Hundred Sixty-Seventh Supplemental Indenture dated as of October 3, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2029(301) 4.715 One Thousand Four Hundred Sixty-Eighth Supplemental Indenture dated as of October 3, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2034(301) 4.716 One Thousand Four Hundred Sixty-Ninth Supplemental Indenture dated as of October 10, 2024, to the U.S. Bank Indenture, and Form of6.625% Prospect Capital InterNote® due 2027(302) 4.717 One Thousand Four Hundred Seventieth Supplemental Indenture dated as of October 10, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2029(302) 4.718 One Thousand Four Hundred Seventy-First Supplemental Indenture dated as of October 10, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2034(302) 4.719 One Thousand Four Hundred Seventy-Second Supplemental Indenture dated as of October 18, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(305) 4.720 One Thousand Four Hundred Seventy-Third Supplemental Indenture dated as of October 18, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(305) 4.721 One Thousand Four Hundred Seventy-Fourth Supplemental Indenture dated as of October 18, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(305) 4.722 One Thousand Four Hundred Seventy-Fifth Supplemental Indenture dated as of October 24, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(306) 4.723 One Thousand Four Hundred Seventy-Sixth Supplemental Indenture dated as of October 24, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(306) 4.724 One Thousand Four Hundred Seventy-Seventh Supplemental Indenture dated as of October 24, 2024, to the U.S. Bank Indenture, and Formof 7.250% Prospect Capital InterNote® due 2034(306) 4.725 One Thousand Four Hundred Seventy-Eighth Supplemental Indenture dated as of October 31, 2024, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2027(307) 4.726 One Thousand Four Hundred Seventy-Ninth Supplemental Indenture dated as of October 31, 2024, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(307) 4.727 One Thousand Four Hundred Eightieth Supplemental Indenture dated as of October 31, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2034(307) 4.728 One Thousand Four Hundred Eighty-First Supplemental Indenture dated as of November 7, 2024, to the U.S. Bank Indenture, and Form of6.875% Prospect Capital InterNote® due 2027(308) 4.729 One Thousand Four Hundred Eighty-Second Supplemental Indenture dated as of November 7, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2029(308) 294

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4.730 One Thousand Four Hundred Eighty-Third Supplemental Indenture dated as of November 7, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2034(308) 4.731 One Thousand Four Hundred Eighty-Fourth Supplemental Indenture dated as of November 21, 2024, to the U.S. Bank Indenture, and Formof 7.125% Prospect Capital InterNote® due 2027(309) 4.732 One Thousand Four Hundred Eighty-Fifth Supplemental Indenture dated as of November 21, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(309) 4.733 One Thousand Four Hundred Eighty-Sixth Supplemental Indenture dated as of November 21, 2024, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2034(309) 4.734 One Thousand Four Hundred Eighty-Seventh Supplemental Indenture dated as of November 29, 2024, to the U.S. Bank Indenture, and Formof 7.125% Prospect Capital InterNote® due 2027(310) 4.735 One Thousand Four Hundred Eighty-Eighth Supplemental Indenture dated as of November 29, 2024, to the U.S. Bank Indenture, and Formof 7.375% Prospect Capital InterNote® due 2029(310) 4.736 One Thousand Four Hundred Eighty-Ninth Supplemental Indenture dated as of November 29, 2024, to the U.S. Bank Indenture, and Form of7.625% Prospect Capital InterNote® due 2034(310) 4.737 One Thousand Four Hundred Ninetieth Supplemental Indenture dated as of December 5, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(311) 4.738 One Thousand Four Hundred Ninety-First Supplemental Indenture dated as of December 5, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(311) 4.739 One Thousand Four Hundred Ninety-Second Supplemental Indenture dated as of December 5, 2024, to the U.S. Bank Indenture, and Form of7.625% Prospect Capital InterNote® due 2034(311) 4.740 One Thousand Four Hundred Ninety-Third Supplemental Indenture dated as of December 12, 2024, to the U.S. Bank Indenture, and Form of7.125% Prospect Capital InterNote® due 2027(312) 4.741 One Thousand Four Hundred Ninety-Fourth Supplemental Indenture dated as of December 12, 2024, to the U.S. Bank Indenture, and Form of7.375% Prospect Capital InterNote® due 2029(312) 4.742 One Thousand Four Hundred Ninety-Fifth Supplemental Indenture dated as of December 12, 2024, to the U.S. Bank Indenture, and Form of7.625% Prospect Capital InterNote® due 2034(312) 4.743 One Thousand Four Hundred Ninety-Sixth Supplemental Indenture dated as of December 19, 2024, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2027(313) 4.744 One Thousand Four Hundred Ninety-Seventh Supplemental Indenture dated as of December 19, 2024, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2029(313) 4.745 One Thousand Four Hundred Ninety-Eighth Supplemental Indenture dated as of December 19, 2024, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2034(313) 4.746 One Thousand Four Hundred Ninety-Ninth Supplemental Indenture dated as of March 13, 2025, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2028(317) 4.747 One Thousand Five Hundredth Supplemental Indenture dated as of March 13, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2030(317) 4.748 One Thousand Five Hundred First Supplemental Indenture dated as of March 20, 2025, to the U.S. Bank Indenture, and Form of 7.125%Prospect Capital InterNote® due 2028(318) 4.749 One Thousand Five Hundred Second Supplemental Indenture dated as of March 20, 2025, to the U.S. Bank Indenture, and Form of 7.375%Prospect Capital InterNote® due 2030(318) 4.750 One Thousand Five Hundred Third Supplemental Indenture dated as of March 27, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(319) 4.751 One Thousand Five Hundred Fourth Supplemental Indenture dated as of March 27, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(319) 4.752 One Thousand Five Hundred Fifth Supplemental Indenture dated as of April 3, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(320) 4.753 One Thousand Five Hundred Sixth Supplemental Indenture dated as of April 3, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(320) 4.754 One Thousand Five Hundred Seventh Supplemental Indenture dated as of April 10, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(321) 4.755 One Thousand Five Hundred Eighth Supplemental Indenture dated as of April 10, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(321) 4.756 One Thousand Five Hundred Ninth Supplemental Indenture dated as of April 17, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(322) 4.757 One Thousand Five Hundred Tenth Supplemental Indenture dated as of April 17, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(322) 4.758 One Thousand Five Hundred Eleventh Supplemental Indenture dated as of April 24, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(323) 4.759 One Thousand Five Hundred Twelfth Supplemental Indenture dated as of April 24, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(323) 295

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4.760 One Thousand Five Hundred Thirteenth Supplemental Indenture dated as of May 1, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(324) 4.761 One Thousand Five Hundred Fourteenth Supplemental Indenture dated as of May 1, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(324) 4.762 One Thousand Five Hundred Fifteenth Supplemental Indenture dated as of May 8, 2025, to the U.S. Bank Indenture, and Form of 7.250%Prospect Capital InterNote® due 2028(325) 4.763 One Thousand Five Hundred Sixteenth Supplemental Indenture dated as of May 8, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2030(325) 4.764 One Thousand Five Hundred Seventeenth Supplemental Indenture dated as of May 22, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(327) 4.765 One Thousand Five Hundred Eighteenth Supplemental Indenture dated as of May 22, 2025, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2030(327) 4.766 One Thousand Five Hundred Nineteenth Supplemental Indenture dated as of May 22, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(327) 4.767 One Thousand Five Hundred Twentieth Supplemental Indenture dated as of May 30, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2028(328) 4.768 One Thousand Five Hundred Twenty-First Supplemental Indenture dated as of May 30, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(328) 4.769 One Thousand Five Hundred Twenty-Second Supplemental Indenture dated as of May 30, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(328) 4.770 One Thousand Five Hundred Twenty-Third Supplemental Indenture dated as of June 5, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(329) 4.771 One Thousand Five Hundred Twenty-Fourth Supplemental Indenture dated as of June 5, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(329) 4.772 One Thousand Five Hundred Twenty-Fifth Supplemental Indenture dated as of June 5, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(329) 4.773 One Thousand Five Hundred Twenty-Sixth Supplemental Indenture dated as of June 12, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(330) 4.774 One Thousand Five Hundred Twenty-Seventh Supplemental Indenture dated as of June 12, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(330) 4.775 One Thousand Five Hundred Twenty-Eighth Supplemental Indenture dated as of June 12, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(330) 4.776 One Thousand Five Hundred Twenty-Ninth Supplemental Indenture dated as of June 20, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(331) 4.777 One Thousand Five Hundred Thirtieth Supplemental Indenture dated as of June 20, 2025, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2030(331) 4.778 One Thousand Five Hundred Thirty-First Supplemental Indenture dated as of June 20, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(331) 4.779 One Thousand Five Hundred Thirty-Second Supplemental Indenture dated as of June 26, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(332) 4.780 One Thousand Five Hundred Thirty-Third Supplemental Indenture dated as of June 26, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(332) 4.781 One Thousand Five Hundred Thirty-Fourth Supplemental Indenture dated as of June 26, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(332) 4.782 One Thousand Five Hundred Thirty-Fifth Supplemental Indenture dated as of July 3, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2028(333) 4.783 One Thousand Five Hundred Thirty-Sixth Supplemental Indenture dated as of July 3, 2025, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2030(333) 4.784 One Thousand Five Hundred Thirty-Seventh Supplemental Indenture dated as of July 3, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(333) 4.785 One Thousand Five Hundred Thirty-Eighth Supplemental Indenture dated as of July 10, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(334) 4.786 One Thousand Five Hundred Thirty-Ninth Supplemental Indenture dated as of July 10, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(334) 4.787 One Thousand Five Hundred Fortieth Supplemental Indenture dated as of July 10, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(334) 4.788 One Thousand Five Hundred Forty-First Supplemental Indenture dated as of July 17, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2028(335) 4.789 One Thousand Five Hundred Forty-Second Supplemental Indenture dated as of July 17, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(335) 296

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4.790 One Thousand Five Hundred Forty-Third Supplemental Indenture dated as of July 17, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(335) 4.791 One Thousand Five Hundred Forty-Fourth Supplemental Indenture dated as of July 24, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(336) 4.792 One Thousand Five Hundred Forty-Fifth Supplemental Indenture dated as of July 24, 2025, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2030(336) 4.793 One Thousand Five Hundred Forty-Sixth Supplemental Indenture dated as of July 24, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(336) 4.794 One Thousand Five Hundred Forty-Seventh Supplemental Indenture dated as of July 31, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(337) 4.795 One Thousand Five Hundred Forty-Eighth Supplemental Indenture dated as of July 31, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(337) 4.796 One Thousand Five Hundred Forty-Ninth Supplemental Indenture dated as of July 31, 2025, to the U.S. Bank Indenture, and Form of 8.000%Prospect Capital InterNote® due 2032(337) 4.797 One Thousand Five Hundred Fiftieth Supplemental Indenture dated as of August 7, 2025, to the U.S. Bank Indenture, and Form of 7.500%Prospect Capital InterNote® due 2028(338) 4.798 One Thousand Five Hundred Fifty-First Supplemental Indenture dated as of August 7, 2025, to the U.S. Bank Indenture, and Form of 7.750%Prospect Capital InterNote® due 2030(338) 4.799 One Thousand Five Hundred Fifty-Second Supplemental Indenture dated as of August 7, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(338) 4.800 One Thousand Five Hundred Fifty-Third Supplemental Indenture dated as of August 14, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(339) 4.801 One Thousand Five Hundred Fifty-Fourth Supplemental Indenture dated as of August 14, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(339) 4.802 One Thousand Five Hundred Fifty-Fifth Supplemental Indenture dated as of August 14, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(339) 4.803 One Thousand Five Hundred Fifty-Sixth Supplemental Indenture dated as of August 21, 2025, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2028(340) 4.804 One Thousand Five Hundred Fifty-Seventh Supplemental Indenture dated as of August 21, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(340) 4.805 One Thousand Five Hundred Fifty-Eighth Supplemental Indenture dated as of August 21, 2025, to the U.S. Bank Indenture, and Form of8.000% Prospect Capital InterNote® due 2032(340) 4.806 One Thousand Five Hundred Fifty-Ninth Supplemental Indenture dated as of August 28, 2025, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2028(341) 4.807 One Thousand Five Hundred Sixtieth Supplemental Indenture dated as of August 28, 2025, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2030(341) 4.808 One Thousand Five Hundred Sixty-First Supplemental Indenture dated as of August 28, 2025, to the U.S. Bank Indenture, and Formof 8.000% Prospect Capital InterNote® due 2032(341) 4.809 One Thousand Five Hundred Sixty-Second Supplemental Indenture dated as of September 11, 2025, to the U.S. Bank Indenture, andForm of 7.000% Prospect Capital InterNote® due 2028(342) 4.810 One Thousand Five Hundred Sixty-Third Supplemental Indenture dated as of September 11, 2025, to the U.S. Bank Indenture, andForm of 7.250% Prospect Capital InterNote® due 2030(342) 4.811 One Thousand Five Hundred Sixty-Fourth Supplemental Indenture dated as of September 11, 2025, to the U.S. Bank Indenture, andForm of 7.500% Prospect Capital InterNote® due 2032(342) 4.812 One Thousand Five Hundred Sixty-Fifth Supplemental Indenture dated as of September 18, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2028(343) 4.813 One Thousand Five Hundred Sixty-Sixth Supplemental Indenture dated as of September 18, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2030(343) 4.814 One Thousand Five Hundred Sixty-Seventh Supplemental Indenture dated as of September 18, 2025, to the U.S. Bank Indenture, andForm of 7.000% Prospect Capital InterNote® due 2032(343) 4.815 One Thousand Five Hundred Sixty-Eighth Supplemental Indenture dated as of September 25, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2028(344) 4.816 One Thousand Five Hundred Sixty-Ninth Supplemental Indenture dated as of September 25, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2030(344) 4.817 One Thousand Five Hundred Seventieth Supplemental Indenture dated as of September 25, 2025, to the U.S. Bank Indenture, andForm of 7.000% Prospect Capital InterNote® due 2032(344) 4.818 One Thousand Five Hundred Seventy-First Supplemental Indenture dated as of October 2, 2025, to the U.S. Bank Indenture, and Formof 6.250% Prospect Capital InterNote® due 2028(345) 4.819 One Thousand Five Hundred Seventy-Second Supplemental Indenture dated as of October 2, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(345) 297

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4.820 One Thousand Five Hundred Seventy-Third Supplemental Indenture dated as of October 2, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(345) 4.821 One Thousand Five Hundred Seventy-Fourth Supplemental Indenture dated as of October 9, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(346) 4.822 One Thousand Five Hundred Seventy-Fifth Supplemental Indenture dated as of October 9, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(346) 4.823 One Thousand Five Hundred Seventy-Sixth Supplemental Indenture dated as of October 9, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(346) 4.824 One Thousand Five Hundred Seventy-Seventh Supplemental Indenture dated as of October 17, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(347) 4.825 One Thousand Five Hundred Seventy-Eighth Supplemental Indenture dated as of October 17, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(347) 4.826 One Thousand Five Hundred Seventy-Ninth Supplemental Indenture dated as of October 17, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(347) 4.827 One Thousand Five Hundred Eightieth Supplemental Indenture dated as of October 23, 2025, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2028(348) 4.828 One Thousand Five Hundred Eighty-First Supplemental Indenture dated as of October 23, 2025, to the U.S. Bank Indenture, and Formof 6.500% Prospect Capital InterNote® due 2030(348) 4.829 One Thousand Five Hundred Eighty-Second Supplemental Indenture dated as of October 23, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(348) 4.830 One Thousand Five Hundred Eighty-Third Supplemental Indenture dated as of October 30, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(349) 4.831 One Thousand Five Hundred Eighty-Fourth Supplemental Indenture dated as of October 30, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(349) 4.832 One Thousand Five Hundred Eighty-Fifth Supplemental Indenture dated as of October 30, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(349) 4.833 One Thousand Five Hundred Eighty-Sixth Supplemental Indenture dated as of November 6, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(351) 4.834 One Thousand Five Hundred Eighty-Seventh Supplemental Indenture dated as of November 6, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(351) 4.835 One Thousand Five Hundred Eighty-Eighth Supplemental Indenture dated as of November 6, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(351) 4.836 One Thousand Five Hundred Eighty-Ninth Supplemental Indenture dated as of November 20, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(352) 4.837 One Thousand Five Hundred Ninetieth Supplemental Indenture dated as of November 20, 2025, to the U.S. Bank Indenture, and Formof 6.500% Prospect Capital InterNote® due 2030(352) 4.838 One Thousand Five Hundred Ninety-First Supplemental Indenture dated as of November 20, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(352) 4.839 One Thousand Five Hundred Ninety-Second Supplemental Indenture dated as of November 28, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(353) 4.840 One Thousand Five Hundred Ninety-Third Supplemental Indenture dated as of November 28, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(353) 4.841 One Thousand Five Hundred Ninety-Fourth Supplemental Indenture dated as of November 28, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(353) 4.842 One Thousand Five Hundred Ninety-Fifth Supplemental Indenture dated as of December 4, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(354) 4.843 One Thousand Five Hundred Ninety-Sixth Supplemental Indenture dated as of December 4, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(354) 4.844 One Thousand Five Hundred Ninety-Seventh Supplemental Indenture dated as of December 4, 2025, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2032(354) 4.845 One Thousand Five Hundred Ninety-Eighth Supplemental Indenture dated as of December 11, 2025, to the U.S. Bank Indenture, andForm of 6.250% Prospect Capital InterNote® due 2028(355) 4.846 One Thousand Five Hundred Ninety-Ninth Supplemental Indenture dated as of December 11, 2025, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2030(355) 4.847 One Thousand Six Hundredth Supplemental Indenture dated as of December 11, 2025, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2032(355) 4.848 One Thousand Six Hundred First Supplemental Indenture dated as of December 18, 2025, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2028(356) 4.849 One Thousand Six Hundred Second Supplemental Indenture dated as of December 18, 2025, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2030(356) 298

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4.850 One Thousand Six Hundred Third Supplemental Indenture dated as of December 18, 2025, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2032(356) 4.851 One Thousand Six Hundred Fourth Supplemental Indenture dated as of December 26, 2025, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2028(357) 4.852 One Thousand Six Hundred Fifth Supplemental Indenture dated as of December 26, 2025, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2030(357) 4.853 One Thousand Six Hundred Sixth Supplemental Indenture dated as of December 26, 2025, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2032(357) 4.854 One Thousand Six Hundred Seventh Supplemental Indenture dated as of January 2, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2029(358) 4.855 One Thousand Six Hundred Eighth Supplemental Indenture dated as of January 2, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2031(358) 4.856 One Thousand Six Hundred Ninth Supplemental Indenture dated as of January 2, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2033(358) 4.857 One Thousand Six Hundred Tenth Supplemental Indenture dated as of January 8, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2029(359) 4.858 One Thousand Six Hundred Eleventh Supplemental Indenture dated as of January 8, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2031(359) 4.859 One Thousand Six Hundred Twelfth Supplemental Indenture dated as of January 8, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2033(359) 4.860 One Thousand Six Hundred Thirteenth Supplemental Indenture dated as of January 15, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(360) 4.861 One Thousand Six Hundred Fourteenth Supplemental Indenture dated as of January 15, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(360) 4.862 One Thousand Six Hundred Fifteenth Supplemental Indenture dated as of January 15, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(360) 4.863 One Thousand Six Hundred Sixteenth Supplemental Indenture dated as of January 23, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(361) 4.864 One Thousand Six Hundred Seventeenth Supplemental Indenture dated as of January 23, 2026, to the U.S. Bank Indenture, and Formof 6.750% Prospect Capital InterNote® due 2031(361) 4.865 One Thousand Six Hundred Eighteenth Supplemental Indenture dated as of January 23, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(361) 4.866 One Thousand Six Hundred Nineteenth Supplemental Indenture dated as of January 29, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(362) 4.867 One Thousand Six Hundred Twentieth Supplemental Indenture dated as of January 29, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(362) 4.868 One Thousand Six Hundred Twenty-First Supplemental Indenture dated as of January 29, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(362) 4.869 One Thousand Six Hundred Twenty-Second Supplemental Indenture dated as of February 5, 2026, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2029(363) 4.870 One Thousand Six Hundred Twenty-Third Supplemental Indenture dated as of February 5, 2026, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2031(363) 4.871 One Thousand Six Hundred Twenty-Fourth Supplemental Indenture dated as of February 5, 2026, to the U.S. Bank Indenture, andForm of 7.000% Prospect Capital InterNote® due 2033(363) 4.872 One Thousand Six Hundred Twenty-Fifth Supplemental Indenture dated as of February 20, 2026, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2029(370) 4.873 One Thousand Six Hundred Twenty-Sixth Supplemental Indenture dated as of February 20, 2026, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2031(370) 4.874 One Thousand Six Hundred Twenty-Seventh Supplemental Indenture dated as of February 20, 2026, to the U.S. Bank Indenture, andForm of 7.000% Prospect Capital InterNote® due 2033(370) 4.875 One Thousand Six Hundred Twenty-Eighth Supplemental Indenture dated as of February 26, 2026, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2029(371) 4.876 One Thousand Six Hundred Twenty-Ninth Supplemental Indenture dated as of February 26, 2026, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2031(371) 4.877 One Thousand Six Hundred Thirtieth Supplemental Indenture dated as of February 26, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(371) 4.878 One Thousand Six Hundred Thirty-First Supplemental Indenture dated as of March 5, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(372) 4.879 One Thousand Six Hundred Thirty-Second Supplemental Indenture dated as of March 5, 2026, to the U.S. Bank Indenture, and Formof 6.750% Prospect Capital InterNote® due 2031(372) 299

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4.880 One Thousand Six Hundred Thirty-Third Supplemental Indenture dated as of March 5, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(372) 4.881 One Thousand Six Hundred Thirty-Fourth Supplemental Indenture dated as of March 12, 2026, to the U.S. Bank Indenture, and Formof 6.500% Prospect Capital InterNote® due 2029(373) 4.882 One Thousand Six Hundred Thirty-Fifth Supplemental Indenture dated as of March 12, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(373) 4.883 One Thousand Six Hundred Thirty-Sixth Supplemental Indenture dated as of March 12, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(373) 4.884 One Thousand Six Hundred Thirty-Seventh Supplemental Indenture dated as of March 19, 2026, to the U.S. Bank Indenture, andForm of 6.500% Prospect Capital InterNote® due 2029(374) 4.885 One Thousand Six Hundred Thirty-Eighth Supplemental Indenture dated as of March 19, 2026, to the U.S. Bank Indenture, and Formof 6.750% Prospect Capital InterNote® due 2031(374) 4.886 One Thousand Six Hundred Thirty-Ninth Supplemental Indenture dated as of March 19, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(374) 4.887 One Thousand Six Hundred Fortieth Supplemental Indenture dated as of March 26, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(375) 4.888 One Thousand Six Hundred Forty-First Supplemental Indenture dated as of March 26, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(375) 4.889 One Thousand Six Hundred Forty-Second Supplemental Indenture dated as of March 26, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(375) 4.890 One Thousand Six Hundred Forty-Third Supplemental Indenture dated as of April 2, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(376) 4.891 One Thousand Six Hundred Forty-Fourth Supplemental Indenture dated as of April 2, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(376) 4.892 One Thousand Six Hundred Forty-Fifth Supplemental Indenture dated as of April 2, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(376) 4.893 One Thousand Six Hundred Forty-Sixth Supplemental Indenture dated as of April 9, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(377) 4.894 One Thousand Six Hundred Forty-Seventh Supplemental Indenture dated as of April 9, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(377) 4.895 One Thousand Six Hundred Forty-Eighth Supplemental Indenture dated as of April 9, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(377) 4.896 One Thousand Six Hundred Forty-Ninth Supplemental Indenture dated as of April 16, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2029(378) 4.897 One Thousand Six Hundred Fiftieth Supplemental Indenture dated as of April 16, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2031(378) 4.898 One Thousand Six Hundred Fifty-First Supplemental Indenture dated as of April 16, 2026, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2033(378) 4.899 One Thousand Six Hundred Fifty-Second Supplemental Indenture dated as of April 23, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(379) 4.900 One Thousand Six Hundred Fifty-Third Supplemental Indenture dated as of April 23, 2026, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2031(379) 4.901 One Thousand Six Hundred Fifty-Fourth Supplemental Indenture dated as of April 23, 2026, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2033(379) 4.902 One Thousand Six Hundred Fifty-Fifth Supplemental Indenture dated as of April 30, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2029(380) 4.903 One Thousand Six Hundred Fifty-Sixth Supplemental Indenture dated as of April 30, 2026, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2031(380) 4.904 One Thousand Six Hundred Fifty-Seventh Supplemental Indenture dated as of April 30, 2026, to the U.S. Bank Indenture, and Formof 7.500% Prospect Capital InterNote® due 2033(380) 4.905 One Thousand Six Hundred Fifty-Eighth Supplemental Indenture dated as of May 7, 2026, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(381) 4.906 One Thousand Six Hundred Fifty-Ninth Supplemental Indenture dated as of May 7, 2026, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2031(381) 4.907 One Thousand Six Hundred Sixtieth Supplemental Indenture dated as of May 7, 2026, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2033(381) 4.908 One Thousand Six Hundred Sixty-Fourth Supplemental Indenture dated as of May 29, 2026, to the U.S. Bank Indenture, and Form of7.250% Prospect Capital InterNote® due 2029(385) 4.909 One Thousand Six Hundred Sixty-Fifth Supplemental Indenture dated as of May 29, 2026, to the U.S. Bank Indenture, and Form of7.500% Prospect Capital InterNote® due 2031(385) 300

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4.910 One Thousand Six Hundred Sixty-Sixth Supplemental Indenture dated as of May 29, 2026, to the U.S. Bank Indenture, and Form of7.750% Prospect Capital InterNote® due 2033(385) 4.911 One Thousand Six Hundred Seventieth Supplemental Indenture dated as of June 11, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(386) 4.912 One Thousand Six Hundred Seventy-First Supplemental Indenture dated as of June 11, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2031(386) 4.913 One Thousand Six Hundred Seventy-Second Supplemental Indenture dated as of June 11, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(386) 4.914 One Thousand Six Hundred Seventy-Third Supplemental Indenture dated as of June 18, 2026, to the U.S. Bank Indenture, and Formof 6.500% Prospect Capital InterNote® due 2029(387) 4.915 One Thousand Six Hundred Seventy-Fourth Supplemental Indenture dated as of June 18, 2026, to the U.S. Bank Indenture, and Formof 6.750% Prospect Capital InterNote® due 2031(387) 4.916 One Thousand Six Hundred Seventy-Fifth Supplemental Indenture dated as of June 18, 2026, to the U.S. Bank Indenture, and Form of7.000% Prospect Capital InterNote® due 2033(387) 4.917 One Thousand Six Hundred Seventy-Sixth Supplemental Indenture dated as of June 25, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2029(388) 4.918 One Thousand Six Hundred Seventy-Seventh Supplemental Indenture dated as of June 25, 2026, to the U.S. Bank Indenture, andForm of 6.750% Prospect Capital InterNote® due 2031(388) 4.919 One Thousand Six Hundred Seventy-Eighth Supplemental Indenture dated as of June 25, 2026, to the U.S. Bank Indenture, and Formof 7.000% Prospect Capital InterNote® due 2033(388) 4.920 One Thousand Six Hundred Seventy-Ninth Supplemental Indenture dated as of July 2, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2029(389) 4.921 One Thousand Six Hundred Eightieth Supplemental Indenture dated as of July 2, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2031(389) 4.922 One Thousand Six Hundred Eighty-First Supplemental Indenture dated as of July 2, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2033(389) 4.923 One Thousand Six Hundred Eighty-Second Supplemental Indenture dated as of July 9, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2029(390) 4.924 One Thousand Six Hundred Eighty-Third Supplemental Indenture dated as of July 9, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2031(390) 4.925 One Thousand Six Hundred Eighty-Fourth Supplemental Indenture dated as of July 9, 2026, to the U.S. Bank Indenture, and Form of6.750% Prospect Capital InterNote® due 2033(390) 4.926 One Thousand Six Hundred Eighty-Eighth Supplemental Indenture dated as of July 23, 2026, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(391) 4.927 One Thousand Six Hundred Eighty-Ninth Supplemental Indenture dated as of July 23, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2031(391) 4.928 One Thousand Six Hundred Ninetieth Supplemental Indenture dated as of July 23, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2033(391) 4.929 One Thousand Six Hundred Ninety-First Supplemental Indenture dated as of July 30, 2026, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(392) 4.930 One Thousand Six Hundred Ninety-Second Supplemental Indenture dated as of July 30, 2026, to the U.S. Bank Indenture, and Formof 6.250% Prospect Capital InterNote® due 2031(392) 4.931 One Thousand Six Hundred Ninety-Third Supplemental Indenture dated as of July 30, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2033(392) 4.932 One Thousand Six Hundred Ninety-Fourth Supplemental Indenture dated as of August 6, 2026, to the U.S. Bank Indenture, and Formof 6.000% Prospect Capital InterNote® due 2029(393) 4.933 One Thousand Six Hundred Ninety-Fifth Supplemental Indenture dated as of August 6, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2031(393) 4.934 One Thousand Six Hundred Ninety-Sixth Supplemental Indenture dated as of August 6, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2033(393) 4.935 One Thousand Six Hundred Ninety-Seventh Supplemental Indenture dated as of August 13, 2026, to the U.S. Bank Indenture, and Form of6.000% Prospect Capital InterNote® due 2029(394) 4.936 One Thousand Six Hundred Ninety-Eighth Supplemental Indenture dated as of August 13, 2026, to the U.S. Bank Indenture, and Form of6.250% Prospect Capital InterNote® due 2031(394) 4.937 One Thousand Six Hundred Ninety-Ninth Supplemental Indenture dated as of August 13, 2026, to the U.S. Bank Indenture, and Form of6.500% Prospect Capital InterNote® due 2033(394) 4.938 Description of Securities* 10.1 Investment Advisory Agreement between Registrant and Prospect Capital Management L.P.(2) 10.2 Administration Agreement between Registrant and Prospect Administration LLC(2) 301

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10.3 Trademark License Agreement between the Registrant and Prospect Capital Investment Management, LLC(2) 10.4 Transfer Agency and Registrar Services Agreement(3) 10.5 Amended and Restated Custody Agreement, dated as of September 23, 2014, by and between the Registrant and U.S. Bank NationalAssociation(79) 10.6 Custody Agreement, dated as of October 10, 2014, by and between Prospect Yield Corporation, LLC and U.S. Bank National Association(79) 10.7 Form of Debt Distribution Agreement(81) 10.8 Selling Agent Agreement, dated February 13, 2020, by and among, the Registrant, Prospect Capital Management L.P., ProspectAdministration LLC, Incapital LLC and the Agents named therein and added from time to time(94) 10.9 Dividend Reinvestment and Direct Stock Purchase Plan(95) 10.10 Escrow Agreement, by and between Preferred Capital Securities, LLC, Prospect Capital Corporation and UMB Bank, NationalAssociation(97) 10.11 Amended and Restated Dealer Manager Agreement, dated as of February 25, 2021, by and between Prospect Capital Corporation andPreferred Capital Securities, LLC(108) 10.12 Seventh Amended and Restated Loan and Servicing Agreement, dated April 27, 2021, among Prospect Capital Funding LLC, ProspectCapital Corporation, the lenders from time to time party thereto, the managing agents from time to time party thereto, U.S. Bank NationalAssociation as Calculation Agent, Paying Agent and Documentation Agent, KeyBank National Association as Facility Agent, and KeyBankNational Association as Syndication Agent, Structuring Agent, Sole Lead Arranger and Sole Bookrunner(395) 10.13 Escrow Agreement, by and between Prospect Capital Corporation and UMB Bank, National Association(162) 10.14 Amendment No. 1 to Amended and Restated Dealer Manager Agreement, dated as of June 9, 2022, by and between Prospect CapitalCorporation and Preferred Capital Securities, LLC(179) 10.15 First Amendment to the Seventh Amended and Restated Loan and Servicing Agreement, dated September 7, 2022, among Prospect CapitalFunding LLC, Prospect Capital Corporation, the lenders from time to time party thereto, the managing agents from time to time party thereto,U.S. Bank National Association as Calculation Agent, Paying Agent and Documentation Agent, KeyBank National Association as FacilityAgent, and KeyBank National Association as Syndication Agent, Structuring Agent, Sole Lead Arranger and Sole Bookrunner(191) 10.16 Amendment No. 2 to Amended and Restated Dealer Manager Agreement, dated October 7, 2022, between the Company, Preferred CapitalSecurities, LLC(193) 10.17 Amendment No. 3 to Amended and Restated Dealer Manager Agreement, dated February 10, 2023, between the Company, Preferred CapitalSecurities, LLC(212) 10.18 Amendment No. 4 to Amended and Restated Dealer Manager Agreement, dated December 29, 2023, between the Company andPreferred Capital Securities, LLC(252) 10.19 Second Amendment to the Seventh Amended and Restated Loan and Servicing Agreement, dated June 28, 2024(279) 10.20 Amendment No. 5 to Amended and Restated Dealer Manager Agreement, dated as of October 17, 2024, by and between the Company andPreferred Capital Securities, LLC (303) 10.21 Amendment No. 6 to Amended and Restated Dealer Manager Agreement, dated as of December 27, 2024, by and between the Company andPreferred Capital Securities, LLC (304) 10.22 Amended and Restated Preferred Stock Dividend Reinvestment Plan (316) 10.23 Amendment No.1 to the Amended and Restated Custody Agreement, dated May 6, 2025, by and between the Company and U.S. Bank TrustCompany, National Association(326) 10.24 Deed of Trust, dated as of October 28, 2025, by and between Prospect Capital Corporation and Mishmeret Trust Company Ltd.(350) 10.25 Amendment No. 1 to Selling Agent Agreement, dated November 13, 2023, by and among, the Registrant, Prospect Capital Management L.P.,Prospect Administration LLC, InspereX LLC and the other Agents named therein(364) 10.26 Fourth Amended and Restated Custody Agreement, dated as of August 29, 2014, by and among Prospect Capital Funding LLC, as Borrower,Prospect Capital Corporation, as Seller and Servicer, KeyBank National Association, as Facility Agent, and U.S. Bank National Association,as Documentation Agent, Collateral Custodian and Securities Custodian(365) 10.27 First Amendment to Fourth Amended and Restated Custody Agreement, dated as of August 22, 2016, by and among Prospect CapitalCorporation, as Servicer, KeyBank National Association, as Facility Agent, and U.S. Bank National Association, as Documentation Agent,Collateral Custodian and Securities Custodian(366) 10.28 Second Amendment to Fourth Amended and Restated Custody Agreement, dated as of August 1, 2018, by and among Prospect CapitalCorporation, as Servicer, KeyBank National Association, as Facility Agent, and U.S. Bank National Association, as Documentation Agent,Collateral Custodian and Securities Custodian(367F) 10.29 Third Amendment to Fourth Amended and Restated Custody Agreement, dated as of September 9, 2019, by and among Prospect CapitalCorporation, as Servicer, KeyBank National Association, as Facility Agent, and U.S. Bank National Association, as Documentation Agent,Collateral Custodian and Securities Custodian(368) 10.30 Amendment No. 7 to Amended and Restated Dealer Manager Agreement, dated as of February 10, 2026, by and between the Company andPreferred Capital Securities, LLC(369) 302

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10.31 Equity Distribution Agreement, dated May 8, 2026, by and among, Prospect Capital Corporation, Prospect Capital Management L.P.,Prospect Administration LLC, A.G.P. / Alliance Global Partners and any additional Agents added from time to time(384) 11 Computation of Per Share Earnings (included in the notes to the financial statements contained in this report) 12 Computation of Ratios (included in the notes to the financial statements contained in this report) 14 Code of Ethics* 21 Subsidiaries of the Registrant (included in the notes to the consolidated financial statements contained in this annual report) 23.1 Consent of DELOITTE & TOUCHE LLP, Independent Registered Public Accounting Firm of Prospect Capital Corporation* 23.2 Consent of DELOITTE & TOUCHE LLP, Certified Public Accountants of National Property REIT Corp.* 23.3 Consent of RSM US LLP, Certified Public Accountants of First Tower Finance Company LLC* 31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* 31.2 Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended* 32.1 Certification of Chief Executive Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)(furnished herewith) 32.2 Certification of Chief Financial Officer pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)(furnished herewith) 99.1 Audited Consolidated Financial Statements of National Property REIT Corp. for the years ended December 31, 2025 and 2024* 99.2 Audited Consolidated Financial Statements of National Property REIT Corp. for the years ended December 31, 2024 and 2023* 99.3 Audited Consolidated Financial Statements of First Tower Finance Company LLC as of and for the years ended December 31, 2025 and2024* 99.4 Consolidated Financial Statements of First Tower Finance Company LLC as of and for the years ended December 31, 2023 and December31, 2022 (Unaudited)* ________________________ * Filed herewith. (1) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on May 9, 2014. (2) Incorporated by reference from the Registrant’s Pre-effective Amendment No. 2 to the Registration Statement on Form N-2, filed onJuly 6, 2004. (3) Incorporated by reference from the Registrant’s Pre-effective Amendment No. 3 to the Registration Statement on Form N-2, filed onJuly 23, 2004. (4) Incorporated by reference from the Registrant’s Registration Statement on Form N-2, filed on September 1, 2011. (5) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed onMarch 1, 2012. (6) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filed onMarch 14, 2012. (7) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed onNovember 23, 2012. (8) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filed onNovember 29, 2012. (9) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filed onDecember 6, 2012. (10) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 5 to the Registration Statement on Form N-2, filed onDecember 13, 2012. (11) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-2, filed onDecember 20, 2012. (12) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-2, filed onDecember 28, 2012. (13) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 9 to the Registration Statement on Form N-2, filed onJanuary 4, 2013. (14) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-2, filed onJanuary 10, 2013. (15) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-2, filed onJanuary 17, 2013. 303

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(16) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 12 to the Registration Statement on Form N-2, filed onJanuary 25, 2013. (17) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 13 to the Registration Statement on Form N-2, filed onJanuary 31, 2013. (18) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 14 to the Registration Statement on Form N-2, filed onFebruary 7, 2013. (19) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 16 to the Registration Statement on Form N-2, filed onFebruary 22, 2013. (20) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 17 to the Registration Statement on Form N-2, filed onFebruary 28, 2013. (21) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 18 to the Registration Statement on Form N-2, filed onMarch 7, 2013. (22) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 19 to the Registration Statement on Form N-2, filed onMarch 14, 2013. (23) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 21 to the Registration Statement on Form N-2, filed onMarch 21, 2013. (24) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 22 to the Registration Statement on Form N-2, filed onMarch 28, 2013. (25) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 23 to the Registration Statement on Form N-2, filed onApril 4, 2013. (26) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 24 to the Registration Statement on Form N-2, filed onApril 11, 2013. (27) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 25 to the Registration Statement on Form N-2, filed onApril 18, 2013. (28) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 26 to the Registration Statement on Form N-2, filed onApril 25, 2013. (29) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 27 to the Registration Statement on Form N-2, filed onMay 2, 2013. (30) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 29 to the Registration Statement on Form N-2, filed onMay 9, 2013. (31) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 30 to the Registration Statement on Form N-2, filed onMay 23, 2013. (32) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 31 to the Registration Statement on Form N-2, filed onMay 31, 2013. (33) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 32 to the Registration Statement on Form N-2, filed onJune 6, 2013. (34) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 33 to the Registration Statement on Form N-2, filed onJune 13, 2013. (35) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 34 to the Registration Statement on Form N-2, filed onJune 20, 2013. (36) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 35 to the Registration Statement on Form N-2, filed onJune 27, 2013. (37) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 36 to the Registration Statement on Form N-2, filed onJuly 5, 2013. (38) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 37 to the Registration Statement on Form N-2, filed onJuly 11, 2013. (39) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 38 to the Registration Statement on Form N-2, filed onJuly 18, 2013. (40) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 39 to the Registration Statement on Form N-2, filed onJuly 25, 2013. (41) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 40 to the Registration Statement on Form N-2, filed onAugust 1, 2013. (42) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 41 to the Registration Statement on Form N-2, filed onAugust 8, 2013. (43) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 42 to the Registration Statement on Form N-2, filed onAugust 15, 2013. (44) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 43 to the Registration Statement on Form N-2, filed onAugust 22, 2013. (45) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 45 to the Registration Statement on Form N-2, filed onSeptember 6, 2013. 304

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(46) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 46 to the Registration Statement on Form N-2, filed onSeptember 12, 2013. (47) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 47 to the Registration Statement on Form N-2, filed onSeptember 19, 2013. (48) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 48 to the Registration Statement on Form N-2, filed onSeptember 26, 2013. (49) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 49 to the Registration Statement on Form N-2, filed onOctober 3, 2013. (50) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 50 to the Registration Statement on Form N-2, filed onOctober 10, 2013. (51) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 51 to the Registration Statement on Form N-2, filed onOctober 18, 2013. (52) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filed onOctober 24, 2013. (53) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filed onOctober 31, 2013. (54) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 6 to the Registration Statement on Form N-2, filed onNovember 7, 2013. (55) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-2, filed onNovember 15, 2013. (56) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 8 to the Registration Statement on Form N-2, filed onNovember 21, 2013. (57) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 9 to the Registration Statement on Form N-2, filed onNovember 29, 2013. (58) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 10 to the Registration Statement on Form N-2, filed onDecember 5, 2013. (59) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 11 to the Registration Statement on Form N-2, filed onDecember 12, 2013. (60) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 12 to the Registration Statement on Form N-2, filed onDecember 19, 2013. (61) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 13 to the Registration Statement on Form N-2, filed onDecember 27, 2013. (62) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 14 to the Registration Statement on Form N-2, filed onJanuary 3, 2014. (63) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 16 to the Registration Statement on Form N-2, filed onJanuary 16, 2014. (64) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 17 to the Registration Statement on Form N-2, filed onJanuary 24, 2014. (65) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 18 to the Registration Statement on Form N-2, filed onJanuary 30, 2014. (66) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 19 to the Registration Statement on Form N-2, filed onFebruary 6, 2014. (67) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 20 to the Registration Statement on Form N-2, filed onFebruary 13, 2014. (68) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 22 to the Registration Statement on Form N-2, filed onFebruary 21, 2014. (69) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 23 to the Registration Statement on Form N-2, filed onFebruary 27, 2014. (70) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 24 to the Registration Statement on Form N-2, filed onMarch 6, 2014. (71) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 26 to the Registration Statement on Form N-2, filed onMarch 13, 2014. (72) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 27 to the Registration Statement on Form N-2, filed onMarch 20, 2014. (73) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 28 to the Registration Statement on Form N-2, filed onMarch 27, 2014. (74) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 29 to the Registration Statement on Form N-2, filed onApril 3, 2014. (75) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 31 to the Registration Statement on Form N-2, filed onApril 10, 2014. 305

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(76) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 32 to the Registration Statement on Form N-2, filed onApril 17, 2014. (77) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 34 to the Registration Statement on Form N-2, filed onMay 1, 2014. (78) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 35 to the Registration Statement on Form N-2, filed onMay 8, 2014. (79) Incorporated by reference from the Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed onOctober 14, 2014. (80) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filed onDecember 10, 2015. (81) Incorporated by reference from the Registrant’s Post-Effective Amendment No. 37 to the Registration Statement on Form N-2, filed onSeptember 1, 2016. (82) Incorporated by reference from the Registrant's Post-Effective Amendment No. 40 to the Registration Statement on Form N-2, filed onAugust 1, 2019. (83) Incorporated by reference from the Registrant's Post-Effective Amendment No. 41 to the Registration Statement on Form N-2, filed onAugust 8, 2019. (84) Incorporated by reference from the Registrant's Post-Effective Amendment No. 42 to the Registration Statement on Form N-2, filed onAugust 15, 2019. (85) Incorporated by reference from the Registrant's Post-Effective Amendment No. 43 to the Registration Statement on Form N-2, filed onAugust 22, 2019. (86) Incorporated by reference from the Registrant's Post-Effective Amendment No. 1 to the Registration Statement on Form N-2, filed onSeptember 26, 2019. (87) Incorporated by reference from the Registrant's Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed onOctober 3, 2019. (88) Incorporated by reference from the Registrant's Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filed onOctober 10, 2019. (89) Incorporated by reference from the Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filed onOctober 18, 2019. (90) Incorporated by reference from the Registrant's Post-Effective Amendment No. 5 to the Registration Statement on Form N-2, filed onOctober 24, 2019. (91) Incorporated by reference from the Registrant's Post-Effective Amendment No. 6 to the Registration Statement on Form N-2, filed onOctober 31, 2019. (92) Incorporated by reference from the Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-2, filed onDecember 19, 2019. (93) Incorporated by reference from the Registrant's Post-Effective Amendment No. 20 to the Registration Statement on Form N-2, filed onFebruary 12, 2020. (94) Incorporated by reference from the Registrant's Registration Statement on Form N-2, filed on February 13, 2020. (95) Incorporated by reference to Exhibit 99.1 of the Registrant’s Form 8-K, filed on April 17, 2020. (96) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on August 4, 2020. (97) Incorporated by reference to Exhibit 3.2 of the Registrant’s Form 8-K, filed on August 4, 2020. (98) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on November 4, 2020. (99) Incorporated by reference to Exhibit 3.2 of the Registrant’s Form 8-K, filed on November 4, 2020. (100) Incorporated by reference from the Registrant's Post-Effective Amendment No. 40 to the Registration Statement on Form N-2, filed onJanuary 7, 2021. (101) Incorporated by reference from the Registrant's Post-Effective Amendment No. 41 to the Registration Statement on Form N-2, filed onJanuary 14, 2021. (102) Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K, filed on January 22, 2021. (103) Incorporated by reference to Exhibit 4.2 of the Registrant’s Form 8-K, filed on January 22, 2021. (104) Incorporated by reference from the Registrant's Post-Effective Amendment No. 43 to the Registration Statement on Form N-2, filed onJanuary 28, 2021. (105) Incorporated by reference from the Registrant's Post-Effective Amendment No. 44 to the Registration Statement on Form N-2, filed onFebruary 4, 2021. (106) Incorporated by reference from the Registrant's Post-Effective Amendment No. 45 to the Registration Statement on Form N-2, filed onFebruary 11, 2021. (107) Incorporated by reference from the Registrant's Post-Effective Amendment No. 46 to the Registration Statement on Form N-2, filed onFebruary 25, 2021. (108) Incorporated by reference to Exhibit 1.1 of the Registrant's Form 8-K, filed on February 25, 2021. 306

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(109) Incorporated by reference from the Registrant's Post-Effective Amendment No. 47 to the Registration Statement on Form N-2, filed onMarch 4, 2021. (110) Incorporated by reference from the Registrant's Post-Effective Amendment No. 48 to the Registration Statement on Form N-2, filed onMarch 11, 2021. (111) Incorporated by reference from the Registrant's Post-Effective Amendment No. 49 to the Registration Statement on Form N-2, filed onMarch 18, 2021. (112) Incorporated by reference from the Registrant's Post-Effective Amendment No. 50 to the Registration Statement on Form N-2, filed onMarch 25, 2021. (113) Incorporated by reference from the Registrant's Post-Effective Amendment No. 51 to the Registration Statement on Form N-2, filed onApril 1, 2021. (114) Incorporated by reference from the Registrant's Post-Effective Amendment No. 52 to the Registration Statement on Form N-2, filed onApril 8, 2021. (115) Incorporated by reference from the Registrant's Post-Effective Amendment No. 53 to the Registration Statement on Form N-2, filed onApril 15, 2021. (116) Incorporated by reference from the Registrant's Post-Effective Amendment No. 54 to the Registration Statement on Form N-2, filed onApril 22, 2021. (117) Incorporated by reference from the Registrant's Post-Effective Amendment No. 55 to the Registration Statement on Form N-2, filed onApril 29, 2021. (118) Incorporated by reference from the Registrant's Post-Effective Amendment No. 56 to the Registration Statement on Form N-2, filed onMay 6, 2021. (119) Incorporated by reference from the Registrant's Post-Effective Amendment No. 57 to the Registration Statement on Form N-2, filed onMay 20, 2021. (120) Incorporated by reference to Exhibit 3.1 of the Registrant's Form 8-K, filed on May 26, 2021. (121) Incorporated by reference from the Registrant's Post-Effective Amendment No. 58 to the Registration Statement on Form N-2, filed onMay 27, 2021. (122) Incorporated by reference to Exhibit 4.1 of the Registrant's Form 8-K, filed on May 27, 2021. (123) Incorporated by reference from the Registrant's Post-Effective Amendment No. 59 to the Registration Statement on Form N-2, filed onJune 4, 2021. (124) Incorporated by reference from the Registrant's Post-Effective Amendment No. 60 to the Registration Statement on Form N-2, filed onJune 10, 2021. (125) Incorporated by reference from the Registrant's Post-Effective Amendment No. 61 to the Registration Statement on Form N-2, filed onJune 17, 2021. (126) Incorporated by reference from the Registrant's Post-Effective Amendment No. 62 to the Registration Statement on Form N-2, filed onJune 24, 2021. (127) Incorporated by reference from the Registrant's Post-Effective Amendment No. 63 to the Registration Statement on Form N-2, filed onJuly 1, 2021. (128) Incorporated by reference from the Registrant's Post-Effective Amendment No. 64 to the Registration Statement on Form N-2, filed onJuly 9, 2021. (129) Incorporated by reference from the Registrant's Post-Effective Amendment No. 65 to the Registration Statement on Form N-2, filed onJuly 15, 2021. (130) Incorporated by reference to Exhibit 3.1 of the Registrant's Form 8-K, filed on July 19, 2021. (131) Incorporated by reference to Exhibit 3.2 of the Registrant's Form 8-K, filed on July 19, 2021. (132) Incorporated by reference from the Registrant's Post-Effective Amendment No. 66 to the Registration Statement on Form N-2, filed onJuly 22, 2021. (133) Incorporated by reference from the Registrant's Post-Effective Amendment No. 67 to the Registration Statement on Form N-2, filed onJuly 29, 2021. (134) Incorporated by reference from the Registrant's Post-Effective Amendment No. 68 to the Registration Statement on Form N-2, filed onAugust 5, 2021. (135) Incorporated by reference from the Registrant's Post-Effective Amendment No. 69 to the Registration Statement on Form N-2, filed onAugust 12, 2021. (136) Incorporated by reference from the Registrant's Post-Effective Amendment No. 70 to the Registration Statement on Form N-2, filed onAugust 19, 2021. (137) Incorporated by reference from the Registrant's Post-Effective Amendment No. 71 to the Registration Statement on Form N-2, filed onAugust 26, 2021. (138) Incorporated by reference from the Registrant's Post-Effective Amendment No. 72 to the Registration Statement on Form N-2, filed onSeptember 10, 2021. (139) Incorporated by reference from the Registrant's Post-Effective Amendment No. 73 to the Registration Statement on Form N-2, filed onSeptember 16, 2021. 307

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(140) Incorporated by reference from the Registrant's Post-Effective Amendment No. 74 to the Registration Statement on Form N-2, filed onSeptember 23, 2021. (141) Incorporated by reference from the Registrant's Post-Effective Amendment No. 75 to the Registration Statement on Form N-2, filed onSeptember 30, 2021. (142) Incorporated by reference to Exhibit 4.1 of the Registrant’s Form 8-K, filed on September 30, 2021. (143) Incorporated by reference from the Registrant's Post-Effective Amendment No. 76 to the Registration Statement on Form N-2, filed onOctober 7, 2021. (144) Incorporated by reference from the Registrant's Post-Effective Amendment No. 77 to the Registration Statement on Form N-2, filed onOctober 15, 2021. (145) Incorporated by reference from the Registrant's Post-Effective Amendment No. 78 to the Registration Statement on Form N-2, filed onOctober 21, 2021. (146) Incorporated by reference from the Registrant's Post-Effective Amendment No. 79 to the Registration Statement on Form N-2, filed onOctober 28, 2021. (147) Incorporated by reference from the Registrant's Post-Effective Amendment No. 80 to the Registration Statement on Form N-2, filed onNovember 4, 2021. (148) Incorporated by reference from the Registrant's Post-Effective Amendment No. 81 to the Registration Statement on Form N-2, filed onNovember 18, 2021. (149) Incorporated by reference from the Registrant's Post-Effective Amendment No. 82 to the Registration Statement on Form N-2, filed onNovember 26, 2021. (150) Incorporated by reference from the Registrant's Post-Effective Amendment No. 83 to the Registration Statement on Form N-2, filed onDecember 2, 2021. (151) Incorporated by reference from the Registrant's Post-Effective Amendment No. 84 to the Registration Statement on Form N-2, filed onDecember 9, 2021. (152) Incorporated by reference from the Registrant's Post-Effective Amendment No. 85 to the Registration Statement on Form N-2, filed onDecember 16, 2021. (153) Incorporated by reference from the Registrant's Post-Effective Amendment No. 86 to the Registration Statement on Form N-2, filed onDecember 23, 2021. (154) Incorporated by reference from the Registrant's Post-Effective Amendment No. 87 to the Registration Statement on Form N-2, filed onDecember 30, 2021. (155) Incorporated by reference from the Registrant's Post-Effective Amendment No. 88 to the Registration Statement on Form N-2, filed onJanuary 6, 2022. (156) Incorporated by reference from the Registrant's Post-Effective Amendment No. 89 to the Registration Statement on Form N-2, filed onJanuary 13, 2022. (157) Incorporated by reference from the Registrant's Post-Effective Amendment No. 90 to the Registration Statement on Form N-2, filed onJanuary 21, 2022. (158) Incorporated by reference from the Registrant's Post-Effective Amendment No. 91 to the Registration Statement on Form N-2, filed onJanuary 27, 2022. (159) Incorporated by reference from the Registrant's Post-Effective Amendment No. 92 to the Registration Statement on Form N-2, filed onFebruary 3, 2022. (160) Incorporated by reference from the Registrant's Post-Effective Amendment No. 93 to the Registration Statement on Form N-2, filed onFebruary 10, 2022. (161) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on February 23, 2022. (162) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K, filed on February 23, 2022. (163) Incorporated by reference from the Registrant's Post-Effective Amendment No. 94 to the Registration Statement on Form N-2, filed onFebruary 25, 2022. (164) Incorporated by reference from the Registrant's Post-Effective Amendment No. 95 to the Registration Statement on Form N-2, filed onMarch 3, 2022. (165) Incorporated by reference from the Registrant's Post-Effective Amendment No. 96 to the Registration Statement on Form N-2, filed onMarch 10, 2022. (166) Incorporated by reference from the Registrant's Post-Effective Amendment No. 97 to the Registration Statement on Form N-2, filed onMarch 17, 2022. (167) Incorporated by reference from the Registrant's Post-Effective Amendment No. 98 to the Registration Statement on Form N-2, filed onMarch 24, 2022. (168) Incorporated by reference from the Registrant's Post-Effective Amendment No. 99 to the Registration Statement on Form N-2, filed onMarch 31, 2022. (169) Incorporated by reference from the Registrant's Post-Effective Amendment No. 100 to the Registration Statement on Form N-2, filed onApril 7, 2022. (170) Incorporated by reference from the Registrant's Post-Effective Amendment No. 101 to the Registration Statement on Form N-2, filed onApril 14, 2022. 308

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(171) Incorporated by reference from the Registrant's Post-Effective Amendment No. 102 to the Registration Statement on Form N-2, filed onApril 21, 2022. (172) Incorporated by reference from the Registrant's Post-Effective Amendment No. 103 to the Registration Statement on Form N-2, filed onApril 28, 2022. (173) Incorporated by reference from the Registrant's Post-Effective Amendment No. 104 to the Registration Statement on Form N-2, filed onMay 5, 2022. (174) Incorporated by reference from the Registrant's Post-Effective Amendment No. 105 to the Registration Statement on Form N-2, filed onMay 19, 2022. (175) Incorporated by reference from the Registrant's Post-Effective Amendment No. 106 to the Registration Statement on Form N-2, filed onMay 26, 2022. (176) Incorporated by reference from the Registrant's Post-Effective Amendment No. 107 to the Registration Statement on Form N-2, filed onJune 3, 2022. (177) Incorporated by reference from the Registrant's Post-Effective Amendment No. 108 to the Registration Statement on Form N-2, filed onJune 9, 2022. (178) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on June 9, 2022. (179) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on June 9, 2022. (180) Incorporated by reference from the Registrant's Post-Effective Amendment No. 109 to the Registration Statement on Form N-2, filed onJune 16, 2022. (181) Incorporated by reference from the Registrant's Post-Effective Amendment No. 110 to the Registration Statement on Form N-2, filed onJune 24, 2022. (182) Incorporated by reference from the Registrant's Post-Effective Amendment No. 111 to the Registration Statement on Form N-2, filed onJune 30, 2022. (183) Incorporated by reference from the Registrant's Post-Effective Amendment No. 112 to the Registration Statement on Form N-2, filed onJuly 8, 2022. (184) Incorporated by reference from the Registrant's Post-Effective Amendment No. 113 to the Registration Statement on Form N-2, filed onJuly 14, 2022. (185) Incorporated by reference from the Registrant's Post-Effective Amendment No. 114 to the Registration Statement on Form N-2, filed onJuly 21, 2022. (186) Incorporated by reference from the Registrant's Post-Effective Amendment No. 115 to the Registration Statement on Form N-2, filed onJuly 28, 2022. (187) Incorporated by reference from the Registrant's Post-Effective Amendment No. 116 to the Registration Statement on Form N-2, filed onAugust 4, 2022. (188) Incorporated by reference from the Registrant's Post-Effective Amendment No. 117 to the Registration Statement on Form N-2, filed onAugust 11, 2022. (189) Incorporated by reference from the Registrant's Post-Effective Amendment No. 118 to the Registration Statement on Form N-2, filed onAugust 18, 2022. (190) Incorporated by reference from the Registrant's Post-Effective Amendment No. 119 to the Registration Statement on Form N-2, filed onAugust 25, 2022. (191) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K, filed on September 7, 2022. (192) Incorporated by reference from the Registrant's Post-Effective Amendment No. 120 to the Registration Statement on Form N-2, filed onSeptember 22, 2022. (193) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on October 12, 2022. (194) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on October 12, 2022. (195) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on October 12, 2022. (196) Incorporated by reference from the Registrant's Post-Effective Amendment No. 121 to the Registration Statement on Form N-2, filed onOctober 20, 2022. (197) Incorporated by reference from the Registrant's Post-Effective Amendment No. 122 to the Registration Statement on Form N-2, filed onOctober 27, 2022. (198) Incorporated by reference from the Registrant's Post-Effective Amendment No. 123 to the Registration Statement on Form N-2, filed onNovember 3, 2022. (199) Incorporated by reference from the Registrant's Post-Effective Amendment No. 124 to the Registration Statement on Form N-2, filed onNovember 10, 2022. (200) Incorporated by reference from the Registrant's Post-Effective Amendment No. 125 to the Registration Statement on Form N-2, filed onNovember 25, 2022. (201) Incorporated by reference from the Registrant's Post-Effective Amendment No. 126 to the Registration Statement on Form N-2, filed onDecember 1, 2022. (202) Incorporated by reference from the Registrant's Post-Effective Amendment No. 127 to the Registration Statement on Form N-2, filed onDecember 8, 2022. 309

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(203) Incorporated by reference from the Registrant's Post-Effective Amendment No. 128 to the Registration Statement on Form N-2, filed onDecember 15, 2022. (204) Incorporated by reference from the Registrant's Post-Effective Amendment No. 129 to the Registration Statement on Form N-2, filed onDecember 22, 2022. (205) Incorporated by reference from the Registrant's Post-Effective Amendment No. 130 to the Registration Statement on Form N-2, filed onDecember 30, 2022. (206) Incorporated by reference from the Registrant's Post-Effective Amendment No. 131 to the Registration Statement on Form N-2, filed onJanuary 6, 2023. (207) Incorporated by reference from the Registrant's Post-Effective Amendment No. 132 to the Registration Statement on Form N-2, filed onJanuary 12, 2023. (208) Incorporated by reference from the Registrant's Post-Effective Amendment No. 133 to the Registration Statement on Form N-2, filed onJanuary 20, 2023. (209) Incorporated by reference from the Registrant's Post-Effective Amendment No. 134 to the Registration Statement on Form N-2, filed onJanuary 26, 2023. (210) Incorporated by reference from the Registrant's Post-Effective Amendment No. 135 to the Registration Statement on Form N-2, filed onFebruary 2, 2023. (211) Incorporated by reference from the Registrant's Post-Effective Amendment No. 136 to the Registration Statement on Form N-2, filed onFebruary 9, 2023. (212) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on February 13, 2023. (213) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on February 13, 2023. (214) Incorporated by reference from the Registrant's Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filed onFebruary 24, 2023. (215) Incorporated by reference from the Registrant's Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filed onMarch 2, 2023. (216) Incorporated by reference from the Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filed onMarch 9, 2023. (217) Incorporated by reference from the Registrant's Post-Effective Amendment No. 5 to the Registration Statement on Form N-2, filed onMarch 16, 2023. (218) Incorporated by reference from the Registrant's Post-Effective Amendment No. 6 to the Registration Statement on Form N-2, filed onMarch 23, 2023. (219) Incorporated by reference from the Registrant's Post-Effective Amendment No. 7 to the Registration Statement on Form N-2, filed onMarch 30, 2023. (220) Incorporated by reference from the Registrant's Post-Effective Amendment No. 8 to the Registration Statement on Form N-2, filed onApril 6, 2023. (221) Incorporated by reference from the Registrant's Post-Effective Amendment No. 9 to the Registration Statement on Form N-2, filed onApril 13, 2023. (222) Incorporated by reference from the Registrant's Post-Effective Amendment No. 10 to the Registration Statement on Form N-2, filed onApril 20, 2023. (223) Incorporated by reference from the Registrant's Post-Effective Amendment No. 11 to the Registration Statement on Form N-2, filed onApril 27, 2023. (224) Incorporated by reference from the Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-2, filed onMay 4, 2023. (225) Incorporated by reference from the Registrant's Post-Effective Amendment No. 13 to the Registration Statement on Form N-2, filed onMay 11, 2023. (226) Incorporated by reference from the Registrant's Post-Effective Amendment No. 14 to the Registration Statement on Form N-2, filed onMay 25, 2023. (227) Incorporated by reference from the Registrant's Post-Effective Amendment No. 15 to the Registration Statement on Form N-2, filed onJune 2, 2023. (228) Incorporated by reference from the Registrant's Post-Effective Amendment No. 16 to the Registration Statement on Form N-2, filed onJune 8, 2023. (229) Incorporated by reference from the Registrant's Post-Effective Amendment No. 17 to the Registration Statement on Form N-2, filed onJune 15, 2023. (230) Incorporated by reference from the Registrant's Post-Effective Amendment No. 18 to the Registration Statement on Form N-2, filed onJune 23, 2023. (231) Incorporated by reference from the Registrant's Post-Effective Amendment No. 19 to the Registration Statement on Form N-2, filed onJune 29, 2023. (232) Incorporated by reference from the Registrant's Post-Effective Amendment No. 20 to the Registration Statement on Form N-2, filed onJuly 7, 2023. (233) Incorporated by reference from the Registrant's Post-Effective Amendment No. 21 to the Registration Statement on Form N-2, filed onJuly 13, 2023. 310

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(234) Incorporated by reference from the Registrant's Post-Effective Amendment No. 22 to the Registration Statement on Form N-2, filed onJuly 20, 2023. (235) Incorporated by reference from the Registrant's Post-Effective Amendment No. 23 to the Registration Statement on Form N-2, filed onJuly 27, 2023. (236) Incorporated by reference from the Registrant's Post-Effective Amendment No. 24 to the Registration Statement on Form N-2, filed onAugust 3, 2023. (237) Incorporated by reference from the Registrant's Post-Effective Amendment No. 25 to the Registration Statement on Form N-2, filed onAugust 10, 2023. (238) Incorporated by reference from the Registrant's Post-Effective Amendment No. 26 to the Registration Statement on Form N-2, filed onAugust 17, 2023. (239) Incorporated by reference from the Registrant's Post-Effective Amendment No. 27 to the Registration Statement on Form N-2, filed onAugust 24, 2023. (240) Incorporated by reference from the Registrant's Post-Effective Amendment No. 28 to the Registration Statement on Form N-2, filed onSeptember 21, 2023. (241) Incorporated by reference from the Registrant's Post-Effective Amendment No. 29 to the Registration Statement on Form N-2, filed onSeptember 28, 2023. (242) Incorporated by reference from the Registrant's Post-Effective Amendment No. 30 to the Registration Statement on Form N-2, filed onOctober 5, 2023. (243) Incorporated by reference from the Registrant's Post-Effective Amendment No. 31 to the Registration Statement on Form N-2, filed onOctober 19, 2023. (244) Incorporated by reference from the Registrant's Post-Effective Amendment No. 32 to the Registration Statement on Form N-2, filed onOctober 26, 2023. (245) Incorporated by reference from the Registrant's Post-Effective Amendment No. 33 to the Registration Statement on Form N-2, filed onNovember 9, 2023. (246) Incorporated by reference from the Registrant's Post-Effective Amendment No. 34 to the Registration Statement on Form N-2, filed onNovember 24, 2023. (247) Incorporated by reference from the Registrant's Post-Effective Amendment No. 35 to the Registration Statement on Form N-2, filed onNovember 30, 2023. (248) Incorporated by reference from the Registrant's Post-Effective Amendment No. 36 to the Registration Statement on Form N-2, filed onDecember 7, 2023. (249) Incorporated by reference from the Registrant's Post-Effective Amendment No. 37 to the Registration Statement on Form N-2, filed onDecember 14, 2023. (250) Incorporated by reference from the Registrant's Post-Effective Amendment No. 38 to the Registration Statement on Form N-2, filed onDecember 21, 2023. (251) Incorporated by reference from the Registrant's Post-Effective Amendment No. 39 to the Registration Statement on Form N-2, filed onDecember 29, 2023. (252) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on December 29, 2023. (253) Incorporated by reference to Exhibit 3.2 of the Registrant’s Form 8-K, filed on December 29, 2023. (254) Incorporated by reference from the Registrant's Post-Effective Amendment No. 40 to the Registration Statement on Form N-2, filed onJanuary 5, 2024. (255) Incorporated by reference from the Registrant's Post-Effective Amendment No. 41 to the Registration Statement on Form N-2, filed onJanuary 11, 2024. (256) Incorporated by reference from the Registrant's Post-Effective Amendment No. 42 to the Registration Statement on Form N-2, filed onJanuary 19, 2024. (257) Incorporated by reference from the Registrant's Post-Effective Amendment No. 43 to the Registration Statement on Form N-2, filed onJanuary 25, 2024. (258) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on January 25, 2024. (259) Incorporated by reference from the Registrant's Post-Effective Amendment No. 44 to the Registration Statement on Form N-2, filed onFebruary 1, 2024. (260) Incorporated by reference from the Registrant's Post-Effective Amendment No. 45 to the Registration Statement on Form N-2, filed onFebruary 8, 2024. (261) Incorporated by reference from the Registrant's Post-Effective Amendment No. 46 to the Registration Statement on Form N-2, filed onFebruary 23, 2024. (262) Incorporated by reference from the Registrant's Post-Effective Amendment No. 47 to the Registration Statement on Form N-2, filed onFebruary 29, 2024. (263) Incorporated by reference from the Registrant's Post-Effective Amendment No. 48 to the Registration Statement on Form N-2, filed onMarch 7, 2024. (264) Incorporated by reference from the Registrant's Post-Effective Amendment No. 49 to the Registration Statement on Form N-2, filed onMarch 14, 2024. 311

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(265) Incorporated by reference from the Registrant's Post-Effective Amendment No. 50 to the Registration Statement on Form N-2, filed onMarch 21, 2024. (266) Incorporated by reference from the Registrant's Post-Effective Amendment No. 51 to the Registration Statement on Form N-2, filed onMarch 28, 2024. (267) Incorporated by reference from the Registrant's Post-Effective Amendment No. 52 to the Registration Statement on Form N-2, filed onApril 4, 2024. (268) Incorporated by reference from the Registrant's Post-Effective Amendment No. 53 to the Registration Statement on Form N-2, filed onApril 11, 2024. (269) Incorporated by reference from the Registrant's Post-Effective Amendment No. 54 to the Registration Statement on Form N-2, filed onApril 18, 2024. (270) Incorporated by reference from the Registrant's Post-Effective Amendment No. 55 to the Registration Statement on Form N-2, filed onApril 25, 2024. (271) Incorporated by reference from the Registrant's Post-Effective Amendment No. 56 to the Registration Statement on Form N-2, filed onMay 2, 2024. (272) Incorporated by reference from the Registrant's Post-Effective Amendment No. 57 to the Registration Statement on Form N-2, filed onMay 9, 2024. (273) Incorporated by reference from the Registrant's Post-Effective Amendment No. 58 to the Registration Statement on Form N-2, filed onMay 23, 2024. (274) Incorporated by reference from the Registrant's Post-Effective Amendment No. 59 to the Registration Statement on Form N-2, filed onMay 31, 2024. (275) Incorporated by reference from the Registrant's Post-Effective Amendment No. 60 to the Registration Statement on Form N-2, filed onJune 6, 2024. (276) Incorporated by reference from the Registrant's Post-Effective Amendment No. 61 to the Registration Statement on Form N-2, filed onJune 13, 2024. (277) Incorporated by reference from the Registrant's Post-Effective Amendment No. 62 to the Registration Statement on Form N-2, filed onJune 21, 2024. (278) Incorporated by reference from the Registrant's Post-Effective Amendment No. 63 to the Registration Statement on Form N-2, filed onJune 27, 2024. (279) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K, filed on July 3, 2024. (280) Incorporated by reference from the Registrant's Post-Effective Amendment No. 64 to the Registration Statement on Form N-2, filed onJuly 5, 2024. (281) Incorporated by reference from the Registrant's Post-Effective Amendment No. 65 to the Registration Statement on Form N-2, filed onJuly 11, 2024. (282) Incorporated by reference from the Registrant's Post-Effective Amendment No. 66 to the Registration Statement on Form N-2, filed onJuly 18, 2024. (283) Incorporated by reference from the Registrant's Post-Effective Amendment No. 67 to the Registration Statement on Form N-2, filed onJuly 25, 2024. (284) Incorporated by reference from the Registrant's Post-Effective Amendment No. 68 to the Registration Statement on Form N-2, filed onAugust 1, 2024. (285) Incorporated by reference from the Registrant's Post-Effective Amendment No. 69 to the Registration Statement on Form N-2, filed onAugust 8, 2024. (286) Incorporated by reference from the Registrant's Post-Effective Amendment No. 70 to the Registration Statement on Form N-2, filed onAugust 15, 2024. (287) Incorporated by reference from the Registrant's Post-Effective Amendment No. 71 to the Registration Statement on Form N-2, filed onAugust 22, 2024. (288) Incorporated by reference to Exhibit 14 of the Registrant’s Form 10-K/A, filed on October 20, 2016. (289) Incorporated by reference from the Registrant's Post-Effective Amendment No. 64 to the Registration Statement on Form N-2, filed onJuly 5, 2024. (290) Incorporated by reference from the Registrant's Post-Effective Amendment No. 65 to the Registration Statement on Form N-2, filed onJuly 11, 2024. (291) Incorporated by reference from the Registrant's Post-Effective Amendment No. 66 to the Registration Statement on Form N-2, filed onJuly 18, 2024. (292) Incorporated by reference from the Registrant's Post-Effective Amendment No. 67 to the Registration Statement on Form N-2, filed onJuly 25, 2024. (293) Incorporated by reference from the Registrant's Post-Effective Amendment No. 68 to the Registration Statement on Form N-2, filed onAugust 1, 2024. (294) Incorporated by reference from the Registrant's Post-Effective Amendment No. 69 to the Registration Statement on Form N-2, filed onAugust 8, 2024. (295) Incorporated by reference from the Registrant's Post-Effective Amendment No. 70 to the Registration Statement on Form N-2, filed onAugust 15, 2024. 312

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(296) Incorporated by reference from the Registrant's Post-Effective Amendment No. 71 to the Registration Statement on Form N-2, filed onAugust 22, 2024. (297) Incorporated by reference from the Registrant's Post-Effective Amendment No. 72 to the Registration Statement on Form N-2, filed onAugust 29, 2024. (298) Incorporated by reference from the Registrant's Post-Effective Amendment No. 73 to the Registration Statement on Form N-2, filed onSeptember 12, 2024. (299) Incorporated by reference from the Registrant's Post-Effective Amendment No. 74 to the Registration Statement on Form N-2, filed onSeptember 19, 2024. (300) Incorporated by reference from the Registrant's Post-Effective Amendment No. 75 to the Registration Statement on Form N-2, filed onSeptember 26, 2024. (301) Incorporated by reference from the Registrant's Post-Effective Amendment No. 76 to the Registration Statement on Form N-2, filed onOctober 3, 2024. (302) Incorporated by reference from the Registrant's Post-Effective Amendment No. 77 to the Registration Statement on Form N-2, filed onOctober 10, 2024. (303) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on October 17, 2024. (304) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on October 17, 2024. (305) Incorporated by reference from the Registrant's Post-Effective Amendment No. 78 to the Registration Statement on Form N-2, filed onOctober 18, 2024. (306) Incorporated by reference from the Registrant's Post-Effective Amendment No. 79 to the Registration Statement on Form N-2, filed onOctober 24, 2024. (307) Incorporated by reference from the Registrant's Post-Effective Amendment No. 80 to the Registration Statement on Form N-2, filed onOctober 31, 2024. (308) Incorporated by reference from the Registrant's Post-Effective Amendment No. 81 to the Registration Statement on Form N-2, filed onNovember 7, 2024. (309) Incorporated by reference from the Registrant's Post-Effective Amendment No. 82 to the Registration Statement on Form N-2, filed onNovember 21, 2024. (310) Incorporated by reference from the Registrant's Post-Effective Amendment No. 83 to the Registration Statement on Form N-2, filed onNovember 29, 2024. (311) Incorporated by reference from the Registrant's Post-Effective Amendment No. 84 to the Registration Statement on Form N-2, filed onDecember 5, 2024. (312) Incorporated by reference from the Registrant's Post-Effective Amendment No. 85 to the Registration Statement on Form N-2, filed onDecember 12, 2024. (313) Incorporated by reference from the Registrant's Post-Effective Amendment No. 86 to the Registration Statement on Form N-2, filed onDecember 19, 2024. (314) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on December 27, 2024. (315) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on December 27, 2024. (316) Incorporated by reference to Exhibit 99.1 of the Registrant’s Form 8-K, filed on December 27, 2024. (317) Incorporated by reference from the Registrant's Post-Effective Amendment No. 87 to the Registration Statement on Form N-2,filed on March 13, 2025. (318) Incorporated by reference from the Registrant's Post-Effective Amendment No. 88 to the Registration Statement on Form N-2,filed on March 20, 2025. (319) Incorporated by reference from the Registrant's Post-Effective Amendment No. 89 to the Registration Statement on Form N-2,filed on March 27, 2025. (320) Incorporated by reference from the Registrant's Post-Effective Amendment No. 90 to the Registration Statement on Form N-2,filed on April 3, 2025. (321) Incorporated by reference from the Registrant's Post-Effective Amendment No. 91 to the Registration Statement on Form N-2,filed on April 10, 2025. (322) Incorporated by reference from the Registrant's Post-Effective Amendment No. 92 to the Registration Statement on Form N-2,filed on April 17, 2025. (323) Incorporated by reference from the Registrant's Post-Effective Amendment No. 93 to the Registration Statement on Form N-2,filed on April 24, 2025. (324) Incorporated by reference from the Registrant's Post-Effective Amendment No. 94 to the Registration Statement on Form N-2,filed on May 1, 2025. (325) Incorporated by reference from the Registrant's Post-Effective Amendment No. 95 to the Registration Statement on Form N-2,filed on May 8, 2025. (326) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 10-Q, filed on May 8, 2025. (327) Incorporated by reference from the Registrant's Post-Effective Amendment No. 96 to the Registration Statement on Form N-2,filed on May 22, 2025. 313

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(328) Incorporated by reference from the Registrant's Post-Effective Amendment No. 97 to the Registration Statement on Form N-2,filed on May 30, 2025. (329) Incorporated by reference from the Registrant's Post-Effective Amendment No. 98 to the Registration Statement on Form N-2,filed on June 5, 2025. (330) Incorporated by reference from the Registrant's Post-Effective Amendment No. 99 to the Registration Statement on Form N-2,filed on June 12, 2025. (331) Incorporated by reference from the Registrant's Post-Effective Amendment No. 100 to the Registration Statement on Form N-2,filed on June 23, 2025. (332) Incorporated by reference from the Registrant's Post-Effective Amendment No. 101 to the Registration Statement on Form N-2,filed on June 26, 2025. (333) Incorporated by reference from the Registrant's Post-Effective Amendment No. 102 to the Registration Statement on Form N-2,filed on July 3, 2025. (334) Incorporated by reference from the Registrant's Post-Effective Amendment No. 103 to the Registration Statement on Form N-2,filed on July 10, 2025. (335) Incorporated by reference from the Registrant's Post-Effective Amendment No. 104 to the Registration Statement on Form N-2,filed on July 17, 2025. (336) Incorporated by reference from the Registrant's Post-Effective Amendment No. 105 to the Registration Statement on Form N-2,filed on July 24, 2025. (337) Incorporated by reference from the Registrant's Post-Effective Amendment No. 106 to the Registration Statement on Form N-2,filed on July 31, 2025. (338) Incorporated by reference from the Registrant's Post-Effective Amendment No. 107 to the Registration Statement on Form N-2,filed on August 7, 2025. (339) Incorporated by reference from the Registrant's Post-Effective Amendment No. 108 to the Registration Statement on Form N-2,filed on August 14, 2025. (340) Incorporated by reference from the Registrant's Post-Effective Amendment No. 109 to the Registration Statement on Form N-2,filed on August 21, 2025. (341) Incorporated by reference from the Registrant's Post-Effective Amendment No. 110 to the Registration Statement on Form N-2,filed on August 28, 2025. (342) Incorporated by reference from the Registrant's Post-Effective Amendment No. 111 to the Registration Statement on Form N-2,filed on September 11, 2025. (343) Incorporated by reference from the Registrant's Post-Effective Amendment No. 112 to the Registration Statement on Form N-2,filed on September 18, 2025. (344) Incorporated by reference from the Registrant's Post-Effective Amendment No. 113 to the Registration Statement on Form N-2,filed on September 25, 2025. (345) Incorporated by reference from the Registrant's Post-Effective Amendment No. 114 to the Registration Statement on Form N-2,filed on October 2, 2025. (346) Incorporated by reference from the Registrant's Post-Effective Amendment No. 115 to the Registration Statement on Form N-2,filed on October 9, 2025. (347) Incorporated by reference from the Registrant's Post-Effective Amendment No. 116 to the Registration Statement on Form N-2,filed on October 17, 2025. (348) Incorporated by reference from the Registrant's Post-Effective Amendment No. 117 to the Registration Statement on Form N-2,filed on October 23, 2025. (349) Incorporated by reference from the Registrant's Post-Effective Amendment No. 118 to the Registration Statement on Form N-2,filed on October 30, 2025. (350) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K, filed on October 31, 2025. (351) Incorporated by reference from the Registrant's Post-Effective Amendment No. 119 to the Registration Statement on Form N-2,filed on November 6, 2025. (352) Incorporated by reference from the Registrant's Post-Effective Amendment No. 120 to the Registration Statement on Form N-2,filed on November 20, 2025. (353) Incorporated by reference from the Registrant's Post-Effective Amendment No. 121 to the Registration Statement on Form N-2,filed on November 28, 2025. (354) Incorporated by reference from the Registrant's Post-Effective Amendment No. 122 to the Registration Statement on Form N-2,filed on December 4, 2025. (355) Incorporated by reference from the Registrant's Post-Effective Amendment No. 123 to the Registration Statement on Form N-2,filed on December 11, 2025. (356) Incorporated by reference from the Registrant's Post-Effective Amendment No. 124 to the Registration Statement on Form N-2,filed on December 18, 2025. (357) Incorporated by reference from the Registrant's Post-Effective Amendment No. 125 to the Registration Statement on Form N-2,filed on December 29, 2025. 314

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(358) Incorporated by reference from the Registrant's Post-Effective Amendment No. 126 to the Registration Statement on Form N-2,filed on January 2, 2026. (359) Incorporated by reference from the Registrant's Post-Effective Amendment No. 127 to the Registration Statement on Form N-2,filed on January 8, 2026. (360) Incorporated by reference from the Registrant's Post-Effective Amendment No. 128 to the Registration Statement on Form N-2,filed on January 15, 2026. (361) Incorporated by reference from the Registrant's Post-Effective Amendment No. 129 to the Registration Statement on Form N-2,filed on January 23, 2026. (362) Incorporated by reference from the Registrant's Post-Effective Amendment No. 130 to the Registration Statement on Form N-2,filed on January 29, 2026. (363) Incorporated by reference from the Registrant's Post-Effective Amendment No. 131 to the Registration Statement on Form N-2,filed on February 5, 2026. (364) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 10-Q, filed on February 9, 2026. (365) Incorporated by reference to Exhibit (j)(1) of the Registrant's Registration Statement on Form N-2, filed on February 10, 2026. (366) Incorporated by reference to Exhibit (j)(4) of the Registrant's Registration Statement on Form N-2, filed on February 10, 2026. (367) Incorporated by reference to Exhibit (j)(5) of the Registrant's Registration Statement on Form N-2, filed on February 10, 2026. (368) Incorporated by reference to Exhibit (j)(6) of the Registrant's Registration Statement on Form N-2, filed on February 10, 2026. (369) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on February 10, 2026. (370) Incorporated by reference from the Registrant's Post-Effective Amendment No. 1 to the Registration Statement on Form N-2, filedon February 20, 2026. (371) Incorporated by reference from the Registrant's Post-Effective Amendment No. 2 to the Registration Statement on Form N-2, filedon February 26, 2026. (372) Incorporated by reference from the Registrant's Post-Effective Amendment No. 3 to the Registration Statement on Form N-2, filedon March 5, 2026. (373) Incorporated by reference from the Registrant's Post-Effective Amendment No. 4 to the Registration Statement on Form N-2, filedon March 12, 2026. (374) Incorporated by reference from the Registrant's Post-Effective Amendment No. 5 to the Registration Statement on Form N-2, filedon March 19, 2026. (375) Incorporated by reference from the Registrant's Post-Effective Amendment No. 6 to the Registration Statement on Form N-2, filedon March 26, 2026. (376) Incorporated by reference from the Registrant's Post-Effective Amendment No. 7 to the Registration Statement on Form N-2, filedon April 2, 2026. (377) Incorporated by reference from the Registrant's Post-Effective Amendment No. 8 to the Registration Statement on Form N-2, filedon April 9, 2026. (378) Incorporated by reference from the Registrant's Post-Effective Amendment No. 9 to the Registration Statement on Form N-2, filedon April 16, 2026. (379) Incorporated by reference from the Registrant's Post-Effective Amendment No. 10 to the Registration Statement on Form N-2,filed on April 23, 2026. (380) Incorporated by reference from the Registrant's Post-Effective Amendment No. 11 to the Registration Statement on Form N-2,filed on April 30, 2026. (381) Incorporated by reference from the Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-2,filed on May 7, 2026. (382) Incorporated by reference to Exhibit 3.20 of the Registrant’s Form 10-Q, filed on May 7, 2026. (383) Incorporated by reference to Exhibit 3.1 of the Registrant’s Form 8-K, filed on May 8, 2026. (384) Incorporated by reference to Exhibit 1.1 of the Registrant’s Form 8-K, filed on May 8, 2026. (385) Incorporated by reference from the Registrant's Post-Effective Amendment No. 13 to the Registration Statement on Form N-2,filed on May 29, 2026. (386) Incorporated by reference from the Registrant's Post-Effective Amendment No. 14 to the Registration Statement on Form N-2,filed on June 11, 2026. (387) Incorporated by reference from the Registrant's Post-Effective Amendment No. 15 to the Registration Statement on Form N-2,filed on June 18, 2026. (388) Incorporated by reference from the Registrant's Post-Effective Amendment No. 16 to the Registration Statement on Form N-2,filed on June 25, 2026. (389) Incorporated by reference from the Registrant's Post-Effective Amendment No. 17 to the Registration Statement on Form N-2,filed on July 2, 2026. 315

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(390) Incorporated by reference from the Registrant's Post-Effective Amendment No. 18 to the Registration Statement on Form N-2,filed on July 9, 2026. (391) Incorporated by reference from the Registrant's Post-Effective Amendment No. 19 to the Registration Statement on Form N-2,filed on July 23, 2026. (392) Incorporated by reference from the Registrant's Post-Effective Amendment No. 20 to the Registration Statement on Form N-2,filed on July 30, 2026. (393) Incorporated by reference from the Registrant's Post-Effective Amendment No. 21 to the Registration Statement on Form N-2,filed on August 6, 2026. (394) Incorporated by reference from the Registrant's Post-Effective Amendment No. 22 to the Registration Statement on Form N-2,filed on August 13, 2026. (395) Incorporated by reference to Exhibit 10.1 of the Registrant’s Form 8-K, filed on May 3, 2021. Item 16. Form 10-K Summary Not applicable 316

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SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on August 20, 2026. PROSPECT CAPITAL CORPORATION By: /s/ JOHN F. BARRY III John F. Barry III Chairman of the Board and Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ JOHN F. BARRY III /s/ ANDREW C. COOPER John F. Barry III Andrew C. Cooper Chairman of the Board, Chief Executive Officer and Director Director August 20, 2026 August 20, 2026 /s/ KRISTIN L. VAN DASK /s/ WILLIAM J. GREMP Kristin L. Van Dask William J. Gremp Chief Financial Officer Director August 20, 2026 August 20, 2026 /s/ M. GRIER ELIASEK /s/ EUGENE S. STARK M. Grier Eliasek Eugene S. Stark President, Chief Operating Officer and Director Director August 20, 2026 August 20, 2026 317

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PROSPECT CAPITAL CORPORATION AMENDED AND RESTATED BYLAWS ARTICLE I OFFICES Section 1. PRINCIPAL OFFICE. The principal office of the Corporation in the State of Maryland shall be located at such place as the Board of Directors may designate. Section 2. ADDITIONAL OFFICES. The Corporation may have additional offices, including a principal executive office, at such places as the Board of Directors may from time to time determine or the business of the Corporation may require. ARTICLE II MEETINGS OF STOCKHOLDERS Section 1. PLACE. All meetings of stockholders shall be held at the principal executive office of the Corporation or at such other place as shall be set in accordance with the Bylaws and stated in the notice of the meeting. Section 2. ANNUAL MEETING. An annual meeting of stockholders for the election of directors and the transaction of any business within the powers of the Corporation shall be held on the date and at the time and place set by the Board of Directors. Section 3. SPECIAL MEETINGS. (a) General. Each of the chairman of the board, chief executive officer, president and Board of Directors may call a special meeting of stockholders. Except as provided in subsection (b)(4) of this Section 3, a special meeting of stockholders shall be held on the date and at the time and place set by the chairman of the board, chief executive officer, president or Board of Directors, whoever has called the meeting. Subject to subsection (b) of this Section 3, a special meeting of stockholders shall also be called by the secretary of the Corporation to act on any matter that may properly be considered at a meeting of stockholders upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting. (b) Stockholder-Requested Special Meetings. (1) Any stockholder of record seeking to have stockholders request a special meeting shall, by sending written notice to the secretary (the “Record Date Request Notice”) by registered mail, return receipt requested, request the Board of Directors to fix a record date to determine the stockholders entitled to

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request a special meeting (the “Request Record Date”). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all information relating to each such stockholder and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of directors in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the “Exchange Act”). Upon receiving the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which a Record Date Request Notice is received by the secretary. (2) In order for any stockholder to request a special meeting to act on any matter that may properly be considered at a meeting of stockholders, one or more written requests for a special meeting (collectively, the “Special Meeting Request”) signed by stockholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such meeting (the “Special Meeting Percentage”) shall be delivered to the secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the secretary), (b) bear the date of signature of each such stockholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Corporation’s books, of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of stock of the Corporation which are owned (beneficially or of record, noted separately) by each such stockholder and (iii) the nominee holder for, and number of, shares of stock of the Corporation owned beneficially but not of record by such stockholder, (d) be sent to the secretary by registered mail, return receipt requested, and (e) be received by the secretary within 60 days after the Request Record Date. Any requesting stockholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary. (3) The secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Corporation’s proxy materials). The secretary shall not be required to call a special meeting upon stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment 2

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of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting. (4) In the case of any special meeting called by the secretary upon the request of stockholders (a “Stockholder-Requested Meeting”), such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that the date of any Stockholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the “Meeting Record Date”); and provided further that if the Board of Directors fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the “Delivery Date”), a date and time for a Stockholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a Stockholder-Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Corporation. In fixing a date for a Stockholder-Requested Meeting, the Board of Directors may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Directors to call an annual meeting or a special meeting. In the case of any Stockholder-Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Directors may revoke the notice for any Stockholder-Requested Meeting in the event that the requesting stockholders fail to comply with the provisions of paragraph (3) of this Section 3(b). (5) If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that stockholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the secretary: (i) if the notice of meeting has not already been delivered, the secretary shall refrain from delivering the notice of the meeting and send to all requesting stockholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the secretary first sends to all requesting stockholders who have not revoked requests for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Corporation’s intention to revoke the notice of the meeting or for the chairman of the meeting to adjourn the meeting without action on the matter, (A) the secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chairman of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting. (6) The chairman of the board, chief executive officer, president or Board of Directors may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Corporation for the purpose of promptly performing a 3

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ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been delivered to the secretary until the earlier of (i) five Business Days after receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Corporation that the valid requests received by the secretary represent, as of the Request Record Date, stockholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation). (7) For purposes of these Bylaws, “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. Section 4. NOTICE OF MEETINGS. Not less than ten nor more than 90 days before each meeting of stockholders, the secretary shall give to each stockholder entitled to vote at such meeting and to each stockholder not entitled to vote who is entitled to notice of the meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, either by mail, by presenting it to such stockholder personally, by leaving it at the stockholder’s residence or usual place of business or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the stockholder at the stockholder’s address as it appears on the records of the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives electronic transmissions. The Corporation may give a single notice to all stockholders who share an address, which single notice shall be effective as to any stockholder at such address, unless a stockholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting. Subject to Section 11(a) of this Article II, any business of the Corporation may be transacted at an annual meeting of stockholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of stockholders except as specifically designated in the notice. The Corporation may postpone or cancel a meeting of stockholders by making a public announcement (as defined in Section 11(c)(3) of this Article II) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this section. 4

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Section 5. ORGANIZATION AND CONDUCT. Every meeting of stockholders shall be conducted by an individual appointed by the Board of Directors to be chairman of the meeting or, in the absence of such appointment or appointed individual, by the chairman of the board, or, in the case of a vacancy in the office or absence of the chairman of the board, by one of the following officers present at the meeting in the following order: the vice chairman of the board, if there is one, the chief executive officer, the president, the vice presidents in their order of rank and seniority, the secretary, or, in the absence of such officers, a chairman chosen by the stockholders by the vote of a majority of the votes cast by stockholders present in person or by proxy. The secretary, or, in the secretary’s absence, an assistant secretary, or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board of Directors or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides at a meeting of stockholders, an assistant secretary, or, in the absence of all assistant secretaries, an individual appointed by the Board of Directors or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chairman and without any action by the stockholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments; (e) determining when and for how long the polls should be opened and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure. Section 6. QUORUM. The presence in person or by proxy of the holders of shares of stock of the Corporation entitled to cast a majority of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of the stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by each such class on such a matter shall constitute a quorum. This section shall not affect any requirement under any statute or the charter of the Corporation for the vote necessary for the adoption of any measure. 5

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If, however, such quorum shall not be present at any meeting of the stockholders, the chairman of the meeting may adjourn the meeting sine die or from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. The stockholders present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough stockholders to leave fewer than required to establish a quorum. Section 7. VOTING. A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to elect each director; provided that each director shall be elected by the affirmative vote of the holders of a majority of the shares of stock outstanding and entitled to vote thereon at any such meeting if (i) the secretary of the Corporation receives notice that a stockholder has nominated an individual for election as a director in compliance with the requirements of advance notice of stockholder nominees for director set forth in Section 11 of this Article II of these Bylaws and (ii) such nomination has not been withdrawn by such stockholder on or before the close of business on the tenth day before the date of filing of the definitive proxy statement of the Corporation with the Securities and Exchange Commission and, as a result of which, the number of nominees is greater than the number of directors to be elected at the meeting. Each share may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless a greater or lesser vote is required by statute or by the charter of the Corporation, in which case such other requirement shall apply. Unless otherwise provided by statute or in the charter, each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders. Section 8. PROXIES. A stockholder may cast the votes entitled to be cast by the holder of the shares of stock owned of record by the stockholder in person or by proxy executed by the stockholder or by the stockholder’s duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Corporation before or at the meeting. No proxy shall be valid more than eleven months after its date unless otherwise provided in the proxy. Section 9. VOTING OF STOCK BY CERTAIN HOLDERS. Stock of the Corporation registered in the name of a corporation, partnership, trust, limited liability company or other entity, if entitled to be voted, may be voted by the president or a vice president, general partner, trustee or managing member thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such stock. Any director or fiduciary may vote 6

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stock registered in the name of such person in the capacity of such director or fiduciary, either in person or by proxy. Shares of stock of the Corporation directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time. The Board of Directors may adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered in the name of the stockholder are held for the account of a specified person other than the stockholder. The resolution shall set forth the class of stockholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Corporation; and any other provisions with respect to the procedure which the Board of Directors considers necessary or desirable. On receipt by the Corporation of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the holder of record of the specified stock in place of the stockholder who makes the certification. Section 10. INSPECTORS. The Board of Directors, in advance of any meeting, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. If an inspector or inspectors are not appointed, the person presiding at the meeting may, but need not, appoint one or more inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board of Directors in advance of the meeting or at the meeting by the chairman of the meeting. The inspectors, if any, shall (i) determine the number of shares of stock represented at the meeting, in person or by proxy, and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairman of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v) do such acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof. Section 11. ADVANCE NOTICE OF STOCKHOLDER NOMINEES FOR DIRECTOR AND OTHER STOCKHOLDER PROPOSALS. (a) Annual Meetings of Stockholders. (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders (i) pursuant to the Corporation’s notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder 7

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of the Corporation who was a stockholder of record both at the time of giving of notice by the stockholder as provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 11(a). (2) For any nomination or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 11, the stockholder must have given timely notice thereof in writing to the secretary of the Corporation and any such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder’s notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Corporation not earlier than the 150 day nor later than 5:00 p.m., Eastern Time, on the 120 day prior to the first anniversary of the date of the proxy statement (as defined in Section 11(c)(3) of this Article II) for the preceding year’s annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual meeting, notice by the stockholder to be timely must be so delivered not earlier than the 150 day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120 day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a stockholder’s notice as described above. (3) Such stockholder’s notice shall set forth: (i) as to each individual whom the stockholder proposes to nominate for election or reelection as a director (each, a “Proposed Nominee”), (A) all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a director in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act; and (B) whether such stockholder believes any such Proposed Nominee is, or is not, an “interested person” of the Corporation, as defined in the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the “Investment Company Act”) and information regarding such individual that is sufficient, in the discretion of the Board of Directors or any committee thereof or any authorized officer of the Corporation, to make such determination; (ii) as to any other business that the stockholder proposes to bring before the meeting, a description of such business, the stockholder’s reasons for proposing such business at the meeting and any material interest in such business of such stockholder or any Stockholder Associated Person (as defined below), individually or in the th th th th 8

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aggregate, including any anticipated benefit to the stockholder or the Stockholder Associated Person therefrom; (iii) as to the stockholder giving the notice, any Proposed Nominee and any Stockholder Associated Person, (A) the class, series and number of all shares of stock or other securities of the Corporation or any affiliate thereof (collectively, the “Company Securities”), if any, which are owned (beneficially or of record) by such stockholder, Proposed Nominee or Stockholder Associated Person, the date on which each such Company Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such stock or other security) in any Company Securities of any such person; (B) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such stockholder, Proposed Nominee or Stockholder Associated Person; (C) whether and the extent to which such stockholder, Proposed Nominee or Stockholder Associated Person, directly or indirectly (through brokers, nominees or otherwise), is subject to or during the last six months has engaged in any hedging, derivative or other transaction or series of transactions or entered into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which is to (I) manage risk or benefit of changes in the price of (x) Company Securities or (y) any security of any other business development company or any registered closed-end investment company (a “Peer Group Company”) for such stockholder, Proposed Nominee or Stockholder Associated Person or (II) increase or decrease the voting power of such stockholder, Proposed Nominee or Stockholder Associated Person in the Corporation or any affiliate thereof (or, as applicable, in any Peer Group Company) disproportionately to such person’s economic interest in the Company Securities (or, as applicable, in any Peer Group Company); and (D) any substantial interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the Corporation), by security holdings or otherwise, of such stockholder, Proposed Nominee or Stockholder Associated Person, in the Corporation or any affiliate thereof, other than an interest arising from the ownership of Company Securities where such stockholder, Proposed Nominee or Stockholder Associated Person receives no extra or special benefit not shared on a pro rata basis by all other holders of the same class or series; (iv) as to the stockholder giving the notice, any Stockholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this paragraph (3) of this Section 11(a) and any Proposed Nominee, 9

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(A) the name and address of such stockholder, as they appear on the Corporation’s stock ledger, and the current name and business address, if different, of each such Stockholder Associated Person and any Proposed Nominee and (B) the investment strategy or objective, if any, of such stockholder and each such Stockholder Associated Person who is not an individual and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such stockholder and each such Stockholder Associated Person; and (v) to the extent known by the stockholder giving the notice, the name and address of any other stockholder supporting the nominee for election or reelection as a director or the proposal of other business on the date of such stockholder’s notice. (4) Such stockholder’s notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i) certifying that such Proposed Nominee (a) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation in connection with service or action as a director that has not been disclosed to the Corporation and (b) will serve as a director of the Corporation if elected; and (ii) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Corporation, upon request, to the stockholder providing the notice and shall include all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a director in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder, or would be required pursuant to the rules of any national securities exchange or over-the- counter market). (5) Notwithstanding anything in this subsection (a) of this Section 11 to the contrary, in the event that the number of directors to be elected to the Board of Directors is increased, and there is no public announcement of such action at least 130 days prior to the first anniversary of the date of the proxy statement (as defined in Section 11(c)(3) of this Article II) for the preceding year’s annual meeting, a stockholder’s notice required by this Section 11(a) shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the secretary at the principal executive office of the Corporation not later than 5:00 p.m., Eastern Time, on the tenth day following the day on which such public announcement is first made by the Corporation. (6) For purposes of this Section 11, “Stockholder Associated Person” of any stockholder shall mean (i) any person acting in concert with such stockholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder (other than a stockholder that is a depositary) and (iii) any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such stockholder or such Stockholder Associated Person. (b) Special Meetings of Stockholders. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation’s notice of meeting. Nominations of individuals for election to the 10

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Board of Directors may be made at a special meeting of stockholders at which directors are to be elected only (i) by or at the direction of the Board of Directors or (ii) provided that the special meeting has been called in accordance with Section 3 of this Article II for the purpose of electing directors, by any stockholder of the Corporation who is a stockholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 11. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any stockholder may nominate an individual or individuals (as the case may be) for election as a director as specified in the Corporation’s notice of meeting, if the stockholder’s notice, containing the information required by paragraph (a)(3) of this Section 11, is delivered to the secretary at the principal executive office of the Corporation not earlier than the 120 day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90 day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a stockholder’s notice as described above. (c) General. (1) If information submitted pursuant to this Section 11 by any stockholder proposing a nominee for election as a director or any proposal for other business at a meeting of stockholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 11. Any such stockholder shall notify the Corporation of any inaccuracy or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the secretary or the Board of Directors, any such stockholder shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by the stockholder pursuant to this Section 11, and (B) a written update of any information (including, if requested by the Corporation, written confirmation by such stockholder that it continues to intend to bring such nomination or other business proposal before the meeting) submitted by the stockholder pursuant to this Section 11 as of an earlier date. If a stockholder fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 11. (2) Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election by stockholders as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11. th th 11

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(3) For purposes of this Section 11, the “date of the proxy statement” shall have the same meaning as “the date of the company’s proxy statement released to shareholders” as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Securities and Exchange Commission from time to time. “Public announcement” shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act. (4) Notwithstanding the foregoing provisions of this Section 11, a stockholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, or the right of the Corporation to omit a proposal from, the Corporation’s proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in this Section 11 shall require disclosure of revocable proxies received by the stockholder or Stockholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such stockholder or Stockholder Associated Person under Section 14(a) of the Exchange Act. Section 12. VOTING BY BALLOT. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any stockholder shall demand that voting be by ballot. Section 13. CONTROL SHARE ACQUISITION ACT. Notwithstanding any other provision of the charter of the Corporation or these Bylaws, Title 3, Subtitle 7 of the Maryland General Corporation Law (the “MGCL”), or any successor statute, shall not apply to any acquisition by any person of shares of stock of the Corporation. This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition. ARTICLE III DIRECTORS Section 1. GENERAL POWERS. The business and affairs of the Corporation shall be managed under the direction of its Board of Directors. Section 2. NUMBER, TENURE AND QUALIFICATIONS. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board of Directors may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than three nor more than eight, and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. Any director of the Corporation may resign at any time by delivering his or her resignation to the Board of 12

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Directors, the chairman of the board or the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Section 3. ANNUAL AND REGULAR MEETINGS. An annual meeting of the Board of Directors shall be held immediately after and at the same place as the annual meeting of stockholders, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors. Regular meetings of the Board of Directors shall be held from time to time at such places and times as provided by the Board of Directors by resolution, without notice other than such resolution. Section 4. SPECIAL MEETINGS. Special meetings of the Board of Directors may be called by or at the request of the chairman of the board, the chief executive officer, the president, a majority of the directors who are not interested persons (as that term is defined in the Investment Company Act of 1940, as amended, and the rules thereunder) of the Corporation (the “Independent Directors”) or by a majority of the directors then in office. The person or persons authorized to call special meetings of the Board of Directors may fix any place as the place for holding any special meeting of the Board of Directors called by them. The Board of Directors may provide, by resolution, the time and place for the holding of special meetings of the Board of Directors without notice other than such resolution. Section 5. NOTICE. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile transmission, United States mail or courier to each director at his or her business or residence address. Notice by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by United States mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally given such notice in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Corporation by the director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Corporation by the director and receipt of a completed answer-back indicating receipt. Notice by United States mail shall be deemed to be given when deposited in the United States mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute or these Bylaws. Section 6. QUORUM. A majority of the directors shall constitute a quorum for transaction of business at any meeting of the Board of Directors, provided that, if less than a 13

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majority of such directors is present at such meeting, a majority of the directors present may adjourn the meeting from time to time without further notice, and provided further that if, pursuant to applicable law, the charter of the Corporation or these Bylaws, the vote of a majority or other percentage of a particular group of directors is required for action, a quorum must also include a majority or such other percentage of such group. The directors present at a meeting which has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough directors to leave fewer than required to establish a quorum. Section 7. VOTING. The action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by statute, the charter or these Bylaws. If enough directors have withdrawn from a meeting to leave fewer than required to establish a quorum, but the meeting is not adjourned, the action of the majority of that number of directors necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by statute, the charter of the Corporation or these Bylaws. Section 8. ORGANIZATION. At each meeting of the Board of Directors, the chairman of the board or, in the absence of the chairman, the vice chairman of the board, if any, shall act as chairman of the meeting. In the absence of both the chairman and vice chairman of the board, the chief executive officer or, in the absence of the chief executive officer, the president or, in the absence of the president, a director chosen by a majority of the directors present, shall act as chairman of the meeting. The secretary or, in his or her absence, an assistant secretary of the Corporation, or, in the absence of the secretary and all assistant secretaries, an individual appointed by the chairman of the meeting, shall act as secretary of the meeting. Section 9. TELEPHONE MEETINGS. Directors may participate in a meeting by means of a conference telephone or other communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting; provided however, this Section 9 does not apply to any action of the directors pursuant to the Investment Company Act, that requires the vote of the directors to be cast in person at a meeting. Section 10. WRITTEN CONSENT BY DIRECTORS. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each director and is filed with the minutes of proceedings of the Board of Directors; provided however, this Section 10 does not apply to any action of the directors pursuant to the Investment Company Act that requires the vote of the directors to be cast in person at a meeting. Section 11. VACANCIES. If for any reason any or all the directors cease to be directors, such event shall not terminate the Corporation or affect these Bylaws or the powers of 14

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the remaining directors hereunder, if any. Pursuant to the Corporation’s election in Article IV of the charter, subject to applicable requirements of the Investment Company Act, except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, (a) any vacancy on the Board of Directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum and (b) any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies. Section 12. COMPENSATION. Directors shall not receive any stated salary for their services as directors but, by resolution of the Board of Directors, may receive compensation per year and/or per meeting and/or per visit to real property or other facilities owned or leased by the Corporation and for any service or activity they performed or engaged in as directors. Directors may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board of Directors or of any committee thereof and for their expenses, if any, in connection with each property visit and any other service or activity they perform or engage in as directors; but nothing herein contained shall be construed to preclude any directors from serving the Corporation in any other capacity and receiving compensation therefor. Section 13. LOSS OF DEPOSITS. No director shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited. Section 14. SURETY BONDS. Unless required by law, no director shall be obligated to give any bond or surety or other security for the performance of any of his or her duties. Section 15. RELIANCE. Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Corporation whom the director or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the director or officer reasonably believes to be within the person’s professional or expert competence, or, with respect to a director, by a committee of the Board of Directors on which the director does not serve, as to a matter within its designated authority, if the director reasonably believes the committee to merit confidence. Section 16. RATIFICATION. The Board of Directors or the stockholders may ratify and make binding on the Corporation any action or inaction by the Corporation or its officers to the extent that the Board of Directors or the stockholders could have originally authorized the matter. Moreover, any action or inaction questioned in any stockholders’ derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, 15

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may be ratified, before or after judgment, by the Board of Directors or by the stockholders, and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction. Section 17. EMERGENCY PROVISIONS. Notwithstanding any other provision in the charter or these Bylaws, this Section 17 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under Article III of these Bylaws cannot readily be obtained (an “Emergency”). During any Emergency, unless otherwise provided by the Board of Directors, (i) a meeting of the Board of Directors or a committee thereof may be called by any director or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many directors and by such means as may be feasible at the time, including publication, television or radio; and (iii) the number of directors necessary to constitute a quorum shall be one-third of the entire Board of Directors. ARTICLE IV COMMITTEES Section 1. NUMBER, TENURE AND QUALIFICATIONS. The Board of Directors may appoint from among its members an Executive Committee, an Audit Committee, a Nominating Committee and other committees, composed of one or more directors, to serve at the pleasure of the Board of Directors. Section 2. POWERS. The Board of Directors may delegate to committees appointed under Section 1 of this Article any of the powers of the Board of Directors, except as prohibited by law. Section 3. MEETINGS. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. A majority of the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board of Directors may designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another director to act in the place of such absent member. Each committee shall keep minutes of its proceedings. Section 4. TELEPHONE MEETINGS. Members of a committee of the Board of Directors may participate in a meeting by means of a conference telephone or other 16

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communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting. Section 5. WRITTEN CONSENT BY COMMITTEES. Any action required or permitted to be taken at any meeting of a committee of the Board of Directors may be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each member of the committee and is filed with the minutes of proceedings of such committee. Section 6. VACANCIES. Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee, to fill any vacancy, to designate an alternate member to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board of Directors, the members of the committee shall have the power to fill any vacancies on the committee. ARTICLE V OFFICERS Section 1. GENERAL PROVISIONS. The officers of the Corporation shall include a president, a secretary and a treasurer and may include a chief executive officer, one or more vice presidents, a chief operating officer, a chief financial officer, a chief compliance officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board of Directors may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The Board of Directors may designate a chairman of the board and a vice chairman of the board, who shall not, solely by reason of such designation, be officers of the Corporation but shall have such powers and duties as determined by the Board of Directors from time to time. The officers of the Corporation shall be elected annually by the Board of Directors, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries and assistant treasurers or other officers. Each officer shall serve until his or her successor is elected and qualifies or until his or her death, or his or her resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held by the same person. Election of an officer or agent shall not of itself create contract rights between the Corporation and such officer or agent. Section 2. REMOVAL AND RESIGNATION. Any officer or agent of the Corporation may be removed, with or without cause, by the Board of Directors if in its judgment the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Corporation may resign at any time by delivering his or her resignation to the Board of Directors, the chairman of the board, the chief executive officer, the president or the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise 17

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stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Corporation. Section 3. VACANCIES. A vacancy in any office may be filled by the Board of Directors for the balance of the term. Section 4. CHAIRMAN OF THE BOARD. The Board of Directors may designate from among its members a chairman of the board, who shall not, solely by reason of these Bylaws, be an officer of the Corporation. The Board of Directors may designate the chairman of the board as an executive or non-executive chairman. The chairman of the board shall preside over the meetings of the Board of Directors. The chairman of the board shall perform such other duties as may be assigned to him or her by these Bylaws or the Board of Directors. Section 5. CHIEF EXECUTIVE OFFICER. The Board of Directors may designate a chief executive officer. In the absence of such designation, the president shall be the chief executive officer of the Corporation. The chief executive officer shall have general responsibility for implementation of the policies of the Corporation, as determined by the Board of Directors, and for the management of the business and affairs of the Corporation. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board of Directors from time to time. Section 6. CHIEF OPERATING OFFICER. The Board of Directors may designate a chief operating officer. The chief operating officer shall have the responsibilities and duties as determined by the Board of Directors or the chief executive officer. Section 7. CHIEF FINANCIAL OFFICER. The Board of Directors may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties as determined by the Board of Directors or the chief executive officer. Section 8. CHIEF COMPLIANCE OFFICER. The Board of Directors may designate a chief compliance officer. The chief compliance officer shall have the responsibilities and duties as set forth by the Board of Directors or the chief executive officer. Section 9. PRESIDENT. In the absence of a designation of a chief operating officer by the Board of Directors, the president shall be the chief operating officer. In the absence of a designation of a chief executive officer by the Board of Directors, the president shall be the chief executive officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident 18

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to the office of president and such other duties as may be prescribed by the Board of Directors from time to time. Section 10. VICE PRESIDENTS. In the absence of the president or in the event of a vacancy in such office, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the president; and shall perform such other duties as from time to time may be assigned to such vice president by the chief executive officer, the president or the Board of Directors. The Board of Directors may designate one or more vice presidents as executive vice president, senior vice president, or vice president for particular areas of responsibility. Section 11. SECRETARY. The secretary shall (a) keep the minutes of the proceedings of the stockholders, the Board of Directors and committees of the Board of Directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Corporation; (d) keep a register of the post office address of each stockholder which shall be furnished to the secretary by such stockholder; (e) have general charge of the stock transfer books of the Corporation; and (f) in general perform such other duties as from time to time may be assigned to him or her by the chief executive officer, the president or by the Board of Directors. Section 12. TREASURER. The treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors and in general perform such other duties as from time to time may be assigned to him or her by the chief executive officer, the president or the Board of Directors. In the absence of a designation of a chief financial officer by the Board of Directors, the treasurer shall be the chief financial officer of the Corporation. The treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the president and Board of Directors, at the regular meetings of the Board of Directors or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Corporation. Section 13. ASSISTANT SECRETARIES AND ASSISTANT TREASURERS. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the chief executive officer, the president or the Board of Directors. ARTICLE VI CONTRACTS, CHECKS AND DEPOSITS 19

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Section 1. CONTRACTS. The Board of Directors, the Executive Committee or another committee of the Board of Directors within the scope of its delegated authority, may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Corporation and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Corporation when duly authorized or ratified by action of the Board of Directors or the Executive Committee or such other committee and executed by an authorized person. Section 2. CHECKS AND DRAFTS. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or agent of the Corporation in such manner as shall from time to time be determined by the Board of Directors. Section 3. DEPOSITS. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the Board of Directors may designate. ARTICLE VII STOCK Section 1. CERTIFICATES; REQUIRED INFORMATION. The Board of Directors may authorize the Corporation to issue some or all of the shares of any class or series of its stock without certificates. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain the statements and information required by the MGCL and shall be signed by the officers of the Corporation in the manner permitted by the MGCL. In the event that the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. There shall be no differences in the rights and obligations of stockholders based on whether or not their shares are represented by certificates. If shares of a class or series of stock are authorized by the Board of Directors to be issued without certificates, no stockholder shall be entitled to a certificate or certificates representing any shares of such class or series of stock held by such stockholder unless otherwise determined by the Board of Directors and then only upon written request by such stockholder to the secretary of the Corporation. Section 2. TRANSFERS. All transfers of shares of stock shall be made on the books of the Corporation, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Directors or any officer of the Corporation may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board of Directors that such shares shall no longer be represented by certificates. Upon the transfer of any 20

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uncertificated shares, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. The Corporation shall be entitled to treat the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland. Notwithstanding the foregoing, transfers of shares of any class or series of stock will be subject in all respects to the charter of the Corporation and all of the terms and conditions contained therein. Section 3. REPLACEMENT CERTIFICATE. Any officer of the Corporation may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated; provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such stockholder and the Board of Directors has determined that such certificates may be issued. Unless otherwise determined by an officer of the Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Corporation a bond in such sums as it may direct as indemnity against any claim that may be made against the Corporation. Section 4. FIXING OF RECORD DATE. The Board of Directors may set, in advance, a record date for the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders or determining stockholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of stockholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of stockholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of stockholders of record is to be held or taken. When a record date for the determination of stockholders entitled to notice of and to vote at any meeting of stockholders has been set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein. Section 5. STOCK LEDGER. The Corporation shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each stockholder and the number of shares of each class held by such stockholder. 21

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Section 6. FRACTIONAL STOCK; ISSUANCE OF UNITS. The Board of Directors may authorize the Corporation to issue fractional stock or authorize the issuance of scrip, all on such terms and under such conditions as it may determine. Notwithstanding any other provision of the charter or these Bylaws, the Board of Directors may issue units consisting of different securities of the Corporation. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Corporation, except that the Board of Directors may provide that for a specified period securities of the Corporation issued in such unit may be transferred on the books of the Corporation only in such unit. ARTICLE VIII ACCOUNTING YEAR The Board of Directors shall have the power, from time to time, to fix the fiscal year of the Corporation by a duly adopted resolution. ARTICLE IX DISTRIBUTIONS Section 1. AUTHORIZATION. Dividends and other distributions upon the stock of the Corporation may be authorized by the Board of Directors, subject to the provisions of law and the charter of the Corporation. Dividends and other distributions may be paid in cash, property or stock of the Corporation, subject to the provisions of law and the charter. Section 2. CONTINGENCIES. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Corporation available for dividends or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Corporation or for such other purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such reserve. ARTICLE X SEAL Section 1. SEAL. The Board of Directors may authorize the adoption of a seal by the Corporation. The seal shall contain the name of the Corporation and the year of its incorporation and the words “Incorporated Maryland.” The Board of Directors may authorize one or more duplicate seals and provide for the custody thereof. Section 2. AFFIXING SEAL. Whenever the Corporation is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, 22

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rule or regulation relating to a seal to place the word “(SEAL)” adjacent to the signature of the person authorized to execute the document on behalf of the Corporation. ARTICLE XI INDEMNIFICATION AND ADVANCE OF EXPENSES To the maximum extent permitted by Maryland law, in effect from time to time, the Corporation shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former director or officer of the Corporation and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (b) any individual who, while a director or officer of the Corporation and at the request of the Corporation, serves or has served as a director, officer, partner, trustee, manager or member of another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity. The rights to indemnification and advance of expenses provided by the charter of the Corporation and these Bylaws shall vest immediately upon the election of a director or officer. The Corporation may, with the approval of its Board of Directors or any duly authorized committee thereof, provide such indemnification and advance for expenses to an individual who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment or reimbursement of expenses provided in these Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment or reimbursement of expenses may be or may become entitled under any bylaw, resolution, insurance, agreement or otherwise. Any indemnification or payment or reimbursement of expenses made pursuant to this Article XI shall be subject to applicable requirements of the Investment Company Act. Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the Bylaws or charter of the Corporation inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. ARTICLE XII WAIVER OF NOTICE Whenever any notice of a meeting is required to be given pursuant to the charter of the Corporation or these Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any person at 23

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any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened. ARTICLE XIII INSPECTION OF RECORDS A stockholder that is otherwise eligible under applicable law to inspect the Corporation’s books of account, stock ledger, or other specified documents of the Corporation shall have no right to make such inspection if the Board of Directors determines that such stockholder has an improper purpose for requesting such inspection. ARTICLE XIV INVESTMENT COMPANY ACT If and to the extent that any provision of the MGCL, including, without limitation, Subtitle 6 and, if then applicable, Subtitle 7, of Title 3 of the MGCL, or any provision of the charter or these Bylaws conflicts with any provision of the Investment Company Act, the applicable provision of the Investment Company Act shall control. ARTICLE XV FORUM FOR ADJUDICATION OF DISPUTES Section 1. Unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a duty owed by any director, officer or other agent of the Corporation to the Corporation or the Corporation’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Maryland General Corporation Law or the Charter or Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the Circuit Court for Baltimore City, Maryland (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division). In the event that any action or proceeding described in the preceding sentence is pending in the Circuit Court for Baltimore City, Maryland, all parties shall cooperate in seeking to have the action or proceeding assigned to the Business & Technology Case Management Program. Section 2. If any action the subject matter of which is within the scope of Section 1 is filed in a court other than a court located within the State of Maryland (a “Foreign Action”) in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Maryland in connection with any action brought in any such court to enforce the preceding sentence and (ii) 24

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having service of process made upon such stockholder in any such action by service upon such stockholder’s counsel in the Foreign Action as agent for such stockholder. ARTICLE XVI AMENDMENT OF BYLAWS The Board of Directors shall have the exclusive power, at any time, to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws. Amended and restated as of August 19, 2026. 25

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PROSPECT CAPITAL CORPORATION ARTICLES OF AMENDMENT Prospect Capital Corporation, a Maryland corporation (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation of Maryland that: FIRST: Section 5.1 of Article V of the charter of the Corporation (the “Charter”) is hereby amended to increase the number of shares of common stock, $.001 par value per share, that the Corporation has authority to issue by 2,000,000,000 shares. SECOND: The total number of shares of stock which the Corporation had authority to issue immediately prior to the foregoing amendment of the Charter was 2,000,000,000 shares of stock, consisting of 1,234,237,954 shares of common stock, $.001 par value per share, and 765,762,046 shares of preferred stock, $.001 par value per share. The aggregate par value of all authorized shares of stock having par value was $2,000,000. THIRD: The total number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment of the Charter is 4,000,000,000 shares of stock, consisting of 3,234,237,954 shares of common stock, $.001 par value per share, and 765,762,046 shares of preferred stock, $.001 par value per share. The aggregate par value of all authorized shares of stock having par value is $4,000,000. FOURTH: The information required by Section 2-607(b)(2)(i) of the Maryland General Corporation Law (the “MGCL”) is not changed by the foregoing amendment of the Charter. FIFTH: The foregoing amendment of the Charter was approved by a majority of the entire Board of Directors of the Corporation as required by law and was limited to a change expressly authorized to be made without any action by the stockholders of the Corporation by the Charter and Section 2-105(a)(13) of the MGCL. SIXTH: The undersigned officer of the Corporation acknowledges these Articles of Amendment to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of such officer’s knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury. [SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be executed in its name and on its behalf by its President and Chief Operating Officer and attested by its Chief Financial Officer, Chief Compliance Officer and Secretary on this 19 day of August, 2026. ATTEST: PROSPECT CAPITAL CORPORATION /s/ Kristin Van Dask By: /s/ M. Grier Eliasek Kristin Van Dask M. Grier Eliasek Chief Financial Officer, Chief Compliance Officer President & Chief Operating Officer & Secretary th [Signature Page to Articles of Amendment]

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Exhibit 4.938 DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 DESCRIPTION OF OUR CAPITAL STOCK The following description is based on relevant portions of the Maryland General Corporation Law and on our charter and bylaws. This summary is not necessarily complete, and we refer you to the Maryland General Corporation Law and our charter (including the articles supplementary designating the terms of a class or series of preferred stock) and bylaws for a more detailed description of the provisions summarized below. Capital Stock Our authorized capital stock consists of 4,000,000,000 shares of stock, par value $0.001 per share, initially consisting of 3,234,237,954 shares of common stock and 765,762,046 shares of preferred stock. Our common stock is traded on the NASDAQ Global Select Market and the Tel Aviv Stock Exchange Ltd. under the symbol “PSEC.” As of August 19, 2026, we had authority to issue 3,234,237,954 shares of common stock and 765,762,046 shares of preferred stock, of which: • 71,592,711 have been classified and designated as “Convertible Preferred Stock, Series A1” (the “Series A1 Shares”); • 76,713,942 have been classified and designated as “Convertible Preferred Stock, Series M1” (the “Series M1 Shares”); • 80,000,000 have been classified and designated as “Convertible Preferred Stock, Series M2” (the “Series M2 Shares” and together with the “Series M1 Shares,” the “M Shares”); • 77,318,033 have been classified and designated as “Convertible Preferred Stock, Series A3” (the “Series A3 Shares”); • 77,761,641 have been classified and designated as “Convertible Preferred Stock, Series M3” (the “Series M3 Shares,” and together with the Series A3 Shares, the “6.50% Preferred Stock”); • 89,790,784 have been classified and designated as “Preferred Stock, Series A4” (the “Series A4 Shares”); • 89,612,517 have been classified and designated as “Preferred Stock, Series M4” (the “Series M4 Shares” and together with the Series A4 Shares, the “Floating Rate Preferred Stock”); • 89,973,061 have been classified and designated as “Preferred Stock, Series A5” (the “Series A5 Shares”); • 89,990,200 have been classified and designated as “Preferred Stock, Series M5” (the “Series M5 Shares” and together with the Series A5 Shares, the “7.50% Preferred Stock”); • 858,000 have been classified and designated as “Convertible Preferred Stock, Series A2” (the “Series A2 Shares,” and together with the Series A1 Shares and the M Shares, the “5.50% Preferred Stock”); and • 22,151,157 have been classified and designated as “5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock” (the “5.35% Series A Preferred Stock”). Each share of preferred stock converted into shares of common stock, redeemed, exchanged or acquired by us is canceled and retired and is not reissued, and is returned to the status of authorized but unissued common stock. Our shares of the 5.50% Preferred Stock, the 6.50% Preferred Stock, the Floating Rate Preferred Stock, and the 7.50% Preferred Stock are not listed for trading on any national securities exchange but we may apply to have any such shares listed for trading on a national securities exchange in the future, provided that any listing of the Series A4 Shares, the Series M4 Shares, the Series A5 Shares or the Series M5 Shares shall require the approval of the holders of the Series A4 Shares, the Series M4 Shares, the Series A5 Shares or the Series M5 Shares, as applicable, voting as a separate class. The vote required to approve such a proposal for listing is a majority of the votes cast by the holders of Series A4 Shares, Series M4 Shares, Series A5 Shares or Series M5 Shares, as applicable, voting on such proposal at a meeting where a quorum of Series A4 Shares, Series M4 Shares, Series A5 Shares or Series M5 Shares, as applicable, is present. For purposes of voting on any such proposal to list the Series A4 Shares, Series M4 Shares, Series A5 Shares or Series M5 Shares, as applicable, the quorum required for voting on such proposal is 33 1/3% of the outstanding Series A4 Shares, Series M4 Shares, Series A5 Shares or Series M5 Shares, as applicable, entitled to vote on such proposal, unless our Board of Directors by resolution establishes a higher quorum. A favorable vote on any such proposal shall be non-binding and our Board of Directors shall retain sole discretion as to whether to complete such listing. If the 5.50% Preferred Stock, 6.50% Preferred Stock, Floating Rate Preferred Stock, and 7.50% Preferred Stock are listed for trading on a national securities exchange, we intend to reclassify all series of 5.50% Preferred Stock, 6.50%

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Preferred Stock, Floating Rate Preferred Stock, and 7.50% Preferred Stock with a common dividend rate that are listed on an exchange into a single series. Our shares of 5.35% Series A Preferred Stock are listed on the New York Stock Exchange under the symbol “PSEC PRA.” There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations. Under our charter, our Board of Directors is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock, and to authorize the issuance of such shares, without obtaining stockholder approval. Our Board of Directors will only take such actions in accordance with Section 18 as modified by Section 61 of the 1940 Act. The 1940 Act limits business development companies to only one class or series of common stock and only one class of preferred stock. As permitted by the Maryland General Corporation Law, our charter provides that the Board of Directors, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. Common Stock All shares of our common stock have equal rights as to earnings, assets, dividends and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our Board of Directors and declared by us out of funds legally available therefor. Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by U.S. federal and state securities laws or by contract. In the event of a liquidation, dissolution or winding up of us, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that prior to the issuance of preferred stock holders of a majority of the outstanding shares of common stock can elect all of our directors. Preferred Stock Our charter authorizes our Board of Directors to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. Prior to issuance of shares of each class or series, the Board of Directors is required by Maryland law and by our charter to set the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board of Directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. You should note, however, that any issuance of preferred stock must comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (1) immediately after issuance and before any dividend or other distribution (other than in shares of stock) is made with respect to our common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 66 2/3% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock become in arrears by two years or more until all arrears are cured. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to operate other than as an investment company. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring future financings and acquisitions. Limitation On Liability Of Directors And Officers; Indemnification And Advance Of Expenses Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors’ and officers’ liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.

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Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to obligate ourselves to indemnify any present or former director or officer or any individual who, while serving as a director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while serving as a director or officer and at our request, serves or has served another corporation, real estate investment trust, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner, manager, member or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in any such capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation’s receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. Our insurance policy does not currently provide coverage for claims, liabilities and expenses that may arise out of activities that a present or former director or officer of us has performed for another entity at our request. There is no assurance that such entities will in fact carry such insurance. However, we note that we do not expect to request our present or former directors or officers to serve another entity as a director, officer, partner or trustee unless we can obtain insurance providing coverage for such persons for any claims, liabilities or expenses that may arise out of their activities while serving in such capacities. Provisions Of The Maryland General Corporation Law And Our Charter And Bylaws Anti-takeover Effect The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquiror to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board of Directors. These provisions could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of us. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. Control Share Acquisitions The Maryland General Corporation Law under the Maryland Control Share Acquisition Act provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by

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the affirmative vote of holders of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power: • one-tenth or more but less than one-third, • one-third or more but less than a majority, or • a majority or more of all voting power. The requisite stockholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly from the corporation. A control share acquisition means the acquisition of control shares, subject to certain exceptions. A person who has made or proposes to make a control share acquisition may compel the Board of Directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting. If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations, including, as provided in our bylaws, compliance with the 1940 Act. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition. The Maryland Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation. Our bylaws contain a provision exempting from the Maryland Control Share Acquisition Act any and all acquisitions by any person of our shares of stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future. Business Combinations Under Maryland law, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as: • any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s shares; or • an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting stock of the corporation. A person is not an interested stockholder under this statute if the Board of Directors approved in advance the transaction by which the person otherwise would have become an interested stockholder. However, in approving a transaction, the Board of Directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the Board of Directors.

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After the five-year prohibition, any such business combination must be recommended by the Board of Directors of the corporation and approved by the affirmative vote of at least: • 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and • two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. The statute provides various exemptions from its provisions, including for business combinations that are exempted by the Board of Directors before the time that the interested stockholder becomes an interested stockholder. Our Board of Directors has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Maryland Business Combination Act, provided that the business combination is first approved by the Board of Directors, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or the Board of Directors does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer. Conflicts with 1940 Act Our bylaws provide that, if and to the extent that any provision of the Maryland General Corporation Law, including the Maryland Control Share Acquisition Act (if we amend our bylaws to be subject to such Act) and the Maryland Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control. Classified Board of Directors Our Board of Directors is divided into three classes of directors serving classified three-year terms. The current terms of the first, second and third classes will expire at the annual meeting of stockholders held in 2026, 2027 and 2028, respectively, and in each case, until their successors are duly elected and qualify. Each year one class of directors will be elected to the Board of Directors by the stockholders to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election and until his or her successor is duly elected and qualifies. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified Board of Directors will help to ensure the continuity and stability of our management and policies. Election of Directors Our bylaws provide that the affirmative vote of a majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to elect each director; provided, that if the number of nominees for director exceeds the number of directors to be elected, each director shall be elected by the affirmative vote of the holders of a majority of the shares of stock outstanding and entitled to vote thereon at any such meeting. Under the charter, our Board of Directors may amend the bylaws to alter the vote required to elect directors. Number of Directors; Vacancies; Removal Our charter provides that the number of directors will be set only by the Board of Directors in accordance with our bylaws. Our bylaws provide that a majority of our entire Board of Directors may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than three nor more than eight. Our charter provides that, pursuant to an election to be subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the Board of Directors, except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.

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Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of directors. Action by Stockholders The Maryland General Corporation Law provides that stockholder action can be taken only at an annual or special meeting of stockholders or (unless the charter provides for stockholder action by less than unanimous written consent, which our charter does not) by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of our bylaws regarding the calling of a stockholder-requested special meeting of stockholders discussed below, may have the effect of delaying consideration of a stockholder proposal until the next annual meeting. Advance Notice Provisions for Stockholder Nominations and Stockholder Proposals Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the Board of Directors and the proposal of business to be considered by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of the Board of Directors or (3) by a stockholder who was a stockholder of record both at the time of provision of notice and at the annual meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board of Directors at a special meeting may be made only (1) by or at the direction of the Board of Directors or (2) provided that the Board of Directors has determined that directors will be elected at the meeting, by a stockholder who was a stockholder of record both at the time of provision of notice and at the special meeting, who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws. The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our Board of Directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board of Directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our Board of Directors any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders. Calling of Special Meetings of Stockholders Our bylaws provide that special meetings of stockholders may be called by the chairman of the Board, our Board of Directors and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting. Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless advised by its board of directors and approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions if declared advisable by the Board and approved by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that certain charter amendments and any proposal for our conversion, whether by merger or otherwise, from a closed-end company to an open-end company, any proposal for our liquidation or dissolution or certain amendments to Article IV and Article V of our charter requires the approval of the stockholders entitled to cast at least 80 percent of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by at least two-thirds of our continuing directors (in addition to approval by our Board of Directors), such amendment or proposal may be

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approved by a majority of the votes entitled to be cast on such a matter. The “continuing directors” are defined in our charter as our current directors as well as those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of the continuing directors then on the Board of Directors. Our charter and bylaws provide that the Board of Directors will have the exclusive power to make, alter, amend or repeal any provision of our bylaws. No Appraisal Rights Except with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act discussed above, as permitted by the Maryland General Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights.

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CODE OF ETHICS FOR PROSPECT CAPITAL CORPORATION PROSPECT CAPITAL MANAGEMENT L.P. PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, Inc. (Board Approved: August 19, 2026) Section I. Statement of General Fiduciary Principles This Code of Ethics (the “Code”) has been adopted by each of Prospect Capital Corporation and its consolidated subsidiaries (“PCC” or the “Corporation”), Prospect Floating Rate and Alternative Income Fund, Inc. (“PFLOAT,” and, together with PCC, the “Corporations”), and Prospect Capital Management L.P., the investment adviser (the “Adviser” or “PCM”) of the Corporations (together “Prospect”), in compliance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) and Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”). The purpose of the Code is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments, investment intentions and other non-public information of the Corporations may abuse their fiduciary duty to the Corporations, and otherwise to deal with the types of conflict of interest situations to which Rule 17j-1 and Rule 204A-1 are addressed. The Code is based on the principle that the directors and officers of the Corporations, and the managers, partners, officers, personnel and employees of the Adviser, who provide services to the Corporations, (i) owe a fiduciary duty to the Corporations to conduct their personal securities transactions in a manner that does not interfere with the Corporations’ transactions or otherwise take unfair advantage of their relationship with the Corporations, and (ii) owe a fiduciary duty of care, loyalty, honesty and good faith to act in the best interests of the Corporations and their shareholders. All Access Persons (as defined below) are expected to adhere to this general principle as well as to comply with all of the specific provisions of this Code that are applicable to them. Any Access Person who is affiliated with another entity that is a registered investment adviser is, in addition, expected to comply with the provisions of the code of ethics that has been adopted by such other investment adviser. Technical compliance with the Code will not automatically insulate any Access Person from scrutiny of transactions that show a pattern of compromise or abuse of the individual’s fiduciary duty to the Corporations. Accordingly, all Access Persons must seek to avoid any actual or potential conflicts between their personal interests and the interests of the Corporations and their shareholders. In sum, all Access Persons shall place the interests of the Corporations before their own personal interests. All Access Persons must read and retain this Code of Ethics. Section II Definitions (A) “Access Person” means any Supervised Person (as defined below) of the Adviser who has access to non- public information regarding the Corporations or any other clients’ purchase or sale of securities, or non-public information regarding the portfolio holdings of the Corporations or any other clients for which the Adviser serves as investment adviser, or whose investment adviser or principal underwriter controls (as defined below) the Adviser, is controlled by the Adviser, or is under common control with the Adviser, or Advisory Person (as defined below) of the Corporations or the Adviser. An “Advisory Person” of the Corporations or the Adviser means: (i) any director, officer, general partner or employee of the Corporations or the Adviser, or any company in a control relationship 6a-1

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to the Corporations or the Adviser, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Corporations, or whose functions relate to the making of any recommendation with respect to such purchases or sales; and (ii) any natural person in a control relationship to the Corporations or the Adviser, who obtains information concerning recommendations made to the Corporations with regard to the purchase or sale of any Covered Security by the Corporations. (B) “Beneficial Ownership” is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the “1934 Act”). Under this Rule, a person is deemed to have beneficial ownership of a security if the person, directly or indirectly, through contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in such security. A “pecuniary interest” in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. A person is presumed to have an “indirect pecuniary interest” in securities held by a member of his or her “Immediate Family” (although this presumption may be rebutted). For purposes of the Rule, “Immediate Family” means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in- law, and shall include adoptive relationships. An indirect pecuniary interest also includes, among other things: • a general partner’s proportionate interest in the portfolio securities held by a general or limited partnership; • subject to certain exceptions specified in the Rule, a performance-related fee, other than an asset- based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; • a person’s right to dividends that is separated or separable from the underlying securities; • a person’s interest in securities held by certain trusts; and • a person’s right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable. The term “derivative security” means any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion privilege at a price related to an equity security, or similar securities with a value derived from the value of an equity security. A person who is a shareholder of a corporation or similar entity is not deemed to have a pecuniary interest in portfolio securities held by the corporation or the entity if the shareholder is not a controlling shareholder of the corporation or the entity and does not have or share investment control over the corporation’s or the entity’s portfolio. (C) “Chief Compliance Officer” or “CCO” means the Chief Compliance Officer(s) of the Corporations or the Adviser, as the context requires. (D) “Comply” means the Comply Platform by Compliance Technologies, Inc., which Prospect employs for all compliance monitoring of Access Persons, including trade monitoring, certifications and attestations, and reporting of personal trading accounts and activities, gifts and entertainment and outside business affiliations. “Control” shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act. Under the 1940 Act, “control” means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with the company. A person is presumed to control a company if he or she owns beneficially, either directly or through one or more controlled companies, more than 25% of the voting securities of that company. 6a-2

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(E) “Covered Security” means a security as defined in Section 2(a)(36) of the 1940 Act and Section 202(a)(18) of the Advisers Act, which includes: any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. Covered Security also means any exchange traded fund. “Covered Security” does not include: (i) direct obligations of the Government of the United States; (ii) bankers’ acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market funds; (iv) shares issued by open-end investment companies registered under the 1940 Act that are not Reportable Funds (as defined below); and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the 1940 Act, none of which are Reportable Funds. References to a Covered Security in this Code (e.g., a prohibition or requirement applicable to the purchase or sale of a Covered Security) shall be deemed to refer to and to include any warrant for, option in, or security immediately convertible into that Covered Security, and shall also include any instrument that has an investment return or value that is based, in whole or in part, on that Covered Security (collectively, “Derivatives”). Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to the purchase or sale of a Covered Security shall also be applicable to the purchase or sale of a Derivative relating to that Covered Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Covered Security relating to that Derivative. (F) “Deputy CCO” means the Deputy Chief Compliance Officer of the Adviser. (G) “Independent Director” means a director of a Corporation who is not an “interested person” of the Corporation within the meaning of Section 2(a)(19) of the 1940 Act. (H) “Initial Public Offering” means an offering of securities registered under the Securities Act of 1933, as amended (the “1933 Act”), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act. (I) “Limited Offering” means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(6) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder. (J) “Reportable Fund” means any investment company registered under the 1940 Act: (i) for which the Adviser serves as an investment adviser; or (ii) whose investment adviser or principal underwriter controls the Adviser, is controlled by the Adviser or is under common control with the Adviser. 6a-3

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“Security Held or to be Acquired” by the Corporations means: (i) any Covered Security which, within the most recent 15 days: (A) is or has been held by a Corporation; or (B) is being or has been considered by a Corporation or the Adviser for purchase by a Corporation; and (ii) any 6a-4

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option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section II (F). (K) “Supervised Person” means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of the Adviser, or other person who provides investment advice on behalf of the Adviser and is subject to the supervision and control of the Adviser. Section III Objective and General Prohibitions A. As set forth in this Code, all Supervised Persons must comply with applicable federal securities laws and regulations. Access Persons may not engage in any investment transaction under circumstances in which he or she benefits from or interferes with the purchase or sale of investments by the Corporations (or the Adviser on behalf of the Corporations). In addition, Access Persons may not use information concerning the investments or investment intentions of the Corporations, or such person’s ability to improperly influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Corporations. Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Corporations. In this regard, Access Persons should recognize that Rule 17j-1 of the 1940 Act makes it unlawful for any affiliated person of the Corporations, or any affiliated person of an investment adviser for the Corporations, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Corporations to: (i) employ any device, scheme or artifice to defraud the Corporations; (ii) make any untrue statement of a material fact to the Corporations or omit to state to the Corporations a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; (iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Corporations; or (iv) engage in any manipulative practice with respect to the Corporations. Access Persons should also recognize that a violation of this Code, Rule 17j-1 of the 1940 Act or Rule 204A-1of the Advisers Act may result in the imposition of: (1) sanctions as provided by Section VIII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties. No Access Person may trade any security without advance approval from an Approving Officer (as defined below). B. Annex A and Section 9.3.2 of the Adviser’s Compliance Manual are each incorporated hereby, and to be regarded integral parts of this Section III.B as fully as if set forth herein in their entireties in haec verba. Section IV Prohibited Transactions Access Persons may not purchase or sell any individual publicly traded security, nor participate in any initial public offering or limited offering (as each term is defined in Rule 204A-1 of the Advisers Act) (such, together with individually traded public securities, “Covered Securities”) without advance approval from the Deputy CCO, or his or her designee, as requested and granted. The CCO of PCM and PCM’s Head of Administration (currently Daria Becker) have access to view, and the Deputy CCO, or his or her designee, monitors, employee investment transactions through Comply. 6a-5

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Notwithstanding, Access Persons do not need to seek advance approval for trades in Covered Securities conducted through any non-discretionary account over which the Access Person has no direct or indirect influence or control, as further discussed in Section V(D). Mutual Funds are exempt 6a-6

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from categorization as Covered Securities. Additionally, Access Persons must comply with Section 9.4.2 of the Adviser’s Compliance Manual, which is excerpted below. 9.4.2 Restricted Lists Upon notice from a Supervised Person that PCM is in possession of any material, non-public information regarding an issuer, or otherwise at his or her discretion, the CCO, or his or her designee, will place the issuer on a “Restricted List” and circulate the updated list of all restricted issuers to supervised persons. PCM supervised persons and their immediate family members are prohibited from personally, or on behalf of an advisory account, purchasing or selling securities of an issuer during any period the issuer is listed on the Restricted List. Issuers of which PCM Supervised Person are expected to have MNPI on a regular basis should generally be placed on the Restricted List. The CCO, or his or her designee, shall inform all supervised persons when an issuer is removed from the Restricted List. An issuer should only be removed from the Restricted List after such time as the PCM supervised person responsible for monitoring a given issuer or investment can confidently attest that PCM is no longer in possession of MNPI regarding such issuer. Personal Trading of PSEC shares No affiliate, director, member, officer or employee of PCC or PCM, or any other person who has access to non-public information pertaining to the operations, assets, investment activities or other material matters concerning the Corporation ("Access Persons") and their immediate family members may trade in the shares of PCC (“PSEC Shares”): (i) under any circumstances, when in possession of material non-public information; (ii) without advance permission of one of the CCO of PCC, CCO of PCM, Deputy CCO or, with respect to each, his or her designee (each, an "Approving Officer"); (iii) without providing a written confirmation of any permitted trade under paragraph (ii) above immediately to the Approving Officers (in addition to enabling a broker feed from his or her accounts to Comply); and (iv) other than during the period beginning on the business day immediately following any earnings call held by or on behalf of PCC and ending on the later of (x) the four week anniversary of such date, or (y) one week before the end of the next fiscal quarter; provided, that such “trading window” shall be closed at any time any Approving Officer comes into possession of material non-public information. Notwithstanding the foregoing, an Access Person is not permitted to short PSEC Shares (or enter into any Derivative which has the economic effect of increasing in value when PSEC Shares decrease in value). Upon submitting prospective trades to the Approving Officers for pre-approval, the applicant will be informed of any restrictions or black-out periods due to 10Q or 10K filings or for any other reason that warrants suspension of trading by Access Persons in order to comply with applicable laws and regulations and the policies and procedures of PCC or PCM. Additionally, Access Persons may make transactions in PSEC Shares outside the trading window if they are made pursuant to a predetermined, non-discretionary trading plan (“automatic investment plan”), provided that such plan has been reviewed and approved by the PCM Head of Administration, or his or her designee. The PCM Head of Administration, Deputy CCO, or his or her respective designee, shall collect evidence of the non-discretionary nature of the automatic investment plan, such as a letter from the responsible investment adviser, prior to granting approval. In addition, the Adviser may grant stock or other forms of equity of the Corporation to an Access Person outside the trading window if it is made pursuant to a predetermined employee stock plan or vesting schedule, 6a-7

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provided such grant has been reviewed and approved by the PCM Head of Administration, or his or her designee. 6a-8

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(A) No Access Person shall recommend any transaction in any Covered Securities by a Corporation without having disclosed to each of the Adviser and the relevant Corporation, his or her interest, if any, in such Covered Security or the issuer thereof, including: the Access Person’s Beneficial Ownership of any Covered Securities of such issuer; any contemplated transaction by the Access Person in such Covered Securities; any position or other economic interest that the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party in which the Access Person has a significant interest). (B) An Access Person must comply with the Adviser’s insider trading policies and procedures with respect to material non-public information. Please refer to the section entitled “Insider Trading Procedures” in the Adviser’s Compliance Manual. Section VReports by Access Persons (A)Initial Holdings Reports. No later than 10 days after a person becomes an Access Person, such person must file with the Chief Compliance Officer or Deputy CCO, or his or her designee, a Holdings Report. The report requires the Access Person to list all Covered Securities in which the Access Person has Beneficial Ownership. It also requires the Access Person to list all brokers, dealers, and banks where the Access Person maintained an account in which any securities (not just Covered Securities) were held for the direct or indirect benefit of the Access Person on the date such person became an Access Person. The report must be current as of a date no more than 45 days prior to the date the person became an Access Person. For purposes of this section, the term “Access Person” shall also include such person’s Immediate Family sharing the same household. (B) Quarterly Transactions Reporting Form No later than 30 days after the end of March, June, September, and December each year, each Access Person must file with the Chief Compliance Officer or Deputy CCO, or his or her designee, a Quarterly Transactions Reporting Form acknowledging receipt of, and agreeing to comply with, this Code. This report requires each Access Person to list all transactions (other than transactions effected pursuant to an automatic investment plan) during the most recent calendar quarter in Covered Securities, in which transactions such Access Person had Beneficial Ownership. The report also requires each Access Person to list all brokers, dealers, and banks where such Access Person established an account in which any securities (not just Covered Securities) were held during the quarter for the direct or indirect benefit of the Access Person. For purposes of this section, the term “Access Person” shall also include such person’s Immediate Family sharing the same household. Copies of statements or confirmations containing the information specified in the report may be submitted in lieu of listing the transactions. Access Persons submitting statements (or causing statements to be submitted, including as by enabling a broker feed from his or her accounts to Comply) will be deemed to have satisfied this reporting requirement, and need only sign off quarterly on having complied. For periods in which no reportable transactions were effected, the Quarterly Transactions Reporting Form shall contain a representation that no transactions subject to the reporting requirements were effected during the relevant time period. 6a-9

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(C) Annual Holdings Reporting Form Each Access Person must file with the Chief Compliance Officer or Deputy CCO, or his or her designee, an Annual Holdings Reporting Form. This report requires the Access Person to list all Covered Securities in which the Access Person has Beneficial Ownership as of December 31 of the prior year. It also requires the Access Person to list all brokers, dealers, and banks where the Access Person maintained an account in which any securities (not just Covered Securities) were held for the direct or indirect benefit of the Access Person as of December 31 of the prior year. The obligations of this Annual Holdings Reporting Form may be satisfied for all holdings in accounts linked via broker feed to Comply, and Access Persons will be accordingly deemed to have satisfied this reporting requirement upon pertinent certification. For purposes of this section, the term “Access Person” shall also include such person’s Immediate Family sharing the same household. (D)Exceptions to Reporting Requirements. (1)Independent Directors Notwithstanding the reporting requirements set forth in this Section V, an Independent Director who would be required to make a report under this Section V solely by reason of being a director of a Corporation is not required to file a Quarterly Transactions or Annual Holdings Form upon becoming a director of a Corporation. Such an Independent Director remains exempt from filing such Quarterly Transactions and Annual Holdings Forms unless such director knew or, in the ordinary course of fulfilling his or her official duties as a director of a Corporation, should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the director, such Covered Security is or was purchased or sold by a Corporation, or a Corporation or the Adviser considered purchasing or selling such Covered Security. (2)Access Persons An Access Person need not make any report under Section V with respect to transactions effected for, and Covered Securities held in, any account over which the Access Person has no direct or indirect influence or control (“non-discretionary account”), provided that the Access Person has provided adequate evidence that he or she has ceded all influence or control over such account. An Access Person of the Adviser need not submit a Quarterly Transactions Form if all of the information in the report would duplicate information held by the Adviser in its records that are required to be recorded pursuant to Rule 204-2(a)(13) under the Advisers Act, as amended, so long as the Adviser receives such information no later than 15 days after the end of the applicable calendar quarter. (E)Brokerage Accounts and Statements. Access Persons, except Independent Directors, shall: 1. Promptly after account opening, but in no event later than 15 days after the end of each calendar quarter, add to Comply any account in which any securities are held for the direct or indirect benefit of the Access Person, and in doing so (a) identify the name of the broker, dealer or bank with whom the account was established and (b) identify any and all holdings in such new account(s) and the date such account(s) were established. Permit the linking of such newly established account via broker feed to Comply for the monitoring of all holdings and transactions. If a feed is unable to be established, instruct the brokers, dealers or banks with whom they maintain such an account to provide, or otherwise themselves provide. duplicate account statements to the Chief Compliance Officer of the 6a-10

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Adviser or the Deputy CCO within two (2) weeks of the end of a typical statement period for the given account. 2. On a quarterly basis, certify that they have complied with the requirements of (1) and (2) above as provided for in the Quarterly Transactions Reporting Form to be filed. (F)Responsibility to Report. It is the responsibility of each Access Person to take the initiative to comply with the requirements of this Section V. Any effort by the Corporations, or by the Adviser and its affiliates, to facilitate the reporting process does not change or alter that responsibility. (G)Where to File Reports. All Quarterly Transactions Reporting Forms, Annual Holdings Reporting Forms, and Quarterly Acknowledgement Forms must be filed the Adviser. (H)Disclaimers. Any report required by this Section V must contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the Covered Security to which the report relates. Section VI Additional Prohibitions (A)Confidentiality. Until disclosed in a public report to shareholders or to the Securities and Exchange Commission in the normal course, it is the Adviser’s fiduciary duty to keep all information concerning the identity of security holdings and financial circumstances of the Corporations confidential. In addition, all information concerning the securities “being considered for purchase or sale” by the Corporations shall be kept confidential by all Access Persons and disclosed by them to other Access Persons only on a “need to know” basis or as otherwise permitted by law. It shall be the responsibility of the Chief Compliance Officer of the Adviser and the Corporations to report any inadequacy found in this regard to the directors of the relevant Corporation. (B)Outside Business Activities and Directorships. Access Persons may not engage in any outside business activities that may give rise to actual, or the appearance of, conflicts of interest, interfere with the duties to the Corporations or the Adviser, or otherwise jeopardize the integrity or reputation of the Corporations or the Adviser. Similarly, no such outside business activities may be inconsistent with the interests of the Corporations or the Adviser. Access Persons may not use the Corporations’ or Adviser’s names or related trademarks for personal benefit (or for the benefit of a third party). All outside business activities, including directorships of public or private companies, held by Access Persons shall be reported to the Chief Compliance Officer or the Deputy CCO, or his or her designee, upon hire or prior to engagement in any such role. Section VII Certification (A)Initial, Quarterly and Annual Certification. It is the duty of each Access Person to read and understand the Code of Ethics and consult with the Chief Compliance Officer of the Adviser, or his or her designee, with respect to any portion of the Code that is not clearly understood. Access Persons who are directors, managers, officers or employees of a Corporation or 6a-11

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the Adviser shall be required to certify initially, quarterly and annually that they have read this Code and that they understand it and recognize that they are subject to it and 6a-12

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agree to comply with its terms. (B)Board Review. No less frequently than annually, the Chief Compliance Officer of the Corporations and the Adviser must furnish to the Corporations’ boards of directors, and the board of directors must consider, a written report that: (A) describes any issues arising under this Code of Ethics or procedures since the last report to the board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to material violations; and (B) certifies that the Corporations or the Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. Section VIII Sanctions Any violation of this Code shall be subject to the imposition of such sanctions by the Corporations or the Adviser as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 of the 1940 Act, Rule 204A-1 of the Advisers Act and this Code. The sanctions to be imposed shall be determined by the board of directors, including a majority of the Independent Directors, provided, however, that with respect to violations by persons who are directors, managers, officers or employees of the Adviser (or of a company that controls the Adviser), the sanctions to be imposed shall be determined by the Adviser (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by a Corporation and the more advantageous price paid or received by the offending person with respect to any security transaction. Section IX Administration and Construction (A) The administration of this Code shall be the responsibility of the Chief Compliance Officer of the Adviser, along with his or her designee(s). (B) It is the duty of the Chief Compliance Officer of the Adviser to ensure completion of the following, provided that he or she shall have the discretion to delegate any of the following to a qualified designee: (1) Maintaining a current list of the names of all Access Persons with an appropriate description of their title or employment, including a notation of any directorships held by Access Persons who are officers or employees of the Adviser or of any company that controls the Adviser, and informing all Access Persons of their reporting obligations hereunder; (2) On an annual basis, providing all Access Persons with a copy of this Code and informing such persons of their duties and obligations hereunder including any supplemental training that may be required from time to time; (3) Maintaining or supervising the maintenance of all records and reports required by this Code and reviewing Quarterly Transactions and Annual Holdings Reporting Forms, and Quarterly Acknowledgement Forms periodically; (4) Using Comply to maintain listings of all transactions effected by Access Persons who are subject to the requirement to file Quarterly Transactions and Annual Holdings Reporting Form, and reviewing such transactions against a listing of all restricted securities; Issuing either personally or with the assistance of counsel as may be appropriate, of any interpretation of this Code that may appear inconsistent with the objectives of Rule 17j-1, Rule 204A-1 and this Code; 6a-13

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(5) Conducting such inspections or investigations as shall reasonably be required to detect and report, with recommendations, any apparent violations of this Code to the board of directors of the relevant Corporation; and (6) Submitting a written report to the board of directors of the Corporations, no less frequently than annually, that describes any issues arising under the Code since the last such report, including but not limited to the information described in Section VII (B). (C) The Chief Compliance Officer of the Adviser, or his or her designee, shall maintain or cause to be maintained in an easily accessible place at the principal place of business of the Corporations and the Adviser, the following records: 1. A copy of all codes of ethics adopted by the Corporations or the Adviser and its affiliates, as the case may be, pursuant to Rule 17j-1 of the 1940 Act and/or Rule 204A-1 of the Advisers Act that have been in effect at any time during the past five (5) years; 2. A record of each violation of such codes of ethics and of any action taken as a result of such violation for at least five (5) years after the end of the fiscal year in which the violation occurs; 3. A copy of each report made by an Access Person for at least two (2) years after the end of the fiscal year in which the report is made, and for an additional three (3) years in a place that need not be easily accessible; 4. A copy of each report made by the Chief Compliance Officer of the Adviser and/or a Corporation to the board of directors of each of the Corporations BDCs for two (2) years from the end of the fiscal year of the Corporation for which such report is made or issued and for an additional three (3) years in a place that need not be easily accessible; 5. A list of all persons who are, or within the past five (5) years have been, required to make reports pursuant to Rule 17j-1 of the 1940 Act, Rule 204A-1 of the Advisers Act and this Code of Ethics, or who are or were responsible for reviewing such reports; 6. A copy of each report required by Section VII (B) for at least two (2) years after the end of the fiscal year in which it is made, and for an additional three (3) years in a place that need not be easily accessible; and 7. A record of any decision, and the reasons supporting the decision, to approve the acquisition by Advisory Persons of securities in an Initial Public Offering or Limited Offering for at least five (5) years after the end of the fiscal year in which the approval is granted. (D) This Code may not be amended or modified except in a written form that is specifically approved by majority vote of the Independent Directors. This Code of Ethics initially was adopted and approved by the Board of Directors of the Corporation, including a majority of the Independent Directors, at a meeting on June 9, 2004. An amendment to this Code was approved and ratified effective as of February 1, 2005 by the Board of Directors of the Corporation, including a majority of the Independent Directors, at a meeting on February 10, 2005. A second set of amendments to this Code was approved and ratified effective as of September 1, 2006 by the Board of Directors, including a majority of the Independent Directors, at a meeting on September 6, 2006. The Code of Ethics was further reviewed, approved and ratified effective by the Board of Directors, including a majority of the Independent Directors, at a meeting on September 28, 2007 and again at a meeting on March 28, 2008. The Code of Ethics was further reviewed, approved and ratified effective by the Board of Directors, including a majority of the Independent Directors, at a meeting on September 28, 2007, March 28, 2008, June 17, 2009, June 15, 2010, August 24, 2011, 6a-14

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August 21, 2012, August 20, 2013, August 25, 2014 August 26, 2015, August 25, 2016, August 24, 6a-15

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2017, August 23, 2018, August 22, 2019, August 25, 2020, August 24, 2021, August 23, 2022, February 7, 2023, August 31, 2023, August 27, 2024, August 22, 2025 and August 19, 2026. Section XGifts and Entertainment Prospect Access Persons are required to consider the impact of any actual or apparent conflicts of interest in their business dealings. Entertainment and gift-giving is a business setting is permissible only as intends to foster working relationships, and may in no way be employed to generate an unfair advantage. Access Persons are expected to adhere to the following guidelines. • Entertainment is appropriate only when it is used to foster and promote business relationships for the firm; • Excessive gift giving or entertainment activity is prohibited; • An Access Person must obtain prior permission from his or her supervisor to provide a gift, such as includes any item(s), or the entertainment event(s) of a given day, that exceeds $160 in total value (inclusive of any tax or tip) per person or per gift, whichever hits $160 first; • An Access Person is then required to complete a Gift & Entertainment Preclearance Request in Comply (please attach your supervisor’s pre-approval to the Comply preclearance form); • If an Access Person forgets or neglects to preclear, please submit the preclearance form after the fact (understanding that this in effect transforms preclearance into post-clearance, but better than no record whatsoever in Comply). Please further understand that the actual amount spent should not exceed the pre- approved and pre-cleared amount absent extraordinary circumstances. In the event such real-time adjustments must be made, please make every effort to obtain on-the-spot approval, followed by notification to Deputy CCO, or his or her designee, of the actual amount spent. Deputy CCO, or his or her designee, will edit the original Gift & Entertainment Preclearance Request on Comply to note the discrepancy between the pre-cleared amount and the actual amount spent; • Concur (for submission of Travel & Expenses reimbursement) and Comply are two different and independent systems. Submission in one system does not necessarily alleviate a supervised person’s responsibility to submit in the other; • Access Persons may not solicit any gift or entertainment, nor accept cash or a gift certificate; and • An Access Person may not accept any gift or entertainment that might influence his or her investment decision or that might make the supervised person feel beholden to any person or firm. 6a-16

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EXHIBIT 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We consent to the incorporation by reference in Registration Statement No. 333-293349 on Form N-2 of our reports dated August 20, 2026, relating to the consolidated financial statements of Prospect Capital Corporation and the effectiveness of Prospect Capital Corporation’s internal control over financial reporting appearing in the Annual Report on Form 10-K of Prospect Capital Corporation for the year ended June 30, 2026. /s/ DELOITTE & TOUCHE LLP New York, New YorkAugust 20, 2026

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EXHIBIT 23.2 CONSENT OF INDEPENDENT AUDITOR We consent to the incorporation by reference in the Registration Statement on Form N-2 (File No. 333-293349) of Prospect Capital Corporation of our report dated August 10, 2026 relating to the consolidated financial statements of National Property REIT Corp. as of December 31, 2025 and 2024 and for the years then ended, appearing in the Annual Report on Form 10-K of Prospect Capital Corporation for the year ended June 30, 2026. /s/ Deloitte & Touche LLP Stamford, Connecticut August 20, 2026

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EXHIBIT 23.3 CONSENT OF INDEPENDENT AUDITOR We consent to the incorporation by reference in the Registration Statement on Form N-2 (File No. 333-293349) of Prospect Capital Corporation of our report dated April 28, 2026, relating to the consolidated financial statements of First Tower Finance Company LLC and Subsidiaries, appearing in the Annual Report on Form 10-K of Prospect Capital Corporation for the year ended June 30, 2026. /s/ RSM US LLP Raleigh, North Carolina August 20, 2026

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EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/15d-14(a) I, John F. Barry III, Chairman of the Board and Chief Executive Officer of Prospect Capital Corporation, certify that: 1. I have reviewed this Annual Report on Form 10-K of Prospect Capital Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over the financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: August 20, 2026 /s/ JOHN F. BARRY III John F. Barry III Chairman of the Board and Chief Executive Officer

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EXHIBIT 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)/15d-14(a) I, Kristin L. Van Dask, Chief Financial Officer and Treasurer of Prospect Capital Corporation, certify that: 1. I have reviewed this Annual Report on Form 10-K of Prospect Capital Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles; c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over the financial reporting; and 5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. Date: August 20, 2026 /s/ KRISTIN L. VAN DASK Kristin L. Van Dask Chief Financial Officer

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EXHIBIT 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350) In connection with the Annual Report on Form 10-K for the year ended June 30, 2026 (the “Report”) of Prospect Capital Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, John F. Barry III, Chairman of the Board and Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: August 20, 2026 /s/ JOHN F. BARRY III John F. Barry III Chairman of the Board and Chief Executive Officer A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Prospect Capital Corporation and will be retained by Prospect Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. ss. 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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EXHIBIT 32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350) In connection with the Annual Report on Form 10-K for the year ended June 30, 2026 (the “Report”) of Prospect Capital Corporation (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Kristin L. Van Dask, Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. Date: August 20, 2026 /s/ KRISTIN L. VAN DASK Kristin L. Van Dask Chief Financial Officer A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Prospect Capital Corporation and will be retained by Prospect Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. ss. 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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Exhibit 99.1 National Property REIT Corp. Consolidated Financial Statements For the years ended December 31, 2025 and 2024 (With Independent Auditor's Report Thereon)

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National Property REIT Corp. Consolidated Financial Statements Table of Contents Page Independent Auditor's Report 1 Consolidated Balance Sheets as of December 31, 2025 and 2024 3 Consolidated Statements of Operations for the years ended December 31, 2025 and 2024 4 Consolidated Statements of Changes in (Deficit) Equity for the years ended December 31, 2025 and 2024 5 Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 6 Notes to Consolidated Financial Statements 8

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INDEPENDENT AUDITOR’S REPORT To the Board of Directors National Property REIT Corp. Opinion We have audited the consolidated financial statements of National Property REIT Corp. and subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of operations, changes in (deficit) equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. 1

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• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. /s/ Deloitte & Touche LLP Stamford, Connecticut August 10, 2026 2

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National Property REIT Corp. Consolidated Balance Sheets December 31, 2025 2024 ASSETS Real estate assets Land $ 195,349,640 $ 232,385,005 Building and improvements 2,027,953,330 2,271,061,106 Furniture, fixtures, and equipment 206,111,513 210,004,522 Total real estate assets held for investment 2,429,414,483 2,713,450,633 Less: accumulated depreciation (566,940,116) (539,258,133) Net real estate assets held for investment 1,862,474,367 2,174,192,500 Real estate assets held for sale, net 53,801,296 25,250,000 Total real estate assets, net 1,916,275,663 2,199,442,500 Cash and cash equivalents 82,998,553 48,562,765 Restricted cash 35,968,435 37,278,071 Accounts receivable, net 5,189,042 15,175,142 Interest receivable — 934 Due from LendingClub Corporation — 21 Due from affiliates 1,630,959 1,734,915 Preferred equity investments at fair value 15,860,306 14,687,438 Prepaid expenses and other assets 10,969,747 12,768,383 Collateralized loan obligations at fair value — 381,508,024 Unsecured consumer loans at fair value — 3,409 Residual interests in securitizations at fair value — 2,548,574 Corporate bonds at fair value — 18,923,461 Interest rate caps at fair value 5,889,870 13,948,780 Deferred leasing costs, net 30,790 16,304 Lease intangibles, net 62,951 81,388 Right-of-use assets 33,679,805 34,691,721 TOTAL ASSETS $ 2,108,556,121 $ 2,781,371,830 LIABILITIES AND DEFICIT Liabilities Mortgages payable, net of unamortized discount and debt issuance costs $ 1,899,156,159 $ 2,159,200,108 Mortgages payable related to real estate assets held for sale, net of unamortized discount and debt issuance costs 60,127,740 23,476,018 Reverse repurchase facilities, at fair value, net of unamortized debt issuance costs — 180,586,000 Senior secured term loans, net of debt issuance costs 880,104,216 1,049,865,211 Accounts payable and accrued expenses 45,506,695 54,124,306 Security deposits 6,430,801 7,692,471 Due to affiliates 12,424,391 12,678,652 Prepaid rent and other liabilities 6,861,591 9,199,783 Lease liabilities 29,792,149 27,975,858 Total liabilities 2,940,403,742 3,524,798,407 Commitments and contingencies (Note 20) Deficit Preferred stock, $0.001 par value, Series A Cumulative Non-Voting, 12.5%; $125,000 liquidation preference, 125 shares authorized, issued andoutstanding 109,950 109,950 Common stock, $0.001 par value; 100,000,000 common shares authorized, 3,374,914 and 3,374,914 issued and outstanding, respectively 3,375 3,375 Additional paid-in-capital 15,224,921 19,819,881 Accumulated deficit (726,542,928) (666,689,795) Non-controlling interest (120,642,939) (96,669,988) Total deficit (831,847,621) (743,426,577) TOTAL LIABILITIES AND DEFICIT $ 2,108,556,121 $ 2,781,371,830 See Notes to Consolidated Financial Statements. 3

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National Property REIT Corp. Consolidated Balance Sheets The following presents the portion of the consolidated balances presented above attributable to consolidated variable interest entities. December 31, 2025 2024 Assets Total real estate assets, net $ 85,817,342 $ 89,123,221 Cash and cash equivalents 1,785,336 2,198,766 Restricted cash 4,073,477 3,899,073 Accounts receivable, net 415,180 372,197 Due from affiliates 59,500 59,500 Prepaid expenses and other assets 126,585 136,845 Total assets $ 92,277,420 $ 95,789,602 Liabilities Mortgages payable, net of unamortized discount and debt issuance costs $ 245,326,215 $ 244,728,474 Accounts payable and accrued expenses 6,720,968 6,322,452 Security deposits 580,463 577,089 Due to affiliates 31,622 68,526 Prepaid rent and other liabilities 218,427 249,260 Total liabilities $ 252,877,695 $ 251,945,801 See Notes to Consolidated Financial Statements. 4

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National Property REIT Corp. Consolidated Statements of Operations Years Ended December 31, 2025 2024 Income Rental income $ 299,675,864 $ 311,574,292 Interest income 15,484,661 65,836,125 Other tenant income 61,791,010 55,467,527 Total income 376,951,535 432,877,944 Costs and expenses Property operating expenses 171,797,514 180,998,282 Management fees 14,786,541 15,478,510 Depreciation and amortization 109,435,420 115,111,438 General and administrative expenses 27,973,155 32,145,114 Total costs and expenses 323,992,630 343,733,344 Other (expense) income Interest and debt expense (183,656,073) (260,856,522) Fair value adjustments, net (46,194,195) 1,142,757 Gain on sale of real estate assets 135,889,083 52,255,892 Impairment loss (1,851,359) (221,731) Total other (expense) income, net (95,812,544) (207,679,604) Loss before income tax (42,853,639) (118,535,004) Income tax benefit (expense) (3,200) 1,230 Net loss (42,856,839) (118,533,774) Income attributable to non-controlling interest (16,980,669) (2,181,747) Dividends attributable to preferred shares (15,625) (15,625) Net loss attributable to common shares $ (59,853,133)$ (120,731,146) See Notes to Consolidated Financial Statements. 5

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National Property REIT Corp. Consolidated Statements of Changes in (Deficit) Equity PreferredShares CommonShares AdditionalPaid-in-Capital AccumulatedDeficit TotalStockholders'(Deficit) Non-ControllingInterest Total (Deficit) Balance at December 31, 2023 $ 109,950 $ 3,375 $19,819,881 $(545,958,649)$(526,025,443)$ (4,058,342)$(530,083,785) Issuance of common shares — — — — — — — Contribution from non-controllinginterest — — — — — 5,670,193 5,670,193 Dividends on common shares — — — — — — — Dividends on preferred shares — — — (15,625) (15,625) — (15,625) Distributions to non-controlling interest— — — — — (100,463,586)(100,463,586) Net (loss) income — — — (120,715,521)(120,715,521) 2,181,747 (118,533,774) Balance at December 31, 2024 109,950 3,375 19,819,881 (666,689,795)(646,756,589)(96,669,988)(743,426,577) Issuance of common shares — — — — — — — Contribution from non-controllinginterest — — — — — 4,283,428 4,283,428 Dividends on common shares — — — — — — — Dividends on preferred shares — — — (15,625) (15,625) — (15,625) Distributions to non-controlling interest— — — — — (45,659,498)(45,659,498) Purchase of subsidiary shares from non-controlling interest — — (4,594,960) — (4,594,960) 422,450 (4,172,510) Net (loss) income — — — (59,837,508)(59,837,508) 16,980,669 (42,856,839) Balance at December 31, 2025 $ 109,950 $ 3,375 $15,224,921 $(726,542,928)$(711,204,682)$(120,642,939)$(831,847,621) See Notes to Consolidated Financial Statements. 6

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National Property REIT Corp. Consolidated Statements of Cash Flows Years Ended December 31, 2025 2024 Cash flows from operating activities: Net loss $ (42,856,839)$ (118,533,774) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 108,955,688 109,510,602 Amortization of in-place leases 18,437 5,279,119 Amortization of leasing commissions 47,827 53,087 Amortization of other deferred leasing costs — 640 Amortization of above market leases 413,468 267,990 Amortization of right-of-use assets 2,252,003 2,148,229 Amortization of debt issuance costs and debt discounts and premiums 7,153,123 10,203,775 Amortization of corporate bonds — (285,299) Amortization of discount on collateralized loan obligations (2,654,301) (6,369,041) Accretion of PIK on senior secured term loans 905,568 — Accretion of PIK on collateralized loan obligations (851,427) (1,331,173) Fair value adjustments of collateralized loan obligations 8,815,200 (5,441,475) Fair value adjustments of unsecured consumer loans (130,543) (291,160) Fair value adjustments of residual interests in securitizations (4,531,560) 231,305 Fair value adjustments of corporate bonds 496,027 (2,154,031) Fair value adjustments of preferred equity investment (85,219) 345,209 Fair value adjustments of interest rate caps 8,973,410 6,593,686 Purchases of interest rate caps (914,500) (1,719,000) Sales of interest rate caps — 1,380,302 Realized loss/(gain) on collateralized loan obligations 28,901,631 (426,291) Realized gain on corporate bonds (608,906) — Realized loss on residual interests in securitizations 4,364,155 — Gain on sale of real estate assets (135,889,083) (52,255,892) Impairment loss 1,851,359 221,731 Loss on early extinguishment of debt 2,035,885 1,379,104 Income from accretion on residual interests in securitizations — (58,298) Accretion of PIK on preferred equity investments (1,087,649) (1,013,674) Changes in operating assets and liabilities: Accounts receivable 9,986,100 4,036,402 Interest receivable 934 (25) Due to affiliates (254,261) (1,610,239) Due from affiliates 103,956 (1,177,871) Prepaid expenses and other assets 1,798,636 4,830,685 Accounts payable and accrued expenses (6,369,694) 2,635,472 Security deposits (1,261,670) 93,147 Prepaid rent and other liabilities (2,338,192) 1,570,703 Deferred leasing costs (62,313) (25,768) Right-of-use assets (1,653,555) — Lease liabilities 1,816,291 419,572 Net cash used by operating activities (12,660,014) (41,492,251) Cash flows from investing activities: Acquisition of real estate assets — (75,437,865) Additions to real estate assets (39,727,741) (58,463,830) Acquisition of lease intangibles — (5,260,693) Proceeds from disposition of real estate assets 233,044,814 151,165,999 Purchases of collateralized loan obligations — (32,723,543) Principal payments received on collateralized loan obligations 47,853,068 75,731,371 Proceeds from disposition of collateralized loan obligations 299,443,853 7,813,980 Proceeds from disposition of corporate bonds 19,036,340 — 7

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National Property REIT Corp. Consolidated Statements of Cash Flows Years Ended December 31, 2025 2024 Proceeds from disposition of securitized residual interests 2,715,979 — Principal payments received on unsecured consumer loans 3,416 78,597 Proceeds from recoveries and sales of charged-off loans 130,536 288,653 Principal payments received on securitized residual interests — 4,077 Decrease in due from LendingClub Corporation 21 1,181 Net cash provided by investing activities 562,500,286 63,197,927 Cash flows from financing activities: Proceeds from mortgages payable 6,298,864 280,375,391 Repayments of mortgages payable (119,908,186) (244,515,817) Proceeds from reverse repurchase facilities — 24,296,000 Repayments of reverse repurchase facilities (180,586,000) (40,046,000) Proceeds from senior secured term loan 77,793,610 175,671,692 Repayments of senior secured term loan (253,175,064) (135,256,253) Payment of debt issuance costs (285,383) (3,635,776) Payment of debt extinguishment costs (1,287,756) (761,186) Dividends on preferred shares (15,625) (15,625) Acquisition of subsidiary interest from non-controlling interest (4,172,510) — Contributions from non-controlling interest 4,283,428 5,670,193 Distributions to non-controlling interests (45,659,498) (100,463,586) Net cash used by financing activities (516,714,120) (38,680,967) Net increase (decrease) in cash, cash equivalents, and restricted cash 33,126,152 (16,975,291) Cash, cash equivalents, and restricted cash, beginning of year 85,840,836 102,816,127 Cash, cash equivalents, and restricted cash, end of year $ 118,966,988 $ 85,840,836 Supplemental Disclosures Cash paid (received) during the period for: Interest expense $ 176,384,584 $ 247,858,658 Income taxes (benefit) $ 3,200 $ (1,230) Non-cash investing and financing activities: Mortgage loan assumed by purchaser upon sale of real estate assets$ 112,683,883 $ — Accrued additions to real estate assets $ 5,359,894 $ 7,607,811 Senior secured term loan interest paid-in-kind $ 905,568 $ 2,339,329 See Notes to Consolidated Financial Statements. 8

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National Property REIT Corp Notes to Consolidated Financial Statements 1. Organization References herein to the "Company," "we," "us," or "our" refer to National Property REIT Corp. ("NPRC"), formerly known as National Property Holdings Corp., unless the context specifically requires otherwise. The Company is a Maryland corporation and is a real estate investment trust ("REIT") for U.S. federal income tax purposes. The Company was formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets and engage in any and all other activities as may be necessary, incidental or convenient to carry out the foregoing. The Company intends to acquire real estate assets, including, but not limited to, industrial, commercial, student housing, self-storage, and multi-family properties. The Company commenced operations on December 31, 2013. NPH Property Holdings, LLC ("NPH"), a Delaware limited liability company, owns all of the outstanding common stock of the Company. NPH is a wholly-owned subsidiary of Prospect Capital Corporation ("PSEC"). On December 31, 2013, PSEC contributed to the Company, through NPH, ownership interests in entities that own real estate properties. In exchange for the contribution of assets, NPH received shares of the Company’s common stock. These entities were NPH McDowell, LLC ("Oxford"), APH Carroll 41, LLC ("Bexley"), and 146 Forest Parkway, LLC ("146 FP"). On October 23, 2014, United Property REIT Corp. ("UPRC"), an affiliated entity indirectly owned by PSEC, contributed to the Company ownership interest in Michigan Storage, LLC ("Michigan"), an entity that owned a portfolio of self-storage real estate properties. UPH Property Holdings, LLC ("UPH"), a Delaware limited liability company, owned all of the outstanding common stock of UPRC. UPH was a wholly-owned subsidiary of PSEC. On November 26, 2014, American Property REIT Corp. ("APRC"), an affiliated entity indirectly owned by PSEC, contributed to the Company, ownership interest in APH Carroll Resort, LLC (the "Resort"), an entity that owned a multi-family real estate property. On May 1, 2015, APRC contributed to the Company ownership interest in 5100 Live Oaks Blvd, LLC ("Amberly"), an entity that owned a multi-family real estate property. APH Property Holdings, LLC ("APH"), a Delaware limited liability company, owned all of the outstanding common stock of APRC. APH was a wholly-owned subsidiary of PSEC. These entity contribution transactions are collectively referred to as the "Common Control Transfer." On May 23, 2016, APRC and UPRC (collectively referred to as the "Affiliated REITs") were merged ("Merger") with and into the Company, with the Company continuing as the surviving corporation. The Affiliated REITs were formed to hold for investment, operate, finance, lease, manage, and sell a portfolio of real estate assets. At the date of Merger, the Affiliated REITs held an investment portfolio of real estate assets owned directly or through joint ventures by making a majority equity investment in property- owning entities. The real estate investments acquired during the Merger are collectively known as the "Merger Investments." In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 805, Business Combinations, the Merger and Common Control Transfer transactions noted above were executed between entities under common control. The assets and liabilities of each of the entities acquired through these transactions were recorded at their historical carrying amounts, and the results of operations of these entities have been recognized in the accompanying consolidated statements of operations for all periods presented. Subsequent to the Merger during 2016, NPRC's consolidated balance sheets reflect the historical carryover basis in the assets and liabilities acquired. The Company has also retrospectively adjusted its financial statements to combine the operating results of the Company and the entities acquired from the date common control began. National Marketplace Finance, LLC (formerly known as Prospect Finance Company, LLC) ("NMF") is a subsidiary of the Company, and currently owns the online originated unsecured consumer loan portfolio and residual interests in securitizations. NMF holds the interests in ACL Loan Holdings, Inc. ("ACLLH") and American Consumer Lending Limited ("ACLL"). ACLLH was formed to hold the indirect interest in ACL Consumer Loan Trust ("ACL Trust"), which was contributed to ACLLH on June 30, 2014 by the Company, its initial sole member. ACL Trust and American Consumer Lending (Prime), LLC, a subsidiary of ACLL, (collectively with ACL Trust, referred to as the "ACL Subsidiaries"), hold unsecured consumer loans purchased from Prosper Funding LLC ("Prosper"). ACL Consumer Loan Trust III ("ACL Trust III"), a subsidiary of ACLLH, formed on June 10, 2014, and American Consumer Lending III (Near-Prime), LLC, a subsidiary of ACLL, (collectively with ACL Trust III, referred to as the "ACL III Subsidiaries"), formed on June 13, 2014, hold unsecured consumer loans purchased from LendingClub Corporation. ACL Consumer Loan Trust IV ("ACL Trust IV"), a subsidiary of ACLLH, formed on March 23, 2015, and American Consumer Lending IV (Near-Prime), LLC, a subsidiary of ACLL, (collectively with ACL Trust IV, referred to as the "ACL IV Subsidiaries"), formed on January 15, 2015, hold unsecured consumer loans originated by and purchased from LendingClub Corporation. ACL Patient Solutions Trust ("ACL PS"), a subsidiary of ACLLH, formed on October 14, 2015, and ACL Patient Solutions Holdings, LLC, a subsidiary of ACLL, formed on October 9

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National Property REIT Corp Notes to Consolidated Financial Statements 5, 2015, hold unsecured consumer loans from NBT Bank, National Association ("NBT"). From October 20, 2015 to December 31, 2018 ACL PS acquired and held unsecured consumer loans as part of a loan purchase and sale agreement between ACL PS, NBT and Springstone Financial, LLC ("Springstone"), a wholly-owned subsidiary of LendingClub Corporation. ACL Consumer Loan Trust V ("ACL Trust V"), a subsidiary of ACLL, formed on October 16, 2015, holds unsecured consumer loans purchased from Avant II, LLC ("Avant") for the period November 17, 2015 to December 31, 2018. ACL Consumer Loan Trust VI ("ACL Trust VI"), a subsidiary of ACLLH, formed on April 27, 2016, and American Consumer Lending VI, LLC, a subsidiary of ACLL, (collectively with ACL Trust VI, referred to as the "ACL VI Subsidiaries"), formed on November 30, 2015, hold unsecured consumer loans purchased from LendingClub Corporation for the period May 1, 2016 to December 31, 2018. Murray Hill Securitization Holdings Limited ("Murray Hill"), a subsidiary of ACLL, formed on July 24, 2015, holds interest in Murray Hill Marketplace Trust 2016-LC1, a securitization of unsecured consumer loans purchased from LendingClub Corporation for the period October 13, 2016 to December 31, 2018. Murray Hill also holds residual interests in securitizations. LendingClub Corporation and Springstone are hereafter collectively referred to as "LendingClub". American Consumer Lending VII, LLC, a subsidiary of ACLL, formed on October 5, 2017, holds unsecured consumer loans purchased from Prosper and NBT during the period July 28, 2015 to December 31, 2018. NPH Guarantor, LLC was contributed to NMF on January 13, 2015 by the Company, its initial sole member. NPH Guarantor, LLC is the indemnitor of the ACL III Subsidiaries and ACL PS revolving credit facilities. There was no activity in NPH Guarantor, LLC from inception through December 31, 2018. National General Lending Limited ("NGL"), a wholly-owned entity of the Company, was formed on May 23, 2019 to own various debt tranches in collateralized loan obligations (“CLOs”). NGL holds the CLOs in NGL Subsidiary Ltd. ("NGL Limited"), a wholly- owned Cayman Islands limited liability company that was formed August 26, 2019. Operations to buy and sell CLOs commenced on October 30, 2019. In connection with NGL's commencement of operations during 2019, PSEC contributed approximately $12,000,000 in cash and transferred approximately $52,139,000 of CLOs. 2. Significant Accounting Policies a. Principles of Reporting and Use of Estimates The accompanying consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of any contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. Management makes significant estimates regarding the allocation of a property’s purchase price to the tangible and intangible assets and liabilities acquired, revenue recognition, and determining whether an asset is impaired. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates. b. Basis of Consolidation and Transfers of Financial Assets The accompanying consolidated financial statements include our accounts and those of our subsidiaries, which are wholly- owned or controlled by us. All intercompany balances and transactions have been eliminated. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity in a subsidiary not attributable, directly or indirectly, to the Company. Non-controlling interests are required to be presented as a separate component of equity in the consolidated balance sheets and the presentation of net income (loss) is modified to present the net income (loss) attributed to controlling and non- controlling interests. For a variable interest entity ("VIE"), an entity is subject to consolidation if the equity investors (a) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, (b) are unable to direct the entity’s activities, or (c) are not exposed to the entity’s losses or entitled to its residual returns. VIEs that meet certain scope characteristics are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both (a) the power to direct the activities of a VIE that most significantly impact the VIEs economic performance and (b) the obligation/right to absorb losses and receive benefits from the VIE. This determination can sometimes involve complex and subjective analysis. We are required on an ongoing basis to assess whether we are the primary beneficiary of a VIE. 10

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National Property REIT Corp Notes to Consolidated Financial Statements From time to time, we may invest in preferred equity investments. In determining the accounting treatment to be applied to preferred equity transactions, we evaluate whether the joint venture entity is a VIE and, if so, whether the VIE should be consolidated. Based on our evaluations, we have concluded that our preferred equity investments are VIEs. We are primary beneficiary of one of the investments which is consolidated. The Company has determined that the other preferred equity investment should not be consolidated. Where the requirements for consolidation are not met, the investment is accounted for under the equity method of accounting. When the Company elects the fair value option for unconsolidated entities, the Company records its share of net asset value of the entity and any related unrealized gains and losses. See Note 7 for details of the preferred equity investments. c. Purchase Accounting and Acquisitions of Real Estate The Company records the acquisition of real estate that will be used for the production of income as an asset acquisition, with all assets acquired and liabilities assumed recorded at their acquisition date fair values. Acquisition costs are capitalized and allocated to the acquired tangible assets, consisting of land, building and improvements, furniture, fixtures and equipment. The Company assesses the acquisition date fair values of all tangible assets, and identified lease intangibles, consisting of in-place leases, tenant relationships, deferred leasing costs, and above-market and below-market leases. Real estate assets, including land, building and improvements, and furniture, fixtures and equipment are stated at historical cost less accumulated depreciation. Costs associated with the development, construction and improvement of the Company’s real estate assets are capitalized as incurred. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred, while major replacements and betterments, which improve or extend the useful life of the asset, are capitalized and depreciated over the estimated useful lives. The Company records depreciation expense using the straight-line method over the useful lives of the respective assets. The estimated useful lives are as follows: Category Term Building 15 to 54 years Improvements 2 to 14 years Furniture, fixtures, and equipment 2 to 14 years Depreciation expense for the years ended December 31, 2025 and 2024 was $108,955,688 and $109,510,602, respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of operations. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions and information gathered during pre-acquisition due diligence activities. The valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value of in-place leases and deferred leasing costs are amortized to expense over the remaining term of the respective leases, which range from less than a year to fifteen years. The amount allocated to acquire in-place leases is determined by calculating the estimated time to fill a hypothetically empty property to its stabilization level based on historical observed move-in rates for each property. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The amount allocated to deferred leasing costs is determined by what the Company would have paid to a third-party to secure a new tenant reduced by the expired term of the respective lease. The value of tenant relationships is amortized over the remaining initial lease term and expected renewals, which is thirty seven years. The amount allocated to tenant relationships is the benefit resulting from the likelihood of a tenant renewing its lease. Acquired intangible assets generally have no residual value. Amortization expense related to these assets was $479,733 and $5,600,835 for the years ended December 31, 2025 and 2024, respectively. 11

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National Property REIT Corp Notes to Consolidated Financial Statements d. Impairment of Real Estate The Company reviews the carrying value of its real estate assets and intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such reviews indicate that the asset may be impaired, given that the carrying amount of an asset exceeds the sum of its expected future cash flows, on an undiscounted basis, the asset’s carrying amount is written down to its fair value. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. For the years ended December 31, 2025 and 2024, the Company recorded $1,851,359 and $221,731, respectively, of impairment charges related to real estate assets. e. Assets Held for Sale and Discontinued Operations The Company classifies certain real estate assets as held for sale on the consolidated balance sheets once the criteria, as defined by GAAP, have been met. Real estate assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. The Company reports discontinued operations when the disposal of real estate assets represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. No disposal met the definition of discontinued operations as of December 31, 2025 and 2024. f. Environmental Matters Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines and penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. The Company recognizes a liability for environmental matters if it is probable a liability has been incurred and the amount of loss can be reasonably estimated. As of December 31, 2025 and 2024, the Company is not aware of any environmental matters that would have an impact on the consolidated financial statements. g. Fair Value Measurements In accordance with ASC Topic 820, Fair Value Measurement ("ASC 820"), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, in the principal or most advantageous market considering the highest and best use of an asset or nonperformance risk related to a liability, at the measurement date. The Company uses the most observable inputs that are available to measure fair value. Observable inputs are inputs that the market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). • Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; • Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and • Level 3 - unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk, where applicable, in the Company’s assessment of fair value. The Company carries its mortgages payable, debt related to consolidated VIE, and senior secured term loan at cost, net of unamortized discount, debt issuance costs, and associated amortization, on the accompanying consolidated balance sheets. 12

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National Property REIT Corp Notes to Consolidated Financial Statements h. Fair Value of Financial Instruments Pursuant to ASC Topic 825, Financial Instruments ("ASC 825"), which provides entities with an option to report selected financial assets and liabilities at fair value, the Company has made an election to measure its unsecured consumer loans, residual interest in securitizations, CLOs, corporate bonds, interest rate caps, certain preferred equity investments, and reverse repurchase facilities at fair value on the consolidated balance sheets. We elected to use the fair value option to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Under this election, (a) unsecured consumer loans charged off, recoveries, and realized gains (losses), and (b) net increase or decrease in unrealized appreciation (depreciation) of the unsecured consumer loans, residual interest in securitizations, CLOs, corporate bonds, interest rate caps, preferred equity investments, and reverse repurchase facilities are recorded as fair value adjustments on the consolidated statements of operations. i. Revenue Recognition Rental revenues from residential, student housing, and self-storage tenants are recognized on a contractual basis, as lease periods for these investments are short‐term in nature. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. The Company recognizes reimbursement for utilities and other expenses recoveries as other revenue when earned. Rental revenues from industrial and commercial tenants are recognized on a straight-line basis over the term of the lease. The industrial and commercial leases contain rental increases at specified intervals. The Company records as an asset, and includes in rental revenues, deferred rent receivable that will be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Deferred rent receivable in the accompanying consolidated balance sheets includes the cumulative difference between rental revenue recorded on a straight-line basis and rents received from the tenants in accordance with the respective lease terms. Rental income can be comprised of fixed and variable lease payments. The following table shows the details of rental income for the years ended December 31, 2025 and 2024: 2025 2024 Fixed rent $ 308,634,502 $ 322,876,360 Less: write-off of tenant receivables (8,958,638) (11,302,068) Total rental income $ 299,675,864 $ 311,574,292 Minimum future rental receipts under the noncancelable portion of commercial tenant leases, assuming no new or renegotiated leases, for the next five years and thereafter are as follows: Year RentalReceipts 2026 $ 209,968 2027 $ 209,968 2028 $ 209,968 2029 $ 86,911 2030 $ — Thereafter$ — Interest income is recognized on an accrual basis, in accordance with the terms of the loan agreement, to the extent that such amounts are expected to be collected. Generally, our unsecured consumer loans are placed on non-accrual status when the loan is greater than 60 days contractually delinquent or charged off, which may occur if a borrower were to declare bankruptcy prior to a loan being 60 days delinquent, at which point the associated interest receivable balance is reversed against the interest income on the consolidated statements of operations. For residual interests in securitizations, interest income is recognized using the effective interest method. Under this method, we recognize as interest income, over the life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows quarterly and recognize changes in the calculated effective interest rate on a prospective basis. For certain investments held by the Company, cash not received for interest may be recorded through a payment-in-kind ("PIK"). Interest income recorded as PIK is recognized as income in the period earned. Gains and losses on the sale of real estate are recognized pursuant to ASC 610, Gains and Losses from the Derecognition of Nonfinancial Assets. Any gain or loss on sale is measured based on the difference between the amount of consideration received and the carrying amount of the sold real estate asset, less costs to sell. For 13

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National Property REIT Corp Notes to Consolidated Financial Statements a partial sale of real estate resulting in a transfer of control, the Company measures any non-controlling interest retained at fair value, and recognizes a gain or loss on the difference between the fair value and the carrying amount of the real estate assets retained. j. Cash and Cash Equivalents The Company considers all highly-liquid instruments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents includes funds deposited with financial institutions and short-term, highly- liquid overnight investment in money market funds. As of December 31, 2025 and 2024, the Company had cash and cash equivalents of $82,998,553 and $48,562,765, respectively. As of December 31, 2025 and 2024, $8,369,762 and $1,093,880 of the cash and cash equivalents, respectively, disclosed on the consolidated balance sheets represent investments in money market funds, with the remainder held in deposit accounts, substantially all of which exceeded applicable insurance limits. k. Restricted Cash Restricted cash consists of cash escrowed under the operating agreements and mortgage agreements for debt service, real estate taxes, property insurance, capital improvements and other restricted deposits. The Company had restricted cash of $35,968,435 and $37,278,071 as of December 31, 2025 and 2024, respectively. Total cash and cash equivalents, and restricted cash was $118,966,988 and $85,840,836 as of December 31, 2025 and 2024, respectively. l. Unsecured Consumer Loans Unsecured consumer loans consist of individual loans purchased from various originators of unsecured consumer loans ("Lending Platforms") under terms of the Company’s agreement with the respective platforms, who are sellers of the unsecured consumer loans that continue to service such loans. Unsecured consumer loans made through the Lending Platforms are issued by WebBank, an FDIC-insured, Utah chartered industrial bank, except for loans issued by NBT. After funding a loan, WebBank sells the loan to the Lending Platform, without recourse, in exchange for the principal amount of the loan. Loans issued by NBT are purchased by the Company as part of a loan purchase and sale agreement between ACL PS, NBT and Springstone. All loans purchased are unsecured obligations of individual borrowers with a fixed interest rate and loan terms set between 12 and 84 months. Unsecured consumer loans are recorded on the date purchased by the Company, which is generally at least fifteen days after origination. Unsecured consumer loans are charged off in the month that the loan becomes greater than 120 days contractually delinquent or in the month that the borrower has entered bankruptcy, at which point the outstanding principal amount is written off against the total balance of the unsecured consumer loans on the consolidated balance sheets. This results in a fair value adjustment on the consolidated statements of operations. Recoveries on charged off loans and sales of charged off loans to third-parties are recorded as received, net of fees. m. Due from Lending Platforms LendingClub is an online marketplace lending platform from which we purchase unsecured consumer loans. The Due from LendingClub Corporation amounts presented on the consolidated balance sheets represent cash deposited at LendingClub. n. Accounts Receivable Deemed Uncollectible The Company monitors its accounts receivable on a tenant-by-tenant basis and if cash collection is deemed not probable, the Company establishes a full reserve for the individual tenant's outstanding balance. For the remaining receivable balance, the Company establishes and maintains a general reserve reflecting the Company's expectation that a portion of the operating receivables will not be collected. As of December 31, 2025 and 2024, $1,578,253 and $2,791,283, respectively, was deemed uncollectible and is included as accounts receivable, net, within the consolidated balance sheets. o. Asset Management and Management Services Management fee expenses are recognized when incurred in accordance with the terms of each respective management agreement. p. Debt Issuance Costs and Unamortized Debt Discounts The Company defers costs incurred in connection with obtaining financing and amortizes the costs using the straight‐line method, which approximates the effective interest rate method, over the terms of the related debt as a component of interest expense. The Company also recognizes a debt discount or premium in connection with mortgages assumed at fair value in accordance with ASC 805. Debt issuance costs and unamortized debt 14

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National Property REIT Corp Notes to Consolidated Financial Statements discounts have been presented as a direct deduction to our mortgages payable, mortgages payable related to real estate assets held for sale, debt related to consolidated VIE, and senior secured term loans in the accompanying consolidated balance sheets. At December 31, 2025 and 2024, the Company had net debt issuance costs and debt discounts of $11,571,568 and $19,187,436, respectively. Amortization of debt issuance costs and debt discounts of $7,153,123 and $10,203,775 is included in interest expense in the consolidated statements of operations for the years ended December 31, 2025 and 2024, respectively. q. Non-controlling Interests Non-controlling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in real estate properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third-parties as non-controlling interests. The Company records these non-controlling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These non-controlling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are generally allocated pro rata based on the respective ownership percentages until the venture reaches certain performance measures, at which time the other venture party will be entitled to preferred distributions (profit interests). r. Income Taxes The Company elected to be taxed as a REIT for U.S. federal income tax purposes, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company believes it operates in such a manner as to qualify for treatment as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its taxable income. A REIT is subject to a number of organizational and operational requirements, including, among others, a requirement that it currently distributes at least 90% of its taxable income to stockholders, subject to certain adjustments. If the Company fails to qualify as a REIT in any taxable year without the benefit of certain relief provisions, it will be subject to federal and state income taxes on its taxable income at regular corporate income tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state or local taxes on its income, property or net worth and federal taxes and excise taxes on its undistributed income. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("TRS") will be fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, Income Taxes. Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. For the years ended December 31, 2025 and 2024, several of the Company's subsidiaries were considered taxable corporations for U.S. federal and state income tax purposes. The taxable U.S. corporate subsidiaries are subject to corporate level U.S. federal, state and local income tax on their net taxable income. ASC 740, Income Taxes ("ASC 740") provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. As of December 31, 2025 and 2024, we did not have a liability for any unrecognized tax benefits. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. We file tax returns for U.S. federal, various states and foreign jurisdictions. The statute of limitation is open for all jurisdictions for tax years beginning in 2018. The Company’s policy is to classify interest and penalties on tax positions, if any, as expenses. For the years ended December 31, 2025 and 2024, no interest and penalties have been accrued. 15

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National Property REIT Corp Notes to Consolidated Financial Statements s. Concentration of Counterparty Risk and Credit Risk In the normal course of its business, the Company encounters counterparty risk and credit risk. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, principal and interest outstanding on unsecured consumer loans, and amounts deposited with each of the Company's Lending Platforms. Counterparty risk represents the risk that we would incur if the counterparties failed to perform pursuant to the terms of their agreements with us. t. Servicing, Collection and Upfront Fees The Company incurs a monthly servicing fee for each outstanding unsecured consumer loan, which is payable to the Lending Platforms for managing payments from borrowers and maintaining loan account portfolios. The Company incurs collection fees on amounts recovered from delinquent loans, which is payable to the Lending Platforms. The Company incurs an upfront fee on unsecured consumer loans purchased from Avant. All servicing, collection and upfront fees are expensed as incurred. u. Collateralized Loan Obligations ("CLOs") The Company holds investments in CLOs which are subordinated debt interests in syndicated loans managed by third-party collateral managers with industry experience. CLOs purchased are recorded on the trade date. Primary CLOs purchased either from the collateral manager or the broker are recorded on the settled date, to reflect the potential changes, updates or resizing of the position, due to the long-term nature of settlement. The typical settlement time for Depository Trust Company bonds is three days. Amortization of an original issue discount is calculated to expected maturity date, based on projected cash flows at the time of purchase, and recorded over the expected life of the bond. Gains or losses from the sale of CLOs are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale. Restructured or permanently impaired CLOs are recorded in the period of measurement and recorded on the consolidated statements of operations as a realized gain or loss and amortized to expected maturity based on the available cash flows at the time of measurement. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. v. Corporate bonds The Company holds corporate bonds comprised of investment grade and high yield corporate bonds including performing credit strategies focused on income-oriented, senior loan and bond investment strategies targeting U.S. issuers. Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. Gains or losses from the sale of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. w. Interest rate caps In order to manage the risks associated with the variable rate financing of the mortgage, the Company may enter into various interest rate cap agreements. The cap agreements have initial notional values equal to the original loan amount of the related mortgages. Derivative instruments not meeting the criteria for hedge accounting are recorded at fair value on the consolidated balance sheets with any change in fair value reflected in the consolidated statement of operations in the period of change. The fair value of the interest rate caps as of December 31, 2025 and 2024 was $5,889,870 and $13,948,780, respectively. For the year ended December 31, 2025 and 2024, there was loss of $8,973,410 and $6,593,686, respectively, recorded for the fair value of the interest rate caps. 16

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National Property REIT Corp Notes to Consolidated Financial Statements 3. Recent Real Estate Transactions Acquisition of Non-controlling Interest in Real Estate Joint Ventures On November 17, 2025, the Company paid $4,172,510 in cash consideration to acquire the 10% non-controlling limited partner interest in the Falling Creek joint venture, which owns multi-family property with a total of 348 units located in Richmond, Virginia. The Company now owns all of the interests in the Falling Creek joint venture and its underlying apartment community. As the Company consolidated the joint venture into its financial statements prior to this transaction, the transaction has been accounted for as an equity transaction. In accordance with GAAP, the Company recognized the $4,594,960 of consideration paid in excess of the non- controlling interest balance as a reduction of additional paid-in capital within the combined consolidated statements of changes in equity. Acquisition of Real Estate Assets Held for Investment During 2025, the Company did not acquire any properties. During 2024, the Company acquired the following properties: • On January 19, 2024, the Company acquired The Apex Apartments, a multi-family property located in Cincinnati, OH, for an aggregate purchase price of $34,225,000 exclusive of acquisition and closing costs. For the purchase of this property, the Company obtained bank financing of $27,712,000. • On January 19, 2024, the Company acquired The Parkton Apartments, a multi-family property located in Cincinnati, OH, for an aggregate purchase price of $45,775,000 exclusive of acquisition and closing costs. For the purchase of this property, the Company obtained bank financing of $37,090,000. The below listed 2024 acquisitions have been accounted for as asset acquisitions. The purchase price was allocated to the acquired assets and liabilities based on their estimated fair values at the date of acquisition. The Company allocated the purchase price, plus capitalized acquisition costs, of the properties acquired during 2024 as follows: Property Land Building Improvements FF&E LeaseIntangibles Total PurchasePrice 2024 Acquisitions: The Apex Apartments $ 2,230,231 $ 28,703,896 $ 671,134 $ 605,053 $ 2,352,068 $ 34,562,382 The Parkton Apartments 2,407,070 39,077,117 1,087,713 655,650 2,908,626 46,136,176 Total 2024: $ 4,637,301 $ 67,781,013 $ 1,758,847 $ 1,260,703 $ 5,260,694 $ 80,698,558 The weighted average amortization period of acquired in-place leases was approximately six months for the year ended December 31, 2024. Summarized information regarding properties sold during the years ended December 31, 2025 and 2024 is set forth in the table below: Property Disposition Date Asset Type Gross Sale Price Gain (loss) on Sale 2025 Dispositions: Hawks Ridge 2/27/2025 Student Housing$ 25,250,000 $ (273,757) Parcstone 8/27/2025 Multi-Family 68,250,000 31,284,190 Stone Ridge 8/27/2025 Multi-Family 35,850,000 17,358,697 Crown Pointe 10/27/2025 Multi-Family 151,750,000 58,699,812 Sterling Crimson 12/23/2025 Student Housing 68,250,000 28,820,141 Total 2025: $ 349,350,000 $ 135,889,083 Property Disposition Date Asset Type Gross Sale Price Gain (loss) on Sale 2024 Dispositions: University Crossing 5/9/2024 Student Housing$ 16,000,000 $ 57,087 Orchard Village 5/30/2024 Multi-Family 48,500,000 20,676,005 Dylan at Grayson 11/14/2024 Multi-Family 56,650,000 13,569,512 Arlington Park 11/18/2024 Multi-Family 20,000,000 10,582,936 Filet of Chicken 5/9/2024 Industrial 12,000,000 7,370,352 Total 2024: $ 153,150,000 $ 52,255,892 17

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National Property REIT Corp Notes to Consolidated Financial Statements 4. Real Estate Assets The Company’s ownership interests in real estate properties range from 15% to 100% via either direct ownership or ownership of a property owning entity. Through its ownership interests, the Company controls and therefore consolidates the properties and property owning entities. The interest owned by the other joint venture partner is reflected as non-controlling interest in these consolidated financial statements. The Company’s real estate assets consisted of the following as of December 31, 2025 and 2024: Property Acquisition Date Ownership Percentage Asset Type Location Real Estate Assets, Net of Accumulated Depreciation 2025 2024 1 Taco Bell, OK 6/4/2014 100.0% Commercial Yukon, OK $ 921,405 $ 974,482 2 Taco Bell, MO 6/4/2014 100.0% Commercial Marshall, MO 739,684 783,978 3 Abbie Lakes 9/30/2014 15.0% Multi-Family Canal Winchester, OH 9,492,508 9,682,909 4 Brooksedge 9/30/2014 15.0% Multi-Family Reynoldsburg, OH 8,573,038 8,880,570 5 Reserve at Abbie Lakes 9/30/2014 15.0% Multi-Family Canal Winchester, OH 20,384,972 21,089,030 6 Lake's Edge 9/30/2014 15.0% Multi-Family Pickerington, OH 8,708,802 9,051,519 7 Sunbury Ridge 9/30/2014 15.0% Multi-Family Columbus OH 10,215,555 10,619,961 8 Stonebridge 9/30/2014 15.0% Multi-Family Blacklick, OH 14,180,931 14,882,568 9 Jefferson Chase 9/30/2014 15.0% Multi-Family Blacklick, OH 9,259,844 9,726,933 10 Lake Ridge 10/29/2014 15.0% Multi-Family Hilliard, OH 5,001,691 5,189,731 11 Sterling Crimson 9/28/2016 67.0% Student Housing Tuscaloosa, AL — 40,288,605 12 Hawks Ridge** 9/28/2016 67.0% Student Housing Iowa City, IA — 25,250,000 13 Islander Village* 9/28/2016 67.0% Student Housing Corpus Christi, TX 8,283,535 9,982,380 14 Campus Quarters* 9/28/2016 67.0% Student Housing Corpus Christi, TX 12,522,756 13,505,131 15 District on Luther* 9/28/2016 67.0% Student Housing College Station, TX 27,755,414 28,968,233 16 Legacy* 9/28/2016 67.0% Student Housing Statesboro, GA 5,239,590 5,417,234 17 Seasons 1/30/2017 92.5% Multi-Family Laurel, MD 154,403,754 158,694,712 18 Villages of Baymeadows 10/31/2017 92.5% Multi-Family Jacksonville, FL 77,875,507 80,329,673 19 Casa del Mar 10/31/2017 92.5% Multi-Family Jacksonville, FL 12,835,160 13,293,548 20 Silver Oaks 11/8/2017 92.5% Multi-Family Southfield, MI 13,190,823 13,989,544 21 Sutton Place 11/8/2017 92.5% Multi-Family Southfield, MI 41,409,375 43,995,171 22 Steeplechase 1/9/2018 92.5% Multi-Family Largo, MD 36,319,199 37,922,385 23 Olentangy Commons 6/1/2018 92.5% Multi-Family Columbus, OH 96,213,895 99,552,645 24 Villages of Wildwood 7/20/2018 92.5% Multi-Family Fairfield, OH 40,454,462 42,284,782 25 Falling Creek 8/8/2018 100.0% Multi-Family Richmond, VA 20,398,613 20,756,619 26 Crown Pointe 8/30/2018 80.0% Multi-Family Danbury, CT — 92,572,568 27 Lorring Park 10/30/2018 80.0% Multi-Family Forestville, MD 51,754,991 53,543,395 28 Hamptons 1/9/2019 92.5% Multi-Family Beachwood, OH 65,362,926 69,914,347 29 The Isle 6/28/2019 92.5% Multi-Family Orlando, FL 22,639,796 23,489,254 30 Druid Hills 7/30/2019 96.3% Multi-Family Atlanta, GA 69,684,398 73,121,634 31 Parcstone 10/15/2019 88.0% Multi-Family Fayetteville, NC — 37,512,954 32 Stone Ridge 10/15/2019 88.0% Multi-Family Fayetteville, NC — 18,702,090 33 Sterling Place 10/28/2019 92.5% Multi-Family Columbus, OH 37,895,135 39,374,874 34 Hampton on Jupiter 11/2/2020 80.0% Multi-Family Dallas, TX 30,677,948 32,629,129 35 Palmetto Creek 11/10/2020 90.0% Multi-Family North Charleston, SC 29,743,775 30,735,622 36 Valora at Homewood 11/19/2020 90.0% Multi-Family Homewood, AL 78,485,590 82,501,214 37 The Dylan at Fairburn 12/14/2020 100.0% Multi-Family Fairburn, GA 45,523,869 46,680,087 38 Chimneys of Greenville 1/27/2021 100.0% Multi-Family Taylors, SC 17,181,813 18,027,510 39 The Laurel Apartments 2/26/2021 96.3% Multi-Family Spartanburg, SC 51,464,935 53,252,483 40 The Willows Apartments 2/26/2021 96.3% Multi-Family Spartanburg, SC 17,097,595 18,599,333 41 The Edge at Clear Lake 3/12/2021 80.0% Multi-Family Webster, TX 29,002,802 30,570,056 42 Pear Orchard 6/28/2021 80.0% Multi-Family Ridgeland, MS 44,360,295 46,120,559 43 Lakeshore Landing 6/28/2021 80.0% Multi-Family Ridgeland, MS 19,256,149 20,221,447 44 Reflection Pointe 6/28/2021 80.0% Multi-Family Flowood, MS 38,410,517 39,577,244 45 Crosswinds 6/28/2021 80.0% Multi-Family Pearl, MS 36,532,390 38,540,480 46 Elliot Norcross 11/30/2021 90.0% Multi-Family Norcross, GA 128,035,367 127,806,841 47 West Vue 12/30/2021 90.0% Multi-Family Orlando, FL 78,071,433 79,720,601 48 Enclave at Wolfchase 3/18/2022 100.0% Multi-Family Cordova, TN 73,120,398 75,649,394 18

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National Property REIT Corp Notes to Consolidated Financial Statements Property Acquisition Date Ownership Percentage Asset Type Location Real Estate Assets, Net of Accumulated Depreciation 2025 2024 49 Twin Oaks 3/18/2022 100.0% Multi-Family Hattiesburg, MS 42,372,862 43,702,625 50 Lancaster Place 3/18/2022 100.0% Multi-Family Calera, AL 33,476,042 34,500,435 51 Rutland Place 3/18/2022 100.0% Multi-Family Macon, GA 26,902,135 27,519,161 52 Southport Crossing 3/29/2022 92.5% Multi-Family Indianapolis, IN 45,265,598 46,160,902 53 Cheyenne 5/26/2022 90.0% Senior Living Cheyenne, WY 25,556,286 26,058,205 54 Pueblo 5/26/2022 90.0% Senior Living Pueblo, CO 29,012,457 29,594,448 55 Stillwater 5/26/2022 90.0% Senior Living Stillwater, OK 24,963,768 25,121,014 56 Kokomo 5/26/2022 90.0% Senior Living Kokomo, IN 19,006,938 19,425,404 57 Apex 1/19/2024 100.0% Multi-Family Cincinnati, OH 30,203,931 31,293,064 58 Parkton 1/19/2024 100.0% Multi-Family Cincinnati, OH 40,833,011 42,091,783 Total real estate assets, net $ 1,916,275,663 $ 2,199,442,500 *Properties are held for sale and separately disclosed on the consolidated balance sheets as of December 31, 2025.**Properties are held for sale and separately disclosed on the consolidated balance sheets as of December 31, 2024. 5. Lease Intangibles Lease intangibles consist of the following: As of December 31, 2025 As of December 31, 2024 LeaseIntangibles AccumulatedAmortization LeaseIntangibles, net LeaseIntangibles AccumulatedAmortization LeaseIntangibles, net In-place leases $ 93,141,137 $ (93,118,882)$ 22,255 $ 106,353,044 $ (106,324,264)$ 28,780 Deferred leasing costs 178,671 (137,975) 40,696 178,671 (126,063) 52,608 Total $ 93,319,808 $ (93,256,857)$ 62,951 $ 106,531,715 $ (106,450,327)$ 81,388 Future amortization expense for the Company’s lease intangibles is as follows: Year Amortization Expense 2026 $ 18,425 2027 $ 18,425 2028 $ 18,425 2029 $ 7,677 2030 $ — Thereafter$ — 6. Real Estate Assets Held for Sale As of December 31, 2025, the real estate assets held by District on Luther, the George (Legacy), Islander Village (Kristi), and Campus Quarter met the criteria to be classified as held for sale. Held for sale liabilities include only the mortgage payable balance which is presented separately in the consolidated Balance Sheet. The Company entered into a purchase and sale agreements with an unrelated third-party on December 31, 2025 for District on Luther, February 11, 2026 for the George, April 10, 2026 for Islander Village, and April 10, 2026 for Campus Quarters. The sales closed on January 21, 2026, May 7, 2026, July 1, 2026 and July 1, 2026, resulting in the recognition of a gain in the amount of $40,763,379 in 2026. For the year ended December 31, 2025 the Company recorded $1,851,359 of impairment charges related to real estate assets. As of December 31, 2024, the real estate asset held by Hawks Ridge met the criteria to be classified as held for sale. The Company entered into a purchase and sale agreement with an unrelated third-party on November 6, 2024. Hawks Ridge sale closed on February 27, 2025, resulting in the recognition of a loss in the amount of $242,606. 19

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National Property REIT Corp Notes to Consolidated Financial Statements Below is a summary of the major classes of real estate assets classified as held for sale: Real Estate Assets Held for Sale December 31,2025 December 31, 2024 Land $ 6,796,589 $ 3,840,070 Building and improvements 71,045,768 28,767,529 Furniture, fixtures, and equipment 8,605,448 2,369,041 Less: accumulated depreciation (32,646,509) (9,726,640) Total real estate assets held for sale, net $ 53,801,296 $ 25,250,000 7. Preferred Equity Investments Terraces at Perkins Rowe - Unconsolidated VIE On November 14, 2022, the Company, together with a joint venture partner, acquired Terraces at Perkins Rowe (“Terraces”), a multi- family property located in Baton Rouge, LA for an aggregate purchase price of $41,400,000. The investment is structured as a preferred equity investment that incorporates debt-like return metrics. The Company receives SOFR + 2% cash return each month with additional 7% paid-in-kind (PIK) accrued to the Company’s outstanding capital balance. While there is no stated maturity date for this investment, the Company has a put option at the end of 5-year hold period that it intends to exercise. During the year ended 2025 and 2024, the Company recognized total dividend income of $2,188,720 and $2,077,549, respectively, which is included as other income on the consolidated statement of operations. For the Terraces preferred equity investment, the Company determined that it is not the primary beneficiary and not required to consolidate, and is subject to equity method investment guidance. The Company elected the fair value option for the Terraces preferred equity investment. The Company determined that as of December 31, 2025 and 2024, the fair value of the Terraces preferred equity investment was $15,860,306 and $14,687,438, respectively. During the years ended 2025 and 2024, the Company recorded unrealized gain/(loss) of $85,219 and $(345,209), respectively, which is included as fair value adjustments on the consolidated statement of operations. As of December 31, 2025 and 2024, the Company owned 100% of the preferred equity interests and did not own common equity. Cortland Portfolio - Consolidated VIE On September 30, 2014, the Company, together with a joint venture partner, acquired Columbus OH Apartment HoldCo, LLC, (“Cortland”), a multi-family portfolio located in Columbus, OH for an aggregate purchase price of $114,377,000. On June 28, 2024, the Company funded $35,300,000 as a preferred equity investment in connection with the recapitalization of the Cortland Portfolio. Upon recapitalization, our common ownership percentage in the Cortland joint venture changed from 79.1% to 15%. The Cortland preferred equity investment incorporates debt-like return metrics. The Company receives 8% cash return each month with additional 7% paid-in-kind (PIK) accrued to the Company’s outstanding capital balance. There is a mandatory redemption date set as the earlier of July 1, 2029, and the date all projects and all other assets have been sold to third parties. We determined that Cortland is a VIE and subject to consolidation since we are the primary beneficiary with power to direct activities and rights to receive significant benefits. 8. Involuntary Conversions During 2025 and 2024, the Company did not record any gain or loss from involuntary conversion of real estate assets. 9. Unsecured Consumer Loans The Company’s portfolio of unsecured consumer loans consists of a large number of small balance homogeneous loans. As of December 31, 2025, the portfolio consisted of 0 remaining unsecured consumer loans. As of December 31, 2024, the portfolio consisted of 4 loans having an average outstanding principal balance of $854 and maximum balance of $50,000 at the time of origination. As of December 31, 2024, the unsecured consumer loans were issued with stated interest rates ranging from 11.5% to 21.5% with a weighted average interest rate of 14.6% based on outstanding principal of the unsecured consumer loans. 20

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National Property REIT Corp Notes to Consolidated Financial Statements The ability of the borrowers of the unsecured consumer loans to repay the Company are affected by their continuing financial stability. The credit risk of the unsecured consumer loans and the residual interest in securitizations is considered to be higher than for secured loans. The Lending Platforms classify the unsecured consumer loans into separately identified pools by rating ("Rating"), which indicates the expected level of risk associated with the loan. Each Rating corresponds to an estimated average annualized loss rate range as of the time the Rating is given. The estimated annual loss rate for each loan is based primarily on a proprietary custom risk model developed by each of the Lending Platforms using their respective historical data, borrower specific factors and Fair Isaac Corporation score (“FICO score”) obtained from a credit reporting agency. As part of the Rating determination, the Lending Platforms also consider borrower specific factors such as, but not limited to, credit related inquiries in the last six months and debt-to-income ratio. Ratings are not consistent between Lending Platforms; as such the Company stratifies its unsecured consumer loans into separately identified pools based on the FICO score obtained from a credit reporting agency and as provided by each Lending Platform at origination. The stratified pools are designated "Super Prime," "Prime" or "Near Prime," and defined as follows: Super Prime loans as loans to borrowers with a FICO score of 720 or greater, Prime Loans as loans to borrowers with a FICO score of between 660 and 719 and Near Prime loans as loans to borrowers with a FICO score of between 600 and 659. As of December 31, 2025, all remaining outstanding principal of the unsecured consumer loans have been paid off. The following table summarizes the Company's unsecured consumer loans held as of December 31, 2024: Category Outstanding Principal Fair Value Interest Rate Range Weighted AverageInterest Rate* Super Prime $ 3,022 $ 3,038 11.5% - 20.5% 13.7% Prime 394 394 21.5% - 21.5% 21.5% Near Prime — — 0% - 0% —% Total Loans$ 3,416 $ 3,432 14.6% * Based on outstanding principal of the unsecured consumer loans. The following table summarizes the delinquency status of the unsecured consumer loans: December 31, 2024 DelinquencyStatus OutstandingPrincipal Fair Value % of Total Current $ 3,416 $ 3,432 100.00 % 1 - 30 days — — — % 31 - 60 days — — — % 61 - 90 days — — — % 91 - 120 days — — — % Total Loans$ 3,416 $ 3,432 100.00 % 10. Collateralized Loan Obligations NGL invests in the junior debt tranches of collateralized loan obligation (“CLO”) vehicles that in turn own pools of Senior Secured Loans. The credit risk of a CLO is dependent on the underlying assets within the portfolio. For “traditional” CLOs, the collateral pool primarily consists of first lien, senior secured broadly syndicated bank loans (usually at least 90% of the total portfolio), and it may include a predetermined allowable portion of other asset types such as second lien bank loans (which are highly leveraged) and unsecured debt, as well as middle market loans. Some CLOs consist predominantly of middle market loans as the underlying collateral. The average rating of the underlying collateral is typically single-B, and the leveraged bank loans are typically floating rate, based on SOFR. The securities held at NGL are B or BB rated mezzanine debt that pay a quarterly interest coupon, based on the notional balance held and a fixed spread plus SOFR, which resets after each payment. The principal is returned through the CLO waterfall at the earlier of the call date or maturity. 21

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National Property REIT Corp Notes to Consolidated Financial Statements During the year ended December 31, 2025, the Company sold all remaining CLOs except those that were deemed worthless and recognized a loss of $28,901,631. As of December 31, 2025, the outstanding investment of CLOs comprised of 2 investments with a fair value of $0 and a face value of $14,235,497. As of December 31, 2024, the outstanding investment of CLOs comprised of 101 investments with a fair value of $381,508,024 and a face value of approximately $402,127,882. The average outstanding note is approximately $3,981,464 with a stated maturity date ranging from July 2028 to July 2034 and a weighted average stated maturity of 60.0 years as of December 31, 2024. Coupons range from three-month SOFR (“3MS”) plus 5.20% to 9.23% with a weighted average coupon of 3ML + 6.90%. The Company purchased $0 and $32,723,543, respectively, of CLOs from various third-party brokers during the year ended December 31, 2025 and 2024, respectively, which are held by the Bank of New York Mellon as custodian. 11. Fair Value of Financial Instruments The fair value of a financial instrument is defined as the price that we would receive upon selling an asset or pay to transfer a liability in an orderly transaction to an independent buyer in the principal or most advantageous market in which that financial instrument is transacted. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. Most of our financial instruments measured at fair value on a recurring basis were classified as Level 3 as of December 31, 2025 and 2024. Unsecured Consumer Loans, Residual Interests in Securitizations, Collateralized Loan Obligations, and Preferred Equity Investment The unsecured consumer loans, residual interests in securitizations, and collateralized loan obligations do not trade in an active market with readily observable prices. For the unsecured consumer loans and residual interests in securitizations, fair value is estimated by using a discounted cash flow methodology based upon significant unobservable inputs, such as loss adjusted discount rates and projected loss rates. The loss adjusted discount rates are used to discount the estimated future cash flows expected to be received from the underlying unsecured consumer loans, which includes both future principal and interest payments. The projected loss rates are based on the perceived credit risk inherent in each Rating of the unsecured loan portfolio. See Note 9 for details of the unsecured consumer loans. NGL qualifies as an investment company pursuant to ASC Topic 946, Financial Services-Investment Companies. Accordingly, the underlying CLO investments and repurchase agreements are carried at fair value and were retained in consolidation by the Company. In determining the range of values for our investments in CLOs, management utilizes an independent valuation firm that uses a discounted multi-path cash flow model. The valuations were accomplished through the analysis of the CLO deal structures to identify the risk exposures from the modeling point of view as well as to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations to generate probability-weighted (i.e., multi-path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. The significant unobservable input used to value the CLOs is the discount rate applied to the estimated future cash flows expected to be received from the underlying investment, which includes both future principal and interest payments. Included in the consideration and selection of the discount rate are the following factors: risk of default, comparable investments, and call provisions. An increase or decrease in the discount rate applied to projected cash flows, where all other inputs remain constant, would result in a decrease or increase, respectively, in the fair value measurement. 22

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National Property REIT Corp Notes to Consolidated Financial Statements The interests we have acquired in CLOs are generally thinly traded or have only a limited trading market. CLOs are typically privately offered and sold, even in the secondary market. As a result, investments in CLOs may be characterized as illiquid securities. In addition to the general risks associated with investing in debt securities, CLO residual interests carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO investment or unexpected investment results. Our net asset value may also decline over time if our principal recovery with respect to CLO debt is less than the cost of those investments. Our CLO investments and/or the CLOs’ underlying senior secured loans may prepay more quickly than expected, which could have an adverse impact on our value. These investments are classified as Level 3 in the fair value hierarchy. The preferred equity investment’s fair value is calculated quarterly by independent valuation agents by adding the present value of the monthly dividend income cash flows and present value of the current equity balance through September 30, 2027, which is a five-year hold period since acquisition. The projected monthly dividend payments assumes no PIK capitalization. The difference between the fair value calculation and total debt receivable is recorded as an unrealized gain/loss on the consolidated statements of operations. Corporate Bonds, Interest Rate Caps and Repurchase Agreements Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. The typical settlement time for Depository Trust Company bonds is three days. Gains or losses from the sale or call of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale or call. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. On a recurring basis, the Company measures its interest rate cap at its estimated fair value. In determining the fair value of the Company's derivatives, the Company uses the present value of expected cash flows based on market observable interest rate yield curve commensurate with the term of the instrument. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and that of the respective counterparty in the fair value measurement. The credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by either the respective counterparty or the Company. However, the Company determined that as of December 31, 2025, the impact of the credit valuation adjustments were not significant to the overall valuation of the derivatives. As a result, the fair value of the derivative is considered to be based primarily on Level 2 inputs. Repurchase agreements are collateralized with a portion of the CLO investments and the carrying value of the repurchase agreement approximates fair value as of December 31, 2024. The following table shows the fair value of our preferred equity investments and interest rate caps, disaggregated into the three levels of the ASC 820 valuation hierarchy as of December 31, 2025. There were no unsecured consumer loans, residual interest in securitizations, or repurchase agreements as of December 31, 2025. Level 1 Level 2 Level 3 Total Assets Preferred Equity Investments — — 15,860,306 15,860,306 Interest rate cap — 5,889,870 — 5,889,870 Total investments at fair value $ — $ 5,889,870 $ 15,860,306 $ 21,750,176 The Company borrowed $0 and repaid $180,586,000 relating to repurchase agreements during 2025. 23

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National Property REIT Corp Notes to Consolidated Financial Statements The following table shows the fair value of our unsecured consumer loans, residual interest in securitizations, CLOs, interest rate caps, corporate bonds, and repurchase agreements, disaggregated into the three levels of the ASC 820 valuation hierarchy as of December 31, 2024. Level 1 Level 2 Level 3 Total Assets Unsecured consumer loans $ — $ — 3,409 $ 3,409 Residual interests in securitizations — — 2,548,574 2,548,574 Collateralized loan obligations — — 381,508,024 381,508,024 Preferred Equity Investments — — 14,687,438 14,687,438 Corporate bonds — 18,923,461 — 18,923,461 Interest rate cap — 13,948,780 — 13,948,780 Total investments at fair value $ — $ 32,872,241 $ 398,747,445 $ 431,619,686 Liabilities Reverse repurchase facilities $ — $ 180,586,000 $ — $ 180,586,000 Total liabilities at fair value $ — $ 180,586,000 $ — $ 180,586,000 The Company borrowed $24,296,000 and repaid $40,046,000 relating to repurchase agreements during 2024. Refer to Note 9 for details of the unsecured consumer loans. The ranges of unobservable inputs used in the fair value measurement of our Level 3 financial instruments as of December 31, 2025 and 2024 were as follows: December 31, 2025 Assets/LiabilitiesFair Value Valuation Technique Unobservable Input Range Weighted Average Preferred EquityInvestments $ 15,860,306 Discounted cash flowDiscount Rate 15.00% - 15.00% 15.00% December 31, 2024 Assets/LiabilitiesFair Value Valuation Technique Unobservable Input Range Weighted Average Unsecured consumerloans $ 3,409 Discounted cash flowLoss-Adjusted DiscountedRate 7.95% - 7.95% 7.95% Projected Prepay Rate 1.24% - 1.24% 1.24% Projected Loss Rate 1.1% - 1.1% 1.10% Recovery Rate 7.50% - 7.50% 7.50% Residual interests insecuritizations $ 2,548,574 Discounted cash flowForecasted Prepay % ofCurrent Balance 16.19% - 24.05% 19.47% Forecasted Default % ofCurrent Balance 13.91% - 14.22% 14.04% Severity 92.50% - 92.50% 92.50% Discount Rate 20.00% - 20.00% 20.00% Collateralized loanobligations $ 381,508,024 Discounted cash flowDiscount Rate 10.38% - 30.02% 12.78% Weighted Average Life 2.64 - 4.83 3.8 Preferred EquityInvestments $ 14,687,438 Discounted cash flowDiscount Rate 15.00% - 15.00% 15.00% 24

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National Property REIT Corp Notes to Consolidated Financial Statements 12. Corporate Bonds The Company may time to time invest in corporate bonds comprised of investment grade and high yield corporate bonds including performing credit strategies focused on income-oriented, senior loan and bond investment strategies targeting U.S. issuers. During year ended December 31, 2025, the Company sold all of its corporate bonds and recognized a realized gain of $608,905. For the year ended December 31, 2024, the outstanding maturity is November 2026 including a bi-annual fixed interest coupon of 7.00%. Relevant details for the corporate bonds are as follows as of December 31, 2024: Purchase Date Security Face Value (Par) Price Net Purchase Price Maturity Coupon 12/7/2021 WRLD $ 3,000,000 99.75 $ 2,992,500 11/1/2026 7.00% 12/16/2021 WRLD 5,000,000 100.00 5,000,000 11/1/2026 7.00% 2/15/2022 WRLD 7,000,000 94.00 6,580,000 11/1/2026 7.00% 3/23/2022 WRLD 2,572,000 87.75 2,256,930 11/1/2026 7.00% 3/30/2022 WRLD 1,250,000 88.25 1,103,125 11/1/2026 7.00% 4/4/2022 WRLD 310,000 88.25 273,575 11/1/2026 7.00% $ 19,132,000 $ 18,206,130 Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. The typical settlement time for Depository Trust Company bonds is three days. Gains or losses from the sale or call of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale or call. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. 13. Reverse Repurchase Facilities On October 30, 2019, NGL entered into a Master Repurchase Agreement (the “Repo Agreement”) with Nomura Securities International, Inc. (“Nomura”) to provide a borrowing facility ("Repo") from which NGL could pledge securities as collateral and borrow up to $105,000,000 under agreed upon terms. Under the terms of the Repo Agreement, NGL received cash up to 75% of the market value of securities with an interest charge of a minimum of 1.80% plus SOFR, calculated as T-2 days for the reference rate. The term of the Repo is two years from commencement date subject to eight rolling three-month periods where upon each reset date, the entire Repo is closed and reopened, and borrowed interest is due to Nomura. Securities in the Repo can be purchased back at any time, subject to maintaining the agreed upon minimum draw on the Repo: 60% drawn during the ramp up period, as defined in the Repo Agreement, ending January 31, 2020, (subsequently extended to March 15, 2020 in the January 15, 2020 amended and restated Repo Agreement), and 90% drawn subsequent to the end of the ramp up period. Should the value of the securities drop to a loan to value ("LTV") greater than 77.5%, NGL Limited must contribute cash or securities to Nomura’s collateral account until the value is below 70%. On August 5, 2020, NGL agreed to the amended and restated Repo Agreement lowering the maximum borrowing under the agreement to $80,000,000, lowering the minimum LTV from 60% to 50% and reducing the deleveraging requirement from 77.5% to 60% including a drop in LTV from 70% to 50%. On April 27, 2022, NGL amended and restated repurchase agreement to increase the facility maximum to $200,000,000. On October 31, 2023, NGL amended and restated repurchase agreement to extend the scheduled maturity of the facility to November 2, 2026 as well as adjusted the interest rate to 3.30% plus Term SOFR. Under the terms of the amended and restated Repo Agreement, NGL continues to receive cash up to 60% of the market value of securities. The interest rate at December 31, 2025 was 3MS + 3.30%. For the year ended December 31, 2025 and 2024, the Company paid $7,734,034 and $16,887,541 of interest to Nomura, respectively. Should the value of the securities drop to an LTV greater than 50%, NGL Limited must contribute cash or securities to Nomura’s collateral account until the value is below 60%. During year ended December 31, 2025, the Company repaid all remaining balance. 25

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National Property REIT Corp Notes to Consolidated Financial Statements The following table presents a summary of our repurchase agreement borrowings and interest as of December 31, 2025 and 2024: Master Repurchase Agreement December 31, 2025December 31, 2024 Beginning Balance $ 180,586,000 $ 196,336,000 Principal Borrowed — 24,296,000 Principal Paid (180,586,000) (40,046,000) Amortization of debt issuance cost — — Total Outstanding Principal — 180,586,000 Less: unamortized debt issuance cost — — Total Outstanding Principal, net of unamortized debt issuance cost$ — $ 180,586,000 14. Mortgages Payable The Company has outstanding mortgages payable that bear interest at either a fixed or variable rate. Each mortgage payable is secured by a respective real estate property and certain cash reserve accounts required by the borrowing agreements, which are included as restricted cash on the accompanying consolidated balance sheets. The following table presents a summary of our mortgages payable as of December 31, 2025 and 2024: Mortgage Note InterestRate Maturity Date Amortizing orInterest Only OutstandingPrincipal12/31/2025 OutstandingPrincipal12/31/2024 1 Sterling Crimson - Loan 1 4.20% 10/1/2026 Amortizing $ — $ 39,008,489 2 Hawk's Ridge 4.20% 10/1/2026 Amortizing — 23,476,018 3 Islander Village 4.20% 10/1/2026 Amortizing 10,010,331 10,213,132 4 Campus Quarters 4.20% 10/1/2026 Amortizing 13,138,559 13,404,735 5 District on Luther 4.20% 10/1/2026 Amortizing 29,713,998 30,315,979 6 Legacy 4.77% 1/1/2029 Amortizing 7,264,852 7,379,799 7 Seasons 4.59% 2/1/2029 Amortizing 149,202,719 151,634,542 8 Villages of Baymeadows 4.14% 11/1/2027 Amortizing 72,467,654 73,854,779 9 Casa del Mar 4.14% 11/1/2027 Amortizing 11,585,738 11,807,504 10 Sutton Place 4.03% 12/1/2029 Amortizing 42,914,936 43,676,957 11 Silver Oaks 4.03% 12/1/2029 Amortizing 13,821,369 14,066,789 12 Steeplechase 4.07% 2/1/2028 Amortizing 34,850,514 35,515,982 13 Sterling Crimson - Loan 2 6.04% 10/1/2026 Amortizing — 1,704,634 14 Olentangy Commons 4.43% 6/1/2030 Interest Only 92,160,428 92,876,000 15 Villages of Wildwood 4.46% 8/1/2030 Interest Only 39,323,971 39,525,000 16 Falling Creek 4.52% 9/1/2030 Amortizing 18,959,037 19,261,040 17 Crown Pointe 4.44% 9/1/2030 Interest Only — 89,400,000 18 Lorring Park 4.83% 11/1/2030 Amortizing 46,925,043 47,620,886 19 Hamptons Apartments 4.61% 2/1/2031 Interest Only 79,520,000 79,520,000 20 The Isle 3.79% 7/1/2031 Interest Only 21,200,000 21,200,000 21 Druid Hills 4.26% 8/1/2046 Amortizing 76,124,038 78,374,774 22 Parcstone 3.14% 11/1/2029 Amortizing — 30,076,530 23 Stone Ridge 3.14% 11/1/2029 Amortizing — 14,637,437 24 Sterling Place 3.95% 11/1/2031 Interest Only 34,196,000 34,196,000 25 Hampton on Jupiter 2.90% 11/1/2032 Interest Only 27,590,000 27,590,000 26 Palmetto Creek 2.57% 9/1/2030 Interest Only 25,805,687 25,865,000 27 Valora at Homewood 2.80% 8/1/2030 Interest Only 63,398,922 63,844,000 28 The Dylan at Fairburn 3.10% 10/1/2026 Interest Only 43,900,000 43,900,000 29 Sutton Place - Loan 2 4.36% 12/1/2029 Amortizing 9,831,040 10,034,502 30 Silver Oaks - Loan 2 4.36% 12/1/2029 Amortizing 4,426,254 4,517,860 31 Chimneys of Greenville 3.10% 2/1/2031 Interest Only 14,075,000 14,075,000 32 The Laurel Apartments 3.06% 3/1/2031 Interest Only 42,025,000 42,025,000 33 The Willows Apartments 3.06% 3/1/2031 Amortizing 18,714,699 19,000,000 34 The Edge at Clear Lake 3.87% 4/1/2033 Interest Only 25,496,000 25,496,000 35 Pear Orchard 3.20% 7/1/2033 Interest Only 38,175,000 38,175,000 36 Lakeshore Landing 3.20% 7/1/2033 Interest Only 16,950,000 16,950,000 37 Reflection Pointe 3.20% 7/1/2033 Interest Only 31,050,000 31,050,000 38 Crosswinds 3.20% 7/1/2033 Interest Only 33,825,000 33,825,000 (8) (2) (3) (1) (1) (1) (1) (2) (4) (5) (5) 26

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National Property REIT Corp Notes to Consolidated Financial Statements Mortgage Note InterestRate Maturity Date Amortizing orInterest Only OutstandingPrincipal12/31/2025 OutstandingPrincipal12/31/2024 39 Parcstone 3.14% 11/1/2029 Amortizing — 12,649,621 40 Stone Ridge 3.14% 11/1/2029 Amortizing — 6,874,100 41 Falling Creek 4.18% 9/1/2030 Amortizing 5,913,746 6,014,338 42 Elliot Norcross 2.85% 12/1/2026 Interest Only 106,850,342 106,850,342 43 West Vue 3.00% 1/1/2026 Interest Only 70,723,446 73,000,000 44 Enclave at Wolfchase 3.67% 4/1/2027 Interest Only 60,000,000 60,000,000 45 Twin Oaks 3.15% 4/1/2026 Interest Only 36,892,844 36,400,873 46 Lancaster Place 3.15% 4/1/2026 Interest Only 29,830,626 29,408,485 47 Rutland Place 3.15% 4/1/2026 Interest Only 24,536,642 24,161,890 48 Southport Crossing 3.46% 4/1/2032 Interest Only 36,075,000 36,075,000 49 Cheyenne 4.71% 6/1/2032 Interest Only 17,656,000 17,656,000 50 Pueblo 4.71% 6/1/2032 Interest Only 20,166,000 20,166,000 51 Stillwater 4.71% 6/1/2032 Interest Only 15,328,000 15,328,000 52 Kokomo 4.71% 6/1/2032 Interest Only 12,753,000 12,753,000 53 Villages of Wildwood - Loan 2 6.80% 8/1/2030 Interest Only 18,810,308 18,868,000 54 Villages of Baymeadows - Loan 2 7.19% 11/1/2027 Amortizing 13,794,658 13,939,469 55 Casa del Mar - Loan 2 7.19% 11/1/2027 Amortizing 3,440,897 3,477,018 56 Pear Orchard - Loan 2 4.50% 7/1/2033 Interest Only 4,800,000 4,800,000 57 Lakeshore Landing - Loan 2 4.50% 7/1/2033 Interest Only 1,005,000 1,005,000 58 Reflection Pointe - Loan 2 4.50% 7/1/2033 Interest Only 2,153,000 2,153,000 59 Crosswinds - Loan 2 4.50% 7/1/2033 Interest Only 4,776,000 4,776,000 60 Hampton on Jupiter - Loan 2 6.84% 12/1/2032 Interest Only 11,253,000 11,253,000 61 Apex 5.76% 2/1/2031 Interest Only 27,712,000 27,712,000 62 Parkton 5.76% 2/1/2031 Interest Only 37,090,000 37,090,000 63 Abbie Lakes 5.97% 7/1/2029 Interest Only 21,569,000 21,569,000 64 Brooksedge 5.97% 7/1/2029 Interest Only 22,945,000 22,945,000 65 Reserve at Abbie Lakes 5.97% 7/1/2029 Interest Only 43,656,000 43,656,000 66 Lakes Edge 5.97% 7/1/2029 Interest Only 25,935,000 25,935,000 67 Sunbury Ridge 5.97% 7/1/2029 Interest Only 21,372,000 21,372,000 68 Stonebridge 5.97% 7/1/2029 Interest Only 31,810,000 31,810,000 69 Jefferson Chase 5.97% 7/1/2029 Interest Only 27,625,000 27,625,000 70 Lake Ridge 5.97% 7/1/2029 Interest Only 17,195,000 17,195,000 71 Falling Creek - Loan 3 6.78% 9/1/2030 Interest Only 5,010,000 — Total outstanding principal 1,967,319,298 2,193,612,504 Less: unamortized discount and debt issuance costs (8,035,399) (10,936,378) Total mortgages payable, net of unamortized discount and debt issuance costs $ 1,959,283,899 $ 2,182,676,126 (1) Property is held for sale and disclosed on the consolidated balance sheets.(2) Sterling Crimson was disposed of on December 23, 2025 (Note 3). The mortgage payable was extinguished at date of sale.(3) Hawks Ridge was disposed of on February 27, 2025 (Note 3). The mortgage payable was extinguished at date of sale.(4) Crown Point was disposed of on October 27. 2025 (Note 3). The mortgage payable was extinguished at date of sale.(5) Parcstone and Stoneridge (Bel Canto) were disposed of on August 27, 2025 (Note 3). The mortgage payable was extinguished at date of sale.(6) The loan includes one-year extension options beyond the disclosed initial maturity date. HPI maturity was extended to April 1, 2027. West Vue maturity was extended to January 1,2027. Elliot maturity was extended to December 1, 2028.(7) Falling Creek second supplemental loan stared on December 19, 2025 for $5,010,000 as part of NPRC's buyout of the non-controlling interest.(8) Floating interest rates are indexed to the one month USD SOFR. Rates noted are as of December 31, 2025. On February 27, 2025, in connection with the sale of Hawks Ridge, as described in Note 3, Recent Real Estate Transactions, the buyer assumed the outstanding mortgage balance upon purchase in the amount of $23,402,898. As a result, the Company did not recognize a loss on early extinguishment of debt. On August 27, 2025, in connection with the sale of Parcstone and Stone Ridge, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $42,197,054 and $21,246,752, respectively. As a result, the Company recognized a loss on early extinguishment of debt of $589,633 for Parcstone and $303,579 for Stone Ridge, which is included within interest expense on the consolidated statements of operations. On October 27, 2025, in connection with the sale of Crown Pointe, as described in Note 3, Recent Real Estate Transactions, the buyer assumed the outstanding mortgage balance upon purchase in the amount of $89,280,984. As a result, the Company did not recognize a loss on early extinguishment of debt. On December 23, 2025, in connection with the sale of Sterling Crimson, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount (8) (5) (5) (6) (6) (6) (6) (6) (7) 27

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National Property REIT Corp Notes to Consolidated Financial Statements of $40,245,462. As a result, the Company recognized a loss on early extinguishment of debt of $393,828, which is included within interest expense on the consolidated statements of operations. On May 9, 2024, in connection with the sale of University Crossing, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $14,679,000. As a result, the Company recognized a gain on early extinguishment of debt of $146,790, which is included within interest expense on the consolidated statements of operations. On May 30, 2024, in connection with the sale of Orchard Village, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $24,469,141. As a result, the Company recognized a gain on early extinguishment of debt of $244,691, which is included within interest expense on the consolidated statements of operations. On November 14, 2024, in connection with the sale of The Dylan at Grayson, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $40,500,000. As a result, the Company recognized a gain on early extinguishment of debt of $0, which is included within interest expense on the consolidated statements of operations. On November 18, 2024, in connection with the sale of Arlington Park, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $13,402,578. As a result, the Company recognized a loss on early extinguishment of debt of $134,026, which is included within interest expense on the consolidated statements of operations. Future scheduled principal payments of mortgage payable are as follows: $102,369,818 (2026), $93,133,374 (2027), $87,996,198 (2028), $72,145,022 (2029), $52,080,725 (2030), and $1,559,594,162 (thereafter). 15. Ground Leases The Company entered into ground lease agreements through acquisition of Druid Hills and West Vue. If the Company has right to extend the term of a ground lease, such option period has been included within the calculation of the right of use assets and lease liabilities. The Company incurred initial costs of $15,689,752 to acquire the leases, which is included in the right of use assets and amortized over the life of the lease. As of December 31, 2025 and 2024, the right-of-use asset were $32,323,227 and $34,620,076, respectively. As of December 31, 2025 and 2024, the lease liability was $28,420,654 and $27,913,957, respectively. During the years ended December 31, 2025 and 2024, the lease expense recognized on a straight-line basis was $4,263,995 and $4,274,940, respectively, and is included in property operating expenses on the accompanying consolidated statements of operations. The Company utilized the risk-free rate over the term of each lease as the discount rate to be applied to its future lease payments when accounting for its right of use assets and lease liabilities, which ranged between 4.26% and 7.11%. The table below presents the summarized quantitative information with regard to lease contracts the Company has entered into as of December 31, 2025: Category Term Weighted avg. of remaining term - operating leases (months)929 Weighted avg. of remaining term - operating leases (years) 77 Weighted avg. of annual discount rate - operating leases 6.04% The table below presents the summarized quantitative information with regard to lease contracts the Company has entered into as of December 31, 2024: Category Term Weighted avg. of remaining term - operating leases (months)938 Weighted avg. of remaining term - operating leases (years) 78 Weighted avg. of annual discount rate - operating leases 6.04% 28

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National Property REIT Corp Notes to Consolidated Financial Statements The future minimum lease payments to be paid under noncancelable ground leases in effect as of December 31, 2025 are as follows: Year Payment 2026 $ 1,490,045 2027 1,518,566 2028 1,547,658 2029 1,577,331 2030 1,607,597 Thereafter 367,942,978 Total 375,684,175 Less: lease discount (347,263,520) Lease liabilities$ 28,420,655 Total cash paid for amounts included in lease liabilities for the years ended December 31, 2025 and 2024 are $1,462,084 and $1,434,670, respectively. In addition, as of December 31, 2025 and 2024, the Company also has an office and equipment lease liability of $1,371,494 and $61,900, respectively. 16. Income Taxes Income taxes consisted of the following for the years ended: December 31, 2025 December 31, 2024 Current federal tax benefit (expense)$ (3,200)$ 1,230 Income tax benefit (expense) $ (3,200)$ 1,230 17. Equity As of December 31, 2025 and 2024, the Company authorized 100,000,000 common shares, par value $0.001. NPH is the Company’s sole common stockholder. As of December 31, 2025 and 2024, the Company paid an aggregate of $880,755,579 and $876,160,619 of dividends on common shares, respectively. As of December 31, 2025 and 2024, the Company had 125 shares outstanding in connection with a private placement of 12.5% Series A Cumulative Non-Voting Preferred Stock, par value $0.001 per share (Series A Preferred Stock), respectively. In general, holders of Series A Preferred Stock are entitled to receive cumulative dividends semiannually at a per annum rate equal to 12.5% of the total purchase price of $1,000 per share plus accumulated and unpaid dividends. The Series A Preferred Stock is redeemable by the Company for $1,000 per share plus accumulated and unpaid dividends. Upon liquidation and dissolution of the Company, the holders of the Series A Preferred Stock are entitled to a liquidation preference in the amount of the share’s purchase price, plus all accumulated and unpaid dividends. Series A Preferred Stock are not convertible or exchangeable for any other property or securities of the Company. As of December 31, 2025 and 2024, the Company paid an aggregate of $313,624 and $297,999 of dividends on Series A preferred shares, respectively. 18. Related Party Transactions On December 31, 2013, the Company entered into a management assistance agreement with Prospect Administration LLC ("Prospect") to provide significant managerial assistance to the Company on behalf of PSEC. In accordance with the Investment Company Act of 1940, PSEC must make available "significant managerial assistance" to the Company. Prospect provides assistance with significant guidance and counsel concerning the management, operations, and business objectives and policies to the Company. Services may include arranging financing, managing relationships with financing sources, restructuring existing debt and evaluating acquisition and divestiture opportunities. Prospect also exercises a controlling influence over the policies of the Company. On a quarterly basis, the Company pays a managerial assistance fee to Prospect for time and effort in assisting and providing commercial and mezzanine lending, investment banking, and private equity investing services. The Company incurred managerial assistance fees of $2,300,000 and $2,616,667 for the years ended December 31, 2025 and 2024, respectively, which are included in management fees in the accompanying consolidated statements of operations. On a quarterly basis, the Company pays Prospect for professional services provided related to legal counsel, taxation, and general accounting. For the years ended December 31, 2025 and 2024, the Company incurred professional 29

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National Property REIT Corp Notes to Consolidated Financial Statements service fees of $462,095 and $1,313,141, respectively, which are included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2025 and 2024, $137,674 and $664,324, respectively, is due to Prospect and is recorded by the Company as due to affiliates on the consolidated balance sheets. As of December 31, 2025, $110,810, $0 and $0 is due to Prospect, Prospect Capital Management ("PCM") and PSEC, respectively, for reimbursement of expenses paid on behalf of the Company and is recorded by the Company as due to affiliates on the consolidated balance sheets. As of December 31, 2024, $117,199, $21,067 and $0 is due to Prospect, PCM and PSEC, respectively, for reimbursement of expenses paid on behalf of the Company and is recorded by the Company as due to affiliates on the consolidated balance sheets. The Company generally incurs a 2.0% to 3.0% structuring fee for the PSEC equity portion of each acquired property. The structuring fee is paid to PSEC for structuring and providing guidance for each purchase transaction. For the years ended December 31, 2025 and 2024, the Company incurred structuring fees of $0 and $376,914, respectively. The Company also entered into property management agreements with the non-controlling interest joint venture partners to manage the operations of the properties. The Company pays a monthly management fee of 2.0% - 5.0% of the gross monthly rents to the property managers. For the years ended December 31, 2025 and 2024, property management fees were $9,710,915 and $9,944,720, respectively, and are included in management fees in the consolidated statements of operations. The Company also pays a monthly asset management fee up to 2.00% of the gross monthly rents to the property managers. For the years ended December 31, 2025 and 2024, asset management fees were $2,739,436 and $2,859,977, respectively. These amounts are included in the management fee line item in the accompanying consolidated statements of operations. As of December 31, 2025 and 2024, $7,811,257 and $6,980,300 of management fees and asset management fees, respectively, were payable to property managers, and is included in due to affiliates in the accompanying consolidated balance sheets. The property management agreements also stipulate that a construction management fee up to 5.0% of project cost is to be paid to the property managers. For the years ended December 31, 2025 and 2024, capitalized construction management fees were $8,929,818 and $8,322,254, respectively, and are included within building and improvements in the accompanying consolidated balance sheets. The Company generally incurs an acquisition fee from 0.5% to 1.0% of the purchase price of each acquired property. The acquisition fee is paid to the Property Managers for services rendered in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment. For the years ended December 31, 2025 and 2024, the Company incurred acquisition fees of $0 and $376,914, respectively. The amounts related to the years ended December 31, 2025 and 2024 have been capitalized and included in real estate assets in the accompanying consolidated balance sheets. In connection with the acquisitions of properties together with non-controlling joint venture partners, the Company will sometimes retain a portion of the partners’ acquisition fees as deferred acquisition fees. These deferred acquisition fees are earned by and payable to the non-controlling joint venture partner upon reaching certain performance measures. During the years ended 2025 and 2024, $308,818 and $0, respectively, were paid to the non-controlling joint venture partners, respectively. As of December 31, 2025 and 2024, $2,211,182 and $2,461,590, respectively, of deferred acquisition fees were retained by the Company and included within due to affiliates on the consolidated balance sheets. The Company noted that certain expenses are paid for by the property managers and have yet to be reimbursed. As of December 31, 2025 and 2024, reimbursable advances and other amounts due to related parties were $1,994,494 and $2,193,539, respectively, and are recorded by the Company as due to affiliates on the consolidated balance sheets. 19. Senior Secured Term Loans - Related Party NPRC Credit Agreement On April 1, 2014, the Company entered into a credit agreement (the "Credit Agreement") with PSEC in the form of a senior secured term loan. As of December 31, 2025 and 2024, the total commitment was $2,700,000,000 and $2,700,000,000, respectively. 30

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National Property REIT Corp Notes to Consolidated Financial Statements On July 1, 2026, the Company amended the Credit Agreement to update term loan cash and PIK interest rates, as well as extend the maturity date to March 31, 2030. The amended term loans incur cash interest equivalent to 3-month USD SOFR rate with a floor of 3.50%, plus 0.25%. PIK interest and Residual Profit Interest have been reduced to 0%. The Credit Agreement does not require payments on the outstanding principal until maturity, with prepayments allowed but may be subject to a prepayment penalty. During the year ended December 31, 2025, the Company has voluntarily pre-paid in aggregate $253,175,064 of the Term Loan A, B, C, and D and incurred a prepayment penalty of $355,451. During the year ended December 31, 2024, the Company had voluntarily pre-paid in aggregate $135,256,253 of the Term Loan A and D and incurred a prepayment penalty of $272,563. The Company is required to make payments for Residual Profit Interest equivalent to 8.33% of the residual profit earned during the applicable period. The Company determines the residual profit as all gross receipts from operations received by the Company less the sum of operating expenses, interest expense, structuring fees, M&A fees, and cost basis in connection to the sale of any real estate property during the applicable period. Cash interest and Residual Profit Interest are payable in cash quarterly. PIK interest due quarterly is added to the outstanding principal balance of the loan or paid in cash, in whole or in part, at the option of the Company. The Company generally incurs structuring fees from restructuring or refinancing the Credit Agreement, which are deferred and amortized over the life of the senior secured term loan. The structuring fees are capitalized as a direct offset to the term loan balance on the consolidated balance sheets. For the years ended December 31, 2025 and 2024, the Company did not incur any structuring fees for borrowings under the senior secured term loans. For the years ended December 31, 2025 and 2024, $4,714,891 and $7,925,504 were amortized and recorded within interest expense on the consolidated statements of operations, respectively. The following tables present a summary of our senior secured term loan terms and payable as of December 31, 2025 and 2024: As of December 31, 2025 Senior Secured Term Loan Cash Rate PIK Rate Outstanding Principal Term Loan A 3M SOFR + 0.25% 2.00% $ 652,562,701 Term Loan B 3M SOFR + 0.26161% + 2.00% —% — Term Loan C 3M SOFR + 0.26161% + 10.00% 2.25% — Term Loan D 3M SOFR + 0.25% 2.00% 178,425,355 Term Loan E 3M SOFR + 1.50% 7.00% 52,652,329 Total outstanding principal 883,640,385 Less: unamortized debt issuance costs (3,536,169) Total senior secured term loans, net of debt issuance costs $ 880,104,216 (1) Rates are accrued at minimum SOFR floor of 400 basis points (2) Rates are accrued at minimum SOFR floor of 300 basis points (3) Rates are accrued at minimum SOFR floor of 100 basis points (4) Rates are accrued at minimum SOFR floor of 550 basis points As of December 31, 2024 Senior Secured Term Loan Cash Rate PIK Rate Outstanding Principal Term Loan A 3M SOFR + 0.25% 2.00% $ 647,314,155 Term Loan B 3M SOFR + 0.26161% + 2.00% —% 20,630,000 Term Loan C 3M SOFR + 0.26161% + 10.00% 2.25% 155,000,000 Term Loan D 3M SOFR + 0.25% 2.00% 183,425,355 Term Loan E 3M SOFR + 1.50% 7.00% 51,746,761 Total outstanding principal 1,058,116,271 Less: unamortized debt issuance costs (8,251,060) Total senior secured term loans, net of debt issuance costs $ 1,049,865,211 (1) Rates are accrued at minimum SOFR floor of 400 basis points (2) Rates are accrued at minimum SOFR floor of 300 basis points (3) Rates are accrued at minimum SOFR floor of 100 basis points (4) Rates are accrued at minimum SOFR floor of 550 basis points For the year ended December 31, 2025, the Company incurred $48,217,890, $22,213,242, and $0 of cash interest, PIK interest, and Residual Profit Interest, respectively. For the year ended December 31, 2025, a total of $22,156,838 (1) (2) (3) (1) (4) (1) (2) (3) (1) (4) 31

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National Property REIT Corp Notes to Consolidated Financial Statements of PIK interest was paid in cash on the senior secured term loans. As of December 31, 2025, $102,570 of cash interest and $56,404 of PIK interest is recorded by the Company as due to affiliates on the consolidated balance sheets. For the year ended December 31, 2024, the Company incurred $71,203,844, $23,879,730, and $39,707,599 of cash interest, PIK interest, and Residual Profit Interest, respectively. For the year ended December 31, 2024, a total of $23,813,828 of PIK interest was paid in cash on the senior secured term loans. As of December 31, 2024, $174,732 of cash interest and $65,902 of PIK interest is recorded by the Company as due to affiliates on the consolidated balance sheets. 20. Commitments and Contingencies The Company believes that it has complied with the requirements of the mortgage payable by obtaining the requisite third-party insurance coverage for losses that may be incurred at the properties. Losses for amounts below the threshold of the deductible amounts specified in certain of the Company’s insurance policies are self insured; however, management does not believe that this exposure will have a material adverse effect on the Company’s consolidated financial position or results of operations. Periodically, the Company may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of business. The Company does not believe that there are any proceedings threatened or pending, if determined adversely, that would have a material adverse effect on the financial position, results of operations, or liquidity of the Company. The Company may at times issue certain loan guarantees to obtain financing related to the Company’s investments. These guarantees may include but are not limited to repayment guarantees, completion guarantees, and debt ratio guarantees to certain lenders of the Company’s investments in real estate assets. Under certain guarantees, the Company may be liable in the event of fraud, misappropriation, environmental liabilities and other recourse obligations. As of December 31, 2025, the Company has not violated any of these guaranty provisions. 21. Subsequent Events On January 21, 2026, the Company sold The London (District on Luther) to an unaffiliated third party for a gross sales price of $59,250,000. The Company recognized a gain of $29,927,628 in connection with the sale. On May 7, 2026, the Company sold The George (Legacy) to an unaffiliated third party for a gross sales price of $16,250,000. The Company recognized a gain of $10,835,751 in connection with the sale. On July 1, 2026, the Company sold Islander Village to an unaffiliated third party for a gross sales price of $8,500,000. On July 1, 2026, the Company sold Campus Quarter to an unaffiliated third party for a gross sales price of $12,850,000. On July 1, 2026, the Company amended the Credit Agreement to update term loan cash and PIK interest rates, as well as extend the maturity date to March 31, 2030. The amended term loans incur cash interest equivalent to 3-month USD SOFR rate with a floor of 3.50%, plus 0.25%. PIK interest and Residual Profit Interest have been reduced to 0%. The Company has evaluated subsequent events through August 10, 2026, the date of which these consolidated financial statements were available to be issued, and has determined that, except for the above, there have not been any additional events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements. 32

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EXHIBIT 99.2 National Property REIT Corp. Consolidated Financial Statements For the years ended December 31, 2024 and 2023 (With Independent Auditor's Report Thereon)

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National Property REIT Corp. Consolidated Financial Statements Table of Contents Page Independent Auditor's Report 1 Consolidated Balance Sheets as of December 31, 2024 and 2023 3 Consolidated Statements of Operations for the years ended December 31, 2024 and 2023 4 Consolidated Statements of Changes in (Deficit) Equity for the years ended December 31, 2024 and 2023 5 Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 6 Notes to Consolidated Financial Statements 8

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Independent Auditor's Report To the Board of Directors National Property REIT Corp. Opinion We have audited the consolidated financial statements of National Property REIT Corp. (the “Company”), which comprise the consolidated balance sheets as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in (deficit) equity and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the “financial statements”). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial statements are available to be issued. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. 1

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. /s/ Deloitte & Touche, LLP Stamford, Connecticut July 15, 2025 2

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National Property REIT Corp. Consolidated Balance Sheets December 31, 2024 2023 ASSETS Real estate assets Land $ 232,385,005 $ 239,500,846 Building and improvements 2,271,061,106 2,270,308,784 Furniture, fixtures, and equipment 210,004,522 189,100,296 Total real estate assets held for investment 2,713,450,633 2,698,909,926 Less: accumulated depreciation (539,258,133) (459,534,036) Net real estate assets held for investment 2,174,192,500 2,239,375,890 Real estate assets held for sale, net 25,250,000 30,985,546 Total real estate assets, net 2,199,442,500 2,270,361,436 Cash and cash equivalents 48,562,765 66,567,915 Restricted cash 37,278,071 36,248,212 Accounts receivable, net 15,175,142 19,211,544 Interest receivable 934 909 Due from LendingClub Corporation 21 1,202 Due from affiliates 1,734,915 124,676 Preferred equity investments at fair value 14,687,438 14,018,973 Prepaid expenses and other assets 12,768,383 17,599,068 Collateralized loan obligations at fair value 381,508,024 418,761,852 Unsecured consumer loans at fair value 3,409 79,499 Residual interests in securitizations at fair value 2,548,574 2,725,658 Corporate bonds at fair value 18,923,461 16,484,131 Interest rate caps at fair value 13,948,780 20,203,768 Deferred leasing costs, net 16,304 44,263 Lease intangibles, net 81,388 15,426,122 Right-of-use assets 34,691,721 22,373,922 TOTAL ASSETS $ 2,781,371,830 $ 2,920,233,150 LIABILITIES AND DEFICIT Liabilities Mortgages payable, net of unamortized discount and debt issuance costs $ 2,159,200,108 $ 2,121,615,056 Mortgages payable related to real estate assets held for sale, net of unamortized discount and debt issuance costs 23,476,018 24,616,427 Reverse repurchase facilities, at fair value, net of unamortized debt issuance costs 180,586,000 196,336,000 Senior secured term loans, net of debt issuance costs 1,049,865,211 1,002,848,924 Accounts payable and accrued expenses 54,124,306 48,259,315 Security deposits 7,692,471 7,599,324 Due to affiliates 12,678,652 13,856,523 Prepaid rent and other liabilities 9,199,783 7,629,080 Lease liabilities 27,975,858 27,556,286 Total liabilities 3,524,798,407 3,450,316,935 Commitments and contingencies (Note 20) Deficit Preferred stock, $0.001 par value, Series A Cumulative Non-Voting, 12.5%; $125,000 liquidation preference, 125 shares authorized, issued andoutstanding 109,950 109,950 Common stock, $0.001 par value; 100,000,000 common shares authorized, 3,374,914 and 3,374,914 issued and outstanding, respectively 3,375 3,375 Additional paid-in-capital 19,819,881 19,819,881 Accumulated deficit (666,689,795) (545,958,649) Non-controlling interest (96,669,988) (4,058,342) Total deficit (743,426,577) (530,083,785) TOTAL LIABILITIES AND DEFICIT $ 2,781,371,830 $ 2,920,233,150 See Notes to Consolidated Financial Statements. 3

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National Property REIT Corp. Consolidated Balance Sheets The following presents the portion of the consolidated balances presented above attributable to consolidated variable interest entities. December 31, 2024 2023 Assets Total real estate assets, net $ 89,123,221 $ — Cash and cash equivalents 2,198,766 — Restricted cash 3,899,073 — Accounts receivable, net 372,197 — Due from affiliates 59,500 — Prepaid expenses and other assets 136,845 — Total assets $ 95,789,602 $ — Liabilities Mortgages payable, net of unamortized discount and debt issuance costs 244,728,474 — Accounts payable and accrued expenses 6,322,452 — Security deposits 577,089 — Due to affiliates 68,526 — Prepaid rent and other liabilities 249,260 — Total liabilities $ 251,945,801 $ — 4

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National Property REIT Corp. Consolidated Statements of Operations Years Ended December 31, 2024 2023 Income Rental income $ 311,574,292 $ 305,463,927 Interest income 65,836,125 62,971,464 Other tenant income 55,467,527 56,366,764 Total income 432,877,944 424,802,155 Costs and expenses Property operating expenses 180,998,282 172,561,141 Management fees 15,478,510 15,192,515 Depreciation and amortization 115,111,438 105,903,894 General and administrative expenses 32,145,114 30,666,091 Total costs and expenses 343,733,344 324,323,641 Other (expense) income Interest and debt expense (260,856,522) (275,297,786) Fair value adjustments, net 1,142,757 (11,724,724) Gain on sale of real estate assets 52,255,892 43,417,987 Impairment loss (221,731) — Total other (expense) income, net (207,679,604) (243,604,523) Loss before income tax (118,535,004) (143,126,009) Income tax benefit (expense) 1,230 (3,573) Net loss (118,533,774) (143,129,582) Income attributable to non-controlling interest (2,181,747) (10,159,343) Dividends attributable to preferred shares (15,625) (15,625) Net loss attributable to common shares $ (120,731,146)$ (153,304,550) See Notes to Consolidated Financial Statements. 5

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National Property REIT Corp. Consolidated Statements of Changes in (Deficit) Equity PreferredShares CommonShares AdditionalPaid-in-Capital AccumulatedDeficit TotalStockholders'(Deficit) Non-ControllingInterest Total (Deficit) Balance at December 31, 2022 $ 109,950 $ 3,351 $15,219,904 $(392,654,099)$(377,320,894)$ 2,521,451 $(374,799,443) Issuance of common shares — 24 4,599,977 — 4,600,001 — 4,600,001 Contribution from non-controllinginterest — — — — — 7,052,476 7,052,476 Dividends on common shares — — — — — — — Dividends on preferred shares — — — (15,625) (15,625) — (15,625) Distributions to non-controllinginterest — — — — — (23,791,612) (23,791,612) Net (loss) income — — — (153,288,925)(153,288,925) 10,159,343 (143,129,582) Balance at December 31, 2023 109,950 3,375 19,819,881 (545,958,649)(526,025,443) (4,058,342)(530,083,785) Issuance of common shares — — — — — — — Contribution from non-controllinginterest — — — — — 5,670,193 5,670,193 Dividends on common shares — — — — — — — Dividends on preferred shares — — — (15,625) (15,625) — (15,625) Distributions to non-controllinginterest — — — — — (100,463,586)(100,463,586) Net (loss) income — — — (120,715,521)(120,715,521) 2,181,747 (118,533,774) Balance at December 31, 2024 $ 109,950 $ 3,375 $19,819,881 $(666,689,795)$(646,756,589)$ (96,669,988)$(743,426,577) See Notes to Consolidated Financial Statements. 6

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National Property REIT Corp. Consolidated Statements of Cash Flows Years Ended December 31, 2024 2023 Cash flows from operating activities: Net loss $ (118,533,774)$ (143,129,582) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 109,510,602 105,409,244 Amortization of in-place leases 5,279,119 95,686 Amortization of leasing commissions 53,087 129,176 Amortization of other deferred leasing costs 640 1,246 Amortization of above market leases 267,990 268,542 Amortization of right-of-use assets 2,148,229 2,512,569 Amortization of debt issuance costs and debt discounts and premiums 10,203,775 8,240,872 Amortization of corporate bonds (285,299) (81,326) Amortization of discount on collateralized loan obligations (6,369,041) (3,590,031) Accretion of PIK on collateralized loan obligations (1,331,173) (1,155,562) Fair value adjustments of collateralized loan obligations (5,441,475) 9,032,496 Fair value adjustments of unsecured consumer loans (291,160) (533,648) Fair value adjustments of residual interests in securitizations 231,305 1,520,787 Fair value adjustments of corporate bonds (2,154,031) (4,785,855) Fair value adjustments of preferred equity investment 345,209 — Fair value adjustments of interest rate caps 6,593,686 7,684,262 Purchases of interest rate caps (1,719,000) (2,163,902) Sales of interest rate caps 1,380,302 — Realized gain/loss on collateralized loan obligations (426,291) (1,193,318) Gain on sale of real estate assets (52,255,892) (43,417,987) Impairment loss 221,731 — Loss/(gain) on early extinguishment of debt 1,379,104 (245,147) Income from accretion on residual interests in securitizations (58,298) 608,759 Accretion of PIK on preferred equity investments (1,013,674) (945,108) Changes in operating assets and liabilities: Accounts receivable 4,036,402 3,362,141 Interest receivable (25) 7,166 Due to affiliates (1,610,239) 929,158 Due from affiliates (1,177,871) 2,681,377 Prepaid expenses and other assets 4,830,685 (6,131,347) Accounts payable and accrued expenses 2,635,472 4,974,282 Security deposits 93,147 1,004,470 Prepaid rent and other liabilities 1,570,703 (703,387) Deferred leasing costs (25,768) (63,089) Lease liabilities 419,572 56,176 Net cash used by operating activities (41,492,251) (59,620,880) Cash flows from investing activities: Acquisition of real estate assets (75,437,865) — Additions to real estate assets (58,463,830) (78,753,021) Acquisition of lease intangibles (5,260,693) — Proceeds from disposition of real estate assets 151,165,999 88,420,521 Purchases of collateralized loan obligations (32,723,543) (14,876,274) Principal payments received on collateralized loan obligations 75,731,371 5,187,500 Proceeds from disposition of collateralized loan obligations 7,813,980 12,579,510 Principal payments received on unsecured consumer loans 78,597 975,095 Proceeds from recoveries and sales of charged-off loans 288,653 — Principal payments received on securitized residual interests 4,077 3,684,914 Decrease in due from LendingClub Corporation 1,181 19,554 Net cash provided by investing activities 63,197,927 17,237,799 7

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National Property REIT Corp. Consolidated Statements of Cash Flows Years Ended December 31, 2024 2023 Cash flows from financing activities: Proceeds from mortgages payable 280,375,391 18,278,148 Repayments of mortgages payable (244,515,817) (57,831,277) Proceeds from reverse repurchase facilities 24,296,000 828,000 Repayments of reverse repurchase facilities (40,046,000) (610,000) Proceeds from senior secured term loan 175,671,692 225,646,619 Repayments of senior secured term loan (135,256,253) (86,950,000) Payment of debt issuance costs (3,635,776) (15,475,530) Payment of debt extinguishment costs (761,186) 386,286 Proceeds from issuance of common stock — 4,600,001 Dividends on preferred shares (15,625) (15,625) Contributions from non-controlling interest 5,670,193 7,052,476 Distributions to non-controlling interests (100,463,586) (23,791,612) Net cash (used in) provided by financing activities (38,680,967) 72,117,486 Net (decrease) increase in cash, cash equivalents, and restricted cash (16,975,291) 29,734,405 Cash, cash equivalents, and restricted cash, beginning of year 102,816,127 73,081,722 Cash, cash equivalents, and restricted cash, end of year $ 85,840,836 $ 102,816,127 Supplemental Disclosures Cash paid (received) during the period for: Interest expense $ 247,858,658 $ 267,042,352 Income taxes (benefit) $ (1,230)$ 3,573 Non-cash investing and financing activities: Accrued additions to real estate assets $ 7,607,811 $ 4,378,292 Senior secured term loan interest paid-in-kind $ 2,339,329 $ 955,839 See Notes to Consolidated Financial Statements. 8

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National Property REIT Corp Notes to Consolidated Financial Statements From time to time, we may invest in preferred equity investments. In determining the accounting treatment to be applied to preferred equity transactions, we evaluate whether the joint venture entity is a VIE and, if so, whether the VIE should be consolidated. Based on our evaluations, we have concluded that our preferred equity investments are VIEs. We are primary beneficiary of one of the investments which is consolidated. The Company has determined that the other preferred equity investment should not be consolidated. Where the requirements for consolidation are not met, the investment is accounted for under the equity method of accounting. When the Company elects the fair value option for unconsolidated entities, the Company records its share of net asset value of the entity and any related unrealized gains and losses. See Note 7 for details of the preferred equity investments. c. Purchase Accounting and Acquisitions of Real Estate The Company records the acquisition of real estate that will be used for the production of income as an asset acquisition, with all assets acquired and liabilities assumed recorded at their acquisition date fair values. Acquisition costs are capitalized and allocated to the acquired tangible assets, consisting of land, building and improvements, furniture, fixtures and equipment. The Company assesses the acquisition date fair values of all tangible assets, and identified lease intangibles, consisting of in-place leases, tenant relationships, deferred leasing costs, and above-market and below-market leases. Real estate assets, including land, building and improvements, and furniture, fixtures and equipment are stated at historical cost less accumulated depreciation. Costs associated with the development, construction and improvement of the Company’s real estate assets are capitalized as incurred. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred, while major replacements and betterments, which improve or extend the useful life of the asset, are capitalized and depreciated over the estimated useful lives. The Company records depreciation expense using the straight-line method over the useful lives of the respective assets. The estimated useful lives are as follows: Category Term Building 15 to 54 years Improvements 2 to 14 years Furniture, fixtures, and equipment 2 to 14 years Depreciation expense for the years ended December 31, 2024 and 2023 was $109,510,602 and $105,409,244, respectively, and is included in depreciation and amortization expense in the accompanying consolidated statements of operations. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions and information gathered during pre-acquisition due diligence activities. The valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. The value allocated to acquired lease intangibles is based on management’s evaluation of the specific characteristics of each tenant’s lease. Characteristics considered by management in allocating these values include the nature and extent of the existing business relationships with the tenant, growth prospects for developing new business with the tenant, the remaining term of the lease and the tenant’s credit quality, among other factors. The value of in-place leases and deferred leasing costs are amortized to expense over the remaining term of the respective leases, which range from less than a year to seventeen years. The amount allocated to acquire in-place leases is determined by calculating the estimated time to fill a hypothetically empty property to its stabilization level based on historical observed move-in rates for each property. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The amount allocated to deferred leasing costs is determined by what the Company would have paid to a third-party to secure a new tenant reduced by the expired term of the respective lease. The value of tenant relationships is amortized over the remaining initial lease term and expected renewals, which is thirty seven years. The amount allocated to tenant relationships is the benefit resulting from the likelihood of a tenant renewing its lease. Acquired intangible assets generally have no residual value. Amortization expense related to these assets was $5,600,836 and $494,650 for the years ended December 31, 2024 and 2023, respectively. 11

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National Property REIT Corp Notes to Consolidated Financial Statements d. Impairment of Real Estate The Company reviews the carrying value of its real estate assets and intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such reviews indicate that the asset may be impaired, given that the carrying amount of an asset exceeds the sum of its expected future cash flows, on an undiscounted basis, the asset’s carrying amount is written down to its fair value. Estimating future cash flows and fair values is highly subjective and such estimates could differ materially from actual results. For the years ended December 31, 2024 and 2023, the Company recorded $221,731 and $0, respectively, of impairment charges related to real estate assets. e. Assets Held for Sale and Discontinued Operations The Company classifies certain real estate assets as held for sale on the consolidated balance sheets once the criteria, as defined by GAAP, have been met. Real estate assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. The Company reports discontinued operations when the disposal of real estate assets represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. No disposal met the definition of discontinued operations as of December 31, 2024 and 2023. f. Environmental Matters Under various federal, state and local environmental laws, statutes, ordinances, rules and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances at, on, in or under such property as well as certain other potential costs relating to hazardous or toxic substances. These liabilities may include government fines and penalties and damages for injuries to persons and adjacent property. Such laws often impose liability without regard to whether the owner knew of, or was responsible for, the presence or disposal of such substances. The Company recognizes a liability for environmental matters if it is probable a liability has been incurred and the amount of loss can be reasonably estimated. As of December 31, 2024 and 2023, the Company is not aware of any environmental matters that would have an impact on the consolidated financial statements. g. Fair Value Measurements In accordance with ASC Topic 820, Fair Value Measurement ("ASC 820"), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, in the principal or most advantageous market considering the highest and best use of an asset or nonperformance risk related to a liability, at the measurement date. The Company uses the most observable inputs that are available to measure fair value. Observable inputs are inputs that the market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s views about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). • Level 1 - quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities; • Level 2 - observable prices that are based on inputs not quoted in active markets, but corroborated by market data; and • Level 3 - unobservable inputs that are used when little or no market data is available. The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk, where applicable, in the Company’s assessment of fair value. The Company carries its mortgages payable, debt related to consolidated VIE, and senior secured term loan at cost, net of unamortized discount, debt issuance costs, and associated amortization, on the accompanying consolidated balance sheets. 12

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National Property REIT Corp Notes to Consolidated Financial Statements h. Fair Value of Financial Instruments Pursuant to ASC Topic 825, Financial Instruments ("ASC 825"), which provides entities with an option to report selected financial assets and liabilities at fair value, the Company has made an election to measure its unsecured consumer loans, residual interest in securitizations, CLOs, corporate bonds, interest rate caps, certain preferred equity investments, and reverse repurchase facilities at fair value on the consolidated balance sheets. We elected to use the fair value option to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Under this election, (a) unsecured consumer loans charged off, recoveries, and realized gains (losses), and (b) net increase or decrease in unrealized appreciation (depreciation) of the unsecured consumer loans, residual interest in securitizations, CLOs, corporate bonds, interest rate caps, preferred equity investments, and reverse repurchase facilities are recorded as fair value adjustments on the consolidated statements of operations. i. Revenue Recognition Rental revenues from residential, student housing, and self-storage tenants are recognized on a contractual basis, as lease periods for these investments are short‐term in nature. Tenant receivables that are deemed uncollectible are recognized as a reduction to rental revenue. The Company recognizes reimbursement for utilities and other expenses recoveries as other revenue when earned. Rental revenues from industrial and commercial tenants are recognized on a straight-line basis over the term of the lease. The industrial and commercial leases contain rental increases at specified intervals. The Company records as an asset, and includes in rental revenues, deferred rent receivable that will be received if the tenant makes all rent payments required through the expiration of the initial term of the lease. Deferred rent receivable in the accompanying consolidated balance sheets includes the cumulative difference between rental revenue recorded on a straight-line basis and rents received from the tenants in accordance with the respective lease terms. Rental income can be comprised of fixed and variable lease payments. The following table shows the details of rental income for the years ended December 31, 2024 and 2023: 2024 2023 Fixed rent $ 322,876,360 $ 318,320,196 Less: write-off of tenant receivables (11,302,068) (12,856,269) Total rental income $ 311,574,292 $ 305,463,927 Minimum future rental receipts under the noncancelable portion of commercial tenant leases, assuming no new or renegotiated leases, for the next five years and thereafter are as follows: Year RentalReceipts 2025 $ 209,968 2026 $ 209,968 2027 $ 209,968 2028 $ 209,968 2029 $ 86,911 Thereafter$ — Interest income is recognized on an accrual basis, in accordance with the terms of the loan agreement, to the extent that such amounts are expected to be collected. Generally, our unsecured consumer loans are placed on non-accrual status when the loan is greater than 60 days contractually delinquent or charged off, which may occur if a borrower were to declare bankruptcy prior to a loan being 60 days delinquent, at which point the associated interest receivable balance is reversed against the interest income on the consolidated statements of operations. For residual interests in securitizations, interest income is recognized using the effective interest method. Under this method, we recognize as interest income, over the life of the securities, the excess of the cash flows expected to be collected over the securities' carrying value. We update our estimates of expected cash flows quarterly and recognize changes in the calculated effective interest rate on a prospective basis. For certain investments held by the Company, cash not received for interest may be recorded through a payment-in-kind ("PIK"). Interest income recorded as PIK is recognized as income in the period earned. Gains and losses on the sale of real estate are recognized pursuant to ASC 610, Gains and Losses from the Derecognition of Nonfinancial Assets. Any gain or loss on sale is measured based on the difference between the amount of consideration received and the carrying amount of the sold real estate asset, less costs to sell. For 13

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National Property REIT Corp Notes to Consolidated Financial Statements a partial sale of real estate resulting in a transfer of control, the Company measures any non-controlling interest retained at fair value, and recognizes a gain or loss on the difference between the fair value and the carrying amount of the real estate assets retained. j. Cash and Cash Equivalents The Company considers all highly-liquid instruments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents includes funds deposited with financial institutions and short-term, highly- liquid overnight investment in money market funds. As of December 31, 2024 and 2023, the Company had cash and cash equivalents of $48,562,765 and $66,567,915, respectively. As of December 31, 2024 and 2023, $1,093,880 and $19,072,596 of the cash and cash equivalents, respectively, disclosed on the consolidated balance sheets represent investments in money market funds, with the remainder held in deposit accounts, substantially all of which exceeded applicable insurance limits. k. Restricted Cash Restricted cash consists of cash escrowed under the operating agreements and mortgage agreements for debt service, real estate taxes, property insurance, capital improvements and other restricted deposits. The Company had restricted cash of $37,278,071 and $36,248,212 as of December 31, 2024 and 2023, respectively. Total cash and cash equivalents, and restricted cash was $85,840,836 and $102,816,127 as of December 31, 2024 and 2023, respectively. l. Unsecured Consumer Loans Unsecured consumer loans consist of individual loans purchased from various originators of unsecured consumer loans ("Lending Platforms") under terms of the Company’s agreement with the respective platforms, who are sellers of the unsecured consumer loans that continue to service such loans. Unsecured consumer loans made through the Lending Platforms are issued by WebBank, an FDIC-insured, Utah chartered industrial bank, except for loans issued by NBT. After funding a loan, WebBank sells the loan to the Lending Platform, without recourse, in exchange for the principal amount of the loan. Loans issued by NBT are purchased by the Company as part of a loan purchase and sale agreement between ACL PS, NBT and Springstone. All loans purchased are unsecured obligations of individual borrowers with a fixed interest rate and loan terms set between 12 and 84 months. Unsecured consumer loans are recorded on the date purchased by the Company, which is generally at least fifteen days after origination. Unsecured consumer loans are charged off in the month that the loan becomes greater than 120 days contractually delinquent or in the month that the borrower has entered bankruptcy, at which point the outstanding principal amount is written off against the total balance of the unsecured consumer loans on the consolidated balance sheets. This results in a fair value adjustment on the consolidated statements of operations. Recoveries on charged off loans and sales of charged off loans to third-parties are recorded as received, net of fees. m. Due from Lending Platforms LendingClub is an online marketplace lending platform from which we purchase unsecured consumer loans. The Due from LendingClub Corporation amounts presented on the consolidated balance sheets represent cash deposited at LendingClub. n. Accounts Receivable Deemed Uncollectible The Company monitors its accounts receivable on a tenant-by-tenant basis and if cash collection is deemed not probable, the Company establishes a full reserve for the individual tenant's outstanding balance. For the remaining receivable balance, the Company establishes and maintains a general reserve reflecting the Company's expectation that a portion of the operating receivables will not be collected. As of December 31, 2024 and 2023, $2,791,283 and $5,172,932, respectively, was deemed uncollectible and is included as accounts receivable, net, within the consolidated balance sheets. o. Asset Management and Management Services Management fee expenses are recognized when incurred in accordance with the terms of each respective management agreement. p. Debt Issuance Costs and Unamortized Debt Discounts The Company defers costs incurred in connection with obtaining financing and amortizes the costs using the straight‐line method, which approximates the effective interest rate method, over the terms of the related debt as a component of interest expense. The Company also recognizes a debt discount or premium in connection with mortgages assumed at fair value in accordance with ASC 805. Debt issuance costs and unamortized debt 14

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National Property REIT Corp Notes to Consolidated Financial Statements discounts have been presented as a direct deduction to our mortgages payable, mortgages payable related to real estate assets held for sale, debt related to consolidated VIE, and senior secured term loans in the accompanying consolidated balance sheets. At December 31, 2024 and 2023, the Company had net debt issuance costs and debt discounts of $19,187,436 and $26,351,634, respectively. Amortization of debt issuance costs and debt discounts of $10,203,775 and $8,240,872 is included in interest expense in the consolidated statements of operations for the years ended December 31, 2024 and 2023, respectively. q. Non-controlling Interests Non-controlling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in real estate properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third-parties as non-controlling interests. The Company records these non-controlling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These non-controlling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are generally allocated pro rata based on the respective ownership percentages until the venture reaches certain performance measures, at which time the other venture party will be entitled to preferred distributions (profit interests). r. Income Taxes The Company elected to be taxed as a REIT for U.S. federal income tax purposes, under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). The Company believes it operates in such a manner as to qualify for treatment as a REIT for federal income tax purposes. Accordingly, the Company generally will not be subject to federal income tax, provided that distributions to its stockholders equal at least the amount of its taxable income. A REIT is subject to a number of organizational and operational requirements, including, among others, a requirement that it currently distributes at least 90% of its taxable income to stockholders, subject to certain adjustments. If the Company fails to qualify as a REIT in any taxable year without the benefit of certain relief provisions, it will be subject to federal and state income taxes on its taxable income at regular corporate income tax rates. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state or local taxes on its income, property or net worth and federal taxes and excise taxes on its undistributed income. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("TRS") will be fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, Income Taxes. Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. For the years ended December 31, 2024 and 2023, several of the Company's subsidiaries were considered taxable corporations for U.S. federal and state income tax purposes. The taxable U.S. corporate subsidiaries are subject to corporate level U.S. federal, state and local income tax on their net taxable income. ASC 740, Income Taxes ("ASC 740") provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than- not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. As of December 31, 2024 and 2023, we did not have a liability for any unrecognized tax benefits. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. We file tax returns for U.S. federal, various states and foreign jurisdictions. The statute of limitation is open for all jurisdictions for tax years beginning in 2018. The Company’s policy is to classify interest and penalties on tax positions, if any, as expenses. For the years ended December 31, 2024 and 2023, no interest and penalties have been accrued. 15

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National Property REIT Corp Notes to Consolidated Financial Statements s. Concentration of Counterparty Risk and Credit Risk In the normal course of its business, the Company encounters counterparty risk and credit risk. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, principal and interest outstanding on unsecured consumer loans, and amounts deposited with each of the Company's Lending Platforms. Counterparty risk represents the risk that we would incur if the counterparties failed to perform pursuant to the terms of their agreements with us. t. Servicing, Collection and Upfront Fees The Company incurs a monthly servicing fee for each outstanding unsecured consumer loan, which is payable to the Lending Platforms for managing payments from borrowers and maintaining loan account portfolios. The Company incurs collection fees on amounts recovered from delinquent loans, which is payable to the Lending Platforms. The Company incurs an upfront fee on unsecured consumer loans purchased from Avant. All servicing, collection and upfront fees are expensed as incurred. u. Collateralized Loan Obligations ("CLOs") The Company holds investments in CLOs which are subordinated debt interests in syndicated loans managed by third-party collateral managers with industry experience. The outstanding investments range in expected maturity from July 2028 to July 2034 and pays interest based on the three-month SOFR (“3MS”) plus 5.20% to 9.23%. CLOs purchased are recorded on the trade date. Primary CLOs purchased either from the collateral manager or the broker are recorded on the settled date, to reflect the potential changes, updates or resizing of the position, due to the long-term nature of settlement. The typical settlement time for Depository Trust Company bonds is three days. Amortization of an original issue discount is calculated to expected maturity date, based on projected cash flows at the time of purchase, and recorded over the expected life of the bond. Gains or losses from the sale of CLOs are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale. Restructured or permanently impaired CLOs are recorded in the period of measurement and recorded on the consolidated statements of operations as a realized gain or loss and amortized to expected maturity based on the available cash flows at the time of measurement. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. v. Corporate bonds The Company holds corporate bonds comprised of investment grade and high yield corporate bonds including performing credit strategies focused on income-oriented, senior loan and bond investment strategies targeting U.S. issuers. Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. Gains or losses from the sale of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. w. Interest rate caps In order to manage the risks associated with the variable rate financing of the mortgage, the Company may enter into various interest rate cap agreements. The cap agreements have initial notional values equal to the original loan amount of the related mortgages. Derivative instruments not meeting the criteria for hedge accounting are recorded at fair value on the consolidated balance sheets with any change in fair value reflected in the consolidated statement of operations in the period of change. The fair value of the interest rate caps as of December 31, 2024 and 2023 was $13,948,780 and $20,203,768, respectively. For the year ended December 31, 2024 and 2023, there was loss of $6,593,686 and $7,684,262, respectively, recorded for the fair value of the interest rate caps. x. Recent accounting pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 establishing Accounting Standards Codification ("ASC") Topic 848, Reference Rate Reform, and in January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope 16

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National Property REIT Corp Notes to Consolidated Financial Statements (collectively, "ASC 848"). ASC 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives, and other contracts. The guidance in ASC 848 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”) which was issued to defer the sunset date of ASC 848 to December 31, 2024. As of December 31, 2023, the Company has transitioned LIBOR- indexed debt and derivatives to SOFR. 3. Recent Real Estate Transactions Acquisition of Real Estate Assets Held for Investment During 2024, the Company acquired the following properties: • On January 19, 2024, the Company acquired The Apex Apartments, a multi-family property located in Cincinnati, OH, for an aggregate purchase price of $34,225,000 exclusive of acquisition and closing costs. For the purchase of this property, the Company obtained bank financing of $27,712,000. • On January 19, 2024, the Company acquired The Parkton Apartments, a multi-family property located in Cincinnati, OH, for an aggregate purchase price of $45,775,000 exclusive of acquisition and closing costs. For the purchase of this property, the Company obtained bank financing of $37,090,000. During 2023, the Company did not acquire any properties. The below listed 2024 acquisitions have been accounted for as asset acquisitions. The purchase price was allocated to the acquired assets and liabilities based on their estimated fair values at the date of acquisition. The Company allocated the purchase price, plus capitalized acquisition costs, of the properties acquired during 2024 as follows: Property Land Building Improvements FF&E LeaseIntangibles Total PurchasePrice 2024 Acquisitions: The Apex Apartments $ 2,230,231 $ 28,703,896 $ 671,134 $ 605,053 $ 2,352,068 $ 34,562,382 The Parkton Apartments 2,407,070 39,077,117 1,087,713 655,650 2,908,626 46,136,176 Total 2024: $ 4,637,301 $ 67,781,013 $ 1,758,847 $ 1,260,703 $ 5,260,694 $ 80,698,558 The weighted average amortization period of acquired in-place leases was approximately six months for the year ended December 31, 2024. Summarized information regarding properties sold during the years ended December 31, 2024 and 2023 is set forth in the table below: Property DispositionDate Asset Type Gross Sale Price Gain on Sale 2023 Dispositions: West 22 10/27/2023 Student Housing$ 89,000,000 $ 43,417,987 Total 2023: $ 89,000,000 $ 43,417,987 2024 Dispositions: University Crossing 5/9/2024 Student Housing$ 16,000,000 $ 57,087 Orchard Village 5/30/2024 Multi-Family 48,500,000 20,676,005 Dylan at Grayson 11/14/2024 Multi-Family 56,650,000 13,569,512 Arlington Park 11/18/2024 Multi-Family 20,000,000 10,582,936 Filet of Chicken 5/9/2024 Industrial 12,000,000 7,370,352 Total 2024: $ 153,150,000 $ 52,255,892 4. Real Estate Assets The Company’s ownership interests in real estate properties range from 15% to 100% via either direct ownership or ownership of a property owning entity. Through its ownership interests, the Company controls and therefore consolidates the properties and property owning entities. The interest owned by the other joint venture partner is reflected as non-controlling interest in these consolidated financial statements. 17

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National Property REIT Corp Notes to Consolidated Financial Statements The Company’s real estate assets consisted of the following as of December 31, 2024 and 2023: Property AcquisitionDate OwnershipPercentage Asset Type Location Real Estate Assets, Net ofAccumulated Depreciation 2024 2023 1 Filet of Chicken* 10/24/2012 100.0% Industrial Forest Park, GA $ — $ 3,904,473 2 Arlington Park 5/8/2013 93.3% Multi-Family Marietta, GA — 9,139,353 3 Taco Bell, OK 6/4/2014 100.0% Commercial Yukon, OK 974,482 1,027,561 4 Taco Bell, MO 6/4/2014 100.0% Commercial Marshall, MO 783,978 828,274 5 Abbie Lakes 9/30/2014 15.0% Multi-Family Canal Winchester, OH 9,682,909 9,896,318 6 Brooksedge 9/30/2014 15.0% Multi-Family Reynoldsburg, OH 8,880,570 9,319,103 7 Reserve at Abbie Lakes 9/30/2014 15.0% Multi-Family Canal Winchester, OH 21,089,030 21,904,002 8 Lake's Edge 9/30/2014 15.0% Multi-Family Pickerington, OH 9,051,519 9,408,695 9 Sunbury Ridge 9/30/2014 15.0% Multi-Family Columbus OH 10,619,961 11,031,109 10 Stonebridge 9/30/2014 15.0% Multi-Family Blacklick, OH 14,882,568 15,647,208 11 Jefferson Chase 9/30/2014 15.0% Multi-Family Blacklick, OH 9,726,933 10,080,770 12 Lake Ridge 10/29/2014 15.0% Multi-Family Hilliard, OH 5,189,731 5,394,500 13 Orchard Village* 11/5/2015 80.0% Multi-Family Aurora, IL — 27,081,074 14 Sterling Crimson 9/28/2016 67.0% Student Housing Tuscaloosa, AL 40,288,605 41,332,877 15 Hawks Ridge* 9/28/2016 67.0% Student Housing Iowa City, IA 25,250,000 26,089,935 16 Islander Village 9/28/2016 67.0% Student Housing Corpus Christi, TX 9,982,380 10,436,617 17 Campus Quarters 9/28/2016 67.0% Student Housing Corpus Christi, TX 13,505,131 13,943,798 18 District on Luther 9/28/2016 67.0% Student Housing College Station, TX 28,968,233 30,373,105 19 Legacy 9/28/2016 67.0% Student Housing Statesboro, GA 5,417,234 5,659,634 20 University Crossing 9/28/2016 67.0% Student Housing Manhattan, KS — 16,306,972 21 Seasons 1/30/2017 92.5% Multi-Family Laurel, MD 158,694,712 161,985,415 22 Villages of Baymeadows 10/31/2017 92.5% Multi-Family Jacksonville, FL 80,329,673 82,257,521 23 Casa del Mar 10/31/2017 92.5% Multi-Family Jacksonville, FL 13,293,548 13,616,312 24 Silver Oaks 11/8/2017 92.5% Multi-Family Southfield, MI 13,989,544 14,350,028 25 Sutton Place 11/8/2017 92.5% Multi-Family Southfield, MI 43,995,171 45,837,049 26 Steeplechase 1/9/2018 92.5% Multi-Family Largo, MD 37,922,385 39,329,697 27 Olentangy Commons 6/1/2018 92.5% Multi-Family Columbus, OH 99,552,645 102,151,039 28 Villages of Wildwood 7/20/2018 92.5% Multi-Family Fairfield, OH 42,284,782 43,375,585 29 Falling Creek 8/8/2018 90.0% Multi-Family Richmond, VA 20,756,619 21,167,327 30 Crown Pointe 8/30/2018 80.0% Multi-Family Danbury, CT 92,572,568 94,814,557 31 Lorring Park 10/30/2018 80.0% Multi-Family Forestville, MD 53,543,395 55,243,926 32 Hamptons 1/9/2019 92.5% Multi-Family Beachwood, OH 69,914,347 74,459,472 33 The Isle 6/28/2019 92.5% Multi-Family Orlando, FL 23,489,254 24,016,497 34 Druid Hills 7/30/2019 96.3% Multi-Family Atlanta, GA 73,121,634 75,288,872 35 Parcstone 10/15/2019 88.0% Multi-Family Fayetteville, NC 37,512,954 38,871,852 36 Stone Ridge 10/15/2019 88.0% Multi-Family Fayetteville, NC 18,702,090 19,336,157 37 Sterling Place 10/28/2019 92.5% Multi-Family Columbus, OH 39,374,874 40,453,291 38 Hampton on Jupiter 11/2/2020 80.0% Multi-Family Dallas, TX 32,629,129 34,175,498 39 Palmetto Creek 11/10/2020 90.0% Multi-Family North Charleston, SC 30,735,622 31,094,893 40 Valora at Homewood 11/19/2020 90.0% Multi-Family Homewood, AL 82,501,214 78,484,621 41 The Dylan at Fairburn 12/14/2020 100.0% Multi-Family Fairburn, GA 46,680,087 47,783,160 42 The Dylan at Grayson 12/14/2020 100.0% Multi-Family Grayson, GA — 43,674,038 43 Chimneys of Greenville 1/27/2021 100.0% Multi-Family Taylors, SC 18,027,510 17,361,445 44 The Laurel Apartments 2/26/2021 96.3% Multi-Family Spartanburg, SC 53,252,483 54,727,859 45 The Willows Apartments 2/26/2021 96.3% Multi-Family Spartanburg, SC 18,599,333 20,092,408 46 The Edge at Clear Lake 3/12/2021 80.0% Multi-Family Webster, TX 30,570,056 31,762,298 47 Pear Orchard 6/28/2021 80.0% Multi-Family Ridgeland, MS 46,120,559 46,840,841 48 Lakeshore Landing 6/28/2021 80.0% Multi-Family Ridgeland, MS 20,221,447 20,882,326 49 Reflection Pointe 6/28/2021 80.0% Multi-Family Flowood, MS 39,577,244 38,311,181 50 Crosswinds 6/28/2021 80.0% Multi-Family Pearl, MS 38,540,480 40,131,416 51 Elliot Norcross 11/30/2021 90.0% Multi-Family Norcross, GA 127,806,841 127,042,727 52 West Vue 12/30/2021 90.0% Multi-Family Orlando, FL 79,720,601 81,413,379 53 Enclave at Wolfchase 3/18/2022 100.0% Multi-Family Cordova, TN 75,649,394 76,391,342 54 Twin Oaks 3/18/2022 100.0% Multi-Family Hattiesburg, MS 43,702,625 42,968,788 18

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National Property REIT Corp Notes to Consolidated Financial Statements Property AcquisitionDate OwnershipPercentage Asset Type Location Real Estate Assets, Net ofAccumulated Depreciation 2024 2023 55 Lancaster Place 3/18/2022 100.0% Multi-Family Calera, AL 34,500,435 35,116,710 56 Rutland Place 3/18/2022 100.0% Multi-Family Macon, GA 27,519,161 27,745,458 57 Southport Crossing 3/29/2022 92.5% Multi-Family Indianapolis, IN 46,160,902 47,177,090 58 Cheyenne 5/26/2022 90.0% Senior Living Cheyenne, WY 26,058,205 26,504,526 59 Pueblo 5/26/2022 90.0% Senior Living Pueblo, CO 29,594,448 30,145,406 60 Stillwater 5/26/2022 90.0% Senior Living Stillwater, OK 25,121,014 25,406,324 61 Kokomo 5/26/2022 90.0% Senior Living Kokomo, IN 19,425,404 19,767,727 62 Apex 1/19/2024 100.0% Multi-Family Cincinnati, OH 31,293,064 — 63 Parkton 1/19/2024 100.0% Multi-Family Cincinnati, OH 42,091,783 — Total real estate assets, net $ 2,199,442,500 $ 2,270,361,436 *Properties are held for sale and separately disclosed on the consolidated balance sheets. 5. Lease Intangibles Lease intangibles consist of the following: As of December 31, 2024 As of December 31, 2023 LeaseIntangibles AccumulatedAmortization LeaseIntangibles, net LeaseIntangibles AccumulatedAmortization LeaseIntangibles, net In-place leases $ 106,353,044 $ (106,324,264)$ 28,780 $ 106,347,193 $ (106,046,555)$ 300,638 Above-market leases — — — 15,689,752 (955,734) 14,734,018 Below-market leases — — — — — — Tenant relationships — — — 239,208 (71,870) 167,338 Deferred leasing costs 178,671 (126,063) 52,608 635,325 (411,197) 224,128 Total $ 106,531,715 $ (106,450,327)$ 81,388 $ 122,911,478 $ (107,485,356)$ 15,426,122 Future amortization expense for the Company’s lease intangibles is as follows: Year Amortization Expense 2025 $ 18,425 2026 $ 18,425 2027 $ 18,425 2028 $ 18,425 2029 $ 7,688 Thereafter$ — 6. Real Estate Assets Held for Sale As of December 31, 2024, the real estate assets held by Hawks Ridge met the criteria to be classified as held for sale. Held for sale liabilities includes only the mortgage payable balance which is presented separately in the consolidated Balance Sheet. The Company entered into a purchase and sale agreement with an unrelated third-party on November 6, 2024. Hawks Ridge sale closed on February 27, 2025, resulting in the recognition of a loss in the amount of $242,606. For the year ended December 31, 2024 the Company recorded $221,731 of impairment charges related to real estate assets. As of December 31, 2023, the real estate assets held by Filet of Chicken and Orchard Village met the criteria to be classified as held for sale. The Company entered into a purchase and sale agreement with an unrelated third-party on January 26, 2024 and May 13, 2024, respectively. Filet of Chicken sale closed on May 9, 2024, resulting in the recognition of a gain in the amount of $7,370,352. Orchard Village sale closed on May 30, 2024, resulting in the recognition of a gain in the amount of $20,676,005. 19

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National Property REIT Corp Notes to Consolidated Financial Statements Below is a summary of the major classes of real estate assets classified as held for sale: Real Estate Assets Held for Sale December 31,2024 December 31, 2023 Land $ 3,840,070 $ 5,229,284 Building and improvements 28,767,529 39,088,662 Furniture, fixtures, and equipment 2,369,041 1,604,198 Less: accumulated depreciation (9,726,640) (14,936,598) Total real estate assets held for sale, net $ 25,250,000 $ 30,985,546 7. Preferred Equity Investments Terraces at Perkins Rowe - Unconsolidated VIE On November 14, 2022, the Company, together with a joint venture partner, acquired Terraces at Perkins Rowe (“Terraces”), a multi- family property located in Baton Rouge, LA for an aggregate purchase price of $41,400,000. The investment is structured as a preferred equity investment that incorporates debt-like return metrics. The Company receives SOFR + 2% cash return each month with additional 7% paid-in-kind (PIK) accrued to the Company’s outstanding capital balance. While there is no stated maturity date for this investment, the Company has a put option at the end of 5-year hold period that it intends to exercise. During the year ended 2024 and 2023, the Company recognized total dividend income of $2,077,549 and $1,921,054, respectively, which is included as other income on the consolidated statement of operations. For the Terraces preferred equity investment, the Company determined that it is not the primary beneficiary and not required to consolidate, and is subject to equity method investment guidance. The Company elected the fair value option for the Terraces preferred equity investment. The Company determined that as of December 31, 2024 and 2023, the fair value of the Terraces preferred equity investment was $14,687,438 and $14,018,973, respectively. During the years ended 2024 and 2023, the Company recorded unrealized loss of $345,209 and $0, respectively, which is included as fair value adjustments on the consolidated statement of operations. As of December 31, 2024 and 2023, the Company owned 100% of the preferred equity interests and did not own common equity. Cortland Portfolio - Consolidated VIE On September 30, 2014, the Company, together with a joint venture partner, acquired Columbus OH Apartment HoldCo, LLC, (“Cortland”), a multi-family portfolio located in Columbus, OH for an aggregate purchase price of $114,377,000. On June 28, 2024, the Company funded $35,300,000 as a preferred equity investment in connection with the recapitalization of the Cortland Portfolio. Upon recapitalization, our common ownership percentage in the Cortland joint venture changed from 79.1% to 15%. The Cortland preferred equity investment incorporates debt-like return metrics. The Company receives 8% cash return each month with additional 7% paid-in-kind (PIK) accrued to the Company’s outstanding capital balance. There is a mandatory redemption date set as the earlier of July 1, 2029, and the date all projects and all other assets have been sold to third parties. We determined that Cortland is a VIE and subject to consolidation since we are the primary beneficiary with power to direct activities and rights to receive significant benefits. 8. Involuntary Conversions During 2024 and 2023, the Company did not record any gain or loss from involuntary conversion of real estate assets. 9. Unsecured Consumer Loans The Company’s portfolio of unsecured consumer loans consists of a large number of small balance homogeneous loans. As of December 31, 2024, the portfolio consisted of 4 loans having an average outstanding principal balance of $854 and a maximum balance of $50,000 at the time of origination. As of December 31, 2024, the unsecured consumer loans were issued with stated interest rates ranging from 11.5% to 21.5% with a weighted average interest rate of 14.6% based on outstanding principal of the unsecured consumer loans. As of December 31, 2023, the portfolio consisted of 27 loans having an average outstanding principal balance of $3,037 and maximum balance of $50,000 at the time of origination. As of December 31, 2023, the unsecured consumer loans were issued with stated 20

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National Property REIT Corp Notes to Consolidated Financial Statements interest rates ranging from 9.0% to 25.0% with a weighted average interest rate of 15.4% based on outstanding principal of the unsecured consumer loans. The ability of the borrowers of the unsecured consumer loans to repay the Company are affected by their continuing financial stability. The credit risk of the unsecured consumer loans and the residual interest in securitizations is considered to be higher than for secured loans. The Lending Platforms classify the unsecured consumer loans into separately identified pools by rating ("Rating"), which indicates the expected level of risk associated with the loan. Each Rating corresponds to an estimated average annualized loss rate range as of the time the Rating is given. The estimated annual loss rate for each loan is based primarily on a proprietary custom risk model developed by each of the Lending Platforms using their respective historical data, borrower specific factors and Fair Isaac Corporation score (“FICO score”) obtained from a credit reporting agency. As part of the Rating determination, the Lending Platforms also consider borrower specific factors such as, but not limited to, credit related inquiries in the last six months and debt-to-income ratio. Ratings are not consistent between Lending Platforms; as such the Company stratifies its unsecured consumer loans into separately identified pools based on the FICO score obtained from a credit reporting agency and as provided by each Lending Platform at origination. The stratified pools are designated "Super Prime," "Prime" or "Near Prime," and defined as follows: Super Prime loans as loans to borrowers with a FICO score of 720 or greater, Prime Loans as loans to borrowers with a FICO score of between 660 and 719 and Near Prime loans as loans to borrowers with a FICO score of between 600 and 659. The following table summarizes the Company's unsecured consumer loans held as of December 31, 2024: Category Outstanding Principal Fair Value Interest Rate Range Weighted AverageInterest Rate* Super Prime $ 3,022 $ 3,038 11.5% - 20.5% 13.7% Prime 394 394 21.5% - 21.5% 21.5% Near Prime — — 0% - 0% —% Total Loans$ 3,416 $ 3,432 14.6% * Based on outstanding principal of the unsecured consumer loans. The following table summarizes the Company's unsecured consumer loans held as of December 31, 2023: Category Outstanding Principal Fair Value Interest Rate Range Weighted AverageInterest Rate* Super Prime $ 45,080 $ 45,098 9.0% - 20.5% 13.4% Prime 36,932 34,401 13.5% - 25.0% 17.9% Near Prime — — 0.0% - 0.0% —% Total Loans$ 82,012 $ 79,499 15.4% * Based on outstanding principal of the unsecured consumer loans. The following table summarizes the delinquency status of the unsecured consumer loans: December 31, 2024 December 31, 2023 DelinquencyStatus OutstandingPrincipal Fair Value % of Total OutstandingPrincipal Fair Value % of Total Current $ 3,416 $ 3,432 100.00 %$ 75,846 $ 75,693 92.50 % 1 - 30 days — — — % 3,832 2,541 4.70 % 31 - 60 days — — — % 1,385 1,265 1.70 % 61 - 90 days — — — % 949 — 1.10 % 91 - 120 days — — — % — — — % Total Loans$ 3,416 $ 3,432 100.00 %$ 82,012 $ 79,499 100.00 % 21

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National Property REIT Corp Notes to Consolidated Financial Statements 10. Collateralized Loan Obligations NGL invests in the junior debt tranches of collateralized loan obligation (“CLO”) vehicles that in turn own pools of Senior Secured Loans. The credit risk of a CLO is dependent on the underlying assets within the portfolio. For “traditional” CLOs, the collateral pool primarily consists of first lien, senior secured broadly syndicated bank loans (usually at least 90% of the total portfolio), and it may include a predetermined allowable portion of other asset types such as second lien bank loans (which are highly leveraged) and unsecured debt, as well as middle market loans. Some CLOs consist predominantly of middle market loans as the underlying collateral. The average rating of the underlying collateral is typically single-B, and the leveraged bank loans are typically floating rate, based on SOFR. The securities held at NGL are B or BB rated mezzanine debt that pay a quarterly interest coupon, based on the notional balance held and a fixed spread plus SOFR, which resets after each payment. The principal is returned through the CLO waterfall at the earlier of the call date or maturity. As of December 31, 2024, based on outstanding notional balance, 31.7% of the portfolio was invested in single-B rated tranches and 68.3% of the portfolio in BB rated tranches with a fixed spread plus LIBOR and/or SOFR at the most recent reset date. As of December 31, 2024, the outstanding investment of CLOs comprised of 101 investments with a fair value of $381,508,024 and a face value of $402,127,882. The average outstanding note is approximately $3,981,464 with an expected maturity date ranging from July 2028 to July 2034 and a weighted average expected maturity of 60.0 years as of December 31, 2024. Coupons range from three- month SOFR (“3MS”) plus 5.20% to 9.23% with a weighted average coupon of 3MS + 6.90%. As of December 31, 2023, the outstanding investment of CLOs comprised of 97 investments with a fair value of $418,761,852 and a face value of approximately $447,833,784. The average outstanding note is approximately $4,617,000 with a stated maturity date ranging from October 2026 to April 2032 and a weighted average stated maturity of 6.0 years as of December 31, 2023. Coupons range from three-month SOFR (“3MS”) plus 5.20% to 9.23% with a weighted average coupon of 3ML + 6.63%. The Company purchased $32,723,543 and $14,876,274, respectively, of CLOs from various third-party brokers during the year ended December 31, 2024 and 2023, respectively, which are held by the Bank of New York Mellon as custodian. 11. Fair Value of Financial Instruments The fair value of a financial instrument is defined as the price that we would receive upon selling an asset or pay to transfer a liability in an orderly transaction to an independent buyer in the principal or most advantageous market in which that financial instrument is transacted. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. Most of our financial instruments measured at fair value on a recurring basis were classified as Level 3 as of December 31, 2024 and 2023. During the year ended December 31, 2023, NGL’s repurchase agreements were transferred from Level 3 to Level 2 at January 1, 2023 and are held at cost. Unsecured Consumer Loans, Residual Interests in Securitizations, Collateralized Loan Obligations, and Preferred Equity Investment The unsecured consumer loans, residual interests in securitizations, and collateralized loan obligations do not trade in an active market with readily observable prices. For the unsecured consumer loans and residual interests in securitizations, fair value is estimated by using a discounted cash flow methodology based upon significant unobservable inputs, such as loss adjusted discount rates and projected loss rates. The loss adjusted discount rates are used to discount the estimated future cash flows expected to be received from the underlying unsecured consumer loans, which includes both future principal and interest payments. The projected loss rates are based on the perceived credit risk inherent in each Rating of the unsecured loan portfolio. See Note 9 for details of the unsecured consumer loans. NGL qualifies as an investment company pursuant to ASC Topic 946, Financial Services-Investment Companies. Accordingly, the underlying CLO investments and repurchase agreements are carried at fair value and were retained in consolidation by the Company. 22

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National Property REIT Corp Notes to Consolidated Financial Statements In determining the range of values for our investments in CLOs, management utilizes an independent valuation firm that uses a discounted multi-path cash flow model. The valuations were accomplished through the analysis of the CLO deal structures to identify the risk exposures from the modeling point of view as well as to determine an appropriate call date (i.e., expected maturity). These risk factors are sensitized in the multi-path cash flow model using Monte Carlo simulations to generate probability-weighted (i.e., multi-path) cash flows for the underlying assets and liabilities. These cash flows are discounted using appropriate market discount rates, and relevant data in the CLO market and certain benchmark credit indices are considered, to determine the value of each CLO investment. The significant unobservable input used to value the CLOs is the discount rate applied to the estimated future cash flows expected to be received from the underlying investment, which includes both future principal and interest payments. Included in the consideration and selection of the discount rate are the following factors: risk of default, comparable investments, and call provisions. An increase or decrease in the discount rate applied to projected cash flows, where all other inputs remain constant, would result in a decrease or increase, respectively, in the fair value measurement. The interests we have acquired in CLOs are generally thinly traded or have only a limited trading market. CLOs are typically privately offered and sold, even in the secondary market. As a result, investments in CLOs may be characterized as illiquid securities. In addition to the general risks associated with investing in debt securities, CLO residual interests carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) our investments in CLO tranches will likely be subordinate to other senior classes of note tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the CLO investment or unexpected investment results. Our net asset value may also decline over time if our principal recovery with respect to CLO debt is less than the cost of those investments. Our CLO investments and/or the CLOs’ underlying senior secured loans may prepay more quickly than expected, which could have an adverse impact on our value. These investments are classified as Level 3 in the fair value hierarchy. The preferred equity investment’s fair value is calculated quarterly by independent valuation agents by adding the present value of the monthly dividend income cash flows and present value of the current equity balance through September 30, 2027, which is a five-year hold period since acquisition. The projected monthly dividend payments assumes no PIK capitalization. The difference between the fair value calculation and total debt receivable is recorded as an unrealized gain/loss on the consolidated statements of operations. Corporate Bonds, Interest Rate Caps and Repurchase Agreements Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. The typical settlement time for Depository Trust Company bonds is three days. Gains or losses from the sale or call of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale or call. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. On a recurring basis, the Company measures its interest rate cap at its estimated fair value. In determining the fair value of the Company's derivatives, the Company uses the present value of expected cash flows based on market observable interest rate yield curve commensurate with the term of the instrument. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and that of the respective counterparty in the fair value measurement. The credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by either the respective counterparty or the Company. However, the Company determined that as of December 31, 2024, the impact of the credit valuation adjustments were not significant to the overall valuation of the derivatives. As a result, the fair value of the derivative is considered to be based primarily on Level 2 inputs. Repurchase agreements are collateralized with a portion of the CLO investments and the carrying value of the repurchase agreement approximates fair value as of December 31, 2024. The following table shows the fair value of our unsecured consumer loans, residual interest in securitizations, CLOs, interest rate caps, corporate bonds, preferred equity investments and repurchase agreements, disaggregated into the three levels of the ASC 820 valuation hierarchy as of December 31, 2024. 23

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National Property REIT Corp Notes to Consolidated Financial Statements Level 1 Level 2 Level 3 Total Assets Unsecured consumer loans $ — $ — $ 3,409 $ 3,409 Residual interests in securitizations — — 2,548,574 2,548,574 Collateralized loan obligations — — 381,508,024 381,508,024 Preferred Equity Investments — — 14,687,438 14,687,438 Corporate bonds — 18,923,461 — 18,923,461 Interest rate cap — 13,948,780 — 13,948,780 Total investments at fair value $ — $ 32,872,241 $ 398,747,445 $ 431,619,686 Liabilities Reverse repurchase facilities $ — $ 180,586,000 $ — $ 180,586,000 Total liabilities at fair value $ — $ 180,586,000 $ — $ 180,586,000 The Company borrowed $24,296,000 and repaid $40,046,000 relating to repurchase agreements during 2024. The following table shows the fair value of our unsecured consumer loans, residual interest in securitizations, CLOs, interest rate caps, corporate bonds, and repurchase agreements, disaggregated into the three levels of the ASC 820 valuation hierarchy as of December 31, 2023. Level 1 Level 2 Level 3 Total Assets Unsecured consumer loans $ — $ — 79,499 $ 79,499 Residual interests in securitizations — — 2,725,658 2,725,658 Collateralized loan obligations — — 418,761,852 418,761,852 Corporate bonds — 16,484,131 — 16,484,131 Interest rate cap — 20,203,768 — 20,203,768 Total investments at fair value $ — $ 36,687,899 $ 421,567,009 $ 458,254,908 Liabilities Reverse repurchase facilities $ — $ 196,336,000 $ — $ 196,336,000 Total liabilities at fair value $ — $ 196,336,000 $ — $ 196,336,000 For the year ended December 31, 2023, the Company had charge-offs of $0 and recoveries of $0 to Level 3 unsecured consumer loans. In addition, the Company borrowed $828,000 and repaid $(610,000) relating to repurchase agreements during 2023. Refer to Note 9 for details of the unsecured consumer loans. 24

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National Property REIT Corp Notes to Consolidated Financial Statements The ranges of unobservable inputs used in the fair value measurement of our Level 3 financial instruments as of December 31, 2024 and 2023 were as follows: December 31, 2024 Assets/LiabilitiesFair Value Valuation Technique Unobservable Input Range Weighted Average Unsecured consumerloans $ 3,409 Discounted cash flowLoss-Adjusted DiscountedRate 7.95% - 7.95% 7.95% Projected Prepay Rate (% ofCurrent Balance) 1.24% - 1.24% 1.24% Projected Loss Rate (% ofCurrent Balance) 1.1% - 1.1% 1.10% Recovery Rate 7.50% - 7.50% 7.50% Residual interests insecuritizations $ 2,548,574 Discounted cash flowForecasted Prepay % ofCurrent Balance 16.19% - 24.05% 19.47% Forecasted Default % ofCurrent Balance 13.91% - 14.22% 14.04% Severity 92.50% - 92.50% 92.50% Discount Rate 20.00% - 20.00% 20.00% Collateralized loanobligations $ 381,508,024 Discounted cash flowDiscount Rate 10.38% - 30.02% 12.78% Weighted Average Life 2.64 - 4.83 3.8 Preferred EquityInvestments $ 14,687,438 Discounted cash flowDiscount Rate 15.00% - 15.00% 15.00% December 31, 2023 Assets/LiabilitiesFair Value Valuation Technique Unobservable Input Range Weighted Average Unsecured consumerloans $ 79,499 Discounted cash flowLoss-adjusted discountedrate 7.70% - 9.87% 8.05% Projected prepay rate 0.0% - 7.46% 5.56% Projected loss rate 0.0% - 3.18% 2.84% Recovery rate 7.50% - 7.50% 7.50% Residual interests insecuritizations $ 2,725,658 Discounted cash flowForecasted prepay % ofcurrent balance 32.28% - 33.32% 32.87% Forecasted default % ofcurrent balance 14.03% - 15.68% 14.75% Severity 92.50% - 92.50% 92.50% Discount rate 20.00% - 20.00% 20.00% Collateralized loanobligations $ 418,761,852 Discounted cash flowDiscount rate 11.05% - 24.02% 12.93% Weighted average life 2.1 - 4.6 4.0 25

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National Property REIT Corp Notes to Consolidated Financial Statements 12. Corporate Bonds The Company holds corporate bonds comprised of investment grade and high yield corporate bonds including performing credit strategies focused on income-oriented, senior loan and bond investment strategies targeting U.S. issuers. The outstanding maturity is November 2026 including a bi-annual fixed interest coupon of 7.00%. Relevant details for the corporate bonds as of December 31, 2024 and 2023 are as follows: December 31, 2024 Purchase Date Security Face Value (Par) Price Net Purchase Price Maturity Coupon 12/7/2021 WRLD $ 3,000,000 99.75 $ 2,992,500 11/1/2026 7.00% 12/16/2021 WRLD 5,000,000 100.00 5,000,000 11/1/2026 7.00% 2/15/2022 WRLD 7,000,000 94.00 6,580,000 11/1/2026 7.00% 3/23/2022 WRLD 2,572,000 87.75 2,256,930 11/1/2026 7.00% 3/30/2022 WRLD 1,250,000 88.25 1,103,125 11/1/2026 7.00% 4/4/2022 WRLD 310,000 88.25 273,575 11/1/2026 7.00% $ 19,132,000 $ 18,206,130 December 31, 2023 Purchase Date Security Face Value (Par) Price Net Purchase Price Maturity Coupon 12/7/2021 WRLD $ 3,000,000 99.75 $ 2,992,500 11/1/2026 7.00% 12/16/2021 WRLD 5,000,000 100.00 5,000,000 11/1/2026 7.00% 2/15/2022 WRLD 7,000,000 94.00 6,580,000 11/1/2026 7.00% 3/23/2022 WRLD 2,572,000 87.75 2,256,930 11/1/2026 7.00% 3/30/2022 WRLD 1,250,000 88.25 1,103,125 11/1/2026 7.00% 4/4/2022 WRLD 310,000 88.25 273,575 11/1/2026 7.00% $ 19,132,000 $ 18,206,130 Secondary corporate bonds purchased from a broker are recorded on a trade date basis and are recorded as the settlement value of cash, plus purchased accrued interest. Purchased accrued interest is treated as a return of capital upon receipt of coupon. The discount to par is amortized over the stated maturity of the corporate bond and recognized as part of interest income on the consolidated statements of operations. The typical settlement time for Depository Trust Company bonds is three days. Gains or losses from the sale or call of Corporate Bonds are recorded as a realized gain or loss on the consolidated statements of operations and recognized on the date of sale or call. Unrealized gains or losses are recorded on the consolidated statements of operations and recognized on each valuation date. 13. Reverse Repurchase Facilities On October 30, 2019, NGL entered into a Master Repurchase Agreement (the “Repo Agreement”) with Nomura Securities International, Inc. (“Nomura”) to provide a borrowing facility ("Repo") from which NGL could pledge securities as collateral and borrow up to $105,000,000 under agreed upon terms. Under the terms of the Repo Agreement, NGL received cash up to 75% of the market value of securities with an interest charge of a minimum of 1.80% plus SOFR, calculated as T-2 days for the reference rate. The term of the Repo is two years from commencement date subject to eight rolling three-month periods where upon each reset date, the entire Repo is closed and reopened, and borrowed interest is due to Nomura. Securities in the Repo can be purchased back at any time, subject to maintaining the agreed upon minimum draw on the Repo: 60% drawn during the ramp up period, as defined in the Repo Agreement, ending January 31, 2020, (subsequently extended to March 15, 2020 in the January 15, 2020 amended and restated Repo Agreement), and 90% drawn subsequent to the end of the ramp up period. Should the value of the securities drop to a loan to value ("LTV") greater than 77.5%, NGL Limited must contribute cash or securities to Nomura’s collateral account until the value is below 70%. On August 5, 2020, NGL agreed to the amended and restated Repo Agreement lowering the maximum borrowing under the agreement to $80,000,000, lowering the minimum LTV from 60% to 50% and reducing the deleveraging requirement from 77.5% to 60% including a drop in LTV from 70% to 50%. On April 27, 2022, NGL amended and restated repurchase agreement to increase the facility maximum to $200,000,000. On October 31, 2023, NGL amended and restated repurchase agreement to extend the scheduled maturity of the facility to November 2, 2026 as well as adjusted the interest rate to 3.30% plus Term SOFR. Under the terms of the amended and restated Repo Agreement, NGL continues to receive cash up to 60% of the market value of securities. The interest rate at December 31, 2024 was 3MS + 3.30%. For the year ended December 26

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National Property REIT Corp Notes to Consolidated Financial Statements 31, 2024 and 2023, the Company paid $16,887,541 and $15,689,399 of interest to Nomura, respectively. Should the value of the securities drop to an LTV greater than 50%, NGL Limited must contribute cash or securities to Nomura’s collateral account until the value is below 60%. The following table presents a summary of our repurchase agreement borrowings and interest as of December 31, 2024 and 2023: Master Repurchase Agreement December 31, 2024December 31, 2023 Beginning Balance $ 196,336,000 $ 196,118,000 Principal Borrowed 24,296,000 828,000 Principal Paid (40,046,000) (610,000) Amortization of debt issuance cost — — Total Outstanding Principal 180,586,000 196,336,000 Less: unamortized debt issuance cost — — Total Outstanding Principal, net of unamortized debt issuance cost$ 180,586,000 $ 196,336,000 14. Mortgages Payable The Company has outstanding mortgages payable that bear interest at either a fixed or variable rate. Each mortgage payable is secured by a respective real estate property and certain cash reserve accounts required by the borrowing agreements, which are included as restricted cash on the accompanying consolidated balance sheets. The following table presents a summary of our mortgages payable as of December 31, 2024 and 2023: Mortgage Note InterestRate Maturity Date Amortizing orInterest Only OutstandingPrincipal12/31/2024 OutstandingPrincipal12/31/2023 1 Abbie Lakes 4.20% 10/1/2024 Interest Only $ — $ 9,676,814 2 Brooksedge 4.20% 10/1/2024 Interest Only — 10,195,876 3 Reserve at Abbie Lakes 4.20% 10/1/2024 Interest Only — 18,669,576 4 Lakes Edge 4.20% 10/1/2024 Interest Only — 9,343,130 5 Sunbury Ridge 4.20% 10/1/2024 Interest Only — 9,713,889 6 Stonebridge 4.20% 10/1/2024 Interest Only — 14,348,379 7 Jefferson Chase 4.20% 10/1/2024 Interest Only — 11,345,230 8 Lake Ridge 4.11% 10/1/2024 Interest Only — 7,455,363 9 Orchard Village 4.43% 12/1/2025 Amortizing — 24,673,727 10 Sterling Crimson - Loan 1 4.20% 10/1/2026 Amortizing 39,008,489 39,746,264 11 Hawk's Ridge 4.20% 10/1/2026 Amortizing 23,476,018 23,920,024 12 Islander Village 4.20% 10/1/2026 Amortizing 10,213,132 10,406,295 13 Campus Quarters 4.20% 10/1/2026 Amortizing 13,404,735 13,658,262 14 District on Luther 4.20% 10/1/2026 Amortizing 30,315,979 30,889,351 15 Legacy 4.77% 1/1/2029 Amortizing 7,379,799 7,480,000 16 Seasons 4.59% 2/1/2029 Amortizing 151,634,542 153,580,000 17 Abbie Lakes - Loan 2 5.82% 10/1/2024 Amortizing — 2,473,253 18 Brooksedge - Loan 2 5.82% 10/1/2024 Amortizing — 2,366,378 19 Reserve at Abbie Lakes - Loan 2 5.82% 10/1/2024 Amortizing — 2,945,204 20 Lakes Edge - Loan 2 5.84% 10/1/2024 Amortizing — 4,162,429 21 Sunbury Ridge - Loan 2 5.83% 10/1/2024 Amortizing — 3,438,348 22 Stonebridge - Loan 2 5.84% 10/1/2024 Amortizing — 2,694,227 23 Jefferson Chase - Loan 2 5.82% 10/1/2024 Amortizing — 4,691,141 24 Lake Ridge - Loan 2 5.82% 10/1/2024 Amortizing — 1,477,163 25 Villages of Baymeadows 4.14% 11/1/2027 Amortizing 73,854,779 75,176,450 26 Casa del Mar 4.14% 11/1/2027 Amortizing 11,807,504 12,018,805 27 Sutton Place 4.03% 12/1/2029 Amortizing 43,676,957 44,044,000 28 Silver Oaks 4.03% 12/1/2029 Amortizing 14,066,789 14,185,000 29 Steeplechase 4.07% 2/1/2028 Amortizing 35,515,982 36,150,558 30 Sterling Crimson - Loan 2 6.04% 10/1/2026 Amortizing 1,704,634 1,734,294 31 Olentangy Commons 4.43% 6/1/2030 Interest Only 92,876,000 92,876,000 32 Villages of Wildwood 4.46% 8/1/2030 Interest Only 39,525,000 39,525,000 33 Falling Creek 4.52% 9/1/2030 Amortizing 19,261,040 19,335,000 (9) (1) (1) (1) (1) (1) (1) (1) (1) (2) (3) (1) (1) (1) (1) (1) (1) (1) (1) 27

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National Property REIT Corp Notes to Consolidated Financial Statements Mortgage Note InterestRate Maturity Date Amortizing orInterest Only OutstandingPrincipal12/31/2024 OutstandingPrincipal12/31/2023 34 Reserve at Abbie Lakes - Loan 3 5.88% 10/1/2024 Amortizing — 5,329,017 35 Sunbury Ridge - Loan 3 5.94% 10/1/2024 Amortizing — 1,161,656 36 Abbie Lakes - Loan 3 5.94% 10/1/2024 Amortizing — 1,099,291 37 Brooksedge - Loan 3 5.90% 10/1/2024 Amortizing — 2,269,897 38 Jefferson Chase - Loan 3 5.90% 10/1/2024 Amortizing — 2,139,657 39 Lake Ridge - Loan 3 5.91% 10/1/2024 Amortizing — 2,139,961 40 Crown Pointe 4.44% 9/1/2030 Interest Only 89,400,000 89,400,000 41 Lorring Park 4.83% 11/1/2030 Amortizing 47,620,886 47,680,000 42 Hamptons Apartments 4.61% 2/1/2031 Interest Only 79,520,000 79,520,000 43 The Isle 3.79% 7/1/2031 Interest Only 21,200,000 21,200,000 44 Druid Hills 4.26% 8/1/2046 Amortizing 78,374,774 79,104,000 45 Abbie Lakes - Loan 4 4.71% 10/1/2024 Amortizing — 1,420,366 46 Reserve at Abbie Lakes - Loan 4 4.65% 10/1/2024 Amortizing — 1,348,392 47 Lakes Edge - Loan 3 4.45% 10/1/2024 Amortizing — 2,596,679 48 Sunbury Ridge - Loan 4 4.67% 10/1/2024 Amortizing — 2,016,584 49 Stonebridge - Loan 3 4.48% 10/1/2024 Amortizing — 6,275,646 50 Parcstone 3.14% 11/1/2029 Amortizing 30,076,530 30,127,000 51 Stone Ridge 3.14% 11/1/2029 Amortizing 14,637,437 14,662,000 52 Sterling Place 3.95% 11/1/2031 Interest Only 34,196,000 34,196,000 53 University Crossing - Loan 2 5.04% 7/1/2030 Interest Only — 14,679,000 54 Arlington Park 5.11% 11/1/2030 Amortizing — 13,485,208 55 Hampton on Jupiter 2.90% 11/1/2032 Interest Only 27,590,000 27,590,000 56 Palmetto Creek 4.57% 9/1/2030 Interest Only 25,865,000 25,865,000 57 Valora at Homewood 2.80% 8/1/2030 Interest Only 63,844,000 63,844,000 58 The Dylan at Fairburn 3.10% 10/1/2026 Interest Only 43,900,000 43,900,000 59 The Dylan at Grayson 3.10% 10/1/2026 Interest Only — 40,500,000 60 Sutton Place - Loan 2 4.36% 12/1/2029 Amortizing 10,034,502 10,227,961 61 Silver Oaks - Loan 2 4.36% 12/1/2029 Amortizing 4,517,860 4,604,961 62 Chimneys of Greenville 3.10% 2/1/2031 Interest Only 14,075,000 14,075,000 63 The Laurel Apartments 3.06% 3/1/2031 Interest Only 42,025,000 42,025,000 64 The Willows Apartments 3.06% 3/1/2031 Interest Only 19,000,000 19,000,000 65 The Edge at Clear Lake 3.87% 4/1/2033 Interest Only 25,496,000 25,496,000 66 Pear Orchard 3.20% 7/1/2033 Interest Only 38,175,000 38,175,000 67 Lakeshore Landing 3.20% 7/1/2033 Interest Only 16,950,000 16,950,000 68 Reflection Pointe 3.20% 7/1/2033 Interest Only 31,050,000 31,050,000 69 Crosswinds 3.20% 7/1/2033 Interest Only 33,825,000 33,825,000 70 Parcstone 4.60% 11/1/2029 Amortizing 12,649,621 12,666,000 71 Stone Ridge 4.60% 11/1/2029 Amortizing 6,874,100 6,883,000 72 Falling Creek 4.18% 9/1/2030 Amortizing 6,014,338 6,039,000 73 Elliot Norcross 5.35% 12/1/2025 Amortizing 106,850,342 105,494,199 74 West Vue 3.50% 1/1/2025 Interest Only 73,000,000 73,000,000 75 Enclave at Wolfchase 3.67% 4/1/2027 Interest Only 60,000,000 60,000,000 76 Twin Oaks 4.15% 4/1/2025 Interest Only 36,400,873 35,273,726 77 Lancaster Place 4.15% 4/1/2025 Interest Only 29,408,485 29,154,930 78 Rutland Place 4.15% 4/1/2025 Interest Only 24,161,890 23,432,343 79 Southport Crossing 3.46% 4/1/2032 Interest Only 36,075,000 36,075,000 80 Cheyenne 4.71% 6/1/2032 Interest Only 17,656,000 17,656,000 81 Pueblo 4.71% 6/1/2032 Interest Only 20,166,000 20,166,000 82 Stillwater 4.71% 6/1/2032 Interest Only 15,328,000 15,328,000 83 Kokomo 4.71% 6/1/2032 Interest Only 12,753,000 12,753,000 84 Villages of Wildwood - Loan 2 6.80% 8/1/2030 Interest Only 18,868,000 18,868,000 85 Villages of Baymeadows - Loan 2 7.19% 11/1/2027 Amortizing 13,939,469 14,071,371 86 Casa del Mar - Loan 2 7.19% 11/1/2027 Amortizing 3,477,018 3,509,920 87 Pear Orchard - Loan 2 4.50% 7/1/2033 Interest Only 4,800,000 4,800,000 88 Lakeshore Landing - Loan 2 4.50% 7/1/2033 Interest Only 1,005,000 1,005,000 89 Reflection Pointe - Loan 2 4.50% 7/1/2033 Interest Only 2,153,000 2,153,000 (9) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (4) (5) (6) (7) (7) (7) (7) (7) 28

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National Property REIT Corp Notes to Consolidated Financial Statements Mortgage Note InterestRate Maturity Date Amortizing orInterest Only OutstandingPrincipal12/31/2024 OutstandingPrincipal12/31/2023 90 Crosswinds - Loan 2 4.50% 7/1/2033 Interest Only 4,776,000 4,776,000 91 Hampton on Jupiter - Loan 2 6.84% 12/1/2032 Interest Only 11,253,000 11,253,000 92 Apex 5.76% 2/1/2031 Interest Only 27,712,000 — 93 Parkton 5.76% 2/1/2031 Interest Only 37,090,000 — 94 Abbie Lakes 5.97% 7/1/2029 Interest Only 21,569,000 — 95 Brooksedge 5.97% 7/1/2029 Interest Only 22,945,000 — 96 Reserve at Abbie Lakes 5.97% 7/1/2029 Interest Only 43,656,000 — 97 Lakes Edge 5.97% 7/1/2029 Interest Only 25,935,000 — 98 Sunbury Ridge 5.97% 7/1/2029 Interest Only 21,372,000 — 99 Stonebridge 5.97% 7/1/2029 Interest Only 31,810,000 — 100 Jefferson Chase 5.97% 7/1/2029 Interest Only 27,625,000 — 101 Lake Ridge 5.97% 7/1/2029 Interest Only 17,195,000 — Total outstanding principal 2,193,612,504 2,157,731,195 Less: unamortized discount and debt issuance costs (10,936,378) (11,499,712) Total mortgages payable, net of unamortized discount and debt issuance costs $ 2,182,676,126 $ 2,146,231,483 (1) The loans were refinanced on June 28, 2024, as shown in loans #94-#101.(2) Orchard Village was disposed of on May 30, 2024 (Note 3). The mortgage payable was extinguished at date of sale.(3) Property is held for sale and disclosed on the consolidated balance sheets.(4) University Crossing was disposed of on May 9, 2024 (Note 3). The mortgage payable was extinguished at date of sale.(5) Arlington Park was disposed of on November 18, 2024 (Note 3). The mortgage payable was extinguished at date of sale.(6) Dylan at Grayson was disposed of on November 14, 2024 (Note 3). The mortgage payable was extinguished at date of sale.(7) The loan includes two one-year extension options beyond the disclosed initial maturity date.(8) Apex and Parkton were purchased on January 19, 2024.(9) Floating interest rates are indexed to the one month USD SOFR. Rates noted are as of December 31, 2024. On May 9, 2024, in connection with the sale of University Crossing, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $14,679,000. As a result, the Company recognized a gain on early extinguishment of debt of $146,790, which is included within interest expense on the consolidated statements of operations. On May 30, 2024, in connection with the sale of Orchard Village, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $24,469,141. As a result, the Company recognized a gain on early extinguishment of debt of $244,691, which is included within interest expense on the consolidated statements of operations. On November 14, 2024, in connection with the sale of The Dylan at Grayson, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $40,500,000. As a result, the Company recognized a gain on early extinguishment of debt of $0, which is included within interest expense on the consolidated statements of operations. On November 18, 2024, in connection with the sale of Arlington Park, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $13,402,578. As a result, the Company recognized a gain on early extinguishment of debt of $134,026, which is included within interest expense on the consolidated statements of operations. On October 27, 2023, in connection with the sale of West 22, as described in Note 3, Recent Real Estate Transactions, the Company utilized sale proceeds to repay the associated outstanding mortgage balance in the amount of $49,343,602. As a result, the Company recognized a gain on early extinguishment of debt of $245,147, which is included within interest expense on the consolidated statements of operations. Future scheduled principal payments of mortgage payable are as follows: $116,835,723 (2025), $124,757,221 (2026), $129,596,341 (2027), $132,716,486 (2028), $134,013,360 (2029), and $1,555,693,373 (thereafter). 15. Ground Leases The Company entered into ground lease agreements through acquisition of Druid Hills and West Vue. If the Company has right to extend the term of a ground lease, such option period has been included within the calculation of the right of use assets and lease liabilities. The Company incurred initial costs of $15,689,752 to acquire the leases, which is included in the right of use assets and amortized over the life of the lease. As of December 31, 2024 and 2023, the right-of-use asset were $34,620,076 and $22,232,919, respectively. As of December 31, 2024 and 2023, the lease liability was $27,913,957 and $27,415,908, respectively. During the years ended December 31, 2024 and 2023, the lease expense recognized on a straight-line basis was $4,274,940 and $4,263,995, respectively, and is included in property operating expenses on the accompanying consolidated statements of operations. (9) (8) (8) (1) (1) (1) (1) (1) (1) (1) (1) 29

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National Property REIT Corp Notes to Consolidated Financial Statements The Company utilized the risk-free rate over the term of each lease as the discount rate to be applied to its future lease payments when accounting for its right of use assets and lease liabilities, which ranged between 4.26% and 7.11%. The table below presents the summarized quantitative information with regard to lease contracts the Company has entered into as of December 31, 2024: Category Term Weighted avg. of remaining term - operating leases (months)938 Weighted avg. of remaining term - operating leases (years) 78 Weighted avg. of annual discount rate - operating leases 6.04% The table below presents the summarized quantitative information with regard to lease contracts the Company has entered into as of December 31, 2023: Category Term Weighted avg. of remaining term - operating leases (months)947 Weighted avg. of remaining term - operating leases (years) 79 Weighted avg. of annual discount rate - operating leases 6.04% The future minimum lease payments to be paid under noncancelable leases in effect as of December 31, 2024 are as follows: Year Payment 2025 $ 1,459,777 2026 1,487,692 2027 1,516,166 2028 1,545,209 2029 1,574,834 Thereafter 373,658,492 Total 381,242,170 Less: lease discount (353,328,212) Lease liabilities$ 27,913,958 Total cash paid for amounts included in lease liabilities for the years ended December 31, 2024 and 2023 are $1,434,670 and $1,407,794, respectively. In addition, as of December 31, 2024 and 2023, the Company also has an equipment lease liability of $61,900 and $140,377, respectively. 16. Income Taxes Income taxes consisted of the following for the years ended: December 31, 2024 December 31, 2023 Current federal tax benefit (expense)$ 1,230 $ (3,573) Income tax benefit (expense) $ 1,230 $ (3,573) 17. Equity As of December 31, 2024 and 2023, the Company authorized 100,000,000 common shares, par value $0.001. NPH is the Company’s sole common stockholder. As of December 31, 2024 and 2023, the Company paid an aggregate of $876,160,619 and $876,160,619 of dividends on common shares, respectively. As of December 31, 2024 and 2023, the Company had 125 shares outstanding in connection with a private placement of 12.5% Series A Cumulative Non-Voting Preferred Stock, par value $0.001 per share (Series A Preferred Stock), respectively. In general, holders of Series A Preferred Stock are entitled to receive cumulative dividends semiannually at a per annum rate equal to 12.5% of the total purchase price of $1,000 per share plus accumulated and unpaid dividends. The Series A Preferred Stock is redeemable by the Company for $1,000 per share plus accumulated and unpaid dividends. Upon liquidation and dissolution of the Company, the holders of the Series A Preferred Stock are entitled to a liquidation preference in the amount of the share’s purchase price, plus all accumulated and unpaid dividends. Series A Preferred Stock are not convertible or exchangeable for any other property or securities of the 30

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National Property REIT Corp Notes to Consolidated Financial Statements Company. As of December 31, 2024 and 2023, the Company paid an aggregate of $297,999 and $282,374 of dividends on Series A preferred shares, respectively. 18. Related Party Transactions On December 31, 2013, the Company entered into a management assistance agreement with Prospect Administration LLC ("Prospect") to provide significant managerial assistance to the Company on behalf of PSEC. In accordance with the Investment Company Act of 1940, PSEC must make available "significant managerial assistance" to the Company. Prospect provides assistance with significant guidance and counsel concerning the management, operations, and business objectives and policies to the Company. Services may include arranging financing, managing relationships with financing sources, restructuring existing debt and evaluating acquisition and divestiture opportunities. Prospect also exercises a controlling influence over the policies of the Company. On a quarterly basis, the Company pays a managerial assistance fee to Prospect for time and effort in assisting and providing commercial and mezzanine lending, investment banking, and private equity investing services. The Company incurred managerial assistance fees of $2,616,667 and $2,575,000 for the years ended December 31, 2024 and 2023, respectively, which are included in management fees in the accompanying consolidated statements of operations. On a quarterly basis, the Company pays Prospect for professional services provided related to legal counsel, taxation, and general accounting. For the years ended December 31, 2024 and 2023, the Company incurred professional service fees of $1,313,141 and $2,088,611, respectively, which are included in general and administrative expenses in the accompanying consolidated statements of operations. As of December 31, 2024 and 2023, $664,324 and $595,697, respectively, is due to Prospect and is recorded by the Company as due to affiliates on the consolidated balance sheets. As of December 31, 2024, $117,199, $21,067 and $0 is due to Prospect, Prospect Capital Management ("PCM") and PSEC, respectively, for reimbursement of expenses paid on behalf of the Company and is recorded by the Company as due to affiliates on the consolidated balance sheets. As of December 31, 2023, $4,617, $1,221 and $3,307,281 is due to Prospect, PCM and PSEC, respectively, for reimbursement of expenses paid on behalf of the Company and is recorded by the Company as due to affiliates on the consolidated balance sheets. The Company generally incurs a 2.0% to 3.0% structuring fee for the PSEC equity portion of each acquired property. The structuring fee is paid to PSEC for structuring and providing guidance for each purchase transaction. For the years ended December 31, 2024 and 2023, the Company incurred structuring fees of $376,914 and $0, respectively. The Company also entered into property management agreements with the non-controlling interest joint venture partners to manage the operations of the properties. The Company pays a monthly management fee of 2.0% - 5.0% of the gross monthly rents to the property managers. For the years ended December 31, 2024 and 2023, property management fees were $9,944,720 and $9,685,549, respectively, and are included in management fees in the consolidated statements of operations. The Company also pays a monthly asset management fee up to 2.00% of the gross monthly rents to the property managers. For the years ended December 31, 2024 and 2023, asset management fees were $2,859,977 and $2,858,917, respectively. These amounts are included in the management fee line item in the accompanying consolidated statements of operations. As of December 31, 2024 and 2023, $6,980,300 and $6,127,755 of management fees and asset management fees, respectively, were payable to property managers, and is included in due to affiliates in the accompanying consolidated balance sheets. The property management agreements also stipulate that a construction management fee up to 5.0% of project cost is to be paid to the property managers. For the years ended December 31, 2024 and 2023, capitalized construction management fees were $8,322,254 and $6,919,885, respectively, and are included within building and improvements in the accompanying consolidated balance sheets. The Company generally incurs an acquisition fee from 0.5% to 1.0% of the purchase price of each acquired property. The acquisition fee is paid to the Property Managers for services rendered in connection with the investigation, selection, sourcing, due diligence and acquisition of a property or investment. For the years ended December 31, 2024 and 2023, the Company incurred acquisition fees of $376,914 and $0, respectively. The amounts related to the years ended December 31, 2024 and 2023 have been capitalized and included in real estate assets in the accompanying consolidated balance sheets. 31

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National Property REIT Corp Notes to Consolidated Financial Statements In connection with the acquisitions of properties together with non-controlling joint venture partners, the Company will sometimes retain a portion of the partners’ acquisition fees as deferred acquisition fees. These deferred acquisition fees are earned by and payable to the non-controlling joint venture partner upon reaching certain performance measures. During the years ended 2024 and 2023, $0 and $528,000, respectively, were paid to the non-controlling joint venture partners, respectively. As of December 31, 2024 and 2023, $2,461,590 and $1,877,499, respectively, of deferred acquisition fees were retained by the Company and included within due to affiliates on the consolidated balance sheets. The Company noted that certain expenses are paid for by the property managers and have yet to be reimbursed. As of December 31, 2024 and 2023, unreimbursed advances and other amounts due to related parties were $2,193,539 and $1,197,781, respectively, and are recorded by the Company as due to affiliates on the consolidated balance sheets. 19. Senior Secured Term Loans - Related Party NPRC Credit Agreement On April 1, 2014, the Company entered into a credit agreement (the "Credit Agreement") with PSEC in the form of a senior secured term loan. As of December 31, 2024 and 2023, the total commitment was $2,700,000,000 and $2,700,000,000, respectively. On November 9, 2022, the Company amended the Credit Agreement. The amendment resulted in a new tranche of senior secured Term Loan E ("TLE"). Under the amended and restated Credit Agreement, the new TLE incurs cash interest equivalent to three-month USD LIBOR rate with a floor of 5.00%, plus 2.00%, and PIK interest of 7.00%. On June 30, 2023, the Company amended the Credit Agreement to replace 3M USD LIBOR rate with 3M SOFR. On September 30, 2023, the Company amended the Credit Agreement to update term loan cash and PIK interest rates, which are summarized in the next page. The maturity date of the senior secured term loans under the amended Credit Agreement is March 31, 2026. On July 11, 2025, the Company amended the Credit Agreement to extend the maturity date to March 31, 2027. The Credit Agreement does not require payments on the outstanding principal until maturity, with prepayments allowed but may be subject to a prepayment penalty. During the year ended December 31, 2024, the Company has voluntarily pre-paid in aggregate $135,256,253 of the Term Loan A and B and incurred a prepayment penalty of $272,563. During the year ended December 31, 2023, the Company had voluntarily pre-paid in aggregate $86,950,000 of the Term Loan A and B and incurred a prepayment penalty of $245,000. The Company is required to make payments for Residual Profit Interest equivalent to 8.33% of the residual profit earned during the applicable period. The Company determines the residual profit as all gross receipts from operations received by the Company less the sum of operating expenses, interest expense, structuring fees, M&A fees, and cost basis in connection to the sale of any real estate property during the applicable period. Cash interest and Residual Profit Interest are payable in cash quarterly. PIK interest due quarterly is added to the outstanding principal balance of the loan or paid in cash, in whole or in part, at the option of the Company. The Company generally incurs structuring fees from restructuring or refinancing the Credit Agreement, which are deferred and amortized over the life of the senior secured term loan. The structuring fees are capitalized as a direct offset to the term loan balance on the consolidated balance sheets. For the years ended December 31, 2024 and 2023, the Company incurred $0 and $15,475,530 of structuring fees for borrowings under the senior secured term loans, respectively. For the years ended December 31, 2024 and 2023, $7,925,504 and $4,729,980 were amortized and recorded within interest expense on the consolidated statements of operations, respectively. 32

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National Property REIT Corp Notes to Consolidated Financial Statements The following tables present a summary of our senior secured term loan terms and payable as of December 31, 2024 and 2023: As of December 31, 2024 Senior Secured Term Loan Cash Rate PIK Rate OutstandingPrincipal Term Loan A 3M SOFR + 0.25% 2.00% $ 647,314,155 Term Loan B 3M SOFR + 0.26161% +2.00% —% 20,630,000 Term Loan C 3M SOFR + 0.26161% +10.00% 2.25% 155,000,000 Term Loan D 3M SOFR + 0.25% 2.00% 183,425,355 Term Loan E 3M SOFR + 1.50% 7.00% 51,746,761 Total outstanding principal 1,058,116,271 Less: unamortized debt issuance costs (8,251,060) Total senior secured term loans, net of debt issuance costs $ 1,049,865,211 (1) Rates are accrued at minimum SOFR floor of 400 basis points (2) Rates are accrued at minimum SOFR floor of 300 basis points (3) Rates are accrued at minimum SOFR floor of 100 basis points (4) Rates are accrued at minimum SOFR floor of 550 basis points As of December 31, 2023 Senior Secured Term Loan Cash Rate PIK Rate OutstandingPrincipal Term Loan A 3M SOFR + 0.25% 2.00% $ 589,538,045 Term Loan B 3M SOFR + 0.26161% +2.00% —% 20,630,000 Term Loan C 3M SOFR + 0.26161% +10.00% 2.25% 210,000,000 Term Loan D 3M SOFR + 0.25% 2.00% 183,425,355 Term Loan E 3M SOFR + 1.50% 7.00% 14,107,431 Total outstanding principal 1,017,700,831 Less: unamortized debt issuance costs (14,851,909) Total senior secured term loans, net of debt issuance costs $ 1,002,848,922 (1) Rates are accrued at minimum SOFR floor of 400 basis points (2) Rates are accrued at minimum SOFR floor of 300 basis points (3) Rates are accrued at minimum SOFR floor of 100 basis points (4) Rates are accrued at minimum SOFR floor of 550 basis points For the year ended December 31, 2024, the Company incurred $71,203,844, $23,879,730, and $39,707,599 of cash interest, PIK interest, and Residual Profit Interest, respectively. For the year ended December 31, 2024, a total of $23,813,828 of PIK interest was paid in cash on the senior secured term loans. As of December 31, 2024, $174,732 of cash interest and $65,902 of PIK interest is recorded by the Company as due to affiliates on the consolidated balance sheets. For the year ended December 31, 2023, the Company incurred $76,247,081, $27,856,774, and $54,042,137 of cash interest, PIK interest, and Residual Profit Interest, respectively. For the year ended December 31, 2023, a total of $27,680,343 of PIK interest was paid in cash on the senior secured term loans. As of December 31, 2023, $568,240 of cash interest and $176,432 of PIK interest is recorded by the Company as due to affiliates on the consolidated balance sheets. (1) (2) (3) (1) (4) (1) (2) (3) (1) (4) 33

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National Property REIT Corp Notes to Consolidated Financial Statements 20. Commitments and Contingencies The Company believes that it has complied with the requirements of the mortgage payable by obtaining the requisite third-party insurance coverage for losses that may be incurred at the properties. Losses for amounts below the threshold of the deductible amounts specified in certain of the Company’s insurance policies are self insured; however, management does not believe that this exposure will have a material adverse effect on the Company’s consolidated financial position or results of operations. Periodically, the Company may become involved in various investigations, claims and legal proceedings that arise in the ordinary course of business. The Company does not believe that there are any proceedings threatened or pending, if determined adversely, that would have a material adverse effect on the financial position, results of operations, or liquidity of the Company. The Company may at times issue certain loan guarantees to obtain financing related to the Company’s investments. These guarantees may include but are not limited to repayment guarantees, completion guarantees, and debt ratio guarantees to certain lenders of the Company’s investments in real estate assets. Under certain guarantees, the Company may be liable in the event of fraud, misappropriation, environmental liabilities and other recourse obligations. As of December 31, 2024, the Company has not violated any of these guaranty provisions. 21. Subsequent Events On February 27, 2025, the Company sold Hawks Ridge to an unaffiliated third party for a gross sales price of $25,250,000. The Company recognized a loss of $242,606 in connection with the sale. On January 30, 2025, the Company sold World Bond to an unaffiliated third party for gross sales price of $19,036,340. On February 21, 2025, the Company sold Upstart 2021-1 to an unaffiliated third party for gross sales price of $1,479,680. On May 9, 2025, Upstart 2021-2 sold to an unaffiliated third party for gross sales price of $1,236,299. During the period March 1, 2025 through June 2, 2025, 87 CLOs sold to an unaffiliated third party for a gross sales prices of $298,403,653. On July 1, 2025, proceeds of $5,907,016 were received from a partial repayment of a CLO investment. On July 11, 2025, the Company amended the Credit Agreement to extend the maturity date to March 31, 2027. The Company has evaluated subsequent events through July 15, 2025, the date of which these consolidated financial statements were available to be issued, and has determined that, except for the above, there have not been any additional events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements. 34

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Exhibit 99.3 First Tower Finance Company LLC and Subsidiaries Consolidated Financial Statements December 31, 2025 and 2024

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First Tower Finance Company LLC and Subsidiaries Table of Contents Independent Auditor’s Report 1 - 2 Consolidated Financial Statements Consolidated Balance Sheets 3 - 4 Consolidated Statements of Operations and Comprehensive Income (Loss) 5 Consolidated Statements of Changes in Members’ Equity (Deficit) 6 Consolidated Statements of Cash Flows 7 - 8 Notes to Consolidated Financial Statements 9 - 41 2

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First Tower Finance Company LLC and Subsidiaries Independent Auditor’s Report Independent Auditor’s Report Board of Members First Tower Finance Company LLC and Subsidiaries Opinion We have audited the consolidated financial statements of First Tower Finance Company LLC and its subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, the related consolidatedstatements of operations and comprehensive income (loss), changes in members’ equity (deficit) and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the financial statements). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Other Matters The Company has also prepared consolidated financial statements for the year ended December 31, 2025, in accordance with the accounting alternative available to private companies for goodwill. Our independent auditor’s report on those consolidated financial statements, dated April 28, 2026, expressed an unmodified opinion on those statements. Responsibilities of Management for the Financial StatementsManagement is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued or available to be issued. 1

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First Tower Finance Company LLC and Subsidiaries Independent Auditor’s Report Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. /s/ RSM US LLP Raleigh, North Carolina April 28, 2026 2

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First Tower Finance Company LLC and Subsidiaries Consolidated Balance Sheets As of December 31, 2025 2024 Assets Cash and cash equivalents $21,792,397 $21,608,246 Restricted cash of VIE 921,165 - Investment in equity securities 3,514,472 3,062,786 Debt securities available-for-sale, at fair value (amortized costs $54,935,128 and $52,681,125 as of December 31, 2025 and 2024, respectively) 54,434,027 50,926,010 Finance receivables, net of allowance for credit losses of $86,886,657 and $90,189,824 as of December 31, 2025 and 2024, respectively (VIE balance of $40,751,807 for 2025) 902,898,649 778,810,389 Unearned premiums (57,309,269) (46,733,752) Policy claim reserves (2,019,960) (1,970,101) Net finance receivables, less unearned premiums and policy claim reserves 843,569,420 730,106,536 Other receivables 2,638,624 3,099,645 Operating lease right-of-use assets, net 16,559,581 17,981,168 Real estate acquired by foreclosure - 25,012 Property and equipment, net 18,557,465 18,288,767 Deferred policy acquisition costs 1,427,454 1,225,960 Intangible assets, net 2,343,055 3,949,723 Goodwill 136,176,452 136,176,452 Refundable income taxes 13,447 - Other assets 726,373 457,482 Total assets $1,102,673,932 $986,907,787 (Continued) The accompanying notes are an integral part of these financial statements. 3

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First Tower Finance Company LLC and Subsidiaries Consolidated Balance Sheets (Continued) As of December 31, 2025 2024 Liabilities and Members' Equity (Deficit) Liabilities: Notes payable, net (VIE balance of $31,495,383 for 2025) $662,754,972 $574,855,857 Operating lease liabilities 17,037,308 18,438,989 Subordinated notes payable to members 561,884,017 541,791,025 Accounts payable and accrued expenses (VIE balance of $233,136 for 2025) 23,796,233 16,255,950 Income taxes payable - 82,688 Profit interest payable 2,379,385 2,379,512 Deferred tax liabilities, net 10,545,641 9,296,365 Other liabilities 2,651,319 2,741,992 Total liabilities 1,281,048,875 1,165,842,378 Commitments and contingencies (Notes 6 and 19) Members' Equity (Deficit): Class A members (177,976,684) (177,604,934) Class B members (30,444) (30,140) Class C members 8,270 17,705 Accumulated other comprehensive loss, net of income tax effects (376,085) (1,317,223) Total members' equity (deficit) (178,374,943) (178,934,591) Total liabilities and members' equity (deficit) $ 1,102,673,932 $986,907,787 The accompanying notes are an integral part of these financial statements. 4

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First Tower Finance Company LLC and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (Loss) For years ending December 31, 2025 2024 Revenues: Interest and fee income from finance receivables $283,566,354 $254,089,719 Insurance premiums 35,654,657 34,832,569 Net investment income 2,909,890 2,520,608 Net unrealized losses on equity securities (268,692) (40,796) Net realized investment gains (losses) 79,313 (282,751) Other income 16,776,891 14,768,248 Total revenues 338,718,413 305,887,597 Expenses: Interest expense 130,649,930 125,057,654 Policyholders' benefits 4,679,346 4,908,644 Salaries and fringe benefits 69,017,691 56,485,069 Provision for credit losses 69,973,427 85,537,758 Other operating expenses 58,059,877 55,434,932 Profit interest expense 2,133,913 2,029,899 Management fees 3,537,961 2,997,961 Total expenses 338,052,145 332,451,917 Income (loss) before income taxes 666,268 (26,564,320) Income tax expense 1,047,758 926,355 Net loss (381,490) (27,490,675) Other comprehensive income (loss), net of income tax effects of approximately $313,000 in 2025 and ($52,000) in 2024 Unrealized holding (losses) gains on securities 1,000,662 (367,221) Reclassification adjustments for amounts included in net loss (59,524) 212,205 Other comprehensive income (loss) 941,138 (155,016) Comprehensive income (loss) $559,648 $(27,645,691) The accompanying notes are an integral part of these financial statements. 5

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First Tower Finance Company LLC and Subsidiaries Consolidated Statements of Changes in Members’ Equity (Deficit) Accumulated Class A Class B Class C Other Total Members Members Members Comprehensive Members' For years ending December 31, Equity (Deficit) Equity (Deficit) Equity Income (Loss) Equity (Deficit) Balance, January 1, 2024 $ (150,816,085)$ (8,203) $ 697,594 $ (1,162,207)$ (151,288,901) Net loss (26,788,849) (21,937) (679,889) - (27,490,675) Change in net unrealized loss on debt securities available-for-sale - - - (155,016) (155,016) Balance, December 31, 2024 (177,604,934) (30,140) 17,705 (1,317,223) (178,934,592) Net loss (371,750) (304) (9,435) - (381,490) Change in net unrealized loss on debt securities available-for-sale - - - 941,138 941,138 Balance, December 31, 2025 $ (177,976,684)$ (30,444) $ 8,270 $ (376,085)$ (178,374,943) The accompanying notes are an integral part of these financial statements. 6

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First Tower Finance Company LLC and Subsidiaries Consolidated Statements of Cash Flows For years ending December 31, 2025 2024 Operating Activities Net loss $(381,490) $(27,490,675) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 6,734,720 5,977,632 Amortization of debt issue costs 1,189,143 569,393 Amortization of discount on securities, net 478,070 654,256 Amortization of deferred loan origination costs 15,412,702 13,027,486 Loss on sales of investments, net (79,313) 282,750 Unrealized loss on equity securities 268,692 40,795 Loss (gain) on sales of assets (161,452) 11,769 Deferred income tax expense 936,406 818,137 Provision for credit losses 69,973,427 85,537,758 Paid-in-kind rate interest added to principal 8,473,241 26,584,782 Changes in operating assets and liabilities Other receivables 461,021 (726,262) Other assets (268,897) 20,419 Deferred policy acquisition cost (201,494) (101,789) Policy claim reserves 49,859 (341,232) Accounts payable and accrued expenses 7,444,148 3,373,646 Unearned premiums and commissions 10,575,517 3,187,928 Operating lease right-of-use asset and liabilities, net 19,906 76,533 Profit interest payable (127) 634,748 Other liabilities (90,673) 426,520 Net cash provided by operating activities $120,833,406 $112,564,594 (Continued) The accompanying notes are an integral part of these financial statements. 7

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First Tower Finance Company LLC and Subsidiaries Consolidated Statements of Cash Flows (Continued) For years ending December 31, 2025 2024 Investing Activities Loans originated $(1,091,481,237) $(968,714,951) Loans repaid 899,133,447 846,055,239 Loan costs paid (17,126,599) (14,856,421) Proceeds from sales of investment in real estate 25,012 87,013 Proceeds from calls or maturities of debt securities 415,019 10,448 Proceeds from sales of debt securities 22,011,519 25,518,246 Purchase of equity securities (720,378) (395,185) Purchases of debt securities (25,079,298) (26,769,702) Proceeds from sales of property and equipment 244,663 258,284 Purchase of property and equipment (5,479,961) (4,611,856) Net cash used in investing activities (218,057,813) (143,418,885) Financing Activities Proceeds of borrowings from lines of credit 1,243,632,652 960,804,325 Repayments of borrowings under lines of credit (1,153,679,854) (925,448,227) Debt issue cost paid (3,242,826) (820,000) Proceeds from issuance of subordinated notes payable 22,421,777 - Payments of subordinated debt principal (10,802,026) (943,908) Net cash provided by financing activities 98,329,723 33,592,190 Net increase in cash and cash equivalents 1,105,316 2,737,899 Cash and restricted cash: Beginning of year 21,608,246 18,870,347 End of year $ 22,713,562 $21,608,246 Supplemental Disclosures of Cash Flow Information Non-cash activity - real estate acquired by foreclosure in satisfaction of finance receivables $ — $39,000 Lease liabilities arising from obtaining right-of-use assets for operating leases $ 2,215,949 $4,781,810 Cash payments for interest on notes payable $ 43,437,000 $44,394,000 Cash payments for interest, including paid-in-kind interest, on subordinated notes payable to members $ 88,267,907 $54,758,000 Income taxes paid $ 207,895 $64,766

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The accompanying notes are an integral part of these financial statements. 8

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 1. Description of Business First Tower Finance Company LLC (the Company) is a Mississippi limited liability company, which wholly-owns First Tower, LLC. First Tower, LLC is engaged in consumer lending and related insurance activities through its wholly-owned subsidiaries Tower Loan of Mississippi, LLC, Tower Loan of Illinois, LLC, Tower Loan of Texas, LLC, First Tower Loan, LLC, Gulfco of Mississippi, LLC, Gulfco of Alabama, LLC, Gulfco of Louisiana, LLC, Tower Loan of Missouri, LLC, Harrison Finance, LLC which is the sole member of Harrison Loan LLC, Tower Loan of Florida LLC, Tower Loan of Tennessee, and Tower Auto Loan, LLC (dissolved December, 2024). Tower Loan of Mississippi, LLC is the sole member of Tower Funding Trust and American Federated Holding Company, which has two wholly-owned subsidiaries, American Federated Insurance Company (AFIC), and American Federated Life Insurance Company (AFLIC). These entities are collectively referred to as “the Company”. The Company acquires and services finance receivables (direct loans, real estate loans and sales finance contracts) through branch offices located in Mississippi, Louisiana, Alabama, Illinois, Missouri, Texas, Tennessee, and Florida. In addition, the Company writes credit insurance when requested by its loan customers. Government Regulation: The Company is subject to various state and federal laws and regulations in each of the states in which it operates that are enforced by the respective state regulatory authorities. These state laws and regulations impact the economic terms of the Company’s products. In addition, these laws regulate collection procedures, the keeping of books and records and other aspects of the operation of consumer finance companies. As a result, the terms of products offered by the Company vary among the states in which it operates in order to comply with each state’s specific laws and regulations. Each of the Company’s branch offices is separately licensed under the laws of the state in which the office is located. Licenses granted by the regulatory agencies in these states subject the Company to regulatory examinations or other actions by these agencies as well as annual renewal. Licenses may be revoked for failure to comply with applicable state and federal laws and regulations. The Company is also subject to state regulations governing insurance agents in the states in which it sells credit insurance. State insurance regulations require that insurance agents be licensed; govern the commissions that may be paid to agents in connection with the sale of credit insurance and limit the premium amount charged for such insurance. Note 2. Summary of Significant Accounting Policies Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its wholly- owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Company also consolidates VIEs when it is considered to be the primary beneficiary of the VIE because it has (1) power over the significant activities of the VIE and (ii) the obligation to absorb losses or the right to receive returns that could be significant to the VIE. Basis of Accounting: The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP). The Financial Accounting Standards Board (FASB) provides authoritative guidance regarding GAAP through the Accounting Standards Codification (ASC) and related Accounting Standards Updates (ASUs). Use of Estimates: In preparing its financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the balance sheets and the reported amounts of revenues and expenses for the years ended December 31, 2025 and 2024. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to change include the determination of the 9

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) allowance for credit losses on finance receivables, policy claim reserves, realizability of deferred tax assets and liabilities andthe valuation of investments. Variable Interest Entities: During 2025, the Company transferred pools of loans to Tower Funding Trust, an SPE, to secure debt for general funding purposes. The entity has the limited purpose of acquiring finance receivables, in addition to holding and making payments on the related debt. Assets transferred to the SPE are legally isolated from the Company and its affiliates, as well as the claims of the Company’s and its affiliates’ creditors. Further, the assets of the SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The Company continues to service the finance receivables transferred to the SPE. The lenders and investors in the debt issued by the SPE generally only have recourse to the assets of the SPE and do not have recourse to the general credit of the Company. The SPE’s debt arrangements are structured to provide credit enhancements to the lenders and investors, which may include overcollateralization, subordination of interests, excess spread, and reserve funds. These enhancements, along with the isolated finance receivables pools, increase the creditworthiness of the SPE above that of the Company as a whole. This increases the marketability of the Company’s collateral for borrowing purposes, leading to more favorable borrowing terms, improved interest rate risk management, and additional flexibility to grow the business. The SPE is considered a VIE under GAAP and is consolidated into the financial statements of its primary beneficiary. The Company is considered to be the primary beneficiary of the SPE because it has (i) power over the significant activities through its role as servicer of the finance receivables under the debt arrangement, (ii) the obligation to absorb losses that could be significant through note investment, if applicable, and (iii) the obligation to absorb losses or the right to receive returns that could be significant through the Company’s interest in the monthly residual cash flows of the SPE. Consolidation of the VIE results in these transactions being accounted for as secured borrowings; therefore, the pooled receivables and the related debts remain on the consolidated balance sheet of the Company. The assets of the VIE are the only source of funds for repayment on each debt, and restricted cash held by the VIE can only be used to support payments on the debt. The Company recognizes revenue and provision for credit losses on the finance receivables of the VIE and interest expense on the related secured debt. Investment in Equity Securities: The Company has an investment in a large capitalization equity mutual fund which is classified as an equity security. Changes in the unrealized gains and losses of equity security investments are recognized through earnings. Dividends on equity securities are recognized in net investment income. Realized gains and losses on sales of equity securities are determined using the specific identification method. Debt Securities Available-for-Sale: Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the interest method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. 10

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Allowance for Credit Losses – Available-for-Sale Securities: For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. For purposes of identifying and measuring impairment, the applicable accrued interest is included in the fair value and the amortized cost of the available-for-sale securities. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as credit loss expense (or reversal). Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding the intent or requirement to sell is met. Fair Value Measurements: The Company carries its equity securities, and its debt securities available-for-sale at fair value on a recurring basis and measures certain other assets and liabilities at fair value on a nonrecurring basis using a hierarchy of measurements which requires it to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs are used to measure fair value: Level 1 Valuations based on unadjusted quoted prices for identical assets in active markets accessible at the measurement date. Level 2 Valuations derived from (i) quoted prices for similar assets or liabilities in active markets; (ii) quoted prices for identical or similar assets or liabilities in inactive markets; (iii) inputs other than quoted prices that are observable for the asset or liability; and (iv) inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3 Valuations derived from unobservable (supported by little or no market activity) inputs that reflect an entity’s best estimate of what hypothetical market participants would use to determine a transaction price at the reporting date. When quoted market prices in active markets are unavailable, the Company determines fair value using various valuation techniques and models based on a range of observable market inputs including pricing models, quoted market price of publicly traded securities with similar duration and yield, time value, yield curve, prepayment speeds, default rates and discounted cash flow. In most cases, these estimates are determined based on independent third party valuation information, and the amounts are disclosed as Level 2. Generally, the Company obtains a single price or quote per instrument from independent third parties to assist in establishing the fair value of these investments. If quoted market prices and independent third party valuation information are unavailable, the Company produces an estimate of fair value based on internally developed valuation techniques, which, depending on the level of observable market inputs, will render the fair value estimate as Level 2 or 3. 11

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Fair Value Measurements (continued): On occasions when pricing service data is unavailable, the Company may rely on bid/ask spreads from dealers in determining fair value. To the extent the Company determines that a price or quote is inconsistent with actual trading activity observed in that investment or similar investments, or if the Company does not think the quote is reflective of the market value for the investment, the Company internally develops a fair value using this other market information and discloses the input as a Level 3. Finance Receivables: Generally, finance receivables are classified as held for investment based on management’s intent at the time of origination. The Company determines classification on a loan-by-loan basis. Finance receivables are classified as held for investment due to the Company’s ability and intent to hold the assets until their contractual maturities. The Company carries finance receivables at amortized cost, which includes accrued finance charges, net unamortized deferred origination costs and unamortized points and fees, unamortized net premiums and discounts on purchased finance receivables, and unamortized finance charges on precomputed receivables. The cash flows from finance receivables held for investment are included in the consolidated statements of cash flows as investing activities, except for collections of interest, which are included as cash flows from operating activities. The Company may finance certain insurance products offered to its customers as part of finance receivables. In such cases, the insurance premium is included as an operating cash inflow and the financing of the insurance premium is included as part of the finance receivable as an investing cash flow in the consolidated statements of cash flows. Real Estate Acquired by Foreclosure: The Company records real estate acquired by foreclosure at fair value, less estimated costs to sell, at the time of foreclosure. Any resulting loss on foreclosure is charged to the allowance for credit losses and a new basis is established in the property. A valuation allowance and a corresponding charge to operations is established to reflect declines in value subsequent to acquisition, if any, below the new basis. Operating expenses of such properties, net of related income, and gains and losses on their disposition are included in other operating expenses. Property and Equipment: Property and equipment are stated at cost. Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in income for the period. The cost of maintenance and repairs is charged to income when incurred; significant improvements and betterments are capitalized. The Company evaluates the recoverability of property and equipment and other long-term assets when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable, based upon expectations of non-discounted cash flows and operating income. Goodwill and Other Intangible Assets: Goodwill is tested for impairment at least annually, or on an interim basis if an event occurs or circumstances change that would more than likely not reduce the fair value of the Company (considered as one reporting unit) below its carrying value. Under ASC 350-20, the Company has the option to first assess qualitative factors to determine whether the quantitative impairment test is necessary. If the qualitative assessment indicates that it is more likely than not that goodwill is impaired, the Company will perform the quantitative test to compare the Company’s fair value to its carrying value. The Company used the qualitative assessment as of December 31, 2025 and 2024. Other intangible assets consist of trade names, sales finance relationships, no-competition and license agreements, and internally developed technology. Intangible assets are reviewed for events and or circumstances which could impact the recoverability of the intangible asset, such as loss of significant relationships, increased competition, or adverse changes in the economy. No impairment was identified for the Company’s goodwill or its other intangible assets during 2025 and 2024. 12

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Debt Issue Costs: Debt issue costs are included as a reduction of the related notes payable. Debt issue costs represent costs associated with obtaining the Company’s Credit Facility, and are amortized on a straight-line basis over the life of the related financing agreement. The unamortized portion of the debt issue costs approximated $2,689,000 and $635,000 as of December 31, 2025 and 2024, respectively. Amortization expense for the years ended December 31, 2025 and 2024 approximated $1,189,000 and $569,000, respectively, and is included in interest expense in the consolidated financial statements. Deferred Policy Acquisition Costs: Costs incurred to acquire credit insurance policies are deferred and amortized using the same methods the Company uses to earn the related insurance premiums. Income Recognition: Precomputed finance charges are included in the gross amount of the Company’s finance receivables. These precomputed charges are deferred and recognized as income on an accrual basis using the effective interest method over the terms of receivables. However, with certain exceptions, state regulations allow interest refunds to be made according to the Rule of 78’s method for payoffs and renewals. Since a significant percentage of the Company’s precomputed accounts are paid off or renewed prior to maturity, the result is that a majority of the precomputed accounts effectively yield on a Rule of 78’s basis. The difference between income previously recognized under the interest method and the Rule of 78’s method is recognized as an adjustment to interest income at the time of the renewal or payoff. The Company accrues interest on past due receivables until the time of charge off. Insurance premiums on credit life and accident and health policies written by the Company are earned over the term of the policy using the pro-rata method, for level-term life policies, and the effective yield method, for decreasing-term life policies. Premiums on accident and health policies are earned based on an average of the pro-rata method and the effective yield method. Property and casualty credit insurance premiums written by the Company are earned over the period of insurance coverage using the pro-rata method or the effective yield method, depending on whether the amount of insurance coverage generally remains level or declines. Revenue from Contracts with Customers: The Company utilizes ASC 606, “Revenue from Contracts with Customers” for recognizing revenue from contracts with customers that fall within its scope. The majority of the Company’s revenues come from interest income, insurance premiums and other sources that are outside the scope of ASC 606. The Company’s services that fall within the scope of ASC 606 are presented within other income and are recognized as revenue as the Company satisfies its obligation to the customer. Services within the scope of ASC 606 for the Company include (i) commissions earned from contracts with customers for the sale of accidental death and dismemberment insurance coverage and motor club memberships and (ii) the sale of real estate acquired through foreclosure. • Commissions Earned: The Company earns commissions from the sale of accidental death and dismemberment insurance coverage and from motor club memberships to finance customers. These commissions are recognized at the time of origination. The Company has no future performance obligations related to the sale of these products. Other income includes commissions earned of approximately $14,823,000 and $12,509,000 for the years ended December 31, 2025 and 2024, respectively. • Sale of Real Estate Acquired by Foreclosure: When the Company finances the sale of real estate acquired through foreclosure to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the real estate acquired through foreclosure asset is derecognized and loss on sale is recorded upon the transfer of control of the property to the buyer, if the book value of the receivable is higher than the value of property. No gain is recognized should the value of the property exceed the value of the receivable. In determining the loss on the sale, the Company adjusts the transaction price and related loss on 13

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) sale if a significant financing component is present. Should sales proceeds exceed the amount of the loan receivable at thetime of foreclosure, the excess is paid to the borrower. Acquired Loans: For acquired loans that have experienced deterioration of credit quality between origination and theCompany’s acquisition of the loans, the amount paid for the loans reflects the Company’s determination that it is probable theCompany will be unable to collect all amounts due according to the loan’s contractual terms. At acquisition, the Companyreviews each loan to determine whether there is evidence of deterioration of credit quality since origination and if it is probablethat the Company will be unable to collect all amounts due according to the loan’s contractual terms. If both conditions exist,the Company determines whether such loans will be assembled into pools of loans based on common risk characteristics.The Company determines the excess of the loan’s or pool’s scheduled contractual principal and contractual interest paymentsover all cash flows expected at acquisition as an amount that should be accreted. There were no such loans for the yearsended December 31, 2025 and 2024. Allowance for Credit Losses – Finance Receivables: The allowance for credit losses is a valuation account that is deducted from the finance receivables’ amortized cost basis to present the net amount expected to be collected on the finance receivables. Finance receivables are charged off against the allowance when management believes the uncollectability of a balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged- off and expected to be charged-off. On January 1, 2023, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write down on available-for-sale debt securities when management does not intend to sell or believes that it is not more likely than not they will be required to sell. The Company pools loans based on similar risk characteristics. Within each pool, the Company’s primary credit quality indicator is the borrower’s credit or Vantage score as determined at the time of loan origination. An allowance is established for each bank of Vantage scores within each portfolio segment. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in inflation or other relevant factors. 14

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Allowance for Credit Losses – Finance Receivables (continued) The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. Based primarily on collateral type, the Company has identified the following portfolio segments: personal property, real estate, sales finance and live checks. Portfolio segments are defined as follows: • Personal property: loans that are originated at our branches that are not secured by real estate. The personal property securing these loans may depreciate over time. • Real estate: loans secured by residential properties for consumer purposes. Adverse economic changes could impact the ability to repay. • Sales finance: loans that are sourced through the Company’s network of retail merchants. The collateral securing sales finance receivables may depreciate over time. • Live checks: unsecured loans made to prospective customers and to former borrowers that are sourced through direct mail campaigns. Finance receivables that do not share risk characteristics are evaluated on an individual basis. Finance receivables evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for undiscounted selling costs as appropriate. Real estate acquired by foreclosure was $0 at December 31, 2025 and $25,012 at December 31, 2024. Expected credit losses are estimated over the contractual term of the loans, and adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Policy Claim Reserves: Policy claim reserves represent (i) the liability for losses and loss-adjustment expenses related to credit property insurance and (ii) the liabilities for future policy benefits related to credit life and accident and health insurance. The liability for loss and loss adjustment expenses includes an amount determined from loss reports and individual cases and an amount based on past experience, for losses incurred but not reported. The liabilities for future policy benefits have been computed utilizing accepted actuarial techniques. Such liabilities are necessarily based on estimates and, while management believes that the amount is adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods for making such estimates and for establishing the resulting liabilities are continually reviewed, and any adjustments are reflected in earnings currently. 15

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Income Taxes: First Tower Finance Company LLC and its finance company subsidiaries are limited liability companies organized as partnerships for federal and state tax purposes and are not considered taxable entities. Taxable income or loss is reported by the Company’s members on their respective tax returns in accordance with the limited liability agreement. American Federated Holding Company and its wholly-owned subsidiaries, AFIC and AFLIC, are subject to income taxes at the corporate level and are included in the consolidated federal income tax return of their parent, American Federated Holding Company. Separate company amounts are recorded based on a tax allocation agreement between the parent, AFIC and AFLIC. As such, deferred income taxes are provided for temporary differences between financial statement carrying amounts of assets and liabilities and their respective bases for income tax purposes using enacted tax rates in effect in the years in which the differences are expected to reverse. Potential exposures involving tax positions taken that may be challenged by taxing authorities contain assumptions based upon past experiences and judgments about potential actions by taxing jurisdictions. Management does not believe that the ultimate settlement of these items will result in a material amount. With limited exceptions, AFIC and AFLIC are no longer subject to income tax examinations prior to 2022. Leases: The Company leases office space for its branch locations. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities on the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments made. The lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease agreements do not contain any material residual value guarantees or material restrictive covenants. Variable lease payments, which are primarily comprised of common area maintenance, utilities, and real estate taxes that are passed on from the lessor in proportion to the space leased, are recognized in operating expenses in the period in which the obligation for those payments was incurred. Cash and Cash Equivalents: For purposes of the consolidated statements of cash flows, the Company considers certificates of deposit and all short-term securities with original maturities of three months or less to be cash equivalents. Restricted Cash: Restricted cash includes cash and cash equivalents for which the Company’s ability to withdraw funds is contractually limited. The Company’s restricted cash consists of cash collections that are restricted for debt servicing of the Company’s revolving warehouse credit facility. Changes in restricted cash balances are presented with cash and cash equivalents in the net increase in cash and cash equivalents in the consolidated statements of cash flows. Comprehensive Income (Loss): Comprehensive income (loss) for the Company consists of net income (loss) and changes in unrealized gains (losses) on investment securities classified as available-for-sale, net of taxes, and are presented in the consolidated statements of operations and comprehensive loss. 16

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Accumulated Other Comprehensive Income (Loss): The Company has recorded certain amounts directly to a component of total members’ equity (deficit) reflected on the consolidated balance sheet as accumulated other comprehensive income (loss). Such amounts include unrealized gains and losses on available-for-sale securities, net of the related income tax effect. Realized losses are reclassified to earnings. Advertising: Advertising costs are expensed as incurred. Advertising expenses approximated $13,135,000 and $12,623,000 for the years ended December 31, 2025 and 2024, respectively, and are included in other operating expenses in the consolidated financial statements. Share-Based Compensation: The Company entered into employment agreements with certain executives and, in connection therewith, granted member interests consisting of Class D share awards, which vested over a ten-year period. Compensation expense for these awards was determined based on the estimated fair value of the shares awarded on the applicable grant or award date, June 14, 2012, and was recognized over the applicable award’s vesting period. During 2023, the Class D units were converted to Class C units. The holders of the Class C units were granted Class F profit interests which provide the mechanism to share in the profits of the Company. Reclassifications: Certain items in the prior consolidated financial statements have been reclassified to conform to current presentation. The previous net presentation of loans within cashflows from investing activities within the statement of cashflows has been revised to reflect a gross presentation of loans originated and loans repaid for all comparative periods. The previous net presentation of debt within cashflows from financing activities within the statement of cashflows has been revised to reflect a gross presentation of borrowings and repayments of debt facilities for all comparative periods. These reclassifications did not result in any changes to previously reported consolidated net income, members’ equity, or net cash provided by operating, investing, or financing activities. Subsequent Events: Management has evaluated subsequent events through the date that the financial statements were available to be issued, April 28, 2026, and determined there were no events that occurred that required disclosure. Newly Adopted Accounting Pronouncements Future Accounting Guidance: In August 2018, the FASB issued ASU 2018-12, “Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” which improves financial reporting for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care, and annuities. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024. Early adoption is permitted. The Company adopted the update effective January 1, 2025, with no impact on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications. ASU 2023-09 is effective for annual periods beginning after December 15, 2025. Entities are permitted to adopt this guidance on a prospective basis, though retrospective application is permitted. The Company early adopted and applied the update on a retrospective basis for all prior periods presented in and disclosed in the period of adoption, if applicable. Implementation of the update did not have a financial effect on the Company’s consolidated financial statements. 17

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 3. Debt Securities The following table summarizes the amortized cost, fair value and allowance for credit losses of securities available-for-sale at December 31, 2025 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrealized gains and losses: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2025 Available-for-sale U.S. Government agencies and Corporations $ 17,820,006 $ 23,001 $ 84,210 $ 17,758,797 Obligations and states and political subdivisions 19,635,188 12,324 491,096 19,156,416 Industrial and miscellaneous 12,828,402 189,324 184,919 12,832,807 Mortgage-backed securities: residential 3,116,945 37,849 2,935 3,151,859 Mortgage-backed securities: commercial 1,534,587 8,723 9,162 1,534,148 Total available-for-sale $ 54,935,128 $ 271,221 $ 772,322 $ 54,434,027 The following table summarizes the amortized cost and fair value of securities available-for-sale at December 31, 2024 and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrealized gains and losses: Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value December 31, 2024 Available-for-sale U.S. Government agencies and Corporations $ 14,287,210 $ 598 $ 310,074 $ 13,977,734 Obligations and states and political subdivisions 20,041,339 2,336 898,872 19,144,803 Industrial and miscellaneous 12,779,973 55,503 527,697 12,307,779 Mortgage-backed securities: residential 2,894,009 - 63,843 2,830,166 Mortgage-backed securities: commercial 2,678,594 10,151 23,217 2,665,528 Total available-for-sale $ 52,681,125 $ 68,588 $ 1,823,703 $ 50,926,010 18

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 3. Debt Securities (Continued) Proceeds from the sales and calls of securities and the associated gains and losses are listed below: For the years ended December 31, 2025 2024 Proceeds $ 22,426,538 $ 25,528,694 Gross gains $ 174,809 $ 23,834 Gross losses (95,496) (306,585) Total $ 79,313 $(282,751) The income tax expense (benefit) related to these net realized gains (losses) was approximately, $20,000 and ($71,000) for the years ended December 31, 2025 and 2024, respectively. The amortized cost and fair value of debt securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. The amortized cost and fair value of debt securities at December 31, 2025, are as follows: Amortized Cost Fair Value Available-for-sale Within one year $ 7,307,465 $ 7,301,771 One to five years 27,413,304 27,116,992 Five to ten years 14,244,592 14,018,825 Beyond ten years 1,318,235 1,310,433 Mortgage-backed securities: residential 3,116,945 3,151,859 Mortgage-backed securities: commercial 1,534,587 1,534,147 Total $ 54,935,128 $ 54,434,027 Securities pledged at December 31, 2025 and 2024 had carrying amounts of $3,346,000 and $3,349,000, respectively and were pledged to secure public deposits and repurchase agreements. At year-end 2025 and 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of members’ equity. 19

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 3. Debt Securities (Continued) The following table summarizes debt securities available-for-sale in an unrealized loss position for which an allowance for credit losses has not been recorded at December 31, 2025, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2025 Available-for-sale U.S. Government agencies and corporations $ 9,796,284 $ 27,035 $ 1,405,157 $ 57,175 $ 11,201,441 $ 84,210 Obligations of States and political subdivisions 2,257,609 11,401 13,906,290 479,695 16,163,899 491,096 Industrial and miscellaneous 358,178 843 4,360,039 184,077 4,718,217 184,920 Residential mortgage- backed securities - - 268,598 2,935 268,598 2,935 Commercial mortgage- backed securities - - 226,113 9,161 226,113 9,161 Total available-for-sale $ 12,412,071 $ 39,279 $ 20,166,197 $ 733,043 $ 32,578,268 $ 772,322 The following table summarizes securities with unrealized losses at December 31, 2024, aggregated by major security type and length of time in a continuous unrealized loss position: Less Than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2024 Available-for-sale U.S. Government agencies and corporations $ 8,938,766 $ 113,127 $ 4,590,102 $ 196,947 $ 13,528,868 $ 310,074 Obligations of States and political subdivisions 3,013,462 68,510 16,109,005 830,362 19,122,467 898,872 Industrial and miscellaneous 4,187,607 123,979 5,314,685 403,718 9,502,292 527,697 Residential mortgage- backed securities 2,830,166 63,843 - - 2,830,166 63,843 Commercial mortgage- backed securities 762,055 9,809 396,960 13,408 1,159,015 23,217 Total available-for-sale $19,732,056 $ 379,268 $26,410,752 $ 1,444,435 $ 46,142,808 $ 1,823,703

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Unrealized losses on corporate bonds have not been recognized into income at December 31, 2025 or 2024 because the issuers bonds are of high credit quality, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. The issuers 20

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 3. Debt Securities (Continued) continue to make timely principal and interest payments on the bonds. The fair value is expected to recover as the bond(s) approach maturity. At December 31, 2025, 117 securities in the Company’s portfolio were in a loss position, compared to 209 securities in a loss position at December 31, 2024. In analyzing an issuer’s financial condition, management considers the issuer of the securities (federal government or any government agency), whether downgrades by bond rating or other agencies have occurred, and industry analysts’ reports. Because management has the ability to hold debt and equity securities until maturity or for the foreseeable future if classified as available-for-sale, no declines in these securities are deemed to be other than temporary. At December 31, 2025 and 2024, no securities were determined to be other than temporarily impaired, as a result of credit losses. Note 4. Finance Receivables Finance receivables at year-end were as follows: December 31, 2025 2024 Consumer finance receivables: Personal property $ 950,542,071 $780,324,960 Real estate 6,203,879 8,972,188 Sales finance 133,647,345 155,984,840 Live checks 313,622,652 237,286,467 Total consumer finance receivables $1,404,015,947 $1,182,568,455 Add (deduct): Net deferred loan fees and costs 12,604,271 10,890,374 Unearned income (426,834,912) (324,458,616) Amortized cost $989,785,306 $869,000,213 Allowance for credit losses (86,886,657) (90,189,824) Net finance receivables $ 902,898,649 $778,810,389 21

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 4. Finance Receivables (Continued) The following table represents the activity in the allowance for credit losses by portfolio segment for the year ended December 31, 2025: Personal Property Real EstateSales Finance Live Checks Total December 31, 2025 Allowance for credit losses: Beginning balance $ 66,377,506 $ 54,213 $ 6,131,170 $ 17,626,935 $ 90,189,824 Provision for credit losses 37,377,393 44,813 4,634,838 27,916,383 69,973,427 Loans charged-off (67,916,115) (69,902) (8,886,656) (31,582,000) (108,454,673) Recoveries 27,094,870 5,251 2,393,442 5,684,516 35,178,079 Total ending allowance balance $ 62,933,654 $ 34,375 $ 4,272,794 $ 19,645,834 $ 86,886,657 The following table presents the activity in the allowance for credit losses by portfolio segment for the year ended December 31, 2024: Personal Property Real EstateSales Finance Live Checks Total December 31, 2024 Allowance for credit losses: Beginning balance $ 69,829,603 $ 90,283 $ 5,834,717 $ 18,520,691 $ 94,275,294 Provision for credit losses 47,118,339 (23,467) 10,715,157 27,727,729 85,537,758 Loans charged-off (74,714,281) (46,366) (12,352,804) (32,970,129) (120,083,580) Recoveries 24,143,845 33,763 1,934,100 4,348,644 30,460,352 Total ending allowance balance $ 66,377,506 $ 54,213 $ 6,131,170 $ 17,626,935 $ 90,189,824 22

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Page 477

Personal Property (Vantage Score) Origination Year 2025 2024 2023 2022 Before 2022 Total < = 500 $532,645 $179,331 $30,897 $20,575 $ - $763,448 501 - 550 34,025,700 7,372,383 571,704 67,741 5,740 42,043,268 551 - 600 127,039,300 24,989,417 1,790,218 119,439 13,403 153,951,777 601 - 650 218,130,703 41,470,472 3,074,060 141,827 19,377 262,836,439 651 - 700 114,951,100 24,821,166 2,158,574 55,536 20,555 142,006,931 701 - 750 31,127,140 6,961,359 684,757 14,365 2,212 38,789,833 > 750 7,069,000 1,406,658 108,213 - - 8,583,871 Subtotal - Vantage Scores 532,875,588 107,200,786 8,418,423 419,483 61,287 648,975,567 No Vantage Score 4,293,733 1,094,500 44,980 5,429 305,605 5,744,247 Grand Total $537,169,321 $108,295,286 $8,463,403 $424,912 $366,892 $654,719,814 Live Checks - Prospects (Vantage Score) Origination Year 2025 2024 2023 2022 Before 2022 Total < = 500 $ - $ - $ - $ - $ - $ - 501 - 550 - - - - - - 551 - 600 2,288,252 - - - - 2,288,252 601 - 650 18,338,470 251,172 - - - 18,589,642 651 - 700 26,478,030 1,122,510 709 - - 27,601,249 701 - 750 16,267,060 2,270,684 72,111 - - 18,609,855 > 750 1,973,645 476,857 25,405 - - 2,475,907 Grand Total $65,345,457 $4,121,223 $98,225 $ - $ - $69,564,905 Sales Finance (Vantage Score) Origination Year 2025 2024 2023 2022 Before 2022 Total < = 500 $6,299 $8,671 $36,723 $2,292 $ - $53,985 501 - 550 164,927 66,813 152,771 4,169 - 388,680 551 - 600 5,645,003 2,702,708 606,122 7,065 407 8,961,305 601 - 650 14,503,030 6,458,933 1,268,249 20,002 - 22,250,214 651 - 700 14,578,930 4,977,100 720,321 8,801 - 20,285,152 701 - 750 10,970,300 2,766,891 303,518 2,881 - 14,043,590 > 750 14,941,110 2,398,610 152,841 43 - 17,492,604 Subtotal - Vantage Scores 60,809,599 19,379,726 3,240,545 45,253 407 83,475,530 No Vantage Score 3,520,765 420,986 73,464 3,819 - 4,019,034 Grand Total $64,330,364 $19,800,712 $3,314,009 $49,072 $407 $87,494,564 23

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 4. Finance Receivables (Continued) Live Checks - Former Borrower (Check Size ) Origination Year 2025 2024 2023 2022 Before 2022 Total $1,206 - $1,720 $6,896,041 $305,700 $ - $ - $ - $7,201,741 $2,504 - $3,257 19,869,857 1,712,911 - - - 21,582,768 $4,002 - $4,571 19,555,827 2,454,789 318 - - 22,010,934 $6,004 - $6,015 80,477,995 25,083,934 1,178,372 - - 106,740,301 $9,528 - $10,029 1,864,466 116,137 - - - 1,980,603 - - - - Grand Total $128,664,186 $29,673,471 $1,178,690 $ - $ - $159,516,347 Real Estate Origination Year 2025 2024 2023 2022 Before 2022 Total Grand Total $635,213 $880,843 $602,861 $841,186 $1,789,259 $4,749,362 Acquired Origination Year 2025 2024 2023 2022 Before 2022 Total Grand Total $16,810 $589,760 $277,915 $121,043 $130,515 $1,136,043 Net deferred loan costs 10,700,537 1,856,814 41,201 4,958 761 12,604,271 Total Finance Receivables $806,861,888 $165,218,109 $13,976,304 $1,441,171 $2,287,834 $989,785,306 24

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 4. Finance Receivables (Continued) The following is a breakdown of the amortized cost of finance receivables by quality indicator and year of origination as of December 31, 2024. Personal Property (Vantage Score) Origination Year 2024 2023 2022 2021 Before 2021 Total < = 500 $725,029 $501,186 $573,107 $5,469 $— $1,804,791 501 - 550 27,768,036 6,102,562 1,665,605 33,571 169 35,569,943 551 - 600 106,977,010 20,965,573 3,026,698 78,561 6,521 131,054,363 601 - 650 180,001,520 33,014,496 3,637,780 142,908 2,245 216,798,949 651 - 700 99,902,680 19,462,447 1,757,431 89,553 4,097 121,216,208 701 - 750 26,196,150 5,089,179 517,710 20,236 - 31,823,275 > 750 5,223,070 990,029 81,049 4,801 - 6,298,949 Subtotal - Vantage Scores 446,793,495 86,125,472 11,259,380 375,099 13,032 544,566,478 No Vantage Score 4,147,911 600,109 66,466 16,057 266,127 5,096,670 Grand Total $450,941,406 $86,725,581 $11,325,846 $391,156 $279,159 $549,663,148 Live Checks - Prospects (Vantage Score) Origination Year 2024 2023 2022 2021 Before 2021 Total < = 500 $15,052 $522 $ - $ - $ - $15,574 501 - 550 52,568 6,192 - - - 58,760 551 - 600 57,914 8,375 - - - 66,289 601 - 650 7,705,522 319,773 327 - - 8,025,622 651 - 700 15,460,290 856,506 284 - - 16,317,080 701 - 750 13,950,000 2,217,294 24,647 - - 16,191,941 > 750 1,596,765 451,333 16,485 - - 2,064,583 Subtotal - Vantage Scores 38,838,111 3,859,995 41,743 - - 42,739,849 No Vantage Score 16,831 12,520 - - - 29,351 Grand Total $38,854,942 $3,872,515 $41,743 $ - $ - $42,769,200

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Sales Finance (Vantage Score) Origination Year 2024 2023 2022 2021 Before 2021 Total < = 500 $37,156 $201,017 $29,796 $647 $ - $268,616 501 - 550 201,442 1,021,079 148,702 3,739 - 1,374,962 551 - 600 8,116,342 3,514,033 507,514 9,489 - 12,147,378 601 - 650 20,698,970 7,512,758 1,286,587 31,281 - 29,529,596 651 - 700 18,271,380 4,932,267 730,821 15,500 97 23,950,065 701 - 750 12,495,290 2,691,035 268,555 3,999 - 15,458,879 > 750 15,583,510 2,301,805 111,346 776 - 17,997,437 Subtotal - Vantage Scores 75,404,090 22,173,994 3,083,321 65,431 97 100,726,933 No Vantage Score 1,796,374 549,069 111,168 96 - 2,456,707 Grand Total $77,200,464 $22,723,063 $3,194,489 $65,527 $97 $103,183,640 25

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 4. Finance Receivables (Continued) Live Checks - Former Borrower (Check Size ) Origination Year 2024 2023 2022 2021 Before 2021 Total $1,206 - $1,720 $5,295,416 $28,418 $ - $ - $ - $5,323,834 $2,504 - $3,257 14,926,306 743,768 210 - - 15,670,284 $4,002 - $4,571 17,882,673 1,884,365 - - - 19,767,038 $6,004 - $6,015 78,127,009 27,687,752 1,038,680 620 - 106,854,061 $9,528 - $10,029 155,311 - - - - 155,311 - - - - Grand Total $116,386,715 $30,344,303 $1,038,890 $620 $ - $147,770,528 Real Estate Origination Year 2024 2023 2022 2021 Before 2021 Total Grand Total $1,390,148 $1,053,507 $1,172,902 $818,457 $2,223,971 $6,658,985 Acquired Origination Year 2024 2023 2022 2021 Before 2021 Total Grand Total $4,415,053 $2,163,987 $741,417 $611,182 $132,699 $8,064,338 Net deferred loan costs 9,551,263 1,280,419 52,951 4,862 879 10,890,374 Total Finance Receivables $698,739,991 $148,163,375 $17,568,238 $1,891,804 $2,636,805 $869,000,213 The Company considers an account to be past due when it has not received the payment that is contractually receivable. Modifications to loan customers experiencing financial difficulties were not significant during the years ended December 31, 2025 and 2024. The following table presents the aging of the amortized cost basis in past-due loans as of December 31, 2025 and 2024 by class of loans:

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Delinquency by loan type (net) Current Potential (1-30) 31-60 61-90 91 - 120 121-150 151-180 181+ Total December 31, 2025 Personal property $492,513,134 $ 104,685,648 $27,781,439 $9,239,650 $7,887,162 $6,847,032 $6,753,783 $ - $655,707,848 Live checks 160,449,998 43,867,142 9,880,466 4,963,641 3,365,245 4,170,933 2,683,245 - 229,380,670 Real estate 2,936,268 1,486,546 163,473 85,424 35,962 - - 50,216 4,757,889 Sales finance 71,752,797 9,854,102 2,510,555 1,000,230 762,016 713,908 741,020 - 87,334,628 Total $727,652,197 $ 159,893,438 $40,335,933 $15,288,945 $12,050,385 $11,731,873 $10,178,048 $50,216 977,181,035 Net deferred loan costs 12,604,271 Total finance receivables $989,785,306 Current Potential (1-30) 31-60 61-90 91 - 120 121-150 151-180 181+ Total December 31, 2024 Personal property $407,784,992 $ 93,565,452 $26,898,173 $8,838,542 $7,334,354 $6,518,867 $6,401,024 $30,169 $557,371,573 Live checks 129,291,237 40,587,258 8,617,930 3,892,266 2,962,099 2,878,310 2,356,000 1,198 190,586,298 Real estate 4,105,226 1,852,342 334,298 48,814 66,215 39,141 44,576 181,799 6,672,411 Sales finance 83,169,933 12,614,703 3,351,694 1,308,191 1,014,967 1,006,684 1,013,385 - 103,479,557 Total $624,351,388 $ 148,619,755 $39,202,095 $14,087,813 $11,377,635 $10,443,002 $9,814,985 $213,166 858,109,839 Net deferred loan costs 10,890,374 Total finance receivables $869,000,213 26

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 5. Property and Equipment Property and equipment at December 31, 2025 and 2024 were as follows: Estimated December 31, Useful Lives 2025 2024 Land $441,890 $441,890 Building and improvements 15 to 40 years 3,733,647 3,592,527 Office furniture and fixtures 5 to 10 years 3,837,903 3,594,127 Information systems equipment 3 to 5 years 23,319,306 19,876,450 Information systems software 10 to 12 years 16,367,263 16,367,263 Automotive equipment 3 years 2,161,448 1,919,496 Leasehold improvements 5 years 4,246,481 3,545,135 54,107,938 49,336,888 Less accumulated depreciation 35,550,473 31,048,121 Property and equipment, net $18,557,465 $18,288,767 Depreciation expense for the years ended December 31, 2025 and 2024 was approximately $5,128,000 and $4,371,000, respectively. Note 6. Lease Agreements The Company enters into leases in the normal course of business primarily for branch locations. The components of lease expense were as follows: For the years ended December 31, 2025 2024 Operating lease cost $ 4,870,448 $ 4,552,289 Variable lease cost 96,101 93,779 Total lease cost $ 4,966,549 $ 4,646,068

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 6. Lease Agreements (Continued) Other information related to leases is as follows: December 31, 2025 2024 Supplemental cash flows information Cash paid for amounts included in the measurement of operating lease liabilities: Operating Lease - Operating Cash Flows (Fixed Payments) $ 4,680,635 $ 4,377,707 Operating Lease - Operating Cash Flows (Liability Reduction) $ 3,696,619 $ 3,480,402 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 2,215,949 $ 4,781,810 Weighted average remaining lease term: Operating leases 5.93 yrs 6.20 yrs Weighted average discount rate: Operating leases 5.76% 5.44% The future minimum payments for operating leases as of December 31, 2025 are as follows: Operating December 31, Leases 2026 $4,618,391 2027 3,980,394 2028 3,407,167 2029 2,897,805 2030 2,202,622 Thereafter 4,545,786 Total future minimum lease payments 21,652,165 Less imputed interest 4,614,857 Present value of lease liabilities $ 17,037,308 Reported as of December 31, 2025 Operating lease liabilities $ 17,037,308

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 7. Goodwill and Intangible Assets A summary of goodwill is as follows: December 31, 2025 2024 Goodwill $ 136,176,452 $ 136,176,452 A summary of the intangible assets and their estimated finite lives at December 31, 2025 and 2024 were as follows: Estimated December 31, Useful Lives 2025 2024 Trade names 5 to 15 years $ 24,400,000 $ 24,400,000 Non-competition and license agreements 2 to 4 years 2,323,800 2,323,800 Internally developed technology 2 years 1,000,000 1,000,000 Customer relationships and other 2 to 3 years 488,700 488,700 28,212,500 28,212,500 Less accumulated amortization 25,869,445 24,262,777 Intangible assets, net $ 2,343,055 $ 3,949,723 Aggregate amortization expense for intangible assets for the years ended December 31, 2025 and 2024 was $1,606,668. The estimated amortization expense of the finite-lived intangible assets for future years is summarized as follows: Fiscal Year 2026 $1,606,667 Fiscal Year 2027 736,388 Total $ 2,343,055.00 Note 8. Variable Interest Entity As part of its overall funding strategy, during 2025 the Company has transferred certain finance receivables to an affiliated VIE for an asset-backed financing transaction. The Company’s revolving warehouse credit facility is issued by the Company’s SPE, which is considered a VIE under GAAP and is consolidated into the financial statements of its primary beneficiary. The debt is supported by the expected cash flows from the underlying collateralized finance receivables. Collection on these finance receivables are remitted to restricted cash collection accounts, which totaled $921,165 as of December 31, 2025. Cash inflows from the finance receivables are distributed to the lenders/investors, the service providers, and /or the residual interest that the Company owns in accordance with a monthly contractual priority of payments. The SPE pays a servicing fee to the Company, which is eliminated in consolidation. Distributions from the SPE to the Company are permitted under the debt arrangement. 29

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 8. Variable Interest Entity (continued) At each sale of receivables from the Company’s affiliates to the SPE, the Company makes certain representations and warranties about the quality and nature of the collateralized receivables. The debt arrangement requires the Company to repurchase the receivables in certain circumstances, including circumstances in which the representations and warranties made by the Company concerning the quality and characteristics of the receivables are inaccurate. Assets transferred to the SPE are legally isolated from the Company and its affiliates, as well as from the claims of the Company’s and its affiliates’ creditors. Further, the assets of the SPE are owned by such SPE and are not available to satisfy the debts or other obligations of the Company or any of its affiliates. The following table presents the assets and liabilities of the Company’s consolidated VIE at December 31, 2025: December 31, 2025 Assets Net finance receivables $ 45,069,461 Allowance for credit losses (4,317,654) Restricted cash 921,165 Total assets $ 41,672,972 Liabilities Net debt $ 31,495,383 Accounts payable and accrued expenses 233,136 Other liabilities 9,166,639 Total liabilities $ 40,895,158 The balance in other liabilities is representative of amounts due related parties that eliminates upon consolidation. As such, this balance is not presented in the consolidated balance sheet. 30

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 9. Notes Payable and Credit Arrangements for Business Operations The Company is party to a revolving loan agreement providing a total Credit Facility of $720,000,000 with a maturity date of May 30, 2028. Borrowings under the Credit Facility are collateralized by substantially all of the Company’s consumer finance assets, including finance receivables and intangibles. The amount available for future borrowings under the Credit Facility is based on (i) the lesser of 85% of the value of the pool of eligible short-term finance receivables plus 75% of eligible long-term secured finance receivable contract assets comprising the borrowing base as of the determination date or (ii) the total Credit Facility amount. The Credit Facility includes a fee for unused credit ranging from 0.375% to 0.50% based on the average monthly usage of the unused portion of the Credit Facility. The Credit Facility requires payments of interest only. Borrowings under the Credit Facility bear interest rate per annum equal to the greatest of (i) the rate of interest announced or otherwise established by the administrative agent from time to time as its prime commercial rate as in effect on such day, with a change in the base rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant change in said prime commercial rate, (ii) the sum of the federal funds rate for such day, plus ½ of 1%, or (iii) Term SOFR in effect for such day plus 1.11448% (which includes a conversion adjustment from LIBOR to SOFR). As of December 31, 2025 and 2024, all of the Company’s borrowings under the Credit Facility were at the applicable Benchmark rates at that time. The Credit Facility contains various customary operating covenants, including the restricted payments covenant described in more detail below, as well as covenants restricting, among other things, the incurrence of liens, investments, fundamental changes, agreements with affiliates and changes in the nature of business. The Credit Facility also contains financial covenants with respect to minimum interest expense coverage ratio and maximum total leverage ratio. The Company was in compliance with all financial covenants during 2025 and 2024. On August 23, 2021, the Company amended its revolving line of credit agreement, originally entered into on June 15, 2012, in the amount of $10,000,000, which terminated on June 30, 2023. This agreement was amended a third time during 2025 with a maturity date of June 30, 2027. Advances under the line of credit bear interest at the one-month term SOFR rate plus 2.960%. At December 31, 2025 and 2024, the amount outstanding under the revolving loan agreement was approximately $628,626,000 and $568,191,000, respectively, with an interest rate of 6.87% and 7.67%, respectively. The amountoutstanding under the revolving line of credit was approximately $4,061,000 with an interest rate of 6.72% and $7,299,000 with an interest rate of 7.30% at December 31, 2025 and 2024, respectively. Interest is payable monthly. The Company entered into a warehouse credit agreement with a $150,000,000 line of credit on July 25, 2025, with a maturitydate of July 23, 2027. Borrowings under the warehouse line of credit are collateralized by the loans receivable purchased by the VIE from affiliates of the Company. The loans receivable held by the VIE are pledged as collateral on borrowings under the warehouse line of credit. The balance outstanding under the warehouse line of credit was approximately $31,495,000 withan interest rate of 6.32% and an unused line fee rate of 0.55% at December 31, 2025. Note 10. Subordinated Notes Payable to Members On June 24, 2014, First Tower, LLC (FT LLC) issued subordinated term loan notes payable to the members of the Company in the aggregate amount of $313,844,000 pursuant to a subordinated loan agreement (the “Subordinated Loan Agreement”). On November 2, 2015, the Company issued an additional, $5,000,000 in subordinated term loan notes payable to the members of the Company, followed by an additional $21,137,000 on February 8, 2018 and an additional $62,458,000 on June 30, 2021.The proceeds of those subordinated term loans were distributed to the Company, which were then distributed to its members as a return of capital. On March 24, 2022, the Company issued additional subordinated term loan notes payable 31

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 10. Subordinated Notes Payable to Members (Continued) of approximately $27,743,000 in exchange for cash. The subordinated term loan notes mature on the earlier of December 18, 2027 or six months after the termination of the Company’s Credit Facility. Subject to the subordination and intercreditor agreement, FT LLC may prepay in whole or in part amounts outstanding. Under the terms of the Subordinated Loan Agreement, as subsequently amended, these subordinated term loans bore interest at a rate per annum equal to 10% (the “Cash Rate”) plus a paid-in-kind rate (the “PIK Rate”) of 5%. The “Cash Rate” was increased to 11% starting October 1, 2025. Interest accruing at the Cash Rate is payable monthly in cash. The PIK rate interest is payable monthly in cash, at FT LLC’s option, subject to certain restrictions as specified by the terms of a subordination and intercreditor agreement with lenders of the Company’s Credit Facility and revolving line of credit (See Note 9). Accruing Cash Rate and PIK Rate interest that may be prohibited from being paid currently under the subordination and intercreditor agreement as a result of distributable income limitations from operating subsidiaries is automatically added to the principal of the subordinated term loan notes. This resulted in an increase of the principal in the amounts of approximately $8,473,000 in 2025 and $26,585,000 in 2024. The Subordinated Loan Agreement places limits on FT LLC and its subsidiaries’ ability to declare dividends or redeem or repurchase capital stock, prepay, redeem or purchase debt, incur liens and engage in sale leaseback transactions, make loans and investments, incur additional indebtedness, amend or otherwise alter debt and other material agreements, make capital expenditures, engage in mergers, acquisitions and asset sales, transact with affiliates and alter its business. Further, the Subordinated Loan Agreement contains events of default, including cross defaults under other debt obligations of the Company. At December 31, 2025 and 2024, the principal amount outstanding of the subordinated term loan notes payable was approximately $561,884,000 and $541,791,000, respectively. Interest expense, including PIK Rate interest, incurred on the subordinated term loan notes approximated $85,939,000 during 2025 and $80,399,000 during 2024. Note 11. Policy Claim Liabilities Activity in policy claim reserves, including claim adjustment expenses, by significant lines of business for the years ended December 31, 2025 and 2024, is summarized as follows: Property & Life & Accident/ Casualty Health For the year ending December 31, 2025 Business Business Total Balance at January 1, 2025 $201,411 $1,768,690 $1,970,101 Incurred related to current year 806,770 4,178,158 4,984,928 Incurred related to prior years (54,993) (250,589) (305,582) Total incurred 751,777 3,927,569 4,679,346 Paid related to current year 615,248 2,686,658 3,301,906 Paid related to prior years 102,980 1,224,601 1,327,581 Total paid 718,228 3,911,259 4,629,487 Balance at December 31, 2025 $ 234,960 $1,785,000 $2,019,960 32

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 11. Policy Claim Liabilities (Continued) Property & Life & Accident/ Casualty Health For the year ending December 31, 2024 Business Business Total Balance at January 1, 2024 $262,643 $2,048,690 $2,311,333 Incurred related to current year 530,309 4,334,561 4,864,870 Incurred related to prior years (104,191) 147,966 43,775 Total incurred 426,118 4,482,527 4,908,645 Paid related to current year 409,078 2,876,073 3,285,151 Paid related to prior years 78,272 1,886,454 1,964,726 Total paid 487,350 4,762,527 5,249,877 Balance at December 31, 2024 $ 201,411 $1,768,690 $1,970,101 Incurred and paid claim development, by accident year for the property and casualty lines of business, for the year ended December 31, 2025, is summarized as follows:

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As of December 31, 2025 Total of Incurred- but-Not-Reported Cumulative Net Incurred Claims for Liabilities Plus Number of the Year Ended December 31, Expected Reported AFIC Property & Casualty Accounts 2023 2024 2025 Development Claims Accident year 2023 $1,335,060 $1,278,851 $1,224,356 $7,385 402 2024 530,309 541,612 36,053 240 2025 806,769 191,522 249 Net incurred claims $1,335,060 $1,809,160 $2,572,737 Net Cumulative Claim Payments the Year Ended December 31, AFIC Property & Casualty Accounts 2023 2024 2025 Accident year 2023 $1,132,200 $1,210,471 $1,216,971 2024 409,078 505,558 2025 615,248 Net cumulative claim payments $1,132,200 $1,619,549 $2,337,777 All outstanding liabilities before 2023 - Liabilities for claims and claim adjustment expenses $234,960 The incurred but not reported liability for the property and casualty lines of business approximated $235,000 and $201,000 as of December 31, 2025 and 2024, respectively. The average annual percentage payout of incurred claims for the property and casualty lines of business was approximately 79% in year 1, 13% in year 2 and 5% in year 3. 33

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 11. Policy Claim Liabilities (Continued) Incurred and paid claim development, by accident year for the life and accident/health lines of business, for the year endedDecember 31, 2025, is summarized as follows: As of December 31, 2025 Total of Incurred- but-Not-Reported Cumulative Net Incurred Claims for Liabilities Plus Number of the Year Ended December 31, Expected Reported AFLIC Life & Accident/Health Accounts 2023 2024 2025 Development Claims Accident year 2023 $4,950,684 $4,605,749 $4,615,831 $62,800 1,695 2024 4,334,561 4,051,218 226,600 1,394 2025 4,178,158 1,491,500 1,003 Net incurred claims $ 4,950,684 $8,940,310 $12,845,207 Net Cumulative Claim Payments for the Year Ended December 31, AFLIC Life & Accident/Health Accounts 2023 2024 2025 Accident year 2023 $3,248,222 $4,364,149 $4,553,031 2024 2,876,073 3,824,618 2025 2,686,658 Net cumulative claim payments $ 3,248,222 $7,240,222 $11,064,307 All outstanding liabilities before 2023 4,100 Liabilities for claims and claim adjustment expenses $1,785,000 The incurred but not reported liability for the life and accident/health lines of business approximated $1,785,000 and$1,769,000 as of December 31, 2025 and 2024, respectively. Note 12. Income Taxes The Company’s insurance subsidiaries file income tax returns in the U. S. federal jurisdiction and in the states in which they operate. The multiple state tax jurisdictions in which the insurance subsidiaries operate require the appropriate allocation of income and expense to each state based on a variety of apportionment or allocation bases. The income tax expense of the Company’s insurance subsidiaries for the years ended December 31, 2025 and 2024 consisted of the following:

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December 31, 2025 2024 Current expense: Federal $112,941 $94,065 Mississippi 3,705 8,492 Alabama 2,093 2,393 $ 118,739 $104,950 Deferred expense: Federal $781,940 $691,363 Mississippi 147,079 130,042 929,019 821,405 Income tax expense $ 1,047,758 $926,355 34

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 12. Income Taxes (Continued) The Company did not have unrecognized tax benefits as of December 31, 2025 or 2024 and does not expect this to change significantly over the next 12 months. It is the Company’s policy to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of December 31, 2025 and 2024, the Company had no accrued interest or penalties related to uncertain tax positions. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes relating to the Company’s insurance subsidiaries. The tax effects of significant items comprising the Company’s net deferred tax liability was as follows: December 31, 2025 2024 Deferred tax assets: Policy claim reserves and unearned premiums $3,274,005 $2,661,555 Net operating and capital loss carryforwards 1,019,317 703,734 Remaining reserve adjustment - 49,225 Unrealized loss on equity securities 51,950 - Unrealized loss on debt securities available-for-sale 125,025 437,901 4,470,297 3,852,415 Deferred tax liabilities: Remaining reserve adjustment - 538 Deferred acquisition costs 6,864,317 5,543,565 Goodwill and intangible assets 8,151,621 7,589,589 Unrealized gain on equity securities - 15,088 15,015,938 13,148,780 Deferred tax liabilities, net $(10,545,641) $(9,296,365) The Company assesses the need for a valuation allowance on deferred tax assets by considering all available positive and negative evidence. There is no valuation allowance at December 31, 2025 or 2024. The Company has determined that it is not more likely than not that some or all of the deferred tax assets will not be realized prior to their expiration. Income taxes paid, net of refunds received, consisted of the following jurisdictions: 2025 2024 Federal $205,395 $50,221 State: Mississippi - 12,000 Alabama 2,500 2,545 2,500 14,545 $ 207,895 $64,766

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 12. Income Taxes (Continued) The income tax expense differs from the amount computed by applying the federal statutory rate of 21% in 2025 and 2024 to loss before income taxes as follows: December 31, 2025 2024 Consolidated income (loss) before taxes $ 666,268 $ (26,564,320) Less: non-taxable entities (4,366,819) (31,158,115) Income before taxes from taxable entities $ 5,033,087 $ 4,593,795 Tax benefit based on federal statutory rate $ 1,056,948 $ 964,697 Non-taxable interest income (61,801) (71,858) State income taxes and other 24,079 56,551 Transactional costs (27,678) (27,678) AMT and adjustments to prior year taxes 56,210 4,643 Income tax expense $ 1,047,758 $ 926,355 The Company’s insurance subsidiaries have approximately $2,092,000 in federal net operating loss carryforwards, that will begin to expire in 2032, if not used. There are no net operating loss carryforwards at the state level. Note 13. Employee Profit Sharing Plan The Company established three profit sharing plans covering substantially all the Company’s employees. A nonstandardized profit sharing plan was established for managers on January 1, 2015. Employer and participants’ contributions are nonelective and at the sole discretion of the employer. Contributions are allocated as a uniform percentage of participant compensation. The Company also established a plan which is intended to provide selected officers, members of the executive group, home office or district supervisors of the Company or its Affiliates, or the assistant to the chief executive officer of the Company, incentive awards for superior performance. The plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code. The plan is also intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974 (“ERISA”). Remaining employees are covered by a 401(k) provision which allows employees to contribute salary subject to the maximum contribution allowed by the IRS. The Company matches 50% of the first 6% of employee contributions. Additional contributions may be made at the discretion of the Company. Profit sharing expense approximated $2,660,000 and $799,000 for the years ended December 31, 2025 and 2024, respectively, and is included in salaries and fringe benefits in the consolidated financial statements. 36

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 14. Members Equity The Company’s capital structure consists of four classes of member common units. All classes of common units, except for Class D common units, share in the profits and losses of the Company and in the distributions of member capital on a pro- rata basis in proportion to total number of such units outstanding. The four classes of member common units are as follows: • Class A common units – These units have voting rights in proportion to the total number of Class A, Class B and Class C common units outstanding. There were 119,487,028 Class A common units issued to members outstanding as of December 31, 2025 and 2024. Issuance of additional Class A common units in excess of 10% of the fully diluted outstanding units of Class A and Class B common units require the approval of at least 81% of the outstanding Class A common units. • Class B common units – These units have voting rights in proportion to the total number of Class A, Class B and Class C common units outstanding. There were 97,847 Class B common units outstanding as December 31, 2025 and 2024. • Class C common units – These units have voting rights in proportion to the total number of Class A, Class B and Class C common units outstanding. There were 3,032,551 Class C common units outstanding as of December 31, 2025 and 2024. • Class D common units – These units have no voting rights and are fully vested. Each holder of Class D common units has the right to convert such units to Class C common units at a ratio of four Class D common units for one Class C common unit provided that (i) the date of such conversion occurs no earlier than the 10th anniversary of June 15, 2012, (ii) such holder notifies the Company thirty days prior to conversion, and (iii) the internal rate of return as of the most recent fiscal quarter exceeds a pre-defined minimum. On June 14, 2012, the Company entered into employment contracts with two key executives and, in connection therewith, granted these executives 12,941,176 unvested Class D common units with an estimated fair value at date of grant of approximately $698,000. All Class D common units vested during 2022 and were converted to 3,032,551 Class C common units during 2023. In connection with the conversion of the Class D units, the recipients of Class C units were granted Class F profit interests, which are not common units. These profit interests entitle the recipients to receive amounts equivalent to the amount they would receive had they made loans to the Company at their respective pro-rata ownership amounts to the extent that the Company has profits. During 2025, the Company recorded $2,133,913 of profit interests expense of which $2,379,385 is payable at December 31, 2025. During 2024, the Company recorded $2,029,899 of profit interests expense of which $2,379,512 was payable at December 31, 2024. Members have no power to vote on any matter except matters on which a vote of units is required pursuant to the Company’s Operating Agreement. The Operating Agreement provides for, among other things, limitations on the transfer of member units, rights of first refusal, pre-emptive rights, and certain call and put provisions. 37

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 15. Statutory Financial Information of Insurance Subsidiaries GAAP differs in certain respects from the accounting practices prescribed or permitted by insurance regulatory authorities (Statutory). A reconciliation between net income (loss) and stockholder’s equity of the Company’s insurance subsidiaries as reported under GAAP and Statutory follows as of December 31, 2025 and 2024: Net Stockholder's December 31, 2025 Income (Loss) Equity GAAP basis including effects of purchase accounting $ 3,932,184 $ 53,530,766 Adjustments to: Non-admitted assets - (98,076) Accumulated depreciation - 42,132 Investment securities and related unrealized gains 194,747 501,102 Deferred acquisition costs (6,070,130) (32,039,421) Policy claim reserves and unearned premiums 1,171,964 7,095,767 Deferred income taxes and income taxes payable 989,544 81,505 Asset valuation and interest maintenance reserves (98,341) (88,823) Statutory Basis $ 119,968 $ 29,024,952 Net Stockholder's December 31, 2024 Income (Loss) Equity GAAP basis including effects of purchase accounting $ 3,423,263 $ 52,410,416 Adjustments to: Non-admitted assets - (98,076) Accumulated depreciation - 40,532 Investment securities and related unrealized gains 201,713 1,755,115 Deferred acquisition costs (1,892,382) (25,969,292) Policy claim reserves and unearned premiums 152,847 5,923,803 Deferred income taxes and income taxes payable 1,062,318 3,038,504 Asset valuation and interest maintenance reserves (86,039) (83,306) Statutory Basis $ 2,861,720 $ 37,017,696 38

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First Tower Finance Company LLC and Subsidiaries Notes to the Consolidated Financial Statements Note 15. Statutory Financial Information of Insurance Subsidiaries (Continued) Under state statutes, each of the insurance subsidiaries is required to maintain minimum capital and surplus of $1,500,000. Insurance regulations limit the amount of dividends that may be paid without approval of the insurance subsidiaries’ regulatory agency. At December 31, 2025 and 2024, there were no undistributed earnings and surplus available for future distributions as dividends are not permitted, without the prior approval of the State of Mississippi Insurance Department. The National Association of Insurance Commissioners (NAIC) measures the adequacy of an insurance company’s capital by its risk-based capital ratio (the ratio of its total capital, as defined, to its risk-based capital). The requirements provide a measurement of minimum capital appropriate for an insurance company to support its overall business operations based upon its size and risk profile which considers (i) asset risk, (ii) insurance risk, (iii) interest rate risk, and (iv) business risk. An insurance company’s risk-based capital is calculated by applying a defined factor to various statutory-based assets, premiums, and reserve items, wherein the factor is higher for items with greater underlying risk. The State of Mississippi statutes have provided levels of progressively increasing regulatory action for remedies when an insurance company’s risk-based capital ratio falls below a ratio of 2:1. As of December 31, 2025 and 2024 (latest information available), the Company’s insurance subsidiaries were in compliance with these minimum capital requirements as follows: December 31, 2025 AFLIC AFIC Total adjusted capital $11,460,067 $ 17,654,384 Authorized control level risk-based capital $ 1,092,023 $ 5,129,368 Ratio of adjusted capital to risk based capital 10.5:1 3.4:1 December 31, 2024 AFLIC AFIC Total adjusted capital $11,852,765 $ 25,248,913 Authorized control level risk-based capital $ 1,023,813 $ 4,593,093 Ratio of adjusted capital to risk based capital 11.6:1 5.5:1 Note 16. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of finance receivables. Concentrations of credit risk with respect to finance receivables are limited due to the large number of customers comprising the Company’s customer base. These finance receivables are mainly from customers located in Mississippi, Louisiana, Alabama, Texas, Missouri, Tennessee, and Florida. The Company also has a risk that its customers will seek protection from creditors by filing under bankruptcy laws. When a customer files for bankruptcy protection, the Company must cease collection activities and petition the bankruptcy court to obtain its collateral or work out a court-approved bankruptcy plan that involves the Company and all other creditors of the customer. It is the Company’s experience that such plans can take an extended period to conclude and often involve a reduction of the interest rate to a court-approved rate. At December 31, 2025 and 2024, the Company had funds on deposit with depository and investment institutions in excess of insured limits of approximately $21,092,000 and $20,102,000, respectively. The Company periodically assesses the financial condition of the financial institutions in which it conducts transactions and believes the risk of any loss is minimal. 39

Annual report