PennantPark Floating Rate Capital Ltd.

Listed Company

PFLTCIK 0001504619NYSELarge AcceleratedFY ends Sep 30

Period

FY 2025

Revenue

—

Net Income

$66.36M

Total Assets

$2.91B

Equity

$1.07B

Shares Out

99.22M

Op. Cash Flow

$-720.58M

Business

PennantPark Floating Rate Capital Ltd. is a closed-end business development company that invests primarily in floating rate loans and other debt and equity interests in middle-market companies to generate current income and capital appreciation while seeking to preserve capital. It offers primarily first lien secured floating rate loans, and opportunistically second lien secured debt, subordinated debt and limited equity investments, as well as related origination, structuring and monitoring services. The company operates through its managed portfolio, wholly owned subsidiaries, unconsolidated joint ventures and limited partnerships and is externally managed by PennantPark Investment Advisers. Its investments are concentrated in U.S. middle-market companies across a wide range of industries and are distributed through private negotiated transactions and securitizations.

Summary from filing dated 2025-11-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total investment income	261	186	139	105	83
Interest and expenses on debt	93	59	38	30	22
Performance-based incentive fee	26	18	17	12	5
Base management fee	23	15	11	12	11
General and administrative expenses	5	4	3	3	1
Administrative services expenses	3	2	999,000	575,000	900,000
Expenses before amendment costs, debt issuance costs and provision for taxes	150	99	71	57	40
Credit Facility amendment costs and debt issuance costs	3	9	0	0	3
Provision for taxes on net investment income	875,000	1	984,000	400,000	400,000
Total expenses	154	109	72	57	43
Net investment income	107	78	67	49	40
Investments	−6	222,000	−16	—	—
Realized loss on debt extinguishment	0	−383,000	0	0	—
Provision for taxes on realized gain on investments	−105,000	−45,000	−263,000	0	0
Net realized gain (loss) on investments and debt	−6	−206,000	−16	−11	−13
Net change in unrealized (appreciation) depreciation on debt	−35	14	−13	—	—
Provision for taxes on unrealized appreciation (depreciation) on investments	−200,000	100,000	3	−5	0
Net change in unrealized appreciation (depreciation) on debt	43,000	−26,000	−2	−5	−12
Net change in unrealized appreciation (depreciation) on investments and debt	−35	14	−12	−34	30
Net realized and unrealized gain (loss) from investments and debt	−41	14	−28	−45	17
Net increase in net assets resulting from operations	66	92	39	3	57
Net increase in net assets resulting from operations per common share	0.72	1.4	0.77	0.08	1.46
Net investment income per common share	1.16	1.18	1.33	1.18	1.02

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31	FY 2024 2024-09-30
Total investments	2,773	—	—	—	1,984
Cash and Cash Equivalents, Cost	123	—	—	—	112
Interest receivable	14	—	—	—	12
Receivable for investments sold	1	—	—	—	0
Distributions receivable	0	—	—	—	635,000
Due from affiliate	321,000	—	—	—	291,000
Prepaid expenses and other assets	2	—	—	—	198,000
Total assets	2,914	—	—	—	2,109
Credit Facility payable, at fair value (cost-$443,885 and $9,400, respectively)	684	—	—	—	444
Payable for investments purchased	15	—	—	—	20
Interest payable on debt	19	—	—	—	15
Distributions payable	10	—	—	—	8
Base management fee payable	7	—	—	—	5
Incentive fee payable	7	—	—	—	3
Accounts payable and accrued expenses	2	—	—	—	2
Deferred tax liability	2	—	—	—	2
Due to Affiliates	739,000	—	—	—	0
Total liabilities	1,839	—	—	—	1,232
Commitments and contingencies (See Note 12)	—	—	—	—	—
Common stock, 77,579,896 and 58,734,702 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized	99,000	—	—	—	78,000
Paid-in capital in excess of par value	1,220	—	—	—	977
Accumulated deficit	−145	—	—	—	−100
Total net assets	1,075	—	—	—	877
Total liabilities and net assets	2,914	—	—	—	2,109
Net asset value per share	10.83	10.96	11.07	11.34	11.31

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net change in unrealized appreciation (depreciation) on debt	−43,000	26,000	2	—	—
Net realized (gain) loss on investments	6	−222,000	16	11	—
Net accretion of discount and amortization of premium	−9	−5	−5	−4	−3
Purchases of investments	−1,734	−1,408	−325	−608	−661
Payment-in-kind interest	−5	−4	−1	—	—
Proceeds from dispositions of investments	918	514	399	495	702
Amortization of deferred financing costs	2	2	1	737,000	961,000
Interest receivable	−2	−2	−3	−2	−2
Receivable for investments sold	−1	0	3	31	−34
Distribution receivable	635,000	−70,000	−565,000	0	0
Prepaid expenses and other assets	−2	696,000	−146,000	−748,000	173,000
Due from affiliate	−30,000	−291,000	0	0	—
Payable for investments purchased	−6	15	5	—	—
Interest payable on debt	5	6	452,000	3	2
Base management fee payable	2	2	−268,000	—	—
Incentive fee payable	4	−1	1	3	−1
Deferred tax liability	152,000	−82,000	−3	5	—
Due to affiliates	739,000	−566,000	−3	3	225,000
Account payable and accrued expenses	−21,000	900,000	522,000	−826,000	−285,000
Net cash provided by (used in) operating activities	−721	−801	141	−47	50
Proceeds from public offering	245	214	148	82	1
Offering costs	−725,000	−1	−705,000	−2	−364,000
Distributions paid to stockholders	−112	−79	−59	−46	−44
Capitalized borrowing costs Notes	−3	−4	0	—	—
Borrowings under Credit Facility	645	606	65	147	347
Repayments under Credit Facility	−405	−172	−225	−197	−436
Net cash provided by (used in) financing activities	731	813	−92	48	−56
Net increase (decrease) in cash and cash equivalents	11	11	49	1	−7
Effect of exchange rate changes on cash	−2,000	4,000	37,000	320,000	−945,000
Interest paid	87	51	36	26	19
Taxes paid	975,000	1	530,000	1	405,000
Non-cash exchanges and conversions	27	20	3	50	20
Non-cash purchases and disposition of investments	8	0	0	—	—

Filings

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