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PennantPark Floating Rate Capital Ltd.NYSE:PFLT Stock Report

Market Cap US$725.3m
Share Price
n/a
1Y-32.4%
7D1.0%
1D-0.8%
Portfolio Value
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PennantPark Floating Rate Capital Ltd.

NYSE:PFLT Stock Report

Market Cap: US$725.3m

PennantPark Floating Rate Capital (PFLT) Stock Overview

A Private Debt, business development company. More details

PFLT fundamental analysis
Snowflake Score
Valuation4/6
Future Growth3/6
Past Performance1/6
Financial Health1/6
Dividends4/6

PFLT Community Fair Values

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PennantPark Floating Rate Capital Ltd. Competitors

 
 
 
 
 
 
 
 
 
 
 
 

Price History & Performance

Summary of share price highs, lows and changes for PennantPark Floating Rate Capital
Historical stock prices
Current Share PriceUS$7.25
52 Week HighUS$10.88
52 Week LowUS$7.02
Beta0.75
1 Month Change-4.35%
3 Month Change-18.72%
1 Year Change-32.43%
3 Year Change-33.55%
5 Year Change-44.10%
Change since IPO-45.90%

Recent News & Updates

Seeking Alpha • Jun 09

PFLA: A 7.375% Notes IPO From PennantPark Floating Rate Capital

Summary PennantPark Floating Rate Capital has issued its first listed fixed-income security, the 7.375% Notes due 2031, currently priced at par. PFLT's asset coverage ratio stands at 162% but could fall to 158% if all PFLA proceeds are invested in new assets, still above the regulatory 150% requirement. Recent dividend cuts and a decrease in the asset coverage ratio suggest caution for creditors, as coverage has tightened; NAV per share has also shown gradual depletion. PFLA is priced in line with peer BDC baby bonds, offering no clear relative value or alpha; current market conditions favor waiting for better entry point. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jun 09

PFLA: A 7.375% Notes IPO From PennantPark Floating Rate Capital

Summary PennantPark Floating Rate Capital has issued its first listed fixed-income security, the 7.375% Notes due 2031, currently priced at par. PFLT's asset coverage ratio stands at 162% but could fall to 158% if all PFLA proceeds are invested in new assets, still above the regulatory 150% requirement. Recent dividend cuts and a decrease in the asset coverage ratio suggest caution for creditors, as coverage has tightened; NAV per share has also shown gradual depletion. PFLA is priced in line with peer BDC baby bonds, offering no clear relative value or alpha; current market conditions favor waiting for better entry point. Read the full article on Seeking Alpha
Seeking Alpha • Jan 13

PennantPark Floating Rate Capital: Improved Portfolio Quality And Discounted Valuation

Summary I maintain my buy rating on PFLT due to its improved non-accrual rate, prioritization of new investments, and slightly improved dividend coverage. PennantPark Floating Rate Capital's current dividend yield is 11.1%, but negative returns and high debt levels have impacted its attractiveness compared to peers. The price trades at a slight discount to NAV, offering a potential upside of 6.8%, supported by improving portfolio metrics and a high rate of capital allocated towards new investments. Interest rate cuts could catalyze growth, enhancing borrower margins and PFLT's balance sheet, given its elevated debt levels and cash reserves. Read the full article on Seeking Alpha
Seeking Alpha • Nov 07

PFLT: High Monthly Income, But Coverage Looking Pressured

Summary PennantPark Floating Rate Capital focuses on first-lien floating rate loans, maintaining 87% allocation in senior secured debt. PFLT offers a high yield at ~10.7%, but coverage has been under pressure and should come further under pressure as the Fed cuts rates. PFLT is trading at a slight premium to its last reported NAV per share, which suggests that it isn't looking like a bargain currently. I believe a neutral outlook is still warranted, or taking a more cautious dollar-cost averaging approach until a better opportunity arises. Read the full article on Seeking Alpha
Seeking Alpha • Oct 25

PennantPark Floating Rate Capital: Weak Dividend Coverage Offset By Increased Investment Activity

Summary I maintain my buy rating on PennantPark Floating Rate Capital due to its strong portfolio structure, consistent price range, and high dividend yield of 10.7%. PFLT's focus on first lien senior secured investments at a floating rate basis helps protect in varying interest rate environments. Despite a slight increase in non-accrual rates, PFLT's risk profile remains low, with potential relief from anticipated interest rate cuts. The distribution is fully covered by net investment income but leaves some room for improvement. Read the full article on Seeking Alpha
Seeking Alpha • Aug 20

PFLT: Dividend Coverage Of 103% Is Safer Than It Seems

Summary PennantPark Floating Rate Capital (PFLT) has delivered yet another quarter of solid growth and high credit quality. While there are notable pressures in the BDC sector to secure sufficient deal flow and shield the margins, PFLT has been able to grow in a notable manner. During this quarter, we could also notice how PFLT has already started to extract the benefit of increased size. Theoretically, the risk could come from thin dividend coverage of 103%. Yet, if we contextualize this with several fundamental dynamics, we will quickly conclude that the coverage is safer than it seems. In this article I elaborate on why I have decided to remain bullish on PFLT after Q3, 2024 earnings report. Read the full article on Seeking Alpha
Seeking Alpha • Jul 17

PFLT: Is This 10% Dividend Income Suitable For You

Summary BDCs offer high yield alternatives to savings accounts. 6 key areas to consider when investing in a BDC. PFLT's management fees, leverage, asset seniority, credit quality, cost of leverage, and industry diversification are analyzed for investment suitability. Poor performance in managing leverage levels and underwriting results means PFLT is ruled out as a long-term buy and hold investment, in my opinion. Read the full article on Seeking Alpha
Seeking Alpha • May 13

PennantPark Floating Rate Capital: Q2 Proves Again That It Is One Of The Best BDCs Out There

Summary While PFLT continues to register positive total returns, it still has failed to outperform the BDC index. Looking at the most recent earnings report, we can notice that all of the key metrics continue to improve, with an exception of the yield that is associated with new investments. Yet, the volume and quality component should offset this margin compression, just as it has done so far on a YTD basis. In this article, I assess Q2, 2024 earnings report and provide reasons why I still continue to remain bullish on PFLT. Read the full article on Seeking Alpha
Seeking Alpha • Apr 29

PennantPark Floating Rate Capital: A More Reliable Alternative To PNNT

Summary PennantPark Floating Rate Capital provides an opportunity to collect a consistently high yield in this higher interest rate environment. Despite the fluctuation of interest rates over the last decade, the price of PFLT has remained in a consistent range and the distribution has never been cut. Although the price trades at a tiny premium to NAV, I believe entry here is ideal, as the price has consistently traded between $10-14 per share. The current dividend yield is 10.7% and distributions are paid out on a monthly basis, which makes this an ideal choice for income investors nearing or at retirement. Read the full article on Seeking Alpha
Seeking Alpha • Feb 22

PennantPark Floating Rate Capital: When Being Conservative Pays Off

Summary PennantPark Floating Rate Capital is a solid risk and reward play in the BDC sector with a leverage profile in the bottom quartile and attractive yield of 11%. On a YTD basis, PFLT's share price is down, while the recent earnings report indicate excellent performance and improving portfolio profile. In this article I outline the key essence of Q1, 2024 earnings report and explain why, in my opinion, PFLT's investment thesis has become even more attractive. Read the full article on Seeking Alpha
Seeking Alpha • Feb 02

PennantPark Floating Rate Capital: One Of My Favorite BDCs, But Market Liquidity Risks Rising

Summary Many investors are seeking high-yielding stocks and bonds, leading to the popularity of ultra-high yield investments, which can have hidden risks. Business development companies are attractive due to high yields and often below 1X beta levels. PennantPark Floating Rate Capital, a popular BDC, has had solid returns but experienced a significant loss in 2020, highlighting the risks involved. PFLT's leverage today is lower than in 2020, while interest rates are higher, potentially improving its risk-reward profile compared to then. PFLT is still trading at a slight premium to its tangible book value, so it may be best to wait for a correction before buying, particularly given broader stock market risks. Read the full article on Seeking Alpha
Seeking Alpha • Jan 12

PennantPark Floating Rate Capital: Time To Sell This 10% Yielding BDC (Downgrade)

Summary PennantPark Floating Rate Capital's stock price has recently surged, but I believe it is not sustainable. I predict that floating-rate-focused BDCs will struggle to generate positive net interest investment income and dividend growth in a falling-rate environment. I suggest selling PennantPark stock due to the current rate of price growth and the potential challenges ahead. Read the full article on Seeking Alpha
Seeking Alpha • Dec 24

PFLT: This BDC Yields Above 10% Despite The Conservative Characteristics

Summary PennantPark Floating Rate Capital is a conventional BDC focused on generating high-yielding income and NAV appreciation. PFLT has a conservative investment strategy, prioritizing capital preservation and strong cash flows from sponsor-backed companies. The portfolio consists mainly of first lien investments and has a diversified industry exposure, reducing exposure to speculative industries. PFLT has recorded no write-downs in the recent quarter and has at the same time de-risked its balance sheet from external leverage to a debt to equity at 0.76x. Despite these conservative characteristics, PFLT still provides an attractive yield of 10.3%, which is in line with the BDC average. PFLT is a clear buy at these levels. Read the full article on Seeking Alpha
Seeking Alpha • Dec 10

PennantPark Floating Rate Capital: Strong Fiscal Q4 Earnings

Summary PennantPark Floating Rate Capital is a business development company that lends money to privately held companies. PennantPark has lagged behind the BDC industry in the past year and year-to-date but has outperformed them in the past month and quarter. PennantPark's portfolio consists of $1,067.2M, with 100% floating rate investments primarily in 1st lien secured debt. Read the full article on Seeking Alpha
Seeking Alpha • Nov 21

PennantPark Floating Rate: Will There Be Another Dividend Raise?

Summary PennantPark Floating Rate Capital has seen its NAV per share continue to dip but has maintained strong portfolio quality. PFLT has been deleveraging heavily with its debt-to-equity ratio at a more than 5-year low as repayments continue to run ahead of new investments. The BDC currently pays out 96% of its net investment income as a quarterly dividend to limit the scope of a near-term dividend raise. Read the full article on Seeking Alpha
Seeking Alpha • Sep 14

PennantPark Floating Rate: A Fat 11.3% Yield

Summary PennantPark Floating Rate last declared a monthly cash dividend in line with its prior payment, offering an 11.3% annualized forward yield. PFLT's focus on floating rate loans has resulted in a boom in investment income, with dividends growing by 7.9% this year. The BDC's NAV per share dipped for its most recent quarter as its average diluted shares outstanding grew markedly. Read the full article on Seeking Alpha
Seeking Alpha • Aug 18

PennantPark Floating Rate Capital: Floating Rate 11% Yield, Earnings Up, But...

Summary The business development company, or BDC, industry offers opportunities for investors looking to benefit from rising interest rates. PennantPark Floating Rate Capital is a BDC that focuses on lending money to privately held companies with co-sponsors such as VC groups and hedge funds. PennantPark Floating Rate Capital's portfolio consists of a mix of debt, equity, and loan investments, primarily in the U.S., with a weighted average yield of 12.4%. Read the full article on Seeking Alpha
Seeking Alpha • Jul 05

BlackRock Or PennantPark For Solid 12% Yield?

Summary We compare dividend coverage for two BDCs currently yielding around 12% before including any supplemental or special dividends (discussed below). We suggest one of these companies with a list of positives that investors should consider. However, this company also has a higher amount of watchlist investments which is why I am not purchasing at this point. Please see the chart at the end of this article comparing the potential impact on NAV per share, assuming that 100% of watch list investments (including non-accruals) defaulted with 0% recovery. Read the full article on Seeking Alpha
Seeking Alpha • May 30

PennantPark Floating Rate Capital: An 11.5% Yield Paid Monthly And At A Small Discount

Summary PennantPark Floating Rate declared a monthly dividend payout that was a 2.5% increase from the prior payout. The new payout represents an 11.5% annualized forward yield. It also formed a 90.4% payout ratio on a quarterly basis against the BDC's NII for its fiscal 2023 second quarter. Read the full article on Seeking Alpha
Seeking Alpha • Feb 08

PennantPark NII of $0.30 in-line, total investment income of $31.34M beats by $1.8M

PennantPark press release (NYSE:PFLT): FQ1 NII of $0.30 in-line. Total investment income of $31.34M (+19.0% Y/Y) beats by $1.8M.
Seeking Alpha • Feb 02

PennantPark declares $0.095 dividend

PennantPark (NYSE:PFLT) declares $0.095/share monthly dividend, in line with previous. Forward yield 10.36% Payable March 1; for shareholders of record Feb. 16; ex-div Feb. 15. See PFLT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jan 23

PennantPark Floating Rate Capital falls 7% on primary stock offering

PennantPark Floating Rate Capital (NYSE:PFLT) stock fell 7.1% after hours on Monday as the firm commenced an underwritten primary offering of 4.25M shares. Underwriters will be given an option to buy 637.5K additional shares. Net proceeds will be used to reduce outstanding obligations under existing indebtedness, invest in new/existing portfolio companies, capitalize a subsidiary or joint venture, or for other general corporate purposes. Earlier, PennantPark (PFLT) declared $0.095/share monthly dividend.
Seeking Alpha • Nov 15

PennantPark FQ4 2022 Earnings Preview

PennantPark (NYSE:PFLT) is scheduled to announce FQ4 earnings results on Wednesday, November 16th, after market close. The consensus EPS Estimate is $0.29 and the consensus Revenue Estimate is $27.86M Over the last 1 year, PFLT has beaten EPS estimates 50% of the time and has beaten revenue estimates 25% of the time.
Seeking Alpha • Nov 03

PennantPark declares $0.095 dividend

PennantPark (NYSE:PFLT) declares $0.095/share monthly dividend, in line with previous. Forward yield 10.28% Payable Dec. 1; for shareholders of record Nov. 17; ex-div Nov. 16. See PFLT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Oct 04

PennantPark declares $0.095 dividend

PennantPark (NYSE:PFLT) declares $0.095/share monthly dividend, in line with previous. Forward yield 10.96% Payable Nov. 1; for shareholders of record Oct. 18; ex-div Oct. 17. See PFLT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Sep 21

PennantPark Floating Rate Capital upsizes credit facility to $366M

PennantPark Floating Rate Capital (NYSE:PFLT) has increased the size of its multi-currency, senior secured credit facility from $300M to $366M and replaced the London interbank offer rate. “This increased facility will expand our ability to serve middle-market sponsor and borrower clients by providing them with larger senior secured solutions.” said Chairman and CEO Arthur H. Penn.
Seeking Alpha • Sep 02

PennantPark declares $0.095 dividend

PennantPark (NYSE:PFLT) declares $0.095/share monthly dividend. Forward yield 9.52% Payable Oct. 3; for shareholders of record Sept. 19; ex-div Sept. 16. See PFLT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jul 05

PennantPark declares $0.095 dividend

PennantPark (NYSE:PFLT) declares $0.095/share monthly dividend, in line with previous. Forward yield 9.59% Payable Aug. 1; for shareholders of record July 18; ex-div July 15. See PFLT Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Jun 24

PennantPark: 10% Yield, 14% Discount, Monthly Payer, Benefits From Rising Rates

PennantPark Floating Rate Capital yields 10.54% and pays monthly. It's trading at a -14.26% Discount to NAV/Share, much cheaper than the BDC industry average. PennantPark benefits from rising interest rates - its debt portfolio is 100% floating rate.
Seeking Alpha • Apr 17

Head-To-Head High Yield Comparison: PennantPark

Interest rates are rising and this article discusses the BDC sector currently yielding between 6% and 11% that will benefit. This article compares two of them managed by PennantPark, one of which I'm predicting another dividend increase and is likely a Buy at these prices. These BDCs will both benefit from recent portfolio developments discussed below and rising interest rates likely driving additional dividend increases in 2022. I own both BDCs for many reasons, including higher-quality management, recent NAV/book value growth, and solid dividend coverage.
Seeking Alpha • Feb 02

PennantPark Floating Rate Capital: Slow And Steady 8.76% Yield

PFLT survived through the worst of the COVID pandemic and continued to pay the same dividend to shareholders. The BDC launched in 2011, meaning we don't have the GFC to see how it would have fared through an extended bear market. PFLT seems to be a slow and steady BDC that doesn't seem to get overly covered.
Seeking Alpha • Jan 25

PennantPark Floating Rate: A Monthly Dividend Payer On Fair Value

PFLT is trading 1% below its NAV and the interest rate rise will help increase its NII. The company is yielding 9.09% and its dividend is stable with the management committed to maintaining the current level. There are risk factors worth noting: the investment portfolio’s yield is average, and the company is dependent on external advisers.
Seeking Alpha • Oct 12

PennantPark Floating Rate Capital Is Set To Underperform

Sometimes the best investments are the ones that you don’t make. Avoid this name; it is one of them. PFLT has external management which has interests that may not be aligned with shareholders’; the fee structure is opaque and the returns are not as good as they should be. More than 80% of investments are reported at fair value as Level 3 assets, valued using volatile management assumptions. Right now the risk/reward balance is extremely negative and bulls should expect mediocre returns by holding this name.
Seeking Alpha • Jul 29

PennantPark Floating Rate: This Overlooked Gem Is A Buy, Here's Why

PFLT is a well-managed BDC with a low base management fee, and a relatively safe portfolio structure comprised primarily of first-lien debt. Its book value has seen a recovery over the past 12 months and it has a favorable outlook for the deal pipeline. I also highlight the dividend, balance sheet, valuation, and other points worth considering.
Seeking Alpha • Jun 21

PennantPark Floating Rate Capital names new finance chief

PennantPark Floating Rate Capital (PFLT) appoints Richard Cheung as its CFO and Treasurer, effective June 21, 2021.He most recently served as senior MD and head of alternative investment accounting at Guggenheim Partners where he has served in various roles since 2008.Company's current CFO and Treasurer, will move within the organization and remain in senior management where he will focus on company’s strategic growth initiatives.

Shareholder Returns

PFLTUS Capital MarketsUS Market
7D1.0%0.3%-2.0%
1Y-32.4%1.3%17.2%

Return vs Industry: PFLT underperformed the US Capital Markets industry which returned 4.2% over the past year.

Return vs Market: PFLT underperformed the US Market which returned 19.1% over the past year.

Price Volatility

Is PFLT's price volatile compared to industry and market?
PFLT volatility
PFLT Average Weekly Movement3.6%
Capital Markets Industry Average Movement3.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.5%
10% least volatile stocks in US Market3.2%

Stable Share Price: PFLT has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: PFLT's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2010n/aArt Pennpflt.pennantpark.com

PennantPark Floating Rate Capital Ltd. is a Private Debt, business development company. It seeks to make secondary direct, debt, equity, and loan investments.

PennantPark Floating Rate Capital Ltd. Fundamentals Summary

How do PennantPark Floating Rate Capital's earnings and revenue compare to its market cap?
PFLT fundamental statistics
Market capUS$725.28m
Earnings (TTM)US$61.97m
Revenue (TTM)US$268.53m
11.6x
P/E Ratio
2.7x
P/S Ratio

Is PFLT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
PFLT income statement (TTM)
RevenueUS$268.53m
Cost of RevenueUS$0
Gross ProfitUS$268.53m
Other ExpensesUS$206.55m
EarningsUS$61.97m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

Aug 10, 2026

Earnings per share (EPS)0.62
Gross Margin100.00%
Net Profit Margin23.08%
Debt/Equity Ratio160.6%

How did PFLT perform over the long term?

See historical performance and comparison

Dividends

17.0%
Current Dividend Yield
197%
Payout Ratio

Does PFLT pay a reliable dividends?

See PFLT dividend history and benchmarks
When do you need to buy PFLT by to receive an upcoming dividend?
PennantPark Floating Rate Capital dividend dates
Ex Dividend DateJul 15 2026
Dividend Pay DateAug 03 2026
Days until Ex dividend4 days
Days until Dividend pay date15 days

Does PFLT pay a reliable dividends?

See PFLT dividend history and benchmarks

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/17 20:15
End of Day Share Price 2026/07/17 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

PennantPark Floating Rate Capital Ltd. is covered by 10 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mitchel PennBrean Capital Historical (Janney Montgomery)
Brian MckennaCitizens JMP Securities, LLC
Paul JohnsonKeefe, Bruyette, & Woods