PennantPark Floating Rate Capital Ltd. (NYSE:PFLT) is a business development investment firm. They primarily provide first-lien debt to select U.S. companies with USD 10 – USD 50 million of EBITDA and are backed by middle-market private equity sponsors. As for their investment approach, they operate with core tenets that include a focus on capital preservation and identifying strong cash flows. To this day, they have deployed over USD 17.1 billion in capital.
Comps: Portman Ridge Finance Corporation (Nasdaq:PTMN), TriplePoint Venture Growth BDC Corp. (NYSE:TPVG)
In comparison to Portman Ridge Finance Corporation, PennantPark Floating Rate Capital demonstrated better profitability, return on equity, and debt to equity. However, they are slightly behind that of TriplePoint Venture Growth BDC in any of these core measurables as well as earnings per share and price to earnings, but still presented a yield of over 9%.