PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) (TASE: PFLT)
announced today financial results for the fourth quarter and fiscal
year ended September 30, 2020.
HIGHLIGHTSQuarter ended September 30,
2020($ in millions, except per share amounts)
Assets and Liabilities: |
|
|
|
Investment portfolio (1) |
$ |
1,086.9 |
|
PSSL investment portfolio |
$ |
393.0 |
|
Net assets |
$ |
477.3 |
|
GAAP net asset value per share |
$ |
12.31 |
|
Increase in GAAP net asset value per share |
|
1.2 |
% |
Adjusted net asset value per share (2) |
$ |
11.81 |
|
Increase in adjusted net asset value per share (2) |
|
3.2 |
% |
|
|
|
|
Credit Facility |
$ |
299.0 |
|
2023 Notes |
$ |
129.3 |
|
2031 Asset-Backed Debt |
$ |
224.9 |
|
Regulatory Debt to Equity |
|
1.48x |
|
Regulatory Net Debt to Equity (3) |
|
1.35x |
|
GAAP Net Debt to Equity (4) |
|
1.25x |
|
|
|
|
|
Yield on debt investments at
quarter-end |
|
7.3 |
% |
|
Quarter EndedSeptember 30,
2020 |
|
Year EndedSeptember 30,
2020 |
Operating Results: |
|
|
|
|
|
Net investment income |
$ |
10.3 |
|
$ |
43.4 |
GAAP net investment income per share |
$ |
0.27 |
|
$ |
1.12 |
Distributions declared per share |
$ |
0.285 |
|
$ |
1.14 |
|
|
|
|
|
|
Portfolio Activity: |
|
|
|
|
|
Purchases of investments |
$ |
15.3 |
|
$ |
436.7 |
Sales and repayments of investments |
$ |
49.7 |
|
$ |
396.9 |
|
|
|
|
|
|
Number of new portfolio companies invested |
1 |
|
19 |
Number of existing portfolio companies invested |
9 |
|
95 |
Number of ending portfolio companies |
102 |
|
102 |
________________________
(1) |
Includes investments in PennantPark Senior Secured Loan Fund I LLC,
or PSSL, an unconsolidated joint venture, totaling $165.3 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 $19.5 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
$57.5 million of cash and 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 $19.5 million unrealized loss on the Credit
Facility and the 2023 Notes net of $57.5 million of cash and
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 10:00 A.M. EST
ON NOVEMBER
19, 2020
PennantPark Floating Rate Capital Ltd. (“we,”
“our,” “us” or the “Company”) will host a conference call at 10:00
a.m. (Eastern Standard Time) on Thursday, November 19, 2020 to
discuss its financial results. All interested parties are welcome
to participate. You can access the conference call by dialing
toll-free (888) 394-8218 approximately 5-10 minutes prior to
the call. International callers should dial (323) 701-0225. All
callers should reference conference ID #1987679 or PennantPark
Floating Rate Capital Ltd. An archived replay of the call will be
available through December 3, 2020 by calling toll-free (888)
203-1112. International callers please dial (719) 457-0820. For all
phone replays, please reference conference ID #1987679.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the strong performance of
our portfolio over the last few quarters, despite challenging
economic conditions,” said Arthur Penn, Chairman and CEO. “We
believe that the combination of solid portfolio performance,
several significant equity positions of high growth companies as
well as continuing optimization of financing should bolster our NAV
and Net Investment Income over time.”
As of September 30, 2020, our portfolio totaled
$1,086.9 million and 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 more
information on how the COVID-19 pandemic has affected our business
and results of operations, see our Annual Report on Form 10-K for
the fiscal year ended September 30, 2020, including “Item 7.
Management's Discussion and Analysis of Financial Condition and
Results of Operations – COVID-19 Developments” and “Item 1A. Risk
Factors” therein.
As of September 30, 2019, our portfolio totaled
$1,081.7 million and consisted of $944.9 million of first lien
secured debt (including $122.2 million in PSSL), $34.4 million of
second lien secured debt and $102.4 million of preferred and common
equity (including $50.0 million in PSSL). Our debt portfolio
consisted of 99% variable-rate investments. As of September 30,
2019, we had one portfolio company on non-accrual, representing
0.4% and zero of our overall portfolio on a cost and fair value
basis, respectively. Overall, the portfolio had net unrealized
depreciation of $3.5 million. Our overall portfolio consisted of 95
companies with an average investment size of $11.4 million, had a
weighted average yield on debt investments of 8.7%, and was
invested 87% in first lien secured debt (including 11% in PSSL), 3%
in second lien secured debt and 10% in preferred and common equity
(including 5% in PSSL). As of September 30, 2019, 97% of the
investments held by PSSL were first lien secured debt.
For the three months ended September 30,
2020, we invested $15.3 million in one new and nine existing
portfolio companies with a weighted average yield on debt
investments of 7.8%. Sales and repayments of investments for the
same period totaled $49.7 million. This compares to the three
months ended September 30, 2019, in which we invested $140.6
million in six new and 23 existing portfolio companies with a
weighted average yield on debt investments of 8.5%. Sales and
repayments of investments for the same period totaled $127.1
million.
For the year ended September 30, 2020, we
invested $436.7 million in 19 new and 95 existing portfolio
companies with a weighted average yield on debt investments of
8.0%. Sales and repayments of investments for the same period
totaled $396.9 million.
For the year ended September 30, 2019, we
invested $640.1 million in 28 new and 83 existing portfolio
companies with a weighted average yield on debt investments of
8.8%. Sales and repayments of investments for the same period
totaled $527.3 million.
PennantPark Senior
Secured Loan Fund I LLC
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%. As of September 30, 2019, PSSL’s
portfolio totaled $488.5 million, consisted of 45 companies with an
average investment size of $10.9 million and had a weighted average
yield on debt investments of 7.6%.
For the three months ended September 30,
2020, PSSL did not make any investments. PSSL’s sales and
repayments of investments for the same period totaled $69.9
million. For the three months ended September 30, 2019, PSSL
invested $52.6 million (including $31.8 million purchased from the
Company) in five new and three existing portfolio companies with a
weighted average yield on debt investments of 7.8%. PSSL’s sales
and repayments of investments for the same period totaled $31.8
million.
For the year ended September 30, 2020, PSSL
invested $87.1 million (of which $86.7 million was purchased from
the Company) in 11 new and two existing portfolio companies with a
weighted average yield on debt investments of 7.4%. PSSL’s sales
and repayments of investments for the same period totaled $172.6
million.
For the year ended September 30, 2019, PSSL
invested $228.6 million (of which $89.6 million was purchased from
the Company) in 16 new and 16 existing portfolio companies with a
weighted average yield on debt investments of 8.1%. PSSL’s sales
and repayments of investments for the same period totaled $159.9
million.
RECENT DEVELOPMENTS
Subsequent to September 30, 2020, our portfolio
company, Cano Health, LLC (ITC Rumba, LLC), entered into a business
combination agreement with Jaws Acquisition Corp (“JWS”), a special
purpose acquisition vehicle, and other parties, subject to certain
closing conditions, with an expected closing late first quarter or
early second quarter 2021. Based on the closing stock price of JWS
on November 13, 2020, our $2.3 million common stock fair valuation
as of September 30, 2020 would increase to an estimated $9.0
million, which includes a combination of cash and stock, assuming
the transaction closes based on the agreed terms. This would
represent a net asset value increase of $0.17 per share, as of
November 13, 2020. Our shares are owned by a limited partnership
controlled by the financial sponsor and are subject to customary
lock up restrictions. As a result, the fair value on December 31,
2020, may likely include an illiquidity discount not in the public
trading values indicated above. There can be no assurance that the
implied value of our equity interest will be representative of the
value ultimately realized on our equity investment.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the years ended September 30, 2020 and 2019.
Investment Income
Investment income for the three months ended
September 30, 2020 and 2019 was $21.8 million and $23.9
million, respectively, and was primarily attributable to $19.3
million and $22.1 million from first lien secured debt and $2.5
million and $1.8 million from other investments, respectively.
Investment income for the year ended September
30, 2020 was $95.5 million and was attributable to $86.8 million
from first lien secured debt and $8.7 million from other
investments. The increase in investment income over the prior year
was primarily due to the growth of our portfolio, partially offset
by a decline in LIBOR.
Investment income for the year ended September
30, 2019 was $92.9 million and was attributable to $84.0 million
from first lien secured debt and $8.9 million from other
investments.
Expenses
Expenses for the three months ended
September 30, 2020 and 2019 totaled $10.3 million and $12.5
million, respectively. Base management fee totaled $2.8 million and
$2.7 million, incentive fee totaled $2.1 million and $2.5 million,
debt related interest and expenses totaled $5.5 million and $6.3
million, general and administrative expenses totaled $1.0 million
and $1.0 million and provision for taxes totaled $0.1 million and
zero, respectively, for the same periods.
Expenses for the years ended September 30, 2020
and 2019 totaled $52.1 million and $47.5 million, respectively.
Base management fee for the same periods totaled $11.4 million and
$10.2 million, incentive fee totaled $9.3 million and $6.2 million
(including zero on realized gains and $(1.4) million on net
unrealized gains accrued but not payable), debt related interest
and expenses totaled $27.1 million and $27.1 million (including
$4.5 million in Credit Facility amendment fees), general and
administrative expenses totaled $3.9 million and $4.0 million and
provision for taxes totaled $0.4 million and zero, respectively,
for the same periods. The increase in expenses compared to the
prior year was primarily due to the growth of our portfolio which
resulted in higher Management Fees in the current year.
Net Investment Income
Net investment income totaled $10.3 million, or
$0.27 per share, and $11.4 million, or $0.29 per share, for the
three months ended September 30, 2020 and 2019,
respectively.
Net investment income totaled $43.4 million, or
$1.12 per share, and $45.5 million, or $1.17 per share, for the
years ended September 30, 2020 and 2019, respectively. The decrease
in net investment income compared to the prior year was primarily
due to higher Management Fees due to growth of our portfolio,
partially offset by higher investment income in the current
year.
Net Realized Gains or
Losses
Sales and repayments of investments for the
three months ended September 30, 2020 and 2019 totaled $49.7
million and $127.1 million, respectively. Net realized losses
totaled $4.7 million and $15.0 million for the same periods,
respectively.
Sales and repayments of investments for the
years ended September 30, 2020 and 2019 totaled $396.9 million and
$527.3 million, respectively. Net realized losses totaled $12.7
million and $31.4 million for the same periods, 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 months ended September 30,
2020 and 2019, we reported a net change in unrealized appreciation
on investments of $19.9 million and $10.6 million, respectively.
For the years ended September 30, 2020 and 2019, we reported net
change in unrealized depreciation on investments of $26.5 million
and $2.6 million, respectively. As of September 30, 2020 and 2019,
our net unrealized depreciation on investments totaled $29.9
million and $3.5 million, respectively. The net change in
unrealized appreciation/depreciation on our investments for the
year ended September 30, 2020 compared to the prior year was
primarily due to changes in the capital market conditions as well
as the financial performance of certain portfolio companies
primarily driven by the market disruption caused by the COVID-19
pandemic and the uncertainty surrounding its continued adverse
economic impact. For more information on how the COVID-19 pandemic
has affected our business and results of operations, see our Annual
Report on Form 10-K for the fiscal year ended September 30, 2020,
including “Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations – COVID-19
Developments” and “Item 1A. Risk Factors” therein.
For the three months ended September 30,
2020 and 2019, our Credit Facility and 2023 Notes had a net change
in unrealized depreciation of $8.6 million and $0.4 million,
respectively. For the years ended September 30, 2020 and 2019, our
Credit Facility and the 2023 Notes had a net change in unrealized
depreciation (appreciation) of $14.2 million and less than $(0.1)
million, respectively. As of September 30, 2020 and 2019, our net
unrealized depreciation on our Credit Facility and the 2023 Notes
totaled $18.8 million and $4.7 million, respectively. The net
change in unrealized depreciation for the year ended September 30,
2020 compared to the prior year was primarily due to changes in the
capital markets.
Net Change in Net Assets Resulting from
Operations
Net change in net assets resulting from
operations totaled $17.0 million, or $0.44 per share, and $7.4
million, or $0.19 per share, for the three months ended
September 30, 2020 and 2019, respectively.
Net change in net assets resulting from
operations totaled $18.4 million, or $0.47 per share, and $11.4
million, or $0.29 per share, for the years ended September 30, 2020
and 2019, respectively. The decrease in net assets from operations
for the year ended September 30, 2020 compared to the prior year
was primarily due to depreciation of the portfolio primarily driven
by the market disruption caused by the COVID-19 pandemic and the
uncertainty surrounding its continued adverse economic impact.
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 Annual Report on Form 10-K for the fiscal year ended September
30, 2020, including “Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations – COVID-19
Developments” and “Item 1A. Risk Factors” therein.
The annualized weighted average cost of debt for
the years ended September 30, 2020 and 2019, inclusive of the fee
on the undrawn commitment on the Credit Facility, amendment costs
and debt issuance costs, was 3.7% and 5.3%, respectively (excluding
amendment and debt issuance costs, such amounts are 3.7% and 4.4%,
respectively). As of September 30, 2020 and 2019, we had $211.4
million and $254.7 million of unused borrowing capacity under our
Credit Facility, respectively, subject to leverage and borrowing
base restrictions.
As of September 30, 2020 and 2019, PennantPark
Floating Rate Funding I, LLC, or Funding I, had $308.6 million and
$265.3 million of outstanding borrowings under the Credit Facility,
respectively. The Credit Facility had a weighted average interest
rate of 2.2% and 4.1%, exclusive of the fee on undrawn commitments,
as of September 30, 2020 and 2019, respectively.
As of September 30, 2020 and 2019, we had cash
equivalents of $57.5 million and $63.3 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 used cash of $4.9
million for the year ended September 30, 2020, and our financing
activities used cash of $0.9 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities used cash primarily for
paying down our Credit Facility and paying distributions to
stockholders.
Our operating activities used cash of $121.4
million for the year ended September 30, 2019, and our financing
activities provided cash of $111.7 million for the same period. Our
operating activities used cash primarily for our investment
activities and our financing activities provided cash primarily
from the issuance of 2031 Asset-Backed Debt.
DISTRIBUTIONS
During both years ended September 30, 2020 and
2019, we declared distributions of $1.14 per share for total
distributions of $44.2 million. 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
annual report on Form 10-K filed with the SEC and stockholders may
find the report on its website at www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS
OF ASSETS AND LIABILITIES
|
September 30, 2020 |
|
|
September 30, 2019 |
|
Assets |
|
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$915,874,757 and
$886,955,156, respectively) |
$ |
910,552,309 |
|
|
$ |
889,113,264 |
|
Non-controlled, affiliated investments (cost—$21,964,181 and
$23,645,693, respectively) |
|
11,086,834 |
|
|
|
20,430,565 |
|
Controlled, affiliated investments (cost—$179,112,500 and
$174,562,500, respectively) |
|
165,289,324 |
|
|
|
172,163,080 |
|
Total of investments (cost—$1,116,951,438 and $1,085,172,349 ,
respectively) |
|
1,086,928,467 |
|
|
|
1,081,706,909 |
|
Cash and cash equivalents
(cost—$57,534,421 and $63,367,237, respectively) |
|
57,511,928 |
|
|
|
63,337,728 |
|
Interest receivable |
|
3,673,502 |
|
|
|
3,892,292 |
|
Receivable for investments
sold |
|
— |
|
|
|
2,997,546 |
|
Prepaid expenses and other
assets |
|
173,318 |
|
|
|
441,337 |
|
Total assets |
|
1,148,287,215 |
|
|
|
1,152,375,812 |
|
Liabilities |
|
|
|
|
|
|
|
Distributions payable |
|
3,683,347 |
|
|
|
3,683,347 |
|
Payable for investments
purchased |
|
3,800,000 |
|
|
|
12,033,794 |
|
Credit Facility payable, at
fair value (cost—$308,598,500 and $265,307,500, respectively) |
|
299,047,275 |
|
|
|
263,988,583 |
|
2023 Notes payable, at fair
value (par—$138,579,858 and $138,579,858, respectively) |
|
129,295,008 |
|
|
|
135,240,084 |
|
2031 Asset-Backed Debt, net
(par—$228,000,000 and $228,000,000, respectively) |
|
224,866,334 |
|
|
|
224,321,845 |
|
Interest payable on debt |
|
3,601,479 |
|
|
|
3,275,481 |
|
Base management fee
payable |
|
2,776,477 |
|
|
|
2,728,019 |
|
Performance-based incentive
fee payable |
|
2,071,622 |
|
|
|
2,532,205 |
|
Accrued other expenses |
|
1,875,281 |
|
|
|
1,514,943 |
|
Total liabilities |
|
671,016,823 |
|
|
|
649,318,301 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
|
Common stock, 38,772,074 and
38,772,074 shares issued and outstanding, respectively
Par value $0.001 per share and 100,000,000 shares authorized |
|
38,772 |
|
|
|
38,772 |
|
Paid-in capital in excess of
par value |
|
538,151,528 |
|
|
|
538,632,828 |
|
Distributable income |
|
(60,919,908 |
) |
|
|
(35,614,089 |
) |
Total net assets |
$ |
477,270,392 |
|
|
$ |
503,057,511 |
|
Total liabilities and net assets |
$ |
1,148,287,215 |
|
|
$ |
1,152,375,812 |
|
Net asset value per
share |
$ |
12.31 |
|
|
$ |
12.97 |
|
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
|
Years Ended September 30, |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Investment income: |
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
$ |
73,250,887 |
|
|
$ |
69,319,954 |
|
|
$ |
62,469,275 |
|
Other income |
|
3,565,134 |
|
|
|
3,497,784 |
|
|
|
2,244,895 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
882,934 |
|
|
|
1,237,675 |
|
|
|
— |
|
Other income |
|
36,170 |
|
|
|
127,734 |
|
|
|
— |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
11,801,245 |
|
|
|
12,464,035 |
|
|
|
5,302,909 |
|
Dividend |
|
5,950,000 |
|
|
|
6,300,000 |
|
|
|
2,187,500 |
|
Total investment income |
|
95,486,370 |
|
|
|
92,947,182 |
|
|
|
72,204,579 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
11,428,302 |
|
|
|
10,209,566 |
|
|
|
8,351,653 |
|
Performance-based incentive fee |
|
9,300,311 |
|
|
|
6,204,112 |
|
|
|
2,399,249 |
|
Interest and expenses on debt |
|
27,108,452 |
|
|
|
22,540,098 |
|
|
|
14,359,908 |
|
Administrative services expenses |
|
1,400,000 |
|
|
|
1,550,000 |
|
|
|
2,000,000 |
|
Other general and administrative expenses |
|
2,464,306 |
|
|
|
2,464,306 |
|
|
|
2,460,582 |
|
Expenses before amendment costs, debt issuance costs and
provision for taxes |
|
51,701,371 |
|
|
|
42,968,082 |
|
|
|
29,571,392 |
|
Credit Facility amendment costs and debt issuance costs |
|
— |
|
|
|
4,517,292 |
|
|
|
10,869,098 |
|
Provision for taxes |
|
400,000 |
|
|
|
— |
|
|
|
800,000 |
|
Total expenses |
|
52,101,371 |
|
|
|
47,485,374 |
|
|
|
41,240,490 |
|
Net investment income |
|
43,384,999 |
|
|
|
45,461,808 |
|
|
|
30,964,089 |
|
Realized and
unrealized (loss) gain on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
Net realized loss on: |
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(6,998,886 |
) |
|
|
(18,802,365 |
) |
|
|
(2,327,118 |
) |
Controlled and non-controlled, affiliated investments |
|
(5,683,145 |
) |
|
|
(12,621,504 |
) |
|
|
— |
|
Net realized loss on investments |
|
(12,682,031 |
) |
|
|
(31,423,869 |
) |
|
|
(2,327,118 |
) |
Net change in unrealized
(depreciation) appreciation on: |
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
(7,390,333 |
) |
|
|
2,640,050 |
|
|
|
(3,857,170 |
) |
Controlled and non-controlled, affiliated investments |
|
(19,076,975 |
) |
|
|
(5,245,396 |
) |
|
|
960,087 |
|
Debt depreciation (appreciation) |
|
14,177,384 |
|
|
|
(16,487 |
) |
|
|
7,750,334 |
|
Net change in unrealized (depreciation) appreciation on
investments and debt |
|
(12,289,924 |
) |
|
|
(2,621,833 |
) |
|
|
4,853,251 |
|
Net realized and
unrealized (loss) gain from investments and debt |
|
(24,971,955 |
) |
|
|
(34,045,702 |
) |
|
|
2,526,133 |
|
Net increase in net
assets resulting from operations |
$ |
18,413,044 |
|
|
$ |
11,416,106 |
|
|
$ |
33,490,222 |
|
Net increase in net assets
resulting from operations per common share |
$ |
0.47 |
|
|
$ |
0.29 |
|
|
$ |
0.87 |
|
Net investment income per
common share |
$ |
1.12 |
|
|
$ |
1.17 |
|
|
$ |
0.81 |
|
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, which has approximately $3.5
billion of assets under management. 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 SEC 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. The Company 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:
Aviv EfratPennantPark Floating Rate Capital
Ltd.(212) 905-1000www.pennantpark.com
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