PennantPark Floating Rate Capital Ltd. (PFLT) SEC Filings & Earnings Calls

Credit risk from non-accrual portfolio companies

“Four portfolio companies on non-accrual, representing 1.0% and 0.4% of portfolio on cost and fair value basis”

Net unrealized depreciation in portfolio

“Net unrealized depreciation of $122.8 million as of June 30, 2026 vs $46.1 million as of September 30, 2025”

Interest rate sensitivity due to variable-rate portfolio

“Debt portfolio consisted of approximately 99% variable-rate investments” · word for word

Credit risk from non-accrual loans

“As of June 30, 2026, we had four portfolio companies on non-accrual status, representing 1.0 % and 0.4 % of our overall portfolio on a cost and fair value basis, respectively.” · word for word

Unrealized depreciation on investments

“Net change in unrealized appreciation (depreciation) on investments $(76,729) for nine months ended June 30, 2026” · word for word

Dividend cut risk: dividend exceeds Core NII, policy adjustment announced

“Distributions declared per share $0.31 vs Core NII $0.27; 'adjusting our dividend policy to be better aligned with NII'”

Yield compression: weighted average yield on debt investments declined from 10.2% to 9.8%

“Weighted average yield on debt investments at quarter-end 9.8% vs 10.2% at September 30, 2025”

NAV decline: net asset value per share decreased 0.2% sequentially

“Quarterly change in net asset value per share (0.2)%” · word for word

Credit risk from non-accrual loans

“As of March 31, 2026, we had three portfolio companies on non-accrual, representing 0.8% and 0.5% of our overall portfolio on a cost and fair value basis, respectively.” · word for word

Net unrealized depreciation on portfolio

“As of March 31, 2026, the portfolio had net unrealized depreciation of $66.1 million.” · word for word

Interest rate exposure

“As of March 31, 2026, our debt portfolio consisted of approximately 99% variable-rate investments.” · word for word

Net unrealized depreciation increased to $78.4M from $46.1M.

“portfolio had net unrealized depreciation of $78.4 million (Dec 31, 2025) vs $46.1 million (Sep 30, 2025)”

Non-accrual companies increased to 4 from 3, though percentage remains low.

“four portfolio companies on non-accrual, representing 0.5% and 0.1% of our overall portfolio on a cost and fair value basis” · word for word

Quarterly change in NAV per share -3.1%.

“Quarterly change in net asset value per share (3.1)%” · word for word

Credit Quality Deterioration

“As of December 31, 2025, we had four portfolio companies on non-accrual, representing 0.5% and 0.1% of our overall portfolio on a cost and fair value basis, respectively.” · word for word

Unrealized Depreciation Increase

“As of December 31, 2025, the portfolio had net unrealized depreciation of $78.4 million.” · word for word

Interest Expense Pressure

“The increase in expenses for the three months ended December 31, 2025, was primarily due to the increase in interest expense from increased borrowings as a result of the increase in our investment portfolio.” · word for word

Portfolio yield compression from 11.5% to 10.2% YoY; interest rate sensitivity as 99% variable-rate.

“Weighted average yield on debt investments 10.2% vs 11.5% prior year.”

Non-accruals remain low but net unrealized depreciation increased to $46.1M from $11.4M.

“Net unrealized depreciation $46.1 million vs $11.4 million.”

Internal control material weakness

“We have identified material weaknesses in our internal controls over financial reporting, and management has determined that, as of September 30, 2025, we do not maintain effective internal control over financial reporting.” · word for word

High leverage and declining asset coverage

“As of September 30, 2025 and 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 160% and 174%, respectively. Since our leverage was 166% and 135% of our net assets as of September 30, 2025 and 2024, respectively” · word for word