PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT)
announced today financial results for the second fiscal quarter
ended March 31, 2022.
HIGHLIGHTS
Quarter ended March 31,
2022 |
|
|
($ in millions, except per
share amounts) |
|
|
|
|
|
Assets and Liabilities: |
|
|
Investment portfolio (1) |
$ |
|
1,192.6 |
|
PSSL investment portfolio |
$ |
|
705.0 |
|
Net assets |
$ |
|
520.0 |
|
GAAP net asset value per share |
$ |
|
12.62 |
|
Quarterly decrease GAAP net asset value per share |
|
|
0.7 |
% |
Adjusted net asset value per share (2) |
$ |
|
12.41 |
|
|
|
|
|
Credit Facility |
$ |
|
249.9 |
|
2023 Notes |
$ |
|
88.3 |
|
2026 Notes |
$ |
|
181.9 |
|
2031 Asset-Backed Debt |
$ |
|
225.8 |
|
Regulatory Debt to Equity |
|
|
1.50x |
|
Regulatory Net Debt to Equity (3) |
|
|
1.40x |
|
GAAP Net Debt to Equity (4) |
|
|
1.34x |
|
|
|
|
|
|
Yield on debt investments at quarter-end |
|
|
7.5 |
% |
Operating Results: |
|
|
|
|
Net investment income |
$ |
|
11.4 |
|
Net investment income per share |
$ |
|
0.29 |
|
Distributions declared per share |
$ |
|
0.285 |
|
|
|
|
|
|
PFLT Portfolio Activity: |
|
|
|
|
Purchases of investments |
$ |
|
113.2 |
|
Sales and repayments of investments |
$ |
|
103.9 |
|
|
|
|
|
|
Number of new portfolio companies invested |
|
|
7 |
|
Number of existing portfolio companies invested |
|
|
29 |
|
Number of ending portfolio companies |
|
|
119 |
|
|
|
|
|
|
PSSL Portfolio Activity: |
|
|
|
|
Purchases of investments |
$ |
|
67.5 |
|
Sales and repayments of investments |
$ |
|
5.3 |
|
(1) Includes investments in PennantPark
Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint
venture, totaling $225.7 million, at fair value.(2) This is a
non-GAAP financial measure. The Company believes that this number
provides useful information to investors and management because it
reflects the Company’s financial performance excluding the impact
of the $8.5 million unrealized loss on our multi-currency senior
secured revolving credit facility, as amended and restated, with
Truist Bank (formerly SunTrust Bank) and other lenders, or the
Credit Facility, and our 4.3% Series A notes due 2023, or the 2023
Notes. The presentation of this additional information is not meant
to be considered in isolation or as a substitute for financial
results prepared in accordance with GAAP. (3) This is a
non-GAAP financial measure. The Company believes that this number
provides useful information to investors and management because it
reflects the Company’s financial performance net of $50.1 million
of cash and cash equivalents. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for financial results prepared in accordance with
GAAP.(4) This is a non-GAAP financial measure. The Company
believes that this number provides useful information to investors
and management because it reflects the Company’s financial
performance including the impact of the $8.5 million unrealized
loss on the Credit Facility and the 2023 Notes net of $50.1 million
of cash and cash equivalents. The presentation of this additional
information is not meant to be considered in isolation or as a
substitute for financial results prepared in accordance with
GAAP.
CONFERENCE CALL AT 9:00 A.M. ET ON MAY
5, 2022
PennantPark Floating Rate Capital Ltd. (“we,”
“our,” “us” or the “Company”) will also host a conference call at
9:00 a.m. (Eastern Time) on Thursday May 5, 2022 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (866) 548-4713 approximately 5-10 minutes prior to the
call. International callers should dial (323) 794-2093. All callers
should reference conference ID #5639720 or PennantPark Floating
Rate Capital Ltd. An archived replay of the call will be available
through May 19, 2022, by calling toll-free (888) 203-1112.
International callers please dial (719) 457-0820. For all phone
replays, please reference conference ID #5639720.
PORTFOLIO AND INVESTMENT
ACTIVITY
“In this market environment we are pleased to be
focused on lower risk, first lien senior secured floating rate
loans to U.S. companies, which are positioned to preserve capital
and protect against rising inflation and interest rates. We believe
that we are an important strategic capital partner who can fuel
growth for companies in the core middle market,” said Art Penn,
Chairman and CEO. “Our substantially upsized PSSL joint venture is
positioned to generate growing Net Investment Income for PFLT.”
As of March 31, 2022, our portfolio totaled
$1,192.6 million, and consisted of $1,031.9 million of first lien
secured debt (including $170.3 million in PSSL), $1.0 million of
second lien secured debt and $159.6 million of preferred and common
equity (including $55.4 million in PSSL). Our debt portfolio
consisted of 100% variable-rate investments. As of March 31, 2022,
we had two portfolio companies on non-accrual, representing 2.5%
and 2.3% of our overall portfolio on a cost and fair value basis,
respectively. Overall, the portfolio had net unrealized
appreciation of $25.4 million. Our overall portfolio consisted of
119 companies with an average investment size of $10.0 million, had
a weighted average yield on debt investments of 7.5%, and was
invested 87% in first lien secured debt (including 14% in PSSL),
less than 1% in second lien secured debt and 13% in preferred and
common equity (including 5% in PSSL). As of March 31, 2022, 99.5%
of the investments held by PSSL were first lien secured debt.
As of September 30, 2021, our portfolio totaled $1,081.6
million, and consisted of $934.4 million of first lien secured debt
(including $140.9 million in PSSL), $8.9 million of second lien
secured debt and $138.3 million of preferred and common equity
(including $44.9 million in PSSL). Our debt portfolio consisted of
99% variable-rate investments. As of September 30, 2021, we
had two portfolio companies on non-accrual, representing 2.7% and
2.6% of our overall portfolio on a cost and fair value basis,
respectively. Overall, the portfolio had net unrealized
depreciation of $11.0 million. Our overall portfolio consisted of
110 companies with an average investment size of $9.8 million, had
a weighted average yield on debt investments of 7.4%, and was
invested 86% in first lien secured debt (including 13% in PSSL), 1%
in second lien secured debt and 13% in preferred and common equity
(including 4% in PSSL). As of September 30, 2021, 99% of the
investments held by PSSL were first lien secured debt.
For the three months ended March 31, 2022, we
invested $113.2 million in seven new and 29 existing portfolio
companies with a weighted average yield on debt investments of
7.2%. Sales and repayments of investments for the three months
ended March 31, 2022 totaled $103.9 million. For the six months
ended March 31, 2022, we invested $448.4 million in 23 new and 65
existing portfolio companies with a weighted average yield on debt
investments of 7.7%. Sales and repayments of investments for the
totaled $342.2 million.
For the three months ended March 31, 2021, we
invested $160.2 million in four new and 17 existing portfolio
companies with a weighted average yield on debt investments of
7.4%. Sales and repayments of investments for the three months
ended March 31, 2021 totaled $172.1 million. For the six months
ended March 31, 2021, we invested $227.2 million in nine new and 34
existing portfolio companies with a weighted average yield on debt
investments of 7.4%. Sales and repayments of investments for the
totaled $281.7 million.
PennantPark Senior Secured Loan Fund I
LLC
As of March 31, 2022, PSSL’s portfolio totaled $705.0 million
and consisted of 87 companies with an average investment size of
$8.1 million and had a weighted average yield on debt investments
of 7.4%. As of September 30, 2021, PSSL’s portfolio totaled
$564.8 million and consisted of 74 companies with an average
investment size of $7.6 million and had a weighted average yield on
debt investments of 7.1%.
For the three months ended March 31, 2022, PSSL invested $67.5
million (including $57.7 million purchased from the Company) in
nine new and two existing portfolio companies with a weighted
average yield on debt investments of 7.2%. Sales and repayments of
investments for the three months ended March 31, 2022 totaled $5.3
million. For the six months ended March 31, 2022, PSSL invested
$197.1 million (including $180.4 million purchased from the
Company) in 21 new and eight existing portfolio companies with a
weighted average yield on debt investments of 7.8%. Sales and
repayments of investments for the six months ended March 31, 2022
totaled $55.7 million.
For the three months ended March 31, 2021, PSSL invested $128.7
million (including $125.2 million purchased from the Company) in 24
new and six existing portfolio companies with a weighted average
yield on debt investments of 7.3%. Sales and repayments of
investments for the three months ended March 31, 2021 totaled $29.6
million. For the six months ended March 31, 2021, PSSL invested
$144.1 million (including $125.2 million purchased from the
Company) in 24 new and 11 existing portfolio companies with a
weighted average yield on debt investments of 7.4%. Sales and
repayments of investments for the six months ended March 31, 2021
totaled $60.2 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and
six months ended March 31, 2022 and 2021.
Investment Income
Investment income for the three and six months ended March 31,
2022 was $24.6 million and $51.0 million, respectively, which was
attributable to $19.9 million and $42.9 million from first lien
secured debt and $4.7 million and $8.1 million from other
investments, respectively. This compares to investment income for
the three and six months ended March 31, 2021 was $19.4 million and
$40.2 million, respectively, which was attributable to $16.6
million and $35.3 million from first lien secured debt and $2.9
million and $4.9 million from other investments, respectively. The
increase in investment income compared to the same periods in the
prior year was primarily due to an increase the size of our
portfolio.
Expenses
Expenses for the three and six months ended March 31, 2022
totaled $13.3 million and $26.9 million, respectively. Base
management fee for the same periods totaled $2.9 million and $5.8
million, incentive fee totaled $2.7 million and $5.9 million, debt
related interest and expenses totaled $6.7 million and $13.3
million and general and administrative expenses totaled $0.8
million and $1.6 million, respectively. Expenses for the three and
six months ended March 31, 2021 totaled $9.5 million and $20.1
million, respectively. Base management fee for the same periods
totaled $2.6 million and $5.3 million, incentive fee totaled $1.3
million and $3.1 million, debt related interest and expenses
totaled $4.8 million and $10.1 million and general and
administrative expenses totaled $0.7 million and $1.4 million,
respectively. The increase in expenses for the three and six months
ended March 31, 2022 compared to the same period in the prior year
was primarily due to an increase in performance-based incentive
fees and debt-related interest and expenses.
Net Investment Income
Net investment income totaled $11.4 million and $24.1 million,
or $0.29 and $0.61 per share, for the three and six months ended
March 31, 2022, respectively. Net investment income totaled $9.9
million and $20.0 million, or $0.26 and $0.52 per share, for the
three and six months ended March 31, 2021, respectively.
Net Realized Gains or
Losses
Sales and repayments of investments for the three and six months
ended March 31, 2022 totaled $103.9 million and $342.2 million,
respectively, and net realized losses totaled $15.5 million and
$12.3 million, respectively. Sales and repayments of investments
for the three and six months ended March 31, 2021 totaled $172.1
million and $281.7 million, respectively, and net realized gains
(losses) totaled $0.5 million and ($2.3) million, respectively. The
change in realized gains/losses was primarily due to changes in the
market conditions of our investments and the values at which they
were realized.
Unrealized Appreciation or Depreciation
on Investments, the Credit Facility and the 2023 Notes
For the three and six months ended March 31, 2022, we reported
net change in unrealized appreciation on investments of $17.5
million and $14.0 million, respectively. For the three and six
months ended March 31, 2021, we reported net change in unrealized
appreciation on investments of $11.8 million and $34.6 million,
respectively. As of March 31, 2022 and September 30, 2021, our
net unrealized appreciation on investments totaled $25.4 million
and $11.0 million, respectively. The net change in unrealized
appreciation on our investments compared to the same period in the
prior year was primarily due to changes in the market conditions of
our investments and the values at which they were held.
For the three and six months ended March 31, 2022, the Credit
Facility and the 2023 Notes had a net change in unrealized
(appreciation) depreciation of $(2.4) million and $1.2 million,
respectively. For the three and six months ended March 31, 2021,
the Credit Facility and the 2023 Notes had a net change in
unrealized (appreciation) of $(10.5) million and $(14.5) million,
respectively. As of March 31, 2022 and September 30, 2021, the
net unrealized depreciation on the Credit Facility and the 2023
Notes totaled $8.5 million and $7.2 million, respectively. The net
change in net unrealized depreciation compared to the same period
in the prior year was primarily due to changes in the capital
markets.
Net Change in Net Assets Resulting from
Operations
Net increase in net assets resulting from operations totaled
$7.2 million and $21.7 million, or $0.18 and $0.55 per share,
respectively, for the three and six months ended March 31, 2022.
Net increase in net assets resulting from operations totaled $11.7
million and $37.8 million, or $0.30 and $0.98 per share,
respectively, for the three and six months ended March 31, 2021.
The decrease in the net change in net assets from operations for
the three and six months ended March 31, 2022 compared to the same
period in the prior year was primarily due to a lower realized and
unrealized change in our investment and debt.
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from proceeds of securities offerings, debt capital and
cash flows from operations, including investment sales and
repayments, and income earned. Our primary use of funds from
operations includes investments in portfolio companies and payments
of fees and other operating expenses we incur. We have used, and
expect to continue to use, our debt capital, proceeds from the
rotation of our portfolio and proceeds from public and private
offerings of securities to finance our investment objectives. For
more information on how the COVID-19 pandemic may impact our
ability to comply with the covenants of the Credit Facility, see
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2022, including “Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations – COVID-19
Developments”.
The annualized weighted average cost of debt for
the six months ended March 31, 2022 and 2021, inclusive of the fee
on the undrawn commitment on the Credit Facility, amendment costs
and debt issuance costs, was 3.2% and 3.4%, respectively. As of
March 31, 2022 and September 30, 2021, we had $50.3 million and
$80.6 million of unused borrowing capacity under the Credit
Facility or our Prior Credit Facility, as applicable, respectively,
subject to leverage and borrowing base restrictions.
As of March 31, 2022 and September 30, 2021, our
wholly owned subsidiary, PennantPark Floating Rate Funding I, LLC,
borrowed $249.7 million and $219.4 million under the Credit
Facility, respectively. The Credit Facility had a weighted average
interest rate of 2.5% and 2.3%, exclusive of the fee on undrawn
commitments as of March 31, 2022 and September 30, 2021,
respectively.
As of March 31, 2022 and September 30,
2021, we had cash equivalents of $50.1 million and $49.8 million,
respectively, available for investing and general corporate
purposes. We believe our liquidity and capital resources are
sufficient to take advantage of market opportunities.
Our operating activities used cash of $102.0
million for the six months ended March 31, 2022, and our financing
activities provided cash of $101.6 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily due
to the issuance of $85 million of our 2026 Add-on Notes, borrowings
under our Credit Facility and proceeds from the ATM.
Our operating activities provided cash of $117.8
million for the six months ended March 31, 2021, and our financing
activities used cash of $107.7 million for the same period. Our
operating activities provided cash primarily from our investment
activities and our financing activities used cash primarily to pay
down our Credit Facility, partially offset by the 2026 Notes
issuance.
RECENT DEVELOPMENTS
On May 2, 2022, the PSSL Credit Facility was amended to, among
other things, to allow PSSL Subsidiary II to borrow up to $325.0
million (increased from $225.0 million) at any one time
outstanding, subject to leverage and borrowing base
restrictions.
DISTRIBUTIONS
During the three and six months ended March 31, 2022, we
declared distributions of $0.285 and $0.57 per share, respectively,
for total distributions of $11.3 and $22.4 million, respectively.
During the three and six months ended March 31, 2021, we declared
distributions of $0.285 and $0.57 per share, respectively, for
total distributions of $11.1 and $22.1 million, respectively. We
monitor available net investment income to determine if a return of
capital for tax purposes may occur for the fiscal year. To the
extent our taxable earnings fall below the total amount of our
distributions for any given fiscal year, stockholders will be
notified of the portion of those distributions deemed to be a tax
return of capital. Tax characteristics of all distributions will be
reported to stockholders subject to information reporting on Form
1099-DIV after the end of each calendar year and in our periodic
reports filed with the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
Quarterly Report on Form 10-Q filed with the SEC, and stockholders
may find such report on its website at
www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS
AND LIABILITIES(in thousands, except per share
data)
|
|
March 31, 2022 |
|
|
September 30, 2021 |
|
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost— $901,437 and
$824,542, respectively |
|
$ |
933,041 |
|
|
$ |
856,806 |
|
Non-controlled, affiliated
investments (cost— $ — and $22,380, respectively |
|
|
— |
|
|
|
7,433 |
|
Controlled, affiliated
investments (cost— $265,824 and $223,714, respectively |
|
|
259,571 |
|
|
|
217,380 |
|
Total investments (cost—
$1,167,262 and $1,070,636, respectively |
|
|
1,192,613 |
|
|
|
1,081,619 |
|
Cash and cash equivalents
(cost—$50,053 and $49,825, respectively) |
|
|
50,064 |
|
|
|
49,826 |
|
Interest receivable |
|
|
5,316 |
|
|
|
5,446 |
|
Receivable for investments
sold |
|
|
38,542 |
|
|
|
33,966 |
|
Prepaid expenses and other
assets |
|
|
1,356 |
|
|
|
— |
|
Total
assets |
|
|
1,287,891 |
|
|
|
1,170,856 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
3,814 |
|
|
|
3,690 |
|
Payable for investments
purchased |
|
|
— |
|
|
|
13,546 |
|
Credit Facility payable, at
fair value (cost—$249,654 and $219,400, respectively) |
|
|
249,910 |
|
|
|
218,852 |
|
2023 Notes payable, at fair
value (par—$97,006 and $117,793, respectively) |
|
|
88,275 |
|
|
|
111,114 |
|
2026 Notes payable, net
(par—$185,000 and $100,000, respectively) |
|
|
181,888 |
|
|
|
97,171 |
|
2031 Asset-Backed Debt, net
(par—$228,000) |
|
|
225,813 |
|
|
|
225,497 |
|
Interest payable on debt |
|
|
6,975 |
|
|
|
5,455 |
|
Base management fee
payable |
|
|
2,945 |
|
|
|
2,707 |
|
Performance-based incentive
fee payable |
|
|
2,704 |
|
|
|
624 |
|
Deferred tax liability |
|
|
5,340 |
|
|
|
— |
|
Accrued other expenses |
|
|
241 |
|
|
|
1,591 |
|
Total
liabilities |
|
|
767,904 |
|
|
|
680,245 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
Common stock, 41,209,566 and
38,880,728 shares issued and outstanding, respectively Par value
$0.001 per share and 100,000,000 shares authorized |
|
|
41 |
|
|
|
39 |
|
Paid-in capital in excess of
par value |
|
|
568,869 |
|
|
|
538,815 |
|
Accumulated deficit |
|
|
(48,924 |
) |
|
|
(48,242 |
) |
Total net
assets |
|
$ |
519,986 |
|
|
$ |
490,611 |
|
Total liabilities and
net assets |
|
$ |
1,287,891 |
|
|
$ |
1,170,856 |
|
Net asset value per
share |
|
$ |
12.62 |
|
|
$ |
12.62 |
|
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data) (Unaudited)
|
|
Three Months Ended March 31, |
|
|
Six Months Ended March 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
16,195 |
|
|
$ |
13,725 |
|
|
$ |
33,052 |
|
|
$ |
29,026 |
|
Dividend |
|
|
577 |
|
|
|
— |
|
|
|
1,154 |
|
|
|
— |
|
Other income |
|
|
686 |
|
|
|
491 |
|
|
|
3,510 |
|
|
|
1,373 |
|
From non-controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
183 |
|
|
|
112 |
|
|
|
280 |
|
Other income |
|
|
— |
|
|
|
102 |
|
|
|
— |
|
|
|
123 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
3,240 |
|
|
|
2,659 |
|
|
|
6,405 |
|
|
|
5,322 |
|
Dividend |
|
|
3,938 |
|
|
|
2,275 |
|
|
|
6,738 |
|
|
|
3,850 |
|
Other Income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
196 |
|
Total investment income |
|
|
24,635 |
|
|
|
19,435 |
|
|
|
50,971 |
|
|
|
40,169 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
2,945 |
|
|
|
2,634 |
|
|
|
5,841 |
|
|
|
5,350 |
|
Performance-based incentive fee |
|
|
2,704 |
|
|
|
1,302 |
|
|
|
5,885 |
|
|
|
3,064 |
|
Interest and expenses on debt |
|
|
6,705 |
|
|
|
4,781 |
|
|
|
13,344 |
|
|
|
10,122 |
|
Administrative services expenses |
|
|
144 |
|
|
|
300 |
|
|
|
287 |
|
|
|
600 |
|
Other general and administrative expenses |
|
|
655 |
|
|
|
400 |
|
|
|
1,309 |
|
|
|
800 |
|
Expenses before provision for taxes |
|
|
13,153 |
|
|
|
9,417 |
|
|
|
26,667 |
|
|
|
19,936 |
|
Provision for taxes on net investment income |
|
|
100 |
|
|
|
100 |
|
|
|
200 |
|
|
|
200 |
|
Total expenses |
|
|
13,253 |
|
|
|
9,517 |
|
|
|
26,867 |
|
|
|
20,136 |
|
Net investment income |
|
|
11,382 |
|
|
|
9,918 |
|
|
|
24,104 |
|
|
|
20,032 |
|
Realized and unrealized
(loss) gain on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
6,920 |
|
|
|
474 |
|
|
|
9,993 |
|
|
|
(1,234 |
) |
Non-controlled and controlled, affiliated investments |
|
|
(22,380 |
) |
|
|
— |
|
|
|
(22,315 |
) |
|
|
(1,052 |
) |
Net realized gain (loss) on investments |
|
|
(15,460 |
) |
|
|
474 |
|
|
|
(12,322 |
) |
|
|
(2,286 |
) |
Net change in unrealized
(depreciation) appreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(5,425 |
) |
|
|
12,151 |
|
|
|
(1,038 |
) |
|
|
34,688 |
|
Controlled and non-controlled, affiliated investments |
|
|
22,913 |
|
|
|
(334 |
) |
|
|
15,029 |
|
|
|
(81 |
) |
Provision for taxes on unrealized appreciation on investments |
|
|
(3,800 |
) |
|
|
— |
|
|
|
(5,340 |
) |
|
|
— |
|
Debt depreciation (appreciation) |
|
|
(2,363 |
) |
|
|
(10,535 |
) |
|
|
1,247 |
|
|
|
(14,549 |
) |
Net change in unrealized (depreciation) appreciation on
investments and debt |
|
|
11,324 |
|
|
|
1,282 |
|
|
|
9,897 |
|
|
|
20,058 |
|
Net realized and
unrealized (loss) gain from investments and debt |
|
|
(4,136 |
) |
|
|
1,755 |
|
|
|
(2,424 |
) |
|
|
17,772 |
|
Net increase in net
assets resulting from operations |
|
$ |
7,246 |
|
|
$ |
11,673 |
|
|
$ |
21,679 |
|
|
$ |
37,804 |
|
Net increase in net assets
resulting from operations per common share |
|
$ |
0.18 |
|
|
$ |
0.30 |
|
|
$ |
0.55 |
|
|
$ |
0.98 |
|
Net investment income per common
share |
|
$ |
0.29 |
|
|
$ |
0.26 |
|
|
$ |
0.61 |
|
|
$ |
0.52 |
|
ABOUT PENNANTPARK FLOATING RATE CAPITAL
LTD.
PennantPark Floating Rate Capital Ltd. is a
business development company which primarily invests in U.S.
middle-market companies in the form of floating rate senior secured
loans, including first lien secured debt, second lien secured debt
and subordinated debt. From time to time, the Company may also
invest in equity investments. PennantPark Floating Rate Capital
Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a
leading middle-market credit platform, managing $6.0 billion of
investable capital, including potential leverage. Since its
inception in 2007, PennantPark Investment Advisers, LLC has
provided investors access to middle-market credit by offering
private equity firms and their portfolio companies as well as other
middle-market borrowers a comprehensive range of creative and
flexible financing solutions. PennantPark Investment Advisers, LLC
is headquartered in Miami and has offices in New York, Chicago,
Houston, and Los Angeles.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. You should understand that under Section
27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section
21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or
the Exchange Act, the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 do not apply to
forward-looking statements made in periodic reports we file under
the Exchange Act. All statements other than statements of
historical facts included in this press release are forward-looking
statements and are not guarantees of future performance or results,
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission as
well as changes in the economy and risks associated with possible
disruption in the Company’s operations or the economy generally due
to terrorism, natural disasters or pandemics such as COVID-19.
PennantPark Floating Rate Capital Ltd. undertakes no duty to update
any forward-looking statement made herein. You should not place
undue influence on such forward-looking statements as such
statements speak only as of the date on which they are made.
We may use words such as “anticipates,”
“believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and
similar expressions to identify forward-looking statements. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations.
CONTACT: |
Richard Cheung |
|
PennantPark Floating Rate Capital Ltd. |
|
(212) 905-1000 |
|
www.pennantpark.com |
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