PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT)
announced today financial results for the third fiscal quarter
ended June 30, 2021.
HIGHLIGHTS
Quarter ended June
30, 2021($ in millions, except per share amounts) |
|
|
|
Assets and Liabilities: |
|
|
Investment portfolio (1) |
$ |
1,035.8 |
|
PSSL investment portfolio |
$ |
529.6 |
|
Net assets |
$ |
496.6 |
|
GAAP net asset value per share |
$ |
12.81 |
|
Quarterly increase GAAP net asset value per share |
|
0.8% |
|
Adjusted net asset value per share (2) |
$ |
12.62 |
|
|
|
|
Credit Facility |
$ |
133.1 |
|
2023 Notes |
$ |
110.6 |
|
2026 Notes |
$ |
97.0 |
|
2031 Asset-Backed Debt |
$ |
225.3 |
|
Regulatory Debt to Equity |
|
1.18x |
|
Regulatory Net Debt to Equity (3) |
|
1.08x |
|
GAAP Net Debt to Equity (4) |
|
1.04x |
|
|
|
|
Yield on debt investments at quarter-end |
|
7.5% |
|
Operating Results: |
|
|
|
Net investment income |
$ |
10.3 |
|
Net investment income per share |
$ |
0.27 |
|
Distributions declared per share |
$ |
0.285 |
|
|
|
|
|
PFLT Portfolio Activity: |
|
|
|
Purchases of investments |
$ |
248.3 |
|
Sales and repayments of investments |
$ |
283.3 |
|
|
|
|
|
Number of new portfolio companies invested |
|
10 |
|
Number of existing portfolio companies invested |
|
16 |
|
Number of ending portfolio companies |
|
100 |
|
|
|
|
|
PSSL Portfolio Activity: |
|
|
|
Purchases of investments |
$ |
133.7 |
|
Sales and repayments of investments |
$ |
88.8 |
|
(1) |
Includes investments in PennantPark Senior Secured Loan Fund I LLC,
or PSSL, an unconsolidated joint venture, totaling $191.3 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 $7.5 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
$48.7 million of cash and cash equivalents. The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for financial results prepared in
accordance with GAAP. |
(4) |
This is a non-GAAP financial measure. The Company believes that
this number provides useful information to investors and management
because it reflects the Company’s financial performance including
the impact of the $7.5 million unrealized loss on the Credit
Facility and the 2023 Notes net of $48.7 million of cash and cash
equivalents. The presentation of this additional information is not
meant to be considered in isolation or as a substitute for
financial results prepared in accordance with GAAP. |
|
|
CONFERENCE CALL AT 9:00 A.M. ET ON
AUGUST 5, 2021
PennantPark Floating Rate Capital Ltd. (“we,”
“our,” “us” or the “Company”) will host a conference call at 9:00
a.m. (Eastern Time) on Thursday, August 5, 2021 to discuss its
financial results. All interested parties are welcome to
participate. You can access the conference call by dialing
toll-free (800) 263-0877 approximately 5-10 minutes prior to the
call. International callers should dial (646) 828-8143. All callers
should reference conference ID #2369860 or PennantPark Floating
Rate Capital Ltd. An archived replay of the call will be available
through August 20, 2021 by calling toll-free (888) 203-1112.
International callers please dial (719) 457-0820. For all phone
replays, please reference conference ID #2369860.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the strong performance of
our portfolio this past quarter,” said Arthur Penn, Chairman and
CEO. “Our PSSL joint venture saw significant growth. We believe
that the growth of PSSL in conjunction with the Company’s growing,
more optimized balance sheet and the rotation of equity positions
into debt instruments, positions the Company well for increased
income over time.”
As of June 30, 2021, our portfolio totaled
$1,035.8 million, which consisted of $883.2 million of first lien
secured debt (including $140.9 million in PSSL), $17.6 million of
second lien secured debt and $135.0 million of preferred and common
equity (including $50.5 million in PSSL). Our debt portfolio
consisted of 98% variable-rate investments. As of June 30,
2021, we had two portfolio companies on non-accrual, representing
2.8% and 2.7% of our overall portfolio on a cost and fair value
basis, respectively. Overall, the portfolio had net unrealized
appreciation of $18.9 million. Our overall portfolio consisted of
100 companies with an average investment size of $10.4 million, had
a weighted average yield on debt investments of 7.5%, and was
invested 85% in first lien secured debt (including 14% in PSSL), 2%
in second lien secured debt and 13% in preferred and common equity
(including 5% in PSSL). As of June 30, 2021, 97% of the
investments held by PSSL were first lien secured debt.
As of September 30, 2020, our portfolio totaled
$1,086.9 million, which 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 the three months ended June 30, 2021,
we invested $248.3 million in 10 new and 16 existing portfolio
companies with a weighted average yield on debt investments of
7.5%. Sales and repayments of investments for the three months
ended June 30, 2021 totaled $283.3 million. For the nine
months ended June 30, 2021, we invested $475.5 million in 19
new and 50 existing portfolio companies with a weighted average
yield on debt investments of 7.5%. Sales and repayments of
investments for the nine months ended June 30, 2021 totaled
$565 million.
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.
PennantPark Senior Secured Loan Fund I
LLC
As of June 30, 2021, PSSL’s portfolio
totaled $529.6 million, consisted of 66 companies with an average
investment size of $8.0 million and had a weighted average yield on
debt investments of 7.2%. As 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%.
For the three months ended June 30, 2021,
PSSL invested $133.7 million (including $98.9 million purchased
from the Company) in six new and 15 existing portfolio companies
with a weighted average yield on debt investments of 7.0%. Sales
and repayments of investments for the three months ended
June 30, 2021 totaled $88.8 million. For the nine months ended
June 30, 2021, PSSL invested $277.8 million (including $224.1
million purchased from the Company) in 30 new and 26 existing
portfolio companies with a weighted average yield on debt
investments of 7.2%. Sales and repayments of investments for the
nine months ended June 30, 2021 totaled $163.1 million.
For the three months ended June 30, 2020,
PSSL did not make any 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.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three and nine months ended June 30, 2021 and 2020.
Investment Income
Investment income for the three and nine months
ended June 30, 2021 was $20.9 million and $61.1 million,
respectively, which was attributable to $18.2 million and $53.5
million from first lien secured debt and $2.7 million and $7.6
million from other investments, respectively. This compares to
investment income for the three and nine months ended June 30,
2020, which 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. The decrease in investment income
compared to the same periods in the prior year was primarily due to
a decrease in the size of our portfolio and decreases in the London
Interbank Offered Rate.
Expenses
Expenses for the three and nine months ended
June 30, 2021 totaled $10.6 million and $30.8 million,
respectively. Base management fee for the same periods totaled $2.6
million and $8.0 million, incentive fee totaled $1.7 million and
$4.7 million, debt related interest and expenses totaled $5.9
million and $16.0 million and general and administrative expenses
totaled $0.4 million and $1.8 million, respectively. This compares
to expenses for the three and nine months ended June 30, 2020
which 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. The decrease in expenses
for the three and nine months ended June 30, 2021 compared to
the same periods in the prior year was primarily due to a decrease
in management fees and debt related interest and expenses.
Net Investment Income
Net investment income totaled $10.3 million and
$30.3 million, or $0.27 and $0.78 per share, for the three and nine
months ended June 30, 2021, respectively. Net 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 Realized Gains or
Losses
Sales and repayments of investments for the
three and nine months ended June 30, 2021 totaled $283.3
million and $565.5 million, respectively, and net realized losses
totaled $13.0 million and $15.3 million, respectively. Sales 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. The change in realized gains/losses was
primarily due to changes in the market conditions of our
investments and the values at which they were realized.
Unrealized Appreciation or Depreciation
on Investments, the Credit Facility and the 2023 Notes
For the three and nine months ended
June 30, 2021, we reported net change in unrealized
appreciation on investments of $14.2 million and $48.8 million,
respectively. For 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. As of June 30, 2021 and September 30, 2020,
our net unrealized appreciation (depreciation) on investments
totaled $18.9 million and $(29.9) million, respectively. The net
change in unrealized appreciation on our investments compared to
the same period in the prior year was primarily due to unrealized
gains in our equity co-investment program, including ITC Rumba, LLC
(Cano Health, LLC).
For the three and nine months ended
June 30, 2021, the Credit Facility and the 2023 Notes had a
net change in unrealized depreciation (appreciation) of $3.2
million and $(11.3) million, respectively. 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. As of
June 30, 2021 and September 30, 2020, the net unrealized
depreciation on the Credit Facility and the 2023 Notes totaled $7.5
million and $18.8 million, respectively. The net change in net
unrealized depreciation compared to the same period in the prior
year was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from
Operations
Net increase in net assets resulting from
operations totaled $14.7 million and $52.5 million, or $0.38 and
$1.35 per share, respectively, for the three and nine months ended
June 30, 2021. This compares to a net change in net assets
resulting from operations of $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. The increase in the net change in
net assets from operations for the three and nine months ended
June 30, 2021 compared to the same periods in the prior year
was primarily due to unrealized gains in our equity co-investment
program, including ITC Rumba, LLC (Cano Health, LLC).
LIQUIDITY AND CAPITAL
RESOURCES
Our liquidity and capital resources are derived
primarily from proceeds of securities offerings, debt capital and
cash flows from operations, including investment sales and
repayments, and income earned. Our primary use of funds from
operations includes investments in portfolio companies and payments
of fees and other operating expenses we incur. We have used, and
expect to continue to use, our debt capital, proceeds from the
rotation of our portfolio and proceeds from public and private
offerings of securities to finance our investment objectives. For
more information on how the COVID-19 pandemic may impact our
ability to comply with the covenants of the Credit Facility, see
our Quarterly Report on Form 10-Q for the quarter ended June 30,
2021, including “Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations – COVID-19
Developments”.
The annualized weighted average cost of debt for
the nine months ended June 30, 2021 and 2020, inclusive of the
fee on the undrawn commitment on the Credit Facility, amendment
costs and debt issuance costs, was 3.4% and 3.9%, respectively. As
of June 30, 2021 and September 30, 2020, we had $266.6
million and $211.4 million of unused borrowing capacity under the
Credit Facility, respectively, subject to leverage and borrowing
base restrictions.
As of June 30, 2021 and September 30, 2020, our
wholly owned subsidiary, PennantPark Floating Rate Funding I, LLC,
borrowed $133.4 million and $308.6 million under the Credit
Facility, respectively. The Credit Facility had a weighted average
interest rate of 2.1% and 2.2%, exclusive of the fee on undrawn
commitments as of June 30, 2021 and September 30, 2020,
respectively.
As of June 30, 2021 and September 30,
2020, we had cash equivalents of $48.7 million and $57.5 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 provided cash of $124.4
million for the nine months ended June 30, 2021, and our
financing activities used cash of $132.3 million for the same
period. Our operating activities provided cash primarily from our
investment activities and our financing activities used cash
primarily to pay down our Credit Facility, partially offset by
proceeds from the issuance of our 4.25% notes due 2026.
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.
RECENT DEVELOPMENTS
Subsequent to quarter end, PFLT had new originations of $102.0
million, and PSSL had new originations of $29.0 million.
Subsequent to quarter end we and a subsidiary of Kemper
Corporation (NYSE: KMPR), Trinity Universal Insurance Company, have
agreed to increase our capital commitments to PSSL from $230
million to $275 million.
DISTRIBUTIONS
During the three and nine months ended June 30,
2021 and 2020, 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, or the SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
Quarterly Report on Form 10-Q filed with the SEC, and stockholders
may find such report on its website at www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND
LIABILITIES
|
|
June 30, 2021 |
|
|
September 30, 2020 |
|
|
(unaudited) |
|
|
|
|
Assets |
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$793,425,027 and
$915,874,757, respectively) |
|
$ |
818,638,740 |
|
|
$ |
910,552,309 |
Non-controlled, affiliated investments (cost— Zero and $21,964,181,
respectively) |
|
|
— |
|
|
|
11,086,834 |
Controlled, affiliated investments (cost—$223,660,639 and
$179,112,500, respectively) |
|
|
217,184,933 |
|
|
|
165,289,324 |
Total investments (cost—$1,017,085,666 and $1,116,951,438,
respectively) |
|
|
1,035,823,673 |
|
|
|
1,086,928,467 |
Cash and cash equivalents
(cost—$48,702,743 and $57,534,421, respectively) |
|
|
48,702,743 |
|
|
|
57,511,928 |
Interest receivable |
|
|
6,319,900 |
|
|
|
3,673,502 |
Receivable for investments
sold |
|
|
11,953,906 |
|
|
|
— |
Prepaid expenses and other
assets |
|
|
— |
|
|
|
173,318 |
Total assets |
|
|
1,102,800,222 |
|
|
|
1,148,287,215 |
Liabilities |
|
|
|
|
|
|
|
Distributions payable |
|
|
3,683,347 |
|
|
|
3,683,347 |
Payable for investments
purchased |
|
|
27,277,154 |
|
|
|
3,800,000 |
Credit Facility payable, at
fair value (cost—$133,400,000 and $308,598,500, respectively) |
|
|
133,066,500 |
|
|
|
299,047,275 |
2023 Notes payable, at fair
value (par—$117,792,879 and $138,579,858, respectively) |
|
|
110,607,514 |
|
|
|
129,295,008 |
2026 Notes payable, net
(par—$100,000,000) |
|
|
97,013,575 |
|
|
|
— |
2031 Asset-Backed Debt, net
(par—$228,000,000) |
|
|
225,339,466 |
|
|
|
224,866,334 |
Interest payable on debt |
|
|
3,098,401 |
|
|
|
3,601,479 |
Base management fee
payable |
|
|
2,621,573 |
|
|
|
2,776,477 |
Performance-based incentive
fee payable |
|
|
1,652,278 |
|
|
|
2,071,622 |
Accrued other expenses |
|
|
1,808,734 |
|
|
|
1,875,281 |
Total liabilities |
|
|
606,168,542 |
|
|
|
671,016,823 |
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 |
|
|
538,151,527 |
|
|
|
538,151,528 |
Accumulated distributable net
loss |
|
|
(41,558,619 |
) |
|
|
(60,919,908 |
Total net assets |
|
$ |
496,631,680 |
|
|
$ |
477,270,392 |
Total liabilities and net assets |
|
$ |
1,102,800,222 |
|
|
$ |
1,148,287,215 |
Net asset value per
share |
|
$ |
12.81 |
|
|
$ |
12.31 |
|
|
|
|
|
|
|
|
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Nine Months Ended June 30, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
14,494,948 |
|
|
$ |
17,543,157 |
|
|
$ |
43,520,917 |
|
|
$ |
56,760,434 |
Other income |
|
|
1,161,193 |
|
|
|
820,997 |
|
|
|
2,533,741 |
|
|
|
2,734,600 |
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
195,904 |
|
|
|
279,900 |
|
|
|
655,029 |
Other income |
|
|
— |
|
|
|
36,170 |
|
|
|
122,570 |
|
|
|
36,170 |
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
2,931,015 |
|
|
|
2,944,290 |
|
|
|
8,252,910 |
|
|
|
9,169,399 |
Dividend |
|
|
2,318,750 |
|
|
|
1,225,000 |
|
|
|
6,168,750 |
|
|
|
4,375,000 |
Other income |
|
|
— |
|
|
|
— |
|
|
|
195,630 |
|
|
|
— |
Total investment income |
|
|
20,905,906 |
|
|
|
22,765,518 |
|
|
|
61,074,418 |
|
|
|
73,730,632 |
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
2,621,574 |
|
|
|
2,872,725 |
|
|
|
7,971,461 |
|
|
|
8,651,825 |
Performance-based incentive fee |
|
|
1,652,278 |
|
|
|
1,975,831 |
|
|
|
4,716,177 |
|
|
|
7,228,690 |
Interest and expenses on debt |
|
|
5,902,727 |
|
|
|
6,653,045 |
|
|
|
16,025,180 |
|
|
|
21,586,859 |
Administrative services expenses |
|
|
150,000 |
|
|
|
350,000 |
|
|
|
750,000 |
|
|
|
1,050,000 |
Other general and administrative expenses |
|
|
200,000 |
|
|
|
616,077 |
|
|
|
1,000,000 |
|
|
|
1,848,230 |
Expenses before provision for taxes: |
|
|
10,526,579 |
|
|
|
12,467,678 |
|
|
|
30,462,818 |
|
|
|
40,365,604 |
Provision for taxes |
|
|
100,000 |
|
|
|
100,000 |
|
|
|
300,000 |
|
|
|
300,000 |
Total expenses |
|
|
10,626,579 |
|
|
|
12,567,678 |
|
|
|
30,762,818 |
|
|
|
40,665,604 |
Net investment income |
|
|
10,279,327 |
|
|
|
10,197,840 |
|
|
|
30,311,600 |
|
|
|
33,065,028 |
Realized and
unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
7,613,904 |
|
|
|
(1,694,710 |
) |
|
|
6,379,865 |
|
|
|
(2,281,683 |
Non-controlled and controlled, affiliated investments |
|
|
(20,587,656 |
) |
|
|
(5,683,145 |
) |
|
|
(21,639,704 |
) |
|
|
(5,683,145 |
Net realized gain (loss) on investments |
|
|
(12,973,752 |
) |
|
|
(7,377,855 |
) |
|
|
(15,259,839 |
) |
|
|
(7,964,828 |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(6,281,187 |
) |
|
|
13,962,606 |
|
|
|
28,406,639 |
|
|
|
(23,662,521 |
Controlled and non-controlled, affiliated investments |
|
|
20,451,408 |
|
|
|
7,931,471 |
|
|
|
20,370,222 |
|
|
|
(22,751,006 |
Debt (appreciation) depreciation |
|
|
3,231,683 |
|
|
|
(12,158,917 |
) |
|
|
(11,317,211 |
) |
|
|
22,740,317 |
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
17,401,904 |
|
|
|
9,735,160 |
|
|
|
37,459,650 |
|
|
|
(23,673,210 |
Net realized and
unrealized gain (loss) from investments and debt |
|
|
4,428,152 |
|
|
|
2,357,305 |
|
|
|
22,199,811 |
|
|
|
(31,638,038 |
Net increase in net
assets resulting from operations |
|
$ |
14,707,479 |
|
|
$ |
12,555,145 |
|
|
$ |
52,511,411 |
|
|
$ |
1,426,990 |
Net increase in net assets
resulting from operations per common share |
|
$ |
0.38 |
|
|
$ |
0.32 |
|
|
$ |
1.35 |
|
|
$ |
0.04 |
Net investment income per
common share |
|
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
0.78 |
|
|
$ |
0.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ABOUT PENNANTPARK FLOATING RATE CAPITAL
LTD.
PennantPark Floating Rate Capital Ltd. is a
business development company which primarily invests in U.S.
middle-market companies in the form of floating rate senior secured
loans, including first lien secured debt, second lien secured debt
and subordinated debt. From time to time, the Company may also
invest in equity investments. PennantPark Floating Rate Capital
Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a
leading middle-market credit platform, managing $5.2 billion of
investable capital, including potential leverage. Since its
inception in 2007, PennantPark Investment Advisers, LLC has
provided investors access to middle-market credit by offering
private equity firms and their portfolio companies as well as other
middle-market borrowers a comprehensive range of creative and
flexible financing solutions. PennantPark Investment Advisers, LLC
is headquartered in New York and has offices in Chicago, Houston,
and Los Angeles.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. You should understand that under Section
27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section
21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or
the Exchange Act, the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 do not apply to
forward-looking statements made in periodic reports we file under
the Exchange Act. All statements other than statements of
historical facts included in this press release are forward-looking
statements and are not guarantees of future performance or results,
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission as
well as changes in the economy and risks associated with possible
disruption in the Company’s operations or the economy generally due
to terrorism, natural disasters or pandemics such as COVID-19.
PennantPark Floating Rate Capital Ltd. undertakes no duty to update
any forward-looking statement made herein. You should not place
undue influence on such forward-looking statements as such
statements speak only as of the date on which they are made.
We may use words such as “anticipates,”
“believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and
similar expressions to identify forward-looking statements. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations.
CONTACT: |
Richard
Cheung |
|
PennantPark Floating Rate Capital Ltd. |
|
(212) 905-1000 |
|
www.pennantpark.com |
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