PennantPark Floating Rate Capital Ltd. PFLT
General Business of PennantPark Floating Rate Capital Ltd.
PennantPark Floating Rate Capital Ltd. is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital by investing primarily in floating rate loans, and other investments made to U.S. middle-market companies.
We believe 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. We use the term "middle-market" to refer to companies with annual revenues between $50 million and $1 billion. Our investments are typically rated below investment grade. Securities rated below investment grade are often referred to as "leveraged loans," "high yield" securities or "junk bonds" and are often higher risk
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| SG&A | $2.8M | $2.2M | $999.0K | $575.0K | $900.0K | $1.4M |
| Total operating expenses | — | — | — | $56.9M | $43.1M | $52.1M |
| Net income | $66.4M | $91.8M | $39.3M | $3.5M | $56.5M | $18.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $122.7M | $112.0M | $100.6M | $51.5M | $49.8M | — |
| Total assets | $2.91B | $2.11B | $1.18B | $1.23B | $1.17B | — |
| Total liabilities | $1.84B | $1.23B | $526.0M | $700.4M | $680.2M | — |
| Retained earnings | -$145.1M | -$99.5M | -$111.6M | -$91.0M | -$48.2M | -$60.9M |
| Total equity | $1.07B | $877.3M | $653.6M | $527.1M | $490.6M | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$720.6M | -$801.4M | $140.6M | -$46.6M | $49.8M | -$4.9M |
| Financing cash flow | $731.2M | $812.9M | -$91.5M | $47.7M | -$56.3M | -$909.0K |
| Dividends paid | $111.6M | $78.8M | $58.7M | $46.1M | $44.2M | $44.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-293672.