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Sep 30, 2022
PennantPark Floating Rate Q4 2022 Earnings Report
Announced financial results for the fourth quarter and fiscal year ended September 30, 2022.
Key Takeaways
PennantPark Floating Rate Capital Ltd. reported a net investment income of $12.7 million, or $0.29 per share, for the quarter ended September 30, 2022. The portfolio totaled $1,164.3 million with a weighted average yield on debt investments of 10.0%.
Investment portfolio totaled $1,164.3 million.
GAAP net asset value per share was $11.62.
Net investment income was $12.7 million.
Weighted average yield on debt investments at quarter-end was 10.0%.
PennantPark Floating Rate
PennantPark Floating Rate
Forward Guidance
Company is positioned to preserve capital and protect against rising inflation and interest rates, and expects income growth through rising base rates, higher spreads, and a growing PSSL joint venture.
Positive Outlook
- Rising base rates
- Higher spreads on new loan originations
- Growing PSSL joint venture
- Investing in the late 2022 and 2023 vintage of new loans
- More conservative structures at higher yields
Challenges Ahead
- Changes in the economy
- Risks associated with possible disruption in the Company’s operations
- Risks associated with possible disruption in the economy generally due to terrorism
- Risks associated with possible disruption in the economy generally due to natural disasters
- Risks associated with possible disruption in the economy generally due to pandemics such as COVID-19