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PFLT

PennantPark Floating Rate Capital Ltd.

PFLT

PennantPark Floating Rate Capital Ltd. • NYSE
$9.17 ▲ 0.66% (+0.06)
Market Cap $909.83 M
52w High $11.50
52w Low $8.40
Dividend Yield 1.23%
P/E 11.18
Volume 579.62K
Outstanding Shares 99.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $54.659M ▲ $1.1M ▼ $17.513M ▼ 32.04% ▼ $0.18 ▼ $43.302M ▲
Q3-2025 $47.153M ▲ $4.805M ▲ $19.298M ▲ 40.926% ▲ $0.24 ▲ $19.801M ▲
Q2-2025 $25.824M ▼ $2.292M ▼ $1.225M ▼ 4.744% ▼ $0.014 ▼ $1.003M ▼
Q1-2025 $62.057M ▲ $14.681M ▲ $28.329M ▲ 45.65% ▲ $0.35 ▲ $44.758M ▲
Q4-2024 $51.689M $10.632M $21.34M 41.285% $0.29 $21.759M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $122.688M ▲ $2.914B ▲ $1.839B ▲ $1.075B ▼
Q3-2025 $102.73M ▼ $2.522B ▲ $1.434B ▲ $1.088B ▲
Q2-2025 $111.358M ▲ $2.472B ▲ $1.405B ▲ $1.067B ▲
Q1-2025 $102.262M ▼ $2.344B ▲ $1.382B ▲ $962.651M ▲
Q4-2024 $112.05M $2.109B $1.232B $877.294M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $17.513M ▼ $42.21M ▲ $-376.739M ▼ $354.489M ▲ $19.958M ▲ $42.21M ▲
Q3-2025 $19.299M ▲ $-35.266M ▲ $-62.308M ▼ $26.625M ▼ $-8.628M ▼ $-35.266M ▲
Q2-2025 $1.224M ▼ $-118.116M ▲ $0 $127.211M ▼ $9.096M ▲ $-118.116M ▲
Q1-2025 $28.329M ▲ $-232.67M ▲ $0 $222.896M ▼ $-9.788M ▼ $-232.67M ▲
Q4-2024 $21.34M $-291.737M $0 $319.194M $27.46M $-291.737M

Five-Year Company Overview

Income Statement

Income Statement PFLT’s income statement shows a business that has grown its interest income meaningfully over the last few years, with profitability improving after a soft patch. Revenue and operating profit have both stepped up, helped by a larger loan book and a favorable interest rate environment for floating‑rate assets. Net income dipped around two years ago but has since recovered to healthy levels. Earnings per share, however, have been more volatile than the overall profit trend, reflecting changes in share count, portfolio mix, and credit conditions. Overall, recent results point to stronger, more stable earnings than earlier in the period, but with a history that reminds investors this is a cyclical, credit‑sensitive business.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets rising as PFLT has grown its lending portfolio. This growth has been funded partly by a noticeable increase in debt, while equity has also built up over time. The result is a more leveraged but also larger and more diversified platform. Cash balances are modest but generally steady, typical for a business development company that prefers to keep capital deployed in interest‑earning loans. The key trade‑off is clear: more scale and earnings potential, but higher sensitivity to funding markets and credit quality in the underlying loans.

Cash Flow

Cash Flow Cash flow is choppy, which is common for lenders. In the most recent year, operating cash flow swung sharply negative, largely because PFLT put substantial money to work in new investments. In quieter growth years, cash flow has hovered around breakeven or modestly positive. Since there is virtually no traditional capital spending, free cash flow moves in lockstep with operating cash flow. For a BDC, negative operating cash in a strong growth year does not automatically signal weakness, but it does mean the model depends on continued access to debt and equity capital to fund portfolio expansion and support distributions.

Competitive Edge

Competitive Edge PFLT competes in the middle‑market lending space, where relationships, underwriting skill, and disciplined risk management matter more than brand recognition. Its edge comes from a long track record in this niche, strong ties with private equity sponsors that feed it deal flow, and a focus on senior secured, floating‑rate loans that sit higher in the capital structure and benefit when interest rates rise. Emphasis on covenant‑heavy structures and conservative underwriting supports credit quality. At the same time, the firm faces ongoing competition from other BDCs, private credit funds, and banks, and remains exposed to downturns in the middle‑market economy, where weaker borrowers can struggle when conditions tighten.

Innovation and R&D

Innovation and R&D While not a technology innovator, PFLT has been creative in how it structures its business. Its joint ventures, such as the Senior Secured Loan Funds, let it scale up, diversify, and potentially enhance returns without doing everything on its own balance sheet. The company also uses tailored financing structures, active portfolio oversight, and selective equity co‑investments to deepen relationships and capture more upside from borrowers. Looking ahead, scaling the newer joint venture, executing on portfolio acquisitions, and shifting gradually toward more income‑producing assets and fewer equity positions are key strategic initiatives. The main execution risk is growing quickly while preserving underwriting discipline and credit standards.

Summary

PFLT today looks like a larger, more profitable middle‑market lender than it was a few years ago, with stronger earnings power supported by rising interest income and a bigger portfolio of floating‑rate, senior secured loans. The firm has leaned into growth through greater use of debt and innovative joint‑venture structures, which enhances scale but also raises exposure to credit cycles and funding conditions. Cash flow remains inherently uneven as capital is deployed into new loans, and earnings per share have shown that results can swing when credit or market conditions shift. Overall, the story is one of a specialized lender using relationships and structured partnerships to grow, with clear strengths in underwriting and positioning, balanced by the usual risks of leverage and sensitivity to the broader credit environment.

NEWS

November 24, 2025 · 4:05 PM UTC

PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2025

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November 4, 2025 · 4:05 PM UTC

PennantPark Floating Rate Capital Ltd. Announces Monthly Distribution of $0.1025 per Share

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October 3, 2025 · 4:05 PM UTC

PennantPark Floating Rate Capital Ltd. Schedules Earnings Release of Fourth Fiscal Quarter 2025 Results

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October 2, 2025 · 4:05 PM UTC

PennantPark Floating Rate Capital Ltd. Announces Monthly Distribution of $0.1025 per Share

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September 3, 2025 · 4:05 PM UTC

PennantPark Floating Rate Capital Ltd. Announces Monthly Distribution of $0.1025 per Share

Read more