PennantPark Floating Rate Capital: 15% Yield, 23% Discount, But A Clear No-Go
Source: SeekingAlpha
2026-03-08 03:28:55 ET
In December 2025, I decided to downgrade PennantPark Floating Rate Capital ( PFLT ) because of three reasons:
- Base dividend coverage was well below 100% (worse than for most other sector peers).
- Leverage was meaningfully above a level that could be deemed prudent.
- Clear push towards unconsolidated JVs, which facilitate additional leverage even if it otherwise (on a consolidated level) by BDC regulation might not be allowed.
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PennantPark Floating Rate Capital: 15% Yield, 23% Discount, But A Clear No-Go
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