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Sep 30, 2020
PennantPark Floating Rate Q4 2020 Earnings Report
Announced financial results, showing a solid portfolio performance amidst challenging economic conditions.
Key Takeaways
PennantPark Floating Rate Capital Ltd. reported strong portfolio performance for Q4 2020, with a portfolio totaling $1,086.9 million. The company invested $15.3 million in new and existing portfolio companies and experienced net investment income of $10.3 million, or $0.27 per share.
Portfolio totaled $1,086.9 million as of September 30, 2020.
Invested $15.3 million in one new and nine existing portfolio companies during the quarter.
Net investment income was $10.3 million, or $0.27 per share, for the quarter.
Net change in net assets resulting from operations totaled $17.0 million, or $0.44 per share.
Forward Guidance
Company anticipates NAV and Net Investment Income will be bolstered over time due to solid portfolio performance, significant equity positions in high-growth companies, and continued optimization of financing.
Positive Outlook
- Solid portfolio performance
- Significant equity positions in high growth companies
- Continuing optimization of financing
- Expected closing of Cano Health business combination in late Q1 or early Q2 2021
- Potential net asset value increase of $0.17 per share from Cano Health transaction
Challenges Ahead
- Customary lock up restrictions on shares owned by a limited partnership
- Fair value on December 31, 2020, may likely include an illiquidity discount
- No assurance that the implied value of equity interest will be representative of the value ultimately realized
- COVID-19 pandemic and uncertainty surrounding its continued adverse economic impact
Historical Earnings Impact
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Avg. Return Before/After Earnings
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