MIAMI BEACH, Fla., May 22, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NYSE: PFLT) today announced that PennantPark Senior Secured Loan Fund I LLC (“PSSL”) through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC (“CLO VI”) has closed the reset of a four-year reinvestment period, twelve-year final maturity $315.8 million debt securitization. The debt issued in this securitization (the “Debt”) is structured in the following manner: ClassPar Amount( ...

Core Insights - Business Development Companies (BDCs) are beginning to experience challenges due to a prolonged period of higher interest rates, with PennantPark Floating Rate Capital (NYSE: PFLT) being one of the affected companies [1] Group 1: Industry Challenges - The prolonged period of higher interest rates is impacting many BDCs, indicating a broader trend within the industry [1] Group 2: Investment Strategy - A hybrid investment strategy that combines classic dividend growth stocks with BDCs, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Core Insights - The article discusses the positive outlook on PennantPark Floating Rate Capital (NYSE: PFLT) based on previous analyses and ongoing performance evaluations [1] Group 1: Company Overview - PennantPark Floating Rate Capital has been under coverage since December 2023, with initial bullish sentiments followed by a series of positive reviews [1] - The latest analysis concludes with positive takeaways, indicating a favorable investment perspective [1] Group 2: Analyst Background - Roberts Berzins, the analyst, has over a decade of experience in financial management, aiding top-tier corporates in financial strategy and large-scale financing [1] - Berzins has contributed to institutionalizing the REIT framework in Latvia, enhancing liquidity in pan-Baltic capital markets [1] - His work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [1]

Pennantpark Floating Rate Capital (PFLT) Q2 2025 Earnings Call May 13, 2025 09:00 AM ET Company Participants Arthur Penn - Founder, Chairman & CEORichard Allorto - CFO & TreasurerRobert Dodd - Director - FinanceMickey Schleien - Managing Director, Equity Research Conference Call Participants Mark Hughes - AnalystDouglas Harter - Equity Research Analyst Operator Morning, and welcome to the PennantPark Floating Rate Capital Second Fiscal Quarter twenty twenty five Earnings Conference Call. Today's conference ...

Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP net investment income was $0.28 per share, and core net investment income was also $0.28 per share. Adjusted for additional shares issued, core NII would have been $0.30 per share [24] - As of March 31, NAV was $11.7 per share, down 2.4% from $11.34 per share last quarter [24] - The debt to equity ratio was 1.3 times, indicating a diversified capital structure across multiple funding sources [24] Business Line Data and Key Metrics Changes - The portfolio grew to $2.3 billion, up 7% from the prior quarter, with $293 million invested in three new and 54 existing portfolio companies at a weighted average yield of 9.9% [17] - The weighted average debt to EBITDA ratio for new portfolio investments was 4.3 times, with an interest coverage of 2.3 times [9][11] - Nonaccruals represented only 2.2% of the portfolio at cost and 1.2% at market value, which improved to 1% at cost and 0.5% at market value after two nonaccruals were put back on accrual [14][25] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, while 20% were from new platform investments, indicating a strong focus on existing relationships [7] - The pricing on first lien term loans stabilized in the SERFR plus 500 to $5.50 range for high-quality assets [10] - The core middle market remains attractive, with lower leverage and higher spreads compared to the upper middle market [10][12] Company Strategy and Development Direction - The company aims to focus on the core middle market, providing strategic capital to borrowers in five key sectors: business services, consumer, government services and defense, healthcare, and software and technology [12] - The company has taken significant steps to strengthen its balance sheet and enhance liquidity, positioning itself to take advantage of market opportunities [8][21] - The strategy includes maintaining rigorous underwriting standards and being selective in pursuing new investments [8] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects originations to remain concentrated among existing portfolio companies [7] - The management anticipates that pricing will likely increase and leverage will moderate as buyers and lenders adjust to a new risk framework [8] - The company is optimistic about the upcoming vintage of loans, which is expected to be particularly attractive [8] Other Important Information - The company raised $163 million during the quarter through its ATM program, issuing 14.4 million shares at an average price of $11.33 per share [21] - The joint venture (JV) portfolio totaled $1.1 billion, with $60 million invested during the quarter at a weighted average yield of 9.8% [20] - The company has over $500 million of available capital, enhancing its ability to capitalize on market opportunities [21] Q&A Session Summary Question: On the equity raising during the quarter, was this a long-term capital build or an increase in pipeline activity? - Management indicated that the capital raised was part of preparing for a robust 2025, despite a slowdown in activity due to recent market events [29] Question: What is necessary to unlock new M&A activity in the market? - Management stated that certainty in tariffs and a stable environment are crucial for unlocking new M&A activity, with limited exposure to tariffs in their portfolio [33] Question: How much of the existing borrower activity is repricing versus growth capital? - Management noted that most activity is from existing platforms growing, with repricing having ended due to recent market changes [40] Question: How does the company view the equilibrium in the private credit market? - Management expressed that the focus on the core middle market remains strong, with larger players moving upmarket, creating more opportunities for the company [49]

Financial Performance - For the quarter ended March 2025, PennantPark (PFLT) reported revenue of $61.94 million, which is an increase of 39.7% compared to the same period last year [1] - EPS for the quarter was $0.28, down from $0.31 in the year-ago quarter [1] - The reported revenue fell short of the Zacks Consensus Estimate of $66.49 million, resulting in a surprise of -6.85% [1] - The company experienced an EPS surprise of -15.15%, with the consensus EPS estimate being $0.33 [1] Key Metrics - From non-controlled, non-affiliated investments, other income was reported at $0.63 million, below the average estimate of $1.19 million based on two analysts [4] - Interest income from non-controlled, non-affiliated investments was $49.22 million, exceeding the average estimate of $48.60 million, representing a year-over-year change of +61.5% [4] - Dividend income from non-controlled, non-affiliated investments was $0.37 million, compared to the estimated $0.58 million, reflecting a -36.1% change year-over-year [4] Stock Performance - Shares of PennantPark have returned +5.9% over the past month, outperforming the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

PennantPark (PFLT) came out with quarterly earnings of $0.28 per share, missing the Zacks Consensus Estimate of $0.33 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15.15%. A quarter ago, it was expected that this investment company would post earnings of $0.31 per share when it actually produced earnings of $0.33, delivering a surprise of 6.45%.Over the last four quarters, the c ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 814-00891 PENNANTPARK FLOATING RATE CAPITAL LTD. (Exact name of registrant as specified in its charter) 1691 Michigan Avenue Miami ...

Financial Performance - For the quarter ended March 31, 2025, the investment portfolio totaled $2,344.1 million, with net assets of $1,067.1 million, reflecting a quarterly change in GAAP net asset value per share of -2.4%[2] - Net investment income for the quarter was $25.0 million, or $0.28 per share, compared to $19.1 million, or $0.31 per share for the same period in 2024, indicating an increase in investment income[17] - For the six months ended March 31, 2025, net investment income totaled $55.0 million, or $0.64 per share, consistent with the same period in 2024[17] - Total investment income for the six months ended March 31, 2025, was $128.9 million, an increase from $82.3 million in the same period of 2024[36] - The company declared distributions of $0.31 per share for the quarter[2] - The company declared distributions of $0.615 per share for the six months ended March 31, 2025, totaling $52.9 million, compared to $36.9 million for the same period in 2024[30] Investment Activities - The company invested $293.3 million in new and existing portfolio companies during the quarter, with a weighted average yield on debt investments of 9.9%[8] - The weighted average yield on debt investments in the portfolio was 10.5% as of March 31, 2025[6] - The company had four portfolio companies on non-accrual status, representing 2.2% of the overall portfolio on a cost basis[6] Expenses and Debt - Total expenses for the quarter were $36.9 million, up from $25.3 million in the same quarter of 2024, primarily due to increased interest expenses and management fees[16] - The annualized weighted average cost of debt decreased to 6.8% for the six months ended March 31, 2025, from 7.1% in the prior year[25] - The company completed a $474.6 million term debt securitization in February 2025, retaining $85.1 million of subordinated notes[24] - The company closed a $301 million debt securitization in April 2025, structured with various classes of loans and notes, expected to be approximately 100% funded at close[32] Asset Management - The company’s total assets increased to $2.471 billion as of March 31, 2025, from $2.109 billion as of September 30, 2024[35] - The net asset value per share decreased to $11.07 as of March 31, 2025, from $11.31 a year earlier[35] - For the six months ended March 31, 2025, the company had cash equivalents of $111.4 million, slightly down from $112.1 million as of September 30, 2024[26] - The company issued 11,562,000 shares and 18,838,000 shares of common stock during the three and six months ended March 31, 2025, raising net proceeds of $131.0 million and $213.2 million, respectively[27] Management and Strategy - PennantPark Floating Rate Capital Ltd. primarily invests in U.S. middle-market companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt[38] - PennantPark Investment Advisers, LLC manages approximately $10 billion of investable capital, including potential leverage, since its inception in 2007[39] - The company provides a comprehensive range of creative and flexible financing solutions to private equity firms and middle-market borrowers[39] Forward-Looking Statements - Forward-looking statements made by the company are subject to risks and uncertainties that could cause actual results to differ materially from expectations[40] - The company does not guarantee future performance or results, and actual outcomes may vary significantly from forward-looking statements[41] - The information provided does not constitute specific legal, tax, or accounting advice, and qualified professionals should be consulted for such matters[42]

MIAMI, May 12, 2025 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) announced today its financial results for the second quarter ended March 31, 2025. HIGHLIGHTSQuarter ended March 31, 2025 (Unaudited)($ in millions, except per share amounts) Assets and Liabilities: Investment portfolio (1) $2,344.1 <td style="ver ...