Pennantpark Floating Rate Capit ( (PFLT) ) has released its Q1 earnings. Here is a breakdown of the information Pennantpark Floating Rate Capit presented to its investors.
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PennantPark Floating Rate Capital Ltd. is a business development company that primarily invests in U.S. middle-market companies through floating rate senior secured loans. The company is managed by PennantPark Investment Advisers, LLC, which offers creative and flexible financing solutions to middle-market borrowers.
In its recent earnings report for the first quarter ending December 31, 2024, PennantPark Floating Rate Capital Ltd. highlighted a solid quarter with a total investment portfolio of $2.19 billion and a net asset value of $962.7 million. The company’s net investment income was reported at $30 million, translating to $0.37 per share, up from $19.4 million or $0.33 per share in the same quarter of the previous year.
Key financial metrics include a weighted average yield on debt investments of 10.6% and a net realized gain of $26.7 million. The company also experienced a net change in unrealized appreciation of $(29.0) million, reflecting market conditions and the operating performance of its portfolio companies. Notably, the company declared distributions of $0.3075 per share.
Looking forward, PennantPark Floating Rate Capital Ltd. has announced a new securitization financing expected to close by early March 2025, which will provide a cost-effective and stable financing structure. The company believes its liquidity and capital resources are sufficient to seize market opportunities and continue growth in its investment objectives.
