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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 814-00908

Prospect Floating Rate and Alternative Income Fund, Inc.

(Exact name of Registrant as specified in its charter)


Maryland						45-2460782
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

10 East 40th Street, 42nd Floor
New York, NY						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 Symbol(s)

Name of each exchange on which registered

None

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 x 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 x No o

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 definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	o	Accelerated filer	o
Non-accelerated filer	x	Smaller reporting company	o
		Emerging growth company	o

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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of May 11, 2026, the Registrant had 9,444,489 and 2,237 shares of Class A and Class I Common Stock outstanding, $0.001 par value per share, respectively. As of May 11, 2026, there were no shares of Class S or Class D Common Stock outstanding, $0.001 par value per share, respectively.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

TABLE OF CONTENTS


		Page
	Forward-Looking Statements	1
PART I
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 202 6 (Unaudited) and June 30, 2025	3
	Consolidated Statements of Operations for the three and nine months ended March 31, 202 6 and 202 5 (Unaudited)	3
	Consolidated Statements of Changes in Net Assets for the three and nine months ended March 31, 202 6 and 202 5 (Unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended March 31, 202 6 and 202 5 (Unaudited)	6
	Consolidated Schedules of Investments as of March 31, 202 6 (Unaudited) and June 30, 2025	10
	Notes to Consolidated Financial Statements (Unaudited)	23
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	78
Item 4.	Controls and Procedures	79
PART II
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	79
Item 3.	Default Upon Senior Securities	80
Item 4.	Mine Safety Disclosures	80
Item 5.	Other Information	80
Item 6.	Exhibits	80
	Signatures	82

Forward-Looking Statements

Some of the statements in this quarterly report on Form 10-Q (the "Quarterly Report") constitute forward-looking statements, which relate to future events or our performance or financial condition. The forward-looking statements contained in this Quarterly Report involve risks, uncertainties and other factors, some of which are beyond our control, including, but not limited to, statements as to:

•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 willingness of our investment adviser to waive fees;

•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, on our and our portfolio companies’ businesses and the global economy;

•the impact of alternative reference rates on our business and certain of our investments;

•uncertainty surrounding inflation and the financial stability of the United States, Europe, and China;

•trade negotiations and related government actions may create regulatory uncertainty for our portfolio companies and our investment strategies and adversely affect the profitability of our portfolio companies;

•the financial condition 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’ business;

•the level, duration and volatility of prevailing interest rates and credit spreads, magnified by the current turmoil in the credit markets;

•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;

•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 (the "SEC"), Internal Revenue Service, 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 Quarterly Report or in our Annual Report on Form 10-K for the year ended June 30, 2025.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may," or similar expressions. The forward looking statements contained in this Quarterly Report involve risks and uncertainties and undue reliance should not be placed on them. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as "Risk Factors" in this Quarterly Report, our Annual Report on Form 10-K and our other SEC filings.

We have based the forward-looking statements included in this report on information available to us on the date of this Quarterly Report, and we assume no obligation to update any such forward-looking statements. Actual results could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of

new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

Item 1. Consolidated Financial Statements


Assets	March 31, 2026		June 30, 2025
	(Unaudited)
Investments at fair value:
Non-control/non-affiliate investments (amortized cost of $69,812,379 and $88,404,806, respectively) (Notes 7 and 8)	$	63,037,631	$	85,016,596
Cash and cash equivalents	23,292,770		16,499,200
Deferred financing costs (Note 10)	807,461		530,441
Interest receivable	662,202		564,755
Due from Adviser (Note 4)	305,792		—
Receivable for repayments of portfolio investments	220,434		74,284
Deferred offering costs	86,567		106,129
Prepaid expenses and other assets	20,338		133,985
Total Assets	88,433,195		102,925,390

Liabilities
Senior Secured Revolving Credit Facility (Note 10)	—		45,500,000
OZK Credit Facility (Note 10)	35,178,847		—
Payable for open trades	14,989,596		14,988,042
Due to Administrator (Note 4)	1,815,286		2,015,442
Distributions payable	670,680		152,652
Accrued expenses	162,875		68,489
Accrued audit fees	136,250		133,750
Interest payable	102,952		29,810
Accrued legal fees	26,988		49,068

Due to Affiliates (Note 4)	300		—
Total Liabilities	53,083,774		62,937,253
Commitments and Contingencies (Note 9)
Net Assets	$	35,349,421	$	39,988,137

Components of Net Assets
Common Stock, par value $0.001 per share (75,000,000 shares authorized; 9,281,506 and 8,895,933 Class A and Class I shares issued and outstanding, respectively) (Note 3)	$	9,282	$	8,897
Paid-in capital in excess of par (Note 3 and Note 6)	55,000,817		53,680,378
Distributions in excess of earnings (Note 6)	(19,660,678)		(13,701,138)
Net Assets	$	35,349,421	$	39,988,137

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES


NET ASSET VALUE PER SHARE	March 31, 2026		June 30, 2025
	(Unaudited)
Class A Shares:
Net assets	$	35,340,903	$	39,978,083
Common Shares outstanding ($0.001 par value, 37,500,000 authorized)	9,279,269		8,893,696
Net asset value per share	$	3.81	$	4.50

Class I Shares:
Net assets	$	8,518	$	10,054
Common Shares outstanding ($0.001 par value, 12,500,000 authorized)	2,237		2,237
Net asset value per share	$	3.81	$	4.50

Class S Shares:
Net assets	—		—
Common Shares outstanding ($0.001 par value, 12,500,000 authorized)	—		—
Net asset value per share	—		—

Class D Shares:
Net assets	—		—
Common Shares outstanding ($0.001 par value, 12,500,000 authorized)	—		—
Net asset value per share	—		—

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Investment Income
Interest income from non-control/non-affiliate investments (excluding Paid-in-Kind ("PIK") interest income)	$	1,818,253	$	2,272,318	$	5,894,351	$	6,566,697
PIK interest income from non-control/non-affiliate investments	12,701		189,903		157,722		356,889
Total Investment Income	1,830,954		2,462,221		6,052,073		6,923,586

Operating Expenses
Interest expense and credit facility expenses (Note 10)	664,614		968,724		2,227,493		2,780,363
Base management fees (Note 4)	266,636		312,824		839,951		916,005
Administrator Costs (Note 4)	165,156		185,000		497,656		486,000
Transfer agent’s fees and expenses	84,528		88,932		195,814		241,378
General and administrative	74,897		44,611		145,802		94,527
Audit and tax expense	63,750		73,750		232,343		328,250
Offering costs	29,587		154,522		111,672		427,341
Legal expense	24,326		45,807		113,922		174,364
Insurance expense	23,134		30,572		58,006		94,387
Valuation services	5,570		13,581		29,844		43,468
Total Operating Expenses	1,402,198		1,918,323		4,452,503		5,586,083
Expense limitation reimbursement (Note 4)	(737,584)		(312,824)		(2,225,010)		(916,005)
Waiver of Administrator Costs (Note 4)	(200,000)		—		(200,000)		—
Total Net Operating Expenses	464,614		1,605,499		2,027,493		4,670,078

Net Investment Income (Loss) before income taxes	1,366,340		856,722		4,024,580		2,253,508
Excise tax expense	—		—		26,328		—
Net Investment Income (Loss)	1,366,340		856,722		3,998,252		2,253,508

Net Realized Losses and Net Change in Unrealized Gains/(Losses) on Investments
Net realized losses:
Non-control/non-affiliate investments	(1,257,763)		(502,209)		(3,159,340)		(1,623,306)
Net realized losses	(1,257,763)		(502,209)		(3,159,340)		(1,623,306)
Net change in unrealized gains/(losses):
Non-control/non-affiliate investments	1,256,861		(493,957)		(3,386,538)		(177,501)
Net change in unrealized gains/(losses)	1,256,861		(493,957)		(3,386,538)		(177,501)
Net Realized Losses and Net Change in Unrealized Losses on Investments	(902)		(996,166)		(6,545,878)		(1,800,807)
Extinguishment of debt	—		—		(495,849)		—
Net Increase/(Decrease) in Net Assets Resulting from Operations	$	1,365,438	$	(139,444)	$	(3,043,475)	$	452,701

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited)


	Common Stock
For the Three Months Ended March 31, 2026	Common Stock Outstanding - Class A(1)	Common Stock Outstanding - Class I(1)	Par		Paid-in Capital in Excess of Par		Distributable Earnings (Loss)		Net Assets
Balance as of December 31, 2025	9,138,938	2,237	$	9,142	$	54,423,731	$	(19,721,227)	$	34,711,646
Net increase in net assets resulting from operations
Net investment income (losses)	—	—	—		—		1,366,340		1,366,340
Net realized gains (losses) on investments	—	—	—		—		(1,257,763)		(1,257,763)

Net change in unrealized gains (losses) on investments	—	—	—		—		1,256,861		1,256,861
Net increase (decrease) from operations	—	—	—		—		1,365,438		1,365,438
Distributions to Shareholders (Note 6)(2)
Class A:
Distributions from earnings	—	—	—		—		(1,304,573)		(1,304,573)
Net increase (decrease) from distributions	—	—	—		—		(1,304,573)		(1,304,573)
Class I:
Distributions from earnings	—	—	—		—		(316)		(316)
Net increase (decrease) from distributions	—	—	—		—		(316)		(316)
Capital Transactions (Note 3)
Class A:
Shares issued through reinvestment of distributions	205,025	—	205		821,567		—		821,772
Repurchase of common shares	(64,694)	—	(65)		(244,481)		—		(244,546)
Net increase (decrease) from share transactions	140,331	—	140		577,086		—		577,226
Tax Reclassification of Net Assets (Note 6)	—	—	—		—		—		—
Balance as of March 31, 2026	9,279,269	2,237	$	9,282	$	55,000,817	$	(19,660,678)	$	35,349,421

(1) In connection with the Multi-Class Offering, the Company authorized the issuance of separate classes of its common stock and designated such classes Class S, Class D and Class I common stock. The registration statement was declared effective by the SEC on May 10, 2024, however, as of March 31, 2026, there are no shares of Class S or Class D common stock outstanding.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (continued)


	Common Stock
For the Three Months Ended March 31, 2025	Common Stock Outstanding - Class A(1)	Common Stock Outstanding - Class I(1)	Par		Paid-in Capital in Excess of Par		Distributable Earnings (Loss)		Net Assets
Balance as of December 31, 2024(2)	8,898,082	2,237	$	8,901	$	53,688,654	$	(12,866,834)	$	40,830,721
Net increase in net assets resulting from operations
Net investment income (losses)	—	—	—		—		856,722		856,722
Net realized (losses) on investments	—	—	—		—		(502,209)		(502,209)
Net change in unrealized gains (losses) on investments	—	—	—		—		(493,957)		(493,957)
Net increase (decrease) from operations	—	—	—		—		(139,444)		(139,444)
Distributions to Shareholders (Note 6)
Class A:
Distributions from earnings	—	—	—		—		(869,987)		(869,987)
Return of capital distributions	—	—	—		—		—		—
Net increase (decrease) from distributions	—	—	—		—		(869,987)		(869,987)
Class I:
Distributions from earnings	—	—	—		—		(218)		(218)
Return of capital distributions	—	—	—		—		—		—
Net increase (decrease) from distributions	—	—	—		—		(218)		(218)
Capital Transactions
Class A:

Shares issued through reinvestment of distributions	163,941	—	164		749,904		—		750,068
Repurchase of common shares	(151,171)	—	(151)		(696,751)		—		(696,902)
Net increase (decrease) from share transactions	12,770	—	13		53,153		—		53,166
Class I:
Shares issued	—	—	—		—		—		—


Net increase (decrease) from share transactions	—	—	—		—		—		—
Tax Reclassification of Net Assets (Note 6)	—	—	—		293,496		(293,496)		—
Balance as of March 31, 2025	8,910,852	2,237	$	8,914	$	54,035,303	$	(14,169,979)	$	39,874,238

(1) In connection with the Multi-Class Offering, the Company authorized the issuance of separate classes of its common stock and designated such classes Class S, Class D and Class I common stock. The registration statement was declared effective by the SEC on May 10, 2024, however, as of March 31, 2025, there are no shares of Class S or Class D common stock outstanding.

(2) Certain reclassifications have been made in the presentation of prior year and prior quarter amounts to conform to the presentation for the fiscal year ended June 30, 2024. See Note 2 and 6 within the accompanying notes to the consolidated financial statements for further discussion.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (continued)


	Common Stock
For the Nine Months Ended March 31, 2026	Common Stock Outstanding - Class A(1)	Common Stock Outstanding - Class I(1)	Par		Paid-in Capital in Excess of Par		Distributable Earnings (Loss)		Net Assets
Balance as of June 30, 2025	8,893,696	2,237	$	8,897	$	53,680,378	$	(13,701,138)	$	39,988,137
Net increase in net assets resulting from operations
Net investment income (losses)	—	—	—		—		3,998,252		3,998,252
Net realized gains (losses) on investments	—	—	—		—		(3,159,340)		(3,159,340)
Net realized losses on debt	—	—	—		—		(495,849)		(495,849)
Net change in unrealized gains (losses) on investments	—	—	—		—		(3,386,538)		(3,386,538)
Net increase (decrease) from operations	—	—	—		—		(3,043,475)		(3,043,475)
Distributions to Shareholders (Note 6)(2)
Class A:
Distributions from earnings	—	—	—		—		(3,272,198)		(3,272,198)
Net increase (decrease) from distributions	—	—	—		—		(3,272,198)		(3,272,198)
Class I:
Distributions from earnings	—	—	—		—		(805)		(805)
Net increase (decrease) from distributions	—	—	—		—		(805)		(805)
Capital Transactions (Note 3)
Class A:
Shares issued through reinvestment of distributions	568,629	—	569		2,435,860		—		2,436,429
Repurchase of common shares	(183,056)	—	(184)		(758,483)		—		(758,667)
Net increase (decrease) from share transactions	385,573	—	385		1,677,377		—		1,677,762
Tax Reclassification of Net Assets (Note 6)	—	—	—		(356,938)		356,938		—
Balance as of March 31, 2026	9,279,269	2,237	$	9,282	$	55,000,817	$	(19,660,678)	$	35,349,421

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (Unaudited) (continued)


	Common Stock
For the Nine Months Ended March 31, 2025	Common Stock Outstanding - Class A(1)	Common Stock Outstanding - Class I(1)		Par		Paid-in Capital in Excess of Par		Distributable Earnings (Loss)		Net Assets
Balance as of June 30, 2024(2)	6,661,373	$	—	$	6,662	$	43,901,672	$	(12,644,774)	$	31,263,560
Net increase in net assets resulting from operations
Net investment income (losses)	—	—		—		—		2,253,508		2,253,508
Net realized gains (losses) on investments	—	—		—		—		(1,623,306)		(1,623,306)
Net change in unrealized gains (losses) on investments	—	—		—		—		(177,501)		(177,501)
Net increase (decrease) from operations	—	—		—		—		452,701		452,701
Distributions to Shareholders (Note 6)
Class A:
Distributions from earnings	—	—		—		—		(2,332,807)		(2,332,807)
Return of capital distributions	—	—		—		(242,330)		—		(242,330)
Net increase (decrease) from distributions	—	—		—		(242,330)		(2,332,807)		(2,575,137)
Class I:
Distributions from earnings	—	—		—		—		(407)		(407)
Return of capital distributions	—	—		—		(31)		—		(31)
Net increase (decrease) from distributions	—	—		—		(31)		(407)		(438)
Capital Transactions
Class A:
Shares issued	2,096,436	—		2,096		9,997,904		—		10,000,000
Shares issued through reinvestment of distributions	454,852	—		455		2,111,766		—		2,112,221
Repurchase of common shares	(301,809)	—		(301)		(1,388,768)		—		(1,389,069)
Net increase (decrease) from share transactions	2,249,479	—		2,250		10,720,902		—		10,723,152
Class I:
Shares issued	—	2,237		2		10,398		—		10,400


Net increase (decrease) from share transactions	—	2,237		2		10,398		—		10,400
Tax Reclassification of Net Assets (Note 6)	—	—		—		(355,308)		355,308		—
Balance as of March 31, 2025	8,910,852	2,237		$	8,914	$	54,035,303	$	(14,169,979)	$	39,874,238

(1) In connection with the Multi-Class Offering, the Company authorized the issuance of separate classes of its common stock and designated such classes Class S, Class D and Class I common stock. The registration statement was declared effective by the SEC on May 10, 2024, however, as of March 31, 2025, there are no shares of Class S or Class D common stock outstanding.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


	Nine Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net increase/(decrease) in net assets resulting from operations	$	(3,043,475)	$	452,701
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Repayments and sales of portfolio investments	22,421,838		16,850,812
Purchases of investments	(6,866,513)		(42,748,135)
Net change in unrealized (gains)/losses on investments	3,386,538		177,501
Net realized losses on investments	3,159,340		1,623,306
Net realized losses on extinguishment of debt	495,849		—
Net Reductions to Subordinated Structured Notes and related investment cost	228,707		561,569
Amortization of deferred financing costs	186,236		309,964
Amortization of premiums (accretion of purchase discounts) on investments, net	(192,591)		(308,936)
Payment-in-kind interest	(157,722)		(356,889)
Amortization of offering costs	111,672		427,341
Settlement of Treasury Bills	(634)		(199)
Changes in other assets and liabilities:
(Increase) Decrease in operating assets
Due from Adviser (Note 4)	(305,792)		—
Receivable for repayments of portfolio investments	(146,150)		(81,881)
Prepaid expenses and other assets	113,647		87,787
Interest receivable	(97,447)		(279,680)
Increase (Decrease) in operating liabilities
Due to Administrator (Note 4)	(200,156)		441,000
Accrued legal fees	(114,190)		(312,336)
Accrued expenses	94,386		(38,946)
Interest payable	73,142		(122,280)
Accrued audit fees	2,500		76,250
Payable for open trades	1,554		(81,856)
Due to Affiliates	300		—
Net cash provided by/(used in) operating activities	19,151,039		(23,322,907)
Cash flows from financing activities:
Gross proceeds from shares sold	—		10,010,400
Distributions paid to stockholders	(318,544)		(378,127)
Repurchase of common stock	(758,667)		(1,389,069)
Borrowings under Senior Secured Revolving Credit Facility (Note 10)	3,400,000		43,600,000
Repayments under Senior Secured Revolving Credit Facility (Note 10)	(48,900,000)		(23,600,000)
Borrowings under OZK Credit Facility (Note 10)	52,775,000		—
Repayments under OZK Credit Facility (Note 10)	(17,596,153)		—
Financing costs paid and deferred	(959,105)		(19,201)
Net cash provided by/(used in) financing activities	(12,357,469)		28,224,003
Net increase (decrease) in Cash and Cash Equivalents	6,793,570		4,901,096
Cash and Cash Equivalents at beginning of period	16,499,200		15,406,421
Cash and Cash Equivalents at end of period	$	23,292,770	$	20,307,517
Supplemental disclosures:
Cash paid for interest	$	1,874,043	$	2,592,679
Non-cash financing activities:
Value of shares issued through reinvestment of distributions	$	2,436,429	$	2,112,221

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)


										March 31, 2026
Portfolio Company / Security Type(x)	Industry (r)	Acquisition Date	All-in Rate		Ref. Rate	Spread	PIK (z)	Floor	Legal Maturity	Shares/Units	Principal		Amortized Cost (d)		Fair Value (c)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control):
Senior Secured Loans-First Lien(k)
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan(h)(m)(n)	Telecommunications	6/28/2024	11.46	%	3M SOFR	7.50%	11.46%	1.00%	9/30/2026		$	91,599	$	91,599	$	91,599	0.26	%
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge(h)(j)(n)		12/23/2024	13.95	%	3M SOFR	10.00%		1.00%	9/30/2026		95,193		95,193		95,193		0.27	%
BCPE North Star US Holdco 2, Inc.(f)(i)(j)	Beverage, Food & Tobacco	2/2/2022	7.78	%	3M SOFR	4.00%		0.75%	6/12/2028		2,985,946		2,899,437		2,981,169		8.43	%
Burgess Point Purchaser Corporation(f)(i)	Automotive	7/26/2024	9.02	%	1M SOFR	5.35%		0.50%	7/25/2029		2,946,701		2,808,579		2,577,774		7.29	%
Discovery Point Retreat, LLC(f)(h)	Healthcare & Pharmaceuticals	6/14/2024	11.71	%	3M SOFR	7.75%		3.25%	6/14/2029		3,895,000		3,895,000		3,895,000		11.02	%
DRI Holding Inc.(f)(h)(j)	Media: Advertising, Printing & Publishing	12/21/2021	9.02	%	1M SOFR	5.25%		0.50%	12/21/2028		2,397,239		2,324,677		2,396,280		6.78	%
Druid City Infusion, LLC - First Lien Term Loan(f)(h)(j)	Healthcare & Pharmaceuticals	9/30/2024	11.20	%	3M SOFR	7.50%		3.00%	10/4/2029		4,566,228		4,566,228		4,566,228		12.92	%
Druid City Infusion, LLC - First Lien Convertible Note to Druid City Intermediate, Inc.(f)(h)(m)		9/30/2024	8.00	%			2.00%	—%	10/4/2033		51,530		51,530		99,257		0.28	%
Emerge Intermediate, Inc.(h)(j)	Healthcare & Pharmaceuticals	2/26/2024	9.92	%	3M SOFR	6.25%		1.00%	8/31/2027		5,251,280		5,251,280		5,067,485		14.34	%
First Brands Group - First Lien DIP Term Loan A (g)(i)(o)(q)	Automotive	10/2/2025	13.67	%	3M SOFR	10.00%	13.67%	1.00%	6/29/2026		1,176,268		1,087,652		286,774		0.81	%
First Brands Group - First Lien DIP Term Loan B (g)(i)(o)(q)	Automotive	11/10/2025	10.67	%	3M SOFR	7.00%	10.67%	1.00%	6/29/2026		3,361,495		3,241,856		2,353		0.01	%
First Brands Group - First Lien Term Loan (g)(i)(o)(q)	Automotive	2/8/2024	10.78	%	3M SOFR	7.00%	10.78%	1.00%	3/30/2027		2,096,603		1,967,705		6,080		0.02	%
		3/8/2024	10.78	%	3M SOFR	7.00%	10.78%	1.00%	3/30/2027		834,662		660,920		2,421		0.01	%
Global Tel*Link Corporation (d/b/a ViaPath Technologies)(f)(h)	Telecommunications	8/6/2024	11.17	%	1M SOFR	7.50%		3.00%	8/6/2029		4,900,011		4,822,566		4,874,041		13.79	%
Healthcare Venture Partners, LLC(f)(h)	Healthcare & Pharmaceuticals	8/29/2025	11.70	%	3M SOFR	8.00%		3.50%	8/29/2030		3,970,000		3,970,000		3,970,000		11.23	%
Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC)(f)(h)	Transportation: Cargo	12/3/2024	9.20	%	3M SOFR	5.50%		0.75%	12/30/2028		2,943,835		2,898,814		2,943,835		8.33	%
iQOR Holdings, Inc.(f)(h)	Services: Consumer	6/11/2024	11.46	%	3M SOFR	7.50%		2.50%	6/11/2029		4,476,697		4,476,697		4,476,697		12.66	%
New WPCC Parent, LLC(f)(h)(j)(m)(t)	Healthcare & Pharmaceuticals	5/8/2025	13.17	%	3M SOFR	9.50%		2.00%	5/9/2030		1,506,016		1,457,199		1,506,016		4.26	%
Recovery Solutions Parent, LLC(f)(h)(t)	Healthcare & Pharmaceuticals	1/27/2025	11.20	%	3M SOFR	7.50%		2.00%	1/27/2030		676,522		416,881		676,522		1.91	%
Research Now Group, LLC & Dynata, LLC- First Lien First Out Term Loan(f)(h)(j)(n)	Services: Business	7/15/2024	8.91	%	3M SOFR	5.00%		1.00%	7/15/2028		1,443,991		1,435,341		1,442,402		4.08	%
Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan(h)(n)		7/15/2024	9.41	%	3M SOFR	5.50%		1.00%	10/15/2028		1,280,372		1,270,672		1,165,267		3.30	%
S&S Holdings LLC(f)(i)	Wholesale	7/16/2024	8.79	%	3M SOFR	5.00%		0.50%	3/11/2028		2,945,736		2,928,344		2,794,915		7.91	%

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)


										March 31, 2026
Portfolio Company / Security Type(x)	Industry (r)	Acquisition Date	All-in Rate		Ref. Rate	Spread	PIK (z)	Floor	Legal Maturity	Shares/Units	Principal		Amortized Cost (d)		Fair Value (c)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control):
Senior Secured Loans-First Lien(k)
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Term Loan(f)(h)(s)	Consumer Goods: Non-Durable	1/23/2025	10.96	%	3M SOFR	7.00%		3.00%	1/23/2030		$	4,690,625	$	4,690,625	$	4,690,625	13.27	%
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear(f)(h)(m)(s)			11.00	%			2.00%	—%	1/23/2030		204,854		204,854		322,686		0.91	%
Verify Diagnostics, LLC(f)(h)(u)	Healthcare & Pharmaceuticals	5/15/2025	13.94	%	3M SOFR	10.28%		3.50%	5/15/2030		2,459,722		2,459,722		2,459,722		6.96	%
WatchGuard Technologies, Inc.(f)(h)(j)	High Tech Industries	2/8/2024	8.92	%	1M SOFR	5.25%		0.75%	6/30/2029		3,412,551		3,365,963		3,407,773		9.64	%
Total Senior Secured Loans-First Lien													$	63,339,334	$	56,798,114	160.69	%
Senior Secured Loans-Second Lien(k)
QC Holdings, LLC(a)(f)(h)(m)(w)	Finance	6/30/2025	23.50	%	3M SOFR	18.50%		5.00%	6/30/2030		$	2,500,000	$	2,500,000	$	2,500,000	7.07	%
QC Holdings TopCo, LLC - Delayed Draw Term Loan(a)(h)(j)(m)(w)(y)	Finance	9/29/2025	23.50	%	3M SOFR	18.50%		5.00%	6/30/2030		113,527		113,527		113,527		0.32	%
Total Senior Secured Loans-Second Lien													$	2,613,527	$	2,613,527	7.39	%
Structured Subordinated Notes (a)(e)(h)(l)(k)
Apidos CLO XXVI(v)	Structured Finance	7/25/2019	—	%	Residual Interest/Current Yield				7/18/2029		$	250,000	$	13,974	$	14,125	0.04	%
Carlyle Global Market Strategies CLO 2017-5, Ltd.(v)	Structured Finance	12/18/2017	—	%	Residual Interest/Current Yield				1/22/2030		500,000		—		—		—	%
Galaxy XIX CLO, Ltd.(v)	Structured Finance	12/5/2016	—	%	Residual Interest/Current Yield				7/24/2030		246,767		—		—		—	%
Madison Park Funding XIII, Ltd.(v)	Structured Finance	11/6/2015	—	%	Residual Interest/Current Yield				4/22/2030		250,000		—		8,675		0.02	%
Octagon Investment Partners XV, Ltd.	Structured Finance	5/23/2019	—	%	Residual Interest/Current Yield				7/19/2030		500,000		—		—		—	%
Octagon Investment Partners XXI, Ltd.(j)	Structured Finance	1/6/2016	—	%	Residual Interest/Current Yield				2/14/2031		387,538		1,641		1,589		—	%
Octagon Investment Partners 30, Ltd.(v)	Structured Finance	11/16/2017	—	%	Residual Interest/Current Yield				3/17/2030		475,000		—		—		—	%
Octagon Investment Partners 31, Ltd.(v)	Structured Finance	12/20/2019	—	%	Residual Interest/Current Yield				7/20/2030		250,000		—		—		—	%
Octagon Investment Partners 36, Ltd.	Structured Finance	12/20/2019	—	%	Residual Interest/Current Yield				4/15/2031		500,000		4,092		4,050		0.01	%
Octagon Investment Partners 39, Ltd.	Structured Finance	1/9/2020	—	%	Residual Interest/Current Yield				10/21/2030		250,000		5,650		5,600		0.02	%
OZLM XII, Ltd.(v)	Structured Finance	1/17/2017	—	%	Residual Interest/Current Yield				4/30/2027		275,000		—		—		—	%
Sound Point CLO II, Ltd.	Structured Finance	5/16/2019	—	%	Residual Interest/Current Yield				1/26/2031		1,500,000		—		—		—	%
Sound Point CLO VII-R, Ltd.	Structured Finance	8/23/2019	—	%	Residual Interest/Current Yield				10/23/2031		150,000		—		—		—	%
Sound Point CLO XVIII, Ltd.	Structured Finance	5/16/2019	—	%	Residual Interest/Current Yield				1/21/2031		250,000		—		—		—	%
THL Credit Wind River 2013-1 CLO, Ltd.	Structured Finance	11/1/2017	—	%	Residual Interest/Current Yield				7/22/2030		325,000		—		—		—	%
Venture XXXIV CLO, Ltd.	Structured Finance	7/30/2019	—	%	Residual Interest/Current Yield				10/15/2031		250,000		—		—		—	%
Voya IM CLO 2013-1, Ltd.(j)	Structured Finance	6/9/2016	—	%	Residual Interest/Current Yield				10/15/2030		278,312		21,657		16,615		0.05	%
Voya CLO 2016-1, Ltd.	Structured Finance	1/22/2016	—	%	Residual Interest/Current Yield				1/21/2031		250,000		23,387		17,800		0.05	%
Total Structured Subordinated Notes													$	70,401	$	68,454	0.19	%
Common Equity/Other(g)(h)(k)
ACON IWP Investors I, L.L.C.	Healthcare & Pharmaceuticals	4/30/2015								472,357			$	472,357	$	814,500	2.30	%
FullBeauty Brands Holding, Common Stock	Retail	2/7/2019								72			198,026		—		—	%
iQOR Holdings, Inc. (Bloom Aggregator, LP)	Services: Consumer	6/11/2024								50			50,000		64,461		0.18	%

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)


									March 31, 2026
Portfolio Company / Security Type(x)	Industry (r)	Acquisition Date	All-in Rate	Ref. Rate	Spread	PIK (z)	Floor	Legal Maturity	Shares/Units	Principal	Amortized Cost (d)		Fair Value (c)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control):
Common Equity/Other(g)(h)(k)
New WPCC Parent, LLC (Class A Common Stock) (t)	Healthcare & Pharmaceuticals	5/8/2025							18,449		93,822		281,898		0.80	%
QC Holdings Topco, LLC(a)	Finance	6/30/2025							1,000		100,000		165,820		0.47	%
Recovery Solutions Parent, LLC, Membership Interest (t)	Healthcare & Pharmaceuticals	1/27/2025							37,391		1,085,835		1,323,260		3.74	%
Research Now Group, LLC & Dynata, LLC (Common Stock of New Insight Holdings, Inc)	Services: Business	6/14/2024							17,876		282,262		67,393		0.19	%
Rising Tide Holdings, Inc., Common Stock	Consumer goods: Non-Durable	9/11/2023							2,500		997,560		—		—	%
Total Common Equity/Other											$	3,279,862	$	2,717,332	7.69	%

Preferred Stock(h)(k)
Discovery MSO HoldCo LLC(g)(m)(p)	Healthcare & Pharmaceuticals	6/14/2024				12.00%			56		$	50,000	$	79,317	0.22	%
Healthcare Venture Partners, LLC - Series A Preferred Units of TCSPV Holdings IV, LLC(g)	Healthcare & Pharmaceuticals	8/29/2025							100,000		100,000		167,000		0.47	%
New WPCC PARENT, LLC (Series A Preferred Stock)(m)(t)	Healthcare & Pharmaceuticals	5/8/2025				13.00%			17,452		204,447		254,801		0.72	%
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity(m)(s)	Consumer Goods: Non-Durable	1/23/2025				8.00%		2/28/2030	50		54,808		121,086		0.34	%
Verify Diagnostic Holdings LLC(g)	Healthcare & Pharmaceuticals	5/14/2025				12.00%			100,000		100,000		218,000		0.62	%
Total Preferred Stock											$	509,255	$	840,204	2.37	%

Total Portfolio Investments											$	69,812,379	$	63,037,631	178.33	%

(a) Indicates assets that Prospect Floating Rate and Alternative Income Fund, Inc. (the "Company") believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (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. Of the Company’s total investments as of March 31, 2026, 5% are non-qualifying assets as a percentage of total assets.

(b) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR or the prime lending rate ("Prime") and the current contractual interest rate in effect at March 31, 2026. Certain investments are subject to a SOFR or Prime interest rate floor. The one-month ("1M SOFR") and three-month ("3M SOFR") SOFR rates are based on the applicable SOFR rate for each investment on its reset date. As of March 31, 2026, the one-and-three month SOFR rates were 3.66% and 3.68%, respectively.

(d) See Note 6 for a discussion of the tax cost of the portfolio.

(e) The structured subordinated notes are considered equity positions in the Collateralized Loan Obligations ("CLOs"), which is referred to as "Subordinated Structured Notes", or "SSN". The CLO equity 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 is calculated using amortized cost 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.

(f) Security, or a portion thereof, is held by Prospect Flexible Funding, LLC (“PFF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the OZK Credit Facility and such security is not available as collateral to our general creditors (see Note 10). The fair value of the investments used as collateral by the Company for the OZK Credit Facility at March 31, 2026 was $52,130,208, representing 83% of our total investments.

(g) Represents non-income producing security that has not paid interest or dividends in the year preceding the reporting date.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)

(h) Investment(s) is (are) valued using significant unobservable inputs and are categorized as Level 3 investments in accordance with ASC 820. See Notes 2 and 8 within the accompanying notes to the consolidated financial statements.

(i) Investment is categorized as Level 2 investments in accordance with ASC 820. See Note 2 within the accompanying notes to the consolidated financial statements.

(j) Acquisition date represents the date of the Company's initial investment. Follow-on acquisitions have occurred on the following dates to arrive at the Company's current investment (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments):

Portfolio Company

Investment

Follow-On Acquisition Dates

Follow-On Acquisitions (Excluding initial investment cost)

Aventiv Technologies, LLC

Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge

1/2/2025

12,629

BCPE North Star US Holdco 2, Inc

Senior Secured Loans-First Lien

6/10/2024, 7/1/2024, 7/11/2024

4,048,942

DRI Holding, Inc.

Senior Secured Loans-First Lien

5/16/2024

2,415,300

Druid City Infusion, LLC - First Lien Term Loan

Senior Secured Loans-First Lien

3/6/2026

636,364

Emerge Intermediate, Inc.

Senior Secured Loans-First Lien

6/14/2024

131,333

New WPCC Parent, LLC

Senior Secured Loans-First Lien

9/13/2025, 1/15/2026

939,806

Octagon Investment Partners XXI, Ltd.

Structured Subordinated Notes

2/14/2019

35,015

QC Holdings TopCo, LLC - Delayed Draw Term Loan

Senior Secured Loans-Second Lien

1/5/2026

56,140

Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan

Senior Secured Loans-First Lien

8/12/2024

2,925,712

Voya IM CLO 2013-1, Ltd.

Structured Subordinated Notes

10/17/2017, 7/1/2019

20,584

WatchGuard Technologies, Inc.

Senior Secured Loans-First Lien

6/26/2024, 7/17/2024

3,994,924

(k) The securities in which the Company 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.

(l) 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.

(m) The interest rate on these investments, excluding 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 and for the nine months ended March 31, 2026:


Security Name	PIK Rate - Capitalized		PIK Rate - Paid as cash		Maximum Current PIK Rate

Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan	11.46	%	—	%	11.46	%	(A)
Druid City Infusion, LLC - First Lien Convertible Note	2.00	%	—	%	2.00	%
Emerge Intermediate, Inc. - First Lien Term Loan	4.00	%	—	%	4.00	%	(B)
New WPCC Parent, LLC. - Series A Preferred Stock	13.00	%	—	%	13.00	%
QC Holdings TopCo, LLC - Second Lien Term Loan	—	%	14.00	%	14.00	%	(C)
QC Holdings TopCo, LLC - Delayed Draw Term Loan	—	%	14.00	%	14.00	%	(C)
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear	2.00	%	—	%	2.00	%
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity	8.00	%	—	%	8.00	%
(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan and Second Out Super Priority First Lien Bridge 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 November 28, 2025, the Emerge Intermediate, Inc. First Lien term loan investment paid and capitalized interest as PIK. As of December 31, 2025 interest is accruing in cash.
(C)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.

(n) 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 with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the "first out" lenders and the Consolidated Schedule of Investments above reflects such higher rate.

(o) Investment on non-accrual status as of the reporting date (See Note 2).

(p) Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, and Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.

(q) First Brands Group and certain of its affiliates filed voluntary petitions for Chapter 11 bankruptcy protection.

(r) The following table shows the composition of our investment portfolio at fair value by control designation, investment type and by industry as of March 31, 2026:

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)


Industry	Senior Secured Loans-First Lien		Senior Secured Loans-Second Lien		Structured Subordinated notes		Equity(B)		Fair Value Total		Fair Value % of Net Assets
Healthcare & Pharmaceuticals	$	22,240,230	$	—	$	—	$	3,138,776	$	25,379,006	72	%
Consumer Goods: Non-Durable	5,013,311		—		—		121,086		5,134,397		15	%
Telecommunications	5,060,833		—		—		—		5,060,833		14	%
Services: Consumer	4,476,697		—		—		64,461		4,541,158		13	%
High Tech Industries	3,407,773		—		—		—		3,407,773		10	%
Beverage, Food & Tobacco	2,981,169		—		—		—		2,981,169		8	%
Transportation: Cargo	2,943,835		—		—		—		2,943,835		8	%
Automotive	2,875,402		—		—		—		2,875,402		8	%
Wholesale	2,794,915		—		—		—		2,794,915		8	%
Finance	—		2,613,527		—		165,820		2,779,347		8	%
Services: Business	2,607,669		—		—		67,393		2,675,062		8	%
Media: Advertising, Printing & Publishing	2,396,280		—		—		—		2,396,280		7	%
Structured Finance (A)			—		68,454		—		68,454		—	%
Total Portfolio	$	56,798,114	$	2,613,527	$	68,454	$	3,557,536	$	63,037,631	179	%

(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.

The following shows the composition of our investment portfolio at amortized cost by control designation, investment type and by industry as of March 31, 2026:


Industry	Senior Secured Loans-First Lien		Senior Secured Loans-Second Lien		Structured Subordinated notes		Equity(B)		Amortized Cost Total
Healthcare & Pharmaceuticals	$	22,067,840	$	—	$	—	$	2,106,461	$	24,174,301
Automotive	9,766,712		—		—		—		9,766,712
Consumer Goods: Non-Durable	4,895,479		—		—		1,052,368		5,947,847
Telecommunications	5,009,358		—		—		—		5,009,358
Services: Consumer	4,476,697		—		—		50,000		4,526,697
High Tech Industries	3,365,963		—		—		—		3,365,963
Services: Business	2,706,013		—		—		282,262		2,988,275
Wholesale	2,928,344		—		—		—		2,928,344
Beverage, Food & Tobacco	2,899,437		—		—		—		2,899,437
Transportation: Cargo	2,898,814		—		—		—		2,898,814
Finance	—		2,613,527		—		100,000		2,713,527
Media: Advertising, Printing & Publishing	2,324,677		—		—		—		2,324,677
Retail	—		—		—		198,026		198,026
Structured Finance (A)	—		—		70,401		—		70,401
Total Portfolio	$	63,339,334	$	2,613,527	$	70,401	$	3,789,117	$	69,812,379

(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.

(s) Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Term Loan B.

(t) Our position in New WPCC Parent and Recovery Solutions stemmed from a restructuring of Wellpath, Inc. of which we held a first lien term loan and DIP financing loans.

(u) The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is 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 due thereunder. 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.

(v) Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.

(w) As of March 31, 2026, an affiliated fund of our Advisor owns 95.40% of the equity in QC Holdings TopCo, LLC and is considered a controlling beneficial interest per the 1940 Act.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF MARCH 31, 2026 (Unaudited)

(x) 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. There were no transactions with affiliated investments during the nine months ended March 31, 2026.

Affiliated Companies

Fair Value at June 30, 2025

Gross Additions (Cost)

Gross Reductions (Cost)

Net unrealized
gains (losses)

Fair Value at March 31, 2026

Interest
income

Dividend
income

Other
income

Net realized
gains (losses)

—

Total

—

(y) On September 29, 2025, PFLOAT committed to a $187,133 second-lien delayed draw term loan, of which $113,527 is drawn as of March 31, 2026.

(z) Investments may have a portion, or all, of their income received from Paid-in-Kind (“PIK”) interest or dividends. PIK interest income and cumulative dividend income represent income not paid currently in cash. The difference between the All-In Rate and PIK Rate represents the cash rate as of March 31, 2026.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025


						June 30, 2025
Portfolio Company / Security Type	Industry (r)(u)	Acquisition Date	Coupon/Yield (b)	Floor	Legal Maturity	Principal/ Quantity		Amortized Cost (d)		Fair Value (c)		% of Net Assets
Non-Control/Non-Affiliate Investments (less than 5.00% voting control):
Senior Secured Loans-First Lien(f)(k)
Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan (i)(j)(m)(n)	Telecommunications	3/28/2024	9.65% (3M SOFR+5.09%)	1.00	3/31/2026	$	3,202,711	$	3,174,893	$	2,287,376	5.72	%
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan(h)(m)(n)		6/28/2024	12.06% (3M SOFR+7.50%)	1.00	3/31/2026	84,422		84,514		84,422		0.21	%
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge(h)(j)(n)		12/23/2024	14.59% (3M SOFR+10.00%)	1.00	3/31/2026	95,193		93,354		95,193		0.24	%
Amneal Pharmaceuticals LLC(i)	Healthcare & Pharmaceuticals	4/22/2024	9.83% (1M SOFR+5.50%)	—	5/4/2028	2,905,660		2,893,170		2,960,287		7.40	%
BCPE North Star US Holdco 2, Inc.(i)(j)	Beverage, Food & Tobacco	2/2/2022	8.44% (3M SOFR+4.00%)	0.75	6/9/2028	5,009,381		4,820,318		4,954,278		12.39	%
Burgess Point Purchaser Corporation(i)	Automotive	7/26/2024	9.65% (1M SOFR+5.35%)	0.50	7/25/2029	2,969,543		2,821,071		2,551,135		6.38	%
CareerBuilder, LLC(h)(j)(m)(o)	Services: Consumer	4/13/2023	6.94% (1M SOFR+2.50%) plus 4.25% PIK	1.00	7/31/2026	745,615		719,993		10,066		0.03	%
Discovery Point Retreat, LLC(h)	Healthcare & Pharmaceuticals	6/14/2024	12.31% (3M SOFR+7.75%)	3.25	6/14/2029	3,940,000		3,940,000		3,940,000		9.85	%
DRI Holding Inc.(h)(j)	Media: Advertising, Printing & Publishing	12/21/2021	9.68% (1M SOFR+5.25%)	0.50	12/21/2028	3,415,967		3,293,835		3,413,576		8.54	%
Druid City Infusion, LLC - First Lien Term Loan(h)	Healthcare & Pharmaceuticals	9/30/2024	11.80% (3M SOFR+7.50%)	3.00	10/4/2029	4,963,043		4,963,043		4,963,043		12.41	%
Druid City Infusion, LLC - First Lien Convertible Note to Druid City Intermediate, Inc.(h)(m)		9/30/2024	6.00% plus 2.00% PIK	—	10/4/2033	50,752		50,752		80,929		0.20	%
Emerge Intermediate, Inc.(h)(m)(n)	Healthcare & Pharmaceuticals	2/26/2024	6.00% plus 4.50% PIK	1.00	8/31/2027	5,186,659		5,186,659		4,843,302		12.11	%
First Brands Group(i)	Automotive	2/8/2024	9.54% (3M SOFR+5.00%)	1.00	3/30/2027	1,969,152		1,967,705		1,865,771		4.67	%
		3/8/2024	9.54% (3M SOFR+5.00%)	1.00	3/30/2027	3,939,631		3,902,776		3,728,860		9.32	%
Global Tel*Link Corporation (d/b/a ViaPath Technologies)(h)	Telecommunications	8/6/2024	11.83% (1M SOFR+7.50%)	3.00	8/6/2029	4,962,500		4,844,386		4,888,559		12.23	%
Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC)(h)	Transportation: Cargo	12/3/2024	9.80% (3M SOFR+5.50%)	0.75	12/30/2028	4,466,250		4,386,823		4,466,250		11.17	%
iQOR Holdings, Inc.(h)	Services: Consumer	6/11/2024	11.81% (3M SOFR+7.50%)	2.50	6/11/2029	4,570,447		4,570,447		4,570,447		11.43	%
MoneyGram International, Inc.(h)	Banking	4/23/2024	9.07% (3M SOFR+4.75%)	0.50	6/1/2030	2,962,500		2,926,825		2,682,544		6.71	%
New WPCC Parent, LLC (h)(m)(t)	Healthcare & Pharmaceuticals	5/8/2025	13.80% (3M SOFR+9.50%)	2.00	5/9/2030	825,238		825,238		825,238		2.06	%
PlayPower, Inc.-First Lien Term Loan(h)	Consumer goods: Durable	8/28/2024	9.55% (3M SOFR+5.25%)	0.75	8/28/2030	4,310,859		4,222,652		4,296,202		10.74	%
PlayPower, Inc.-First Lien Revolving Line of Credit - Commitment(h)(q)						—		—		—		—	%
Recovery Solutions Parent, LLC(h)	Healthcare & Pharmaceuticals	1/27/2025	11.80% (3M SOFR+7.50%)	2.00	1/27/2030	681,533		391,227		681,533		1.70	%
Research Now Group, LLC & Dynata, LLC- First Lien First Out Term Loan(h)(j)	Services: Business	7/15/2024	9.59% (3M SOFR+5.00%)	1.00	7/15/2028	2,955,013		2,926,551		2,923,690		7.31	%
Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan(h)		7/15/2024	10.09% (3M SOFR+5.50%)	1.00	10/15/2028	1,290,146		1,284,051		1,122,427		2.81	%
S&S Holdings LLC(i)	Wholesale	7/16/2024	9.42% (3M SOFR+5.00%)	0.50	3/11/2028	2,968,992		2,957,298		2,916,144		7.29	%
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Term Loan(h)(s)	Consumer Goods: Non-Durable	1/23/2025	11.56% (3M SOFR+7.00%)	3.00	1/23/2030	4,726,250		4,726,250		4,726,250		11.82	%
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear(h)(m)(s)			9.00% plus 2.00% PIK	—	1/23/2030	201,762		201,762		252,767		0.63	%
Verify Diagnostics, LLC(h)(x)	Healthcare & Pharmaceuticals	5/14/2025	14.58% (3M SOFR+10.28%)	3.50	5/15/2030	2,500,000		2,500,000		2,450,000		6.13	%

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)


						June 30, 2025
Portfolio Company / Security Type	Industry (r)(u)	Acquisition Date	Coupon/Yield (b)	Floor	Legal Maturity	Principal/ Quantity		Amortized Cost (d)		Fair Value (c)		% of Net Assets
Senior Secured Loans-First Lien (Continued)(f)(k)
WatchGuard Technologies, Inc.(h)(j)	High Tech Industries	2/8/2024	9.58% (1M SOFR+5.25%)	0.75	6/30/2029	$	4,939,073	$	4,867,983	$	4,915,366	12.29	%
Total Senior Secured Loans-First Lien								$	79,543,576	$	77,495,655	193.80	%

Senior Secured Loans-Second Lien(f)(k)
QC Holdings, LLC(a)(h)(w)	Finance	6/30/2025	24.00% (3M SOFR+19.00%)	5.00	6/30/2030	$	2,500,000	$	2,500,000	$	2,500,000	6.25	%
Shutterfly Finance, LLC(i)(m)	Media: Diversified and Production	6/9/2023	9.33% (3M SOFR+5.00%)	1.00	10/1/2027	1,873,803		1,839,325		1,749,570		4.38	%
Total Senior Secured Loans-Second Lien								$	4,339,325	$	4,249,570	10.63	%

Structured Subordinated Notes (a)(f)(e)(h)(l)(k)
Apidos CLO XXIV	Structured Finance	5/17/2019	Residual Interest, current yield 0%	N/A	10/20/2030	$	250,000	$	102,206	$	77,000	0.19	%
Apidos CLO XXVI(v)	Structured Finance	7/25/2019	Residual Interest, current yield 0%	N/A	7/18/2029	250,000		96,650		80,000		0.20	%
Carlyle Global Market Strategies CLO 2017-5, Ltd.(v)	Structured Finance	12/18/2017	Residual Interest, current yield 0%	N/A	1/22/2030	500,000		4,281		9,700		0.02	%
Galaxy XIX CLO, Ltd.(v)	Structured Finance	12/5/2016	Residual Interest, current yield 0%	N/A	7/24/2030	246,767		—		—		—	%
GoldenTree Loan Opportunities IX, Ltd.(v)	Structured Finance	7/19/2017	Residual Interest, current yield 0%	N/A	10/29/2029	250,000		—		—		—	%
Madison Park Funding XIII, Ltd.(v)	Structured Finance	11/6/2015	Residual Interest, current yield 0%	N/A	4/22/2030	250,000		—		12,875		0.03	%
Madison Park Funding XIV, Ltd.	Structured Finance	11/16/2015	Residual Interest, current yield 0%	N/A	10/22/2030	250,000		95,293		73,625		0.18	%
Octagon Investment Partners XIV, Ltd.	Structured Finance	12/1/2017	Residual Interest, current yield —%	N/A	7/16/2029	850,000		—		—		—	%
Octagon Investment Partners XV, Ltd.	Structured Finance	5/23/2019	Residual Interest, current yield 0%	N/A	7/19/2030	500,000		60,795		60,350		0.15	%
Octagon Investment Partners XXI, Ltd.(j)	Structured Finance	1/6/2016	Residual Interest, current yield 0%	N/A	2/14/2031	387,538		112,058		86,576		0.22	%
Octagon Investment Partners 30, Ltd.(v)	Structured Finance	11/16/2017	Residual Interest, current yield 0%	N/A	3/17/2030	475,000		7,365		16,340		0.04	%
Octagon Investment Partners 31, Ltd.(v)	Structured Finance	12/20/2019	Residual Interest, current yield 0%	N/A	7/20/2030	250,000		2,425		2,200		0.01	%
Octagon Investment Partners 36, Ltd.	Structured Finance	12/20/2019	Residual Interest, current yield 0%	N/A	4/15/2031	500,000		90,770		70,950		0.18	%
Octagon Investment Partners 39, Ltd.	Structured Finance	1/9/2020	Residual Interest, current yield 0%	N/A	10/21/2030	250,000		76,834		57,300		0.14	%
OZLM XII, Ltd.(v)	Structured Finance	1/17/2017	Residual Interest, current yield —%	N/A	4/30/2027	275,000		—		—		—	%
Sound Point CLO II, Ltd.	Structured Finance	5/16/2019	Residual Interest, current yield 0%	N/A	1/26/2031	1,500,000		907		750		—	%
Sound Point CLO VII-R, Ltd.	Structured Finance	8/23/2019	Residual Interest, current yield 0%	N/A	10/23/2031	150,000		—		—		—	%
Sound Point CLO XVIII, Ltd.	Structured Finance	5/16/2019	Residual Interest, current yield 0%	N/A	1/21/2031	250,000		30,954		22,425		0.06	%
THL Credit Wind River 2013-1 CLO, Ltd.	Structured Finance	11/1/2017	Residual Interest, current yield 0%	N/A	7/22/2030	325,000		14,976		10,693		0.03	%
Venture XXXIV CLO, Ltd.	Structured Finance	7/30/2019	Residual Interest, current yield 0%	N/A	10/15/2031	250,000		73,912		54,800		0.14	%
Voya IM CLO 2013-1, Ltd.(j)	Structured Finance	6/9/2016	Residual Interest, current yield 0%	N/A	10/15/2030	278,312		39,977		29,752		0.07	%

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)


						June 30, 2025
Portfolio Company / Security Type	Industry (r)(u)	Acquisition Date	Coupon/Yield (b)	Floor	Legal Maturity	Principal/ Quantity		Amortized Cost (d)		Fair Value (c)		% of Net Assets
Structured Subordinated Notes (a)(f)(e)(h)(l)(k)
Voya CLO 2016-1, Ltd.	Structured Finance	1/22/2016	Residual Interest, current yield 0%	N/A	1/21/2031	$	250,000	$	55,518	$	43,925	0.11	%
Total Structured Subordinated Notes								$	864,921	$	709,261	1.77	%

Common Equity/Other(f)(g)(h)(k)
ACON IWP Investors I, L.L.C. - 472,357 units	Healthcare & Pharmaceuticals	4/30/2015	N/A	N/A	N/A			$	472,357	$	617,500	1.54	%
AP Special Sits Camaro Holdings, LLC(y) - 553 units	Healthcare & Pharmaceuticals	1/2/2025	N/A	N/A	N/A			—		—		—	%
FullBeauty Brands Holding, Common Stock - 72 units	Retail	2/7/2019	N/A	N/A	N/A			198,026		—		—	%
iQOR Holdings, Inc. (Bloom Aggregator, LP) - 50 units	Services: Consumer	6/11/2024	N/A	N/A	N/A			50,000		75,151		0.19	%
New WPCC Parent, LLC (Class A Common Stock) (t) - 18,449 units	Healthcare & Pharmaceuticals	5/8/2025	N/A	N/A	N/A			93,822		142,240		0.35	%
QC Holdings Topco, LLC(a) - 1,000 units	Finance	6/30/2025	N/A	N/A	N/A			100,000		100,000		0.25	%
Recovery Solutions Parent, LLC, Membership Interest - 37,391 units	Healthcare & Pharmaceuticals	1/27/2025	N/A	N/A	N/A			1,085,835		987,491		2.47	%
Research Now Group, LLC & Dynata, LLC (Common Stock of New Insight Holdings, Inc) - 17,876 units	Services: Business	6/14/2024	N/A	N/A	N/A			282,262		138,718		0.35	%
Rising Tide Holdings, Inc., Common Stock - 2,500 units	Consumer goods: Non-Durable	9/11/2023	N/A	N/A	N/A			997,560		—		—	%
Total Common Equity/Other								$	3,279,862	$	2,061,100	5.15	%

Preferred Stock(f)(g)(h)(k)
Discovery MSO HoldCo LLC(m)(p) - 53 units	Healthcare & Pharmaceuticals	6/14/2024	8.00% PIK	N/A	N/A			$	50,000	$	68,802	0.17	%
New WPCC PARENT, LLC (Series A Preferred Stock) (t) - 17,452 units	Healthcare & Pharmaceuticals	5/8/2025	N/A	N/A	N/A			177,122		231,764		0.58	%
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity(m)(s) - 50 units	Consumer Goods: Non-Durable	1/23/2025	8.00% PIK	N/A	N/A			50,000		90,444		0.23	%
Verify Diagnostic Holdings LLC - 100,000 units	Healthcare & Pharmaceuticals	5/14/2025	N/A	N/A	N/A			100,000		110,000		0.28	%
Total Preferred Stock								$	377,122	$	501,010	1.25	%

Total Portfolio Investments								$	88,404,806	$	85,016,596	212.60	%

(a) Indicates assets that the Company believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (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. Of the Company’s total investments as of June 30, 2025, 4% are non-qualifying assets as a percentage of total assets.

(b) The majority of the investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR") which resets monthly, quarterly, or semiannually. For each such investment, the Company has provided the spread over SOFR or the prime lending rate ("Prime") and the current contractual interest rate in effect at June 30, 2025. Certain investments are subject to a SOFR or Prime interest rate floor. The one-month ("1M SOFR") and three-month ("3M SOFR") SOFR rates are based on the applicable SOFR rate for each investment on its reset date. As of June 30, 2025, the one-and-three month SOFR rates were 4.32% and 4.29%, respectively.

(d) See Note 6 for a discussion of the tax cost of the portfolio.

(f) Security is held by the Company and is pledged as collateral for the Senior Secured Revolving Credit Facility (see Note 10). The fair value of the investments used as collateral by the Company for the Senior Secured Revolving Credit Facility at June 30, 2025 was $85,016,596, representing 100% of our total investments.

(g) Represents non-income producing security that has not paid interest or dividends in the year preceding the reporting date.

(i) Investment is categorized as Level 2 investments in accordance with ASC 820. See Note 2 within the accompanying notes to the consolidated financial statements.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

Portfolio Company

Investment

Follow-On Acquisition Dates

Follow-On Acquisitions (Excluding initial investment cost)

Aventiv Technologies, LLC

Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge

1/2/2025

12,629

BCPE North Star US Holdco 2, Inc

Senior Secured Loans-First Lien

6/10/2024, 7/1/2024, 7/11/2024

4,048,942

CareerBuilder, LLC

Senior Secured Loans-First Lien

6/5/2020

690,000

DRI Holding, Inc.

Senior Secured Loans-First Lien

5/16/2024

2,415,300

Emerge Intermediate, Inc.

Senior Secured Loans-First Lien

6/14/2024

131,333

Octagon Investment Partners XXI, Ltd.

Structured Subordinated Notes

2/14/2019

35,015

Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan

Senior Secured Loans-First Lien

8/12/2024

2,925,712

Voya IM CLO 2013-1, Ltd.

Structured Subordinated Notes

10/17/2017, 7/1/2019

20,584

WatchGuard Technologies, Inc.

Senior Secured Loans-First Lien

6/26/2024, 7/17/2024

3,994,924


Security Name	PIK Rate - Capitalized		PIK Rate - Paid as cash		Maximum Current 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)
Discovery MSO HoldCo LLC	12.00	%	—	%	8.00	%
Druid City Infusion, LLC - First Lien Convertible Note	2.00	%	—	%	2.00	%
Emerge Intermediate, Inc.	4.50	%	—	%	4.50	%
New WPCC Parent, LLC. - First Lien Term Loan	—	%	8.00	%	8.00	%
QC Holdings TopCo, LLC - Second Lien Term Loan	—	%	14.50	%	14.50	%	(B)
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear	2.00	%	—	%	2.00	%
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity	8.00	%	—	%	8.00	%
(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan and Second Out Super Priority First Lien Bridge 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) 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 was due September 30, 2025.

(o) Investment on non-accrual status as of the reporting date (See Note 2).

(p) Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, and Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.

(q) On August 28, 2024, PFLOAT committed to a $656,566 first-lien revolving line of credit, which is undrawn as of June 30, 2025.

(r) 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:

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)


Industry	Senior Secured Loans-First Lien		Senior Secured Loans-Second Lien		Structured Subordinated notes		Equity(B)		Fair Value Total		Fair Value % of Net Assets
Healthcare & Pharmaceuticals	$	20,744,332	$	—	$	—	$	2,157,797	$	22,902,129	57	%
Automotive	8,145,766		—		—		—		8,145,766		20	%
Telecommunications	7,355,550		—		—		—		7,355,550		18	%
Consumer Goods: Non-Durable	4,979,017		—		—		90,444		5,069,461		13	%
Beverage, Food & Tobacco	4,954,278		—		—		—		4,954,278		12	%
High Tech Industries	4,915,366		—		—		—		4,915,366		12	%
Services: Consumer	4,580,513		—		—		75,151		4,655,664		12	%
Transportation: Cargo	4,466,250		—		—		—		4,466,250		11	%
Services: Business	4,046,117		—		—		138,718		4,184,835		10	%
Consumer Goods: Durable	4,296,202		—		—		—		4,296,202		11	%
Media: Advertising, Printing & Publishing	3,413,576		—		—		—		3,413,576		9	%
Wholesale	2,916,144		—		—		—		2,916,144		7	%
Banking	2,682,544		—		—		—		2,682,544		7	%
Finance	—		2,500,000		—		100,000		2,600,000		7	%
Media: Diversified and Production	—		1,749,570		—		—		1,749,570		4	%
Structured Finance (A)	—		—		709,261		—		709,261		2	%
Total Portfolio	$	77,495,655	$	4,249,570	$	709,261	$	2,562,110	$	85,016,596	213	%

(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.

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	Senior Secured Loans-First Lien		Senior Secured Loans-Second Lien		Structured Subordinated notes		Equity(B)		Amortized Cost Total
Healthcare & Pharmaceuticals	$	20,750,089	$	—	$	—	$	1,979,136	$	22,729,225
Automotive	8,691,552		—		—		—		8,691,552
Telecommunications	8,197,147		—		—		—		8,197,147
Consumer Goods: Non-Durable	4,928,012		—		—		1,047,560		5,975,572
Services: Consumer	5,290,440		—		—		50,000		5,340,440
High Tech Industries	4,867,983		—		—		—		4,867,983
Beverage, Food & Tobacco	4,820,318		—		—		—		4,820,318
Services: Business	4,210,602		—		—		282,262		4,492,864
Transportation: Cargo	4,386,823		—		—				4,386,823
Consumer Goods: Durable	4,222,652		—		—		—		4,222,652
Media: Advertising, Printing & Publishing	3,293,835		—		—		—		3,293,835
Wholesale	2,957,298		—		—		—		2,957,298
Banking	2,926,825		—		—		—		2,926,825
Finance	—		2,500,000		—		100,000		2,600,000
Media: Diversified and Production	—		1,839,325		—		—		1,839,325
Structured Finance	—		—		864,921		—		864,921
Retail	—		—		—		198,026		198,026
Total Portfolio	$	79,543,576	$	4,339,325	$	864,921	$	3,656,984	$	88,404,806

(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.

(s) Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Term Loan B.

(t) Our position in New WPCC Parent stemmed from a restructuring of Wellpath, Inc. of which we held a first lien term loan.

(u) As of June 30, 2025, certain industries classifications have been revised compared to June 30, 2024 to align with updated industry structures.

(v) Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.

(w) As of June 30, 2025, an affiliated fund of our Advisor owns a 99.55% equity interest in QC Holdings TopCo, LLC (“QC TopCo”). QC TopCo owns 100% of QC Holdings, LLC (“QC Holdings”), representing 95.40% fully diluted ownership and a controlling beneficial interest in QC Holdings by the affiliated fund per the 1940 Act.

(x) The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is 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

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS AS OF JUNE 30, 2025 (Continued)

“first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. 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.

(y) We hold warrants in AP Special Sits Camaro Holdings, LLC which is the parent company of Careerbuilder LLC, in which we own a first-lien term loan investment.

See notes to consolidated financial statements

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1 - NATURE OF OPERATIONS

Prospect Floating Rate and Alternative Income Fund, Inc. (the "Company", "PFLOAT", "our", "us", "we"), incorporated in Maryland on April 29, 2011, is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment objective is to generate current income and, as a secondary objective, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. Under normal market conditions, we will invest at least 80% of our net assets (plus any borrowings for investment purposes) in floating rate loans and other income producing investments. We intend to meet our investment objective by primarily lending to and investing in the debt of privately-owned U.S. middle market companies, which we define as companies with annual revenue between $50 million and $2.5 billion. We expect that at least 70% of our portfolio of investments will consist primarily of directly originated or syndicated senior secured first lien loans, directly originated or syndicated senior secured second lien loans, and to a lesser extent, subordinated debt, and that up to 30% of our portfolio of investments will consist of other securities, including private equity (both common and preferred), dividend-paying equity, royalties, and the equity and junior debt tranches of a type of pools of broadly syndicated loans known as collateralized loan obligations ("CLOs"), which we also refer to as subordinated structured notes ("SSNs"). Pursuant to our Articles of Incorporation, as amended, restated and supplemented, the Company is authorized to issue 75,000,000 shares of common stock with a par value of $0.001 per share. Additionally, the Company is authorized to issue 25,000,000 shares of preferred stock with a par value of $0.001 per share. Effective September 19, 2022, the Company engaged Preferred Capital Securities, LLC ("PCS") as the Company’s dealer manager for the Company’s offering to "accredited investors" (within the meaning of Rule 501(a) under the Securities Act of 1933, as amended (the "Securities Act")) of shares of its common stock (the "Private Offering") on the terms and conditions set forth in the Company’s confidential private placement memorandum. The Company relied on the exemption provided by Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities Act in connection with the Private Offering. On September 13, 2023, the Company filed with the SEC an initial registration statement on Form N-2 for the offer and sale of up to $300,000,000 shares of its Class S, Class D and Class I common stock (the "Multi-Class Offering"). In connection with the Multi-Class Offering, the Company authorized the issuance of separate classes of its common stock and designated such classes Class S, Class D and Class I common stock, respectively. The registration statement was declared effective by the SEC on May 10, 2024. On January 26, 2026, the Company signed an agreement with PCS to terminate its Dealer Manager Agreement (the "Prior Dealer Manager Agreement") with PCS dated May 13, 2024 under which PCS was acting as dealer manager in the Company's Multi-Class Offering. The termination of the Prior Dealer Manager Agreement became effective on March 29, 2026. On January 26, 2026, the Company entered into a Distribution Agreement (the "Distribution Agreement") with Ultimus Fund Distributors, LLC (the "Distributor") to act as distributor in the Company's Multi-Class Offering. The Distribution Agreement became effective on March 29, 2026.

On April 20, 2021, we entered into the Investment Advisory Agreement with the Adviser, which was unanimously approved by the Company’s Board of Directors, including by all of the directors who are not "interested persons" (as defined in the 1940 Act), on February 18, 2021, subject to stockholder approval of the Investment Advisory Agreement. The Company’s stockholders approved the Investment Advisory Agreement at a Special Meeting of Stockholders held on March 31, 2021.

On November 5, 2021, we amended and restated the Investment Advisory Agreement (the "Amended and Restated Advisory Agreement") to reduce the advisory fees payable thereunder, effective as of January 1, 2022 and until the one-year anniversary of the listing of our common stock on a national securities exchange. The Amended and Restated Advisory Agreement was unanimously approved by our Board of Directors, including by all of the directors who are not "interested persons" (as defined in the 1940 Act), and became effective on January 1, 2022. The Amended and Restated Advisory Agreement was most recently approved by our Board of Directors, including all of our directors who are not "interested persons" (as defined in the 1940 Act), on June 18, 2025. On March 4, 2026, the Amended and Restated Advisory Agreement was further amended and restated to effect certain immaterial changes requested by certain state securities regulatory authorities based on the North American Securities Administrators Association (“NASAA”) Omnibus Guidelines (“Omnibus Guidelines”) (the “Second Amended and Restated Advisory Agreement”). The Second Amended and Restated Advisory Agreement was unanimously approved by our Board of Directors, including by all of the directors who are not "interested persons" (as defined in the 1940 Act), and became effective on March 4, 2026. See "Note 4 - Related Party Transactions and Arrangements - Investment Advisory Agreement" for additional information.

The Adviser was formed in Delaware as a private investment management firm and is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended, or the Advisers Act. The Adviser oversees the management of our activities and is responsible for making the investment decisions with respect to our investment portfolio, subject to the oversight of our Board of Directors.

On May 16, 2019, we formed a wholly-owned subsidiary, TP Flexible Funding, LLC (the "SPV"), a Delaware limited liability company and a bankruptcy remote special purpose entity, which holds certain of our portfolio loan investments that were used

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

as collateral for the Credit Facility (as defined in Note 10) at the SPV. This subsidiary has been consolidated since operations commenced. On and effective August 5, 2020, the Company changed the name of the SPV to Prospect Flexible Funding, LLC.

We consolidate certain of our wholly owned companies formed by us in order to facilitate our investment strategy. The following company is included in our consolidated financial statements and is referred to as the “Consolidated Holding Company”: Prospect Discovery Holdings I, Inc.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Consolidation. The accompanying interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and, pursuant to the requirements for reporting on Form 10-Q, ASC 946, Financial Services - Investment Companies (“ASC 946”), and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending June 30, 2026. 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 PFLOAT, the SPV and the Consolidated Holding Company. All intercompany balances and transactions have been eliminated in consolidation.

Management Estimates and Assumptions. 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.

Cash and Cash Equivalents. All cash balances are maintained with high credit quality financial institutions. Cash and cash equivalents consist of demand deposits and highly liquid investments (e.g., U.S. treasury notes) with original maturities of three months or less. Cash held at financial institutions may exceed 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. Cash and cash equivalents are carried at cost, which approximates fair value. Cash equivalents are classified as Level 1 in the fair value hierarchy. As of March 31, 2026 and June 30, 2025, cash equivalents were $14,989,596 and $14,988,042, respectively. Our cash equivalents as of March 31, 2026 consisted of U.S. treasury notes with maturity dates of April 07, 2026 and April 09, 2026, respectively. Our cash equivalents as of June 30, 2025 consisted of a U.S. treasury note with a maturity date of July 8, 2025.

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 quarter over quarter fluctuations in fair value reflected as a net change in unrealized gains (losses) from investments in the Consolidated Statements 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 and or cash equivalents traded but not yet settled are reported in payable for open trades or receivable for investments sold in the Consolidated Statements of Assets and Liabilities. Amounts for principal repayments from our investments are reported in receivable for repayments of portfolio investments. As of March 31, 2026 and June 30, 2025, we had one asset going through bankruptcy.

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 Statements 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.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

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 Adviser, the respective independent valuation firm and the Audit Committee.

For intra-quarter periods and pursuant to Rule 2a-5, the Board of Directors has designated the Adviser as the valuation designee (the "Valuation Designee") for the purpose of performing fair value determinations for investments for which market quotations are not readily available, or when such market quotations are deemed not to represent fair value. The Board of Directors has approved a multi-step valuation process for such intra-quarter investment valuations, as described below, and such investments are classified in Level 3 of the fair value hierarchy:

1.The Adviser will start with the most recent quarterly valuations determined pursuant to the process described above.

2.The Adviser will calculate the estimated earnings per share for each investment in order to adjust the valuation of that investment for income that is expected to be realized.

3.The Adviser will consider other factors that should be taken into account in order to adjust the valuations, including, market changes in expected returns for similar investments; performance improvement or deterioration which would change the margin added to the base interest rate charged; the nature and realizable value of any collateral; the issuer’s ability to make payments and its earnings and discounted cash flow; the markets in which the issuer does business; comparisons to publicly traded securities; and other relevant factors.

Our non-CLO investments that are classified as Level 3 are valued utilizing a yield technique, enterprise value ("EV") technique, net asset value technique, asset recovery technique, discounted cash flow technique, or a combination of techniques, as appropriate. The yield technique uses loan spreads for loans and other relevant information implied by market data involving identical or comparable assets or liabilities. Under the EV technique, 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 technique. The net asset value technique, an income approach, is used to derive a value of an underlying investment by dividing a relevant earnings stream by an appropriate capitalization rate. For this purpose, we consider capitalization rates for similar properties as may be obtained from guideline public companies and/or relevant transactions. The asset recovery technique 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 discounted cash flow technique 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.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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.

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.

Credit Spread Risk

Credit spread risk represents the risk that with higher interest rates comes a higher risk of defaults.

Default Risk

Default risk is the risk that a borrower will be unable to make the required payments on their debt obligation.

Downgrade Risk

Downgrade risk results when rating agencies lower their rating on a bond which are usually accompanied by bond price declines.

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.

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.

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.

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.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

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 or has the right to acquire within 60 days or less, 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 the possession outright or via the right to acquire within 60 days or less, beneficial ownership of 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 March 31, 2026 and June 30, 2025, our qualifying assets as a percentage of total assets stood at 95.40% and 96.04%, respectively.

Revenue Recognition. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Accretion of such purchase discounts or amortization of such premiums is calculated using the effective interest method as of the settlement date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or bond, any unamortized discount or premium is recorded as interest income. The Company records dividend income on the ex-dividend date. The Company does not accrue as a receivable interest or dividends on loans and securities if it has reason to doubt its ability to collect such 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 March 31, 2026, approximately 0.34% of our total assets at fair value were on non-accrual status. As of June 30, 2025, approximately 0.01% of our total assets at fair value were on non-accrual status. Upfront structuring fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

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 Structured Subordinated Notes (typically preferred shares, income notes or subordinated notes of CLO funds) is recorded based on an estimation of an effective yield to expected maturity utilizing assumed future cash flows in accordance with ASC 325-40, Beneficial Interest in the Securitized Financial Assets. The Company monitors the expected cash inflows from CLO equity investments, including the expected residual payments, and the estimated effective yield is determined and updated periodically.

The Company recognizes realized losses for certain CLO equity investments when the Company determines 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.

Due from and to Adviser. Amounts due from the Adviser are for amounts waived under the ELA, respectively (as such terms are defined in Note 4) and amounts due to the Adviser are for base management fees, incentive fees, operating expenses and offering and organization expenses paid on our behalf. All balances due from and to the Adviser are settled quarterly.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Payment-In-Kind Interest. The Company has certain investments in its portfolio that contain a PIK interest provision, which represents contractual interest or dividends that are added to the principal balance and recorded as income. For the three months ended March 31, 2026 and 2025, PIK interest included in interest income totaled $12,701 and $189,903, respectively. For the nine months ended March 31, 2026 and 2025, PIK interest included in interest income totaled $157,722 and $356,889, respectively. To maintain regulated investment company ("RIC") tax treatment, and to avoid corporate tax, substantially all of this income must be paid out to the stockholders in the form of distributions, even though the Company has not yet collected the cash.

Offering Costs and Expenses. The Company will incur certain costs and expenses in connection with offering shares of its common stock. These costs and expenses principally relate to certain costs and expenses for advertising and sales, printing and marketing costs, professional and filing fees. Offering costs incurred by the Company were capitalized to deferred offering costs on the Consolidated Statements of Assets and Liabilities and will be amortized to expense over the 12 month period following the effectiveness of the registration to sell shares of its common stock on a straight line basis.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Dividends and Distributions. Dividends and distributions to common stockholders are recorded on the record date. The amount, if any, to be paid as a monthly dividend or distribution is approved by our Board of Directors quarterly and generally depends on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board of Directors deems relevant from time to time. 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.

Financing Costs. We record origination expenses related to our Senior Secured Revolving Credit Facility and our OZK Credit Facility (both as defined herein) 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 of our Senior Secured Revolving Credit Facility and our OZK Credit Facility. (See Note 10 for further discussion.)

Per Share Information. Net increase or decrease in net assets resulting from operations per share is calculated using the weighted average number of common stock outstanding for the period presented. (See Note 11 for further discussion.)

Net Realized and Net Change in Unrealized Gains or Losses. Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized gains or losses reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Federal and State Income Taxes. The Company has elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and intends to continue to comply with the requirements of the Code applicable to RICs. As a RIC, the Company is required to distribute at least 90% of its investment company taxable income and intends to distribute (or retain through a deemed distribution) all of its investment company taxable income and net capital gain to stockholders; therefore, the Company has made no provision for income taxes. The character of income and gains that the Company 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 the Company does not distribute (or is not deemed to have distributed) at least 98% of its annual ordinary income and 98.2% of its net capital gains in the calendar year earned, it will generally be required to pay an excise tax equal to 4% of the amount by which 98% of its annual ordinary income and 98.2% of its capital gains exceeds the distributions from such taxable income for the year. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, it accrues excise taxes, if any, on estimated excess taxable income. As of March 31, 2026, the Company expects to have no material excise tax due for the 2026 calendar year. For the three and nine months ended March 31, 2026, the Company has accrued $0 and $26,328, respectively, of excise tax.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

If the Company fails to satisfy the annual distribution requirement or otherwise fails to qualify as a RIC in any taxable year, it would be subject to tax on all of its taxable income at the regular corporate income tax rate. The Company would not be able to deduct distributions to stockholders, nor would it be required to make distributions. Distributions would generally be taxable to the Company’s 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 its 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, the Company would be required to distribute to its shareholders its accumulated earnings and profits attributable to non-RIC years. In addition, if the Company 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, it 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 Company follows 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 March 31, 2026, the Company 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 the Company files both federal and state income tax returns, its major tax jurisdiction is federal. The Company’s federal tax returns for the taxable years ended December 31, 2022 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 March 31, 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 March 31, 2026, and June 30, 2025, the net deferred tax asset or liability was not material to the financial statements after taking into account valuation allowances.

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.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("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 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 has adopted ASU 2023-09 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.

NOTE 3 - SHARE TRANSACTIONS

Below is a summary of transactions with respect to shares of common stock of the Company during the three months ended March 31, 2026 and 2025 and the nine months ended March 31, 2026 and 2025. There were no shares transactions with Class I Common stock for the three and nine months ended March 31, 2026.

PROSPECT FLOATING RATE AND ALTERNATIVE INCOME FUND, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


	Three Months Ended March 31, 2026			Nine Months Ended March 31, 2026
	PFLOAT Class A Common Stock			PFLOAT Class A Common Stock
	Shares	Amount		Shares	Amount
Shares issued through reinvestment of distributions	205,025	$	821,772	568,629	$	2,436,429
Repurchase of common stock	(64,694)	(244,546)		(183,056)	(758,667)
Net increase/(decrease) from capital transactions	140,331	$	577,226	385,573	$	1,677,762


	Three Months Ended March 31, 2025			Nine Months Ended March 31, 2025
	PFLOAT Class A Common Stock			PFLOAT Class A Common Stock
	Shares	Amount		Shares	Amount
Shares issued	—	$	—	2,096,436	$	10,000,000
Shares issued through reinvestment of distributions	163,941	750,068		454,852	2,112,221
Repurchase of common stock	(151,171)	(696,902)		(301,809)	(1,389,069)
Net increase/(decrease) from capital transactions	12,770	$	53,166	2,249,479	$	10,723,152


	Three Months Ended March 31, 2025			Nine Months Ended March 31, 2025
	PFLOAT Class I Common Stock			PFLOAT Class I Common Stock
	Shares	Amount		Shares	Amount
Shares issued	—	$	—	2,237	$	10,400
Shares issued through reinvestment of distributions	—	—

Prospect Floating Rate & Alternative Income Fund, Inc. 10-Q