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Dec 31, 2024
PennantPark Floating Rate Q1 2025 Earnings Report
Expected Revenue:$59.5M
+69.9% YoY
Expected EPS:$0.31
0.0% YoY
Key Takeaways
PennantPark Floating Rate Capital Ltd. reported a solid performance for the first quarter ended December 31, 2024, with net investment income totaling $30.0 million, or $0.37 per share, compared to $19.4 million, or $0.33 per share, for the same period in 2023. The company's portfolio totaled $2,193.9 million, with a weighted average yield on debt investments of 10.6%.
Portfolio totaled $2,193.9 million as of December 31, 2024.
Net investment income totaled $30.0 million, or $0.37 per share.
Invested $606.9 million in 11 new and 58 existing portfolio companies.
Weighted average yield on debt investments was 10.6%.
PennantPark Floating Rate
PennantPark Floating Rate
Forward Guidance
In February 2025, the Company priced a new securitization financing that is expected to close by early March.
Positive Outlook
- New financing is a $361 million term debt securitization transaction with a weighted average spread of 1.59%.
- The weighted average spread of 1.59% is a decrease of 30 basis points from an existing securitization financing that we refinanced in July 2024.
- Securitization financing continues to be a good match for our lower risk first lien assets.
- Securitizations are attractive financing structures as they have a 12 year stated maturity and generally have 4 to 5 year reinvestment periods.
- Securitizations are non mark to market financings regardless of broader market volatility.