Prospect Capital Corporation $(PSEC)$ has published a new investor presentation outlining its middle market finance strategy and portfolio metrics. According to the presentation, the company manages total assets of $6.6 billion, with a total equity capitalization of $4.6 billion and a total debt capitalization of 29%. The portfolio is primarily focused on senior and secured debt investments in U.S. middle-market companies, with an increased emphasis on first lien senior secured loans, which now represent 71.1% of the portfolio by cost. The presentation also notes a reduction in exposure to second lien loans and subordinated structured notes, now comprising 13.5% and 0.3% of the portfolio by cost, respectively. Since inception, the company reports an exited gross internal rate of return $(IRR)$ of 12% on more than 350 investment exits and a non-accrual loan rate of 0.7%. The investment approach emphasizes risk reduction, capital preservation, and a focus on non-cyclical, defensive industries. You can access the full presentation through the link below.