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PennantPark Floating Rate Capital issued its first listed fixed-income security, the 7.375% Notes due 2031, priced at par. Asset coverage ratio stands at 162% but could fall to 158% if proceeds are invested, still above the 150% regulatory requirement. Recent dividend cuts and NAV depletion suggest caution for creditors.
Part 1 compares Blackstone Secured Lending's NAV, economic return, NII, and valuation to 11 BDC peers as of 6/5/2026. The analysis covers portfolio changes from 12/31/2025 to 3/31/2026, non-accrual percentages, and valuation ranges. BXSL is rated notably undervalued among 2 overvalued, 1 fairly valued, 6 undervalued, and 3 notably undervalued peers.
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