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. (PFLT) announced its financial results for the second fiscal quarter ended March 31, 2022. The investment portfolio totaled $1,192.6 million, with a net asset value per share of $12.62. Net investment income reached $11.4 million, or $0.29 per share, an increase from the prior year. Total expenses amounted to $13.3 million. The company reported a net increase in assets of $7.2 million for the quarter. As of March 31, 2022, 87% of the portfolio was in first lien secured debt, highlighting a focus on lower-risk investments.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has announced a monthly distribution of $0.095 per share for May 2022, payable on June 1, 2022. Stockholders of record as of May 18, 2022 will receive this payment, which is expected to derive from taxable net investment income. The company operates as a regulated investment company (RIC), which allows certain distributions to be exempt from U.S. withholding tax for non-U.S. stockholders.
PennantPark invests primarily in U.S. middle-market companies through floating rate loans and other debt instruments.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced it will report its fiscal second quarter results for the period ending March 31, 2022, on May 4, 2022, after market close. A conference call to discuss these results is scheduled for May 5, 2022, at 9:00 a.m. ET. Interested parties can join by calling toll-free or internationally, referencing conference ID #5639720. PennantPark primarily invests in U.S. middle-market private companies, focusing on floating rate senior secured loans and occasionally equity investments.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced a monthly distribution of $0.095 per share for April 2022, payable on May 2, 2022. Stockholders on record as of April 18, 2022, will receive this payment, primarily sourced from taxable net investment income. The company, classified as a regulated investment company (RIC), earns qualified interest income, potentially exempt from U.S. withholding tax for non-U.S. stockholders. Details on the tax characteristics will be provided on Form 1099 after the fiscal year.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PNNT) will transfer its stock listing to the New York Stock Exchange (NYSE) from NASDAQ, effective April 14, 2022. The company aims to enhance its visibility and shareholder value through this strategic move.
CEO Arthur H. Penn emphasized the importance of this transition as part of their evolution to generate long-term value. The company focuses on investing in U.S. middle-market companies through floating rate senior secured loans and other financing solutions.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced a capital commitment increase for the PennantPark Senior Secured Loan Fund I LLC (PSSL) from $278 million to $343 million, reflecting a strong partnership with Kemper Corporation. PFLT’s share is $56.9 million, which includes $39.8 million in Senior Secured Notes. This expansion aims to enhance income growth and supports PSSL's strategic importance within PFLT’s middle-market credit business.
PennantPark Floating Rate Capital Ltd. (PFLT) announced a monthly distribution of $0.095 per share for March 2022, payable on April 1, 2022, to shareholders on record as of March 17, 2022. This distribution will be funded by taxable net investment income, with tax characteristics reported on Form 1099. As a regulated investment company, PFLT generates qualified interest income and short-term capital gains, which may be exempt from U.S. withholding tax for non-U.S. stockholders, subject to proper documentation.
PennantPark Floating Rate Capital Ltd. (PFLT) reported financial results for the first fiscal quarter ended December 31, 2021, showcasing a net investment income of $12.7 million ($0.33 per share), up from $10.1 million ($0.26 per share) in Q4 2020. The total investment portfolio reached $1,179.8 million, with a GAAP net asset value per share of $12.70, reflecting a 0.7% increase. The company declared distributions of $0.285 per share. Despite a rise in expenses to $13.6 million, the overall portfolio exhibited strong activity with $335.1 million in new investments.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced its February 2022 distribution of $0.095 per share, payable on March 1, 2022. Shareholders of record as of February 15, 2022 will receive this distribution, funded from taxable net investment income. The tax characteristics will be reported on Form 1099 post-calendar year. As a regulated investment company (RIC), PennantPark aims to deliver qualified interest income and potential capital gains exempt from U.S. withholding tax for non-U.S. shareholders.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) will announce its financial results for the first fiscal quarter ended December 31, 2021, on February 9, 2022, after market close. A conference call to discuss these results will occur on February 10, 2022, at 9:00 a.m. ET. Interested participants can join the call via a toll-free number or international line, referencing conference ID #9578243. As a business development company, PennantPark focuses on investing in U.S. middle-market private companies through floating rate senior secured loans.
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