Private Credit Portfolio Analysis | PennantPark Floating Rate Capital Reports Q2 2025 Results
- Editor
- May 12
- 2 min read
Whats New:
PennantPark Floating Rate Capital Ltd. reported its Q2 2025 financial results, showing growth in total assets and investments at fair value. The fund's total assets increased to $2.47 billion as of March 31, 2025, up from $2.11 billion at the end of September 2024. Net asset value per share decreased slightly to $11.07 from $11.31 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $2.47 billion as of March 31, 2025, compared to $2.11 billion at the end of September 2024.
Investments owned at fair value increased to $2.34 billion, up from $1.98 billion at the end of September 2024.
Cash and cash equivalents decreased slightly to $111.36 million from $112.05 million at the end of September 2024.
Investment Activity:
Long-term investments and receivables net increased to $2.05 million from $0 at the end of September 2024.
Distributions receivable rose to $946,000 from $635,000 at the end of September 2024.
Prepaid expenses and other assets increased significantly to $2.27 million from $198,000 at the end of September 2024.
Capital Structure:
Line of credit decreased to $273.79 million from $443.88 million at the end of September 2024.
Stockholders' equity grew to $1.07 billion from $877.29 million at the end of September 2024.
Common stock value increased to $96,000 from $78,000 at the end of September 2024.
Performance Profile:
Net asset value per share decreased to $11.07 as of March 31, 2025, compared to $11.31 at the end of September 2024.
Retained earnings deficit increased to $122.85 million from $99.53 million at the end of September 2024.
Additional paid-in capital increased to $1.19 billion from $976.74 million at the end of September 2024.
Risk & Quality:
Incentive fee payable increased to $6.26 million from $3.19 million at the end of September 2024.
Management fee payable rose to $5.60 million from $4.59 million at the end of September 2024.
Deferred income tax liabilities net decreased to $612,000 from $1.71 million at the end of September 2024.
The Wrap:
PennantPark Floating Rate Capital Ltd. demonstrated growth in Q2 2025, with significant increases in total assets and investments at fair value. However, the fund's net asset value per share decreased slightly. The reduction in line of credit and increase in stockholders' equity suggest a shift in capital structure. While the fund shows growth in its investment portfolio, the increase in incentive and management fees payable indicates higher costs associated with the fund's expanded operations.
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