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PennantPark Floating Rate Capital Ltd. (PFLT+0.72%) has filed its annual 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's financial performance, including investment income of $186.4 million, primarily from first lien secured debt. This represents an increase from the previous year due to a larger debt portfolio.
Expenses for the year totaled $108.6 million, with significant portions attributed to management fees, incentive fees, and interest expenses. The increase in expenses was primarily driven by higher debt-related costs.
Net investment income was reported at $77.7 million, or $1.18 per share, reflecting an increase from the prior year. This was mainly due to the expansion of the debt portfolio.
Net realized gains on investments were $0.2 million, while net change in unrealized appreciation on investments was $14.3 million. The changes in realized and unrealized gains were influenced by market conditions.
The company's portfolio as of September 30, 2024, totaled $1,983.5 million, consisting mainly of first lien secured debt. The portfolio had a weighted average yield on debt investments of 11.5%.
PennantPark Floating Rate Capital Ltd. maintains a multi-currency credit facility with a $636.0 million capacity, maturing in August 2029. As of September 30, 2024, $443.9 million was outstanding under this facility.
The company issued $185 million of 2026 Notes, bearing interest at 4.25% per year, maturing on April 1, 2026. These notes are unsecured obligations of the company.
During the fiscal year, the company raised $213.3 million through its ATM program, issuing 18,845,194 shares of common stock at an average price of $11.35 per share.
PennantPark Senior Secured Loan Fund I LLC (PSSL), a joint venture, held a portfolio valued at $913.3 million as of September 30, 2024. The fund invests primarily in middle-market and corporate debt securities.
The filing also addresses various risks, including the impact of interest rate fluctuations, competition for investment opportunities, and potential conflicts of interest with the Investment Adviser.
The company continues to focus on investing in floating rate loans to U.S. middle-market companies, aiming to generate current income and capital appreciation while preserving capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PennantPark Floating Rate Capital Ltd. annual 10-K report dated November 26, 2024. To report an error, please email earnings@qz.com.