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Pennantpark Floating Rate Capital
Pennantpark Floating Rate Capital (PFLT) investor relations material
Pennantpark Floating Rate Capital Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary10 Feb, 2026
Executive summary
Net investment income for the quarter was $26.6 million ($0.27 per share), down from $30.0 million ($0.37 per share) in the prior year quarter, mainly due to higher interest expense and one-time credit facility amendment costs.
Portfolio at December 31, 2025 totaled $2.61 billion, with 89% in first lien secured debt, less than 1% in second lien/subordinated debt, and 11% in preferred/common equity, including investments in PSSL and PSSL II.
Four portfolio companies were on non-accrual status, representing 0.5% of cost and 0.1% of fair value of the portfolio.
PSSL II joint venture launched during the quarter, investing $197–200 million and growing to a $193.2–$326 million portfolio, with a $250 million credit facility expandable to $350 million.
Net asset value per share decreased to $10.49 from $10.83 sequentially, down 3.1% from the prior quarter.
Financial highlights
GAAP and core net investment income were both $0.27 per share for the quarter.
Total investment income for the quarter was $70.1 million, up from $67.0 million year-over-year.
Total expenses increased to $43.5 million from $37.0 million, mainly due to higher interest expense and one-time credit facility amendment costs.
Net realized and unrealized losses on investments totaled $30–32.3 million, resulting in a net decrease in net assets from operations of $(3.6) million ($(0.04) per share).
Distributions declared were $0.3075 per share, totaling $30.5 million for the quarter.
Outlook and guidance
Management expects to continue focusing on floating rate loans to U.S. middle-market companies, maintaining a portfolio with at least 80% in floating rate assets and at least 65% in first lien secured debt.
The company intends to maintain monthly distributions, subject to available net investment income and compliance with asset coverage requirements.
PSSL II joint venture is expected to support future NII growth and dividend coverage as it scales toward a $1 billion asset target, with timing dependent on M&A activity.
Increased M&A activity in the private middle market is expanding the investment pipeline and expected to drive portfolio repayments and equity rotation.
Management is confident in maintaining a stable dividend and sees upside potential from equity co-investments as M&A accelerates.
PSSL 2 asset growth timeline to $1B
Software exposure: What drives the low allocation?
M&A impact on equity co-investment exits?
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Next Pennantpark Floating Rate Capital earnings date
Q2 20266 May, 2026
Pennantpark Floating Rate Capital
Next Pennantpark Floating Rate Capital earnings date
Q2 20266 May, 2026
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Frequently asked questions
PennantPark Floating Rate Capital Ltd is a business development company that invests primarily in U.S. middle-market private companies. The company focuses on first lien, floating rate loans to support buyouts, growth, and recapitalizations. It is headquartered in Miami, Florida, and its shares are listed on the NASDAQ.
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