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Dec 31, 2023
PennantPark Floating Rate Q1 2024 Earnings Report
PennantPark Floating Rate Capital Ltd. reported solid performance with increased investment income and NAV for the first quarter ended December 31, 2023.
Key Takeaways
PennantPark Floating Rate Capital Ltd. announced its financial results for the first quarter ended December 31, 2023. The company reported a net investment income of $19.4 million, or $0.33 per share, compared to $13.7 million, or $0.30 per share, for the same period in the prior year. Investment income increased to $38.0 million, driven by a higher cost yield on the debt portfolio.
Portfolio totaled $1,270.9 million as of December 31, 2023, with $1,090.5 million in first lien secured debt.
Net investment income for the quarter was $19.4 million, or $0.33 per share.
Investment income for the quarter was $38.0 million, driven by first lien secured debt.
Company invested $302.6 million in new and existing portfolio companies during the quarter.
PennantPark Floating Rate
PennantPark Floating Rate
Forward Guidance
Subsequent to December 31, 2023, the company invested $103.2 million in new and existing portfolio companies.
Positive Outlook
- Actively investing in new core middle market loans.
- Driving meaningfully increased income through growing balance sheets.
- Invested $103.2 million in four new and 23 existing portfolio companies
- Weighted average yield on debt investments of 13.0%.
- Liquidity and capital resources are sufficient to allow us to efficiently operate the business.
Challenges Ahead
- Operating activities used cash of $181.9 million.
- Net realized losses totaled $(3.1) million.
- One portfolio company on non-accrual, representing 0.1% of overall portfolio on a cost basis.
- Net unrealized depreciation on investments totaled $(19.6) million.
- General market conditions may impact investment values.