10-Q Filing

PENNANTPARK FLOATING RATE CAPITAL LTD. CIK: 1504619 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0000950170-24-012187`
Period End Date	20231231
Filing Date	20240207
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	pflt-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 36 Cash Flow Statement 74

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Investments at cost	`InvestmentOwnedAtCost`	$1.29B	USD	Point-in-time
Investments at cost	`InvestmentOwnedAtCost`	$1.09B	USD	Point-in-time
Cash and cash equivalents (cost - $59,092 and $47,916, respectively)	`CashAndCashEquivalentsAtCost`	$100.56M	USD	Point-in-time
Cash and cash equivalents (cost - $59,092 and $47,916, respectively)	`CashAndCashEquivalentsAtCost`	$75.81M	USD	Point-in-time
Total investments	`InvestmentOwnedAtFairValue`	$1.27B	USD	Point-in-time
Total investments	`InvestmentOwnedAtFairValue`	$1.07B	USD	Point-in-time
Credit Facility payable, cost	`LineOfCreditAtCost`	$260.86M	USD	Point-in-time
Credit Facility payable, cost	`LineOfCreditAtCost`	$9.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$100.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$75.83M	USD	Point-in-time
2031 Asset Backed Debt payable, par	`AssetBackedDebtNetPar`	$228.00M	USD	Point-in-time
2031 Asset Backed Debt payable, par	`AssetBackedDebtNetPar`	$228.00M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$11.64M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$10.42M	USD	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	58.73M	shares	Point-in-time
Common stock, shares, issued	`CommonStockSharesIssued`	58.73M	shares	Point-in-time
Distributions receivable	`DistributionsReceivable`	$565.00K	USD	Point-in-time
Distributions receivable	`DistributionsReceivable`	$508.00K	USD	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	58.73M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	45.43M	shares	Point-in-time
Common stock, shares, outstanding	`CommonStockSharesOutstanding`	58.73M	shares	Point-in-time
Due from affiliate	`DueFromAffiliate`	$142.00K	USD	Point-in-time
Due from affiliate	`DueFromAffiliate`	-	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$20.00K	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$894.00K	USD	Point-in-time
Common stock par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total assets	`Assets`	$1.18B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total assets	`Assets`	$1.36B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Amount Borrowed	`LineOfCredit`	$9.40M	USD	Point-in-time
Amount Borrowed	`LineOfCredit`	$260.92M	USD	Point-in-time
2031 Asset-Backed Debt, net (par-$228,000)	`AssetBackedDebtNet`	$226.92M	USD	Point-in-time
2031 Asset-Backed Debt, net (par-$228,000)	`AssetBackedDebtNet`	$226.76M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$8.62M	USD	Point-in-time
Interest payable on debt	`InterestPayableCurrentAndNoncurrent`	$6.52M	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$6.02M	USD	Point-in-time
Distributions payable	`DistributionsPayable`	$6.02M	USD	Point-in-time
Payable for investments purchased	`PayableForInvestmentsPurchased`	$4.91M	USD	Point-in-time
Payable for investments purchased	`PayableForInvestmentsPurchased`	$5.58M	USD	Point-in-time
Incentive fee payable	`IncentiveFeePayable`	$4.86M	USD	Point-in-time
Incentive fee payable	`IncentiveFeePayable`	$4.63M	USD	Point-in-time
Base management fee payable	`ManagementFeePayable`	$2.95M	USD	Point-in-time
Base management fee payable	`ManagementFeePayable`	$2.76M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.79M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$1.79M	USD	Point-in-time
Accounts payable and accrued expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$1.75M	USD	Point-in-time
Accounts payable and accrued expenses	`OtherAccruedLiabilitiesCurrentAndNoncurrent`	$1.29M	USD	Point-in-time
Due to affiliates	`DueToAffiliates`	$492.00K	USD	Point-in-time
Due to affiliates	`DueToAffiliates`	$566.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$701.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$526.01M	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, 58,734,702 and 45,345,638 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$59.00K	USD	Point-in-time
Common stock, 58,734,702 and 45,345,638 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized	`CommonStockValue`	$59.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$765.19M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$765.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-111.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-107.23M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$527.09M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$653.61M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$658.01M	USD	Point-in-time
Total net assets	`StockholdersEquity`	$513.53M	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.36B	USD	Point-in-time
Total liabilities and net assets	`LiabilitiesAndStockholdersEquity`	$1.18B	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.30	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.20	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.62	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$11.13	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Total investment income	`GrossInvestmentIncomeOperating`	$37.97M	USD	1 Quarter
Total investment income	`GrossInvestmentIncomeOperating`	$31.34M	USD	1 Quarter
Interest and expenses on debt	`InterestAndDebtExpense`	$9.86M	USD	1 Quarter
Interest and expenses on debt	`InterestAndDebtExpense`	$8.94M	USD	1 Quarter
Performance-based incentive fee	`IncentiveFeeExpense`	$3.43M	USD	1 Quarter
Performance-based incentive fee	`IncentiveFeeExpense`	$4.86M	USD	1 Quarter
Base management fee	`ManagementFeeExpense`	$2.93M	USD	1 Quarter
Base management fee	`ManagementFeeExpense`	$2.95M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$988.00K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$706.00K	USD	1 Quarter
Administrative services expenses	`AdministrativeFeesExpense`	$626.00K	USD	1 Quarter
Administrative services expenses	`AdministrativeFeesExpense`	$144.00K	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeProvisionForTaxes`	$17.07M	USD	1 Quarter
Expenses before provision for taxes	`ExpensesBeforeProvisionForTaxes`	$18.37M	USD	1 Quarter
Provision for taxes on net investment income	`InvestmentIncomeOperatingTaxExpenseBenefit`	$154.00K	USD	1 Quarter
Provision for taxes on net investment income	`InvestmentIncomeOperatingTaxExpenseBenefit`	$534.00K	USD	1 Quarter
Total expenses	`InvestmentIncomeInvestmentExpense`	$17.61M	USD	1 Quarter
Total expenses	`InvestmentIncomeInvestmentExpense`	$18.52M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$19.45M	USD	1 Quarter
Net investment income	`NetInvestmentIncome`	$13.73M	USD	1 Quarter
Net realized gain (loss) on investments	`RealizedGainLossInvestmentAndDerivativeOperatingAfterTax`	$63.00K	USD	1 Quarter
Net realized gain (loss) on investments	`RealizedGainLossInvestmentAndDerivativeOperatingAfterTax`	$-3.09M	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`ProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	-	USD	1 Quarter
Provision for taxes on unrealized appreciation (depreciation) on investments	`ProvisionForTaxesOnUnrealizedAppreciationOnInvestments`	$-725.00K	USD	1 Quarter
Debt (appreciation) depreciation	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$62.00K	USD	1 Quarter
Debt (appreciation) depreciation	`NetChangeInChangeInUnrealizedDepreciationAppreciationOnDebt`	$-2.07M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax`	$6.11M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments and debt	`UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax`	$-15.41M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax`	$-15.35M	USD	1 Quarter
Net realized and unrealized gain (loss) from investments and debt	`RealizedAndUnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax`	$3.02M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$22.47M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)	`InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare`	$0.38	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`	$0.30	USD	1 Quarter
Net investment income per common share	`InvestmentCompanyInvestmentIncomeLossPerShare`	$0.33	USD	1 Quarter

Cash Flow Statement 74 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$22.47M	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`ProfitLoss`	$-1.62M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments	`NetChangeInUnrealizedDepreciationOnInvestments`	$16.76M	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments	`NetChangeInUnrealizedDepreciationOnInvestments`	$-6.17M	USD	1 Quarter
Net change in unrealized (appreciation) depreciation on debt	`NetChangeInUnrealizedDepreciationOnDebt`	$-62.00K	USD	1 Quarter
Net change in unrealized (appreciation) depreciation on debt	`NetChangeInUnrealizedDepreciationOnDebt`	$2.07M	USD	1 Quarter
Net realized (gain) loss on investments	`RealizedInvestmentGainsLosses`	$-3.09M	USD	1 Quarter
Net realized (gain) loss on investments	`RealizedInvestmentGainsLosses`	$63.00K	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$1.03M	USD	1 Quarter
Net accretion of discount and amortization of premium	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$944.00K	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$302.60M	USD	1 Quarter
Purchases of investments	`PaymentsForPurchaseOfSecuritiesOperatingActivities`	$65.59M	USD	1 Quarter
Payment-in-kind interest	`PaymentInKindIncome`	$867.00K	USD	1 Quarter
Payment-in-kind interest	`PaymentInKindIncome`	$56.00K	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$63.00M	USD	1 Quarter
Proceeds from dispositions of investments	`ProceedsFromSaleOfSecuritiesOperatingActivities`	$103.80M	USD	1 Quarter
Amortization of deferred financing costs	`AccretionAmortizationOfDeferredFinancingCosts`	$-352.00K	USD	1 Quarter
Amortization of deferred financing costs	`AccretionAmortizationOfDeferredFinancingCosts`	$-352.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$1.19M	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInAccruedInterestReceivableNet`	$1.21M	USD	1 Quarter
Distribution receivable	`IncreaseDecreaseInDividendsReceivable`	$577.00K	USD	1 Quarter
Distribution receivable	`IncreaseDecreaseInDividendsReceivable`	$-57.00K	USD	1 Quarter
Receivable for investments sold	`IncreaseDecreaseInReceivablesFromInvestmentsSold`	-	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`	$-874.00K	USD	1 Quarter
Due from affiliate	`IncreaseDecreaseDueFromAffiliates`	-	USD	1 Quarter
Due from affiliate	`IncreaseDecreaseDueFromAffiliates`	$142.00K	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$-9.99M	USD	1 Quarter
Payable for investments purchased	`IncreaseDecreaseInPayableForInvestmentsPurchased`	$-673.00K	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-2.09M	USD	1 Quarter
Interest payable on debt	`IncreaseDecreaseInInterestPayableNet`	$-2.10M	USD	1 Quarter
Base management fee payable	`IncreaseDecreaseInBaseManagementFeePayable`	$-192.00K	USD	1 Quarter
Base management fee payable	`IncreaseDecreaseInBaseManagementFeePayable`	$96.00K	USD	1 Quarter
Incentive fee payable	`IncreaseDecreaseInIncentiveFeePayable`	$235.00K	USD	1 Quarter
Incentive fee payable	`IncreaseDecreaseInIncentiveFeePayable`	$269.00K	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	-	USD	1 Quarter
Deferred tax liability	`IncreaseDecreaseInOtherDeferredLiability`	$725.00K	USD	1 Quarter
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$-74.00K	USD	1 Quarter
Due to affiliates	`IncreaseDecreaseInDueToAffiliates`	$-1.49M	USD	1 Quarter
Account payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$72.00K	USD	1 Quarter
Account payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$459.00K	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$6.28M	USD	1 Quarter
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-181.92M	USD	1 Quarter
Proceeds from public offering	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Proceeds from public offering	`ProceedsFromIssuanceInitialPublicOffering`	$995.00K	USD	1 Quarter
Offering costs	`PaymentsOfStockIssuanceCosts`	$15.00K	USD	1 Quarter
Offering costs	`PaymentsOfStockIssuanceCosts`	-	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$12.92M	USD	1 Quarter
Distributions paid to stockholders	`PaymentsOfDividends`	$18.06M	USD	1 Quarter
Borrowings under Credit Facility	`ProceedsFromLinesOfCredit`	$30.00M	USD	1 Quarter
Borrowings under Credit Facility	`ProceedsFromLinesOfCredit`	$251.46M	USD	1 Quarter
Repayments under Credit Facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Repayments under Credit Facility	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$157.18M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.73M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-24.75M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$3.55M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$17.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$75.83M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$100.56M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.49M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$55.06M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$75.83M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$100.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$51.49M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$55.06M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$11.59M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$10.69M	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$5.00K	USD	1 Quarter
Taxes paid	`IncomeTaxesPaidNet`	$160.00K	USD	1 Quarter
Non-cash exchanges and conversions	`NonCashExchangesAndConversions`	-	USD	1 Quarter
Non-cash exchanges and conversions	`NonCashExchangesAndConversions`	$5.07M	USD	1 Quarter

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