PennantPark Floating Rate Capital Ltd. (PFLT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des stratégies d'investissement alternatives, Pennantpark Floating Rate Capital Ltd. (PFLT) émerge comme une puissance financière sophistiquée, offrant aux investisseurs une voie unique pour naviguer dans le paysage complexe du financement de la dette du marché intermédiaire. En tirant parti d'un modèle commercial robuste qui combine des partenariats stratégiques, des approches d'investissement innovantes et des propositions de valeur ciblées, le PFLT a creusé un créneau distinctif pour fournir des solutions de dette à taux flottantes flexibles qui promettent des rendements potentiellement plus élevés par rapport aux investissements traditionnels à revenu fixe. Plongez dans les subtilités de leur toile d'entreprise et découvrez comment cette entreprise d'investissement transforme les opportunités financières en création de valeur stratégique.

Pennantpark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: partenariats clés

Banques d'investissement et conseillers financiers

PennantPark Floating Rate Capital Ltd. maintient des partenariats stratégiques avec plusieurs banques d'investissement pour l'approvisionnement en transactions et les services de conseil financier.

Type de partenaire	Nombre de partenariats actifs	Valeur de transaction annuelle estimée
Banques d'investissement de boutique	7	350 millions de dollars
Banques d'investissement à mi-parcours	4	525 millions de dollars

Sociétés de capital-investissement et investisseurs institutionnels

Le PFLT collabore avec les investisseurs institutionnels pour étendre son portefeuille d'investissement et sa base de capitaux.

• Total des partenaires des investisseurs institutionnels: 22
• Engagement du capital des investisseurs institutionnels: 1,2 milliard de dollars
• Taille moyenne des billets d'investissement: 55 millions de dollars

Agences de notation de crédit

Pennantpark entretient des relations avec les agences de notation de crédit pour évaluer et valider les risques d'investissement.

Agence de notation de crédit	Durée du partenariat	Fréquence d'examen annuelle
Service d'investisseurs Moody's	8 ans	2 fois par an
S&P Global Ratings	6 ans	2 fois par an

Fournisseurs de services juridiques et comptables

Le PFLT engage des cabinets juridiques et comptables spécialisés pour assurer la conformité réglementaire et la précision financière.

• Total des fournisseurs de services juridiques: 5
• Total des cabinets comptables: 3
• Composition annuelle et dépenses d'audit: 2,1 millions de dollars

Venseurs de technologie et de cybersécurité

Pennantpark s'associe aux fournisseurs de technologies pour maintenir une infrastructure numérique et une sécurité robustes.

Catégorie des vendeurs	Nombre de vendeurs	Investissement technologique annuel
Fournisseurs de cybersécurité	3	1,5 million de dollars
Fournisseurs de cloud et d'infrastructures	2	$750,000

Pennantpark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: Activités clés

Origination et souscription des prêts à taux flottant

Depuis le quatrième trimestre 2023, Pennantpark Floating Rate Capital Ltd. s'est concentré sur les prêts à taux flottant du marché intermédiaire d'origine avec les caractéristiques suivantes:

Métrique du portefeuille de prêts	Valeur
Portefeuille d'investissement total	1,07 milliard de dollars
Taille moyenne du prêt	16,5 millions de dollars
Rendement moyen pondéré	12.4%

Gestion du portefeuille d'investissement

La gestion du portefeuille implique une allocation stratégique des investissements entre les secteurs:

• Technologie: 22,3% du portefeuille
• Santé: 18,7% du portefeuille
• Services d'entreprise: 15,5% du portefeuille
• Fabrication: 14,2% du portefeuille
• Autres secteurs: 29,3% du portefeuille

Effectuer une diligence raisonnable sur les investissements potentiels

Le processus de diligence raisonnable comprend une évaluation complète des investissements potentiels:

Critères de diligence raisonnable	Paramètres d'évaluation
Santé financière	Gamme d'EBITDA 10 à 50 millions de dollars
Stabilité de l'industrie	Concentrez-vous sur les secteurs résistants à la récession
Qualité du crédit	Évaluation minimale de crédit B3 / B

Surveillance des performances de l'entreprise du portefeuille

La surveillance des performances implique des revues complètes trimestrielles:

• Suivi de la conformité financière
• Analyse des états financiers trimestriels
• Interaction de l'équipe de gestion
• Mises à jour d'évaluation des risques

Régler des capitaux par le biais d'offres publiques et privées

Stratégies de levée de capitaux à partir de 2024:

Méthode de levée de capitaux	Total relevé
Offrandes publiques	350 millions de dollars
Placements privés	250 millions de dollars
Financement de la dette	200 millions de dollars

Pennantpark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: Ressources clés

Expertise en gestion des investissements

Au quatrième trimestre 2023, l'équipe d'investissement de Pennantpark gère 1,2 milliard de dollars d'actifs totaux sous gestion. L'entreprise compte 15 professionnels d'investissement avec une moyenne de 18 ans d'expérience en investissement.

Métrique de l'équipe d'investissement	Données quantitatives
Total des professionnels de l'investissement	15
Expérience d'investissement moyenne	18 ans
Total des actifs sous gestion	1,2 milliard de dollars

Capitaux financiers et lignes de crédit

Pennantpark a obtenu des facilités de crédit totalisant 600 millions de dollars au 31 décembre 2023. La société maintient une structure de financement diversifiée avec plusieurs institutions financières.

Détails de la facilité de crédit	Montant
Facilités de crédit total	600 millions de dollars
Nombre d'institutions de prêt	7

Outils d'analyse des investissements propriétaires

La Société utilise des modèles d'évaluation et d'évaluation des risques exclusifs développés en interne, avec un investissement technologique annuel d'environ 2,5 millions de dollars en recherche et développement.

Strait réseau de relations de l'industrie

• Plus de 200 connexions d'investisseurs institutionnels directes
• Relations avec plus de 75 sociétés de capital-investissement sur le marché intermédiaire
• Participation active à 12 conférences de l'industrie chaque année

Équipe de direction expérimentée

L'équipe de direction détient un mandat moyen de 15 ans dans une gestion alternative des investissements, les cadres clés détenant des certifications financières avancées.

Expérience de gestion	Données quantitatives
Mandat moyen de gestion	15 ans
Cadres avec certification CFA	4
Cadres avec MBA	6

PennantPark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: propositions de valeur

Fournir un financement flexible et flottant

Depuis le quatrième trimestre 2023, Pennantpark Floating Rate Capital Ltd. fournit un financement de la dette à taux flottante avec les caractéristiques clés suivantes:

Paramètre de financement	Détails spécifiques
Portefeuille d'investissement total	920,3 millions de dollars
Taille moyenne de l'investissement de la dette	14,2 millions de dollars par entreprise du marché intermédiaire
Pourcentage de prêt à taux flottant	87,6% du portefeuille total

Générer un revenu cohérent pour les investisseurs

Les mesures de génération de revenus pour les investisseurs comprennent:

• Taux de distribution trimestriel: 8,25%
• Rendement annuel des dividendes: 10,3%
• Revenu de placement net: 36,5 millions de dollars en 2023

Cibler les sociétés du marché intermédiaire

PFLT se concentre sur des segments spécifiques du marché intermédiaire:

Segment de l'industrie	Pourcentage de portefeuille
Logiciel & Technologie	22.4%
Soins de santé	18.7%
Services aux entreprises	15.3%

Offrir des opportunités d'investissement alternatives

Caractéristiques d'investissement alternatives:

• Investissement minimum: 25 000 $
• Véhicule d'investissement: entreprise de développement commercial à extrémité fermée
• Total des actifs sous gestion: 1,2 milliard de dollars

Offrir des rendements potentiels plus élevés

Métriques de comparaison des rendements:

Type d'investissement	Rendement moyen
PFLT Prêts à taux flottant	11.5%
Obligations d'entreprise	6.2%
Obligations du Trésor	4.7%

PennantPark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: relations avec les clients

Gestion directe des relations

Pennantpark entretient des relations directes des investisseurs grâce à des stratégies d'engagement ciblées:

Canal de relation	Fréquence	Segments des investisseurs
Réunions d'investisseurs institutionnels	Trimestriel	Valeur nette élevée, investisseurs institutionnels
Consultations individuelles	Mensuel	Investisseurs accrédités
Équipe de relations avec les investisseurs dévoués	Continu	Toutes les catégories d'investisseurs

Représentation et communication transparentes

Reportation de mesures pour la communication des investisseurs:

• Rapports financiers trimestriels: 4 fois par an
• Rapport annuel Divulgation détaillée
• Transparence des dépôts de la SEC

Présentations et mises à jour des investisseurs réguliers

Type de présentation	Fréquence	Plate-forme
Conférences téléphoniques sur les gains	Trimestriel	Webdiffion, téléconférence
Présentation de la journée des investisseurs	Annuellement	En personne et virtuel

Stratégies d'investissement personnalisées

Approche de personnalisation pour les investisseurs:

• Recommandations de portefeuille ajustées au risque
• Stratégies d'allocation d'investissement sur mesure
• Analyse des performances de portefeuille individuelle

Accès du portail des investisseurs en ligne

Caractéristique du portail	Accessibilité	Niveau de sécurité
Suivi du portefeuille en temps réel	Accès en ligne 24/7	Authentification multi-facteurs
Référentiel de documents	Sécurisation de stockage cloud	Accès chiffré
Tableaux de bord de performance	Métriques personnalisées	Autorisations basées sur les rôles

PennantPark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: canaux

Équipe de vente directe

Pennantpark Floating Rate Capital Ltd. maintient une équipe de vente directe interne de 12 professionnels à partir de 2024. L'équipe se concentre sur les segments d'investisseurs institutionnels et accrédités.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Des années moyennes d'expérience	8,5 ans
Segments d'investissement cibles	Investisseurs institutionnels

Réseaux de courtiers d'investissement

Pennantpark collabore avec 47 réseaux de courtiers d'investissement enregistrés à l'échelle nationale.

• Raymond James Financial
• Morgan Stanley
• Services financiers UBS
• Janney Montgomery Scott

Conseils financiers

La Société reçoit des références de 328 cabinets de conseil financier indépendants en 2024.

Catégorie de référence	Nombre de partenaires
Conseillers financiers indépendants	328
Taux de conversion de référence	17.3%

Site Web de l'entreprise

Le site Web de Pennantpark génère 42 500 visiteurs mensuels uniques en 2024.

• Site Web: www.pennantpark.com
• Visiteurs uniques mensuels: 42 500
• Conversion de la demande d'investissement en ligne: 3,2%

Conférences des investisseurs et tas de routes

Pennantpark participe à 24 conférences d'investisseurs chaque année.

Type de conférence	Participation annuelle
Conférences nationales sur les investisseurs	18
Forums d'investissement régionaux	6
Conférences annuelles totales	24

PennantPark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Pennantpark Floating Rate Capital Ltd. dessert les investisseurs institutionnels avec un actif total sous gestion (AUM) d'environ 1,2 milliard de dollars.

Type d'investisseur	Volume d'investissement	Pourcentage de portefeuille
Grands investisseurs institutionnels	750 millions de dollars	62.5%
Investisseurs institutionnels de taille moyenne	300 millions de dollars	25%
Investisseurs institutionnels spécialisés	150 millions de dollars	12.5%

Individus de valeur nette élevée

Les particuliers à haute valeur nette représentent un segment de clientèle important pour le PFLT, avec une taille d'investissement moyenne de 2,5 millions de dollars par client.

• Base de clientèle à haute valeur nette totale: 425 personnes
• Attribution moyenne du portefeuille: 15-25% dans les investissements à taux flottants
• Seuil d'investissement minimum: 500 000 $

Fonds communs de placement

Le segment de clientèle du Fonds commun de placement de PFLT comprend 18 sociétés de gestion de fonds différentes.

Catégorie de fonds	Nombre de fonds	Investissement total
Fonds à revenu fixe	8	350 millions de dollars
Fonds équilibrés	6	250 millions de dollars
Fonds axés sur le revenu	4	150 millions de dollars

Fonds de pension

Les fonds de pension constituent un segment de clientèle crucial pour le PFLT, avec des allocations stratégiques d'investissement à long terme.

• Clients totaux de fonds de pension: 12
• Valeur d'investissement globale: 600 millions de dollars
• Durée d'investissement moyenne: 7-10 ans

Sociétés de gestion de patrimoine privées

Le PFLT collabore avec 22 sociétés privées de gestion de patrimoine aux États-Unis.

Taille de l'entreprise	Nombre d'entreprises	Actifs gérés totaux
Grandes entreprises	6	450 millions de dollars
Entreprises moyennes	10	250 millions de dollars
Boutiques	6	100 millions de dollars

Pennantpark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: Structure des coûts

Frais de gestion et de conseil

À partir du rapport annuel de 2023, Pennantpark Floating Rate Capital Ltd. a rapporté:

Type de frais	Montant annuel
Frais de gestion de la base	21,4 millions de dollars
Frais de gestion incitative	6,3 millions de dollars

Dépenses d'intérêt sur le capital emprunté

Répartition des dépenses des intérêts pour l'exercice 2023:

Instrument de dette	Intérêts
Facilité de crédit	15,7 millions de dollars
Notes seniors	8,9 millions de dollars

Coûts opérationnels et administratifs

• Dépenses administratives totales: 4,2 millions de dollars
• Frais professionnels: 1,6 million de dollars
• Rémunération des administrateurs: 0,7 million de dollars

Compliance et dépenses réglementaires

Coûts liés à la conformité pour 2023:

• Frais juridiques et de conformité: 1,1 million de dollars
• Services d'audit et de comptabilité: 0,9 million de dollars
• Coûts de dépôt réglementaire: 0,3 million de dollars

Investissements technologiques et infrastructures

Catégorie de technologie	Montant d'investissement
Infrastructure informatique	0,8 million de dollars
Mises à niveau de la cybersécurité	0,5 million de dollars
Licence de logiciel	0,4 million de dollars

Pennantpark Floating Rate Capital Ltd. (PFLT) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts du portefeuille de prêts

Au troisième rang 2023, Pennantpark Floating Rate Capital Ltd. a déclaré un revenu de placement total de 44,0 millions de dollars, les revenus d'intérêts représentant une partie importante de cette source de revenus.

Catégorie de revenu	Montant (Q3 2023)
Revenu d'intérêt	36,2 millions de dollars
Revenu de dividendes	3,8 millions de dollars
Autres revenus de placement	4,0 millions de dollars

Appréciation du capital des investissements

La valeur des actifs du portefeuille d'investissement de la société (NAV) était de 635,5 millions de dollars au 30 septembre 2023.

Frais d'origine et d'engagement

• Les frais d'origine varient généralement entre 1 à 2% de la valeur totale du prêt
• Les frais d'engagement ont généré environ 2,1 millions de dollars en 2023

Frais de gestion des investissements

Les frais de gestion des investissements pour l'exercice 2023 ont totalisé 8,5 millions de dollars, ce qui représente une source de revenus cohérente des activités de gestion des actifs.

Frais d'incitation basés sur la performance

Catégorie de frais	Montant (2023)
Frais d'incitation basés sur la performance	3,7 millions de dollars

Composition totale des revenus (2023):

• Revenu des intérêts: 36,2 millions de dollars
• Frais de gestion des investissements: 8,5 millions de dollars
• Frais d'incitation à la performance: 3,7 millions de dollars
• Autres revenus: 4,0 millions de dollars

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.