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. (NASDAQ: PFLT) has priced a public offering of an additional $85.0 million in 4.25% unsecured notes due April 1, 2026. Offered at 101.45% of the principal, this results in a yield-to-maturity of approximately 3.875%. The offering anticipates closing on October 12, 2021. PFLT plans to utilize net proceeds for investing in new or existing portfolio companies and repaying existing debt. Following this issuance, the total outstanding principal for the 4.25% notes will reach $185.0 million.
PennantPark Floating Rate Capital Ltd. (PFLT) will report its fourth fiscal quarter results for the period ending September 30, 2021, on November 17, 2021, post-market. A conference call to discuss these results is scheduled for November 18, 2021, at 9:00 a.m. ET. Participants can join by dialing toll-free (866) 548-4713 or international (323) 794-2093, referencing conference ID #6282998. PennantPark primarily invests in U.S. middle-market companies through floating rate senior secured loans.
PennantPark Floating Rate Capital Ltd. (PFLT) announced a monthly distribution of $0.095 per share for October 2021, to be paid on November 1, 2021, to stockholders of record by October 18, 2021. This distribution is expected to stem from taxable net investment income. As a regulated investment company, PFLT generates income that may be exempt from U.S. withholding tax for non-U.S. stockholders, contingent upon proper documentation. For more tax-related details, stockholders can visit the company's website.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced a monthly distribution of $0.095 per share for September 2021, payable on October 1, 2021. Shareholders of record as of September 17, 2021 will receive this distribution, primarily sourced from taxable net investment income. The company operates as a regulated investment company, allowing non-U.S. stockholders to potentially receive interest-related dividends exempt from U.S. withholding tax. For additional tax information, visit www.pennantpark.com.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) has reported its financial results for Q3 2021, ending June 30. The company holds an investment portfolio valued at $1,035.8 million, with a net asset value per share of $12.81, reflecting a 0.8% increase. Net investment income stands at $10.3 million or $0.27 per share, while total distributions declared per share are $0.285.
The company has experienced a decline in investment income from $22.8 million in Q3 2020 to $20.9 million for the same period this year.
PennantPark Floating Rate Capital Ltd. (PFLT) announced a monthly distribution of $0.095 per share for August 2021, payable on September 1, 2021. Stockholders on record by August 18, 2021 will receive this payment, originating from taxable net investment income. As a regulated investment company, PFLT provides certain tax benefits to non-U.S. stockholders. The specific tax characteristics will be disclosed on Form 1099 and on PFLT's website. The company primarily invests in U.S. middle-market companies through secured loans and equity investments.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced a monthly distribution of $0.095 per share for July 2021, payable on August 2, 2021. Stockholders of record as of July 19, 2021 will receive this distribution, which is sourced from taxable net investment income. The company operates as a regulated investment company, providing interest income that may be exempt from U.S. withholding tax for non-U.S. stockholders. The tax characteristics of the distribution will be reported on Form 1099 later this year.
PennantPark Floating Rate Capital Ltd. (PFLT) will report its third fiscal quarter results on August 4, 2021, after market close. A conference call is scheduled for August 5, 2021, at 9:00 a.m. ET to discuss these results. Interested parties can join by calling toll-free or through the provided international numbers. PennantPark focuses on investments in U.S. middle-market companies primarily through floating rate senior secured loans. The company is managed by PennantPark Investment Advisers, LLC, which oversees $4.7 billion in investable capital.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) has appointed Richard Cheung as Chief Financial Officer and Treasurer, effective June 21, 2021. Cheung brings over a decade of experience from Guggenheim Partners and previously worked at Ernst & Young. CEO Arthur Penn expressed confidence in Cheung's ability to add value to the company and its shareholders. Aviv Efrat, the former CFO, will transition to focus on strategic growth initiatives within the organization. PennantPark Floating Rate Capital primarily invests in floating rate senior secured loans for U.S. middle-market companies.
PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) announced a monthly distribution of $0.095 per share for June 2021, payable on July 1, 2021, to stockholders on record as of June 17, 2021. This distribution will stem from taxable net investment income. The company operates as a regulated investment company, generating qualified interest income that may be exempt from U.S. withholding tax for non-U.S. stockholders. Comprehensive details about tax characteristics will be provided to stakeholders via Form 1099 after the calendar year.
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