PennantPark Floating Rate Capital Ltd (NYSE:PFLT) Q4 2024 Earnings Conference Call November 26, 2024 9:00 AM ET

Company Participants

Arthur Penn - Chairman & CEO
Richard Allorto - Chief Financial Officer

Conference Call Participants

Paul Johnson - KBW
Mark Hughes - Truist
Doug Harter - UBS

Operator

Good morning, and welcome to PennantPark Floating Rate Capital's Fourth Fiscal Quarter 2024 Earnings Conference Call. Today's conference is being recorded. At this time, all participants have been placed in a listen-only mode. The call will be open for question-and-answer session following the speaker’s remarks. [Operator Instructions]

It is now my pleasure to turn the call over to Mr. Art Penn, Chairman and Chief Executive Officer of PennantPark Floating Rate Capital. Mr. Penn, you may begin your conference.

Arthur Penn

Thank you, and good morning, everyone. I'd like to welcome you to PennantPark Floating Rate Capital's fourth fiscal quarter 2024 earnings conference call. I'm joined today by Rick Allorto, our Chief Financial Officer. Rick, please start off by disclosing some general conference call information and include a discussion about forward-looking statements.

Richard Allorto

Thank you, Art. I'd like to remind everyone that today's call is being recorded. Please note that this call is the property of PennantPark Floating Rate Capital and that any unauthorized broadcast of this call in any form is strictly prohibited. An audio replay of the call will be available on our website. I'd also like to call your attention to the customary safe harbor disclosure in our press release regarding forward-looking information.

Today's conference call may also include forward-looking statements and projections and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these projections. We do not undertake to update our forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit our website at pennantpark.com or call us at (212) 905-1000.

At this time, I'd like to turn the call back to our Chairman and Chief Executive Officer, Art Penn.

Arthur Penn

Thanks, Rick. We're going to spend a few minutes discussing the current market environment for private middle market lending, how we fared in the quarter ended September 30, how the portfolio is positioned for the upcoming quarters, a detailed review of the financials and then open it up for Q&A.

For the quarter ended September 30, core net investment income was $0.32 per share. As of September 30, our portfolio grew to $2 billion or 20% from the prior quarter. During the quarter, we continue to originate attractive investment opportunities and invested $446 million and 10 new and 50 existing portfolio companies at a weighted average yield of 11%.