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Pennantpark Floating Rate Capital Ltd. - PFLT | ValueForum Member Stock Ratings

Last rating update for PFLT was made by a ValueForum member on Dec. 31 2020, 10:57 AM ET. Factoring this and past ratings, on average PFLT is rated 1.50 on a scale of Strong Buy (1.00) to Strong Sell (5.00) by 2 different member(s) of ValueForum.com. Full rating pages available to members only (click here) contain additional rating information including commentary by the 2 member(s) who entered the ratings. These ratings are posted by site users; this content is not intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by ValueForum.com

PENNANTPARK FLOATING RATE CAPITAL LTD. (NASD: PFLT)
Last Trade
4:00 p.m. - 11.34
Change
 0.125 ( 1.09%)
Shares Traded
1,388
Day's Volume
181,529
Book Value
NA
Price/Book
NA
Beta
0.8613
Day's Range
11.2701 - 11.48
Prev Close
11.465
Open
11.38
52 Wk Range
3.34 - 12.67
EPS
0.47
PE
24.13
Monthly Div/Shr
0.095
Ex-Div
01/15/21
Yield
10.05%
Shares Out.
38.77M
Market Cap.
439.68M
  • 1 Year Stock Performance:

CAGR - Chart the growth of a $10K investment in PFLT

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Thu, 14 Jan 2021
15:20:00 +0000
Analyzing PennantPark Floating Rate's Ex-Dividend Date
On January 5, 2021, PennantPark Floating Rate (NASDAQ:PFLT) declared a dividend payable on February 1, 2021 to its shareholders. PennantPark Floating Rate also announced that shareholders on the company's books on or before January 19, 2021 are entitled to the dividend. The stock will then go ex-dividend 2 business day(s) before the record date. The ex-dividend date for PennantPark Floating Rate will be on January 15, 2021. The company's current dividend payout is at $0.1. That equates to a dividend yield of 10.9% at current price levels.What Is An Ex-Dividend Date? An ex-dividend date is when a company's shares stop trading with its current dividend payout in preparation for the company to announce a new one. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Most ex-dividend dates operate on a quarterly basis.PennantPark Floating Rate's Dividend History Over the past year, PennantPark Floating Rate has experienced no change regarding its dividend payouts and a downward trend regarding its yields. Last year on September 16, 2020 the company's payout was $0.1, which has returned to its value today. PennantPark Floating Rate's dividend yield last year was 13.36%, which has since decreased by 2.46%. Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.To read more news on PennantPark Floating Rate click here.See more from Benzinga * Click here for options trades from Benzinga * Ex-Dividend Date Insight: Source Capital * Ex-Dividend Date Insight: Cushing Renaissance Fund(C) 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tue, 12 Jan 2021
21:05:00 +0000
PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of First Fiscal Quarter 2021 Results
NEW YORK, Jan. 12, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE:PFLT) announced that it will report results for the first fiscal quarter ended December 31, 2020 on Tuesday, February 9, 2021 after the close of the financial markets. The Company will also host a conference call at 10:00 a.m. (Eastern Time) on Wednesday, February 10, 2021 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (800) 239-9838 approximately 5-10 minutes prior to the call. International callers should dial (323) 794-2551. All callers should reference conference ID 2336989 or PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through February 24, 2021 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 2336989.ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private 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, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management.  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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. 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.CONTACT: Aviv Efrat PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com
Tue, 05 Jan 2021
21:05:00 +0000
PennantPark Floating Rate Capital Ltd. Announces Monthly Distribution of $0.095 per Share
NEW YORK, Jan. 05, 2021 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE: PFLT) declares its monthly distribution for January 2021 of $0.095 per share, payable on February 1, 2021 to stockholders of record as of January 19, 2021. The distribution is expected to be paid from taxable net investment income. The final specific tax characteristics of the distribution will be reported to stockholders on Form 1099 after the end of the calendar year and in the Company's periodic report filed with the Securities and Exchange Commission. The Company, which operates as a regulated investment company (“RIC”), generates qualified interest income and short-term capital gains that may be exempt from U.S. withholding tax when distributed to non-U.S. stockholders. The U.S. tax law permits a RIC to report the portion of distributions paid that represents interest-related dividends as exempt from U.S. withholding tax when paid to non-U.S. stockholders with proper documentation.The specific tax characteristics of this distribution can be found on our website www.pennantpark.com.ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private 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, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management.  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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis 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 and Section 21E(b)(2)(B) of 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 PennantPark Floating Rate Capital Ltd. files 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. 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.The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.CONTACT: Aviv Efrat PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com
Thu, 24 Dec 2020
21:05:00 +0000
PennantPark Floating Rate Capital Ltd.’s Unconsolidated Joint Venture, PennantPark Senior Secured Loan Fund I, LLC Prices $300.7 Million CLO
NEW YORK, Dec. 24, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the “Company”) (NASDAQ: PFLT) (TASE: PFLT) today announced that PennantPark Senior Secured Loan Fund I, LLC, “PSSL”, through PSSL’s wholly-owned and consolidated subsidiary, PennantPark CLO II, Ltd. has priced a three-year reinvestment period, eleven-year final maturity $300.7 million debt securitization in the form of a collateralized loan obligation (“CLO”). The debt issued in the CLO (the “Debt”) is structured in the following manner: ClassPar Amount ($ in millions) % of Capital StructureCouponExpected Rating (S&P)Issuance Price A-1 Notes41,000,000 13.6%3 Mo LIBOR + 1.90%AAA100.0% A-1 Loans130,000,000 43.2%3 Mo LIBOR + 1.90%AAA100.0% A-26,000,000 2.0%3 Mo LIBOR + 2.25%AAA100.0% B-115,500,000 5.2%3 Mo LIBOR + 2.60%AA100.0% B-28,500,000 2.8%3.14%AA100.0% C27,000,000 9.0%3 Mo LIBOR + 4.25%A100.0% D18,000,000 6.0%3 Mo LIBOR + 6.50%BBB-100.0% E18,000,000 6.0%NABB-NA Sub Notes36,700,000 12.2% NRNA Total300,700,000      PSSL will retain all the Class E Notes and Subordinated Notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in January 2024 and the Debt is scheduled to mature in January 2032. The term debt securitization is expected to be approximately 95% funded at close. The proceeds from the Debt will be used to repay a portion of PSSL’s $325 million secured credit facility. The notes offered as part of the term debt securitization have not been and will not be registered under the Securities Act of 1933, as amended, or the Securities Act, or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSSL. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private 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 SENIOR SECURED LOAN FUND I, LLCPennantPark Senior Secured Loan Fund I LLC, is a joint venture between PennantPark Floating Rate Capital Ltd. and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, and primarily invests in U.S. middle-market companies whose debt is rated below investment grade.ABOUT PENNANTPARK INVESTMENT ADVISERS, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.5 billion of assets under management.  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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis 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 and Section 21E(b)(2)(B) of 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 PennantPark Floating Rate Capital Ltd. files 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. 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.CONTACT: Aviv Efrat PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com
Thu, 19 Nov 2020
13:15:00 +0000
PennantPark Floating Rate Capital Ltd. to Host Earnings Call
NEW YORK, NY / ACCESSWIRE / November 19, 2020 / PennantPark Floating Rate Capital Ltd.
Wed, 18 Nov 2020
22:25:10 +0000
PennantPark (PFLT) Surpasses Q4 Earnings Estimates
PennantPark (PFLT) delivered earnings and revenue surprises of 3.85% and -1.77%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 18 Nov 2020
21:24:45 +0000
Recap: PennantPark Floating Rate Q4 Earnings
Shares of PennantPark Floating Rate (NASDAQ:PFLT) were flat in after-market trading after the company reported Q4 results.Quarterly Results Earnings per share were down 6.90% over the past year to $0.27, which beat the estimate of $0.26.Revenue of $21,752,000 decreased by 8.92% year over year, which missed the estimate of $21,870,000.Guidance Earnings guidance hasn't been issued by the company for now.View more earnings on PFLTPennantPark Floating Rate hasn't issued any revenue guidance for the time being.Recent Stock Performance 52-week high: $12.67Company's 52-week low was at $3.34Price action over last quarter: Up 12.85%Company Profile PennantPark Floating Rate Capital Ltd is a closed-end, externally managed, non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing in Floating Rate Loans and other investments made to U.S. middle-market companies. The company believes that Floating Rate Loans to U.S. middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies and the potential for rising interest rates.See more from Benzinga * Click here for options trades from Benzinga * Earnings Scheduled For November 18, 2020 * Earnings Preview: PennantPark Floating Rate(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 18 Nov 2020
21:05:00 +0000
PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2020
NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT) announced today financial results for the fourth quarter and fiscal year ended September 30, 2020. HIGHLIGHTS Quarter ended September 30, 2020 ($ in millions, except per share amounts)Assets and Liabilities:    Investment portfolio (1)$1,086.9  PSSL investment portfolio$393.0  Net assets$477.3  GAAP net asset value per share$12.31  Increase in GAAP net asset value per share 1.2% Adjusted net asset value per share (2)$11.81  Increase in adjusted net asset value per share (2) 3.2%      Credit Facility$299.0  2023 Notes$129.3  2031 Asset-Backed Debt$224.9  Regulatory Debt to Equity 1.48x  Regulatory Net Debt to Equity (3) 1.35x  GAAP Net Debt to Equity (4) 1.25x       Yield on debt investments at quarter-end 7.3%  Quarter Ended September 30, 2020 Year Ended September 30, 2020 Operating Results:      Net investment income$10.3 $43.4 GAAP net investment income per share$0.27 $1.12 Distributions declared per share$0.285 $1.14        Portfolio Activity:      Purchases of investments$15.3 $436.7 Sales and repayments of investments$49.7 $396.9        Number of new portfolio companies invested1 19 Number of existing portfolio companies invested9 95 Number of ending portfolio companies102 102 ________________________(1)Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $165.3 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 $19.5 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 $57.5 million of cash and 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 $19.5 million unrealized loss on the Credit Facility and the 2023 Notes net of $57.5 million of cash and 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 10:00 A.M. EST ON NOVEMBER 19, 2020 PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or the “Company”) will host a conference call at 10:00 a.m. (Eastern Standard Time) on Thursday, November 19, 2020 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (323) 701-0225. All callers should reference conference ID 1987679 or PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through December 3, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 1987679.PORTFOLIO AND INVESTMENT ACTIVITY“We are pleased with the strong performance of our portfolio over the last few quarters, despite challenging economic conditions,” said Arthur Penn, Chairman and CEO. “We believe that the combination of solid portfolio performance, several significant equity positions of high growth companies as well as continuing optimization of financing should bolster our NAV and Net Investment Income over time.”As of September 30, 2020, our portfolio totaled $1,086.9 million and consisted of $968.6 million of first lien secured debt (including $125.4 million in PSSL), $29.9 million of second lien secured debt and $88.4 million of preferred and common equity (including $39.9 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of September 30, 2020, we had three portfolio companies on non-accrual, representing 2.1% and 1.8% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $29.9 million. Our overall portfolio consisted of 102 companies with an average investment size of $10.7 million, had a weighted average yield on debt investments of 7.3%, and was invested 89% in first lien secured debt (including 12% in PSSL), 3% in second lien secured debt and 8% in preferred and common equity (including 4% in PSSL). As of September 30, 2020, 97% of the investments held by PSSL were first lien secured debt. For more information on how the COVID-19 pandemic has affected our business and results of operations, see our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.As of September 30, 2019, our portfolio totaled $1,081.7 million and consisted of $944.9 million of first lien secured debt (including $122.2 million in PSSL), $34.4 million of second lien secured debt and $102.4 million of preferred and common equity (including $50.0 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of September 30, 2019, we had one portfolio company on non-accrual, representing 0.4% and zero of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $3.5 million. Our overall portfolio consisted of 95 companies with an average investment size of $11.4 million, had a weighted average yield on debt investments of 8.7%, and was invested 87% in first lien secured debt (including 11% in PSSL), 3% in second lien secured debt and 10% in preferred and common equity (including 5% in PSSL). As of September 30, 2019, 97% of the investments held by PSSL were first lien secured debt.For the three months ended September 30, 2020, we invested $15.3 million in one new and nine existing portfolio companies with a weighted average yield on debt investments of 7.8%. Sales and repayments of investments for the same period totaled $49.7 million. This compares to the three months ended September 30, 2019, in which we invested $140.6 million in six new and 23 existing portfolio companies with a weighted average yield on debt investments of 8.5%. Sales and repayments of investments for the same period totaled $127.1 million.For the year ended September 30, 2020, we invested $436.7 million in 19 new and 95 existing portfolio companies with a weighted average yield on debt investments of 8.0%. Sales and repayments of investments for the same period totaled $396.9 million.For the year ended September 30, 2019, we invested $640.1 million in 28 new and 83 existing portfolio companies with a weighted average yield on debt investments of 8.8%. Sales and repayments of investments for the same period totaled $527.3 million.PennantPark Senior Secured Loan Fund I LLCAs of September 30, 2020, PSSL’s portfolio totaled $393.0 million, consisted of 45 companies with an average investment size of $8.7 million and had a weighted average yield on debt investments of 6.8%. As of September 30, 2019, PSSL’s portfolio totaled $488.5 million, consisted of 45 companies with an average investment size of $10.9 million and had a weighted average yield on debt investments of 7.6%.For the three months ended September 30, 2020, PSSL did not make any investments. PSSL’s sales and repayments of investments for the same period totaled $69.9 million. For the three months ended September 30, 2019, PSSL invested $52.6 million (including $31.8 million purchased from the Company) in five new and three existing portfolio companies with a weighted average yield on debt investments of 7.8%. PSSL’s sales and repayments of investments for the same period totaled $31.8 million.For the year ended September 30, 2020, PSSL invested $87.1 million (of which $86.7 million was purchased from the Company) in 11 new and two existing portfolio companies with a weighted average yield on debt investments of 7.4%. PSSL’s sales and repayments of investments for the same period totaled $172.6 million.For the year ended September 30, 2019, PSSL invested $228.6 million (of which $89.6 million was purchased from the Company) in 16 new and 16 existing portfolio companies with a weighted average yield on debt investments of 8.1%. PSSL’s sales and repayments of investments for the same period totaled $159.9 million.RECENT DEVELOPMENTSSubsequent to September 30, 2020, our portfolio company, Cano Health, LLC (ITC Rumba, LLC), entered into a business combination agreement with Jaws Acquisition Corp (“JWS”), a special purpose acquisition vehicle, and other parties, subject to certain closing conditions, with an expected closing late first quarter or early second quarter 2021. Based on the closing stock price of JWS on November 13, 2020, our $2.3 million common stock fair valuation as of September 30, 2020 would increase to an estimated $9.0 million, which includes a combination of cash and stock, assuming the transaction closes based on the agreed terms. This would represent a net asset value increase of $0.17 per share, as of November 13, 2020. Our shares are owned by a limited partnership controlled by the financial sponsor and are subject to customary lock up restrictions. As a result, the fair value on December 31, 2020, may likely include an illiquidity discount not in the public trading values indicated above. There can be no assurance that the implied value of our equity interest will be representative of the value ultimately realized on our equity investment.RESULTS OF OPERATIONS Set forth below are the results of operations for the years ended September 30, 2020 and 2019.Investment IncomeInvestment income for the three months ended September 30, 2020 and 2019 was $21.8 million and $23.9 million, respectively, and was primarily attributable to $19.3 million and $22.1 million from first lien secured debt and $2.5 million and $1.8 million from other investments, respectively.Investment income for the year ended September 30, 2020 was $95.5 million and was attributable to $86.8 million from first lien secured debt and $8.7 million from other investments. The increase in investment income over the prior year was primarily due to the growth of our portfolio, partially offset by a decline in LIBOR.Investment income for the year ended September 30, 2019 was $92.9 million and was attributable to $84.0 million from first lien secured debt and $8.9 million from other investments.ExpensesExpenses for the three months ended September 30, 2020 and 2019 totaled $10.3 million and $12.5 million, respectively. Base management fee totaled $2.8 million and $2.7 million, incentive fee totaled $2.1 million and $2.5 million, debt related interest and expenses totaled $5.5 million and $6.3 million, general and administrative expenses totaled $1.0 million and $1.0 million and provision for taxes totaled $0.1 million and zero, respectively, for the same periods.Expenses for the years ended September 30, 2020 and 2019 totaled $52.1 million and $47.5 million, respectively. Base management fee for the same periods totaled $11.4 million and $10.2 million, incentive fee totaled $9.3 million and $6.2 million (including zero on realized gains and $(1.4) million on net unrealized gains accrued but not payable), debt related interest and expenses totaled $27.1 million and $27.1 million (including $4.5 million in Credit Facility amendment fees), general and administrative expenses totaled $3.9 million and $4.0 million and provision for taxes totaled $0.4 million and zero, respectively, for the same periods. The increase in expenses compared to the prior year was primarily due to the growth of our portfolio which resulted in higher Management Fees in the current year.Net Investment IncomeNet investment income totaled $10.3 million, or $0.27 per share, and $11.4 million, or $0.29 per share, for the three months ended September 30, 2020 and 2019, respectively.Net investment income totaled $43.4 million, or $1.12 per share, and $45.5 million, or $1.17 per share, for the years ended September 30, 2020 and 2019, respectively. The decrease in net investment income compared to the prior year was primarily due to higher Management Fees due to growth of our portfolio, partially offset by higher investment income in the current year.Net Realized Gains or LossesSales and repayments of investments for the three months ended September 30, 2020 and 2019 totaled $49.7 million and $127.1 million, respectively. Net realized losses totaled $4.7 million and $15.0 million for the same periods, respectively.Sales and repayments of investments for the years ended September 30, 2020 and 2019 totaled $396.9 million and $527.3 million, respectively. Net realized losses totaled $12.7 million and $31.4 million for the same periods, 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 NotesFor the three months ended September 30, 2020 and 2019, we reported a net change in unrealized appreciation on investments of $19.9 million and $10.6 million, respectively. For the years ended September 30, 2020 and 2019, we reported net change in unrealized depreciation on investments of $26.5 million and $2.6 million, respectively. As of September 30, 2020 and 2019, our net unrealized depreciation on investments totaled $29.9 million and $3.5 million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2020 compared to the prior year was primarily due to changes in the capital market conditions as well as the financial performance of certain portfolio companies primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see our Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.For the three months ended September 30, 2020 and 2019, our Credit Facility and 2023 Notes had a net change in unrealized depreciation of $8.6 million and $0.4 million, respectively. For the years ended September 30, 2020 and 2019, our Credit Facility and the 2023 Notes had a net change in unrealized depreciation (appreciation) of $14.2 million and less than $(0.1) million, respectively. As of September 30, 2020 and 2019, our net unrealized depreciation on our Credit Facility and the 2023 Notes totaled $18.8 million and $4.7 million, respectively. The net change in unrealized depreciation for the year ended September 30, 2020 compared to the prior year was primarily due to changes in the capital markets.Net Change in Net Assets Resulting from OperationsNet change in net assets resulting from operations totaled $17.0 million, or $0.44 per share, and $7.4 million, or $0.19 per share, for the three months ended September 30, 2020 and 2019, respectively.Net change in net assets resulting from operations totaled $18.4 million, or $0.47 per share, and $11.4 million, or $0.29 per share, for the years ended September 30, 2020 and 2019, respectively. The decrease in net assets from operations for the year ended September 30, 2020 compared to the prior year was primarily due to depreciation of the portfolio primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact.LIQUIDITY AND CAPITAL RESOURCESOur 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 Annual Report on Form 10-K for the fiscal year ended September 30, 2020, including “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Item 1A. Risk Factors” therein.The annualized weighted average cost of debt for the years ended September 30, 2020 and 2019, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 3.7% and 5.3%, respectively (excluding amendment and debt issuance costs, such amounts are 3.7% and 4.4%, respectively). As of September 30, 2020 and 2019, we had $211.4 million and $254.7 million of unused borrowing capacity under our Credit Facility, respectively, subject to leverage and borrowing base restrictions.As of September 30, 2020 and 2019, PennantPark Floating Rate Funding I, LLC, or Funding I, had $308.6 million and $265.3 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 2.2% and 4.1%, exclusive of the fee on undrawn commitments, as of September 30, 2020 and 2019, respectively.As of September 30, 2020 and 2019, we had cash equivalents of $57.5 million and $63.3 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 $4.9 million for the year ended September 30, 2020, and our financing activities used cash of $0.9 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities used cash primarily for paying down our Credit Facility and paying distributions to stockholders.Our operating activities used cash of $121.4 million for the year ended September 30, 2019, and our financing activities provided cash of $111.7 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from the issuance of 2031 Asset-Backed Debt.DISTRIBUTIONSDuring both years ended September 30, 2020 and 2019, we declared distributions of $1.14 per share for total distributions of $44.2 million. 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 Securities and Exchange Commission, or the SEC.AVAILABLE INFORMATION The Company makes available on its website its annual report on Form 10-K filed with the SEC and stockholders may find the report on its website at www.pennantpark.com. PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES  September 30, 2020  September 30, 2019  Assets        Investments at fair value        Non-controlled, non-affiliated investments (cost—$915,874,757 and $886,955,156, respectively)$910,552,309  $889,113,264  Non-controlled, affiliated investments (cost—$21,964,181 and $23,645,693, respectively) 11,086,834   20,430,565  Controlled, affiliated investments (cost—$179,112,500 and $174,562,500, respectively) 165,289,324   172,163,080  Total of investments (cost—$1,116,951,438 and $1,085,172,349 , respectively) 1,086,928,467   1,081,706,909  Cash and cash equivalents (cost—$57,534,421 and $63,367,237, respectively) 57,511,928   63,337,728  Interest receivable 3,673,502   3,892,292  Receivable for investments sold —   2,997,546  Prepaid expenses and other assets 173,318   441,337  Total assets 1,148,287,215   1,152,375,812  Liabilities        Distributions payable 3,683,347   3,683,347  Payable for investments purchased 3,800,000   12,033,794  Credit Facility payable, at fair value (cost—$308,598,500 and $265,307,500, respectively) 299,047,275   263,988,583  2023 Notes payable, at fair value (par—$138,579,858 and $138,579,858, respectively) 129,295,008   135,240,084  2031 Asset-Backed Debt, net (par—$228,000,000 and $228,000,000, respectively) 224,866,334   224,321,845  Interest payable on debt 3,601,479   3,275,481  Base management fee payable 2,776,477   2,728,019  Performance-based incentive fee payable 2,071,622   2,532,205  Accrued other expenses 1,875,281   1,514,943  Total liabilities 671,016,823   649,318,301  Commitments and contingencies        Net assets        Common stock, 38,772,074 and 38,772,074 shares issued and outstanding, respectively     Par value $0.001 per share and 100,000,000 shares authorized 38,772   38,772  Paid-in capital in excess of par value 538,151,528   538,632,828  Distributable income (60,919,908)  (35,614,089) Total net assets$477,270,392  $503,057,511  Total liabilities and net assets$1,148,287,215  $1,152,375,812  Net asset value per share$12.31  $12.97  PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS Years Ended September 30,   2020  2019  2018  Investment income:            From non-controlled, non-affiliated investments:            Interest$73,250,887  $69,319,954  $62,469,275  Other income 3,565,134   3,497,784   2,244,895  From non-controlled, affiliated investments:            Interest 882,934   1,237,675   —  Other income 36,170   127,734   —  From controlled, affiliated investments:            Interest 11,801,245   12,464,035   5,302,909  Dividend 5,950,000   6,300,000   2,187,500  Total investment income 95,486,370   92,947,182   72,204,579  Expenses:            Base management fee 11,428,302   10,209,566   8,351,653  Performance-based incentive fee 9,300,311   6,204,112   2,399,249  Interest and expenses on debt 27,108,452   22,540,098   14,359,908  Administrative services expenses 1,400,000   1,550,000   2,000,000  Other general and administrative expenses 2,464,306   2,464,306   2,460,582  Expenses before amendment costs, debt issuance costs and provision for taxes 51,701,371   42,968,082   29,571,392  Credit Facility amendment costs and debt issuance costs —   4,517,292   10,869,098  Provision for taxes 400,000   —   800,000  Total expenses 52,101,371   47,485,374   41,240,490  Net investment income 43,384,999   45,461,808   30,964,089  Realized and unrealized (loss) gain on investments and debt:            Net realized loss on:            Non-controlled, non-affiliated investments (6,998,886)  (18,802,365)  (2,327,118) Controlled and non-controlled, affiliated investments (5,683,145)  (12,621,504)  —  Net realized loss on investments (12,682,031)  (31,423,869)  (2,327,118) Net change in unrealized (depreciation) appreciation on:            Non-controlled, non-affiliated investments (7,390,333)  2,640,050   (3,857,170) Controlled and non-controlled, affiliated investments (19,076,975)  (5,245,396)  960,087  Debt depreciation (appreciation) 14,177,384   (16,487)  7,750,334  Net change in unrealized (depreciation) appreciation on investments and debt (12,289,924)  (2,621,833)  4,853,251  Net realized and unrealized (loss) gain from investments and debt (24,971,955)  (34,045,702)  2,526,133  Net increase in net assets resulting from operations$18,413,044  $11,416,106  $33,490,222  Net increase in net assets resulting from operations per common share$0.47  $0.29  $0.87  Net investment income per common share$1.12  $1.17  $0.81  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, which has approximately $3.5 billion of assets under management. 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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis 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 SEC 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. The Company 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:Aviv Efrat PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com
Tue, 17 Nov 2020
15:18:07 +0000
Earnings Preview: PennantPark Floating Rate
PennantPark Floating Rate (NASDAQ: PFLT) announces its next round of earnings this Wednesday, November 18. Here is Benzinga's everything-that-matters guide for this Wednesday's Q4 earnings announcement.What Are Earnings, Net Income, And Earnings Per Share? Earnings and especially earnings per share (EPS) are useful measures of a company's profitability. Total earnings, which is also referred to as net income, equals total revenue minus total expenses. EPS equals to net income divided by the number of shares outstanding.Earnings And Revenue Sell-side analysts expect PennantPark Floating Rate's EPS to be near $0.26 on sales of $21.87 million. In the same quarter last year, PennantPark Floating Rate reported EPS of $0.29 on revenue of $23.88 million.What Are Analyst Estimates And Earnings Surprises, And Why Do They Matter? Analysts who cover this company will publish forward-looking estimates of its revenue and EPS each quarter. Averaging together every EPS and revenue prediction that each analyst makes about a company in a quarter yields the "consensus estimates." A company posting earnings or revenue above or below the consensus estimate is known as an "earnings surprise" and may move the stock by a considerable margin.View more earnings on PFLTThe Wall Street estimate would represent a 10.34% decline in the company's earnings. Revenue would be down 8.42% from the same quarter last year. Here is how the company's reported EPS has compared to analyst estimates in the past:Quarter Q3 2020 Q2 2020 Q1 2020 Q4 2019 EPS Estimate 0.28 0.29 0.29 0.29 EPS Actual 0.26 0.30 0.29 0.29 Revenue Estimate 25.57 M 25.70 M 24.12 M 23.48 M Revenue Actual 22.77 M 26.33 M 24.64 M 23.88 M Stock Performance Shares of PennantPark Floating Rate were trading at $9.27 as of November 16. Over the last 52-week period, shares are down 22.29%. Given that these returns are generally negative, long-term shareholders are probably upset going into this earnings release.Do not be surprised to see the stock move on comments made during its conference call. PennantPark Floating Rate is scheduled to hold the call at 10:00:00 ET and can be accessed here.See more from Benzinga * Click here for options trades from Benzinga * Ex-Dividend Date Insight: PennantPark Floating Rate(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Fri, 13 Nov 2020
15:16:00 +0000
Ex-Dividend Date Insight: PennantPark Floating Rate
PennantPark Floating Rate (NASDAQ: PFLT) declared a dividend payable on December 1, 2020 to its shareholders as of November 3, 2020. It was also announced that shareholders of PennantPark Floating Rate's stock as of November 17, 2020 are entitled to the dividend. The stock is expected to become ex-dividend 1 business day(s) before the record date. PennantPark Floating Rate, which has a current dividend per share of $0.1, has an ex-dividend date scheduled for November 16, 2020. That equates to a dividend yield of 14.14% at current price levels.Understanding Ex-Dividend Dates'An ex-dividend date is when a company's shares stop trading with its current dividend payout in preparation for the company to announce a new one. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Most ex-dividend dates operate on a quarterly basis.PennantPark Floating Rate's Dividend History Over the past year, PennantPark Floating Rate has seen its dividend payouts remain the same and its yields climb upward overall. Last year on July 15, 2020 the company's payout sat at $0.1, which has returned to its value today. PennantPark Floating Rate's dividend yield last year was 13.64%, which has since grown by 0.5%. Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.Click here to find details on PennantPark Floating Rate's previous dividends.See more from Benzinga * Click here for options trades from Benzinga * Ex-Dividend Date Insight: Adtran * Ex-Dividend Date Insight: Protective Insurance(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Wed, 11 Nov 2020
17:30:05 +0000
Earnings Preview: PennantPark (PFLT) Q4 Earnings Expected to Decline
PennantPark (PFLT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Fri, 30 Oct 2020
16:04:12 +0000
6 of the Best Monthly Dividend Stocks to Fortify Your Portfolio
Stocks that deliver monthly income aren’t that common. Many energy master limited partnerships (MLPs) were monthly dividend payers, but those days are over. And even the best of them aren’t a very good pick right now. That makes finding the best monthly dividend stocks a challenge. But some stocks still do deliver monthly income that are worth your time. They’re usually organized under a business sector like real estate investment trusts (REITs) or business development corporations (BDCs) that are structured for tax purposes so that investors are direct owners in the company and share their net profits as dividends. Even if you’re a growth investor it’s good to have some solid monthly dividend paying stocks in your portfolio just to offset down markets like the one we’re in right now.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Coronavirus Stocks to Buy for the Second Wave And monthly dividends work well with the more typical quarterly dividends, since the cash is rolling in more regularly. Although, each payment is 1/12th the annual dividend rather than 1/4th the dividend. With all of that said, here are six of the best stocks that fit the bill: Horizon Technology Finance Corp (NADSAQ:HRZN) Armour Residential REIT (NYSE:ARR) Gladstone Investment Corp (NASDAQ:GAIN) LTC Properties (NYSE:LTC) PennantPark Floating Rate Capital (NASDAQ:PFLT) Solar Senior Capital (NASDAQ:SUNS) Best Monthly Dividend Stocks: Horizon Technology Finance Corp (HRZN) Source: Shutterstock Alternative financial companies have been on the rise since the market crash in 2008 hamstrung banks and decimated the Wild West venture capital markets. What has grown back is a more measured approach to venture capital that usually goes by the term “alt-financials.” These are non-bank lenders that make capital available for companies that find it hard to get financing through traditional lenders at favorable terms. HRZN focuses on development stage life sciences and technology companies. It will provide up to $25 million in financing for up to 2 years and can also take warrants or success fees as part of its payment. It currently has about a 10% annual dividend it pays monthly. The stock has had its up and downs. On the one hand, it’s in the hottest sectors in the market. On the other, these are small players and risk default in a tough economy. But HRZN has its assets diversified and has a good record of picking the right companies. Armour Residential REIT (ARR) Source: Shutterstock When you think of REITs, you think about companies that own land or properties they lease out to tenants. But there’s another type of REIT that has sprung up that only deals with mortgages and mortgage-backed securities. ARR’s portfolio focuses on mortgages that are underwritten by U.S. government agencies, which also removes a lot risk in its investment portfolio. If a homeowner defaults, the government agency that backs the mortgage has to pay most of that loss, not ARR. This business generates a lot of cash and that means it generates a big dividend yield. That yield now stands around 12.7%. The 10 Best Stocks to Buy for Gen Z Investors Given the fact that the real estate market should be hot for a number of years, with interest rates pinned a record lows, ARR is in a good space. Gladstone Investment Corp (GAIN) Source: Shutterstock This firm has a number of funds inside it that all pay monthly dividends. This is the private-equity fund that focuses on lower middle market companies. GAIN helps with capital, accessing markets and growing the businesses. It generally invests up to $30 million in debt and equity in a company that has between $3 million to $20 million EBITDA. It focuses on stable companies and prides itself on developing long-term relationships with its companies. This stability is a nice hedge in a market as volatile as this one. Once the next economic stimulus is sorted out after the election, GAIN will be a beneficiary. Until then, the stock has a 10% dividend to keep the cash coming. LTC Properties (LTC) Source: Shutterstock There are two long-term trends that were here before the novel coronavirus pandemic and will be here after a vaccine is found and distributed: a graying population and healthcare. LTC is a REIT that for nearly 3 decades has focused its business on these two property sectors. There’s little doubt that once we get out of the current mess we’re in, these two sectors will once again be on the growth track. 7 Penny Stocks to Watch in November Currently, this sector has gone begging as housing REITs and tech stocks have seized the day, but LTC has a foothold in a strong long-term trend that will endure. And its 7% dividend makes it a far more attractive option than parking your cash in the bank. PennantPark Floating Rate Capital (PFLT) Source: Shutterstock Another alt-financial, PFLT provides first lien debt to middle market companies, primarily in the U.S. market. It also supplies some second lien debt and takes equity positions in some companies. Its average investment size is $10.6 million and has a total portfolio of $1.1 billion. PFLT currently has 104 companies in its portfolio that are in 43 industries. Recently, PFLT formed a joint venture with global private markets investor Pantheon to expand its growth opportunities. PFLT stock currently has a big 14.5% dividend and given its well-seasoned management and the quality companies in its portfolio, it should weather the current pandemic well. All of that stacks up to make it one of the best monthly dividend stocks to consider buying now. Solar Senior Capital (SUNS) You may think that this BDC focuses on the solar industry, but it doesn’t. It works with companies that are looking for $5 million to $20 million in capital as either first lien or second lien debt. Its clients are generally U.S.-based companies that are non-cyclical businesses. This keeps reporting and transparency easy. And the non-cyclical model means SUNS doesn’t have to hedge across industries to keep a portfolio balanced when sectors rise and fall. Again, like many of these companies that are financing small- and medium-sized businesses, the current risk is sustaining the economy until it can recover. If the economy seizes, SUNS’s clients will have a tough time repaying their loans. And that will make it tough for SUNS. 7 Coronavirus Stocks to Buy for the Second Wave But SUNS stock already has priced in that risk, so its 9.5% dividend is very attractive and a good source of income. On the date of publication, Louis Navellier has no long positions in any of the stocks in this article. Louis Navellier did not have (either directly or indirectly) any other positions in the securities mentioned in this article.  The InvestorPlace Research Staff member primarily responsible for this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article. Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the “Master Key” to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG Top Stock Picker Reveals His Next 1,000% Winner Radical New Battery Could Dismantle Oil Markets Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company Daily Picks: Stocks to Buy Ahead of the Election The post 6 of the Best Monthly Dividend Stocks to Fortify Your Portfolio appeared first on InvestorPlace.
Wed, 07 Oct 2020
20:05:00 +0000
PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of Fourth Fiscal Quarter 2020 Results
NEW YORK, Oct. 07, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE:PFLT) announced that it will report results for the fourth fiscal quarter ended September 30, 2020 on Wednesday, November 18, 2020 after the close of the financial markets. The Company will also host a conference call at 10:00 a.m. (Eastern Time) on Thursday, November 19, 2020 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (323) 701-0225. All callers should reference conference ID 1987679 or PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through December 3, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 1987679.ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private 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, LLCPennantPark Investment Advisers, LLC is a leading middle market credit platform, which has approximately $3.6 billion of assets under management.  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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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. 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.CONTACT: Aviv Efrat PennantPark Floating Rate Capital Ltd. (212) 905-1000 www.pennantpark.com
Wed, 05 Aug 2020
21:45:09 +0000
PennantPark (PFLT) Q3 Earnings and Revenues Lag Estimates
PennantPark (PFLT) delivered earnings and revenue surprises of -7.14% and -10.59%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?
Wed, 05 Aug 2020
20:05:00 +0000
PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Quarter Ended June 30, 2020
NEW YORK, Aug. 05, 2020 (GLOBE NEWSWIRE) -- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT) announced today financial results for the third fiscal quarter ended June 30, 2020. HIGHLIGHTSQuarter ended June 30, 2020 ($ in millions, except per share amounts)Assets and Liabilities:   Investment portfolio (1)$1,104.4 PSSL investment portfolio$458.5 Net assets$471.3 GAAP net asset value per share$12.16 Increase GAAP net asset value per share 0.3% Adjusted net asset value per share (2)$11.44 Increase in adjusted net asset value per share (2) 3.1%     Credit Facility$340.9 2023 Notes$121.9 2031 Asset-Backed Debt$224.7 Regulatory Debt to Equity 1.62x Regulatory Net Debt to Equity (3) 1.50x GAAP Net Debt to Equity (4) 1.35x     Yield on debt investments at quarter-end 7.4%     Operating Results:   Net investment income$10.2 Net investment income per share$0.26 Distributions declared per share$0.285     Portfolio Activity:   Purchases of investments$14.4 Sales and repayments of investments$104.1     Number of new portfolio companies invested 1 Number of existing portfolio companies invested 18 Number of ending portfolio companies 104 (1) Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $159.4 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 $27.8 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 $53.4 million of cash and 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 $27.8 million unrealized loss on the Credit Facility and the 2023 Notes net of $53.4 million of cash and 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 10:00 A.M. ET ON AUGUST 6, 2020 PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or the “Company”) will host a conference call at 10:00 a.m. (Eastern Time) on Thursday, August 6, 2020 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 6656028 or PennantPark Floating Rate Capital Ltd. An archived replay of the call will be available through August 20, 2020 by calling toll-free (888) 203-1112. International callers please dial (719) 457-0820. For all phone replays, please reference conference ID 6656028.PORTFOLIO AND INVESTMENT ACTIVITY “We are pleased that we accomplished several key goals this past quarter. We achieved a 3% increase in adjusted NAV as well as reduced leverage and increased liquidity,” said Arthur Penn, Chairman and CEO. “We believe our rigorous underwriting process and disciplined investment approach has successfully positioned us to manage through this environment.”As of June 30, 2020, our portfolio totaled $1,104.4 million and consisted of $993.6 million of first lien secured debt (including $123.4 million in PSSL), $31.7 million of second lien secured debt and $79.0 million of preferred and common equity (including $36.0 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of June 30, 2020, we had three portfolio companies on non-accrual, representing 2.2% and 1.8% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $49.9 million. Our overall portfolio consisted of 104 companies with an average investment size of $10.6 million, had a weighted average yield on debt investments of 7.4%, and was invested 90% in first lien secured debt (including 11% in PSSL), 3% in second lien secured debt and 7% in preferred and common equity (including 3% in PSSL). As of June 30, 2020, 98% of the investments held by PSSL were first lien secured debt. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.As of September 30, 2019, our portfolio totaled $1,081.7 million and consisted of $944.9 million of first lien secured debt (including $122.2 million in PSSL), $34.4 million of second lien secured debt and $102.4 million of preferred and common equity (including $50.0 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of September 30, 2019, we had one portfolio company on non-accrual, representing 0.4% and zero of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $3.5 million. Our overall portfolio consisted of 95 companies with an average investment size of $11.4 million, had a weighted average yield on debt investments of 8.7%, and was invested 87% in first lien secured debt (including 11% in PSSL), 3% in second lien secured debt and 10% in preferred and common equity (including 5% in PSSL). As of September 30, 2019, 97% of the investments held by PSSL were first lien secured debt.For the three months ended June 30, 2020, we invested $14.4 million in one new and 18 existing portfolio companies with a weighted average yield on debt investments of 8.1%. Sales and repayments of investments for the three months ended June 30, 2020 totaled $104.1 million. For the nine months ended June 30, 2020, we invested $421.4 million in 18 new and 86 existing portfolio companies with a weighted average yield on debt investments of 8.0%. Sales and repayments of investments for the nine months ended June 30, 2020 totaled $347.2 million.For the three months ended June 30, 2019, we invested $182.7 million in eight new and 14 existing portfolio companies with a weighted average yield on debt investments of 9.3%. Sales and repayments of investments for the three months ended June 30, 2019 totaled $66.6 million. For the nine months ended June 30, 2019, we invested $499.5 million in 22 new and 60 existing portfolio companies with a weighted average yield on debt investments of 8.9%. Sales and repayments of investments for the nine months ended June 30, 2019 totaled $400.1 million.PennantPark Senior Secured Loan Fund I LLCAs of June 30, 2020, PSSL’s portfolio totaled $458.5 million, consisted of 49 companies with an average investment size of $9.4 million and had a weighted average yield on debt investments of 6.8%. As of September 30, 2019, PSSL’s portfolio totaled $488.5 million, consisted of 45 companies with an average investment size of $10.9 million and had a weighted average yield on debt investments of 7.6%.For the three months ended June 30, 2020, PSSL made zero new or follow-on investments. Sales and repayments of investments for the three months ended June 30, 2020 totaled $28.3 million. For the nine months ended June 30, 2020, PSSL invested $87.1 million (including $86.7 million purchased from the Company) in 11 new and two existing portfolio companies with a weighted average yield on debt investments of 7.4%. Sales and repayments of investments for the nine months ended June 30, 2020 totaled $102.6 million.For the three months ended June 30, 2019, PSSL invested $8.4 million in one new and three existing portfolio companies with a weighted average yield on debt investments of 9.0%. PSSL’s sales and repayments of investments for the three months ended June 30, 2019 totaled $39.7 million. For the nine months ended June 30, 2019 PSSL invested $176.0 million (including $57.7 million purchased from the Company) in 11 new and 13 existing portfolio companies with a weighted average yield on debt investments of 8.1%. PSSL’s sales and repayments of investments for the nine months ended June 30, 2019 totaled $128.2 million.RESULTS OF OPERATIONS Set forth below are the results of operations for the three and nine months ended June 30, 2020 and 2019.Investment IncomeInvestment income for the three and nine months ended June 30, 2020 was $22.8 million and $73.7 million, respectively, and was attributable to $21.0 million and $67.5 million from first lien secured debt and $1.8 million and $6.2 million from other investments, respectively. This compares to investment income for the three and nine months ended June 30, 2019, which was $22.9 million and $69.1 million, respectively, and was attributable to $19.9 million and $62.0 million from first lien secured debt and $3.0 million and $7.0 million from other investments, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to the growth of our portfolio.ExpensesExpenses for the three and nine months ended June 30, 2020 totaled $12.6 million and $40.7 million, respectively. Base management fee for the same periods totaled $2.9 million and $8.7 million, incentive fee totaled $2.0 million and $7.2 million, debt related interest and expenses totaled $6.7 million and $21.6 million and general and administrative expenses totaled $1.0 million and $2.9 million, respectively. This compares to expenses for the three and nine months ended June 30, 2019 which totaled $11.5 million and $35.0 million, respectively. Base management fee for the same periods totaled $2.6 million and $7.5 million, incentive fee totaled $2.4 million and $3.7 million (including $(1.4) million on realized and unrealized gains accrued but not payable), debt related interest and expenses totaled $5.7 million and $20.8 million (including $4.5 million in Credit Facility amendment costs), and general and administrative expenses totaled $1.0 million and $3.0 million, respectively. The increase in expenses for the three and nine months ended June 30, 2020 compared to the same periods in the prior year was primarily due to the growth of our portfolio.Net Investment IncomeNet investment income totaled $10.2 million and $33.1 million, or $0.26 and $0.85 per share, for the three and nine months ended June 30, 2020, respectively. Net investment income totaled $11.3 million and $34.1 million, or $0.29 and $0.88 per share, for the three and nine months ended June 30, 2019, respectively.Net Realized Gains or LossesSales and repayments of investments for the three and nine months ended June 30, 2020 totaled $104.1 million and $347.2 million, respectively, and net realized losses totaled $7.4 million and $8.0 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2019 totaled $66.6 million and $400.1 million, respectively, and net realized losses totaled $18.4 million and $16.4 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 NotesFor the three and nine months ended June 30, 2020, we reported net change in unrealized appreciation (depreciation) on investments of $21.9 million and $(46.4) million, respectively. For the three and nine months ended June 30, 2019, we reported net change in unrealized appreciation (depreciation) on investments of $11.9 million and $(13.2) million, respectively. As of June 30, 2020 and September 30, 2019, our net unrealized depreciation on investments totaled $49.9 million and $3.5 million, respectively. The net change in unrealized depreciation on our investments compared to the same periods in the prior year was primarily due to changes in the capital market conditions as well as the financial performance of certain portfolio companies primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.For the three and nine months ended June 30, 2020, the Credit Facility and the 2023 Notes had a net change in unrealized (appreciation) depreciation of $(12.2) million and $22.7 million, respectively. For the three and nine months ended June 30, 2019, the Credit Facility and the 2023 Notes had a net change in unrealized appreciation of $0.4 million and $0.4 million, respectively. As of June 30, 2020 and September 30, 2019, the net unrealized depreciation on the Credit Facility and the 2023 Notes totaled $27.4 million and $4.7 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 OperationsNet change in net assets resulting from operations totaled $12.6 million and $1.4 million, or $0.32 and $0.04 per share, respectively, for the three and nine months ended June 30, 2020. This compares to a net change in net assets resulting from operations of $4.5 million and $4.0 million, or $0.12 and $0.10 per share, respectively, for the three and nine months ended June 30, 2019. The increase in the net change in net assets from operations for the three months ended June 30, 2020 compared to the same period in the prior year was primarily due to changes in the capital markets. The decrease in the net change in net assets from operations for the nine months ended June 30, 2020 compared to the same period in the prior year was primarily due to depreciation of the portfolio primarily driven by the market disruption caused by the COVID-19 pandemic and the uncertainty surrounding its continued adverse economic impact. For more information on how the COVID-19 pandemic has affected our business and results of operations, see the “Effects of COVID-19” section below.LIQUIDITY AND CAPITAL RESOURCESOur 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 the “Effects of COVID-19” section below.The annualized weighted average cost of debt for the nine months ended June 30, 2020 and 2019, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 3.9% and 5.3%, respectively (excluding amendment and debt issuance costs, amounts were 3.9% and 4.4%, respectively). As of June 30, 2020 and September 30, 2019, we had $168.4 million and $254.7 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.As of June 30, 2020 and September 30, 2019, PennantPark Floating Rate Funding I, LLC had $351.6 million and 265.3 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 2.2% and 4.1%, exclusive of the fee on undrawn commitments as of June 30, 2020 and September 30, 2019, respectively.As of June 30, 2020 and September 30, 2019, we had cash equivalents of $53.4 million and $63.3 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 $63.0 million for the nine months ended June 30, 2020, and our financing activities provided cash of $53.1 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from draws on our Credit Facility, partially offset by distributions paid to stockholders.Our operating activities used cash of $96.0 million for the nine months ended June 30, 2019 and our financing activities provided cash of $48.4 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from draws on Credit Facility, partially offset by for distributions paid to stockholders.DISTRIBUTIONSDuring the three and nine months ended June 30, 2020 and 2019, we declared distributions of $0.285 and $0.855 per share, respectively, for total distributions of $11.1 and $33.2 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 Securities and Exchange Commission.EFFECTS OF COVID-19The spread of COVID-19 has had a significant impact on the U.S. economy and has resulted in governmental orders imposing travel restrictions and prolonged closures of many corporate offices, retail stores, manufacturing facilities, factories and other common places of public congregation around the world. These restrictions and “stay-at-home” orders have essentially resulted in the shutdown of all non-essential businesses, as defined by each governmental authority imposing the respective orders. The COVID-19 pandemic has had, and continues to have, an adverse impact on our operating results and the operating results of our portfolio companies. Any future impact to our business and results of operations will depend to a large extent on future developments and new information that may emerge regarding the duration and severity of COVID-19 and the actions taken by authorities and other entities to reduce the spread of the virus, all of which are beyond our control.We had a significant reduction of our net asset value as of June 30, 2020 as compared to our net asset value as of September 30, 2019. This reduction resulted from an increase in the overall net unrealized depreciation of the Company’s portfolio, including unrealized depreciations in the Company's investments, the Credit Facility and the 2023 Notes as of June 30, 2020, which was primarily due to the immediate adverse economic impact of the COVID-19 pandemic, the continuing uncertainty surrounding its long-term effects as well as the re-pricing of credit risk in the broadly syndicated credit market. As of June 30, 2020, we are in compliance with asset coverage requirements under the Investment Company Act of 1940, as amended. In addition, we are not in default of any asset coverage requirements under the Credit Facility as of June 30, 2020. However, any continued increase in unrealized depreciation of our investment portfolio or further significant reductions in our net asset value, as a result of the effects of the COVID-19 pandemic or otherwise, increases the risk of breaching the relevant covenants. As such, we may run into liquidity issues in the future if we are unable to draw on the unused borrowing capacity under our Credit Facility due the breach of financial covenants.We will continue to monitor the rapidly evolving situation surrounding the COVID-19 pandemic and guidance from U.S. and international authorities, including federal, state and local public health authorities, and may take further actions based on their recommendations. There may be developments outside our control requiring us to adjust our plans accordingly. While we are closely monitoring this situation, we cannot predict the impact of COVID-19 on our future financial condition, results of operations or cash flows with any level of certainty. However, we expect that the COVID-19 pandemic will continue to have a material adverse impact on our future net investment income, the fair value of our portfolio investments, and the results of operations and financial condition of our portfolio companies. For information concerning the COVID-19 pandemic and its potential impact on our business and our operating results, see our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, including “Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations – COVID-19 Developments” and “Part II - Other Information – Item 1A. Risk Factors” therein.AVAILABLE INFORMATION The Company makes available on its website its report on Form 10-Q filed with the SEC and stockholders may find the report on its website at www.pennantpark.com.PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES June 30, 2020  September 30, 2019   (unaudited)      Assets        Investments at fair value        Non-controlled, non-affiliated investments (cost—$956,767,973 and $886,955,156, respectively)$935,279,231  $889,113,264  Non-controlled, affiliated investments (cost—$21,136,074 and $23,645,693, respectively) 9,677,605   20,430,565  Controlled, affiliated investments (cost—$176,312,500 and $174,562,500, respectively) 159,396,415   172,163,080  Total of investments (cost—$1,154,216,547 and $1,085,172,349, respectively) 1,104,353,251   1,081,706,909  Cash and cash equivalents (cost—$53,473,103 and $63,367,237, respectively) 53,405,925   63,337,728  Receivable for investments sold 8,441,713   2,997,546  Interest receivable 3,626,998   3,892,292  Distribution receivable from controlled, affiliated investment 1,225,000   —  Prepaid expenses and other assets 614,370   441,337  Total assets 1,171,667,257   1,152,375,812  Liabilities        Distributions payable 3,683,347   3,683,347  Payable for investments purchased —   12,033,794  Credit Facility payable, at fair value (cost—$351,598,500 and $265,307,500, respectively) 340,926,080   263,988,583  2023 Notes payable, at fair value (par—$138,579,858) 121,853,269   135,240,084  2031 Asset-Backed Debt, net (par—$228,000,000) 224,708,624   224,321,845  Interest payable on debt 2,644,746   3,275,481  Base management fee payable 2,872,725   2,728,019  Performance-based incentive fee payable 1,975,831   2,532,205  Accrued other expenses 1,668,257   1,514,943  Total liabilities 700,332,879   649,318,301  Commitments and contingencies        Net assets        Common stock, 38,772,074 shares issued and outstanding Par value $0.001 per share and 100,000,000 shares authorized 38,772   38,772  Paid-in capital in excess of par value 538,632,828   538,632,828  Distributable income (67,337,222)  (35,614,089) Total net assets$471,334,378  $503,057,511  Total liabilities and net assets$1,171,667,257  $1,152,375,812  Net asset value per share$12.16  $12.97  PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES  CONSOLIDATED STATEMENTS OF OPERATIONS  (Unaudited) Three Months Ended June 30,  Nine Months Ended June 30,   2020  2019  2020  2019  Investment income:                From non-controlled, non-affiliated investments:                Interest$17,543,157  $16,670,408  $56,760,434  $50,888,582  Other income 820,997   974,760   2,734,600   2,971,768  From non-controlled, affiliated investments:                Interest 195,904   305,217   655,029   1,082,208  Other income 36,170   109,863   36,170   124,734  From controlled, affiliated investments:                Interest 2,944,290   3,240,760   9,169,399   9,273,287  Dividend 1,225,000   1,575,000   4,375,000   4,725,000  Total investment income 22,765,518   22,876,008   73,730,632   69,065,579  Expenses:                Base management fee 2,872,725   2,564,074   8,651,825   7,481,546  Performance-based incentive fee 1,975,831   2,350,270   7,228,690   3,671,908  Interest and expenses on debt 6,653,045   5,663,183   21,586,859   16,284,841  Administrative services expenses 350,000   350,000   1,050,000   1,200,000  Other general and administrative expenses 616,077   616,077   1,848,230   1,848,229  Expenses before amendment costs, debt issuance costs and provision for taxes: 12,467,678   11,543,604   40,365,604   30,486,524  Credit Facility amendment costs and debt issuance costs —   —   —   4,517,292  Provision for taxes 100,000   —   300,000   —  Total expenses 12,567,678   11,543,604   40,665,604   35,003,816  Net investment income 10,197,840   11,332,404   33,065,028   34,061,763  Realized and unrealized gain (loss) on investments and debt:                Net realized loss on investments:                Non-controlled, non-affiliated investments (1,694,710)  (11,230,236)  (2,281,683)  (9,227,422) Non-controlled and controlled, affiliated investments (5,683,145)  (7,164,304)  (5,683,145)  (7,164,304) Net realized loss on investments (7,377,855)  (18,394,540)  (7,964,828)  (16,391,726) Net change in unrealized appreciation (depreciation) on:                Non-controlled, non-affiliated investments 13,962,606   8,492,044   (23,662,521)  (9,292,141) Controlled and non-controlled, affiliated investments 7,931,471   3,444,481   (22,751,006)  (3,892,061) Debt (appreciation) depreciation (12,158,917)  (355,573)  22,740,317   (443,549) Net change in unrealized appreciation (depreciation) on investments and debt 9,735,160   11,580,952   (23,673,210)  (13,627,751) Net realized and unrealized gain (loss) from investments and debt 2,357,305   (6,813,588)  (31,638,038)  (30,019,477) Net increase in net assets resulting from operations$12,555,145  $4,518,816  $1,426,990  $4,042,286  Net increase in net assets resulting from operations per common share$0.32  $0.12  $0.04  $0.10  Net investment income per common share$0.26  $0.29  $0.85  $0.88  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, which has approximately $3.6 billion of assets under management. 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 New York and has offices in Chicago, Houston and Los Angeles.FORWARD-LOOKING STATEMENTSThis 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: Aviv Efrat    PennantPark Floating Rate Capital Ltd.   (212) 905-1000   www.pennantpark.com
Wed, 29 Jul 2020
16:33:04 +0000
Analysts Estimate PennantPark (PFLT) to Report a Decline in Earnings: What to Look Out for
PennantPark (PFLT) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Thu, 09 Jul 2020
20:05:10 +0000
PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of Third Fiscal Quarter 2020 Results
NEW YORK, July 09, 2020 -- PennantPark Floating Rate Capital Ltd. (the "Company") (NASDAQ: PFLT) (TASE:PFLT) announced that it will report results for the third fiscal quarter.
Tue, 26 May 2020
16:55:27 +0000
Edited Transcript of PFLT earnings conference call or presentation 12-May-20 2:00pm GMT
Q2 2020 PennantPark Floating Rate Capital Ltd Earnings Call
Tue, 12 May 2020
00:55:12 +0000
PennantPark (PFLT) Tops Q2 Earnings and Revenue Estimates
PennantPark (PFLT) delivered earnings and revenue surprises of 7.14% and 6.64%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Mon, 11 May 2020
20:05:10 +0000
PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Quarter Ended March 31, 2020
NEW YORK, May 11, 2020 -- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT) announced today financial results for the second fiscal quarter ended March 31,.

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Pennantpark Floating Rate Capital Ltd. (PFLT)