PennantPark Floating Rate Capital Ltd.
NYSE•PFLT
CEO: Mr. Arthur Howard Penn
Sector: Financial Services
Industry: Asset Management
Listing Date: 2011-04-08
PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S. companies. The fund typically invests between $2 million and $20 million. The fund also invests in equity securities, such as preferred stock, common stock, warrants or options received in connection with debt investments or through direct investments. It primarily invests between $10 million and $50 million in investments in senior secured loans and mezzanine debt. It seeks to invest in companies not rated by national rating agencies. The companies if rated would be between BB and CCC under the Standard & Poor's system. The fund invests 30% is invested in non-qualifying assets like investments in public companies whose securities are not thinly traded or do not have a market capitalization of less than $250 million, securities of middle-market companies located outside of the United States, high-yield bonds, distressed debt, private equity, securities of public companies that are not thinly traded, and investment companies as defined in the 1940 Act. Under normal conditions, the fund expects atleast 80 percent of its net assets plus any borrowings for investment purposes to be invested in Floating Rate Loans and investments with similar economic characteristics, including cash equivalents invested in money market funds. It expects to represent 65 percent of its portfolio through senior secured loans. In case of floating rate loans, it holds investments for a period of three to ten years.
Contact Information
1691 Michigan Avenue, Suite 500, Miami Beach, FL, 33139, United States
212-905-1000
Market Cap
$942.57M
P/E (TTM)
14.2
0
Dividend Yield
12.9%
52W High
$11.50
52W Low
$8.40
52W Range
Rank45Top 56.8%
3.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025
Financial Dashboard
Q4 2025 Data
Revenue
$46.58M-9.88%
4-Quarter Trend
EPS
$0.18-37.93%
4-Quarter Trend
FCF
$42.21M-114.47%
4-Quarter Trend
2025 Annual Earnings Highlights
Key Highlights
Net Investment Income Rises Net Investment Income reached $107.2M USD in FY2025, up significantly from $77.7M USD in FY2024, driven by portfolio growth.
Total Portfolio Expansion Total investments grew to $2.77B USD by September 30, 2025, up from $1.98B USD the prior year, reflecting active deployment.
Asset Coverage Ratio Stable Asset coverage ratio maintained compliance at 160% USD as of September 30, 2025, despite leverage increasing to 166% of net assets.
Risk Factors
Equity Valuation Control Weakness Material weakness identified in quarterly equity valuation review; remediation efforts are underway to address control deficiencies.
NAV Per Share Declines Net Asset Value per share decreased to $10.83 USD from $11.31 USD due to $34.6M USD net change in unrealized depreciation.
High Variable Rate Exposure Approximately 99% of debt portfolio consists of variable-rate loans, exposing net investment income to adverse interest rate fluctuations.
Outlook
Internal Control Remediation Focus Focused on enhancing review controls for equity investments and improving overall control environment commitment post-material weakness identification.
New Joint Venture Operational PSSL II, a new unconsolidated joint venture with Hamilton Lane, commenced operations subsequent to the fiscal year end.
Capital Access Remains Available ATM Program capacity remains available at $192.2M USD for future equity capital raises, subject to market conditions.
Peer Comparison
Revenue (TTM)
$292.80M
$236.42M
KBDC$202.61M
Gross Margin (Latest Quarter)
76.7%
58.7%
KBDC58.5%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| MFIC | $1.07B | 10.7 | 7.2% | 0.0% |
| KBDC | $995.16M | 9.6 | 0.0% | 0.0% |
| PFLT | $942.57M | 14.2 | 6.3% | 61.0% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-9.1%
Growth Under Pressure
4Q Net Income CAGR
-14.8%
Declining Profitability
Cash Flow Stability
50%
Cash Flow Needs Attention
Research & Insights
Next earnings:Feb 9, 2026
EPS:$0.30
|Revenue:$70.48M
Reports
All Years
Form 10-K - FY 2025
Period End: Sep 30, 2025|Filed: Nov 24, 2025|Revenue: $171.52M+2.2%|EPS: $0.72-48.6%BeatForm 10-Q - Q3 2025
Period End: Jun 30, 2025|Filed: Aug 11, 2025|Revenue: $47.15M-2.8%|EPS: $0.24-4.0%MissForm 10-Q - Q2 2025
Period End: Mar 31, 2025|Filed: May 12, 2025|Revenue: $25.82M-46.6%|EPS: $0.01-97.3%MissForm 10-Q - Q1 2025
Period End: Dec 31, 2024|Filed: Feb 10, 2025|Revenue: $62.06M+63.4%|EPS: $0.35-7.9%BeatForm 10-K - FY 2024
Period End: Sep 30, 2024|Filed: Nov 26, 2024|Revenue: $167.82M+33.7%|EPS: $1.40+81.8%BeatForm 10-Q - Q3 2024
Period End: Jun 30, 2024|Filed: Aug 7, 2024|Revenue: $48.51M+53.3%|EPS: $0.25+127.3%MissForm 10-Q - Q2 2024
Period End: Mar 31, 2024|Filed: May 8, 2024|Revenue: $48.36M+889.4%|EPS: $0.51+240.0%BeatForm 10-Q - Q1 2024
Period End: Dec 31, 2023|Filed: Feb 7, 2024|Revenue: $37.97M+7665.4%|EPS: $0.38-1164.4%Beat