PennantPark Floating Rate Capital Ltd. (PFLT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de estrategias de inversión alternativa, Pennantpark Floating Tasa Capital Ltd. (PFLT) emerge como una potencia financiera sofisticada, ofreciendo a los inversores una vía única para navegar por el complejo panorama del financiamiento de la deuda del mercado medio. Al aprovechar un modelo de negocio robusto que combina asociaciones estratégicas, enfoques de inversión innovadores y propuestas de valor específicas, PFLT ha forjado un nicho distintivo para proporcionar soluciones de deuda de tasa flexible y flotante que prometen rendimientos potencialmente más altos en comparación con las inversiones tradicionales de ingresos fijos. Sumerja las complejidades de su lienzo comercial y descubra cómo esta empresa de inversión transforma las oportunidades financieras en la creación de valor estratégico.

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: asociaciones clave

Bancos de inversión y asesores financieros

Pennantpark Flotating Tasa Capital Ltd. mantiene asociaciones estratégicas con múltiples bancos de inversión para el abastecimiento de acuerdos y los servicios de asesoramiento financiero.

Tipo de socio	Número de asociaciones activas	Valor de transacción anual estimado
Bancos de inversión boutique	7	$ 350 millones
Bancos de inversión en el mercado medio	4	$ 525 millones

Empresas de capital privado e inversores institucionales

PFLT colabora con inversores institucionales para expandir su cartera de inversiones y su base de capital.

• Total Institucional Investor Partners: 22
• Compromiso de capital de inversionista institucional: $ 1.2 mil millones
• Tamaño promedio de boletos de inversión: $ 55 millones

Agencias de calificación crediticia

Pennantpark mantiene las relaciones con las agencias de calificación crediticia para evaluar y validar los riesgos de inversión.

Agencia de calificación crediticia	Duración de la asociación	Frecuencia de revisión anual
Servicio de inversores de Moody's	8 años	2 veces al año
Calificaciones globales de S&P	6 años	2 veces al año

Proveedores de servicios legales y contables

PFLT involucra a empresas legales y contables especializadas para garantizar el cumplimiento regulatorio y la precisión financiera.

• Proveedores de servicios legales totales: 5
• Total de firmas de contabilidad: 3
• Cumplimiento anual y gasto de auditoría: $ 2.1 millones

Vendedores de tecnología y ciberseguridad

Pennantpark se asocia con proveedores de tecnología para mantener una robusta infraestructura digital y seguridad.

Categoría de proveedor	Número de proveedores	Inversión tecnológica anual
Proveedores de ciberseguridad	3	$ 1.5 millones
Proveedores de nubes e infraestructura	2	$750,000

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: actividades clave

Origen y suscripción de préstamos de tasa flotante

A partir del cuarto trimestre de 2023, PennantPark Flotating Tasa Capital Ltd. se centró en originar préstamos de velocidad flotante de mercado medio con las siguientes características:

Métrica de cartera de préstamos	Valor
Cartera de inversiones totales	$ 1.07 mil millones
Tamaño promedio del préstamo	$ 16.5 millones
Rendimiento promedio ponderado	12.4%

Gestión de la cartera de inversiones

La gestión de la cartera implica una asignación de inversión estratégica en todos los sectores:

• Tecnología: 22.3% de la cartera
• Atención médica: 18.7% de la cartera
• Servicios comerciales: 15.5% de la cartera
• Fabricación: 14.2% de la cartera
• Otros sectores: 29.3% de la cartera

Realización de la debida diligencia sobre posibles inversiones

El proceso de diligencia debida incluye una evaluación integral de posibles inversiones:

Criterios de diligencia debida	Parámetros de evaluación
Salud financiera	Rango de ebitda $ 10- $ 50 millones
Estabilidad de la industria	Centrarse en los sectores resistentes a la recesión
Calidad de crédito	Calificación mínima de B3/B-

Monitoreo del rendimiento de la compañía de cartera

El monitoreo del rendimiento implica revisiones exhaustivas trimestrales:

• Seguimiento de cumplimiento del pacto financiero
• Análisis trimestral de estados financieros
• Interacción del equipo de gestión
• Actualizaciones de evaluación de riesgos

Aumento de capital a través de ofertas públicas y privadas

Estrategias de recaudación de capital a partir de 2024:

Método de recaudación de capital	Total elevado
Ofrendas públicas	$ 350 millones
Colocaciones privadas	$ 250 millones
Financiación de la deuda	$ 200 millones

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: recursos clave

Experiencia en gestión de inversiones

A partir del cuarto trimestre de 2023, el equipo de inversión de Pennantpark administra $ 1.2 mil millones en activos totales bajo administración. La empresa tiene 15 profesionales de inversión con un promedio de 18 años de experiencia en inversión.

Métrica del equipo de inversión	Datos cuantitativos
Profesionales de inversión totales	15
Experiencia de inversión promedio	18 años
Activos totales bajo administración	$ 1.2 mil millones

Capital financiero y líneas de crédito

PennantPark ha asegurado facilidades de crédito por un total de $ 600 millones al 31 de diciembre de 2023. La compañía mantiene una estructura de financiación diversificada con múltiples instituciones financieras.

Detalles de la facilidad de crédito	Cantidad
Facilidades de crédito total	$ 600 millones
Número de instituciones de préstamos	7

Herramientas de análisis de inversiones patentadas

La Compañía utiliza modelos de evaluación y valoración de riesgos propietarios desarrollados internamente, con una inversión tecnológica anual de aproximadamente $ 2.5 millones en investigación y desarrollo.

Fuerte red de relaciones con la industria

• Más de 200 conexiones directas de inversores institucionales
• Relaciones con más de 75 empresas de capital privado de mercado medio
• Participación activa en 12 conferencias de la industria anualmente

Equipo de alta gerencia experimentado

El equipo de alta gerencia tiene una tenencia promedio de 15 años en gestión de inversiones alternativas, con ejecutivos clave que tienen certificaciones financieras avanzadas.

Experiencia de gestión	Datos cuantitativos
Tenencia de gestión promedio	15 años
Ejecutivos con certificación CFA	4
Ejecutivos con MBA	6

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: Propuestas de valor

Proporcionar financiamiento flexible de la deuda de tasa flotante

A partir del cuarto trimestre de 2023, la tasa flotante de PennantPark Capital Ltd. proporciona financiamiento de la deuda de tasa flotante con las siguientes características clave:

Parámetro de financiación	Detalles específicos
Cartera de inversiones totales	$ 920.3 millones
Tamaño promedio de la inversión de la deuda	$ 14.2 millones por empresa de mercado medio
Porcentaje de préstamo de tasa flotante	87.6% de la cartera total

Generar ingresos consistentes para los inversores

Las métricas de generación de ingresos para los inversores incluyen:

• Tasa de distribución trimestral: 8.25%
• Rendimiento de dividendos anuales: 10.3%
• Ingresos de inversión netos: $ 36.5 millones en 2023

Dirigido a compañías de mercado medio

PFLT se centra en segmentos específicos del mercado medio:

Segmento de la industria	Porcentaje de cartera
Software & Tecnología	22.4%
Cuidado de la salud	18.7%
Servicios comerciales	15.3%

Ofreciendo oportunidades de inversión alternativas

Características de inversión alternativas:

• Inversión mínima: $ 25,000
• Vehículo de inversión: empresa de desarrollo comercial cerrado
• Activos totales bajo administración: $ 1.2 mil millones

Entregando potenciales rendimientos más altos

Métricas de comparación de rendimiento:

Tipo de inversión	Rendimiento promedio
Préstamos de velocidad flotante de Pflt	11.5%
Bonos corporativos	6.2%
Bonos del Tesoro	4.7%

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: Relaciones con los clientes

Gestión de relaciones directas

Pennantpark mantiene las relaciones directas de los inversores a través de estrategias de participación específicas:

Canal de relación	Frecuencia	Segmentos de inversores
Reuniones de inversores institucionales	Trimestral	Alto patrimonio neto, inversores institucionales
Consultas individuales	Mensual	Inversores acreditados
Equipo de relaciones con inversores dedicado	Continuo	Todas las categorías de inversores

Informes y comunicación transparentes

Informes de métricas para la comunicación de los inversores:

• Informes financieros trimestrales: 4 veces al año
• Informe anual Divulgación detallada
• SEC Presentaciones Transparencia

Presentaciones y actualizaciones regulares de los inversores

Tipo de presentación	Frecuencia	Plataforma
Llamadas de conferencia de ganancias	Trimestral	Transmisión web, teleconferencia
Presentación del día del inversor	Anualmente	En persona y virtual

Estrategias de inversión personalizadas

Enfoque de personalización para inversores:

• Recomendaciones de cartera ajustadas por el riesgo
• Estrategias de asignación de inversión a medida
• Análisis de rendimiento de la cartera individual

Acceso al portal de inversores en línea

Característica de portal	Accesibilidad	Nivel de seguridad
Seguimiento de cartera en tiempo real	Acceso en línea 24/7	Autenticación multifactor
Repositorio de documentos	Almacenamiento seguro en la nube	Acceso encriptado
Paneles de rendimiento	Métricas personalizadas	Permisos basados ​​en roles

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: canales

Equipo de ventas directas

Pennantpark Flotating Tasa Capital Ltd. mantiene un equipo interno de ventas directas de 12 profesionales a partir de 2024. El equipo se centra en segmentos de inversores institucionales y acreditados.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Años promedio de experiencia	8.5 años
Segmentos de inversión objetivo	Inversores institucionales

Redes de agente de inversión

Pennantpark colabora con 47 redes de agentes de inversión registradas en todo el país.

• Raymond James Financial
• Morgan Stanley
• Servicios financieros de UBS
• Janney Montgomery Scott

Referencias de asesores financieros

La compañía recibe referencias de 328 firmas de asesoramiento financiero independiente en 2024.

Categoría de referencia	Número de socios
Asesores financieros independientes	328
Tasa de conversión de referencia	17.3%

Sitio web de la empresa

El sitio web de Pennantpark genera 42,500 visitantes mensuales únicos en 2024.

• Sitio web: www.pennantpark.com
• Visitantes únicos mensuales: 42,500
• Conversión de consulta de inversión en línea: 3.2%

Conferencias de inversores y roadshows

Pennantpark participa en 24 conferencias de inversores anualmente.

Tipo de conferencia	Participación anual
Conferencias nacionales de inversores	18
Foros de inversión regionales	6
Conferencias anuales totales	24

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Pennantpark Floating Tasa Capital Ltd. atiende a inversores institucionales con activos totales bajo administración (AUM) de aproximadamente $ 1.2 mil millones.

Tipo de inversor	Volumen de inversión	Porcentaje de cartera
Grandes inversores institucionales	$ 750 millones	62.5%
Inversores institucionales de tamaño mediano	$ 300 millones	25%
Inversores institucionales especializados	$ 150 millones	12.5%

Individuos de alto patrimonio

Las personas de alto patrimonio neto representan un segmento de clientes significativo para PFLT, con un tamaño de inversión promedio de $ 2.5 millones por cliente.

• Base de clientes total de alto patrimonio neto: 425 individuos
• Asignación promedio de cartera: 15-25% en inversiones de tasas flotantes
• Umbral de inversión mínimo: $ 500,000

Fondos mutuos

El segmento de clientes de PFLT's Mutual Fund comprende 18 compañías de gestión de fondos diferentes.

Categoría de fondos	Número de fondos	Inversión total
Fondos de renta fija	8	$ 350 millones
Fondos equilibrados	6	$ 250 millones
Fondos orientados a los ingresos	4	$ 150 millones

Fondos de pensiones

Los fondos de pensiones constituyen un segmento crucial de clientes para PFLT, con asignaciones estratégicas de inversión a largo plazo.

• Total Pension Fund Clients: 12
• Valor de inversión agregado: $ 600 millones
• Duración promedio de la inversión: 7-10 años

Empresas privadas de gestión de patrimonio

PFLT colabora con 22 empresas privadas de gestión de patrimonio en los Estados Unidos.

Tamaño firme	Número de empresas	Activos totales administrados
Grandes empresas	6	$ 450 millones
Empresas medianas	10	$ 250 millones
Empresas boutique	6	$ 100 millones

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir del informe anual de 2023, PennantPark Floating Tasa Capital Ltd. informó:

Tipo de tarifa	Cantidad anual
Tarifa de gestión base	$ 21.4 millones
Tarifa de gestión de incentivos	$ 6.3 millones

Gastos de intereses sobre capital prestado

Desglose de gastos de intereses para el año fiscal 2023:

Instrumento de deuda	Gasto de interés
Línea de crédito	$ 15.7 millones
Notas senior	$ 8.9 millones

Costos operativos y administrativos

• Gastos administrativos totales: $ 4.2 millones
• Tarifas profesionales: $ 1.6 millones
• Compensación de los directores: $ 0.7 millones

Cumplimiento y gastos regulatorios

Costos relacionados con el cumplimiento para 2023:

• Tarifas legales y de cumplimiento: $ 1.1 millones
• Servicios de auditoría y contabilidad: $ 0.9 millones
• Costos de presentación regulatoria: $ 0.3 millones

Inversiones de tecnología e infraestructura

Categoría de tecnología	Monto de la inversión
Infraestructura	$ 0.8 millones
Actualizaciones de ciberseguridad	$ 0.5 millones
Licencia de software	$ 0.4 millones

PennantPark Flotating Tasa Capital Ltd. (PFLT) - Modelo de negocio: flujos de ingresos

Ingresos por intereses de la cartera de préstamos

A partir del tercer trimestre de 2023, PennantPark Flotating Tasa Capital Ltd. reportó ingresos de inversión totales de $ 44.0 millones, con ingresos por intereses que representan una parte significativa de este flujo de ingresos.

Categoría de ingresos	Cantidad (tercer trimestre 2023)
Ingresos por intereses	$ 36.2 millones
Ingreso de dividendos	$ 3.8 millones
Otros ingresos por inversiones	$ 4.0 millones

Apreciación de capital de las inversiones

El valor de activo neto de la cartera de inversiones (NAV) de la compañía fue de $ 635.5 millones al 30 de septiembre de 2023.

Tarifas de originación y compromiso

• Las tarifas de origen generalmente oscilan entre el 1-2% del valor total del préstamo
• Las tarifas de compromiso generaron aproximadamente $ 2.1 millones en 2023

Tarifas de gestión de inversiones

Las tarifas de gestión de inversiones para el año fiscal 2023 totalizaron $ 8.5 millones, lo que representa un flujo de ingresos consistente de las actividades de gestión de activos.

Tarifas de incentivos basadas en el desempeño

Categoría de tarifa	Cantidad (2023)
Tarifas de incentivos basadas en el desempeño	$ 3.7 millones

Composición total de ingresos (2023):

• Ingresos de intereses: $ 36.2 millones
• Tarifas de gestión de inversiones: $ 8.5 millones
• Tarifas de incentivos de rendimiento: $ 3.7 millones
• Otros ingresos: $ 4.0 millones

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Value Propositions

You're looking at how PennantPark Floating Rate Capital Ltd. (PFLT) creates value for its investors and borrowers. It really boils down to providing high-yield, protected income streams to you, the investor, by financing the U.S. middle market.

The core of the value proposition is the structure of the assets themselves. Consider this:

• Floating rate debt portfolio (99% variable-rate) hedges against rising interest rates. This is a key defense mechanism. As of September 30, 2025, approximately 99% of the debt portfolio consisted of variable-rate investments.
• High weighted average yield on debt investments of 10.2% (FY 2025). For the full fiscal year ended September 30, 2025, the weighted average yield on debt investments was a strong 10.2%.
• Conservative underwriting with low non-accruals (0.4% at cost in Q4 2025). This shows discipline in lending. For the quarter ended September 30, 2025, total non-accruals represented only 0.4% of the portfolio at cost.

This disciplined approach supports the income side of the equation for you, the public investor. PennantPark Floating Rate Capital Ltd. has a commitment to consistent payouts:

• Consistent monthly cash distributions to public investors ($0.1025 per share). The company declared a monthly distribution of $0.1025 per share for months like June 2025 and December 2025, showing a steady income stream.

The value delivered to the borrowers-the U.S. middle-market companies-is the provision of strategic, flexible capital. PennantPark Floating Rate Capital Ltd. is a primary source of financing for these businesses, often structuring deals with strong protections for the lender. Here's a snapshot of the portfolio as of the end of the fiscal year 2025, which illustrates the scale of this capital deployment:

Metric	Value (as of September 30, 2025)
Total Portfolio Fair Value	Approximately $2,773.3 million or $2.8 billion
Number of Portfolio Companies	164 companies across 50 industries
Average Investment Size	$16.9 million
Debt to Equity Ratio	1.4 times (subsequent to quarter end)
Portfolio Composition (Debt)	90% first lien senior secured debt

Also, the company emphasizes the quality of its underwriting process, noting that from 2020 to 2025, only 6.4% of deals sourced were actually closed, showing selectivity in deploying capital. That focus on core middle-market companies, often with lower leverage ratios (median debt to EBITDA of 4.5 times for the portfolio as of September 30th), is what helps support the high yield and low non-accruals you see.

For you, the investor, the value is clear:

• Income Stability: Monthly distributions of $0.1025 per share.
• Interest Rate Protection: Nearly all assets are floating rate, meaning income adjusts upward with rates.
• Credit Quality: Low credit risk evidenced by non-accruals at just 0.4% of cost.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Customer Relationships

You're looking at how PennantPark Floating Rate Capital Ltd. manages its key relationships across its portfolio companies, its public investors, and its institutional partners. It's not just about lending money; it's about being a hands-on partner, which is key for a Business Development Company (BDC) focused on the middle market.

High-touch, strategic partner approach with portfolio company management

PennantPark Floating Rate Capital Ltd. emphasizes a close working relationship with the management teams of the middle-market companies it finances. This isn't a passive investment strategy; they aim to be a strategic resource. The firm targets profitable, growing, and cash-flowing companies, typically those with EBITDA between $10 million to $50 million. This focus requires deep engagement to understand the borrower's specific needs.

The underwriting rigor is reflected in the portfolio's credit quality as of September 30, 2025. The overall portfolio, valued at $2,773.3 million, had only three portfolio companies on non-accrual status, representing just 0.4% of the portfolio at cost and 0.2% at market value. For new platform investments originated during the fourth quarter of fiscal 2025, the median leverage ratio was 4.4 times and the interest coverage was 2.3 times. This suggests the relationship management is focused on maintaining strong financial health within the portfolio.

Investor relations for public shareholders (NYSE: PFLT)

For you, the public shareholder, the relationship is centered on consistent income and transparency regarding asset quality. PennantPark Floating Rate Capital Ltd. communicates performance through regular earnings releases, such as the one for the fourth quarter ended September 30, 2025. The GAAP net asset value (NAV) per share as of that date stood at $10.83. The company declared a distribution of $0.31 per share for the quarter, and more recently, announced a monthly distribution rate of $0.1025 per share in December 2025. Core net investment income per share for the quarter was $0.28. The firm also highlights its long-term track record, noting that across its platform, it has generated an Internal Rate of Return (IRR) of 25% and a Multiple on Invested Capital of two times from equity co-investments since inception through September 30, 2025.

Investor interest is tracked through institutional activity; for instance, in the third quarter of 2025, 90 institutional investors added shares while 52 decreased positions.

Long-term, institutional relationship with joint venture partners

PennantPark Floating Rate Capital Ltd. cultivates deep, long-term relationships with institutional partners to scale its investment capacity. These joint ventures (JVs) allow the firm to deploy more capital into its core middle-market strategy. The firm manages multiple such structures, including the established PennantPark Senior Secured Loan Fund I LLC (PSSL I) and the newly formed PennantPark Senior Secured Loan Fund II, LLC (PSSL II).

Here's a look at the structure of these key institutional relationships as of late 2025:

Joint Venture	Partner	PFLT Commitment/Share	Total Portfolio Size (Approximate)	Key Feature
PSSL I (Originated 2017)	Kemper Corporation (KMPR)	PFLT: 87.5% of first lien/equity	$1,153.7 million (as of fiscal 2025 end)	Long-standing structure, securitized into CLOs
PSSL II (Announced Aug 2025)	Hamilton Lane (HL)	PFLT: $150 million commitment	Targeted initial portfolio of $500 million	Includes a $150 million revolving credit facility

The firmwide Assets Under Management (AUM) as of September 30, 2025, stood at $10 Billion, reflecting the success of scaling through these partnerships.

Dedicated monitoring (monthly financial statements) for borrowers

The high-touch approach extends to rigorous, ongoing monitoring of every borrower. This is a critical part of PennantPark Floating Rate Capital Ltd.'s risk management, ensuring they receive timely data to assess credit quality proactively. The standard practice involves receiving and reviewing monthly financial statements from portfolio companies.

The overall portfolio as of September 30, 2025, was comprised of approximately 99% variable-rate investments, meaning yields adjust quickly to changes in the interest rate environment. The weighted average yield on the debt investments across the entire portfolio was 10.2% at that quarter-end.

The firm's direct investment activity in Q4 2025 involved deploying $633.0 million across 11 new and 105 existing companies. This continuous flow of new capital, alongside the ongoing monitoring, forms the backbone of the relationship management for the debt holders.

• Portfolio size as of September 30, 2025: $2,773.3 million.
• Total companies in the portfolio: 164.
• Percentage of portfolio in First Lien Secured Debt: 90% of fair value (direct investments).
• Weighted Average Yield on Debt Investments: 10.2%.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Channels

You're looking at how PennantPark Floating Rate Capital Ltd. gets its deals done and communicates with the market as of late 2025. The channels here are about sourcing the loans, accessing public capital, deploying capital through partnerships, and keeping investors informed.

Direct loan origination platform (PennantPark team)

The primary channel for deal flow is the direct origination platform managed by PennantPark Investment Advisers, LLC. This team operates across several offices, including Miami, New York, Chicago, Houston, Los Angeles, Amsterdam, and Zurich, to source middle-market credit opportunities. The advisory platform manages approximately $10 billion of investable capital, including potential leverage. For the three months ended September 30, 2025, PennantPark Floating Rate Capital Ltd. invested $633.0 million in 11 new and 105 existing portfolio companies at a weighted average yield of 10.5%. As of September 30, 2025, the overall portfolio consisted of 164 companies across 50 industries.

• Portfolio comprised approximately 99% variable-rate investments as of September 30, 2025.
• The portfolio was 90% first lien senior secured debt as of Q4 2025.
• Debt-to-EBITDA on the portfolio was 4.5 times as of September 30, 2025.
• Interest coverage for the portfolio was two times as of Q4 2025.

New York Stock Exchange (NYSE) for public equity investors

PennantPark Floating Rate Capital Ltd. accesses public equity capital through its listing on the New York Stock Exchange (NYSE). This channel allows for the continuous raising of capital, such as through the ATM program mentioned in prior periods. As of November 24, 2025, there were 99,217,896 shares of the Registrant's common stock outstanding. The GAAP net asset value (NAV) per share as of September 30, 2025, stood at $10.83. Following the Q4 2025 earnings release, the stock price fell by 1.09% to $9.19 in after-hours trading.

Joint venture structures (PSSL I and PSSL II) for capital deployment

The joint venture structures are a key channel for deploying capital, allowing PennantPark Floating Rate Capital Ltd. to scale its investment capacity beyond its balance sheet. The most significant is PennantPark Senior Secured Loan Fund I LLC (PSSL I), and the newer structure is PennantPark Senior Secured Loan Fund II, LLC (PSSL II).

Joint Venture	Partner	Portfolio Value (as of 9/30/2025)	PFLT Commitment/Ownership	Key Activity/Status
PSSL I	Kemper (KMPR)	$1,084.6 million	87.5% of first lien/equity investments	Invested $88.7 million in Q4 2025
PSSL II	Hamilton Lane (HLNE)	$191 million (as of 11/24/2025)	Committed $150 million equity/notes	Formed August 2025; targets initial portfolio of $500 million with financing

PSSL I's portfolio had a weighted average yield on debt investments of 10.1% as of September 30, 2025. PSSL II, which began investing in late September or early October 2025, intends to add a financing facility of $300 million to its initial capital base.

Investor presentations and quarterly earnings calls

Regular communication with the investment community occurs through formal financial reporting and direct engagement. PennantPark Floating Rate Capital Ltd. reported its Q4 2025 results on November 24, 2025. The Q4 2025 earnings call featured management discussing key metrics.

• Q4 2025 Revenue: $68.98 million.
• Q4 2025 Earnings Per Share (EPS): $0.31.
• Q4 2025 Core Net Investment Income Per Share: $0.28.
• Q4 2025 Distributions Declared Per Share: $0.31.
• Q3 2025 EPS was $0.27 on revenue of $63.5 million.

The company's overall portfolio value grew from $2.4 billion in the prior quarter to $2.8 billion as of the Q4 2025 reporting period. Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Customer Segments

You're looking at the core groups PennantPark Floating Rate Capital Ltd. (PFLT) serves with its financing solutions. This isn't just about who gets the money; it's about who provides the capital and who receives it, based on their structure as of late 2025.

U.S. core middle-market companies (typically $10M to $50M EBITDA)

PFLT focuses its direct lending on middle-market companies, generally those not rated by national rating agencies. The underwriting metrics give you a sense of the typical borrower profile. As of the end of fiscal 2025, the portfolio showed:

• Average investment size across the overall portfolio was $15.5 million as of June 30, 2025.
• The weighted average debt-to-EBITDA ratio for the portfolio was 4.5 times as of Q4 2025.
• The weighted average interest coverage ratio was 2 times as of Q4 2025.
• The portfolio consisted of 155 companies as of June 30, 2025.

Public retail and institutional investors seeking high-yield income

These are the shareholders providing the equity capital to PennantPark Floating Rate Capital Ltd. (PFLT). They are primarily seeking consistent, high-yield distributions from the floating-rate debt portfolio. The commitment to shareholders is visible in the distribution history.

Metric	Value (Late 2025 Data)
December 2025 Monthly Distribution Declared	$0.1025 per share
Net Asset Value (NAV) per Share	$10.83 (Q4 2025)
Total Investments (Portfolio Size)	$2.8 billion (Q4 2025)
Shares Outstanding Growth (2021 to 2025)	From 38.9M to 99.2M

The management platform, PennantPark Investment Advisers, LLC, manages around $10 billion in capital overall.

Institutional partners (e.g., insurance companies, asset managers) for JVs

PFLT actively partners with institutional capital providers to scale its investment capacity, particularly through joint ventures (JVs) that focus on senior secured loans. These partnerships allow PFLT to deploy more capital while sharing the investment risk and return profile.

• PSSL I JV partner is Kemper (KMPR).
• PSSL I portfolio had $1,153.7 million in investments at the end of fiscal 2025.
• A new JV, PSSL II, was formed with partner Hamilton Lane (HLNE).
• PSSL II targets an initial portfolio of $500 million.
• PFLT's exposure via JVs was 9.7% of fair value as of September 2025.

Companies in recession-resilient sectors (e.g., Healthcare, Software, Business Services)

While the search results confirm PFLT's focus on directly originated senior secured loans in the core middle market, the specific sector breakdown by the requested categories isn't detailed with current figures. What is clear is the structure of the debt PFLT provides to these borrowers.

The portfolio is heavily weighted toward senior, floating-rate instruments, which is a structural feature designed to perform across various economic cycles, especially when rates are moving.

Investment Type (as of Sept 2025)	Percentage of Fair Value
First lien debt	78.6%
Joint ventures (JVs)	9.7%
Equity	6.8%

Furthermore, approximately 99% of the debt portfolio consisted of variable-rate investments as of June 30, 2025. The weighted average yield on debt investments was 10.4% at that time. That floating-rate exposure is key for borrowers and investors alike. Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Cost Structure

You're looking at the operational costs for PennantPark Floating Rate Capital Ltd. (PFLT) as of late 2025, which is key to understanding how much it costs to run this business development company (BDC). The total expenses for the fiscal year ended September 30, 2025, reached $154.3 million. This was up from $108.6 million in the prior fiscal year, largely driven by higher interest expenses and fees.

The cost structure is heavily weighted toward financing costs, which makes sense given the leverage model. Here's the quick math on the major expense buckets for the fiscal year 2025:

Cost Component	FY 2025 Amount (in millions USD)
Debt-related interest and expenses	$96.5 million
Performance-based incentive fees	$26.0 million
Base management fees	$23.3 million
General and administrative expenses	$7.5 million

The $96.5 million in debt-related interest and expenses represents the single largest cost component for PennantPark Floating Rate Capital Ltd. This increase compared to $67.9 million in FY 2024 was primarily due to an increase in debt-related interest expense from increased borrowings as the portfolio grew to $2,773.3 million in fair value.

Management and performance fees are the next significant category. The base management fee was $23.3 million for FY 2025, which is calculated as 1.00% of average adjusted gross assets. The performance-based incentive fees followed at $26.0 million. These incentive fees are tied to the excess of investment income over a threshold return.

General and administrative expenses (G&A) are a smaller, but necessary, part of the cost base. For FY 2025, these totaled $7.5 million. These costs cover the day-to-day running of the business, which you can see broken down into several operational areas:

• Independent directors' fees and expenses
• Fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums
• Direct costs such as printing, mailing, long distance telephone and staff
• Fees and expenses associated with independent audits and outside legal costs
• Costs associated with reporting and compliance obligations under the 1940 Act
• Payments under the Administration Agreement, including rent and allocable overhead

Honestly, G&A expenses are expected to be relatively stable or decline as a percentage of total assets during periods of asset growth.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive PennantPark Floating Rate Capital Ltd.'s earnings. This isn't about potential; it's about what hit the books for the fiscal year ended September 30, 2025.

The core of the revenue generation is interest income, which is directly tied to the floating-rate nature of the debt portfolio. For the six months ended March 31, 2025, the income specifically from first lien secured debt was $117.2 million.

The total investment income for the full fiscal year 2025 is not explicitly stated as $261.4 million in the latest reports, but the Net Investment Income for the year ended September 30, 2025, was $107.2 million. The reported revenue for the fourth quarter of fiscal year 2025 was $69.0 million.

Revenue streams are also bolstered by activity within the joint ventures and the realization of gains from equity positions. Here's a breakdown of the key components and related activity:

• Interest income from first lien secured debt (primary source)
• Total investment income of $107.2 million for fiscal year 2025 (Net Investment Income)
• Dividend and interest income from unconsolidated joint ventures (PSSL I and II)
• Realized gains from equity co-investments in portfolio companies
• Fees from loan originations and prepayments

The activity in the joint ventures, particularly PennantPark Senior Secured Loan Fund I LLC (PSSL), contributes significantly. PSSL's portfolio stood at $1,084.6 million as of September 30, 2025. The formation of the new joint venture, PSSL II, with an initial targeted portfolio of $500 million, is set to ramp up future income from this segment.

For realized gains, the results show a net realized loss for the full fiscal year 2025. However, the company highlights a strong track record on equity co-investments, which generate realized gains when those investments are exited successfully. Here's what the data shows for the full fiscal year 2025:

Revenue/Income Component	Fiscal Year 2025 Amount	Context/Period
Net Investment Income (GAAP)	$107.2 million	Year Ended September 30, 2025
Q4 2025 Revenue (Sales)	$69.0 million	Quarter Ended September 30, 2025
Net Realized Gains (Losses)	$(5.9) million	Year Ended September 30, 2025
PSSL I Portfolio Fair Value	$1,084.6 million	As of September 30, 2025
Total Portfolio Investments	$2,773.3 million	As of September 30, 2025

Fees from loan originations and prepayments are embedded within the overall investment activity, as these fees contribute to the total investment income. The scale of this activity for the fiscal year 2025 involved significant deployment of capital:

• Purchases of investments: $1,741.3 million
• Sales and repayments of investments: $925.7 million

Regarding equity co-investments, the demonstrated track record shows value creation from past exits, with a 25% IRR and a multiple on invested capital of 2 times from those specific equity co-investments. That's a concrete example of how those non-debt investments translate to revenue when realized.

Finance: draft 13-week cash view by Friday.