PennantPark Floating Rate Capital Reports Q3 Results

PennantPark Floating Rate Capital Ltd. has announced that it will report its results for the third fiscal quarter ended June 30, 2024, on August 7, 2024, after the close of the financial markets. The company will also host a conference call on August 8, 2024, to discuss its financial results.

As of the last reported quarter, the company had a net asset value (NAV) of $12.41 per share, indicating an increase of 1.6% from the previous quarter. Additionally, the weighted average yield on the company's debt investments at fair value was 7.5%, compared to 7.3% in the previous quarter.

The company's total investment income for the last reported quarter was $28.7 million, reflecting a decrease of 2.7% from the previous quarter. Furthermore, the net investment income stood at $14.2 million, signaling a decrease of 4.1% from the previous quarter.

Moreover, the total net realized and unrealized gains on investments for the last reported quarter amounted to $5.6 million, marking a significant decrease compared to the previous quarter.

PennantPark Floating Rate Capital Ltd.'s investment portfolio as of the last reported quarter totaled $1.3 billion, with 91% of the portfolio consisting of senior secured floating rate loans. The percentage of first lien loans in the portfolio was 63%, while second lien loans constituted 27%.

The company's weighted average interest rate on its outstanding debt was 3.1%, showing a decrease from the previous quarter. Additionally, the total debt-to-equity ratio was reported at 0.64x, indicating a decrease from the previous quarter.

The market has reacted to these announcements by moving the company's shares 0.8% to a price of $11.67. Check out the company's full 8-K submission here.

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