Prospect Floating Rate and Alternative Income Fund

NEW YORK, May 31, 2024 — Prospect Floating Rate and Alternative Income Fund, Inc. , announced today that the Fund’s Board of Directors has declared monthly cash common shareholder distributions for May 2024.

The annualized total cash distribution is $0.35625 per share , for a distribution with record date of May 31, 2024 and payment date of June 7, 2024 based on the March 31, 2024 net asset value of $4.75. This is an increase from the prior annualized distribution percentage rate of 7.0% based on net asset value. The increase is due to increased scale from the unregistered sale of $20 million of common stock to an affiliate of the Fund.

On May 10, 2024, the Fund launched an offering of multiple classes of shares, with Preferred Capital Securities, LLC as the dealer manager.Prospect Floating Rate and Alternative Income Fund is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company. The Fund invests primarily in the floating rate loans of privately-owned U.S. middle market companies.

The offering may be made only by means of a prospectus, copies of which may be obtained when available from Preferred Capital Securities, LLC, 3284 Northside Parkway, Suite 150, Atlanta, GA, 30327 . Investors are advised to carefully consider the investment objectives, risks, charges and expenses of Prospect Floating Rate and Alternative Income Fund before investing. The prospectus contains this and other information about Prospect Floating Rate and Alternative Income Fund.

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