Prospect Floating Rate & Alternative Income Fund 8-K Filed
| Field | Detail |
|---|---|
| Company | Prospect Floating Rate & Alternative Income Fund, Inc. |
| Form Type | 8-K |
| Filed Date | Aug 13, 2025 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $75 million, $75.0 m, $33.8 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, termination, financial-statements
TL;DR
Prospect Floating Rate & Alternative Income Fund filed an 8-K detailing new agreements and terminations.
AI Summary
On August 13, 2025, Prospect Floating Rate & Alternative Income Fund, Inc. reported the entry into a material definitive agreement and the termination of a material definitive agreement. The filing also includes financial statements and exhibits. The company was formerly known as Prospect Sustainable Income Fund, Inc. until January 12, 2022.
Why It Matters
This 8-K filing indicates significant corporate actions, including new agreements and the termination of others, which could impact the fund's financial structure and investment strategy.
Risk Assessment
Risk Level: medium — Material definitive agreements and terminations can signal significant changes in a company's operations or financial standing, warranting closer examination.
Key Players & Entities
- Prospect Floating Rate & Alternative Income Fund, Inc. (company) — Registrant
- August 13, 2025 (date) — Date of Report
- August 12, 2025 (date) — Earliest Event Reported
- Prospect Sustainable Income Fund, Inc. (company) — Former Company Name
- January 12, 2022 (date) — Date of Name Change
FAQ
What specific material definitive agreements were entered into by Prospect Floating Rate & Alternative Income Fund, Inc. on or around August 12, 2025?
The filing indicates the entry into a material definitive agreement, but the specific details of this agreement are not provided in the provided text.
What material definitive agreements were terminated by Prospect Floating Rate & Alternative Income Fund, Inc. on or around August 12, 2025?
The filing indicates the termination of a material definitive agreement, but the specific details of this termination are not provided in the provided text.
What is the primary business of Prospect Floating Rate & Alternative Income Fund, Inc.?
The filing does not explicitly state the primary business, but the name suggests it is an income-focused investment fund.
When did Prospect Floating Rate & Alternative Income Fund, Inc. change its name from Prospect Sustainable Income Fund, Inc.?
The company changed its name from Prospect Sustainable Income Fund, Inc. on January 12, 2022.
What is the principal executive office address for Prospect Floating Rate & Alternative Income Fund, Inc.?
The principal executive office is located at 10 East 40th Street, 42nd Floor, New York, New York 10016.
Filing Stats: 756 words · 3 min read · ~3 pages · Grade level 12 · Accepted 2025-08-13 15:51:35
Key Financial Figures
- $75 million — "Company"), as servicer, established a $75 million senior secured revolving credit facilit
- $75.0 m — ity in an aggregate principal amount of $75.0 million, of which $33.8 million was drawn
- $33.8 million — cipal amount of $75.0 million, of which $33.8 million was drawn as of August 12, 2025, and wh
Filing Documents
- pfloat-20250813.htm (8-K) — 27KB
- pfloat-lsa8122025.htm (EX-10.1) — 812KB
- 0001521945-25-000060.txt ( ) — 1103KB
- pfloat-20250813.xsd (EX-101.SCH) — 2KB
- pfloat-20250813_def.xml (EX-101.DEF) — 13KB
- pfloat-20250813_lab.xml (EX-101.LAB) — 23KB
- pfloat-20250813_pre.xml (EX-101.PRE) — 14KB
- pfloat-20250813_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On August 12, 2025, Prospect Floating Rate and Alternative Income Fund, Inc. (the "Company"), as servicer, established a $75 million senior secured revolving credit facility (the "Credit Facility") with Bank OZK acting as facility agent. In connection with the Credit Facility, the Company's wholly-owned financing subsidiary, Prospect Flexible Funding, LLC (the "Borrower"), as borrower, and each of the other parties thereto entered into a Loan and Servicing Agreement, dated as of August 12, 2025 (the "Loan Agreement"). The Credit Facility is scheduled to mature on August 10, 2029 and generally bears interest at a rate of one-month SOFR + 2.50%. The Credit Facility is secured by assets of the Borrower. Under the Loan Agreement, the Borrower has made certain customary representations and warranties and is required to comply with various covenants, including borrowing restrictions, reporting requirements and other customary requirements for similar credit facilities. The Loan Agreement includes usual and customary events of default for credit facilities of this nature. The description above is only a summary of the material provisions of the Credit Facility and is qualified in its entirety by reference to the copy of the Loan Agreement, which is filed as Exhibit 10.1 to this current report on Form 8-K and by this reference is incorporated herein.
02. Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement. On August 12, 2025, concurrently with the Borrower's entry into the Credit Agreement described in Item 1.01 hereof, the Company voluntarily terminated its existing senior secured revolving credit agreement dated September 21, 2023 (the "Prior Loan Agreement"), among the Company, the lenders party thereto from time to time and Sumitomo Mitsui Banking Corporation as administrative agent. The Prior Loan Agreement provided for a revolving credit facility in an aggregate principal amount of $75.0 million, of which $33.8 million was drawn as of August 12, 2025, and which would have matured on September 21, 2026.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Loan and Servicing Agreement dated as of August 12, 2025 among Prospect Flexible Funding, LLC as Borrower, Prospect Floating Rate and Alternative Income Fund, Inc. as Servicer, the Lenders from time to time party thereto as Lenders, the Managing Agents from time to time party thereto as Managing Agents, U.S. Bank Trust Company, National Association as Calculation Agent, Paying Agent and Documentation Agent and Bank OZK as Facility Agent
SIGNATURES
SIGNATURES Pursuant to the requirements 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. Dated: August 13, 2025 Prospect Floating Rate and Alternative Income Fund, Inc. By /s/ M. Grier Eliasek M. Grier Eliasek Chief Executive Officer (Principal Executive Officer)