PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT)
announced today financial results for the fourth quarter and fiscal
year ended September 30, 2022.
HIGHLIGHTSQuarter ended September 30, 2022($ in
millions, except per share amounts)
Assets and Liabilities: |
|
|
|
|
|
|
Investment portfolio (1) |
|
|
|
|
$ |
1,164.3 |
|
Net assets |
|
|
|
|
$ |
527.1 |
|
GAAP net asset value per share |
|
|
|
|
$ |
11.62 |
|
Quarterly decrease in GAAP net asset value per share |
|
|
|
|
|
(4.8 |
)% |
Adjusted net asset value per share (2) |
|
|
|
|
$ |
11.59 |
|
Quarterly decrease in adjusted net asset value per share (2) |
|
|
|
|
|
(3.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Facility |
|
|
|
|
$ |
167.6 |
|
2023 Notes |
|
|
|
|
$ |
96.8 |
|
2026 Notes |
|
|
|
|
$ |
182.3 |
|
2031 Asset-Backed Debt |
|
|
|
|
$ |
226.1 |
|
Regulatory Debt to Equity |
|
|
|
|
1.29x |
|
GAAP Net Debt to Equity
(3) |
|
|
|
|
1.19x |
|
Weighted average yield on debt
investments at quarter-end |
|
|
|
|
|
10.0 |
% |
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Year Ended |
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
Operating Results: |
|
|
|
|
|
|
Net investment income |
|
$ |
12.7 |
|
|
$ |
48.6 |
|
Net investment income per share (GAAP) |
|
$ |
0.29 |
|
|
$ |
1.18 |
|
Credit facility amendment costs per share |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
Core net investment income per share (4) |
|
$ |
0.30 |
|
|
$ |
1.18 |
|
Distributions declared per share |
|
$ |
0.285 |
|
|
$ |
1.14 |
|
|
|
|
|
|
|
|
Portfolio Activity: |
|
|
|
|
|
|
Purchases of investments |
|
$ |
54.7 |
|
|
$ |
607.8 |
|
Sales and repayments of investments |
|
$ |
98.0 |
|
|
$ |
495.2 |
|
|
|
|
|
|
|
|
PSSL Portfolio data: |
|
|
|
|
|
|
PSSL investment portfolio |
|
|
|
|
$ |
754.7 |
|
Purchases of investments |
|
$ |
50.2 |
|
|
$ |
278.8 |
|
Sales and repayments of investments |
|
$ |
33.2 |
|
|
$ |
102.4 |
|
_______________________________
(1) Includes
investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL,
an unconsolidated joint venture, totaling $239.6 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 $1.5 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 including the impact
of the $1.5 million unrealized loss on the Credit Facility and the
2023 Notes net of $47.9 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) Core net
investment income is a non-GAAP financial measure. The Company
believes that core net investment income provides useful
information to investors and management because it reflects the
Company’s financial performance excluding a one-time expense of
$0.4 million associated with the upsized value of our
multi-currency senior secured revolving credit facility with Truist
Bank and other lenders on September 15, 2022 and the associated
incentive fee reduction of $0.1 million. 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
NOVEMBER 17, 2022
PennantPark Floating Rate Capital Ltd. (“we,”
“our,” “us” or the “Company”) will also host a conference call at
9:00 a.m. (Eastern Time) on Thursday November 17, 2022 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 (646) 828-8193. All callers
should reference conference ID #7682895 or PennantPark Floating
Rate Capital Ltd. An archived replay will also be available through
December 1, 2022 on a webcast link located on the home page of the
Investor section of PennantPark’s website.
PORTFOLIO AND INVESTMENT
ACTIVITY
“We are pleased with the underlying credit
performance of our portfolio this quarter. With our primary focus
on lower risk, first lien senior secured floating rate loans to
U.S. companies, we are positioned to preserve capital and protect
against rising inflation and interest rates,” said Art Penn,
Chairman and CEO. “We believe that the combination of rising base
rates, higher spreads on new loan originations, and a growing PSSL
joint venture create multiple pathways for income growth. We are
looking forward to investing in the late 2022 and 2023 vintage of
new loans that should benefit from more conservative structures at
higher yields.”
As of September 30, 2022, our portfolio totaled
$1,164.3 million and consisted of $1,009.6 million of first
lien secured debt (including $190.2 million in PSSL), $0.1 million
of second lien secured debt and $154.5 million of preferred and
common equity (including $49.4 million in PSSL). Our debt portfolio
consisted of 100% variable-rate investments. As of September 30,
2022, we had two portfolio companies on non-accrual, representing
0.9% and zero percent of our overall portfolio on a cost and fair
value basis, respectively. Overall, the portfolio had net
unrealized depreciation of $8.7 million. Our overall portfolio
consisted of 125 companies with an average investment size of $9.3
million, had a weighted average yield on debt investments of
10.0%.
As of September 30, 2021, our portfolio totaled
$1,081.6 million, and consisted of $934.4 million of first lien
secured debt (including $140.9 million in PSSL), $8.9 million of
second lien secured debt and $138.3 million of preferred and common
equity (including $44.9 million in PSSL). Our debt portfolio
consisted of 99% variable-rate investments. As of September 30,
2021, we had two portfolio companies on non-accrual, representing
2.7% and 2.6% of our overall portfolio on a cost and fair value
basis, respectively. Overall, the portfolio had net unrealized
depreciation of $11.0 million. Our overall portfolio consisted of
110 companies with an average investment size of $9.8 million, had
a weighted average yield on debt investments of 7.4%.
For the three months ended September 30, 2022,
we invested $54.7 million in five new and 25 existing portfolio
companies with a weighted average yield on debt investments of
8.9%. Sales and repayments of investments for the same period
totaled $98.0 million. This compares to the three months ended
September 30, 2021, in which we invested $185.7 million in 16 new
and 18 existing portfolio companies with a weighted average yield
on debt investments of 7.3%. Sales and repayments of investments
for the same period totaled $136.6 million.
For the year ended September 30, 2022, we
invested $607.8 million in 34 new and 129 existing portfolio
companies with a weighted average yield on debt investments of
7.8%. Sales and repayments of investments for the same period
totaled $495.2 million.
For the year ended September 30, 2021, we
invested $661.1 million in 35 new and 68 existing portfolio
companies with a weighted average yield on debt investments of
7.4%. Sales and repayments of investments for the same period
totaled $702.1 million.
PennantPark Senior Secured Loan Fund I
LLC
As of September 30, 2022, PSSL’s portfolio
totaled $754.7 million, consisted of 95 companies with an average
investment size of $8.0 million and had a weighted average yield on
debt investments of 9.6%. As of September 30, 2021, PSSL’s
portfolio totaled $564.8 million, consisted of 74 companies with an
average investment size of $7.6 million and had a weighted average
yield on debt investments of 7.1%.
For the three months ended September 30, 2022,
PSSL invested $50.2 million in nine new and five existing portfolio
companies with a weighted average yield on debt investments of
8.8%. PSSL’s sales and repayments of investments for the same
period totaled $33.2 million. For the three months ended September
30, 2021, PSSL invested $76.6 million in 12 new and three existing
portfolio companies with a weighted average yield on debt
investments of 7.3%. PSSL’s sales and repayments of investments for
the same period totaled $36.7 million.
For the year ended September 30, 2022, PSSL
invested $278.8 million (of which $270.6 million was purchased from
the Company) in 34 new and 20 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
$102.4 million.
For the year ended September 30, 2021, PSSL
invested $354.4 million (of which $285.7 million was purchased from
the Company) in 42 new and 29 existing portfolio companies with a
weighted average yield on debt investments of 7.2%. PSSL’s sales
and repayments of investments for the same period totaled $185.7
million.
RESULTS OF OPERATIONS
Set forth below are the results of operations
for the three months and years ended September 30, 2022 and
2021.
Investment Income
Investment income for the three months ended
September 30, 2022 and 2021 was $28.8 million and $21.6 million,
respectively, and was attributable to $25.1 million and $18.6
million from first lien secured debt and $3.7 million and $3.0
million from other investments, respectively.
Investment income for the year ended September
30, 2022 was $105.5 million and was attributable to $89.1 million
from first lien secured debt and $16.4 million from other
investments. Investment income for the year ended September 30,
2021 was $82.7 million and was attributable to $72.1 million from
first lien secured debt and $10.6 million from other investments.
The increase in investment income compared to the same periods in
the prior year was primarily due to an increase in LIBOR and SOFR
base rates and an increase in the size of our interest bearing
portfolio.
Expenses
Expenses for the three months ended September
30, 2022 and 2021 totaled $16.1 million and $12.3 million,
respectively. Base management fee totaled $3.0 million and $2.7
million, incentive fee totaled $3.2 million and $0.6 million, debt
related interest and expenses totaled $9.0 million (including $0.4
million attributable to fees associated with the upsizing of the
credit facility) and $8.5 million (including $2.9 million
attributable to fees associated with entering into the new credit
facility), general and administrative expenses totaled $0.9 million
and $0.4 million and provision for taxes totaled $0.1 million and
$0.1 million, respectively, for the same periods.
Expenses for the year ended September 30, 2022
and 2021 totaled $56.9 million and $43.1 million, respectively.
Base management fee for the same period totaled $11.9 million and
$10.7 million, incentive fee totaled $11.6 million and $5.3
million, debt related interest and expenses totaled $29.8 million
(including $0.4 million attributable to fees associated with the
upsizing of the credit facility) and $24.5 million (including $2.9
million attributable to fees associated with entering into the new
credit facility amendment fees), general and administrative
expenses totaled $3.2 million and $2.1 million, and provision for
taxes totaled $0.4 million and $0.4 million, respectively, for the
same periods. The increase in expenses compared to the prior year
was primarily due to an increase in base management fees under our
Investment Management Agreement with the Investment Advisor and
debt related interest and expenses.
Net Investment Income
Net investment income totaled $12.7 million, or
$0.28 per share, and $9.3 million, or $0.24 per share, for the
three months ended September 30, 2022 and 2021, respectively.
Net investment income totaled $48.6 million, or
$1.18 per share, and $39.6 million, or $1.02 per share, for the
years ended September 30, 2022 and 2021, respectively. The increase
in net investment income compared to the prior year was primarily
due to an increase in the size of our portfolio as well as the
increase in LIBOR and SOFR base interest rates.
Net Realized Gains or
Losses
Net realized gains (losses) on sales and
repayments of investments totaled $0.5 million and $2.5 million,
respectively for the three months ended September 30, 2022 and
2021.
Net realized gains (losses) on sales and
repayments of investments totaled $(11.1) million and $12.8
million, respectively for the years ended September 30, 2022 and
2021. The change in realized gains (losses) was primarily due to
changes in market conditions of our investments and the values at
which they were realized, caused by the fluctuations in the market
and in the economy.
Unrealized Appreciation or Depreciation
on Investments, the Credit Facility and the 2023 Notes
For the three months ended September 30, 2022
and 2021, we reported a net change in unrealized appreciation
(depreciation) appreciation on investments of $(20.9) million and
$(7.5) million, respectively.
For the years ended September 30, 2022 and 2021,
we reported net change in unrealized appreciation (depreciation) on
investments of $(24.5) million and $41.3 million,
respectively. As of September 30, 2022 and 2021, our net unrealized
appreciation (depreciation) on investments totaled $(13.1) million
and $11.0 million, respectively. The net change in unrealized
appreciation/depreciation on our investments for the year ended
September 30, 2022 compared to the prior year was primarily due to
changes in the capital market conditions of our investments and the
values at which they were realized, caused by the fluctuations in
the market and in the economy.
For the three months ended September 30, 2022
and 2021, our Credit Facility and 2023 Notes had a net change in
unrealized (appreciation) depreciation of $(6.2) million and $(0.3)
million, respectively.
For the year ended September 30, 2022 and 2021,
the Credit Facility or Prior Credit Facility, as applicable, and
the 2023 Notes had a net change in unrealized (appreciation)
depreciation of $(4.9) million and $(11.6) million and,
respectively. As of September 30, 2022 and 2021, our net unrealized
depreciation on the Credit Facility or our Prior Credit Facility,
as applicable, and the 2023 Notes totaled $2.3 million and $7.2
million, respectively. The net change in unrealized depreciation
for the year ended September 30, 2022 compared to the prior year
was primarily due to changes in the capital markets, with the
economic instability negatively affecting the value.
Net Change in Net Assets Resulting from
Operations
Net change in net assets resulting from
operations totaled $(13.1) million, or $(0.34) per share, and
$4.0 million, or $0.10 per share, for the three months ended
September 30, 2022 and 2021, respectively.
Net change in net assets resulting from
operations totaled $3.5 million, or $0.08 per share, and $56.5
million, or $1.46 per share, for the years ended September
30, 2022 and 2021, respectively. The decrease in net assets from
operations for the year ended September 30, 2022 compared to the
prior year was primarily due to depreciation of the portfolio
primarily driven by changes in market conditions.
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.
The annualized weighted average cost of debt for
the years ended September 30, 2022 and 2021, inclusive of the fee
on the undrawn commitment on the Credit Facility or Prior Credit
Facility, as applicable, amendment costs and debt issuance costs,
was 4.5% and 3.9%, respectively. As of September 30, 2022, we
maintained a $366 million Credit Facility, which was recently
increased from $300 million during September 2022, and matures in
August 2026. As of September 30, 2022 and 2021, we had $197.2
million and $80.6 million of unused borrowing capacity under the
Credit Facility or our Prior Credit Facility, as applicable,
respectively, subject to leverage and borrowing base
restrictions.
As of September 30, 2022 and 2021, our wholly
owned subsidiary, PennantPark Floating Rate Funding I, LLC,
borrowed $168.8 million and $219.4 million under the Credit
Facility or Prior Credit Facility, as applicable, respectively. The
Credit Facility had a weighted average interest rate of 4.9% and
2.3%, exclusive of the fee on undrawn commitments as of September
30, 2022 and 2021, respectively.
As of September 30, 2022 and 2021, we had cash
equivalents of $47.9 million and $49.8 million, respectively,
available for investing and general corporate purposes. We believe
our liquidity and capital resources are sufficient to allow us to
efficiently operate the business.
Our operating activities used cash of
$50.0 million for the year ended September 30, 2022, and our
financing activities provided cash of $47.7 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 the Credit Facility and paying
distributions to stockholders.
Our operating activities provided cash of $49.6
million for the year ended September 30, 2021, and our financing
activities used cash of $56.3 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 the Credit Facility and paying distributions to
stockholders.
DISTRIBUTIONS
During the three months and year ended September
30, 2022, we declared distributions of $0.285 and $1.14 per share,
respectively, for total distributions of $12.6 and $46.7 million,
respectively. During the three months and year ended September 30,
2021, we declared distributions of $0.285 and $1.14 per share,
respectively, for total distributions of $11.0 and $44.2 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 SEC.
AVAILABLE INFORMATION
The Company makes available on its website its
Quarterly Report on Form 10-K filed with the SEC, and stockholders
may find such report on its website at www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF ASSETS
AND LIABILITIES(in thousands, except per share
data)
|
|
|
|
|
|
|
|
|
September 30, 2022 |
|
|
September 30, 2021 |
|
Assets |
|
|
|
|
|
|
Investments at fair value |
|
|
|
|
|
|
Non-controlled, non-affiliated investments (cost—$882,570 and
$824,542, respectively) |
|
$ |
893,249 |
|
|
$ |
856,806 |
|
Non-controlled, affiliated investments (cost— zero and $22,380,
respectively) |
|
|
— |
|
|
|
7,433 |
|
Controlled, affiliated investments (cost— $294,787 and $223,714,
respectively) |
|
|
271,005 |
|
|
|
217,380 |
|
Total of investments (cost—$1,177,357 and $1,070,636,
respectively) |
|
|
1,164,254 |
|
|
|
1,081,619 |
|
Cash and cash equivalents
(cost—$47,917 and $49,826, respectively) |
|
|
47,880 |
|
|
|
49,826 |
|
Interest receivable |
|
|
7,543 |
|
|
|
5,446 |
|
Receivable for investments
sold |
|
|
3,441 |
|
|
|
33,965 |
|
Prepaid expenses and other
assets |
|
|
748 |
|
|
|
— |
|
Total assets |
|
|
1,223,866 |
|
|
|
1,170,856 |
|
Liabilities |
|
|
|
|
|
|
Distributions payable |
|
|
4,308 |
|
|
|
3,690 |
|
Payable for investments
purchased |
|
|
— |
|
|
|
13,546 |
|
Credit Facility payable, at fair
value (cost—$168,830 and $219,400, respectively) |
|
|
167,563 |
|
|
|
218,851 |
|
2023 Notes payable, at fair
value (par—$97,006 and $117,793, respectively) |
|
|
96,812 |
|
|
|
111,114 |
|
2026 Notes payable, net
(par—$185,000 and $100,000, respectively) |
|
|
182,276 |
|
|
|
97,171 |
|
2031 Asset-Backed Debt, net
(par—$228,000) |
|
|
226,128 |
|
|
|
225,497 |
|
Interest payable on debt |
|
|
8,163 |
|
|
|
5,455 |
|
Base management fee
payable |
|
|
3,027 |
|
|
|
2,707 |
|
Performance-based incentive
fee payable |
|
|
3,164 |
|
|
|
624 |
|
Accrued other expenses |
|
|
765 |
|
|
|
1,590 |
|
Deferred tax liability |
|
|
4,568 |
|
|
|
— |
|
Total liabilities |
|
|
696,774 |
|
|
|
680,245 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Net
assets |
|
|
|
|
|
|
Common stock, 45,345,638 and
38,880,728 shares issued and outstanding, respectively
Par value $0.001 per share and 100,000,000 shares authorized |
|
|
45 |
|
|
|
39 |
|
Paid-in capital in excess of
par value |
|
|
618,028 |
|
|
|
538,814 |
|
Accumulated deficit |
|
|
(90,981 |
) |
|
|
(48,242 |
) |
Total net assets |
|
$ |
527,092 |
|
|
$ |
490,611 |
|
Total liabilities and net assets |
|
$ |
1,223,866 |
|
|
$ |
1,170,856 |
|
Net asset value per
share |
|
$ |
11.62 |
|
|
$ |
12.62 |
|
|
PENNANTPARK FLOATING RATE CAPITAL LTD.
AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data)
|
|
Three Months EndedSeptember 30, |
|
|
Year EndedSeptember 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Investment
income: |
|
|
|
|
|
|
|
|
|
|
|
|
From non-controlled,
non-affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
18,660 |
|
|
$ |
13,357 |
|
|
$ |
68,413 |
|
|
$ |
56,878 |
|
Dividend |
|
|
577 |
|
|
|
— |
|
|
|
2,308 |
|
|
|
— |
|
Other income |
|
|
483 |
|
|
|
1,619 |
|
|
|
4,278 |
|
|
|
4,153 |
|
From non-controlled,
affiliated investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
— |
|
|
|
1,029 |
|
|
112 |
|
|
1309 |
|
Other income |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
123 |
|
From controlled, affiliated
investments: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
|
6,091 |
|
|
|
2,988 |
|
|
|
16,724 |
|
|
|
11,241 |
|
Dividend |
|
|
2,975 |
|
|
|
2,625 |
|
|
|
13,650 |
|
|
|
8,794 |
|
Other Income |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
196 |
|
Total investment income |
|
|
28,786 |
|
|
|
21,620 |
|
|
|
105,485 |
|
|
|
82,694 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Base management fee |
|
|
3,026 |
|
|
|
2,706 |
|
|
|
11,930 |
|
|
|
10,678 |
|
Performance-based incentive fee |
|
|
3,164 |
|
|
|
625 |
|
|
|
11,625 |
|
|
|
5,341 |
|
Interest and expenses on debt |
|
|
9,042 |
|
|
|
5,625 |
|
|
|
29,755 |
|
|
|
21,650 |
|
Administrative services expenses |
|
|
144 |
|
|
|
150 |
|
|
|
575 |
|
|
|
900 |
|
Other general and administrative expenses |
|
|
654 |
|
|
|
201 |
|
|
|
2,618 |
|
|
|
1,201 |
|
Expenses before provision for taxes |
|
|
16,030 |
|
|
|
9,307 |
|
|
|
56,503 |
|
|
|
39,770 |
|
Credit Facility amendment costs and debt issuance costs |
|
|
— |
|
|
|
2,898 |
|
|
|
— |
|
|
|
2,898 |
|
Provision for taxes |
|
|
100 |
|
|
|
100 |
|
|
|
400 |
|
|
|
400 |
|
Net expenses |
|
|
16,130 |
|
|
|
12,305 |
|
|
|
56,903 |
|
|
|
43,068 |
|
Net investment income |
|
|
12,656 |
|
|
|
9,315 |
|
|
|
48,582 |
|
|
|
39,626 |
|
Realized and
unrealized gain (loss) on investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on
investments and debt: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
515 |
|
|
|
18,233 |
|
|
|
11,209 |
|
|
|
24,613 |
|
Non-controlled and controlled, affiliated investments |
|
|
— |
|
|
|
(15,769 |
) |
|
|
(22,315 |
) |
|
|
(37,409 |
) |
Net realized gain (loss) on investments and
debt |
|
|
515 |
|
|
|
2,464 |
|
|
|
(11,106 |
) |
|
|
(12,796 |
) |
Net change in unrealized
appreciation (depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
|
|
(9,766 |
) |
|
|
2,474 |
|
|
|
(22,009 |
) |
|
|
30,881 |
|
Non-controlled and controlled, affiliated investments |
|
|
(11,100 |
) |
|
|
(9,956 |
) |
|
|
(2,503 |
) |
|
|
10,414 |
|
Provision for taxes on unrealized appreciation on investments |
|
|
772 |
|
|
|
— |
|
|
|
(4,568 |
) |
|
|
— |
|
Debt (appreciation) depreciation |
|
|
(6,216 |
) |
|
|
(292 |
) |
|
|
(4,943 |
) |
|
|
(11,609 |
) |
Net change in unrealized appreciation (depreciation) on
investments and debt |
|
|
(26,310 |
) |
|
|
(7,774 |
) |
|
|
(34,023 |
) |
|
|
29,686 |
|
Net realized and
unrealized gain (loss) from investments and debt |
|
|
(25,795 |
) |
|
|
(5,310 |
) |
|
|
(45,129 |
) |
|
|
16,890 |
|
Net increase
(decrease) in net assets resulting from operations |
|
|
(13,139 |
) |
|
|
4,005 |
|
|
$ |
3,453 |
|
|
|
56,516 |
|
Net increase (decrease) in net
assets resulting from operations per common share |
|
$ |
(0.34 |
) |
|
$ |
0.10 |
|
|
$ |
0.08 |
|
|
$ |
1.46 |
|
Net investment income per
common share |
|
$ |
0.29 |
|
|
$ |
0.24 |
|
|
$ |
1.18 |
|
|
$ |
1.02 |
|
|
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 $6.4 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 Miami and has offices in New York,
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 T. Allorto, Jr. |
|
PennantPark Floating Rate Capital Ltd. |
|
(212) 905-1000 |
|
www.pennantpark.com |
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