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 Ltd. (NYSE: PFLT) announced the successful closure of a $297.8 million debt securitization via its wholly-owned subsidiary, PennantPark CLO VI, LLC. This collateralized loan obligation (CLO) features a four-year reinvestment period and a twelve-year final maturity. The debt issuance includes several classes of notes with varying amounts, structures, and expected ratings, underpinning a well-structured financing strategy that highlights the company's ability to navigate a volatile market. CEO Arthur Penn emphasized the strength of their capital position and the potential for growth with ongoing support from investors. Proceeds will partially repay a $325 million credit facility, and the CLO is expected to maintain a nearly 100% funding rate upon closing.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced it will report its second fiscal quarter results on May 10, 2023, after market close. A conference call to discuss these results is scheduled for May 11, 2023, at 9:00 a.m. ET. Interested parties can join by calling toll-free (888) 256-1007 or internationally at (929) 477-0448, referencing conference ID #9075273.
PennantPark primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first and second lien secured debt, and subordinated debt. Managed by PennantPark Investment Advisers, LLC, which oversees $6.1 billion in investable capital, the company aims to provide flexible financing solutions in the middle market.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.10 per share for April 2023, payable on May 1, 2023, to stockholders of record by April 18, 2023. The distribution will be sourced from taxable net investment income. The Company, acting as a regulated investment company (RIC), primarily invests in U.S. middle-market private companies through floating rate senior secured loans. Furthermore, it offers tax benefits for non-U.S. stockholders under U.S. tax law for specific types of distributions. Detailed tax characteristics of the distribution will be shared in future reports.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) reported its financial results for the first fiscal quarter ending December 31, 2022, showing net investment income of $13.7 million or $0.30 per share. The GAAP net asset value per share decreased by 2.7% to $11.30, while the adjusted net asset value fell by 3.2% to $11.22. The company's investment portfolio was valued at $1,151.1 million, with a weighted average yield on debt investments of 11.3%. A distribution increase of 5.3% to $0.10 per share was announced. The board's focus remains on senior secured floating-rate loans to mitigate risks from rising interest rates and inflation.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for February 2023, payable on March 1, 2023, to stockholders on record as of February 16, 2023. This distribution will primarily come from taxable net investment income and may be exempt from U.S. withholding tax for non-U.S. stockholders. The company operates as a regulated investment company that invests in U.S. middle-market private companies via floating-rate loans and may also engage in equity investments. Additional tax details will be provided on Form 1099.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced an underwritten primary offering of 4,250,000 shares of common stock, with an additional option for underwriters to purchase 637,500 shares. The offering will utilize its effective shelf registration statement with the SEC. The proceeds are earmarked for reducing existing debt, investing in new or existing portfolio companies, and general corporate purposes. Major financial institutions including Morgan Stanley and Goldman Sachs are acting as joint book-running managers. Investors should review the preliminary prospectus supplement before investing.
PennantPark Floating Rate Capital Ltd. (PFLT) is set to report its fiscal Q1 2023 results on February 8, 2023, after market close. A conference call to discuss these results will take place on February 9, 2023, at 9:00 a.m. ET. Interested participants can join by calling toll-free at (888) 394-8218. The company focuses on investing in U.S. middle-market private companies through floating rate senior secured loans and may also make equity investments. PennantPark Investment Advisers, managing $6.4 billion in capital, oversees the firm's operations.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for January 2023, payable on February 1, 2023, to stockholders of record as of January 19, 2023. This distribution is expected to come from taxable net investment income. As a regulated investment company, PFLT generates interest income and short-term capital gains, which may be exempt from U.S. withholding tax for non-U.S. stockholders under certain conditions. Detailed tax characteristics will be reported in the Company's periodic filings.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for December 2022, payable on January 3, 2023, to stockholders on record by December 19, 2022. This distribution will be sourced from taxable net investment income. As a regulated investment company (RIC), distributions may qualify as interest-related dividends, exempt from U.S. withholding tax for non-U.S. stockholders with appropriate documentation. Further tax characteristics will be reported post-year-end.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) reported its financial results for Q4 and FY 2022, ending September 30. Investment income rose to $28.8 million, up from $21.6 million in Q4 2021, reflecting growing LIBOR and SOFR rates. However, the company saw a net change in unrealized depreciation of $(20.9) million, leading to a net decrease in net assets of $(13.1) million for Q4. Adjusted net asset value per share fell 3.6% to $11.59. The company declared a quarterly distribution of $0.285 per share. A conference call is scheduled for November 17, 2022.
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