Welcome to our dedicated page for Pennantpark Floating Rate Cap news (Ticker: PFLT), a resource for investors and traders seeking the latest updates and insights on Pennantpark Floating Rate Cap 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 financial results for Q3 ended June 30, 2022. The investment portfolio reached $1.226 billion, with net assets at $504.9 million and a GAAP net asset value per share of $12.21, down 3.2% quarter-over-quarter. Net investment income was $11.8 million, or $0.29 per share, reflecting a year-on-year increase. However, the company reported a $5.1 million net decrease in net assets from operations. PFLT's regulatory net debt to equity ratio stood at 1.45x, highlighting its leverage position against rising interest rates.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for August 2022, payable on September 1, 2022, to stockholders of record by August 18, 2022. This distribution will be derived from taxable net investment income. As a regulated investment company, PFLT focuses on generating qualified interest income and short-term capital gains, potentially exempt from U.S. withholding tax for non-U.S. stockholders. Detailed tax characteristics will be reported on Form 1099 later this year.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced that it will report third fiscal quarter results ending June 30, 2022, on August 3, 2022, after market close. A conference call will follow on August 4, 2022, at 9:00 a.m. ET to discuss these results. The company focuses on investing in U.S. middle-market private firms through floating rate senior secured loans. Managed by PennantPark Investment Advisers, LLC, the company oversees $6.0 billion in investable capital, aiming to provide flexible financing solutions to borrowers.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced a monthly distribution of $0.095 per share for July 2022, payable on August 1, 2022, to stockholders of record by July 18, 2022. This distribution will be drawn from taxable net investment income. As a regulated investment company, PennantPark generates qualified interest income potentially exempt from U.S. withholding tax for non-U.S. stockholders. The specific tax characteristics of the distribution will be reported on Form 1099 and via the Company’s website.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has announced a monthly distribution of $0.095 per share for June 2022, payable on July 1, 2022, to stockholders of record as of June 17, 2022. This distribution will be sourced from taxable net investment income. The company, classified as a regulated investment company (RIC), primarily invests in U.S. middle-market private firms through floating rate senior secured loans. Tax characteristics of the distribution will be detailed in a Form 1099 after the year-end.
PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) has appointed José A. Briones, Jr. to its Board of Directors as of May 3, 2022. Briones, a Senior Partner at PennantPark Investment Advisers, brings extensive industry experience to the board. His previous roles include a Partner at Apollo Investment Management, enhancing the board's strategic capabilities. This appointment expands the board to six members, indicating a focus on strengthening leadership as the firm navigates opportunities in the middle market credit 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.
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