PennantPark Floating Rate Capital Ltd. has announced a monthly distribution of $0.1025 per share for August 2024, payable on September 3, 2024, to stockholders of record as of August 16, 2024. This distribution is expected to be paid from taxable net investment income.
The company 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. They may also invest in equity investments from time to time.
PennantPark Investment Advisers, LLC, the manager of PennantPark Floating Rate Capital Ltd., is a leading middle market credit platform managing $7.7 billion of investable capital, including potential leverage. Since its inception in 2007, the company 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.
The 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 operates as a regulated investment company (“RIC”) and 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 company's net asset value was $13.35 per share as of the end of the last reporting period, representing a decrease from the previous period's net asset value of $13.47 per share. Additionally, the company's net investment income for the last reporting period was $0.25 per share, down from $0.27 per share in the previous period. Following these announcements, the company's shares moved -2.4%, and are now trading at a price of $10.92. For the full picture, make sure to review PennantPark Floating Rate Capital's 8-K report.
