Operator

Good morning, and welcome to the Prospect Capital Third Quarter 2026 Earnings Release and Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to John Barry, Chairman and CEO. Please go ahead, sir.

John Barry
Chairman of the Board & CEO

Thank you, Drew. Joining me on the call today are Grier Eliasek, our President and Chief Operating Officer; and Kristin Van Dask, our Chief Financial Officer. Kristin?

Kristin Van Dask
CFO, Treasurer, Secretary & Chief Compliance Officer

Thanks, John. This call contains forward-looking statements that are intended to be subject to safe harbor protection. Future results are highly likely to vary materially. We do not undertake to update our forward-looking statements. For additional disclosure, see our earnings press release and 10-Q filed previously and available on our website, prospectstreet.com. Now I'll turn the call back over to John.

John Barry
Chairman of the Board & CEO

Thank you, Kristin. In the March quarter, our net investment income, or NII, was $78 million or $0.16 per common share. Our NAV was approximately $3 billion or $6.05 per common share. At March 31, our net debt to total assets ratio was 27%. Unsecured debt plus unsecured perpetual preferred was 88% of total debt plus preferred. We are announcing monthly common shareholder distributions of $0.035 per share for each of May, June, July and August. Since our IPO nearly 22 years ago, through our August 2026 declared distribution, we will have distributed approximately $4.8 billion or $22.07 per share. Our preferred shareholder cash distributions continue at their contract rates.