10-Q Filing

PENNANTPARK FLOATING RATE CAPITAL LTD. CIK: 1504619 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-002174`
Period End Date	20221231
Filing Date	20230208
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	pflt-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 43 Cash Flow Statement 66

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Investments at cost	`InvestmentOwnedAtCost`	$1.18B	USD	Point-in-time
Investments at cost	`InvestmentOwnedAtCost`	$1.18B	USD	Point-in-time
Cash and cash equivalents, cost	`CashAndCashEquivalentsAtCost`	$52.94M	USD	Point-in-time
Cash and cash equivalents, cost	`CashAndCashEquivalentsAtCost`	$47.92M	USD	Point-in-time
Credit Facility payable, cost	`LineOfCreditAtCost`	$168.83M	USD	Point-in-time
Credit Facility payable, cost	`LineOfCreditAtCost`	$199.65M	USD	Point-in-time
Total of investments	`InvestmentOwnedAtFairValue`	$1.15B	USD	Point-in-time
Total of investments	`InvestmentOwnedAtFairValue`	$1.16B	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$52.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$47.88M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$7.54M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$8.74M	USD	Point-in-time
Asset backed debt payable, par	`AssetBackedDebtNetPar`	$228.00M	USD	Point-in-time
Asset backed debt payable, par	`AssetBackedDebtNetPar`	$228.00M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	45.43M	shares	Point-in-time
Receivable for investments sold	`ReceivableForInvestmentsSold`	$12.35M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	45.35M	shares	Point-in-time
Receivable for investments sold	`ReceivableForInvestmentsSold`	$3.44M	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	39.15M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	45.35M	shares	Point-in-time
Distributions receivable	`DistributionsReceivable`	$577.00K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	45.43M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$748.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$945.00K	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$1.23B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$1.22B	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$4.32M	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$4.31M	USD	Point-in-time
Payable for investments purchased	`PayableForInvestmentsPurchased`	$9.99M	USD	Point-in-time
Credit Facility payable, at fair value (cost-$199,654 and $168,830, respectively) (See Notes 5 and 10)	`LineOfCredit`	$197.69M	USD	Point-in-time
Credit Facility payable, at fair value (cost-$199,654 and $168,830, respectively) (See Notes 5 and 10)	`LineOfCredit`	$167.56M	USD	Point-in-time
2031 Asset-Backed Debt, net (par-$228,000) (See Notes 5 and 10)	`AssetBackedDebtNet`	$226.29M	USD	Point-in-time
2031 Asset-Backed Debt, net (par-$228,000) (See Notes 5 and 10)	`AssetBackedDebtNet`	$226.13M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$6.08M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$8.16M	USD	Point-in-time
Base management fee payable (See Note 3)	`ManagementFeePayable`	$3.03M	USD	Point-in-time
Base management fee payable (See Note 3)	`ManagementFeePayable`	$2.93M	USD	Point-in-time
Performance-based incentive fee payable (See Note 3)	`PerformanceBasedIncentiveFeePayable`	$3.43M	USD	Point-in-time
Performance-based incentive fee payable (See Note 3)	`PerformanceBasedIncentiveFeePayable`	$3.16M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$5.29M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$4.57M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$837.00K	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$765.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$696.77M	USD	Point-in-time
Total liabilities	`Liabilities`	$713.15M	USD	Point-in-time
Commitments and contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (See Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, 45,431,815 and 45,345,638 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$45.00K	USD	Point-in-time
Common stock, 45,431,815 and 45,345,638 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$45.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$618.03M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$619.02M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-105.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.98M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$527.09M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$513.53M	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.22B	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.23B	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.62	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.30	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$12.70	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$12.62	USD	Point-in-time

Income Statement 43 line items

Line Item	Tag	Value	Unit	Period
Total investment income	`InvestmentIncomeNonoperating`	$26.34M	USD	1 Quarter
Total investment income	`InvestmentIncomeNonoperating`	$31.34M	USD	1 Quarter
Base management fee (See Note 3)	`ManagementFeeExpense`	$2.90M	USD	1 Quarter
Base management fee (See Note 3)	`ManagementFeeExpense`	$2.93M	USD	1 Quarter
Performance-based incentive fee (See Note 3)	`IncentiveFeeExpense`	$3.18M	USD	1 Quarter
Performance-based incentive fee (See Note 3)	`IncentiveFeeExpense`	$3.43M	USD	1 Quarter
Interest and expenses on debt (See Note 10)	`InterestAndDebtExpense`	$6.64M	USD	1 Quarter
Interest and expenses on debt (See Note 10)	`InterestAndDebtExpense`	$9.86M	USD	1 Quarter
Administrative services expenses (See Note 3)	`GeneralAndAdministrativeExpense`	$144.00K	USD	1 Quarter
Administrative services expenses (See Note 3)	`GeneralAndAdministrativeExpense`	$144.00K	USD	1 Quarter
Other general and administrative expenses	`OtherSellingGeneralAndAdministrativeExpense`	$655.00K	USD	1 Quarter
Other general and administrative expenses	`OtherSellingGeneralAndAdministrativeExpense`	$706.00K	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeProvisionForTaxes`	$17.07M	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeProvisionForTaxes`	$13.51M	USD	1 Quarter
Provision for taxes on net investment income	`ProvisionForTaxesOnNetInvestmentIncome`	$100.00K	USD	1 Quarter
Provision for taxes on net investment income	`ProvisionForTaxesOnNetInvestmentIncome`	$534.00K	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$13.61M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$17.61M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$13.73M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$12.72M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetRealizedGainLossOnNonControlledNonAffiliatedInvestments`	$3.07M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetRealizedGainLossOnNonControlledNonAffiliatedInvestments`	$63.00K	USD	1 Quarter
Non-controlled and controlled, affiliated investments	`NetRealizedGainLossOnNonControlledAndControlledAffiliatedInvestments`	$65.00K	USD	1 Quarter
Net realized gain (loss) on investments	`GainLossOnInvestments`	$63.00K	USD	1 Quarter
Net realized gain (loss) on investments	`GainLossOnInvestments`	$3.14M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetChangeInUnrealizedDepreciationAppreciationNonControlledNonAffiliatedInvestments`	$4.39M	USD	1 Quarter
Non-controlled, non-affiliated investments	`NetChangeInUnrealizedDepreciationAppreciationNonControlledNonAffiliatedInvestments`	$-12.69M	USD	1 Quarter
Controlled and non-controlled, affiliated investments	`NetChangeInUnrealizedDepreciationAppreciationControlledAndNonControlledAffiliatedInvestments`	$7.88M	USD	1 Quarter
Controlled and non-controlled, affiliated investments	`NetChangeInUnrealizedDepreciationAppreciationControlledAndNonControlledAffiliatedInvestments`	$4.06M	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`ProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	$1.54M	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`ProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	$725.00K	USD	1 Quarter
Debt (appreciation) depreciation (See Note 5 and 10)	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$3.61M	USD	1 Quarter
Debt (appreciation) depreciation (See Note 5 and 10)	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$2.07M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`NetChangeInUnrealizedDepreciationAppreciationOnInvestmentsAndDebt`	$-15.41M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`NetChangeInUnrealizedDepreciationAppreciationOnInvestmentsAndDebt`	$-1.43M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`NetRealizedAndUnrealizedLossGainFromInvestmentsAndDebt`	$1.71M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`NetRealizedAndUnrealizedLossGainFromInvestmentsAndDebt`	$-15.35M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`InvestmentCompanyNetAssetsFromOperationsIncreaseDecrease`	$14.43M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`InvestmentCompanyNetAssetsFromOperationsIncreaseDecrease`	$-1.62M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)	`InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare`	$0.37	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)	`InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare`	$-0.04	USD	1 Quarter
Net investment income per common share	`InvestmentCompanyInvestmentIncomeLossPerShare`	$0.33	USD	1 Quarter
Net investment income per common share	`InvestmentCompanyInvestmentIncomeLossPerShare`	$0.30	USD	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$-1.62M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$14.43M	USD	1 Quarter
Net Change in Unrealized Depreciation on Investments	`NetChangeInUnrealizedDepreciationOnInvestments`	$3.50M	USD	1 Quarter
Net Change in Unrealized Depreciation on Investments	`NetChangeInUnrealizedDepreciationOnInvestments`	$16.76M	USD	1 Quarter
Net change in unrealized depreciation on debt	`NetChangeInUnrealizedDepreciationOnDebt`	$3.61M	USD	1 Quarter
Net change in unrealized depreciation on debt	`NetChangeInUnrealizedDepreciationOnDebt`	$2.07M	USD	1 Quarter
Net realized loss on investments	`RealizedInvestmentGainsLosses`	$3.14M	USD	1 Quarter
Net realized loss on investments	`RealizedInvestmentGainsLosses`	$63.00K	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$1.36M	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$944.00K	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$65.59M	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$335.10M	USD	1 Quarter
Payment-in-kind interest	`PaymentInKindIncome`	$441.00K	USD	1 Quarter
Payment-in-kind interest	`PaymentInKindIncome`	$56.00K	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$238.37M	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$63.00M	USD	1 Quarter
Accretion (amortization) of deferred financing costs	`AccretionAmortizationOfDeferredFinancingCosts`	$-352.00K	USD	1 Quarter
Accretion (amortization) of deferred financing costs	`AccretionAmortizationOfDeferredFinancingCosts`	$320.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$291.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$1.19M	USD	1 Quarter
Distribution receivable	`IncreaseDecreaseInDividendsReceivable`	$577.00K	USD	1 Quarter
Receivable for investments sold	`IncreaseDecreaseInReceivablesFromInvestmentsSold`	$-15.54M	USD	1 Quarter
Receivable for investments sold	`IncreaseDecreaseInReceivablesFromInvestmentsSold`	$8.91M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$197.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidExpensesOther`	$96.00K	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$12.49M	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$-9.99M	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-1.44M	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-2.09M	USD	1 Quarter
Base management fee payable	`IncreaseDecreaseInBaseManagementFeePayable`	$-189.00K	USD	1 Quarter
Base management fee payable	`IncreaseDecreaseInBaseManagementFeePayable`	$96.00K	USD	1 Quarter
Performance-based incentive fee payable	`IncreaseDecreaseInPerformanceBasedIncentiveFeePayable`	$269.00K	USD	1 Quarter
Performance-based incentive fee payable	`IncreaseDecreaseInPerformanceBasedIncentiveFeePayable`	$2.56M	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$725.00K	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$1.54M	USD	1 Quarter
Accrued other expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-222.00K	USD	1 Quarter
Accrued other expenses	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$72.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$7.76M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-82.39M	USD	1 Quarter
Proceeds from public offering	`ProceedsFromIssuanceInitialPublicOffering`	$3.52M	USD	1 Quarter
Proceeds from public offering	`ProceedsFromIssuanceInitialPublicOffering`	$995.00K	USD	1 Quarter
Offering costs	`PaymentsOfStockIssuanceCosts`	$15.00K	USD	1 Quarter
Offering costs	`PaymentsOfStockIssuanceCosts`	$53.00K	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$11.08M	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$12.92M	USD	1 Quarter
Borrowings under Credit Facility (See Notes 5 and 10)	`ProceedsFromLinesOfCredit`	$137.25M	USD	1 Quarter
Borrowings under Credit Facility (See Notes 5 and 10)	`ProceedsFromLinesOfCredit`	$30.00M	USD	1 Quarter
Repayments under Credit Facility (See Notes 5 and 10)	`RepaymentsOfLinesOfCredit`	$100.00M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.73M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$93.19M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$10.80M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.03M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$639.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$61.27M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.94M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.88M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.83M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$61.27M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.94M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.88M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$49.83M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$7.93M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$11.59M	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$5.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$183.00K	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.