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Overview
PennantPark Floating Rate Capital (PFLT) is a publicly traded business development company (BDC) that primarily invests in first lien secured debt and other types of debt securities of middle-market companies in the United States. It was founded in 2011 and is headquartered in New York City. The company's investment objective is to generate both current income and capital appreciation through investments in floating rate loans and other debt securities of middle-market businesses. Its portfolio consists of a diverse mix of industries, including healthcare, industrials, and business services. PFLT is structured as a closed-end fund and is regulated under the Investment Company Act of 1940. As a BDC, it is required to distribute at least 90% of its taxable income to shareholders in the form of dividends. This makes PFLT an attractive option for investors seeking regular income. The company is externally managed by PennantPark Investment Advisers, LLC, a subsidiary of PennantPark Investment Corporation. The management team has significant experience in credit investing and is responsible for sourcing, underwriting, and managing the company's investments. PFLT's stock is listed on the Nasdaq stock exchange under the ticker symbol PFLT. It also offers an investor's tender program, which allows shareholders to periodically sell back their shares at NAV.
What is special about the company?
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