PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Third Quarter Ended June 30, 2025

Core Viewpoint - PennantPark Floating Rate Capital Ltd. reported its financial results for the third fiscal quarter ended June 30, 2025, highlighting growth in net investment income and portfolio activity despite a slight decline in net asset value per share [1][2]. Financial Results - The investment portfolio totaled $2,403.5 million, with net assets at $1,087.5 million and a net asset value per share of $10.96, reflecting a quarterly change of -1.0% [2]. - Net investment income for the quarter was $24.6 million, or $0.25 per share, compared to $21.2 million, or $0.31 per share, for the same period in 2024 [17]. - Total investment income for the quarter was $63.5 million, up from $48.5 million in the previous year, primarily due to an increase in the size of the debt portfolio [15]. Portfolio Activity - The company invested $208.1 million in new and existing portfolio companies during the quarter, with a weighted average yield on debt investments of 10.1% [8]. - As of June 30, 2025, the portfolio consisted of 155 companies with an average investment size of $15.5 million and a weighted average yield on debt investments of 10.4% [6]. - The company announced the formation of a new joint venture, PSSL II, with Hamilton Lane, aimed at investing in middle-market loans [32][33]. Debt and Financing - The company amended its credit facility in April 2025, reducing pricing and extending the reinvestment period and maturity date [24]. - As of June 30, 2025, the company had $419.1 million of unused borrowing capacity under the credit facility [23]. - The annualized weighted average cost of debt was 7.0% for the nine months ended June 30, 2025, compared to 7.3% for the same period in 2024 [23]. Distributions - Distributions declared per share for the quarter were $0.31, totaling $30.5 million, compared to $21.0 million for the same period in 2024 [31].