PennantPark Floating Rate Capital Ltd.
PFLT.TA
Tel Aviv Stock Exchange4,173.00
ILA
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PennantPark Floating Rate Capital Ltd.
PFLT.TA
(Tel Aviv Stock Exchange)
Recent
price
4,173.00
P/E
ratio
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div
yld
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ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) is a publicly traded business development company that generates current income and capital appreciation primarily through senior secured first lien floating-rate loans, second lien secured debt, subordinated debt, and occasional equity investments including preferred stock, common stock, warrants and options to U.S. middle-market companies with EBITDA generally between $10 million and $50 million. The company, founded in 2010 and headquartered in Miami Beach, Florida, invests $2 million to $20 million per position, with a portfolio mainly comprised of directly originated and highly negotiated floating-rate loans to private, thinly traded or small market-cap public companies; it operates externally managed by PennantPark Investment Advisers, LLC, maintains at least 80% of assets in qualifying floating-rate loans and similar instruments including cash equivalents, and focuses on non-rated or BB to CCC-rated borrowers across sectors with a low non-accrual rate of around 0.4%. Recent developments include the formation of PennantPark Senior Secured Loan Fund II, LLC, a joint venture with Hamilton Lane Senior Credit Opportunities Fund expanding middle-market loan capacity consistent with PFLT's origination strategy in August 2025; an additional $100 million commitment to its existing PennantPark Senior Secured Loan Fund I joint venture increasing total capacity to $1.5 billion reported in early 2025; upsizing of its credit facility to $736 million, pricing of a $361 million securitization with a 1.59% weighted average spread, and robust originations of approximately $4 billion across the PennantPark platform in 2024 with expectations for continued growth and full dividend coverage into 2025.