Welcome to our dedicated page for PennantPark Floating Rate Capital Ltd. news (Ticker: PFLT), a resource for investors and traders seeking the latest updates and insights on PennantPark Floating Rate Capital Ltd. stock.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) is a closed-end, externally managed, non-diversified investment company that specializes in generating current income and capital appreciation. The company's core focus is investing in Floating Rate Loans and other investments made to U.S. middle-market companies. These loans offer an appealing risk-reward ratio for investors due to the limited capital available for such companies and the potential for rising interest rates.
Founded in 2007 and led by Arthur Penn, PennantPark Investment Advisers manages approximately $2.1 billion across its publicly-listed business development companies and private vehicles for institutional limited partners. The senior team at PennantPark has deep individual experience and a long-standing history of collaboration. As of June 30, 2023, PFLT’s portfolio totaled $1,105.3 million, consisting of $950.2 million in first lien secured debt, $0.1 million in second lien secured debt, and $154.9 million in preferred and common equity. The debt portfolio is 100% variable-rate, which provides a hedge against interest rate fluctuations.
PFLT generates revenue primarily through interest income on debt securities and dividends. For the three months ended June 30, 2023, PFLT reported an investment income of $37.7 million and a net investment income of $18.5 million. Recent developments include the issuance of 5,805,484 shares of common stock through the ATM Program, raising $64.1 million in net proceeds.
The company's portfolio includes investments in 130 companies with an average investment size of $8.5 million and a weighted average yield on debt investments of 12.4%. PFLT has also managed to maintain a low percentage of non-accrual portfolio companies, representing just 1% on a cost basis and zero percent on a fair value basis as of June 30, 2023.
Recent news highlights include financial results for the third quarter ended June 30, 2023, and announcements about new investments and portfolio adjustments. The company's commitment to providing flexible capital solutions to U.S. middle-market companies underscores its significance in the investment landscape.
PennantPark Floating Rate Capital (PFLT) announced an expansion of its investment in PennantPark Senior Secured Loan Fund I (PSSL). The joint venture partners agreed to invest an additional $100 million of capital in PSSL. Combined with increased leverage capacity, this investment will expand the JV's total investment capacity to $1.5 billion, representing a nearly $500 million increase.
The strategic partnership, established over seven years ago, focuses on core middle market senior secured loans and has generated strong returns. PFLT is managed by PennantPark Investment Advisers, , a middle market credit platform managing approximately $8.7 billion of investible capital.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its monthly distribution of $0.1025 per share for December 2024, payable on January 2, 2025, to stockholders of record as of December 16, 2024. The distribution will be sourced from taxable net investment income.
The company operates as a regulated investment company (RIC) that generates qualified interest income and short-term capital gains. These may be exempt from U.S. withholding tax when distributed to non-U.S. stockholders with proper documentation. PFLT primarily invests in U.S. middle-market private companies through floating rate senior secured loans and is managed by PennantPark Investment Advisers, , which manages $8.7 billion of investable capital.
PennantPark Floating Rate Capital (NYSE: PFLT) reported financial results for Q4 and fiscal year 2024. The investment portfolio totaled $1,983.5 million, with net assets of $877.3 million. Net investment income for Q4 was $18.0 million ($0.24 per share) and $77.7 million ($1.18 per share) for the full year. The portfolio consisted of 88% first lien secured debt with a weighted average yield of 11.5%. The company declared distributions of $0.31 per share for Q4 and $1.23 for the year. Two portfolio companies were on non-accrual, representing 0.4% of the portfolio on a cost basis.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its monthly distribution of $0.1025 per share for November 2024, payable on December 2, 2024, to stockholders of record as of November 15, 2024. The distribution will be funded from taxable net investment income. As a regulated investment company (RIC), PFLT generates qualified interest income and short-term capital gains that may be exempt from U.S. withholding tax for non-U.S. stockholders with proper documentation. The company primarily invests in U.S. middle-market private companies through floating rate senior secured loans and is managed by PennantPark Investment Advisers, which oversees $8.3 billion in investable capital.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its schedule for the release of fourth fiscal quarter 2024 results. The company will report its financial results on Monday, November 25, 2024, after the close of financial markets. Additionally, PFLT will host a conference call on Tuesday, November 26, 2024, at 9:00 a.m. (Eastern Time) to discuss the results.
Interested parties can join the conference call by dialing (888) 394-8218 (toll-free) or (646) 828-8193 (international), referencing conference ID #3226260. An archived replay will be available on the company's website. PFLT is a business development company primarily investing in U.S. middle-market private companies through various forms of floating rate senior secured loans.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its monthly distribution for October 2024. The company will pay $0.1025 per share on November 1, 2024, to stockholders of record as of October 16, 2024. This distribution is expected to be paid from taxable net investment income.
As a regulated investment company (RIC), PFLT generates qualified interest income and short-term capital gains that may be exempt from U.S. withholding tax for non-U.S. stockholders. The company primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first lien secured debt, second lien secured debt, and subordinated debt.
PennantPark Floating Rate Capital is managed by PennantPark Investment Advisers, , a leading middle market credit platform managing $8.0 billion of investable capital, including potential leverage.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its monthly distribution for September 2024. Shareholders will receive $0.1025 per share, payable on October 1, 2024, to stockholders of record as of September 16, 2024. The distribution is expected to be paid from taxable net investment income.
As a regulated investment company (RIC), PFLT generates qualified interest income and short-term capital gains that may be exempt from U.S. withholding tax for non-U.S. stockholders. The company primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt. PennantPark Investment Advisers, manages PFLT and oversees $8.0 billion of investable capital.
PennantPark Floating Rate Capital (PFLT) reported its Q3 2024 financial results for the period ending June 30, 2024. The company's investment portfolio reached $1,658.9 million, with net assets at $816.7 million and a GAAP net asset value per share of $11.34. Net investment income was $21.2 million or $0.31 per share. PFLT declared a distribution of $0.31 per share.
Investment income for the quarter was $48.5 million. The portfolio saw purchases of investments totaling $320.9 million and sales and repayments of $137.6 million. The PSSL portfolio was valued at $904.2 million. Net realized gains were $(0.4) million, while net change in unrealized appreciation (depreciation) was $(4.0) million.
Total expenses for the quarter were $27.3 million, up from $19.2 million in the same period last year, primarily due to higher interest expenses and management fees. PFLT's portfolio had three companies on non-accrual, representing 1.5% and 1.1% of the portfolio on a cost and fair value basis, respectively.
PennantPark Floating Rate Capital (NYSE: PFLT) has announced its monthly distribution for August 2024 of $0.1025 per share, payable on September 3, 2024, to stockholders of record as of August 16, 2024. The distribution is expected to be paid from taxable net investment income. As a regulated investment company (RIC), PFLT generates qualified interest income and short-term capital gains that may be exempt from U.S. withholding tax for non-U.S. stockholders.
PFLT is a business development company primarily investing in U.S. middle-market private companies through floating rate senior secured loans. It is managed by PennantPark Investment Advisers, , a leading middle market credit platform managing $7.7 billion of investable capital.
PennantPark Floating Rate Capital (NYSE: PFLT) has successfully completed the reset and upsize of its CLO I, a $351.0 million debt securitization. The refinancing optimizes financing costs and enhances PFLT's return profile. Key features include:
- Four-year reinvestment period and twelve-year final maturity
- Reduced cost of capital and increased CLO size
- PFLT retains Class D-R Notes and Subordinated Notes
- Debt maturity extended to July 2036
- 100% funding at closing
PennantPark manages approximately $2.8 billion in middle market CLO assets and $7.7 billion of investable capital overall. The company aims to continue growth with investor support.
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