Our team typically originates thousands of opportunities per annum and invests in a disciplined manner in a single digit percentage of such opportunities. Our non-bank structure gives us the flexibility to invest in multiple levels of the corporate capital stack with a preference for secured lending and senior loans. Our approach is one that generates attractive risk-adjusted yields and in our debt investments we’re generating an annualized yield of 13.6% as of June 30. We also hold equity positions and many transactions that can act as yield enhancers or capital gains contributors as such positions generate distributions.Originations in F2012 were $1.12 billion, up 17% from the prior fiscal year. We also experienced $501 million of repayments as a nice validation of our capital preservation objective. As of June we are up to 82 portfolio companies, a 14% increase from the prior year and demonstrating both an increase in diversity as well as a migration towards both larger positions and larger portfolio companies. We also continue to invest in a diversified fashion across many different portfolio company industries with no significant industry concentration.
Prospect Capital's CEO Discusses F4Q 2012 Results - Earnings Call Transcript
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