Q1--09-30 0001504619 false 2024 MD http://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax http://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTax Aug 31 2026 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, GCOM InvestCo LP, Industry IT Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC Maturity - 02/18/2027 Industry Personal Products Current Coupon 12.48% Basis Point Spread Above Index 1M SOFR+700 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 20.00%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Mars Intermediate Holdings II, Inc. Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+450 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.60% Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name One Stop Mailing, LLC, Maturity 5/7/2027, Industry Air Freight and Logistics, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+636 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Any Hour Services (Revolver) Maturity 07/21/2027 Industry Energy Equipment and Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 12.35% Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Go Dawgs Capital III, LP, Industry Building Products 2023-09-30 0001504619 pflt:LeisureProductsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 12/29/2025 Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan, Maturity 09/17/2026, Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc. (Revolver), Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.52%, Basis Point Spread Above Index 1M SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 10.65% Basis Point Spread Above Index SOFR +515 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2023-12-15 2023-12-15 0001504619 pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index SOFR+843 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+575 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Municipal Emergency Services, Inc, Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Carisk Parent, L.P. Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index 1M SOFR+751 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Seaway Topco, LP Industry Chemicals, Plastics and Rubber 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name New Milani Group LLC, Maturity 6/6/2024, Industry Consumer Goods: Non-Durable, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+600 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon, LP Industry Construction & Engineering 2023-12-31 0001504619 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2023-08-01 2023-08-31 0001504619 Total Investments in Controlled, Affiliated Portfolio Companies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services (Revolver), Maturity 07/21/2027, Industry Energy Equipment and Services 2022-10-01 2023-09-30 0001504619 us-gaap:EquityMember pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/20/2029 Industry Hotels, Restaurants and Leisure Current Coupon 13.03% Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2023-12-31 0001504619 pflt:CapitalEquipmentMember 2023-09-30 0001504619 us-gaap:FairValueInputsLevel1Member us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense One 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services 2022-10-01 2023-09-30 0001504619 us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC, Maturity 11/24/2025, Industry Consumer Goods: Non-Durable, Current Coupon 10.95%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+555 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% By Light Professional IT Services, LLC (Revolver) Maturity 5/16/2025 Industry High Tech Industries 2023-10-01 2023-12-31 0001504619 us-gaap:EquityMember pflt:InvestmentsCostMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LEP Pequod Holdings, LP Industry Financial Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.36% Basis Point Spread Above Index SOFR+475 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+501 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Aeronix, Inc. (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+515 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.92% Basis Point Spread Above Index 1M SOFR+560 2022-10-01 2023-09-30 0001504619 Affiliated Investments 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.04% Basis Point Spread Above Index 1M L+665 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Industry Consumer Goods: Durable 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)1 Industry Media 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 12.18% Basis Point Spread Above Index SOFR+775 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC – Term Loan II Maturity 12/10/2027 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sigma Defense Systems, LLC, Maturity 12/18/2025, Industry Aerospace and Defense, Current Coupon 14.04%, Basis Point Spread Above Index SOFR+865 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Carisk Parent, L.P. Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Internet Software and Services Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5 % Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Aerospace and Defense Current Coupon 11.31% (PIK 11.31%) Basis Point Spread Above Index 3M L+325 2023-09-30 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OHCP V BC COI, L.P Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.15% Basis Point Spread Above Index 3M SOFR+675 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LAV Gear Holdings, Inc., Maturity 10/31/2024, Industry Capital Equipment, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+643 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.63% Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.), Maturity 6/15/2029, Industry High Tech Industries, Current Coupon 11.52%, Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Magnolia Topco LP - Class A Common Equity Industry Automobiles 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc. (Revolver), Maturity 08/20/2026, Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+565 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Hancock Roofing and Construction L.L.C., Maturity 12/31/2026, Industry Insurance, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Loving Tan, LP Industry Personal Products 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Challenger Performance Optimization, Inc., Maturity 8/31/2024, Industry Construction and Engineering, Current Coupon 12.18% PIK 1.00%, Basis Point Spread Above Index SOFR+675 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc., Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.07, Basis Point Spread Above Index 1M SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+620 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9 System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Inception Fertility Ventures, LLC, Maturity 12/31/2024, Industry Healthcare Providers and Services, Current Coupon 12.51%, Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Automotive Current Coupon10.71% Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% HPA SPQ Aggregator LP Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Mars Intermediate Holdings II, Inc, Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrative Nutrition, LLC Maturity - 11/31/2025 Industry Consumer Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.24% Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc Industry Business Services 2023-12-31 0001504619 Related Party PSSL, Liabilities in Excess of Other Assets — (1,384.6)%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SBI Holdings Investments LLC (Sales Benchmark Index LLC), Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors 2023-09-30 0001504619 pflt:HighTechIndustriesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Schlesinger Coinvest LLC (Preferred Equity), Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC (Revolver) Maturity - 08/16/2026 Industry Personal Products Current Coupon 12.53% Basis Point Spread Above Index 1M SOFR+700 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index SOFR + 565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture, LLC - Term Loan, Maturity 03/31/2027, Industry Wholesale, Current Coupon 12.18% Basis Point Spread Above Index 1M SOFR+685 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Industry Insurance 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index SOFR + 575 2023-10-01 2023-12-31 0001504619 srt:MaximumMember 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services 2023-09-30 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsFairValueMember 2023-09-30 0001504619 pflt:EndOfPeriodMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc, Maturity 07/13/2027, Industry Media, Current Coupon 11.16%, Basis Point Spread Above Index 1M SOFR+576 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, PennantPark Senior Secured Loan Fund I LLC, Maturity 05/06/2024, Industry Financial Services, Current Coupon 13.33%, Basis Point Spread Above Index 3M SOFR+800 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.15% Basis Point Spread Above Index 3M SOFR+675 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Connatix Buyer, Inc., Maturity 7/13/2027, Industry Media, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+576 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 10.40% Basis Point Spread Above Index 1M SOFR+501 2023-12-31 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Second Lien Secured Debt—0.0% Mailsouth Inc. Maturity 04/23/2025 Industry Media: Advertising, Printing and Publishing 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industr 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR +555 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. (Revolver), Maturity 09/17/2026, Industry Distributors, Current Coupon 13.75%, Basis Point Spread Above Index 3M SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Urology Partners Co., L.P Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% By Light Investco LP Industry High Tech Industries 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, (Revolver) Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+550 2023-09-30 0001504619 pflt:PriorCreditFacilityMember 2023-12-31 0001504619 pflt:TruistCreditFacilityMember 2021-10-01 2022-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. Maturity 01/17/2024 Industry Healthcare Technology Current Coupon 12.37% Basis Point Spread Above Index 1M SOFR+700 2023-09-30 0001504619 pflt:SeniorSecuritiesMember 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Imagine Topco, LP Industry Software Current Coupon 8.00%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Inception Fertility Ventures, LLC, Maturity 12/31/2024, Industry Healthcare Providers and Services, Current Coupon 12.51%, Basis Point Spread Above Index SOFR+715 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.82% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, eCommission Holding Corporation, Industry Banking, Finance, Insurance & Real Estate 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name STV Group Incorporated, Maturity 12/11/2026, Industry Construction and Building, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Total Preferred Equity— 2.1% 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 11.14% Basis Point Spread Above Index SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+501 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SSC Dominion Holdings, LLC, Industry Capital Equipment 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services 2022-10-01 2023-09-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% WCP IvyRehab QP CF Feeder, LP 1 Industry Healthcare Providers and Services 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member srt:MinimumMember pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, (Applied Technical Services, LLC), Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 11.71% Basis Point Spread Above Index 3M Sofr+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.24% Basis Point Spread Above Index SOFR+600 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Cartessa Aesthetics, LLC (Preferred) Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+576 2023-10-01 2023-12-31 0001504619 pflt:TruistCreditFacilityMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QUESTEX, LLC (REVOLVER) MATURITY 09/09/2024 INDUSTRY MEDIADiversified and Production 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Industry Personal Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Coupon 11.38% Basis Point Spread Above Index 3M SOFR+600 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2024 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+710 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 pflt:MediaMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Solutionreach, Inc, Maturity 7/17/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 12.37%, Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 9/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,464.6%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.54% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.96% Basis Point Spread Above Index 1M SOFR+760 2023-10-01 2023-12-31 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2021-04-01 2021-04-30 0001504619 Debt - 1,347.5%- Issuer Name The Aegis Technologies Group, LLC, Maturity 10/31/2025, Industry Aerospace and Defense, Current Coupon 12.04%, Basis Point Spread Above Index SOFR+665 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+620 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2022-09-30 0001504619 pflt:TruistCreditFacilityMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 11.71% Basis Point Spread Above Index SOFR+635 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/01/2025 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC (Revolver), Maturity 05/16/2025, Industry High Tech Industries 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.98% Basis Point Spread Above Index SOFR+450 2023-10-01 2023-12-31 0001504619 Related Party PSSL Related Party PSSL,First Lien Secured Debt - 1,404.7% Cash and Cash Equivalents 61.0%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HPA SPQ Aggregator LP, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index SOFR+636 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LEP Pequod Holdings, LP, Industry Financial Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-03-01 2021-03-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 3/1/2029 Industry Wholesale 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 13.25% Basis Point Spread Above Index 3M L+475 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.04% Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Pragmatic Institute, LLC, Maturity 7/6/2028, Industry Education, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LJ Avalon Holdings, LLC, Maturity 1/31/2030, Industry Environmental Industries, Current Coupon 11.77%, Basis Point Spread Above Index SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MSpark, LLC Industry Media: Advertising, Printing and Publishing 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Title, LLC Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Funded Junior Revolver, Maturity 03/31/2027, Industry Wholesale, Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+635 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Aggregator, LP Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+700 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services (Revolver), Maturity 07/21/2027, Industry Energy Equipment and Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2023-09-30 0001504619 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.53% Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 us-gaap:FairValueInputsLevel2Member pflt:SecondLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Lash Coinvest LLC (Preferred), Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Five Star Parent Holdings, LLC, Industry Hotels, Restaurants and Leisure 2023-09-30 0001504619 pflt:ConstructionAndBuildingMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.86%, Basis Point Spread Above Index 3M SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+710 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.60% Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pink Lily Holdco, LLC (PL Acquisitions, LLC), Industry Textiles, Apparel and Luxury Goods 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Exigo, LLC, Industry Software 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC - (Revolver) Maturity - 11/10/2026 Industry Personal Products 2023-12-31 0001504619 Liabilities in Excess of Other Assets — (1,365.7)%2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Affinion Group Holdings, Inc. (Warrants), Maturity 04/10/2024, Industry Consumer Goods: Durable 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Icon Partners V C, L.P. Industry Internet Software and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. (Revolver) Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesPayableMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name NBH Group LLC, Maturity 8/19/2026, Industry Healthcare, Education & Childcare, Current Coupon 10.93%, Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Loving Tan, LP, Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Mars Intermediate Holdings II, Inc. Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index 1M SOFR+450 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index SOFR+501 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.83% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+643 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Magenta Buyer, LLC, Maturity 7/31/2028, Industry Software, Current Coupon 10.63%, Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Athletico Holdings, LLC, Industry Healthcare Providers and Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Tyto Athene, LLC, Maturity 4/1/2028, Industry IT Services, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+550 2023-09-30 0001504619 pflt:IncentiveFeePaymentConditionTwoMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+665 2023-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. (Revolver), Maturity 05/31/2028 Industry Personal Products Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+700 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC, Maturity 3/31/2027, Industry Wholesale, Current Coupon 12.18%, Basis Point Spread Above Index SOFR+685 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SV Aero Holdings, LLC Industry Aerospace and Defense 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrative Nutrition, LLC, Maturity 11/31/2025, Industry Diversified Consumer Services, Current Coupon 12.54% PIK 2.25%, Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Wildcat Buyerco, Inc, Maturity 2/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54%, Basis Point Spread Above Index SOFR+515 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc.- DDTL B Unfunded, Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC (Revolver) Maturity - 08/16/2026 Industry Personal Products Current Coupon 12.53% Basis Point Spread Above Index 1M SOFR+700 2023-10-01 2023-12-31 0001504619 2021-01-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MAG DS Corp, Maturity 4/1/2027, Industry Aerospace and Defense, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HV Watterson Holdings, LLC, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-10-01 2023-12-31 0001504619 pflt:CapitalEquipmentMember 2023-12-31 0001504619 Controlled Affiliated Investments Member 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index 1M SOFR+450 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member 2019-09-01 2019-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrated Data Services, Maturity 8/1/2029, Industry Business Services, Current Coupon 11.87%, Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc. (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+551 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.53% Basis Point Spread Above Index 3M SOFR+700 2023-12-31 0001504619 pflt:BusinessServicesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Schlesinger Coinvest LLC, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc, Maturity 02/09/2026, Industry Professional Services, Current Coupon 10.99%, Basis Point Spread Above Index 3M SOFR +525 2023-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-10-01 2021-10-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Aggregator, LP Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 pflt:EnergyEquipmentAndServicesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Urology Partners Co., L.P, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.00% Basis Point Spread Above Index 3MSOFR + 565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SBI Holdings Investments LLC (Sales Benchmark Index LLC), Industry Professional Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PL Acquisitionco, LLC, Maturity 11/9/2027, Industry Textiles, Apparel and Luxury Goods, Current Coupon 12.42% (PIK 4.00%), Basis Point Spread Above Index SOFR+710 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 6M SOFR+550 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services, Maturity 07/21/2027, Industry Energy Equipment and Services, Current Coupon 11.22%, Basis Point Spread Above Index 3M SOFR+585 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 11.96% Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+740 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index SOFR+740 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MAG DS Corp, Maturity 4/1/2027, Industry Aerospace and Defense, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Aggregator, LP Industry Commodity Chemicals 2023-12-31 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc, Maturity 08/20/2026, Industry Media, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+619 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+635 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 13.25% Basis Point Spread Above Index 3M L+475 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.46% Basis Point Spread Above Index 1M SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 9/17/2026 Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 9/17/2026 Industry Distributors Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+525 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TWS Acquisition Corporation, Maturity 6/16/2025, Industry Diversified Consumer Services, Current Coupon 11.80%, Basis Point Spread Above Index SOFR+625 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc, Maturity 11/03/2025, Industry Chemicals, Plastics and Rubber, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 pflt:OtherRelatedPartyMember 2022-10-01 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pequod Merger Sub, Inc. - Term Loan (f/k/a Simplicity Group) Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.75% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Seaway Topco, LP Industry Chemicals, Plastics and Rubber 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lucky Bucks. LLC - OpCo DIP Loans, Maturity 9/30/2025, Industry Hotel, Gaming and Leisure, Current Coupon 15.33%, Basis Point Spread Above Index SOFR+1000 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.96% (PIK 1.00%) Basis Point Spread Above Index SOFR+760 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Lash Coinvest LLC Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Minimum Qualifying Assets 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ITI Holdings, Inc., Maturity 3/3/2028, Industry IT Services, Current Coupon 11.06%, Basis Point Spread Above Index SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+688 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Amsive Holding Corporation (f/k/a Vision Purchaser Corporation), Maturity 06/10/2025, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+515 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Imagine Topco, LP (Common), Industry Software 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp, Maturity 08/03/2029, Industry Aerospace and Defense, Current Coupon 11.62%, Basis Point Spread Above Index 1M SOFR+625 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index 1M SOFR+751 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Icon Partners V C, L.P. One Industry Internet Software and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC, Maturity 12/22/2028, Industry Commercial Services & Supplies, Current Coupon 11.99%, Basis Point Spread Above Index 3M SOFR+660 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrative Nutrition, LLC, Maturity 11/31/2025, Industry Diversified Consumer Services, Current Coupon 12.54% PIK 2.25%, Basis Point Spread Above Index SOFR+700 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Exigo, LLC, Industry Software 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Any Hour Services Maturity 07/21/2027 Industry Energy Equipment and Services Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Equity Interests—8.5%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 11.14% Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Magenta Buyer, LLC, Maturity 7/31/2028, Industry Software, Current Coupon 10.63%, Basis Point Spread Above Index SOFR+500 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity 08/27/2026 Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 12.08% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Intermediate Holdings II, Inc. Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Magnolia Topco LP - Class B Common Equity Industry Automobiles 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC, Maturity 05/16/2025, Industry High Tech Industries, Current Coupon 12.43%, Basis Point Spread Above Index 3M SOFR+688 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC), Maturity 8/16/2027, Industry Aerospace and Defense, Current Coupon 11.49%, Basis Point Spread Above Index SOFR+600 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Summit Behavioral Healthcare, LLC, Maturity 11/24/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 10.43%, Basis Point Spread Above Index SOFR+475 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC (Revolver) Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Mars Acquisition Holdings Corp., Maturity 5/14/2026, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Duraco Specialty Tapes LLC, Maturity 06/30/2024, Industry Containers and Packaging, Current Coupon 11.93%, Basis Point Spread Above Index 1M SOFR+650 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.78% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Meadowlark Acquirer, LLC, Maturity 12/10/2027, Industry Professional Services, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity - 11/17/2025 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 srt:MaximumMember pflt:IncentiveFeePaymentConditionOneMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 11.04% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+685 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+740 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By HW Holdco, LLC, Maturity 12/10/2024, Industry Media, Current Coupon 11.75%, Basis Point Spread Above Index SOFR+640 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 13.03% Basis Point Spread Above Index SOFR+765 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 05/23/2024 Industry Media Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2023-12-31 0001504619 Cash and Cash Equivalents—11.5% Money Market - BlackRock Federal FD Institutional 30 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 11.93% Basis Point Spread Above Index SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR +555 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniVista Insurance, Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. (Revolver) Maturity 03/28/2024 Industry Capital Equipment 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Imagine Acquisitionco, LLC, Maturity 11/15/2027, Industry Software, Current Coupon 10.72%, Basis Point Spread Above Index SOFR+535 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ECL Entertainment, LLC, Maturity 08/31/2030, Industry Hotels, Restaurants and Leisure, Current Coupon 10.14%, Basis Point Spread Above Index 1M SOFR+475 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(W), Industry Telecommunications 2022-10-01 2023-09-30 0001504619 Debt - 1,347.5%- Issuer Name The Aegis Technologies Group, LLC, Maturity 10/31/2025, Industry Aerospace and Defense, Current Coupon 12.04%, Basis Point Spread Above Index SOFR+665 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITI Holdings, Inc. (Revolver) Maturity - 03/03/2028 Industry IT Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC- Unfunded Term Loan Maturity 11/01/2023 Industry Media 2023-09-30 0001504619 Debt - 1,347.5%- Issuer Name The Vertex Companies, LLC, Maturity 8/31/2027, Industry Construction and Engineering, Current Coupon 11.72%, Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Plimpton & Hills Corporation - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc, Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate, Current Coupon 10.43%, Basis Point Spread Above Index 1M SOFR+510 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrity Marketing Acquisition, LLC, Maturity 8/27/2026, Industry Insurance, Current Coupon 11.57%, Basis Point Spread Above Index SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. – Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ACP Avenu Buyer, LLC Maturity 10/1/2029 Industry Business Services Current Coupon 11.75% Basis Point Spread Above Index SOFR+626 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrity Marketing Acquisition, LLC, Maturity 8/27/2026, Industry Insurance, Current Coupon 11.57%, Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 pflt:SeniorSecuredRevolvingCreditFacilityMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-08-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.86% Basis Point Spread Above Index 3M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Altamira Intermediate Company II, Inc, Industry IT Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Mars Intermediate Holdings II, Inc, Industry Media 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2023-12-31 0001504619 elated Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded, Maturity 3/31/2027, Industry Wholesale 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Wildcat Buyerco, Inc, Maturity 2/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54%, Basis Point Spread Above Index SOFR+515 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+668 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sargent & Greenleaf Inc, Maturity 12/20/2024, Industry Wholesale, Current Coupon 12.92% (PIK 1.00%), Basis Point Spread Above Index SOFR+760 2023-12-31 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:SecondLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 pflt:DiversifiedFinancialServicesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, By Light Investco LP, Industry High Tech Industries 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quad (U.S.) Co-Invest, L.P Industry Professional Services 2023-10-01 2023-12-31 0001504619 pflt:SecondLienMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 20.00%2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Ad.net Holdings, Inc, Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total Preferred Equity— 1.8%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Broder Bros., Co. Maturity 12/4/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo LP Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Municipal Emergency Services, Inc, Maturity 9/28/2027, Industry Distributors, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, PennantPark-TSO Senior Loan Fund, LP, Industry Financial Services 2022-10-01 2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:InvestmentInSinglePortfolioCompanyMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% A1 Garage Merger Sub, LLC LLC (Revolver) Maturity 12/22/2028 Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.00% Basis Point Spread Above Index 1M SOFR+665 2023-10-01 2023-12-31 0001504619 pflt:ConstructionAndEngineeringMember 2023-12-31 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, RFMG Parent, LP (Rancho Health MSO, Inc.), Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+710 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITC Rumba, LLC (Cano Health, LLC) Industry Healthcare and Pharmaceuticals 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Meadowlark Acquirer, LLC, Maturity 12/10/2027, Industry Professional Services, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Team Services Group, LLC, Maturity 11/24/2024, Industry Healthcare and Pharmaceuticals, Current Coupon 10.75%, Basis Point Spread Above Index SOFR+500 2023-09-30 0001504619 Pennant Park Senior Secured Member 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Lightspeed Investment Holdco LLC, Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+555 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.80% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.44% Basis Point Spread Above Index SOFR+600 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.48% Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Quantic Electronics, LLC, Maturity 11/19/2026, Industry Aerospace and Defense, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+635 2023-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-12-15 2021-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.63% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrated Data Services (Revolver) Maturity 08/01/2029 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Fairbanks Morse Defense, Maturity 6/17/2028, Industry Aerospace and Defense, Current Coupon 10.40%, Basis Point Spread Above Index SOFR+475 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, UniTek Global Services, Inc, Industry Telecommunications Current Coupon 20.00%2023-09-30 0001504619 pflt:AirFreightAndLogisticsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Seaway Buyer, LLC, Maturity 6/13/2029, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services 2023-10-01 2023-12-31 0001504619 pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AFC Acquisitions, Inc. Industry Distributors 2023-10-01 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name The Bluebird Group LLC, Maturity 7/27/2026, Industry Professional Services, Current Coupon 12.79%, Basis Point Spread Above Index SOFR+700 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC - (Revolver) Maturity 11/10/2026 Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9% Graffiti Buyer, Inc One, Maturity 12/8/2023, Industry Trading Companies & Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.69% Basis Point Spread Above Index 1M SOFR+760 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+515 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Imagine Topco, LP, Industry Software, Current Coupon 8.00%2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6.35 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad Holdings Inc (fka MeritDirect) March 2023 Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.04% Basis Point Spread Above Index SOFR+650 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, PennantPark Senior Secured Loan Fund I LLC, Maturity 05/06/2024, Industry Financial Services, Current Coupon 13.33%, Basis Point Spread Above Index 3M SOFR+800 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class B Preferred Equity, Industry Automobiles 2023-09-30 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% North Haven Saints Equity Holdings, LP Industry Healthcare Technology 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2024 Industry Financial Services Current Coupon 13.42% Basis Point Spread Above Index 3M SOFR+800 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.02% (PIK 5.50%) Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. - DDTL B Unfunded Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.84% Basis Point Spread Above Index SOFR+660 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc, Maturity 11/03/2025, Industry Chemicals, Plastics and Rubber, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember srt:MinimumMember pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR +615 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Loving Tan Intermediate II, Inc., Maturity 5/26/2028, Industry Consumer Products, Current Coupon 12.39%, Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TWS Acquisition Corporation, Maturity 6/16/2025, Industry Diversified Consumer Services, Current Coupon 11.80%, Basis Point Spread Above Index SOFR+625 2022-10-01 2023-09-30 0001504619 pflt:LeisureProductsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+600 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR +615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-12-31 0001504619 pflt:BeginningOfPeriodMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PH Beauty Holdings III, Inc, Maturity 9/29/2026, Industry Wholesale, Current Coupon 10.68%, Basis Point Spread Above Index SOFR+500 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver), Maturity 05/23/2024, Industry Media 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Cartessa Aesthetics, LLC, Maturity 6/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index SOFR+600 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrated Data Services, Maturity 8/1/2029, Industry Business Services, Current Coupon 11.87%, Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Hancock Roofing and Construction L.L.C., Maturity 12/31/2026, Industry Insurance, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Ox Two, LLC, Maturity 5/18/2026, Industry Construction and Building, Current Coupon 12.90%, Basis Point Spread Above Index SOFR+751 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Duraco Specialty Tapes LLC, Maturity 6/30/2024, Industry Containers and Packaging, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+575 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR +615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 11.04% Basis Point Spread Above Index 1M SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+665 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.24% Basis Point Spread Above Index SOFR+600 2022-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.71% Basis Point Spread Above Index 1M L+535 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Zips Car Wash, LLC, Maturity 3/1/2024, Industry Automobiles, Current Coupon 12.67%, Basis Point Spread Above Index SOFR+735 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Smile Brands Inc, Maturity 10/14/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 9.70%, Basis Point Spread Above Index SOFR+450 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.20% Basis Point Spread Above Index SOFR+685 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Meadowlark Acquirer, LLC, Maturity 12/10/2027, Industry Professional Services, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+620 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9 System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Broder Bros., Co, Maturity 12/04/2025, Industry Textiles, Apparel and Luxury Goods, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+626 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan, Maturity 09/17/2026, Industry Distributors 2022-10-01 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember srt:WeightedAverageMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.86% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 pflt:DiversifiedConsumerServicesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, PennantPark-TSO Senior Loan Fund, LP, Industry Financial Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+560 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc., Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure, Current Coupon 12.43%, Basis Point Spread Above Index 1M SOFR+710 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HV Watterson Holdings, LLC, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC - DIP Maturity 10/20/2023 Industry Hotels, Restaurants and Leisure Current Coupon 15.30% Basis Point Spread Above Index 3M SOFR+1000 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Coupon 11.38% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan, Maturity 9/30/2025, Industry Media: Diversified and Production,2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index SOFR+668 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Skopima Consilio Parent, LLC, Maturity 5/17/2028, Industry Business Services, Current Coupon 9.93%, Basis Point Spread Above Index SOFR+450 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. (Revolver) Maturity 03/28/2024 Industry Capital Equipment 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pequod Merger Sub, Inc (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), StellPen Holdings, LLC (CF512, Inc.), Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 1M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+510 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. – Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.69% Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% New Medina Health, LLC Industry Healthcare Providers and Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITC Rumba, LLC (Cano Health, LLC) Industry Healthcare and Pharmaceuticals 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare and Pharmaceuticals 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+619 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index 3M SOFR+550 2022-10-01 2023-09-30 0001504619 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Construction and Building Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 5/23/2024 Industry Media 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Kinetic Purchaser, LLC, Maturity 11/10/2027, Industry Personal Products, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+776 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC Maturity - 11/10/2026 Industry Personal Products Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rancho Health MSO, Inc, Maturity 12/18/2025, Industry Healthcare Providers and Services, Current Coupon 11.22%, Basis Point Spread Above Index SOFR+585 2023-09-30 0001504619 pflt:SecondLienMember pflt:InvestmentsCostMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC Maturity 07/20/2027 Industry Hotels, Restaurants and Leisure Current Coupon 0.00%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+585 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Cartessa Aesthetics, LLC (Preferred), Industry Distributors 2023-09-30 0001504619 pflt:ProfessionalServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+600 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.65% Basis Point Spread Above Index SOFR+500 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity 08/31/2025 Industry Insurance 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Connatix Buyer, Inc., Maturity 7/13/2027, Industry Media, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Questex, LLC Maturity 09/09/2024 Industry Media: Diversified and Production Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+425 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.90% Basis Point Spread Above Index 3M SOFR+751 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Zips Car Wash, LLC, Maturity 3/1/2024, Industry Automobiles, Current Coupon 12.67%, Basis Point Spread Above Index SOFR+735 2023-09-30 0001504619 pflt:SeniorSecuritiesMember 2018-04-06 2018-04-06 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% (PIK 4.00%) Basis Point Spread Above Index SOFR+710 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ETE Intermediate II, LLC, Maturity 5/29/2029, Industry Diversified Consumer Services, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 pflt:AerospaceAndDefenseMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.49% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.25% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, BioDerm Holdings, LP, Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, PennantPark Senior Secured Loan Fund I LLC, Industry Financial Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TWS Acquisition Corporation, Maturity 6/16/2025, Industry Diversified Consumer Services, Current Coupon 11.80%, Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale 2023-10-01 2023-12-31 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index SOFR + 575 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rancho Health MSO, Inc, Maturity 12/18/2025, Industry Healthcare Providers and Services, Current Coupon 11.22%, Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Wildcat Buyerco, Inc, Maturity 2/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54%, Basis Point Spread Above Index SOFR+515 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% GCOM InvestCo LP Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 12/29/2025 Industry Diversified Consumer Services 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9% - Issuer Name New MPE Holdings, LLC, Industry Media: Diversified and Production 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Broder Bros., Co. Maturity 12/4/2025 Consumer Products Current Coupon 11.65% Basis Point Spread Above Index SOFR+626 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, One, Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan C, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.68%, Basis Point Spread Above Index 3M SOFR+525 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lash OpCo, LLC, Maturity 12/18/2027, Industry Personal Products, Current Coupon 12.13%, Basis Point Spread Above Index SOFR+675 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name CHA Holdings, Inc. Maturity 04/10/2025 Industry Construction and Engineering Current Coupon 9.97% Basis Point Spread Above Index SOFR+461 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC (Revolver) Maturity - 08/16/2026 Industry Personal Products 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesPayableMember us-gaap:FairValueInputsLevel1Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Lash Coinvest LLC, Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, KL Stockton Co-Invest LP (Any Hour Services), Industry Energy Equipment and Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Any Hour Services (Revolver) Maturity 07/21/2027 Industry Energy Equipment and Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Graffiti Buyer, Inc., Maturity 8/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+575 2022-10-01 2023-09-30 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Quad (U.S.) Co-Invest, L.P, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LJ Avalon, LP, Industry Construction & Engineering 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC, Maturity 11/24/2025, Industry Consumer Goods: Non-Durable, Current Coupon 10.95%, Basis Point Spread Above Index SOFR+565 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2022-10-01 2022-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2022-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.01% Basis Point Spread Above Index 3M SOFR+665 2023-12-31 0001504619 pflt:BusinessServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc. - Senior Preferred Equity, Industry Telecommunications, Current Coupon 19.00%2023-09-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC Maturity - 08/27/2026 Industry Insurance Current Coupon 11.53% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Net Assets—100.0%2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies 2023-12-31 0001504619 Affiliated Investments 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC, Maturity 11/24/2025, Industry Consumer Goods: Non-Durable, Current Coupon 10.95%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Duraco Specialty Tapes LLC, Maturity 6/30/2024, Industry Containers and Packaging, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2022-10-01 2023-09-30 0001504619 pflt:PersonalProductsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge TVC Coinvest, LLC (TVC Enterprises, LLC), Industry Professional Services 2023-09-30 0001504619 pflt:SeniorSecuritiesMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense)2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Tyto Athene, LLC, Maturity 4/1/2028, Industry IT Services, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Total Second Lien Secured Debt—0.0% 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 13.03% Basis Point Spread Above Index SOFR+765 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Holdco Sands Intermediate, LLC (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Aerospace and Defense Current Coupon 11.31% (PIK 11.31%) Basis Point Spread Above Index 3M L+325 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.86% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Zips Car Wash, LLC, Maturity 3/1/2024, Industry Automobiles, Current Coupon 12.67%, Basis Point Spread Above Index SOFR+735 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge TVC Coinvest, LLC (TVC Enterprises, LLC), Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc. (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)1 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2023-12-31 0001504619 pflt:InternetSoftwareAndServicesMember 2023-09-30 0001504619 srt:MaximumMember pflt:ControlledAffiliatedInvestmentsMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Exigo, LLC Industry Software 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 05/23/2024 Industry Media Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index 3M SOFR+725 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% ORL Holdco, Inc. Industry Consumer Finance 2023-12-31 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandTwentySixNotesPayableMember 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2022-12-31 0001504619 us-gaap:FairValueInputsLevel1Member pflt:FirstLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan, Maturity 05/23/2024, Industry Media, Current Coupon 12.04%, Basis Point Spread Above Index 3M SOFR+665 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(C), Industry Telecommunications 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. (Revolver) Maturity 03/28/2024 Industry Capital Equipment 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LJ Avalon Holdings, LLC, Maturity 1/31/2030, Industry Environmental Industries, Current Coupon 11.77%, Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index SOFR+576 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Total First Lien Secured Debt 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Schlesinger Global, Inc, Maturity 7/14/2025, Industry Business Services, Current Coupon 12.52% (PIK .50%), Basis Point Spread Above Index SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC, Maturity 9/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+650 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc.(Revolver) Maturity 12/01/2029 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 pflt:PennantParkCLOVILLCMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC- Unfunded Term Loan Maturity 11/01/2023 Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 148.1% First Lien Secured Debt - 129.2% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Hancock Roofing and Construction L.L.C., Maturity 12/31/2026, Industry Insurance, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+560 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+761 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverside Assessments, LLC Maturity 03/10/2025 Industry Professional Services Current Coupon 11.29% Basis Point Spread Above Index 3M SOFR+590 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.90% Basis Point Spread Above Index 3M SOFR+751 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Burgess Point Holdings, LP, Industry Auto Components 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.05% Basis Point Spread Above Index 1M SOFR+560 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.47% Basis Point Spread Above Index SOFR+400 2023-10-01 2023-12-31 0001504619 Cash and Cash Equivalents—15.3%, Money Market - BlackRock Federal FD Institutional 30 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC - Unfunded Term Loan, Maturity 01/10/2029, Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 pflt:SecondLienMember 2023-12-31 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2020-12-15 2020-12-15 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name ORL Acquisitions, Inc, Maturity 9/3/2027, Industry Consumer Finance, Current Coupon 12.84%, Basis Point Spread Above Index SOFR+725 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Duraco Specialty Tapes LLC, Maturity 6/30/2024, Industry Containers and Packaging, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, (Revolver) Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, QuantiTech LLC, Maturity 02/04/2027, Industry Aerospace and Defense, Current Coupon 15.50% Basis Point Spread Above Index 3M SOFR+1010 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Consello Pacific Aggregator, LLC Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.60% Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 12.21% Basis Point Spread Above Index SOFR+685 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC, Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+626 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class A Common Equity, Industry Automobiles 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc. (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+551 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member 2023-10-01 2023-12-31 0001504619 pflt:NonControlledAffiliatedInvestmentsMember srt:MinimumMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, One, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+600 2023-12-31 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+585 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Investment Holdco LLC Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc, Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+551 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), IHS Parent Holdngs, L.P, Industry Commercial Services & Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PL Acquisitionco, LLC, Maturity 11/9/2027, Industry Textiles, Apparel and Luxury Goods, Current Coupon 12.42% (PIK 4.00%), Basis Point Spread Above Index SOFR+710 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MSpark, LLC Industry Media: Advertising, Printing and Publishing 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.53% Basis Point Spread Above Index SOFR+700 2023-10-01 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember srt:WeightedAverageMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc. (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.54% Basis Point Spread Above Index SOFR+615 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, EDS Topco, LP, Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC Maturity - 02/18/2027 Industry Personal Products Current Coupon 12.48% Basis Point Spread Above Index 1M SOFR+700 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies 2023-12-31 0001504619 pflt:ChemicalsPlasticsAndRubberMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Crane 1 Services, Inc., Maturity 8/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+551 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index 1M SOFR+450 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.53% (PIK 0.50%) Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name The Vertex Companies, LLC, Maturity 8/31/2027, Industry Construction and Engineering, Current Coupon 11.72%, Basis Point Spread Above Index SOFR+635 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cadence Aerospace, LLC, Maturity 11/14/2023, Industry Aerospace and Defense, Current Coupon 12.07%(PIK 9.50%), Basis Point Spread Above Index 3M SOFR+665 2022-10-01 2023-09-30 0001504619 srt:MaximumMember us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pragmatic Institute, LLC, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TPC Holding Company, LP, Industry Food Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 13.03% Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Lash Coinvest LLC Industry Diversified Consumer Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name New Milani Group LLC, Maturity 6/6/2024, Industry Consumer Goods: Non-Durable, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.2% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QUESTEX, LLC MATURITY 09/09/2024 INDUSTRY MEDIADiversified and Production Current Coupon 9.77% Basis Point Spread Above Index 3 M S O F R+440 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+625 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, North Haven Saints Equity Holdings, LP, Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Equity Interests—8.5% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ETE Intermediate II, LLC (Revolver), Maturity 05/25/2029, Industry Diversified Consumer Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.01% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Walker Edison Holdco LLC Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc. (Revolver), Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.52%, Basis Point Spread Above Index 1M SOFR+715 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense One 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Meadowlark Title, LLC, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Dr. Squatch, LLC., Maturity 8/31/2027, Industry Commercial Services & Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 9/17/2026 Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Efficient Collaborative Retail Marketing Company, LLC Maturity 06/15/2024 Industry Media: Diversified and Production Current Coupon 15.97% Basis Point Spread Above Index 3M SOFR+1050 2023-10-01 2023-12-31 0001504619 Related Party PSSL Related Party PSSL,First Lien Secured Debt - 61.0%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. (Revolver) Maturity 01/17/2024 Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 1M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+660 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Anteriad Holdings Inc (fka MeritDirect)-Incremental Term Loan Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.00% Basis Point Spread Above Index SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.71% Basis Point Spread Above Index 1M SOFR+535 2023-12-31 0001504619 pflt:TwoThousandThirtyFiveAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.81% (PIK 5.50%) Basis Point Spread Above Index 1M L+640 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+700 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITI Holdings, Inc. (Revolver) Maturity - 03/03/2028 Industry IT Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+585 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.78% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index SOFR+725 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.70% Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.21% Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Icon Partners V C, L.P. One Industry Internet Software and Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan B, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+550 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+619 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2022-10-01 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By K2 Pure Solutions NoCal, L.P., Maturity 12/20/2023, Industry Chemicals, Plastics and Rubber, Current Coupon 13.42%, Basis Point Spread Above Index SOFR+810 2022-10-01 2023-09-30 0001504619 pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies, Current Coupon 12.00%2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility, Maturity 3/31/2027, Industry Wholesale, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+635 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Ad.net Holdings, Inc. Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% (PIK 4.00%) Basis Point Spread Above Index SOFR+710 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL, Total Investments and Cash Equivalents —1,484.6%2023-09-30 0001504619 Controlled Affiliated Investments 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Exigo Intermediate II, LLC (Revolver), Maturity 03/15/2027, Industry Software 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.40% Basis Point Spread Above Index SOFR+501 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Summit Behavioral Healthcare, LLC, Maturity 11/24/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 10.43%, Basis Point Spread Above Index SOFR+475 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Smile Brands Inc, Maturity 10/14/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 9.70%, Basis Point Spread Above Index SOFR+450 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Connatix Parent, LLC Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+675 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kentucky Racing Holdco, LLC Industry Hotels, Restaurants and Leisure 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services One 2022-10-01 2023-09-30 0001504619 Marketplace Events, LLC 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember 2023-09-30 0001504619 pflt:FiveLargestInvestmentsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.74% Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 pflt:IncentiveFeePaymentConditionThreeMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Five Star Parent Holdings, LLC, Industry Hotels, Restaurants and Leisure 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.20% Basis Point Spread Above Index SOFR+685 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 6M SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury GoodsInvestments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index 6M SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC), Maturity 05/23/2024, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products 2023-10-01 2023-12-31 0001504619 Total Controlled Affiliates 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+575 2023-12-31 0001504619 us-gaap:FinancialServicesSectorMember 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Peaquod Merger Sub, Inc, Maturity 12/2/2026, Industry Diversified Financial Services, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Connatix Parent, LLC, Industry Media 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Industry Personal Products 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Owl Acquisition, LLC, Maturity 2/4/2028, Industry Professional Services, Current Coupon 10.80%, Basis Point Spread Above Index SOFR+575 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Loving Tan, LP, Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class B Common Equity, Industry Automobiles 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sigma Defense Systems, LLC, Maturity 12/18/2025, Industry Aerospace and Defense, Current Coupon 14.04%, Basis Point Spread Above Index SOFR+865 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Walker Edison Holdco LLC, Industry Healthcare Providers and Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, Total Second Lien Secured Debt—0.0%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsCostMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 12.08% Basis Point Spread Above Index 3M SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Holdco Sands Intermediate, LLC (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 srt:MaximumMember pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Altamira Intermediate Company II, Inc, Industry IT Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 11.20% Basis Point Spread Above Index 3M L+585 2023-10-01 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan I Maturity 12/10/2027 Industry Professional Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name New Milani Group LLC Maturity 6/6/2024 Industry Consumer Goods: Non-Durable Current Coupon 10.96% Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 us-gaap:MoneyMarketFundsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9%, Graffiti Buyer, Inc. (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+575 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lucky Bucks, LLC., Maturity 7/20/2027, Industry Hotel, Gaming and Leisure, Current Coupon 0.00%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 pflt:HotelsRestaurantsAndLeisureMember 2023-12-31 0001504619 pflt:NonControlledAndControlledAffiliatedInvestmentsMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc.- Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OHCP V BC COI, L.P 1 Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 9/17/2026 Industry Distributors Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC), Maturity 8/16/2027, Industry Aerospace and Defense, Current Coupon 11.49%, Basis Point Spread Above Index SOFR+600 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% FedHC InvestCo LP One Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Parent Holdings, LLC Industry Healthcare Providers and Services 2023-12-31 0001504619 Liabilities in Excess of Other Assets—(104.7)%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% A1 Garage Equity, LLC Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 pflt:PennantParkCLOIILtdMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By HW Holdco, LLC, Maturity 12/10/2024, Industry Media, Current Coupon 11.75%, Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+590 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Hancock Claims Consultants Investors, LLC Industry Insurance 2023-12-31 0001504619 pflt:PersonalProductsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 6M SOFR+615 2022-10-01 2023-09-30 0001504619 pflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.71% Basis Point Spread Above Index 1M SOFR+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Mars Acquisition Holdings Corp., Maturity 5/14/2026, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+865 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR +615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/15/2029 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services 2023-10-01 2023-12-31 0001504619 pflt:FirstLienSecuredDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC, Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+626 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Aggregator, LP Industry Commodity Chemicals 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024 Industry Business Services Current Coupon 11.13% Basis Point Spread Above Index 3M SOFR+576 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024 Industry Business Services Current Coupon 11.13% Basis Point Spread Above Index 3M SOFR+576 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AG Investco LP One Industry Software 2023-10-01 2023-12-31 0001504619 pflt:PriorCreditFacilityMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL, Total Investments - 1,351.4%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Automobiles Current Coupon 12.70% Basis Point Spread Above Index SOFR+735 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Topco, LP (Common) Industry Software 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2024 Industry Financial Services Current Coupon 13.42% Basis Point Spread Above Index 3M SOFR+800 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+715 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Mission Critical Electronics, Inc, Maturity 3/28/2024, Industry Capital Equipment, Current Coupon 11.29%, Basis Point Spread Above Index SOFR+515 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lash OpCo, LLC, Maturity 12/18/2027, Industry Personal Products, Current Coupon 12.13%, Basis Point Spread Above Index SOFR+675 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By EDS Buyer, LLC, Maturity 1/10/2029, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.64%, Basis Point Spread Above Index SOFR+625 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Fairbanks Morse Defense, Maturity 6/17/2028, Industry Aerospace and Defense, Current Coupon 10.40%, Basis Point Spread Above Index SOFR+475 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+865 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Confluent Health, LLC, Maturity 10/28/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+400 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2021-10-31 0001504619 2023-08-01 2023-08-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Icon Partners V C, L.P. Industry Internet Software and Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+619 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, GCOM InvestCo LP, Industry IT Services 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel2Member us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature CR Intermediate Holdco, Inc. Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.69% Basis Point Spread Above Index 1M SOFR+760 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC Maturity - 08/27/2026 Industry Insurance Current Coupon 11.53% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Inception Fertility Ventures, LLC, Maturity 12/31/2024, Industry Healthcare Providers and Services, Current Coupon 12.51%, Basis Point Spread Above Index SOFR+715 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Loving Tan Intermediate II, Inc., Maturity 5/26/2028, Industry Consumer Products, Current Coupon 12.39%, Basis Point Spread Above Index SOFR+700 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+560 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Reception Purchaser, LLC, Maturity 2/28/2028, Industry Air Freight and Logistics, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+600 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+610 2023-12-31 0001504619 us-gaap:FairValueInputsLevel2Member 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 11.93% Basis Point Spread Above Index SOFR+665 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity 08/31/2025 Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Affinion Group Holdings, Inc. (Warrants), Maturity 04/10/2024, Industry Consumer Goods: Durable 2023-09-30 0001504619 pflt:MediaDiversifiedAndProductionMember 2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:EquityInterestsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name STV Group Incorporated, Maturity 12/11/2026, Industry Construction and Building, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+650 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2023-12-31 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TAC LifePort Holdings, LLC, Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel1Member 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 Maturity 03/28/2024 Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Schlesinger Global, Inc, Maturity 7/14/2025, Industry Business Services, Current Coupon 12.52% (PIK .50%), Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MSpark, LLC, Industry Media, Advertising, Printing and Publishing 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+450 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.98% Basis Point Spread Above Index SOFR+450 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Gauge ETE Blocker, LLC - Promissory Note, Maturity 05/19/2029, Industry Diversified Consumer Services, Current Coupon 12.56%2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity - 01/31/2024 Industry Chemicals, Plastics and Rubber 2023-12-31 0001504619 Cash and Cash Equivalents—11.5%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CHA Holdings, Inc. Maturity 04/10/2025 Industry Environmental Industries Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+461 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Lash Coinvest LLC, Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC Industry Personal Products 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name Teneo Holdings LLC, Maturity 7/18/2025, Industry Business Services, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+626 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Total 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC, Maturity 08/31/2027, Industry Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9%, Graffiti Buyer, Inc. (Revolver) One, Maturity 08/10/2027, Industry Trading Companies & Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LEP Pequod Holdings, LP Industry Financial Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC, Maturity 3/31/2027, Industry Wholesale, Current Coupon 12.18%, Basis Point Spread Above Index SOFR+685 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc, Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+551 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ETE Intermediate II, LLC, Maturity 5/29/2029, Industry Diversified Consumer Services, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name New Milani Group LLC, Maturity 6/6/2024, Industry Consumer Goods: Non-Durable, Current Coupon 10.92%, Basis Point Spread Above Index SOFR+550 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+575 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PlayPower, Inc, Maturity 5/8/2026, Industry Consumer Goods: Durable, Current Coupon 10.57%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 13.03% Basis Point Spread Above Index 3M SOFR+765 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+710 2023-10-01 2023-12-31 0001504619 pflt:DistributorsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC LLC (Revolver), Maturity 12/22/2028, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc. (Revolver), Maturity 08/20/2026, Industry Media 2023-09-30 0001504619 srt:MinimumMember pflt:IncentiveFeePaymentConditionTwoMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt -1,347.5 % Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Capital Equipment 9.70% (PIK 2.00%) Basis Point Spread Above Index 3M L+550 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Spendmend Holdings LLC, Maturity 3/1/2028, Industry Healthcare Technology, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% New Medina Health, LLC Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Goods: Durable Current Coupon 11.06% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo 1 LP Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% FedHC InvestCo LP Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesPayableMember us-gaap:FairValueInputsLevel3Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+760 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Output Services Group, Inc Industry Business Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC, Maturity 3/31/2027, Industry Wholesale, Current Coupon 12.18%, Basis Point Spread Above Index SOFR+685 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc. (Revolver), Maturity 11/03/2025, Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc, Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate, Current Coupon 10.43%, Basis Point Spread Above Index 1M SOFR+510 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Broder Bros., Co. Maturity 12/4/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services 2023-10-01 2023-12-31 0001504619 pflt:AtTheMarketOfferingMember pflt:EquityDistributionAgreementsMember 2023-03-27 2023-03-27 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.84% Basis Point Spread Above Index 1M SOFR+650 2023-06-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+626 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility, Maturity 3/31/2027, Industry Wholesale, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By K2 Pure Solutions NoCal, L.P., Maturity 12/20/2023, Industry Chemicals, Plastics and Rubber, Current Coupon 13.42%, Basis Point Spread Above Index SOFR+810 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Construction and Engineering Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name The Bluebird Group LLC, Maturity 7/27/2026, Industry Professional Services, Current Coupon 12.79%, Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.71% Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity 08/27/2026 Industry Insurance 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Kinetic Purchaser, LLC, Maturity 11/10/2027, Industry Personal Products, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Pequod Merger Sub, Inc. - Term Loan (f/k/a Simplicity Group) Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.75% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 13.50%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 11.55% Basis Point Spread Above Index SOFR+620 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SP L2 Holdings, LLC (Ledge Lounger, Inc.), Industry Leisure Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Ad.net Holdings, Inc. Industry Media 2023-10-01 2023-12-31 0001504619 elated Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded, Maturity 3/31/2027, Industry Wholesale 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Exigo Intermediate II, LLC, Maturity 3/15/2027, Industry Software, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.54% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+675 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+555 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Unfunded Term Loan), Maturity 12/29/2026, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/01/2025 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+700 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. (Revolver) Maturity 03/28/2024 Industry Capital Equipment 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc, Maturity 07/13/2027, Industry Media 2022-10-01 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Electro Rent Corporation, Maturity 1/17/2024, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.00%, Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index SOFR+626 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Output Services Group, Inc Industry Business Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.24% Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PlayPower, Inc, Maturity 5/8/2026, Industry Consumer Goods: Durable, Current Coupon 10.57%, Basis Point Spread Above Index SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC, Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+600 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media Current Coupon 11.82% Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+626 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity - 02/15/2024 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc.- Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name ORL Acquisitions, Inc, Maturity 9/3/2027, Industry Consumer Finance, Current Coupon 12.84%, Basis Point Spread Above Index SOFR+725 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Burgess Point Holdings, LP Industry Auto Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+625 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+600 2023-09-30 0001504619 pflt:SecondLienMember pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance 2023-12-31 0001504619 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.43% Basis Point Spread Above Index SOFR+688 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, ORL Holdco, Inc, Industry Consumer Finance 2023-09-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniVista Insurance, Industry Insurance 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Broder Bros., Co, Maturity 12/04/2025, Industry Textiles, Apparel and Luxury Goods, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+626 2022-10-01 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2023-12-31 0001504619 pflt:FirstLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniVista Insurance Industry Insurance 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesPayableMember 2023-09-30 0001504619 pflt:ConsumerServicesMember 2023-12-31 0001504619 pflt:AdministratorMember 2023-10-01 2023-12-31 0001504619 pflt:HealthcareEquipmentAndSuppliesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+761 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Parent Holdings, LLC Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Imagine Acquisitionco, LLC, Maturity 11/15/2027, Industry Software, Current Coupon 10.72%, Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SSC Dominion Holdings, LLC Industry Capital Equipment 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity - 08/31/2025 Industry Insurance 2023-10-01 2023-12-31 0001504619 pflt:ProfessionalServicesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 13.19% Basis Point Spread Above Index 3M SOFR+775 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Holdco Sands Intermediate, LLC, Maturity 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon, LP Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By EDS Buyer, LLC, Maturity 1/10/2029, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.64%, Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:MeasurementInputOnDiscountForLackOfMarketabilityMember us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Related Party PSSL, Equity Securities - 3.9%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AG Investco LP Industry Software 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan B, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+550 2022-10-01 2023-09-30 0001504619 Related Party PSSL Investments and Cash Equivalents — 1,465.7%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Connatix Buyer, Inc., Maturity 7/13/2027, Industry Media, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+576 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Spendmend Holdings LLC, Maturity 3/1/2028, Industry Healthcare Technology, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2022-09-30 0001504619 pflt:LongTermCreditFacilityMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC - (Revolver) Maturity 09/30/2028 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Global Holdings InterCo LLC, Maturity 03/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index 3M SOFR+660 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+576 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.25% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Schlesinger Coinvest LLC Industry Professional Services 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PL Acquisitionco, LLC - (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt -1,347.5 % Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Aerospace and Defense Current Coupon 11.31% (PIK 11.31%) Basis Point Spread Above Index 3M L+325 2023-09-30 0001504619 Related Party PSSL, Equity - 100.0%2023-09-30 0001504619 2023-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services 2023-12-31 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/20/2029 Industry Hotels, Restaurants and Leisure Current Coupon 13.03% Basis Point Spread Above Index 3M SOFR+765 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo 11 LP Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Wildcat Parent, LP (Wildcat Buyerco, Inc.), Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+715 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.78% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 2021-03-01 2021-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TAC LifePort Holdings, LLC Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% GMP Hills, L.P. Industry Distributors 2023-12-31 0001504619 Qualifying Assets 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+636 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Loving Tan, LP Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% EDS Buyer, LLC. (Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan C, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.68%, Basis Point Spread Above Index 3M SOFR+525 2023-09-30 0001504619 Related Party PSSL, Cash and Cash Equivalents - 133.2%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc. (Revolver), Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:FirstLienMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components Current Coupon 0.00%2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Infinity Home Services Holdco, Inc., Maturity 12/28/2028, Industry Commercial Services & Supplies, Current Coupon 12.24%, Basis Point Spread Above Index SOFR+685 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Dr. Squatch, LLC., Maturity 8/31/2027, Industry Commercial Services & Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:EquityInterestsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Amsive Holding Corporation (f/k/a Vision Purchaser Corporation), Maturity 06/10/2025, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Recteq, LLC, Maturity 1/29/2026, Industry Leisure Products, Current Coupon 12.54%, Basis Point Spread Above Index SOFR+700 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+590 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Gauge Lash Coinvest LLC (Preferred) Industry Personal Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Meadowlark Title, LLC, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class A Common Equity, Industry Automobiles 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Confluent Health, LLC, Maturity 10/28/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+400 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% By Light Investco LP Industry High Tech Industries 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 12.18% Basis Point Spread Above Index SOFR+775 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By K2 Pure Solutions NoCal, L.P., Maturity 12/20/2023, Industry Chemicals, Plastics and Rubber, Current Coupon 13.42%, Basis Point Spread Above Index SOFR+810 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Athletico Holdings, LLC, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.44% Basis Point Spread Above Index SOFR+600 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Exigo Intermediate II, LLC, Maturity 3/15/2027, Industry Software, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% North Haven Saints Equity Holdings, LP Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, QuantiTech LLC, Maturity 02/04/2027, Industry Aerospace and Defense, Current Coupon 15.50% Basis Point Spread Above Index 3M SOFR+1010 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Connatix Parent, LLC Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp. (Revolver), Maturity 08/04/2028, Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel2Member 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pragmatic Institute, LLC, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MDI Aggregator, LP, Industry Commodity Chemicals 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LAV Gear Holdings, Inc., Maturity 10/31/2024, Industry Capital Equipment, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+643 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+740 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverside Assessments, LLC Maturity 03/10/2025 Industry Professional Services Current Coupon 11.29% Basis Point Spread Above Index 3M SOFR+590 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Neptune Flood Incorporated - Revolver Unfunded Maturity 05/09/2029 Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+635 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NORA Parent Holdings, LLC, Industry Healthcare Providers and Services 2023-09-30 0001504619 pflt:TwoThousandThirtyFiveAssetBackedDebtMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By HW Holdco, LLC, Maturity 12/10/2024, Industry Media, Current Coupon 11.75%, Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Pragmatic Institute, LLC, Maturity 7/6/2028, Industry Education, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+575 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CHA Holdings, Inc. Maturity 04/10/2025 Industry Environmental Industries Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+461 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), IIN Group Holdings, LLC, Industry Consumer Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC. (Revolver), Maturity 01/10/2029, Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.04% Basis Point Spread Above Index SOFR+550 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+515 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+635 2023-09-30 0001504619 pflt:SeniorSecuredRevolvingCreditFacilityMember 2023-08-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity - 01/31/2024 Industry Chemicals, Plastics and Rubber 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Output Services Group, Inc. Maturity 06/27/2026 Industry Business Services Current Coupon 0.00%2022-10-01 2023-09-30 0001504619 srt:MinimumMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+550 2023-12-31 0001504619 pflt:FirstLienMember pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Funded Junior Revolver, Maturity 03/31/2027, Industry Wholesale, Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+635 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lightspeed Buyer Inc., Maturity 2/3/2026, Industry Healthcare Providers and Services, Current Coupon 10.7%, Basis Point Spread Above Index SOFR+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ITI Holdings, Inc., Maturity 3/3/2028, Industry IT Services, Current Coupon 11.06%, Basis Point Spread Above Index SOFR+560 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Equity Interests—8.5% New MPE Holdings, LLC (Marketplace Events, LLC) Industry Media: Diversified and Production 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CHA Holdings, Inc, Maturity 04/10/2025, Industry Environmental Industries, Current Coupon 10.15%, Basis Point Spread Above Index 3M SOFR+476 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Commercial Services & Supplies Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+675 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services Current Coupon 11.02% Basis Point Spread Above Index 1M SOFR+565 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Owl Acquisition, LLC, Maturity 2/4/2028, Industry Professional Services, Current Coupon 10.80%, Basis Point Spread Above Index SOFR+575 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TAC LifePort Holdings, LLC, Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Walker Edison Holdco LLC Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+515 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC. (Revolver), Maturity 01/10/2029, Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 us-gaap:EquityMember pflt:InvestmentsFairValueMember 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TPC Holding Company, LP, Industry Food Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+635 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Gauge ETE Blocker, LLC - Promissory Note, Maturity 05/19/2029, Industry Diversified Consumer Services, Current Coupon 12.56%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC - DIP Maturity 10/20/2023 Industry Hotels, Restaurants and Leisure Current Coupon 15.30% Basis Point Spread Above Index 3M SOFR+1000 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, ORL Holdco, Inc, Industry Consumer Finance 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC, Maturity 9/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Class B (US Dominion, Inc.) StellPen Holdings, LLC (CF512, Inc.) Industry Media 2023-12-31 0001504619 Related Party PSSL Related Party PSSL,First Lien Secured Debt - 1,404.7% Cash and Cash Equivalents 61.0%- Issuer Name BlackRock Federal FD Institutional 30 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc.(Revolver) Maturity 12/01/2029 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+615 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+650 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Reception Purchaser, LLC, Maturity 2/28/2028, Industry Air Freight and Logistics, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+600 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense One 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+615 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Pragmatic Institute, LLC, Maturity 7/6/2028, Industry Education, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+575 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale Coupon 11.71% Basis Point Spread Above Index 3M SOFR+635 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies 2023-09-30 0001504619 2022-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index SOFR+740 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2023-12-31 0001504619 Total Investments and Cash Equivalents—204.7%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, A1 Garage Equity, LLC, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.43% Basis Point Spread Above Index SOFR+688 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.81% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LAV Gear Holdings, Inc., Maturity 10/31/2024, Industry Capital Equipment, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+643 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MAG DS Corp, Maturity 4/1/2027, Industry Aerospace and Defense, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC - (Revolver) Maturity - 11/10/2026 Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. – Unfunded Term Loan Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.20% Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OHCP V BC COI, L.P 1 Industry Distributors 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Tyto Athene, LLC, Maturity 4/1/2028, Industry IT Services, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Wildcat Parent, LP (Wildcat Buyerco, Inc.), Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 srt:MaximumMember pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TPC Holding Company, LP Industry Food Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC LLC (Revolver), Maturity 12/22/2028, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+626 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 Maturity 03/28/2024 Industry Diversified Consumer Services 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name Teneo Holdings LLC, Maturity 7/18/2025, Industry Business Services, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+475 2023-12-31 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:InvestmentInSinglePortfolioCompanyMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index 3M SOFR+725 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By EDS Buyer, LLC, Maturity 1/10/2029, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.64%, Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 Liabilities in Excess of Other Assets—(78.6)%2023-09-30 0001504619 us-gaap:MoneyMarketFundsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Holdco, Inc. Industry Consumer Finance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Magnolia Topco LP - Class B Common Equity Industry Automobiles 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+610 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lightspeed Buyer Inc., Maturity 2/3/2026, Industry Healthcare Providers and Services, Current Coupon 10.7%, Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Imagine Topco, LP (Common), Industry Software 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 13.03% Basis Point Spread Above Index SOFR+765 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Goods: Durable Current Coupon 11.06% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Controlled Affiliated Investments Member 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name One Stop Mailing, LLC, Maturity 5/7/2027, Industry Air Freight and Logistics, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+636 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lucky Bucks. LLC - OpCo DIP Loans, Maturity 9/30/2025, Industry Hotel, Gaming and Leisure, Current Coupon 15.33%, Basis Point Spread Above Index SOFR+1000 2023-10-01 2023-12-31 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 pflt:SeniorSecuritiesMember 2018-04-05 2018-04-05 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury GoodsInvestments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance 2023-12-31 0001504619 pflt:WholesaleMember 2023-12-31 0001504619 pflt:FirstLienMember pflt:InvestmentsFairValueMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+620 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Loving Tan Intermediate II, Inc., Maturity 5/26/2028, Industry Consumer Products, Current Coupon 12.39%, Basis Point Spread Above Index SOFR+700 2022-10-01 2023-09-30 0001504619 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember pflt:TruistCreditFacilityMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PL Acquisitionco, LLC, Maturity 11/9/2027, Industry Textiles, Apparel and Luxury Goods, Current Coupon 12.42% (PIK 4.00%), Basis Point Spread Above Index SOFR+710 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC (Revolver) Maturity - 08/27/2026 Industry Insurance 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Burgess Point Holdings, LP Industry Auto Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC (Revolver) Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC, Maturity 12/22/2028, Industry Commercial Services & Supplies, Current Coupon 11.99%, Basis Point Spread Above Index 3M SOFR+660 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrity Marketing Acquisition, LLC, Maturity 8/27/2026, Industry Insurance, Current Coupon 11.57%, Basis Point Spread Above Index SOFR+575 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Summit Behavioral Healthcare, LLC, Maturity 11/24/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 10.43%, Basis Point Spread Above Index SOFR+475 2023-09-30 0001504619 pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9% - Total 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Graffiti Buyer, Inc., Maturity 8/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Go Dawgs Capital III, LP Industry Building Products 2023-10-01 2023-12-31 0001504619 Controlled Affiliated Investments Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. (Revolver), Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, ORL Holdco, Inc, Industry Consumer Finance 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NORA Parent Holdings, LLC, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+550 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR + 575 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR +590 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index SOFR + 565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Industry Distributors 2022-10-01 2023-09-30 0001504619 pflt:AllOtherIndustriesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Intermediate Holdings II, Inc. Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, RFMG Parent, LP (Rancho Health MSO, Inc.), Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 2021-10-01 2021-10-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC - Unfunded Term Loan. Maturity 07/06/2028 Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 pflt:TruistCreditFacilityMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+635 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Research Now Group, LLC and Dynata, LLC, Maturity 12/20/2024, Industry Diversified Consumer Services, Current Coupon 11.13%, Basis Point Spread Above Index SOFR+576 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+510 2023-12-31 0001504619 pflt:MediaMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrated Data Services (Revolver) Maturity 08/01/2029 Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliate 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services 2023-12-31 0001504619 pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 10.65% Basis Point Spread Above Index SOFR +515 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index 6M SOFR+725 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc, Maturity 08/20/2026, Industry Media, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+619 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC - Funded Revolver Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR+660 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC (Revolver), Maturity 08/31/2027, Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc. (Revolver), Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Commercial Services & Supplies Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+675 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PH Beauty Holdings III, Inc, Maturity 9/29/2026, Industry Wholesale, Current Coupon 10.68%, Basis Point Spread Above Index SOFR+500 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.84% Basis Point Spread Above Index SOFR+660 2023-09-30 0001504619 pflt:DiversifiedConsumerServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.2% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Commercial Services & Supplies 2023-12-31 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Research Now Group, LLC and Dynata, LLC, Maturity 12/20/2024, Industry Diversified Consumer Services, Current Coupon 11.13%, Basis Point Spread Above Index SOFR+576 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Spendmend Holdings LLC, Maturity 3/1/2028, Industry Healthcare Technology, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% A1 Garage Merger Sub, LLC LLC (Revolver) Maturity 12/22/2028 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 11.85% Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Recteq, LLC, Maturity 1/29/2026, Industry Leisure Products, Current Coupon 12.54%, Basis Point Spread Above Index SOFR+700 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale Coupon 11.71% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Neptune Flood Incorporated Maturity 5/9/2029 Industry Insurance Current Coupon 11.72% Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRS Holdings III, Inc., Maturity 11/3/2025, Industry Consumer Goods: Durable, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Owl Acquisition, LLC, Maturity 2/4/2028, Industry Professional Services, Current Coupon 10.80%, Basis Point Spread Above Index SOFR+575 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% WCP IvyRehab QP CF Feeder, LP 1 Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Cartessa Aesthetics, LLC (Preferred) Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AFC Acquisitions, Inc. Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index 3M SOFR+843 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+668 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan, Maturity 05/23/2024, Industry Media, Current Coupon 12.04%, Basis Point Spread Above Index 3M SOFR+665 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Preferred Equity, Industry Automobiles 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 11.01% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Output Services Group, Inc. Maturity 06/27/2026 Industry Business Services Current Coupon 0.00%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Zips Car Wash, LLC Maturity 03/01/2024 Industry Automobiles Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+735 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Equity Interests—8.5% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+576 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Seaway Topco, LP, Industry Chemicals, Plastics and Rubber 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+525 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.69% Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.28% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Industry Software 2023-10-01 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember srt:WeightedAverageMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+660 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2023-12-31 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Infusion Co-invest, LP, Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lash OpCo, LLC, Maturity 12/18/2027, Industry Personal Products, Current Coupon 12.13%, Basis Point Spread Above Index SOFR+675 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP One, Industry Software 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 9/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+635 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MDI Buyer, Inc., Maturity 7/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+600 2023-12-31 0001504619 pflt:TextilesApparelAndLuxuryGoodsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Ad.net Holdings, Inc. Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC - (Revolver) Maturity 09/30/2028 Industry Professional Services 2023-12-31 0001504619 pflt:ChemicalsPlasticsAndRubberMember 2023-12-31 0001504619 srt:MaximumMember pflt:SecondLienSecuredDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 13.19% Basis Point Spread Above Index 3M SOFR+775 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Crane 1 Services, Inc., Maturity 8/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+551 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Seaway Buyer, LLC, Maturity 6/13/2029, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 High Tech Industries Current Coupon 12.40% Basis Point Spread Above Index SOFR+688 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Lightspeed Investment Holdco LLC, Industry Healthcare Technology 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, North Haven Saints Equity Holdings, LP, Industry Healthcare Technology 2023-09-30 0001504619 pflt:InvestmentsFairValueMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.14% Basis Point Spread Above Index SOFR+475 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. – Unfunded Term Loan A Maturity 12/16/2024 Industry Distributors 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AG Investco LP Industry Software 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.78% Basis Point Spread Above Index 1M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index 3M SOFR+550 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Ox Two, LLC, Maturity 5/18/2026, Industry Construction and Building, Current Coupon 12.90%, Basis Point Spread Above Index SOFR+751 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2021-10-01 2022-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 13.03% Basis Point Spread Above Index SOFR+765 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, By Light Investco LP, Industry High Tech Industries 2023-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+560 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 12.21% Basis Point Spread Above Index SOFR+685 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CHA Holdings, Inc, Maturity 04/10/2025, Industry Environmental Industries, Current Coupon 10.15%, Basis Point Spread Above Index 3M SOFR+476 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.46% Basis Point Spread Above Index 1M SOFR+610 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Imagine Topco, LP Industry Software Current Coupon 8.00%2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. - DDTL B Unfunded Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure 2023-12-31 0001504619 us-gaap:TechnologySectorMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Business Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.83% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+643 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Seaway Buyer, LLC, Maturity 6/13/2029, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 us-gaap:FinancialServicesSectorMember 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0%, Equity Interests 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+635 2023-10-01 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9% - Issuer Name New Walker Edison Furniture - Common Equity, Industry Wholesale 2022-10-01 2023-09-30 0001504619 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 10/02/2029 Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.05% Basis Point Spread Above Index 1M SOFR+560 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC, Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+615 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale Coupon 12.21% Basis Point Spread Above Index 3M SOFR+685 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index 3M SOGR+620 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 1/31/2024 Industry Chemicals, Plastics and Rubber Current Coupon 15.46% Basis Point Spread Above Index SOFR+1000 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TPC Holding Company, LP, Industry Food Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index SOFR+575 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.79% Basis Point Spread Above Index SOFR+640 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Magnolia Topco LP - Class A Common Equity Industry Automobiles 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC, Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5% Marketplace Events, LLC Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.46% Basis Point Spread Above Index 1M SOFR+610 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5 % Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Aerospace and Defense Current Coupon 11.31% (PIK 11.31%) Basis Point Spread Above Index 3M L+325 2022-10-01 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index SOFR+725 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.01% Basis Point Spread Above Index SOFR + 665 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan I Maturity 12/10/2027 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PL Acquisitionco, LLC - (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods 2023-12-31 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.00% Basis Point Spread Above Index 3MSOFR + 565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MBS Holdings, Inc., Maturity 4/16/2027, Industry Internet Software and Services, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliate 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.79% Basis Point Spread Above Index SOFR+640 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9% - Issuer Name New Walker Edison Furniture - Common Equity, Industry Wholesale 2023-09-30 0001504619 Debt - 1,347.5%- Issuer Name The Vertex Companies, LLC, Maturity 8/31/2027, Industry Construction and Engineering, Current Coupon 11.72%, Basis Point Spread Above Index SOFR+635 2022-10-01 2023-09-30 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan II Maturity 12/10/2027 Industry Professional Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Schlesinger Global, Inc, Maturity 7/14/2025, Industry Business Services, Current Coupon 12.52% (PIK .50%), Basis Point Spread Above Index SOFR+715 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Mission Critical Electronics, Inc, Maturity 3/28/2024, Industry Capital Equipment, Current Coupon 11.29%, Basis Point Spread Above Index SOFR+515 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Hancock Claims Consultants Investors, LLC, Industry Insurance 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo 11 LP Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services, Maturity 07/21/2027, Industry Energy Equipment and Services, Current Coupon 11.22%, Basis Point Spread Above Index 3M SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture, LLC - Term Loan, Maturity 03/31/2027, Industry Wholesale, Current Coupon 12.18% Basis Point Spread Above Index 1M SOFR+685 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name One Stop Mailing, LLC, Maturity 5/7/2027, Industry Air Freight and Logistics, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+636 2023-12-31 0001504619 us-gaap:FairValueInputsLevel2Member pflt:FirstLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Gauge Lash Coinvest LLC (Preferred) Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Zips Car Wash, LLC, Maturity 03/01/2024, Industry Automobiles, Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+735 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services 2023-09-30 0001504619 Total Cash and Cash Equivalents 2023-12-31 0001504619 pflt:LongTermCreditFacilityMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.75% Basis Point Spread Above Index SOFR+500 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LEP Pequod Holdings, LP, Industry Financial Services 2022-10-01 2023-09-30 0001504619 pflt:InsuranceMember 2023-09-30 0001504619 pflt:SecondLienMember pflt:InvestmentsFairValueMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index SOFR+450 2023-12-31 0001504619 pflt:ConstructionAndEngineeringMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo 1 LP Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pink Lily Holdco, LLC (PL Acquisitions, LLC) Industry Textiles, Apparel and Luxury Goods 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, ORL Holdco, Inc, Industry Consumer Finance 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+555 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Industry Consumer Goods: Durable 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Liabilities in Excess of Other Assets — (1,365.7)%2023-12-31 0001504619 pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media Current Coupon 11.79% Basis Point Spread Above Index 1M SOFR+640 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 11.43% Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 11.75% Basis Point Spread Above Index 3M Sofr+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Preferred Equity, Industry Automobiles 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc, Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+515 2022-10-01 2023-09-30 0001504619 pflt:SBADebenturesMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Consello Pacific Aggregator, LLC Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesPayableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Crane 1 Acquisition Parent Holdings, L.P, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+700 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By CHA Holdings, Inc., Maturity 4/10/2025, Industry Construction and Engineering, Current Coupon 10.15%, Basis Point Spread Above Index SOFR+476 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC (Revolver), Maturity 08/31/2027, Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR +590 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, Industry Healthcare Providers and Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Duraco Specialty Tapes LLC Maturity 06/30/2024 Industry Containers and Packaging Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Electro Rent Corporation, Maturity 1/17/2024, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.00%, Basis Point Spread Above Index SOFR+550 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TPC Holding Company, LP Industry Food Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Holdco Sands Intermediate, LLC (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 6M SOFR+615 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TAC LifePort Holdings, LLC Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index 3M SOGR+620 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniTek Global Services, Inc.(W) Industry Telecommunications 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index 1M SOFR+450 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Solutionreach, Inc, Maturity 7/17/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 12.37%, Basis Point Spread Above Index SOFR+700 2023-09-30 0001504619 pflt:HealthcareEquipmentAndSuppliesMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Infinity Home Services Holdco, Inc., Maturity 12/28/2028, Industry Commercial Services & Supplies, Current Coupon 12.24%, Basis Point Spread Above Index SOFR+685 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(W), Industry Telecommunications 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HPA SPQ Aggregator LP, Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.21% Basis Point Spread Above Index SOFR+600 2023-12-31 0001504619 Total Investments—193.1%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ETE Intermediate II, LLC (Revolver) Maturity 05/25/2029 Industry Diversified Consumer Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MSpark, LLC, Industry Media, Advertising, Printing and Publishing 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index SOFR+668 2023-12-31 0001504619 us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC - Unfunded Term Loan. Maturity 07/06/2028 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 11.04% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 pflt:AerospaceAndDefenseMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Broder Bros., Co. Maturity 12/4/2025 Consumer Products Current Coupon 11.65% Basis Point Spread Above Index SOFR+626 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Quantic Electronics, LLC, Maturity 11/19/2026, Industry Aerospace and Defense, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Municipal Emergency Services, Inc, Maturity 9/28/2027, Industry Distributors, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index 3M SOFR+843 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QUESTEX, LLC MATURITY 09/09/2024 INDUSTRY MEDIADiversified and Production Current Coupon 9.77% Basis Point Spread Above Index 3 M S O F R+440 2023-10-01 2023-12-31 0001504619 Controlled Affiliated Investments Member 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Industry Personal Products 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6.35 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo II LP, Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1% , Equity Interests—8.3%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LJ Avalon, LP, Industry Construction & Engineering 2022-10-01 2023-09-30 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 pflt:OtherRelatedPartyMember 2023-10-01 2023-12-31 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2022-10-01 2023-09-30 0001504619 Non Controlled Affiliated Investments 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC - Unfunded Term Loan, Maturity 12/22/2028, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Leisure Products 2022-10-01 2023-09-30 0001504619 pflt:FoodProductsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Second Lien Secured Debt—0.0% QuantiTech LLC Maturity 02/04/2027 Industry Aerospace and Defense Current Coupon 15.47% Basis Point Spread Above Index 3M SOFR+ 1,010 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% TPC Holding Company, LP Industry Food Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Lash Coinvest LLC Industry Personal Products 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverside Assessments, LLC Maturity 03/10/2025 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+865 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, A1 Garage Equity, LLC, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.63% Basis Point Spread Above Index 3M SOFR+625 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Global Holdings InterCo LLC, Maturity 3/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index SOFR+660 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.71% Basis Point Spread Above Index 1M SOFR+535 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Electro Rent Corporation, Maturity 1/17/2024, Industry Electronic Equipment, Instruments, and Components, Current Coupon 11.00%, Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ECL Entertainment, LLC, Maturity 8/31/2030, Industry Hotel, Gaming and Leisure, Current Coupon 10.07%, Basis Point Spread Above Index SOFR+475 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.64% Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc. (Revolver), Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Go Dawgs Capital III, LP Industry Building Products 2023-12-31 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsCostMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OHCP V BC COI, L.P Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Urology Partners Co., L.P, Industry Healthcare Providers and Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRI Holding Inc., Maturity 12/21/2028, Industry Media, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.65% Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc., Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.07, Basis Point Spread Above Index 1M SOFR+715 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% IIN Group Holdings, LLC Industry Consumer Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.84% Basis Point Spread Above Index SOFR + 650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Topco, LP (Common) Industry Software 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kentucky Racing Holdco, LLC Industry Hotels, Restaurants and Leisure 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Exigo Intermediate II, LLC, Maturity 3/15/2027, Industry Software, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc, Maturity 07/13/2027, Industry Media, Current Coupon 11.16%, Basis Point Spread Above Index 1M SOFR+576 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9%, Graffiti Buyer, Inc. (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+575 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRI Holding Inc., Maturity 12/21/2028, Industry Media, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR + 575 2023-12-31 0001504619 Secured Debt 1,398.7% - Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index SOFR + 625 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.46% Basis Point Spread Above Index 1M SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+625 2023-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Neptune Flood Incorporated Maturity 5/9/2029 Industry Insurance Current Coupon 11.72% Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+761 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name STV Group Incorporated Maturity 12/11/2026 Industry Construction and Building Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods 2023-12-31 0001504619 Net Assets—100.0%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc. (Revolver), Maturity 11/03/2025, Industry Personal Products 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+610 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC, Maturity 08/31/2027, Industry Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc., Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure, Current Coupon 12.43%, Basis Point Spread Above Index 1M SOFR+710 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, (Applied Technical Services, LLC), Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Holdco Sands Intermediate, LLC, Maturity 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TPC Holding Company, LP, Industry Food Products 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lucky Bucks. LLC - OpCo DIP Loans, Maturity 9/30/2025, Industry Hotel, Gaming and Leisure, Current Coupon 15.33%, Basis Point Spread Above Index SOFR+1000 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.74% Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+615 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2023-10-01 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2017-11-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media 2022-10-01 2023-09-30 0001504619 pflt:EquityDistributionAgreementsMember 2023-08-11 2023-08-11 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media Current Coupon 11.79% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Plimpton & Hills Corporation Maturity 11/07/2029 Industry Distributors Current Coupon 11.37% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.96% Basis Point Spread Above Index SOFR+660 2023-10-01 2023-12-31 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Plimpton & Hills Corporation Maturity 11/07/2029 Industry Distributors Current Coupon 11.37% Basis Point Spread Above Index 3M SOFR+600 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 12.35% Basis Point Spread Above Index SOFR+700 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kinetic Purchaser, LLC, Industry Personal Products 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.97% Basis Point Spread Above Index SOFR+761 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CF512, Inc. (Revolver) Maturity 8/20/2026 Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), StellPen Holdings, LLC (CF512, Inc.), Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.04% Basis Point Spread Above Index 1M L+665 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.98% Basis Point Spread Above Index 1M SOFR+450 2023-10-01 2023-12-31 0001504619 pflt:WholesaleMember 2023-09-30 0001504619 us-gaap:EquityMember pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services One 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+610 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Total Common Equity/Warrants 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Unfunded Term Loan, Maturity 03/31/2027, Industry Wholesale 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Altamira Intermediate Company II, Inc. Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Questex, LLC Maturity 09/09/2024 Industry Media: Diversified and Production Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+425 2022-10-01 2023-09-30 0001504619 Non-Qualifying Assets 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.53% Basis Point Spread Above Index 3M SOFR+700 2023-10-01 2023-12-31 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember srt:MinimumMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.80% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.78% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Global Holdings InterCo LLC, Maturity 3/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index SOFR+660 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/15/2029 Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+550 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Connatix Parent, LLC, Industry Media 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC, Maturity 09/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+550 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC), Maturity 8/16/2027, Industry Aerospace and Defense, Current Coupon 11.49%, Basis Point Spread Above Index SOFR+600 2023-12-31 0001504619 Secured Debt 1,398.7% - Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index SOFR + 625 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.96% (PIK 1.00%) Basis Point Spread Above Index SOFR+760 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Teneo Holdings LLC Maturity 7/18/2025 Industry Business Services Current Coupon 10.71% Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lash OpCo, LLC (Revolver) Maturity - 08/16/2026 Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2028 Industry IT Services 2023-09-30 0001504619 pflt:FirstLienMember pflt:InvestmentsCostMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.86%, Basis Point Spread Above Index 3M SOFR+525 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+635 2023-10-01 2023-12-31 0001504619 pflt:AtTheMarketOfferingMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Crane 1 Acquisition Parent Holdings, L.P, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), One, Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, EDS Topco, LP, Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 10/02/2029 Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Signature CR Intermediate Holdco, Inc. Industry Commercial Services & Supplies Current Coupon 12.00%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+761 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Total First Lien Senior Secured Debt – 129.2%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index SOFR+626 2023-12-31 0001504619 pflt:MediaDiversifiedAndProductionMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name ORL Acquisitions, Inc, Maturity 9/3/2027, Industry Consumer Finance, Current Coupon 12.84%, Basis Point Spread Above Index SOFR+725 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+665 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Construction and Engineering Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Class B (US Dominion, Inc.) StellPen Holdings, LLC (CF512, Inc.) Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media Current Coupon 11.61% Basis Point Spread Above Index 3M SOFR+626 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge ETE Blocker, LLC, Industry Diversified Consumer Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.71% Basis Point Spread Above Index 1M L+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Zips Car Wash, LLC Maturity 03/01/2024 Industry Automobiles Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+735 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Challenger Performance Optimization, Inc., Maturity 8/31/2024, Industry Construction and Engineering, Current Coupon 12.18% PIK 1.00%, Basis Point Spread Above Index SOFR+675 2023-10-01 2023-12-31 0001504619 Related Party PSSL Members Equity — 100.0%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 13.25%, Basis Point Spread Above Index 3M SOFR+475 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SV Aero Holdings, LLC Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 10.40% Basis Point Spread Above Index 1M SOFR+501 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MDI Buyer, Inc., Maturity 7/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+600 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% FedHC InvestCo LP Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.96% Basis Point Spread Above Index 1M SOFR+760 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.53% (PIK 0.50%) Basis Point Spread Above Index SOFR+715 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index SOFR+501 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.69% Basis Point Spread Above Index SOFR+525 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC, Maturity 09/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+550 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Unfunded Term Loan), Maturity 12/29/2026, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 11.20% Basis Point Spread Above Index 3M L+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index 6M SOFR+585 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Schlesinger Coinvest LLC, Industry Professional Services 2023-09-30 0001504619 pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+660 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Crane 1 Services, Inc., Maturity 8/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+551 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services One 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Output Services Group, Inc Industry Business Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Graffiti Buyer, Inc., Maturity 8/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.99%, Basis Point Spread Above Index SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Holdco, Inc. Industry Consumer Finance 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrative Nutrition, LLC, Maturity 11/31/2025, Industry Diversified Consumer Services, Current Coupon 12.54% PIK 2.25%, Basis Point Spread Above Index SOFR+700 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name IIntegrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.50% (PIK 2.25%), Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index SOFR+751 2023-12-31 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsFairValueMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quad (U.S.) Co-Invest, L.P Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services 2023-12-31 0001504619 pflt:ClassA1SeniorSecuredFloatingRateLoansMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Walker Edison Holdco LLC Industry Healthcare Providers and Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Burgess Point Holdings, LP, Industry Auto Components 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2021-12-15 2021-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MDI Aggregator, LP, Industry Commodity Chemicals 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+575 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software 2022-10-01 2023-09-30 0001504619 pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale Coupon 12.21% Basis Point Spread Above Index 3M SOFR+685 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Team Services Group, LLC, Maturity 11/24/2024, Industry Healthcare and Pharmaceuticals, Current Coupon 10.75%, Basis Point Spread Above Index SOFR+500 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SSC Dominion Holdings, LLC, Industry Capital Equipment 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—111.8% First Lien Senior Secured Debt—101.9% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Athletico Holdings, LLC Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC Maturity - 11/10/2026 Industry Personal Products Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 11.43% Basis Point Spread Above Index SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% By Light Professional IT Services, LLC (Revolver) Maturity 5/16/2025 Industry High Tech Industries 2023-12-31 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRS Holdings III, Inc., Maturity 11/3/2025, Industry Consumer Goods: Durable, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Anteriad Holdings Inc (fka MeritDirect)-Incremental Term Loan Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.00% Basis Point Spread Above Index SOFR+665 2023-12-31 0001504619 Related Party PSSL Related Party PSSL,First Lien Secured Debt - 1,404.7% 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.75% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniTek Global Services, Inc.(C) Industry Telecommunications 2023-12-31 0001504619 us-gaap:HealthcareSectorMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 11.04% Basis Point Spread Above Index 1M SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+685 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ITI Holdings, Inc., Maturity 3/3/2028, Industry IT Services, Current Coupon 11.06%, Basis Point Spread Above Index SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. – Unfunded Term Loan Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 10.50% Basis Point Spread Above Index SOFR+515 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—111.8% First Lien Senior Secured Debt—101.9% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2023-09-30 0001504619 Marketplace Events, LLC 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc. - Senior Preferred Equity, Industry Telecommunications, Current Coupon 19.00%2022-10-01 2023-09-30 0001504619 Marketplace Events, LLC 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Urology Management Holdings, Inc, Maturity 6/15/2026, Industry Healthcare and Pharmaceuticals, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ECL Entertainment, LLC, Maturity 08/31/2030, Industry Hotels, Restaurants and Leisure, Current Coupon 10.14%, Basis Point Spread Above Index 1M SOFR+475 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 11.85% Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+715 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 11.96% Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(C), Industry Telecommunications 2023-09-30 0001504619 srt:MaximumMember pflt:IncentiveFeePaymentConditionTwoMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Peaquod Merger Sub, Inc, Maturity 12/2/2026, Industry Diversified Financial Services, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2023-09-30 0001504619 pflt:LongTermCreditFacilityMember 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Quantic Electronics, LLC, Maturity 11/19/2026, Industry Aerospace and Defense, Current Coupon 11.74%, Basis Point Spread Above Index SOFR+635 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrative Nutrition, LLC Maturity - 11/31/2025 Industry Consumer Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo II LP, Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC - Unfunded Term Loan, Maturity 01/10/2029, Industry Electronic Equipment, Instruments, and Components 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Ad.net Holdings, Inc, Industry Media 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2022-10-01 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Imagine Acquisitionco, LLC, Maturity 11/15/2027, Industry Software, Current Coupon 10.72%, Basis Point Spread Above Index SOFR+535 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+625 2023-10-01 2023-12-31 0001504619 pflt:LongTermCreditFacilityMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-10-01 2023-12-31 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2023-10-01 2023-12-31 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1% , First Lien Secured Debt—36.8%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.24% Basis Point Spread Above Index SOFR+600 2022-10-01 2023-09-30 0001504619 Debt - 1,347.5%- Issuer Name The Aegis Technologies Group, LLC, Maturity 10/31/2025, Industry Aerospace and Defense, Current Coupon 12.04%, Basis Point Spread Above Index SOFR+665 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services 2023-12-31 0001504619 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.75% Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Walker Edison Holdco LLC, Industry Healthcare Providers and Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% IIN Group Holdings, LLC Industry Consumer Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index 1M SOFR+450 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:MeasurementInputOnDiscountForLackOfMarketabilityMember us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC, Maturity 9/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+450 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 9/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, Mailsouth Inc, Maturity 04/23/2025, Industry Media: Advertising, Printing and Publishing 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8% Total 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense One 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.52%, Basis Point Spread Above Index 3M SOFR+525 2022-10-01 2023-09-30 0001504619 Related Party PSSL, Total Cash and Cash Equivalents 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Skopima Consilio Parent, LLC, Maturity 5/17/2028, Industry Business Services, Current Coupon 9.93%, Basis Point Spread Above Index SOFR+450 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Athletico Holdings, LLC Industry Healthcare Providers and Services 2023-12-31 0001504619 pflt:AutomobilesIndustryMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index 6M SOFR+725 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.95% Basis Point Spread Above Index SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, BioDerm Holdings, LP, Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.36% Basis Point Spread Above Index SOFR+475 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 13.25% Basis Point Spread Above Index 3M L+475 2023-06-30 0001504619 pflt:ConstructionAndBuildingMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan II Maturity 12/10/2027 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building 2023-09-30 0001504619 pflt:SecondLienMember pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SP L2 Holdings, LLC (Ledge Lounger, Inc.), Industry Leisure Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+635 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2022-12-15 2022-12-15 0001504619 pflt:AutoComponentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9%, Graffiti Buyer, Inc. (Revolver) One, Maturity 08/10/2027, Industry Trading Companies & Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC - Unfunded Term Loan. Maturity 07/06/2028 Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% GCOM InvestCo LP Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Infusion Co-invest, LP, Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Integrated Data Services, Maturity 8/1/2029, Industry Business Services, Current Coupon 11.87%, Basis Point Spread Above Index SOFR+650 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Dr. Squatch, LLC., Maturity 8/31/2027, Industry Commercial Services & Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniTek Global Services, Inc.(C) Industry Telecommunications 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Challenger Performance Optimization, Inc, Maturity 08/31/2024, Industry Business Services, Current Coupon 12.18%, Basis Point Spread Above Index 3ML +675 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cadence Aerospace, LLC, Maturity 11/14/2023, Industry Aerospace and Defense, Current Coupon 12.07%(PIK 9.50%), Basis Point Spread Above Index 3M SOFR+665 2023-09-30 0001504619 Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies 2023-12-31 0001504619 pflt:ElectronicEquipmentInstrumentsAndComponentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.01% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Holdco Sands Intermediate, LLC (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Municipal Emergency Services, Inc, Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services 2023-12-31 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Peaquod Merger Sub, Inc, Maturity 12/2/2026, Industry Diversified Financial Services, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.01% Basis Point Spread Above Index SOFR + 665 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.21% Basis Point Spread Above Index SOFR+600 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.97% Basis Point Spread Above Index SOFR+761 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+700 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%,First Lien Secured Debt—101.9%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+685 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+585 2022-10-01 2023-09-30 0001504619 2024-02-07 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember srt:WeightedAverageMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Second Lien Secured Debt—0.0% QuantiTech LLC Maturity 02/04/2027 Industry Aerospace and Defense Current Coupon 15.47% Basis Point Spread Above Index 3M SOFR+ 1,010 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Reception Purchaser, LLC, Maturity 2/28/2028, Industry Air Freight and Logistics, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+600 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QuantiTech InvestCo LP Industry Aerospace and Defense 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ECL Entertainment, LLC, Maturity 8/31/2030, Industry Hotel, Gaming and Leisure, Current Coupon 10.07%, Basis Point Spread Above Index SOFR+475 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP, Industry Software 2023-09-30 0001504619 Non-Affiliated Investments 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.81% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lucky Bucks, LLC., Maturity 7/20/2027, Industry Hotel, Gaming and Leisure, Current Coupon 0.00%2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2023-12-31 0001504619 Non-Affiliated Investments 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ETE Intermediate II, LLC (Revolver), Maturity 05/25/2029, Industry Diversified Consumer Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Internet Software and Services Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 11.71% Basis Point Spread Above Index 3M Sofr+640 2023-12-31 0001504619 Pennant Park Senior Secured Member 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.20% Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 pflt:InternetSoftwareAndServicesMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.64% Basis Point Spread Above Index SOFR+500 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kinetic Purchaser, LLC, Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+501 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+776 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Second Lien Secured Debt—0.0% Mailsouth Inc. Maturity 04/23/2025 Industry Media: Advertising, Printing and Publishing 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.95% Basis Point Spread Above Index SOFR+560 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.75% Basis Point Spread Above Index SOFR + 625 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.75% Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.71% Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index SOFR+560 2023-10-01 2023-12-31 0001504619 pflt:HealthcareTechnologyMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services 2023-12-31 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember pflt:ValuationTechniqueMarketComparableMember srt:WeightedAverageMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, One, Industry Healthcare Providers and Services 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Second Lien Secured Debt—0.0%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.82% Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2023-12-31 0001504619 Total investments in Controlled, Affiliated Portfolio Companies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP, Industry Software 2022-10-01 2023-09-30 0001504619 pflt:ElectronicEquipmentInstrumentsAndComponentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.84% Basis Point Spread Above Index SOFR + 650 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member 2022-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ETE Intermediate II, LLC, Maturity 5/29/2029, Industry Diversified Consumer Services, Current Coupon 11.89%, Basis Point Spread Above Index SOFR+650 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Municipal Emergency Services, Inc, Maturity 9/28/2027, Industry Distributors, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.39% Basis Point Spread Above Index 3M SOFR+600 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Questex, LLC (Revolver) Maturity 09/09/2024 Industry Media: Diversified and Production 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index SOFR+751 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+619 2023-12-31 0001504619 Related Party PSSL, Cash and Cash Equivalents - 133.2%, BlackRock Federal FD Institutional 30 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/15/2029 Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industr 2023-09-30 0001504619 srt:MaximumMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Challenger Performance Optimization, Inc, Maturity 08/31/2024, Industry Business Services, Current Coupon 12.18%, Basis Point Spread Above Index 3ML +675 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+636 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Seaway Topco, LP, Industry Chemicals, Plastics and Rubber 2023-09-30 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsFairValueMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, New MPE Holdings, LLC (Marketplace Events, LLC), Industry Media: Diversified and Production 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2017-11-01 2017-11-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name New Milani Group LLC Maturity 6/6/2024 Industry Consumer Goods: Non-Durable Current Coupon 10.96% Basis Point Spread Above Index SOFR+550 2022-10-01 2023-06-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By CHA Holdings, Inc., Maturity 4/10/2025, Industry Construction and Engineering, Current Coupon 10.15%, Basis Point Spread Above Index SOFR+476 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name K2 Pure Solutions NoCal, L.P. Maturity 1/31/2024 Industry Chemicals, Plastics and Rubber Current Coupon 15.46% Basis Point Spread Above Index SOFR+1000 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+635 2023-09-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-09-30 0001504619 elated Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Output Services Group, Inc, Maturity 6/29/2026, Industry Business Services, Current Coupon 0.00%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. - Unfunded Term Loan Maturity 06/15/2024 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Imagine Topco, LP, Industry Software, Current Coupon 8.00%2023-09-30 0001504619 pflt:AutoComponentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Walker Edison Holdco LLC Industry Electronic Equipment, Instruments, and Components 2023-10-01 2023-12-31 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Beta Plus Technologies, Inc, Maturity 07/01/2029, Industry Internet Software and Services, Current Coupon 11.14%, Basis Point Spread Above Index 3M SOFR+575 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc, Maturity 02/09/2026, Industry Professional Services, Current Coupon 10.99%, Basis Point Spread Above Index 3M SOFR +525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+776 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Unfunded Term Loan, Maturity 03/31/2027, Industry Wholesale 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+625 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), IIN Group Holdings, LLC, Industry Consumer Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% EDS Buyer, LLC - Unfunded Term Loan Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% CF512, Inc. (Revolver) Maturity 8/20/2026 Industry Media 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles 2023-12-31 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/15/2029 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods 2023-10-01 2023-12-31 0001504619 pflt:FoodProductsMember 2023-12-31 0001504619 pflt:FiveLargestInvestmentsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+660 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Ox Two, LLC, Maturity 5/18/2026, Industry Construction and Building, Current Coupon 12.90%, Basis Point Spread Above Index SOFR+751 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 13.50%2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Mars Acquisition Holdings Corp., Maturity 5/14/2026, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 13.25%, Basis Point Spread Above Index 3M SOFR+475 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), One, Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% TPC Holding Company, LP Industry Food Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, Mailsouth Inc, Maturity 04/23/2025, Industry Media: Advertising, Printing and Publishing 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+625 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc.- DDTL B Unfunded, Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Recteq, LLC, Maturity 1/29/2026, Industry Leisure Products, Current Coupon 12.54%, Basis Point Spread Above Index SOFR+700 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MBS Holdings, Inc., Maturity 4/16/2027, Industry Internet Software and Services, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR + 565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+715 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+575 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+625 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Equity Securities - 3.9% Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+865 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+550 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 11.64% Basis Point Spread Above Index 3M SOFR+625 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+626 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Neptune Flood Incorporated - Revolver Unfunded Maturity 05/09/2029 Industry Insurance 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services One 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity - 02/15/2024 Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media 2022-10-01 2023-09-30 0001504619 pflt:DistributorsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+575 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 10.50% Basis Point Spread Above Index SOFR+515 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Mars Intermediate Holdings II, Inc, Industry Media 2022-10-01 2023-09-30 0001504619 srt:MinimumMember pflt:IncentiveFeePaymentConditionThreeMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.21% Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Efficient Collaborative Retail Marketing Company, LLC Maturity 06/15/2024 Industry Media: Diversified and Production Current Coupon 15.97% Basis Point Spread Above Index 3M SOFR+1050 2023-12-31 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Exigo, LLC Industry Software 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.00% Basis Point Spread Above Index 1M SOFR+665 2023-12-31 0001504619 pflt:FirstLienMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniVista Insurance Industry Insurance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+635 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Ad.net Holdings, Inc. Industry Media 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By LJ Avalon Holdings, LLC, Maturity 1/31/2030, Industry Environmental Industries, Current Coupon 11.77%, Basis Point Spread Above Index SOFR+640 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sargent & Greenleaf Inc, Maturity 12/20/2024, Industry Wholesale, Current Coupon 12.92% (PIK 1.00%), Basis Point Spread Above Index SOFR+760 2022-10-01 2023-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. (Revolver) Maturity 01/17/2024 Industry Healthcare Technology 2023-09-30 0001504619 pflt:TextilesApparelAndLuxuryGoodsMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.), Maturity 6/15/2029, Industry High Tech Industries, Current Coupon 11.52%, Basis Point Spread Above Index SOFR+625 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2020-12-15 2020-12-15 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC - DDTL Unfunded Maturity 12/29/2026 Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, One, Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Signature CR Intermediate Holdco, Inc. Industry Commercial Services & Supplies Current Coupon 12.00%2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.40% Basis Point Spread Above Index SOFR+501 2023-12-31 0001504619 pflt:CommercialServicesAndSuppliesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Industry Software 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Holdco Sands Intermediate, LLC, Maturity 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2021-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+450 2023-09-30 0001504619 Related Party PSSL Members Equity - 100.0%2023-10-01 2023-12-31 0001504619 Total Investments—163.3%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sargent & Greenleaf Inc, Maturity 12/20/2024, Industry Wholesale, Current Coupon 12.92% (PIK 1.00%), Basis Point Spread Above Index SOFR+760 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC Industry Professional Services 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+560 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp, Maturity 08/03/2029, Industry Aerospace and Defense, Current Coupon 11.62%, Basis Point Spread Above Index 1M SOFR+625 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.84% Basis Point Spread Above Index 1M SOFR+650 2023-10-01 2023-12-31 0001504619 pflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Zips Car Wash, LLC Maturity 3/1/2024 Industry Automobiles Current Coupon 12.70% Basis Point Spread Above Index SOFR+735 2023-12-31 0001504619 pflt:InsuranceMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Zips Car Wash, LLC, Maturity 03/01/2024, Industry Automobiles, Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+735 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+620 2023-12-31 0001504619 pflt:InvestmentsCostMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.96% Basis Point Spread Above Index SOFR+660 2023-12-31 0001504619 Pennant Park Senior Secured Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Schlesinger Coinvest LLC Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Maturity 5/23/2024 Industry Media 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver), Maturity 05/23/2024, Industry Media 2022-10-01 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember us-gaap:EquityMethodInvestmentsMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.78% (PIK 5.50%) Basis Point Spread Above Index 1M SOFR+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2023-12-31 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member 2022-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, PL Acquisitionco, LLC (Preferred Equity), Industry Textiles, Apparel and Luxury Goods 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% HV Watterson Holdings, LLC Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC - (Revolver) Maturity 11/10/2026 Industry Personal Products 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services 2023-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Title, LLC Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Go Dawgs Capital III, LP, Industry Building Products 2022-10-01 2023-09-30 0001504619 us-gaap:TechnologySectorMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Altamira Intermediate Company II, Inc. Industry IT Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. (Revolver), Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Plimpton & Hills Corporation - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% Equity Interests—8.5% New MPE Holdings, LLC (Marketplace Events, LLC) Industry Media: Diversified and Production 2023-10-01 2023-12-31 0001504619 pflt:HealthcareTechnologyMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 11.55% Basis Point Spread Above Index SOFR+620 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% HPA SPQ Aggregator LP Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class B Preferred Equity, Industry Automobiles 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Schlesinger Coinvest LLC (Preferred Equity), Industry Professional Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment 2022-10-01 2023-09-30 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-09-30 0001504619 Controlled Affiliated Investments 2023-12-31 0001504619 pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), IHS Parent Holdngs, L.P, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare and Pharmaceuticals 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Quad (U.S.) Co-Invest, L.P, Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Beta Plus Technologies, Inc, Maturity 07/01/2029, Industry Internet Software and Services, Current Coupon 11.14%, Basis Point Spread Above Index 3M SOFR+575 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% EDS Buyer, LLC. (Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.36% Basis Point Spread Above Index 3M SOFR+501 2023-12-31 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Smile Brands Inc, Maturity 10/14/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 9.70%, Basis Point Spread Above Index SOFR+450 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Team Services Group, LLC, Maturity 11/24/2024, Industry Healthcare and Pharmaceuticals, Current Coupon 10.75%, Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 pflt:AdministratorMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+688 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Cartessa Aesthetics, LLC (Preferred), Industry Distributors 2022-10-01 2023-09-30 0001504619 pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name New Milani Group LLC Maturity 6/6/2024 Industry Consumer Goods: Non-Durable Current Coupon 10.96% Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 pflt:LongTermCreditFacilityMember 2022-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By ECL Entertainment, LLC, Maturity 8/31/2030, Industry Hotel, Gaming and Leisure, Current Coupon 10.07%, Basis Point Spread Above Index SOFR+475 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+685 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC - DDTL Unfunded Maturity 12/29/2026 Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 pflt:PriorCreditFacilityMember 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Meadowlark Acquirer, LLC – Term Loan II Maturity 12/10/2027 Industry Professional Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Cartessa Aesthetics, LLC, Maturity 6/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index SOFR+600 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name STV Group Incorporated, Maturity 12/11/2026, Industry Construction and Building, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+635 2023-10-01 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9% - Issuer Name New MPE Holdings, LLC, Industry Media: Diversified and Production 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index 1M SOFR+450 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Lash Coinvest LLC (Preferred), Industry Personal Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. Maturity 01/17/2024 Industry Healthcare Technology Current Coupon 12.37% Basis Point Spread Above Index 1M SOFR+700 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Industry Media Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Any Hour Services Maturity 07/21/2027 Industry Energy Equipment and Services Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc. (Revolver), Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services Current Coupon 11.02% Basis Point Spread Above Index 1M SOFR+565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By CHA Holdings, Inc., Maturity 4/10/2025, Industry Construction and Engineering, Current Coupon 10.15%, Basis Point Spread Above Index SOFR+476 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% HV Watterson Holdings, LLC Industry Professional Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, Industry Distributors 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.92% Basis Point Spread Above Index 1M SOFR+560 2023-09-30 0001504619 pflt:AutomobilesIndustryMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+650 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+560 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Automotive Current Coupon10.71% Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class B Common Equity, Industry Automobiles 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.55% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+740 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name The Bluebird Group LLC, Maturity 7/27/2026, Industry Professional Services, Current Coupon 12.79%, Basis Point Spread Above Index SOFR+700 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 12.53% Basis Point Spread Above Index 1M SOFR+715 2023-12-31 0001504619 us-gaap:HealthcareSectorMember 2023-12-31 0001504619 pflt:HotelsRestaurantsAndLeisureMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name ACP Avenu Buyer, LLC Maturity 10/1/2029 Industry Business Services Current Coupon 11.75% Basis Point Spread Above Index SOFR+626 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% A1 Garage Equity, LLC Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2020-03-01 2020-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pragmatic Institute, LLC Industry Professional Services 2023-10-01 2023-12-31 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+640 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.33% Basis Point Spread Above Index SOFR+615 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Neptune Flood Incorporated (Revolver) Maturity 05/09/2029 Industry Insurance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Duraco Specialty Tapes LLC, Maturity 06/30/2024, Industry Containers and Packaging, Current Coupon 11.93%, Basis Point Spread Above Index 1M SOFR+650 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, KL Stockton Co-Invest LP (Any Hour Services), Industry Energy Equipment and Services 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index SOFR+843 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. – Unfunded Term Loan A Maturity 12/16/2024 Industry Distributors 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.54% Basis Point Spread Above Index SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Municipal Emergency Services, Inc. Industry Distributors 2023-10-01 2023-12-31 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% AG Investco LP One Industry Software 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, UniTek Global Services, Inc, Industry Telecommunications Current Coupon 20.00%2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MBS Holdings, Inc., Maturity 4/16/2027, Industry Internet Software and Services, Current Coupon 11.17%, Basis Point Spread Above Index SOFR+585 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+776 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kentucky Racing Holdco, LLC, Industry Hotels, Restaurants and Leisure 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc, Maturity 07/13/2027, Industry Media 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility, Maturity 3/31/2027, Industry Wholesale, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+635 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SSC Dominion Holdings, LLC Industry Capital Equipment 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC Maturity 07/20/2027 Industry Hotels, Restaurants and Leisure Current Coupon 0.00%2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.49% Basis Point Spread Above Index 3M SOFR+565 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, PL Acquisitionco, LLC (Preferred Equity), Industry Textiles, Apparel and Luxury Goods 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC (Revolver) Maturity - 08/27/2026 Industry Insurance 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% FedHC InvestCo LP One Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Ad.net Holdings, Inc, Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+525 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC - Unfunded Term Loan, Maturity 12/22/2028, Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 pflt:CommercialServicesAndSuppliesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2028 Industry IT Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+565 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PlayPower, Inc, Maturity 5/8/2026, Industry Consumer Goods: Durable, Current Coupon 10.57%, Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Global Holdings InterCo LLC, Maturity 3/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index SOFR+660 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Challenger Performance Optimization, Inc., Maturity 8/31/2024, Industry Construction and Engineering, Current Coupon 12.18% PIK 1.00%, Basis Point Spread Above Index SOFR+675 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC), Maturity 05/23/2024, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.69% Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.42% Basis Point Spread Above Index 1M SOFR+710 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. (Revolver), Maturity 05/31/2028 Industry Personal Products Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+700 2023-12-31 0001504619 pflt:EnergyEquipmentAndServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity - 11/17/2025 Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components Current Coupon 0.00%2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9%2023-12-31 0001504619 Pennant Park Senior Secured Member 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services 2022-10-01 2023-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.0% First Lien Secured Debt—36.5%2023-12-31 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC - Unfunded Term Loan. Maturity 07/06/2028 Industry Professional Services 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 12.53% Basis Point Spread Above Index 1M SOFR+715 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+760 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 3/1/2029 Industry Wholesale 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% UniTek Global Services, Inc.(W) Industry Telecommunications 2023-10-01 2023-12-31 0001504619 srt:MaximumMember pflt:NonControlledAffiliatedInvestmentsMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+535 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total Common Equity/Warrants— 14.5%2023-09-30 0001504619 Minimum Qualifying Assets 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.97% Basis Point Spread Above Index SOFR+450 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+510 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+575 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.74% Basis Point Spread Above Index SOFR+550 2022-10-01 2023-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+636 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pequod Merger Sub, Inc (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services 2022-10-01 2023-09-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Any Hour Services Maturity 07/21/2027 Industry Energy Equipment and Services Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+585 2023-06-30 0001504619 pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Questex, LLC (Revolver) Maturity 09/09/2024 Industry Media: Diversified and Production 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Global Holdings InterCo LLC, Maturity 03/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index 3M SOFR+660 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Hancock Claims Consultants Investors, LLC, Industry Insurance 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Urology Management Holdings, Inc, Maturity 6/15/2026, Industry Healthcare and Pharmaceuticals, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+565 2022-10-01 2023-09-30 0001504619 pflt:LongTermCreditFacilityMember 2022-10-01 2022-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity - 08/31/2025 Industry Insurance 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Urology Management Holdings, Inc, Maturity 6/15/2026, Industry Healthcare and Pharmaceuticals, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+565 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% HW Holdco, LLC (Revolver) Maturity 12/10/2024 Industry Media Current Coupon 11.82% Basis Point Spread Above Index 3M SOFR+640 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan, Maturity 9/30/2025, Industry Media: Diversified and Production,2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3% Total 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. (Revolver), Maturity 09/17/2026, Industry Distributors, Current Coupon 13.75%, Basis Point Spread Above Index 3M SOFR+525 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Urology Partners Co., L.P Industry Healthcare Providers and Services 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rancho Health MSO, Inc, Maturity 12/18/2025, Industry Healthcare Providers and Services, Current Coupon 11.22%, Basis Point Spread Above Index SOFR+585 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRS Holdings III, Inc., Maturity 11/3/2025, Industry Consumer Goods: Durable, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+640 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 High Tech Industries Current Coupon 12.40% Basis Point Spread Above Index SOFR+688 2023-12-31 0001504619 pflt:MeasurementInputMarketYieldMember pflt:LongTermCreditFacilityMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.47% Basis Point Spread Above Index SOFR+400 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+615 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2023-12-31 0001504619 pflt:DiversifiedFinancialServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+475 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), Industry Media 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.63% Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 Total Investments and Cash Equivalents—178.6%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.48% Basis Point Spread Above Index SOFR+700 2023-10-01 2023-12-31 0001504619 Related Party PSSL Equity Securities - 3.9%2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.), Maturity 6/15/2029, Industry High Tech Industries, Current Coupon 11.52%, Basis Point Spread Above Index SOFR+625 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services 2022-10-01 2023-09-30 0001504619 pflt:MeasurementInputMarketYieldMember us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember srt:MinimumMember pflt:ValuationTechniqueMarketComparableMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name NBH Group LLC, Maturity 8/19/2026, Industry Healthcare, Education & Childcare, Current Coupon 10.93%, Basis Point Spread Above Index SOFR+525 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Fairbanks Morse Defense, Maturity 6/17/2028, Industry Aerospace and Defense, Current Coupon 10.40%, Basis Point Spread Above Index SOFR+475 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 pflt:TwoThousandThirtyTwoAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sigma Defense Systems, LLC, Maturity 12/18/2025, Industry Aerospace and Defense, Current Coupon 14.04%, Basis Point Spread Above Index SOFR+865 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad Holdings Inc (fka MeritDirect) March 2023 Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.04% Basis Point Spread Above Index SOFR+650 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services 2023-12-31 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kentucky Racing Holdco, LLC, Industry Hotels, Restaurants and Leisure 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.28% Basis Point Spread Above Index 3M SOFR+615 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-10-01 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, New MPE Holdings, LLC (Marketplace Events, LLC), Industry Media: Diversified and Production 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.75% Basis Point Spread Above Index SOFR + 625 2023-12-31 0001504619 Debt - 1,347.5%- Issuer Name Teneo Holdings LLC, Maturity 7/18/2025, Industry Business Services, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+535 2023-12-31 0001504619 Cash and Cash Equivalents—15.3%2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+626 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Preferred Equity— 2.1% ORL Holdco, Inc. Industry Consumer Finance 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.42% Basis Point Spread Above Index 1M SOFR+710 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+515 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+560 2023-12-31 0001504619 pflt:AirFreightAndLogisticsMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+760 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.78% (PIK 5.50%) Basis Point Spread Above Index 1M L+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Aeronix, Inc. (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense 2023-10-01 2023-12-31 0001504619 pflt:IncentiveFeePaymentConditionOneMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt - 101.9% Graffiti Buyer, Inc One, Maturity 12/8/2023, Industry Trading Companies & Distributors 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC (Revolver), Maturity 05/16/2025, Industry High Tech Industries 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Solutionreach, Inc, Maturity 7/17/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 12.37%, Basis Point Spread Above Index SOFR+700 2022-10-01 2023-09-30 0001504619 Non Controlled Affiliated Investments 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7% - Issuer Name CHA Holdings, Inc. Maturity 04/10/2025 Industry Construction and Engineering Current Coupon 9.97% Basis Point Spread Above Index SOFR+461 2023-12-31 0001504619 pflt:HighTechIndustriesMember 2023-09-30 0001504619 pflt:TwoThousandThirtyTwoAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pink Lily Holdco, LLC (PL Acquisitions, LLC), Industry Textiles, Apparel and Luxury Goods 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+665 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Pink Lily Holdco, LLC (PL Acquisitions, LLC) Industry Textiles, Apparel and Luxury Goods 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC, Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+600 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Exigo Intermediate II, LLC (Revolver), Maturity 03/15/2027, Industry Software 2022-10-01 2023-09-30 0001504619 Investments in Non-Control, Non-Affiliate Portfolio Companies—133.9% Preferred Equity— 1.8%%2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp. (Revolver), Maturity 08/04/2028, Industry Aerospace and Defense 2023-09-30 0001504619 Investments in Non-Control, Non-Affiliate Portfolio Companies—133.9% Common Equity/Warrants— 14.5%2023-09-30 0001504619 Total Cash and Cash Equivalents 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+625 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Kinetic Purchaser, LLC Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.71% Basis Point Spread Above Index 1M SOFR+535 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies, Current Coupon 12.00%2023-09-30 0001504619 pflt:FirstLienSecuredDebtMember srt:MinimumMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Infinity Home Services Holdco, Inc., Maturity 12/28/2028, Industry Commercial Services & Supplies, Current Coupon 12.24%, Basis Point Spread Above Index SOFR+685 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+700 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.46% Basis Point Spread Above Index SOFR+610 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index SOFR+636 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+760 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Skopima Consilio Parent, LLC, Maturity 5/17/2028, Industry Business Services, Current Coupon 9.93%, Basis Point Spread Above Index SOFR+450 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production 2023-10-01 2023-12-31 0001504619 Non-Qualifying Assets 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Ad.net Holdings, Inc, Industry Media 2023-09-30 0001504619 us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Research Now Group, LLC and Dynata, LLC, Maturity 12/20/2024, Industry Diversified Consumer Services, Current Coupon 11.13%, Basis Point Spread Above Index SOFR+576 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Gauge Lash Coinvest LLC Industry Personal Products 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.02% (PIK 5.50%) Basis Point Spread Above Index 3M SOFR+565 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Mars Intermediate Holdings II, Inc, Industry Media 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2023-09-30 0001504619 2023-12-31 0001504619 us-gaap:FairValueInputsLevel1Member pflt:SecondLienMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+635 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name PH Beauty Holdings III, Inc, Maturity 9/29/2026, Industry Wholesale, Current Coupon 10.68%, Basis Point Spread Above Index SOFR+500 2023-12-31 0001504619 pflt:AllOtherIndustriesMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Lightspeed Investment Holdco LLC Industry Healthcare Technology 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% ETE Intermediate II, LLC (Revolver) Maturity 05/25/2029 Industry Diversified Consumer Services 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Lightspeed Buyer Inc., Maturity 2/3/2026, Industry Healthcare Providers and Services, Current Coupon 10.7%, Basis Point Spread Above Index SOFR+535 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Kinetic Purchaser, LLC, Maturity 11/10/2027, Industry Personal Products, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+615 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Signature CR Intermediate Holdco, Inc. Industry Commercial Services & Supplies 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+585 2023-12-31 0001504619 Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, PennantPark Senior Secured Loan Fund I LLC, Industry Financial Services 2022-10-01 2023-09-30 0001504619 pflt:FirstLienMember pflt:InvestmentsCostMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc, Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+515 2023-09-30 0001504619 pflt:NonControlledAndControlledAffiliatedInvestmentsMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name NBH Group LLC, Maturity 8/19/2026, Industry Healthcare, Education & Childcare, Current Coupon 10.93%, Basis Point Spread Above Index SOFR+525 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.52%, Basis Point Spread Above Index 3M SOFR+525 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Leisure Products 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.86% Basis Point Spread Above Index 3M SOFR+640 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Riverside Assessments, LLC Maturity 03/10/2025 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+590 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Magenta Buyer, LLC, Maturity 7/31/2028, Industry Software, Current Coupon 10.63%, Basis Point Spread Above Index SOFR+500 2022-10-01 2023-09-30 0001504619 elated Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Output Services Group, Inc, Maturity 6/29/2026, Industry Business Services, Current Coupon 0.00%2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 11.71% Basis Point Spread Above Index SOFR+635 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.70% Basis Point Spread Above Index SOFR+550 2023-12-31 0001504619 pflt:ClassA1SeniorSecuredFloatingRateLoansMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, eCommission Holding Corporation, Industry Banking, Finance, Insurance & Real Estate 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt – 129.2% Watchtower Intermediate, LLC - Funded Revolver Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.38% Basis Point Spread Above Index 3M SOFR+660 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge ETE Blocker, LLC, Industry Diversified Consumer Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+650 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 11.75% Basis Point Spread Above Index 3M Sofr+640 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP One, Industry Software 2022-10-01 2023-09-30 0001504619 Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%2023-09-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt 1,398.7%- Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+565 2023-12-31 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2022-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By DRI Holding Inc., Maturity 12/21/2028, Industry Media, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+525 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC, Maturity 05/16/2025, Industry High Tech Industries, Current Coupon 12.43%, Basis Point Spread Above Index 3M SOFR+688 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% Hancock Claims Consultants Investors, LLC Industry Insurance 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By MDI Buyer, Inc., Maturity 7/25/2028, Industry Chemicals, Plastics and Rubber, Current Coupon 11.32%, Basis Point Spread Above Index SOFR+600 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% QUESTEX, LLC (REVOLVER) MATURITY 09/09/2024 INDUSTRY MEDIADiversified and Production 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+550 2023-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:TwoThousandTwentySixNotesPayableMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Duraco Specialty Tapes LLC Maturity 06/30/2024 Industry Containers and Packaging Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+650 2023-12-31 0001504619 pflt:FirstLienSecuredDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+636 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total First Lien Senior Secured Debt - 101.9%,2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+665 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% Common Equity/Warrants— 16.9% GMP Hills, L.P. Industry Distributors 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies 2022-10-01 2023-09-30 0001504619 pflt:ConsumerServicesMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.84% Basis Point Spread Above Index 1M SOFR+650 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense)2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+510 2023-09-30 0001504619 us-gaap:MeasurementInputEbitdaMultipleMember us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueEnterpriseMarketValueMember srt:MinimumMember us-gaap:EquityMethodInvestmentsMember 2023-09-30 0001504619 Marketplace Events, LLC 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals 2023-10-01 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.98% Basis Point Spread Above Index 1M SOFR+450 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.14% Basis Point Spread Above Index SOFR+475 2023-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% First Lien Senior Secured Debt - 129.2% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Industry Media Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name By Confluent Health, LLC, Maturity 10/28/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 9.32%, Basis Point Spread Above Index SOFR+400 2023-12-31 0001504619 Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.60% Basis Point Spread Above Index SOFR+625 2023-10-01 2023-12-31 0001504619 us-gaap:FairValueInputsLevel1Member 2023-09-30 xbrli:pure pflt:Portfolio iso4217:USD xbrli:shares xbrli:shares iso4217:CAD iso4217:USD

res

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)r

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2023

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00891

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

MARYLAND |  | 27-3794690
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
1691 Michigan Avenue Miami Beach, Florida |  | 33139
(Address of principal executive offices) |  | (Zip Code)

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share | PFLT | The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer |  | ☐ |  | Accelerated filer |  | ☑
Non-accelerated filer |  | ☐ |  | Smaller reporting company |  | ☐
Emerging growth company |  | ☐ |  |  |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of February 7, 2024 was 61,627,881.

FORM 10-Q FOR THE QUARTER ENDED DECEMBER 31, 2023

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION |  |
Item 1. Consolidated Financial Statements |  |
Consolidated Statements of Assets and Liabilities as of December 31, 2023 (unaudited) and September 30, 2023 |  | 4
Consolidated Statements of Operations for the three months ended December 31, 2023 and 2022 (unaudited) |  | 5
Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2023 and 2022 (unaudited) |  | 6
Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 (unaudited) |  | 7
Consolidated Schedules of Investments as of December 31, 2023 (unaudited) and September 30, 2023 |  | 8
Notes to Consolidated Financial Statements (unaudited) |  | 20
Report of Independent Registered Public Accounting Firm (PCAOB ID 49) |  | 39
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 41
Item 3. Quantitative and Qualitative Disclosures About Market Risk |  | 55
Item 4. Controls and Procedures |  | 55
PART II. OTHER INFORMATION |  |
Item 1. Legal Proceedings |  | 57
Item 1A. Risk Factors |  | 57
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |  | 58
Item 3. Defaults Upon Senior Securities |  | 58
Item 4. Mine Safety Disclosures |  | 58
Item 5. Other Information |  | 58
Item 6. Exhibits |  | 59
SIGNATURES |  | 60

2

PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

3

Item 1. Consolidated Financial Statements

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS O F ASSETS AND LIABILITIES

(in thousands, except share and per share data)

|  | December 31, 2023 |  |  | September 30, 2023 |
|  | (unaudited) |  |  |  |
Assets |  |  |  |  |  |
Investments at fair value |  |  |  |  |  |
Non-controlled, non-affiliated investments (amortized cost— $965,446 and $768,240, respectively) |  | $ | 974,595 |  |  | $ | 772,178 |
Controlled, affiliated investments (amortized cost— $325,032 and $324,639, respectively) |  |  | 296,332 |  |  |  | 294,996 |
Total investments (amortized cost— $1,290,478 and $1,092,878, respectively) |  |  | 1,270,927 |  |  |  | 1,067,174 |
Cash and cash equivalents (cost— $75,809 and $100,555, respectively) |  |  | 75,826 |  |  |  | 100,555 |
Interest receivable |  |  | 11,636 |  |  |  | 10,423 |
Distributions receivable |  |  | 508 |  |  |  | 565 |
Due from affiliate |  |  | 142 |  |  |  | — |
Prepaid expenses and other assets |  |  | 20 |  |  |  | 894 |
Total assets |  |  | 1,359,059 |  |  |  | 1,179,611 |
Liabilities |  |  |  |  |  |
Credit Facility payable, at fair value (cost— $260,855 and $9,400, respectively) |  |  | 260,917 |  |  |  | 9,400 |
2031 Asset-Backed Debt, net (par—$228,000) |  |  | 226,917 |  |  |  | 226,759 |
2026 Notes payable, net (par—$185,000) |  |  | 183,248 |  |  |  | 183,054 |
Interest payable on debt |  |  | 6,520 |  |  |  | 8,615 |
Distributions payable |  |  | 6,020 |  |  |  | 6,020 |
Payable for investments purchased |  |  | 5,578 |  |  |  | 4,905 |
Incentive fee payable |  |  | 4,863 |  |  |  | 4,628 |
Base management fee payable |  |  | 2,951 |  |  |  | 2,759 |
Deferred tax liability |  |  | 1,794 |  |  |  | 1,794 |
Accounts payable and accrued expenses |  |  | 1,746 |  |  |  | 1,287 |
Due to affiliates |  |  | 492 |  |  |  | 566 |
2023 Notes payable, at fair value (par—$0 and $76,219, respectively) |  |  | — |  |  |  | 76,219 |
Total liabilities |  |  | 701,046 |  |  |  | 526,006 |
Commitments and contingencies (See Note 11) |  |  |  |  |  |
Net assets |  |  |  |  |  |
Common stock, 58,734,702 and 58,734,702 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized |  |  | 59 |  |  |  | 59 |
Paid-in capital in excess of par value |  |  | 765,187 |  |  |  | 765,187 |
Accumulated deficit |  |  | (107,233 | ) |  |  | (111,641 | )
Total net assets |  | $ | 658,013 |  |  | $ | 653,605 |
Total liabilities and net assets |  | $ | 1,359,059 |  |  | $ | 1,179,611 |
Net asset value per share |  | $ | 11.20 |  |  | $ | 11.13 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEM ENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Investment income: |  |  |  |  |  |
From non-controlled, non-affiliated investments: |  |  |  |  |  |
Interest |  | $ | 23,768 |  |  | $ | 20,735 |
Dividend |  |  | 508 |  |  |  | 577 |
Other income |  |  | 1,763 |  |  |  | 142 |
From controlled, affiliated investments: |  |  |  |  |  |
Interest |  |  | 8,434 |  |  |  | 6,909 |
Dividend |  |  | 3,500 |  |  |  | 2,975 |
Total investment income |  |  | 37,973 |  |  |  | 31,338 |
Expenses: |  |  |  |  |  |
Interest and expenses on debt |  |  | 8,942 |  |  |  | 9,858 |
Performance-based incentive fee |  |  | 4,863 |  |  |  | 3,433 |
Base management fee |  |  | 2,951 |  |  |  | 2,931 |
General and administrative expenses |  |  | 988 |  |  |  | 706 |
Administrative services expenses |  |  | 626 |  |  |  | 144 |
Expenses before provision for taxes |  |  | 18,370 |  |  |  | 17,072 |
Provision for taxes on net investment income |  |  | 154 |  |  |  | 534 |
Total expenses |  |  | 18,524 |  |  |  | 17,606 |
Net investment income |  |  | 19,449 |  |  |  | 13,732 |
Realized and unrealized gain (loss) on investments and debt: |  |  |  |  |  |
Net realized gain (loss) on: |  |  |  |  |  |
Non-controlled, non-affiliated investments |  |  | (3,089 | ) |  |  | 63 |
Non-controlled and controlled, affiliated investments |  |  | — |  |  |  | — |
Net realized gain (loss) on investments |  |  | (3,089 | ) |  |  | 63 |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
Non-controlled, non-affiliated investments |  |  | 5,228 |  |  |  | (12,693 | )
Controlled and non-controlled, affiliated investments |  |  | 943 |  |  |  | (4,064 | )
Provision for taxes on unrealized appreciation (depreciation) on investments |  |  | — |  |  |  | (725 | )
Debt (appreciation) depreciation |  |  | (62 | ) |  |  | 2,067 |
Net change in unrealized appreciation (depreciation) on investments and debt |  |  | 6,109 |  |  |  | (15,415 | )
Net realized and unrealized gain (loss) from investments and debt |  |  | 3,020 |  |  |  | (15,352 | )
Net increase (decrease) in net assets resulting from operations |  | $ | 22,469 |  |  | $ | (1,620 | )
Net increase (decrease) in net assets resulting from operations per common share (See Note 7) |  | $ | 0.38 |  |  | $ | (0.04 | )
Net investment income per common share |  | $ | 0.33 |  |  | $ | 0.30 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS O F CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Net increase (decrease) in net assets from operations: |  |  |  |  |  |
Net investment income |  | $ | 19,449 |  |  | $ | 13,732 |
Net realized gain (loss) on investments |  |  | (3,089 | ) |  |  | 63 |
Net change in unrealized appreciation (depreciation) on investments |  |  | 6,171 |  |  |  | (16,757 | )
Net change in provision for taxes on unrealized appreciation (depreciation) on investments |  |  | — |  |  |  | (725 | )
Net change in unrealized (appreciation) depreciation on debt |  |  | (62 | ) |  |  | 2,067 |
Net increase (decrease) in net assets resulting from operations |  |  | 22,469 |  |  |  | (1,620 | )
Distributions to stockholders: |  |  |  |  |  |
Distribution of net investment income |  |  | (18,061 | ) |  |  | (12,932 | )
Total distributions to stockholders |  |  | (18,061 | ) |  |  | (12,932 | )
Capital transactions |  |  |  |  |  |
Public offering |  |  | — |  |  |  | 995 |
Offering costs |  |  | — |  |  |  | (5 | )
Net increase in net assets resulting from capital transactions |  |  | — |  |  |  | 990 |
Net increase (decrease) in net assets |  |  | 4,408 |  |  |  | (13,562 | )
Net assets: |  |  |  |  |  |
Beginning of period |  |  | 653,605 |  |  |  | 527,092 |
End of period |  | $ | 658,013 |  |  | $ | 513,530 |
Capital share activity: |  |  |  |  |  |
Shares issued from public offering |  |  | — |  |  |  | 86,177 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEM ENTS OF CASH FLOWS

(in thousands)

(Unaudited)

|  | Three months ended December 31, |
|  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 22,469 |  |  | $ | (1,620 | )
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |  |  |  |  |  |
Net change in unrealized appreciation (depreciation) on investments |  |  | (6,171 | ) |  |  | 16,757 |
Net change in unrealized (appreciation) depreciation on debt |  |  | 62 |  |  |  | (2,067 | )
Net realized (gain) loss on investments |  |  | 3,089 |  |  |  | (63 | )
Net accretion of discount and amortization of premium |  |  | (1,026 | ) |  |  | (944 | )
Purchases of investments |  |  | (302,598 | ) |  |  | (65,587 | )
Payment-in-kind interest |  |  | (867 | ) |  |  | (56 | )
Proceeds from dispositions of investments |  |  | 103,803 |  |  |  | 62,998 |
Amortization of deferred financing costs |  |  | 352 |  |  |  | 352 |
(Increase) decrease in: |  |  |  |  |  |
Interest receivable |  |  | (1,213 | ) |  |  | (1,193 | )
Distribution receivable |  |  | 57 |  |  |  | (577 | )
Receivable for investments sold |  |  | — |  |  |  | (8,912 | )
Prepaid expenses and other assets |  |  | 874 |  |  |  | (197 | )
Due from affiliate |  |  | (142 | ) |  |  | — |
Increase (decrease) in: |  |  |  |  |  |
Payable for investments purchased |  |  | 673 |  |  |  | 9,990 |
Interest payable on debt |  |  | (2,095 | ) |  |  | (2,088 | )
Base management fee payable |  |  | 192 |  |  |  | (96 | )
Incentive fee payable |  |  | 235 |  |  |  | 269 |
Deferred tax liability |  |  | — |  |  |  | 725 |
Due to affiliates |  |  | (74 | ) |  |  | (1,486 | )
Account payable and accrued expenses |  |  | 459 |  |  |  | 72 |
Net cash provided by (used in) operating activities |  |  | (181,921 | ) |  |  | 6,277 |
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from public offering |  |  | — |  |  |  | 995 |
Offering costs |  |  | — |  |  |  | (15 | )
Distributions paid to stockholders |  |  | (18,061 | ) |  |  | (12,924 | )
Repayment of 2023 notes payable |  |  | (76,219 | ) |  |  | (20,787 | )
Borrowings under Credit Facility |  |  | 251,455 |  |  |  | 30,000 |
Repayments under Credit Facility |  |  | — |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 157,175 |  |  |  | (2,731 | )
Net increase (decrease) in cash and cash equivalents |  |  | (24,746 | ) |  |  | 3,546 |
Effect of exchange rate changes on cash |  |  | 17 |  |  |  | 23 |
Cash and cash equivalents, beginning of period |  |  | 100,555 |  |  |  | 51,488 |
Cash and cash equivalents, end of period |  | $ | 75,826 |  |  | $ | 55,057 |
Supplemental disclosures: |  |  |  |  |  |
Interest paid |  | $ | 10,685 |  |  | $ | 11,594 |
Taxes paid |  | $ | 160 |  |  | $ | 5 |
Non-cash exchanges and conversions |  | $ | 5,067 |  |  | $ | — |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHED ULE OF INVESTMENTS

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—148.1% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt—129.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.96 | % |  | 3M SOFR+660 |  |  |  | 1,516 |  |  | $ | 1,497 |  |  | $ | 1,509 |
A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9) |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 748 |  |  |  | — |  |  |  | (4 | )
A1 Garage Merger Sub, LLC - Unfunded Term Loan |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 528 |  |  |  | — |  |  |  | 5 |
ACP Avenu Buyer, LLC |  | 10/02/2029 |  | IT Services |  |  | 11.64 | % |  | 3M SOFR+625 |  |  |  | 10,313 |  |  |  | 10,124 |  |  |  | 10,055 |
ACP Avenu Buyer, LLC (Revolver) (7), (9) |  | 10/02/2029 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 3,807 |  |  |  | — |  |  |  | (95 | )
ACP Avenu Buyer, LLC - Unfunded Term Loan |  | 10/02/2029 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 9,517 |  |  |  | — |  |  |  | (107 | )
ACP Falcon Buyer, LLC (Revolver) (7), (9) |  | 08/01/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,096 |  |  |  | — |  |  |  | (34 | )
Ad.net Acquisition, LLC |  | 05/07/2026 |  | Media |  |  | 11.61 | % |  | 3M SOFR+626 |  |  |  | 4,875 |  |  |  | 4,837 |  |  |  | 4,851 |
Ad.net Acquisition, LLC (Revolver) (7) |  | 05/07/2026 |  | Media |  |  | 11.61 | % |  | 3M SOFR+626 |  |  |  | 622 |  |  |  | 622 |  |  |  | 619 |
Ad.net Acquisition, LLC (Revolver) (7), (9) |  | 05/07/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 622 |  |  |  | — |  |  |  | (3 | )
Aeronix, Inc. |  | 12/18/2028 |  | Aerospace and Defense |  |  | 10.88 | % |  | 3M SOFR+550 |  |  |  | 49,000 |  |  |  | 48,271 |  |  |  | 48,265 |
Aeronix, Inc. (Revolver) (9) |  | 1 2/18/2028 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 6,099 |  |  |  | — |  |  |  | — |
AFC Dell Holding Corp. |  | 04/09/2027 |  | Distributors |  |  | 11.71 | % |  | 3M SOFR+640 |  |  |  | 3,865 |  |  |  | 3,813 |  |  |  | 3,812 |
AFC Dell Holding Corp. - Unfunded Term Loan |  | 04/09/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 22,497 |  |  |  | — |  |  |  | — |
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) |  | 06/10/2025 |  | Media |  |  | 11.75 | % |  | 3M SOFR+640 |  |  |  | 13,922 |  |  |  | 13,836 |  |  |  | 13,713 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 05/23/2024 |  | Media |  |  | 11.00 | % |  | 3M SOFR+565 |  |  |  | 13,591 |  |  |  | 13,572 |  |  |  | 13,455 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 05/23/2024 |  | Media |  |  | 12.00 | % |  | 3M SOFR+665 |  |  |  | 2,183 |  |  |  | 2,169 |  |  |  | 2,172 |
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9) |  | 05/23/2024 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,869 |  |  |  | — |  |  |  | (29 | )
Any Hour Services |  | 07/21/2027 |  | Energy Equipment and Services |  |  | 11.23 | % |  | 3M SOFR+585 |  |  |  | 6,378 |  |  |  | 6,310 |  |  |  | 6,314 |
Any Hour Services (Revolver) (7), (9) |  | 07/21/2027 |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 1,147 |  |  |  | — |  |  |  | (11 | )
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.28 | % |  | 3M SOFR+615 |  |  |  | 9,449 |  |  |  | 9,345 |  |  |  | 9,260 |
Applied Technical Services, LLC (Revolver) (7) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 13.25 | % |  | 3M SOFR+475 |  |  |  | 732 |  |  |  | 732 |  |  |  | 717 |
Applied Technical Services, LLC (Revolver) (7), (9) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 541 |  |  |  | — |  |  |  | (11 | )
Arcfield Acquisition Corp. |  | 08/03/2029 |  | Aerospace and Defense |  |  | 11.64 | % |  | 1M SOFR+625 |  |  |  | 5,996 |  |  |  | 5,908 |  |  |  | 5,936 |
Arcfield Acquisition Corp. (Revolver) (9) |  | 08/04/2028 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,379 |  |  |  | — |  |  |  | (14 | )
Beta Plus Technologies, Inc. |  | 07/01/2029 |  | Internet Software and Services |  |  | 11.10 | % |  | 1M SOFR+575 |  |  |  | 4,938 |  |  |  | 4,853 |  |  |  | 4,740 |
BioDerm, Inc. (Revolver) (7) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | 11.84 | % |  | 1M SOFR+650 |  |  |  | 268 |  |  |  | 268 |  |  |  | 265 |
BioDerm, Inc. (Revolver) (9) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 804 |  |  |  | — |  |  |  | (8 | )
Blackhawk Industrial Distribution, Inc. |  | 09/17/2026 |  | Distributors |  |  | 11.49 | % |  | 3M SOFR+565 |  |  |  | 5,302 |  |  |  | 5,256 |  |  |  | 5,236 |
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 2,337 |  |  |  | — |  |  |  | (6 | )
Blackhawk Industrial Distribution, Inc. (Revolver) (7) |  | 09/17/2026 |  | Distributors |  |  | 13.75 | % |  | 3M SOFR+525 |  |  |  | 823 |  |  |  | 823 |  |  |  | 813 |
Blackhawk Industrial Distribution, Inc. (9) |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,920 |  |  |  | — |  |  |  | (24 | )
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  | Aerospace and Defense |  |  | 12.01 | % |  | 3M SOFR+665 |  |  |  | 5,408 |  |  |  | 5,366 |  |  |  | 5,299 |
Broder Bros., Co. |  | 12/04/2025 |  | Textiles, Apparel and Luxury Goods |  |  | 11.61 | % |  | 3M SOFR+626 |  |  |  | 3,302 |  |  |  | 3,302 |  |  |  | 3,302 |
By Light Professional IT Services, LLC |  | 05/16/2025 |  | High Tech Industries |  |  | 12.40 | % |  | 3M SOFR+688 |  |  |  | 25,148 |  |  |  | 24,995 |  |  |  | 24,645 |
By Light Professional IT Services, LLC (Revolver) (7)(9) |  | 05/16/2025 |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 3,507 |  |  |  | — |  |  |  | (70 | )
Carisk Buyer, Inc. |  | 12/01/2029 |  | Healthcare Technology |  |  | 11.10 | % |  | 3M SOFR+575 |  |  |  | 5,500 |  |  |  | 5,418 |  |  |  | 5,418 |
Carisk Buyer, Inc. - Unfunded Term Loan |  | 12/01/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 4,813 |  |  |  | — |  |  |  | (24 | )
Carisk Buyer, Inc. (Revolver) (7)(9) |  | 12/01/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,750 |  |  |  | — |  |  |  | (26 | )
Cartessa Aesthetics, LLC |  | 06/14/2028 |  | Distributors |  |  | 11.10 | % |  | 1M SOFR+575 |  |  |  | 13,043 |  |  |  | 12,882 |  |  |  | 13,043 |
Cartessa Aesthetics, LLC (Revolver) (7) |  | 06/14/2028 |  | Distributors |  |  | 11.10 | % |  | 1M SOFR+575 |  |  |  | 511 |  |  |  | 511 |  |  |  | 511 |
Cartessa Aesthetics, LLC (Revolver) (7)(9) |  | 06/14/2028 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 927 |  |  |  | — |  |  |  | - |
CF512, Inc. |  | 08/20/2026 |  | Media |  |  | 11.55 | % |  | 3M SOFR+619 |  |  |  | 5,964 |  |  |  | 5,921 |  |  |  | 5,845 |
CF512, Inc. (Revolver) (7), (9) |  | 08/20/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | (19 | )
CHA Holdings, Inc. |  | 04/10/2025 |  | Environmental Industries |  |  | 9.97 | % |  | 3M SOFR+461 |  |  |  | 1,560 |  |  |  | 1,558 |  |  |  | 1,560 |
Challenger Performance Optimization, Inc. |  | 08/31/2024 |  | Business Services |  |  | 13.19 | % |  | 3M SOFR+775 |  |  |  | 236 |  |  |  | 236 |  |  |  | 228 |
Compex Legal Services, Inc. |  | 02/09/2026 |  | Professional Services |  |  | 10.96 | % |  | 3M SOFR+555 |  |  |  | 8,902 |  |  |  | 8,871 |  |  |  | 8,902 |
Compex Legal Services, Inc. (Revolver) (7) |  | 02/07/2025 |  | Professional Services |  |  | 10.92 | % |  | 3M SOFR+555 |  |  |  | 422 |  |  |  | 422 |  |  |  | 422 |
Compex Legal Services, Inc. (Revolver) (7), (9) |  | 02/07/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 984 |  |  |  | — |  |  |  | — |
Connatix Buyer, Inc. |  | 07/13/2027 |  | Media |  |  | 11.14 | % |  | 3M SOFR+576 |  |  |  | 3,805 |  |  |  | 3,755 |  |  |  | 3,634 |
Connatix Buyer, Inc. (7), (9) |  | 07/13/2027 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,234 |  |  |  | — |  |  |  | (56 | )
Crane 1 Services, Inc. |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | 10.36 | % |  | 3M SOFR+501 |  |  |  | 880 |  |  |  | 868 |  |  |  | 876 |
Crane 1 Services, Inc. (Revolver) (7) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | 10.36 | % |  | 3M SOFR+501 |  |  |  | 135 |  |  |  | 135 |  |  |  | 134 |
Crane 1 Services, Inc. (Revolver) (7) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | (1 | )
Dr. Squatch, LLC |  | 08/31/2027 |  | Personal Products |  |  | 11.20 | % |  | 3M SOFR+585 |  |  |  | 4,372 |  |  |  | 4,321 |  |  |  | 4,372 |
Dr. Squatch, LLC (Revolver) (7), (9) |  | 08/31/2027 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,353 |  |  |  | — |  |  |  | — |
DRS Holdings III, Inc. |  | 11/03/2025 |  | Chemicals, Plastics and Rubber |  |  | 11.75 | % |  | 3M SOFR+640 |  |  |  | 15,993 |  |  |  | 15,884 |  |  |  | 15,817 |
DRS Holdings III, Inc. (Revolver) (7), (9) |  | 11/03/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,426 |  |  |  | — |  |  |  | (16 | )
Duraco Specialty Tapes LLC |  | 06/30/2024 |  | Containers and Packaging |  |  | 11.96 | % |  | 3M SOFR+650 |  |  |  | 3,436 |  |  |  | 3,411 |  |  |  | 3,381 |
ECL Entertainment, LLC |  | 08/31/2030 |  | Hotels, Restaurants and Leisure |  |  | 10.11 | % |  | 1M SOFR+475 |  |  |  | 4,988 |  |  |  | 4,900 |  |  |  | 4,991 |
EDS Buyer, LLC - Unfunded Term Loan |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 6,750 |  |  |  | — |  |  |  | 17 |
EDS Buyer, LLC. (Revolver) (7), (9) |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,025 |  |  |  | — |  |  |  | (20 | )
Efficient Collaborative Retail Marketing Company, LLC |  | 06/15/2024 |  | Media: Diversified and Production |  |  | 15.97 | % |  | 3M SOFR+1050 |  |  |  | 8,150 |  |  |  | 8,164 |  |  |  | 5,705 |
ETE Intermediate II, LLC (Revolver) (9) |  | 05/25/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,656 |  |  |  | — |  |  |  | - |
Exigo Intermediate II, LLC (Revolver) (9) |  | 03/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 689 |  |  |  | — |  |  |  | (10 | )
Five Star Buyer, Inc. |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | 12.46 | % |  | 3M SOFR+710 |  |  |  | 4,536 |  |  |  | 4,459 |  |  |  | 4,468 |
Five Star Buyer, Inc. - DDTL B Unfunded |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 837 |  |  |  | - |  |  |  | (13 | )
Five Star Buyer, Inc. (Revolver) (9) |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 741 |  |  |  | - |  |  |  | (11 | )
Gauge ETE Blocker, LLC - Promissory Note |  | 05/19/2029 |  | Diversified Consumer Services |  |  | 12.56 | % |  |  | — |  |  |  | 215 |  |  |  | 215 |  |  |  | 215 |
Global Holdings InterCo LLC |  | 03/16/2026 |  | Diversified Financial Services |  |  | 11.46 | % |  | 3M SOFR+610 |  |  |  | 3,271 |  |  |  | 3,245 |  |  |  | 3,107 |
Graffiti Buyer, Inc. |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | 10.98 | % |  | 3M SOFR+560 |  |  |  | 1,066 |  |  |  | 1,056 |  |  |  | 1,055 |
Graffiti Buyer, Inc. (Revolver) (7) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | 10.97 | % |  | 3M SOFR+560 |  |  |  | 298 |  |  |  | 298 |  |  |  | 295 |
Graffiti Buyer, Inc. (Revolver) (7), (9) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 567 |  |  |  | — |  |  |  | (6 | )

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.95 | % |  | 3M SOFR+560 |  |  |  | 4,172 |  |  | $ | 4,116 |  |  | $ | 4,005 |
Hancock Roofing and Construction L.L.C. (Revolver) (7) |  | 12/31/2026 |  | Insurance |  |  | 10.96 | % |  | 3M SOFR+560 |  |  |  | 335 |  |  |  | 335 |  |  |  | 322 |
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) |  | 12/31/2026 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 415 |  |  |  | — |  |  |  | (17 | )
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.71 | % |  | 3M SOFR+635 |  |  |  | 13,624 |  |  |  | 13,400 |  |  |  | 13,531 |
Holdco Sands Intermediate, LLC (Revolver) (9) |  | 11/23/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,791 |  |  |  | — |  |  |  | (18 | )
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.82 | % |  | 1M SOFR+640 |  |  |  | 9,000 |  |  |  | 8,978 |  |  |  | 8,865 |
HW Holdco, LLC (Revolver) |  | 12/10/2024 |  | Media |  |  | 11.79 | % |  | 1M SOFR+640 |  |  |  | 116 |  |  |  | 116 |  |  |  | 114 |
HW Holdco, LLC (Revolver) (7), (9) |  | 12/10/2024 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,335 |  |  |  | — |  |  |  | (20 | )
IG Investments Holdings, LLC (7) |  | 09/22/2028 |  | Professional Services |  |  | 11.48 | % |  | 3M SOFR+610 |  |  |  | 4,417 |  |  |  | 4,351 |  |  |  | 4,350 |
IG Investments Holdings, LLC (Revolver) (7), (9) |  | 09/22/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 477 |  |  |  | — |  |  |  | (7 | )
Imagine Acquisitionco, LLC (9) |  | 11/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,657 |  |  |  | — |  |  |  | (8 | )
Imagine Acquisitionco, LLC (Revolver) (9) |  | 11/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | — |  |  |  | (18 | )
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.64 | % |  | 3M SOFR+725 |  |  |  | 15,766 |  |  |  | 15,652 |  |  |  | 15,766 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.21 | % |  | 3M SOFR+685 |  |  |  | 2,084 |  |  |  | 2,084 |  |  |  | 2,084 |
Infinity Home Services Holdco, Inc. (CAD) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.25 | % |  | 3M SOFR+675 |  |  | CAD 1,450 |  |  |  | 1,043 |  |  |  | 1,080 |
Infinity Home Services Holdco, Inc. - Unfunded Term Loan |  | 02/15/2024 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,135 |  |  |  | — |  |  |  | — |
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan |  | 11/17/2025 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 6,122 |  |  |  | — |  |  |  | (31 | )
Infinity Home Services Holdco, Inc. (Revolver) (9) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,292 |  |  |  | — |  |  |  | — |
Infolinks Media Buyco, LLC |  | 11/01/2026 |  | Media |  |  | 11.21 | % |  | 3M SOFR+585 |  |  |  | 2,940 |  |  |  | 2,906 |  |  |  | 2,940 |
Integrative Nutrition, LLC |  | 01/31/2025 |  | Consumer Services |  |  | 12.50 | % |  | 3M SOFR+715 |  |  |  | 15,557 |  |  |  | 15,499 |  |  |  | 14,468 |
Integrity Marketing Acquisition, LLC |  | 08/27/2026 |  | Insurance |  |  | 11.53 | % |  | 3M SOFR+615 |  |  |  | 16,182 |  |  |  | 16,073 |  |  |  | 16,020 |
Integrity Marketing Acquisition, LLC - Unfunded Term Loan |  | 08/31/2025 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 7,440 |  |  |  | — |  |  |  | (37 | )
Integrity Marketing Acquisition, LLC (Revolver) (7), (9) |  | 08/27/2026 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 511 |  |  |  | — |  |  |  | — |
ITI Holdings, Inc. (Revolver) |  | 03/03/2028 |  | IT Services |  |  | 12.07 | % |  | 3M SOFR+560 |  |  |  | 500 |  |  |  | 500 |  |  |  | 485 |
ITI Holdings, Inc. (Revolver) (9) |  | 03/03/2028 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | (5 | )
Inventus Power, Inc. |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  |  | 12.97 | % |  | 3M SOFR+761 |  |  |  | 4,975 |  |  |  | 4,893 |  |  |  | 4,875 |
Inventus Power, Inc. (Revolver) (7), (9) |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,729 |  |  |  | — |  |  |  | (35 | )
K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9) |  | 01/31/2024 |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 1,429 |  |  |  | — |  |  |  | — |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.50 | % |  | 3M SOFR+615 |  |  |  | 17,210 |  |  |  | 16,970 |  |  |  | 17,124 |
Kinetic Purchaser, LLC - (Revolver) (9) |  | 11/10/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,435 |  |  |  | — |  |  |  | (17 | )
Lash OpCo, LLC |  | 02/18/2027 |  | Personal Products |  |  | 12.48 | % |  | 1M SOFR+700 |  |  |  | 10,378 |  |  |  | 10,250 |  |  |  | 10,326 |
Lash OpCo, LLC (Revolver) (7) |  | 08/16/2026 |  | Personal Products |  |  | 12.53 | % |  | 1M SOFR+700 |  |  |  | 2,086 |  |  |  | 2,086 |  |  |  | 2,076 |
Lash OpCo, LLC (Revolver) (7), (9) |  | 08/16/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 986 |  |  |  | — |  |  |  | (5 | )
LAV Gear Holdings, Inc. |  | 10/31/2025 |  | Capital Equipment |  |  | 11.81 | % |  | 1M SOFR+640 |  |  |  | 13,104 |  |  |  | 13,099 |  |  |  | 12,816 |
|  |  |  |  |  | (PIK 5.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (Revolver) (7) |  | 10/31/2025 |  | Capital Equipment |  |  | 11.78 | % |  | 1M SOFR+640 |  |  |  | 1,721 |  |  |  | 1,721 |  |  |  | 1,683 |
|  |  |  |  |  | (PIK 5.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Ledge Lounger, Inc. |  | 11/09/2026 |  | Leisure Products |  |  | 12.00 | % |  | 3M SOFR+665 |  |  |  | 3,700 |  |  |  | 3,675 |  |  |  | 3,663 |
Ledge Lounger, Inc. (Revolver) |  | 11/09/2026 |  | Leisure Products |  |  | 12.00 | % |  | 3M SOFR+665 |  |  |  | 592 |  |  |  | 592 |  |  |  | 586 |
Ledge Lounger, Inc. (Revolver) (9) |  | 11/09/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 197 |  |  |  | — |  |  |  | (2 | )
Lightspeed Buyer Inc. |  | 02/03/2026 |  | Healthcare Technology |  |  | 10.71 | % |  | 1M SOFR+535 |  |  |  | 22,484 |  |  |  | 22,249 |  |  |  | 22,372 |
Lightspeed Buyer Inc. (Revolver) (7) (9) |  | 02/03/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 2,499 |  |  |  | — |  |  |  | (12 | )
LJ Avalon Holdings, LLC |  | 0 2/01/2030 |  | Construction & Engineering |  |  | 11.86 | % |  | 3M SOFR+640 |  |  |  | 1,101 |  |  |  | 1,088 |  |  |  | 1,079 |
LJ Avalon Holdings, LLC - Unfunded Term Loan |  | 07/31/2024 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,721 |  |  |  | — |  |  |  | (9 | )
LJ Avalon Holdings, LLC (Revolver) (9) |  | 01/31/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,130 |  |  |  | — |  |  |  | (23 | )
Loving Tan Intermediate II, Inc. |  | 05/31/2028 |  | Personal Products |  |  | 12.35 | % |  | 3M SOFR+700 |  |  |  | 19,215 |  |  |  | 18,861 |  |  |  | 19,022 |
Loving Tan Intermediate II, Inc. (Revolver) |  | 05/31/2028 |  | Personal Products |  |  | 12.35 | % |  | 3M SOFR+700 |  |  |  | 1,861 |  |  |  | 1,861 |  |  |  | 1,842 |
Loving Tan Intermediate II, Inc. (Revolver)(7)(9) |  | 05/31/2028 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,523 |  |  |  | — |  |  |  | (15 | )
Lucky Bucks, LLC - First-out Term Loan |  | 10/02/2028 |  | Hotels, Restaurants and Leisure |  |  | 13.03 | % |  | 3M SOFR+765 |  |  |  | 261 |  |  |  | 261 |  |  |  | 261 |
Lucky Bucks, LLC - Last-out Term Loan |  | 10/02/2029 |  | Hotels, Restaurants and Leisure |  |  | 13.03 | % |  | 3M SOFR+765 |  |  |  | 522 |  |  |  | 522 |  |  |  | 522 |
MAG DS Corp. |  | 04/01/2027 |  | Aerospace and Defense |  |  | 10.95 | % |  | 1M SOFR+550 |  |  |  | 3,664 |  |  |  | 3,561 |  |  |  | 3,499 |
Mars Acquisition Holdings Corp. |  | 05/14/2026 |  | Media |  |  | 11.00 | % |  | 3M SOFR+565 |  |  |  | 8,706 |  |  |  | 8,603 |  |  |  | 8,706 |
Mars Acquisition Holdings Corp. (Revolver)(7)(9) |  | 05/14/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,435 |  |  |  | — |  |  |  | - |
MBS Holdings, Inc. (Revolver) |  | 04/16/2027 |  | Internet Software and Services |  |  | 11.21 | % |  | 3M SOFR+585 |  |  |  | 694 |  |  |  | 694 |  |  |  | 684 |
MBS Holdings, Inc. (Revolver)(7)(9) |  | 04/16/2027 |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 463 |  |  |  | — |  |  |  | (7 | )
MDI Buyer, Inc. |  | 07/25/2028 |  | Commodity Chemicals |  |  | 11.63 | % |  | 3M SOFR+625 |  |  |  | 2,036 |  |  |  | 1,999 |  |  |  | 1,986 |
MDI Buyer, inc. (Revolver) (7) |  | 07/25/2028 |  | Commodity Chemicals |  |  | 11.39 | % |  | 3M SOFR+600 |  |  |  | 273 |  |  |  | 273 |  |  |  | 266 |
MDI Buyer, inc. (Revolver) (9) |  | 07/25/2028 |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 500 |  |  |  | — |  |  |  | (8 | )
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.00 | % |  | 3M SOFR+565 |  |  |  | 1,973 |  |  |  | 1,950 |  |  |  | 1,914 |
Meadowlark Acquirer, LLC - Term Loan II |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 9,483 |  |  |  | — |  |  |  | (190 | )
Meadowlark Acquirer, LLC (Revolver) (9) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | — |  |  |  | (51 | )
Medina Health, LLC |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | 11.60 | % |  | 3M SOFR+625 |  |  |  | 17,954 |  |  |  | 17,647 |  |  |  | 17,595 |
Medina Health, LLC (Revolver) (7) |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | 11.60 | % |  | 3M SOFR+625 |  |  |  | 778 |  |  |  | 778 |  |  |  | 762 |
Medina Health, LLC (Revolver) (9) |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,409 |  |  |  | — |  |  |  | (88 | )
Mission Critical Electronics, Inc. |  | 03/28/2024 |  | Capital Equipment |  |  | 11.23 | % |  | 3M SOFR +590 |  |  |  | 3,562 |  |  |  | 3,556 |  |  |  | 3,562 |
Mission Critical Electronics, Inc. (9) |  | 03/28/2024 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 707 |  |  |  | — |  |  |  | 3 |
Mission Critical Electronics, Inc. (Revolver) (7), (9) |  | 03/28/2024 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 1,325 |  |  |  | — |  |  |  | — |
Municipal Emergency Services, Inc. |  | 10/01/2027 |  | Distributors |  |  | 10.51 | % |  | 3M SOFR+515 |  |  |  | 1,178 |  |  |  | 1,143 |  |  |  | 1,177 |
Municipal Emergency Services, Inc. - Unfunded Term Loan A |  | 12/16/2024 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 387 |  |  |  | — |  |  |  | — |
Municipal Emergency Services, Inc. - Unfunded Term Loan B |  | 12/16/2024 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,264 |  |  |  | — |  |  |  | (1 | )
Municipal Emergency Services, Inc. (Revolver) (7), (9) |  | 10/01/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 947 |  |  |  | — |  |  |  | (1 | )

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Neptune Flood Incorporated (Revolver) (9) |  | 05/09/2029 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 541 |  |  | $ | - |  |  | $ | - |
NBH Group LLC (Revolver) (7), (9) |  | 08/19/2026 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,677 |  |  |  | — |  |  |  | (101 | )
NORA Acquisition, LLC |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | 11.70 | % |  | 3M SOFR+635 |  |  |  | 19,950 |  |  |  | 19,566 |  |  |  | 19,651 |
NORA Acquisition, LLC (Revolver) (7), (9) |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,479 |  |  |  | — |  |  |  | (82 | )
Omnia Exterior Solutions, LLC |  | 12/29/2029 |  | Diversified Consumer Services |  |  | 10.85 | % |  | 3M SOFR+550 |  |  |  | 6,500 |  |  |  | 6,403 |  |  |  | 6,403 |
Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 |  | 03/28/2024 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 5,200 |  |  |  | — |  |  |  | — |
Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 |  | 12/29/2025 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 9,100 |  |  |  | — |  |  |  | — |
Omnia Exterior Solutions, LLC (Revolver) (7), (9) |  | 12/29/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,600 |  |  |  | — |  |  |  | — |
One Stop Mailing, LLC |  | 05/07/2027 |  | Air Freight and Logistics |  |  | 11.72 | % |  | 3M SOFR+636 |  |  |  | 8,493 |  |  |  | 8,381 |  |  |  | 8,493 |
ORL Acquisition, Inc. (7) |  | 09/03/2027 |  | Consumer Finance |  |  | 12.75 | % |  | 3M SOFR+740 |  |  |  | 4,888 |  |  |  | 4,820 |  |  |  | 4,154 |
ORL Acquisition, Inc. (Revolver) (7), (9) |  | 09/03/2027 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 861 |  |  |  | — |  |  |  | (129 | )
OSP Embedded Purchaser, LLC |  | 12/15/2029 |  | Aerospace and Defense |  |  | 11.20 | % |  | 3M SOFR+585 |  |  |  | 12,900 |  |  |  | 12,675 |  |  |  | 12,674 |
OSP Embedded Purchaser, LLC (Revolver) (9) |  | 12/15/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 2,932 |  |  |  | — |  |  |  | — |
Output Services Group, Inc. - First-out Term Loan |  | 11/30/2028 |  | Business Services |  |  | 13.82 | % |  | 3M SOFR+843 |  |  |  | 521 |  |  |  | 521 |  |  |  | 521 |
Output Services Group, Inc. - Last-out Term Loan |  | 05/30/2028 |  | Business Services |  |  | 12.07 | % |  | 3M SOFR+668 |  |  |  | 1,058 |  |  |  | 1,058 |  |  |  | 1,058 |
Owl Acquisition, LLC |  | 02/04/2028 |  | Professional Services |  |  | 10.75 | % |  | 3M SOFR+550 |  |  |  | 3,893 |  |  |  | 3,802 |  |  |  | 3,834 |
Ox Two, LLC |  | 05/18/2026 |  | Construction and Building |  |  | 12.86 | % |  | 1M SOFR+751 |  |  |  | 22,736 |  |  |  | 22,531 |  |  |  | 22,452 |
Ox Two, LLC (Revolver) (9) |  | 05/18/2026 |  | Construction and Building |  |  | — |  |  |  | — |  |  |  | 3,387 |  |  |  | — |  |  |  | (42 | )
Pacific Purchaser, LLC |  | 09/30/2028 |  | Professional Services |  |  | 11.43 | % |  | 3M SOFR+625 |  |  |  | 5,000 |  |  |  | 4,902 |  |  |  | 4,925 |
Pacific Purchaser, LLC - Unfunded Term Loan |  | 09/30/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,598 |  |  |  | — |  |  |  | — |
Pacific Purchaser, LLC - (Revolver) (9) |  | 09/30/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,799 |  |  |  | — |  |  |  | (27 | )
Pequod Merger Sub, Inc. - Unfunded Term Loan |  | 12/02/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 2,847 |  |  |  | — |  |  |  | (57 | )
Pequod Merger Sub, Inc (Revolver) (9) |  | 12/02/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 757 |  |  |  | — |  |  |  | (15 | )
PL Acquisitionco, LLC |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | 12.46 | % |  | 3M SOFR+710 |  |  |  | 5,661 |  |  |  | 5,591 |  |  |  | 5,010 |
PL Acquisitionco, LLC - (Revolver) (9) |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 2,290 |  |  |  | — |  |  |  | (263 | )
PlayPower, Inc. |  | 05/08/2026 |  | Leisure Products |  |  | 11.06 | % |  | 1M SOFR+565 |  |  |  | 3,392 |  |  |  | 3,377 |  |  |  | 3,290 |
Pragmatic Institute, LLC - Unfunded Term Loan |  | 07/06/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,290 |  |  |  | — |  |  |  | (126 | )
Pragmatic Institute, LLC (Revolver) |  | 07/06/2028 |  | Professional Services |  |  | 11.12 | % |  | 3M SOFR+575 |  |  |  | 1,526 |  |  |  | 1,526 |  |  |  | 1,427 |
Quantic Electronics, LLC |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.70 | % |  | 1M SOFR+635 |  |  |  | 6,630 |  |  |  | 6,567 |  |  |  | 6,497 |
Quantic Electronics, LLC (Revolver) (7) |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.70 | % |  | 1M SOFR+635 |  |  |  | 670 |  |  |  | 670 |  |  |  | 657 |
Questex, LLC |  | 09/09/2024 |  | Media: Diversified and Production |  |  | 9.77 | % |  | 3M SOFR+440 |  |  |  | 6,731 |  |  |  | 6,713 |  |  |  | 6,731 |
Questex, LLC (Revolver) (7), (9) |  | 09/09/2024 |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 1,197 |  |  |  | — |  |  |  | — |
Rancho Health MSO, Inc. (Revolver) (7) |  | 12/18/2025 |  | Healthcare Equipment and Supplies |  |  | 11.20 | % |  | 3M SOFR+585 |  |  |  | 210 |  |  |  | 210 |  |  |  | 210 |
Rancho Health MSO, Inc. (Revolver) (7), (9) |  | 12/18/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 315 |  |  |  | — |  |  |  | — |
Recteq, LLC |  | 01/29/2026 |  | Leisure Products |  |  | 12.50 | % |  | 3M SOFR+715 |  |  |  | 1,459 |  |  |  | 1,445 |  |  |  | 1,408 |
Recteq, LLC (Revolver) (7), (9) |  | 01/29/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,296 |  |  |  | — |  |  |  | (45 | )
Research Now Group, Inc. and Dynata, LLC |  | 12/20/2024 |  | Business Services |  |  | 11.14 | % |  | 3M SOFR+576 |  |  |  | 16,917 |  |  |  | 16,848 |  |  |  | 14,972 |
Riverpoint Medical, LLC |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | 10.50 | % |  | 3M SOFR+515 |  |  |  | 7,919 |  |  |  | 7,887 |  |  |  | 7,856 |
Riverpoint Medical, LLC (Revolver) (7) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | 10.46 | % |  | 3M SOFR+510 |  |  |  | 227 |  |  |  | 227 |  |  |  | 225 |
Riverpoint Medical, LLC (Revolver) (7), (9) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 682 |  |  |  | — |  |  |  | (5 | )
Riverside Assessments, LLC |  | 03/10/2025 |  | Professional Services |  |  | 11.25 | % |  | 3M SOFR+590 |  |  |  | 15,159 |  |  |  | 15,055 |  |  |  | 15,008 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | — |  |  |  | — |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9) |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 860 |  |  |  | — |  |  |  | (13 | )
Sales Benchmark Index LLC |  | 01/03/2025 |  | Professional Services |  |  | 11.55 | % |  | 3M SOFR+620 |  |  |  | 2,527 |  |  |  | 2,515 |  |  |  | 2,514 |
Sales Benchmark Index LLC (Revolver) (7), (9) |  | 01/03/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,293 |  |  |  | — |  |  |  | (6 | )
Sargent & Greenleaf Inc. |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 12.96 | % |  | 1M SOFR+760 |  |  |  | 3,410 |  |  |  | 3,399 |  |  |  | 3,393 |
Sargent & Greenleaf Inc. (Revolver) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 12.69 | % |  | 1M SOFR+760 |  |  |  | 597 |  |  |  | 597 |  |  |  | 594 |
Sargent & Greenleaf Inc. (Revolver) (9) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 484 |  |  |  | — |  |  |  | (2 | )
Schlesinger Global, Inc. |  | 07/14/2025 |  | Professional Services |  |  | 12.08 | % |  | 3M SOFR + 715 |  |  |  | 14,490 |  |  |  | 14,436 |  |  |  | 14,019 |
Schlesinger Global, Inc. (Revolver) |  | 07/14/2025 |  | Professional Services |  |  | 12.53 | % |  | 1M SOFR+715 |  |  |  | 1,499 |  |  |  | 1,499 |  |  |  | 1,450 |
Schlesinger Global, Inc. (Revolver) (7), (9) |  | 07/14/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 372 |  |  |  | — |  |  |  | (12 | )
Seaway Buyer, LLC |  | 06/13/2029 |  | Chemicals, Plastics and Rubber |  |  | 11.50 | % |  | 3M SOFR+615 |  |  |  | 1,916 |  |  |  | 1,891 |  |  |  | 1,849 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  | IT Services |  |  | 12.50 | % |  | 3M SOFR+715 |  |  |  | 20,023 |  |  |  | 19,747 |  |  |  | 19,823 |
Sigma Defense Systems, LLC (Revolver) (7) |  | 12/18/2027 |  | IT Services |  |  | 12.50 | % |  | 3M SOFR+715 |  |  |  | 1,572 |  |  |  | 1,572 |  |  |  | 1,557 |
Sigma Defense Systems, LLC (Revolver) (7), (9) |  | 12/18/2027 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,048 |  |  |  | — |  |  |  | (10 | )
Signature Systems Holding Company |  | 05/03/2024 |  | Commercial Services & Supplies |  |  | 12.00 | % |  | 1M SOFR+665 |  |  |  | 8,147 |  |  |  | 8,138 |  |  |  | 8,147 |
Signature Systems Holding Company (Revolver) (9) |  | 05/03/2024 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,747 |  |  |  | — |  |  |  | — |
Skopima Consilio Parent, LLC |  | 05/17/2028 |  | Business Services |  |  | 9.97 | % |  | 1M SOFR+450 |  |  |  | 600 |  |  |  | 588 |  |  |  | 595 |
Smile Brands Inc. |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | 9.98 | % |  | 1M SOFR+450 |  |  |  | 2,431 |  |  |  | 2,431 |  |  |  | 2,128 |
Smile Brands Inc. (Revolver) |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | 9.95 | % |  | 1M SOFR+450 |  |  |  | 588 |  |  |  | 588 |  |  |  | 514 |
Smile Brands Inc. (Revolver) (7), (9) |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 928 |  |  |  | — |  |  |  | (116 | )
Smile Brands Inc. LC (Revolver) (7), (9) |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | (13 | )
Solutionreach, Inc. |  | 07/17/2025 |  | Healthcare Technology |  |  | 12.53 | % |  | 3M SOFR+700 |  |  |  | 4,657 |  |  |  | 4,631 |  |  |  | 4,643 |
Solutionreach, Inc. (Revolver) (7), (9) |  | 07/17/2025 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 833 |  |  |  | — |  |  |  | (2 | )
Spendmend Holdings LLC |  | 03/01/2028 |  | Healthcare Technology |  |  | 11.00 | % |  | 3M SOFR + 565 |  |  |  | 2,056 |  |  |  | 2,033 |  |  |  | 2,034 |
Spendmend Holdings LLC - Unfunded Term Loan |  | 03/01/2024 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,707 |  |  |  | — |  |  |  | (6 | )
Spendmend Holdings LLC (Revolver) |  | 03/01/2028 |  | Healthcare Technology |  |  | 11.02 | % |  | 3M SOFR+565 |  |  |  | 357 |  |  |  | 357 |  |  |  | 353 |
Spendmend Holdings LLC (Revolver) (9) |  | 03/01/2028 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 535 |  |  |  | — |  |  |  | (6 | )
STV Group Incorporated |  | 12/11/2026 |  | Construction & Engineering |  |  | 10.71 | % |  | 1M SOFR+535 |  |  |  | 4,752 |  |  |  | 4,726 |  |  |  | 4,704 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  | Healthcare Providers and Services |  |  | 10.40 | % |  | 1M SOFR+501 |  |  |  | 1,995 |  |  |  | 1,980 |  |  |  | 1,990 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  | Aerospace and Defense |  |  | 11.33 | % |  | 3M SOFR+615 |  |  |  | 18,326 |  |  |  | 18,077 |  |  |  | 18,216 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
System Planning and Analysis, Inc. (Revolver) (9) (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 5,188 |  |  | $ | - |  |  | $ | (31 | )
S101 Holdings, Inc. |  | 12/29/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.55 | % |  | 3M SOFR+615 |  |  |  | 7,742 |  |  |  | 7,626 |  |  |  | 7,625 |
S101 Holdings, Inc. - Unfunded Term Loan |  | 06/15/2024 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 4,152 |  |  |  | — |  |  |  | — |
S101 Holdings, Inc. - Unfunded Term Loan 2 |  | 12/15/2024 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 9,688 |  |  |  | — |  |  |  | — |
Teneo Holdings LLC |  | 07/18/2025 |  |  | Diversified Financial Services |  |  | 10.71 | % |  | 1M SOFR+535 |  |  |  | 5,718 |  |  |  | 5,675 |  |  |  | 5,704 |
The Bluebird Group LLC |  | 07/28/2026 |  |  | Professional Services |  |  | 12.00 | % |  | 3M SOFR+665 |  |  |  | 2,581 |  |  |  | 2,542 |  |  |  | 2,552 |
The Bluebird Group LLC (Revolver) (7), (9) |  | 07/28/2026 |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 862 |  |  |  | — |  |  |  | (9 | )
The Plimpton & Hills Corporation |  | 11/07/2029 |  |  | Distributors |  |  | 11.37 | % |  | 3M SOFR+600 |  |  |  | 17,026 |  |  |  | 16,773 |  |  |  | 16,771 |
The Plimpton & Hills Corporation - Unfunded Term Loan |  | 11/07/2025 |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 10,812 |  |  |  | — |  |  |  | (54 | )
The Vertex Companies, LLC (7) |  | 08/30/2027 |  |  | Construction & Engineering |  |  | 11.46 | % |  | 1M SOFR+610 |  |  |  | 1,974 |  |  |  | 1,945 |  |  |  | 1,968 |
The Vertex Companies, LLC (Revolver) |  | 08/30/2027 |  |  | Construction & Engineering |  |  | 11.46 | % |  | 1M SOFR+610 |  |  |  | 305 |  |  |  | 305 |  |  |  | 304 |
The Vertex Companies, LLC (Revolver) (7), (9) |  | 08/30/2027 |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 606 |  |  |  | — |  |  |  | (2 | )
TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10) |  | 11/24/2025 |  |  | Food Products |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 4,800 |  |  |  | 4,783 |  |  |  | 4,752 |
TransGo, LLC |  | 12/29/2028 |  |  | Auto Components |  |  | 11.35 | % |  | 3M SOFR+600 |  |  |  | 40,000 |  |  |  | 39,401 |  |  |  | 39,400 |
TransGo, LLC (Revolver) (7), (9) |  | 12/29/2028 |  |  | Auto Components |  |  | 0.00 | % |  |  |  |  |  | 5,317 |  |  |  | - |  |  |  | - |
TWS Acquisition Corporation |  | 06/16/2025 |  |  | Diversified Consumer Services |  |  | 11.78 | % |  | 1M SOFR+640 |  |  |  | 3,740 |  |  |  | 3,714 |  |  |  | 3,740 |
TWS Acquisition Corporation (Revolver) (7), (9) |  | 06/16/2025 |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,628 |  |  |  | — |  |  |  | — |
Tyto Athene, LLC |  | 04/01/2028 |  |  | IT Services |  |  | 11.04 | % |  | 1M SOFR+565 |  |  |  | 11,928 |  |  |  | 11,808 |  |  |  | 11,022 |
Tyto Athene, LLC (Revolver) (7), (9) |  | 04/01/2026 |  |  | IT Services |  |  | 11.02 | % |  | 1M SOFR+565 |  |  |  | 312 |  |  |  | 311 |  |  |  | 286 |
Tyto Athene, LLC (Revolver) (7) |  | 04/01/2026 |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 728 |  |  |  | — |  |  |  | (55 | )
Walker Edison Furniture, LLC - Term Loan |  | 03/01/2029 |  |  | Wholesale |  |  | 12.21 | % |  | 3M SOFR+685 |  |  |  | 4,028 |  |  |  | 4,028 |  |  |  | 3,947 |
Walker Edison Furniture Company, LLC - Unfunded Term Loan |  | 03/01/2029 |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 1,042 |  |  |  | — |  |  |  | (20 | )
Walker Edison Furniture Company, LLC - Funded Junior Revolver |  | 03/01/2029 |  |  | Wholesale |  |  | 11.71 | % |  | 3M SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Watchtower Intermediate, LLC |  | 12/01/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.38 | % |  | 3M SOFR+600 |  |  |  | 19,250 |  |  |  | 18,942 |  |  |  | 18,865 |
Watchtower Intermediate, LLC - Unfunded Term Loan |  | 12/01/2025 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 4,200 |  |  |  | — |  |  |  | (37 | )
Watchtower Intermediate, LLC - Funded Revolver |  | 12/01/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.38 | % |  | 3M SOFR+600 |  |  |  | 1,260 |  |  |  | 1,260 |  |  |  | 1,235 |
Watchtower Intermediate, LLC (Revolver) (9) |  | 12/01/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 5,040 |  |  |  | — |  |  |  | (101 | )
Wildcat Buyerco, Inc. |  | 02/26/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.11 | % |  | 3M SOFR+575 |  |  |  | 12,689 |  |  |  | 12,559 |  |  |  | 12,499 |
Wildcat Buyerco, Inc. - Unfunded Term Loan |  | 02/26/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 3,281 |  |  |  | — |  |  |  | (16 | )
Wildcat Buyerco, Inc. (Revolver) (9) |  | 02/26/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 534 |  |  |  | — |  |  |  | (8 | )
Zips Car Wash, LLC |  | 03/01/2024 |  |  | Automobiles |  |  | 12.71 | % |  | 3M SOFR+735 |  |  |  | 13,249 |  |  |  | 13,232 |  |  |  | 12,951 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 862,365 |  |  |  | 850,023 |
Second Lien Secured Debt—0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mailsouth Inc. (7) |  | 04/23/2025 |  |  | Media: Advertising, Printing and Publishing |  |  | — |  | (6) |  | — |  |  |  | 1,205 |  |  |  | 965 |  |  |  | — |
QuantiTech LLC |  | 02/04/2027 |  |  | Aerospace and Defense |  |  | 15.47 | % |  | 3M SOFR+1,010 |  |  |  | 150 |  |  |  | 148 |  |  |  | 150 |
Total Second Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,113 |  |  |  | 150 |
Preferred Equity— 2.0% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ad.net Holdings, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 6,720 |  |  |  | 672 |  |  |  | 748 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | 2,018 |  |  |  | 2,059 |
Cartessa Aesthetics, LLC (Preferred) (8) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 2,133 |
Gauge Lash Coinvest LLC (Preferred) |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 108,546 |  |  |  | 586 |  |  |  | 1,843 |
Gauge Schlesinger Coinvest LLC (Preferred Equity) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64 |  |  |  | 64 |  |  |  | 36 |
Imagine Topco, LP |  |  | — |  |  | Software |  |  | 8.00 | % |  |  | — |  |  |  | 1,236,027 |  |  |  | 1,236 |  |  |  | 1,279 |
Magnolia Topco LP - Class A Preferred Equity(8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 47 |  |  |  | 47 |  |  |  | 49 |
Magnolia Topco LP - Class B Preferred Equity(8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | 20 |  |  |  | 17 |
Mars Intermediate Holdings II, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | 835 |  |  |  | 1,145 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 733 |  |  |  | 733 |  |  |  | 749 |
ORL Holdco, Inc. (7) |  |  | — |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,327 |  |  |  | 133 |  |  |  | — |
PL Acquisitionco, LLC (Preferred Equity) |  |  | — |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 61 |  |  |  | 69 |
Signature CR Intermediate Holdco, Inc. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | 12.00 | % |  |  | — |  |  |  | 1,323 |  |  |  | 1,323 |  |  |  | 2,222 |
TPC Holding Company, LP (5), (7), (10) |  |  | — |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 409 |  |  |  | 409 |  |  |  | 614 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 35 |  |  |  | 46 |
UniTek Global Services, Inc. - |  |  | — |  |  | Telecommunications |  |  | 20.00 | % |  |  | — |  |  |  | 343,861 |  |  |  | 344 |  |  |  | 221 |
Super Senior Preferred Equity (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. - Senior Preferred Equity (7) |  |  | — |  |  | Telecommunications |  |  | 19.00 | % |  |  | — |  |  |  | 448,851 |  |  |  | 449 |  |  |  | — |
UniTek Global Services, Inc. (7) |  |  | — |  |  | Telecommunications |  |  | 13.50 | % |  |  | — |  |  |  | 1,047,317 |  |  |  | 670 |  |  |  | — |
Total Preferred Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,073 |  |  |  | 13,230 |
Common Equity/Warrants— 16.9% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Equity, LLC |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 647,943 |  |  |  | 648 |  |  |  | 718 |
Ad.net Holdings, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 7,467 |  |  |  | 75 |  |  |  | — |
Affinion Group Holdings, Inc. (Warrants) |  | 04/10/2024 |  |  | Consumer Goods: Durable |  |  | — |  |  |  | — |  |  |  | 8,893 |  |  |  | 245 |  |  |  | — |
AFC Acquisitions, Inc.(8) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,262,252 |  |  |  | 1,262 |  |  |  | 1,262 |
Aftermarket Drivetrain Products Holdings, LLC |  |  | — |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 2,632 |  |  |  | 2,632 |  |  |  | 2,632 |
AG Investco LP (7), (8) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 805,164 |  |  |  | 805 |  |  |  | 1,125 |
AG Investco LP (7), (8), (9) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 194,836 |  |  |  | — |  |  |  | — |
Altamira Intermediate Company II, Inc. (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,437 |  |  |  | 1,448 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | — |  |  |  | — |
Athletico Holdings, LLC (8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,678 |  |  |  | 5,000 |  |  |  | 4,838 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
BioDerm Holdings, LP |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  | $ | 1,313 |  |  | $ | 1,449 |
Burgess Point Holdings, LP |  |  | — |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |  |  |  | 96 |
By Light Investco LP (7), (8) |  |  | — |  |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 22,789 |  |  |  | 849 |  |  |  | 10,924 |
Carisk Parent, L.P. |  |  | — |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 169,231 |  |  |  | 169 |  |  |  | 169 |
Connatix Parent, LLC (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 38,278 |  |  |  | 421 |  |  |  | 169 |
Consello Pacific Aggregator, LLC(8) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,025,476 |  |  |  | 1,025 |  |  |  | 1,046 |
Crane 1 Acquisition Parent Holdings, L.P. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 120 |  |  |  | 199 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 760,273 |  |  |  | 747 |  |  |  | 1,189 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 244,597 |  |  |  | — |  |  |  | — |
eCommission Holding Corporation (7), (10) |  |  | — |  |  | Banking, Finance, Insurance & Real Estate |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 251 |  |  |  | 536 |
EDS Topco, LP |  |  | — |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,125,000 |  |  |  | 1,125 |  |  |  | 1,165 |
Exigo, LLC |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 541,667 |  |  |  | 542 |  |  |  | 624 |
FedHC InvestCo LP (7),(8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 21,665 |  |  |  | 727 |  |  |  | 2,372 |
FedHC InvestCo LP (7),(8),(9) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 7,566 |  |  |  | — |  |  |  | — |
Five Star Parent Holdings, LLC |  |  | — |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 655,714 |  |  |  | 656 |  |  |  | 675 |
Gauge ETE Blocker, LLC |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 374,444 |  |  |  | 374 |  |  |  | 371 |
Gauge Lash Coinvest LLC (7) |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,485,953 |  |  |  | 227 |  |  |  | 7,203 |
Gauge Loving Tan, LP |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 2,481,781 |  |  |  | 2,482 |  |  |  | 2,111 |
Gauge Schlesinger Coinvest LLC (7) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 465 |  |  |  | 476 |  |  |  | 263 |
GCOM InvestCo LP (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 19,184 |  |  |  | 3,342 |  |  |  | 4,276 |
GMP Hills, L.P. |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 4,430,843 |  |  |  | 4,431 |  |  |  | 4,431 |
Go Dawgs Capital III, LP |  |  | — |  |  | Building Products |  |  | — |  |  |  | — |  |  |  | 324,675 |  |  |  | 325 |  |  |  | 779 |
(American Insulated Glass, LLC) (7), (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hancock Claims Consultants Investors, LLC (7), (8) |  |  | — |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 448 |  |  |  | 207 |
HPA SPQ Aggregator LP |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 750,399 |  |  |  | 750 |  |  |  | 750 |
HV Watterson Holdings, LLC |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 100,000 |  |  |  | 100 |  |  |  | 102 |
Icon Partners V C, L.P. |  |  | — |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,870,915 |  |  |  | 1,870 |  |  |  | 1,767 |
Icon Partners V C, L.P. (7), (9) |  |  | — |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 629,085 |  |  |  | — |  |  |  | (35 | )
IIN Group Holdings, LLC |  |  | — |  |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | — |
(Integrative Nutrition, LLC) (7), (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Imagine Topco, LP (Common) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 1,236,027 |  |  |  | — |  |  |  | — |
IHS Parent Holdngs, L.P. |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,218,045 |  |  |  | 1,218 |  |  |  | 1,759 |
Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 5,811 |  |  |  | 573 |  |  |  | 833 |
ITC Infusion Co-invest, LP (8) |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 116,032 |  |  |  | 1,175 |  |  |  | 1,377 |
ITC Rumba, LLC (Cano Health, LLC) (7),(8) |  |  | — |  |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 46,763 |  |  |  | 117 |  |  |  | 33 |
Kentucky Racing Holdco, LLC(8) |  |  | — |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 87,345 |  |  |  | — |  |  |  | 940 |
Kinetic Purchaser, LLC |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,734,775 |  |  |  | 1,735 |  |  |  | 2,175 |
KL Stockton Co-Invest LP (Any Hour Services) (7),(8) |  |  | — |  |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 382,353 |  |  |  | 385 |  |  |  | 861 |
Lightspeed Investment Holdco LLC (7) |  |  | — |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 585,587 |  |  |  | 586 |  |  |  | 1,545 |
LJ Avalon, LP |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,638,043 |  |  |  | 1,638 |  |  |  | 1,671 |
Lucky Bucks, LLC |  |  | — |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 2,062 |
Magnolia Topco LP - Class A Common Equity(8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 46,974 |  |  |  | — |  |  |  | — |
Magnolia Topco LP - Class B Common Equity(8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 30,926 |  |  |  | — |  |  |  | — |
Mars Intermediate Holdings II, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | — |  |  |  | 233 |
MDI Aggregator, LP |  |  | — |  |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 10,761 |  |  |  | 1,077 |  |  |  | 956 |
Meadowlark Title, LLC (8) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 819,231 |  |  |  | 805 |  |  |  | — |
MSpark, LLC |  |  | — |  |  | Media: Advertising, Printing and Publishing |  |  | — |  |  |  | — |  |  |  | 3,988 |  |  |  | 1,287 |  |  |  | — |
Municipal Emergency Services, Inc. (7) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,973,370 |  |  |  | 2,005 |  |  |  | 2,565 |
NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) |  |  | — |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,494 |  |  |  | 1,438 |  |  |  | 76 |
New Medina Health, LLC(8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,672,646 |  |  |  | 2,673 |  |  |  | 2,673 |
NORA Parent Holdings, LLC (8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,544 |  |  |  | 2,544 |  |  |  | 2,554 |
North Haven Saints Equity Holdings, LP (8) |  |  | — |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 223,602 |  |  |  | 224 |  |  |  | 235 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 14,960 |  |  |  | 15 |  |  |  | — |
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 173,638 |  |  |  | 1,588 |  |  |  | 4,584 |
OHCP V BC COI, L.P. |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,152,777 |  |  |  | 1,153 |  |  |  | 968 |
OHCP V BC COI, L.P. (9) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 97,224 |  |  |  | — |  |  |  | (16 | )
ORL Holdco, Inc. (7) |  |  | — |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,474 |  |  |  | 15 |  |  |  | — |
OSP Embedded Aggregator, LP |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,727,679 |  |  |  | 1,728 |  |  |  | 1,728 |
Output Services Group, Inc. |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 80,170 |  |  |  | 642 |  |  |  | 642 |
PennantPark-TSO Senior Loan Fund, LP (7) |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 11,167,847 |  |  |  | 11,168 |  |  |  | 9,629 |
LEP Pequod Holdings, LP |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 350 |  |  |  | 865 |  |  |  | 946 |
Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8) |  |  | — |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 1,735 |  |  |  | 1,735 |  |  |  | 34 |
Pragmatic Institute, LLC |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 610,583 |  |  |  | 611 |  |  |  | 9 |
Quad (U.S.) Co-Invest, L.P. |  |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 266,864 |  |  |  | 267 |  |  |  | 313 |
QuantiTech InvestCo LP (7), (8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 712 |  |  |  | 68 |  |  |  | 451 |
QuantiTech InvestCo LP (7), (8), (9) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | — |
QuantiTech InvestCo II LP (7), (8), |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 24 |  |  |  | 26 |
RFMG Parent, LP (Rancho Health MSO, Inc.) (7) |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,050,000 |  |  |  | 1,050 |  |  |  | 1,097 |
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64,634 |  |  |  | 646 |  |  |  | 520 |
Seaway Topco, LP |  |  |  |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 296 |  |  |  | 296 |  |  |  | 210 |
Signature CR Intermediate Holdco, Inc. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | 70 |  |  |  | 1,837 |
SP L2 Holdings, LLC (Ledge Lounger, Inc.) |  |  | — |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 360,103 |  |  |  | 360 |  |  |  | 234 |
SSC Dominion Holdings, LLC |  |  | — |  |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 24 |  |  |  | 818 |
Class B (US Dominion, Inc.) (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

DECEMBER 31, 2023

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
StellPen Holdings, LLC (CF512, Inc.) (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 161,538 |  |  | $ | 161 |  |  | $ | 160 |
SV Aero Holdings, LLC (8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 605 |  |  |  | 605 |
TAC LifePort Holdings, LLC (7),(8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 533,833 |  |  |  | 525 |  |  |  | 976 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 220,187 |  |  |  | 206 |  |  |  | 388 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 145,420 |  |  |  | — |  |  |  | — |
TPC Holding Company, LP (5), (7), (10) |  |  | — |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 21,527 |  |  |  | 21 |  |  |  | 363 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 749 |  |  |  | 1 |  |  |  | 6 |
UniTek Global Services, Inc.(C) |  |  | — |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 213,739 |  |  |  | — |  |  |  | — |
UniTek Global Services, Inc. (W) |  |  | — |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 23,889 |  |  |  | — |  |  |  | — |
UniVista Insurance (7), (8) |  |  | — |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 400 |  |  |  | 357 |  |  |  | 613 |
Urology Partners Co., L.P. |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 694,444 |  |  |  | 694 |  |  |  | 583 |
Walker Edison Holdco LLC |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,393 |  |  |  | — |
Watchtower Holdings, LLC (8) |  |  | — |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,241,935 |  |  |  | 1,242 |  |  |  | 1,261 |
WCP IvyRehab QP CF Feeder, LP(8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 3,715,012 |  |  |  | 3,754 |  |  |  | 4,071 |
WCP IvyRehab QP CF Feeder, LP (8), (9) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 284,988 |  |  |  | — |  |  |  | — |
Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7) |  |  | — |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,240 |  |  |  | 95 |  |  |  | 727 |
Total Common Equity/Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90,895 |  |  |  | 111,192 |
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  | 965,446 |  |  |  | 974,595 |
Investments in Controlled, Affiliated Portfolio Companies—45.0% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt—36.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC - Super Priority First Lien Term Loan (7) |  | 09/30/2025 |  |  | Media: Diversified and Production |  |  | 10.94 | % |  | 3M SOFR+550 |  |  |  | 3,582 |  |  |  | 3,582 |  |  |  | 3,582 |
Marketplace Events, LLC - Super Priority First Lien (7), (9) |  | 09/30/2025 |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 3,261 |  |  |  | — |  |  |  | — |
Marketplace Events, LLC |  | 09/30/2026 |  |  | Media: Diversified and Production |  |  | 10.94 | % |  | 3M SOFR+550 |  |  |  | 26,771 |  |  |  | 21,324 |  |  |  | 26,771 |
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) |  | 05/06/2024 |  |  | Financial Services |  |  | 13.42 | % |  | 3M SOFR+800 |  |  |  | 210,088 |  |  |  | 210,088 |  |  |  | 210,088 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 234,994 |  |  |  | 240,441 |
Equity Interests—8.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8) |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 349 |  |  |  | — |  |  |  | 3,762 |
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 90,038 |  |  |  | 90,038 |  |  |  | 52,129 |
Total Equity Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90,038 |  |  |  | 55,891 |
Total Investments in Controlled, Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  | 325,032 |  |  |  | 296,332 |
Total Investments—193.1% |  |  |  |  |  |  |  |  |  |  |  | 1,290,478 |  |  |  | 1,270,927 |
Cash and Cash Equivalents—11.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market - BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,809 |  |  |  | 75,826 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 75,809 |  |  |  | 75,826 |
Total Investments and Cash Equivalents—204.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,366,287 |  |  | $ | 1,346,753 |
Liabilities in Excess of Other Assets—(104.7)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (688,740 | )
Net Assets—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 658,013 |

—————

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on our accounting policy. The value of all securities was determined using significant unobservable inputs.
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-U.S. company or principal place of business outside the United States.
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2031 Asset-Backed Debt and held through PennantPark CLO I, Ltd.
(8)
Investment is held through our Taxable Subsidiary.
(9)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(10)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2023, qualifying assets represen t 80% of our total assets and non-qualifying assets represent 20% of our total ass ets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

September 30, 2023

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt—101.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.99 | % |  | 3M SOFR+660 |  |  |  | 1,520 |  |  | $ | 1,499 |  |  | $ | 1,512 |
A1 Garage Merger Sub, LLC - Unfunded Term Loan |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 528 |  |  |  | — |  |  |  | 5 |
A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9) |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 748 |  |  |  | — |  |  |  | (4 | )
Ad.net Acquisition, LLC |  | 05/07/2026 |  | Media |  |  | 11.65 | % |  | 3M SOFR+626 |  |  |  | 4,888 |  |  |  | 4,846 |  |  |  | 4,863 |
Ad.net Acquisition, LLC (Revolver) (7) |  | 05/07/2026 |  | Media |  |  | 11.65 | % |  | 3M SOFR+626 |  |  |  | 622 |  |  |  | 622 |  |  |  | 619 |
Ad.net Acquisition, LLC (Revolver) (7), (9) |  | 05/07/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 622 |  |  |  | — |  |  |  | (3 | )
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) |  | 06/10/2025 |  | Media |  |  | 11.79 | % |  | 3M SOFR+640 |  |  |  | 13,958 |  |  |  | 13,859 |  |  |  | 13,749 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 05/23/2024 |  | Media |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 13,786 |  |  |  | 13,755 |  |  |  | 13,545 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 05/23/2024 |  | Media |  |  | 12.04 | % |  | 3M SOFR+665 |  |  |  | 2,212 |  |  |  | 2,186 |  |  |  | 2,184 |
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9) |  | 05/23/2024 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,869 |  |  |  | — |  |  |  | (50 | )
Any Hour Services |  | 07/21/2027 |  | Energy Equipment and Services |  |  | 11.22 | % |  | 3M SOFR+585 |  |  |  | 6,395 |  |  |  | 6,326 |  |  |  | 6,267 |
Any Hour Services (Revolver) (7), (9) |  | 07/21/2027 |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 1,147 |  |  |  | — |  |  |  | (23 | )
Apex Service Partners, LLC |  | 07/31/2025 |  | Diversified Consumer Services |  |  | 10.52 | % |  | 3M SOFR+525 |  |  |  | 6,160 |  |  |  | 6,132 |  |  |  | 6,145 |
Apex Service Partners, LLC Term Loan B |  | 07/31/2025 |  | Diversified Consumer Services |  |  | 11.04 | % |  | 3M SOFR+550 |  |  |  | 294 |  |  |  | 294 |  |  |  | 294 |
Apex Service Partners, LLC Term Loan C |  | 07/31/2025 |  | Diversified Consumer Services |  |  | 10.68 | % |  | 3M SOFR+525 |  |  |  | 12,826 |  |  |  | 12,732 |  |  |  | 12,793 |
Apex Service Partners, LLC (Revolver) (7) |  | 07/31/2025 |  | Diversified Consumer Services |  |  | 10.86 | % |  | 3M SOFR+525 |  |  |  | 1,153 |  |  |  | 1,153 |  |  |  | 1,150 |
Apex Service Partners, LLC (Revolver) (7), (9) |  | 07/31/2025 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 692 |  |  |  | — |  |  |  | (2 | )
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.54 | % |  | 3M SOFR+615 |  |  |  | 8,891 |  |  |  | 8,784 |  |  |  | 8,714 |
Applied Technical Services, LLC (Unfunded Term Loan) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 582 |  |  |  | — |  |  |  | (6 | )
Applied Technical Services, LLC (Revolver) (7) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 13.25 | % |  | 3M SOFR+475 |  |  |  | 509 |  |  |  | 509 |  |  |  | 499 |
Applied Technical Services, LLC (Revolver) (7), (9) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 764 |  |  |  | — |  |  |  | (15 | )
Arcfield Acquisition Corp. |  | 08/03/2029 |  | Aerospace and Defense |  |  | 11.62 | % |  | 1M SOFR+625 |  |  |  | 6,526 |  |  |  | 6,429 |  |  |  | 6,461 |
Arcfield Acquisition Corp. (Revolver) (9) |  | 08/04/2028 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,379 |  |  |  | — |  |  |  | (14 | )
Beta Plus Technologies, Inc. |  | 07/01/2029 |  | Internet Software and Services |  |  | 11.14 | % |  | 3M SOFR+575 |  |  |  | 4,950 |  |  |  | 4,862 |  |  |  | 4,604 |
BioDerm, Inc. (Revolver) (7) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | 11.81 | % |  | 1M SOFR+650 |  |  |  | 107 |  |  |  | 107 |  |  |  | 107 |
BioDerm, Inc. (Revolver) (9) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 964 |  |  |  | — |  |  |  | (5 | )
Blackhawk Industrial Distribution, Inc. |  | 09/17/2026 |  | Distributors |  |  | 11.79 | % |  | 3M SOFR+640 |  |  |  | 631 |  |  |  | 628 |  |  |  | 622 |
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 2,624 |  |  |  | — |  |  |  | (26 | )
Blackhawk Industrial Distribution, Inc. (Revolver) (7) |  | 09/17/2026 |  | Distributors |  |  | 13.75 | % |  | 3M SOFR+525 |  |  |  | 274 |  |  |  | 274 |  |  |  | 270 |
Blackhawk Industrial Distribution, Inc. (9) |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 2,469 |  |  |  | — |  |  |  | (37 | )
Broder Bros., Co. |  | 12/04/2025 |  | Textiles, Apparel and Luxury Goods |  |  | 11.50 | % |  | 3M SOFR+626 |  |  |  | 3,324 |  |  |  | 3,324 |  |  |  | 3,324 |
By Light Professional IT Services, LLC |  | 05/16/2025 |  | High Tech Industries |  |  | 12.43 | % |  | 3M SOFR+688 |  |  |  | 25,674 |  |  |  | 25,499 |  |  |  | 25,224 |
By Light Professional IT Services, LLC (Revolver) (7)(9) |  | 05/16/2025 |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 3,507 |  |  |  | — |  |  |  | (61 | )
Cadence Aerospace, LLC (7) |  | 11/14/2023 |  | Aerospace and Defense |  |  | 12.07 | % |  | 3M SOFR+665 |  |  |  | 980 |  |  |  | 980 |  |  |  | 980 |
|  |  |  |  |  | (PIK 9.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Cartessa Aesthetics, LLC |  | 06/14/2028 |  | Distributors |  |  | 11.39 | % |  | 3M SOFR+600 |  |  |  | 13,076 |  |  |  | 12,907 |  |  |  | 13,076 |
Cartessa Aesthetics, LLC (Revolver) (7) |  | 06/14/2028 |  | Distributors |  |  | 11.39 | % |  | 3M SOFR+600 |  |  |  | 511 |  |  |  | 511 |  |  |  | 511 |
Cartessa Aesthetics, LLC (Revolver) (7)(9) |  | 06/14/2028 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 927 |  |  |  | — |  |  |  | - |
CF512, Inc. |  | 08/20/2026 |  | Media |  |  | 11.59 | % |  | 3M SOFR+619 |  |  |  | 5,980 |  |  |  | 5,930 |  |  |  | 5,860 |
CF512, Inc. (Revolver) (7), (9) |  | 08/20/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | (19 | )
CHA Holdings, Inc. |  | 04/10/2025 |  | Environmental Industries |  |  | 10.15 | % |  | 3M SOFR+476 |  |  |  | 1,564 |  |  |  | 1,562 |  |  |  | 1,564 |
Challenger Performance Optimization, Inc. |  | 08/31/2024 |  | Business Services |  |  | 12.18 | % |  | 3M L+675 |  |  |  | 237 |  |  |  | 237 |  |  |  | 230 |
Compex Legal Services, Inc. |  | 02/09/2026 |  | Professional Services |  |  | 10.99 | % |  | 3M SOFR+525 |  |  |  | 8,925 |  |  |  | 8,891 |  |  |  | 8,925 |
Compex Legal Services, Inc. (Revolver) (7) |  | 02/07/2025 |  | Professional Services |  |  | 10.94 | % |  | 3M SOFR+555 |  |  |  | 141 |  |  |  | 141 |  |  |  | 141 |
Compex Legal Services, Inc. (Revolver) (7), (9) |  | 02/07/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,265 |  |  |  | — |  |  |  | — |
Connatix Buyer, Inc. |  | 07/13/2027 |  | Media |  |  | 11.16 | % |  | 1M SOFR+576 |  |  |  | 3,814 |  |  |  | 3,761 |  |  |  | 3,681 |
Connatix Buyer, Inc. (7), (9) |  | 07/13/2027 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,234 |  |  |  | — |  |  |  | (43 | )
Crane 1 Services, Inc. |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | 10.90 | % |  | 3M SOFR+551 |  |  |  | 882 |  |  |  | 871 |  |  |  | 878 |
Crane 1 Services, Inc. (Revolver) (7) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | 10.90 | % |  | 3M SOFR+551 |  |  |  | 135 |  |  |  | 135 |  |  |  | 134 |
Crane 1 Services, Inc. (Revolver) (7) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 202 |  |  |  | — |  |  |  | (1 | )
Dr. Squatch, LLC |  | 08/31/2027 |  | Personal Products |  |  | 11.24 | % |  | 3M SOFR+585 |  |  |  | 4,383 |  |  |  | 4,328 |  |  |  | 4,383 |
Dr. Squatch, LLC (Revolver) (7), (9) |  | 08/31/2027 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,353 |  |  |  | — |  |  |  | — |
DRS Holdings III, Inc. |  | 11/03/2025 |  | Chemicals, Plastics and Rubber |  |  | 11.79 | % |  | 3M SOFR+640 |  |  |  | 16,266 |  |  |  | 16,142 |  |  |  | 16,070 |
DRS Holdings III, Inc. (Revolver) (7), (9) |  | 11/03/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,426 |  |  |  | — |  |  |  | (17 | )
Duraco Specialty Tapes LLC |  | 06/30/2024 |  | Containers and Packaging |  |  | 11.93 | % |  | 1M SOFR+650 |  |  |  | 3,445 |  |  |  | 3,407 |  |  |  | 3,393 |
ECL Entertainment, LLC |  | 08/31/2030 |  | Hotels, Restaurants and Leisure |  |  | 10.14 | % |  | 1M SOFR+475 |  |  |  | 5,000 |  |  |  | 4,900 |  |  |  | 4,985 |
eCommission Financial Services, Inc. (10) |  | 10/05/2023 |  | Banking, Finance, Insurance & Real Estate |  |  | 10.43 | % |  | 1M SOFR+510 |  |  |  | 4,599 |  |  |  | 4,599 |  |  |  | 4,599 |
eCommission Financial Services, Inc. (Revolver) (7), (9), (10) |  | 10/05/2023 |  | Banking, Finance, Insurance & Real Estate |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | — |  |  |  | — |
EDS Buyer, LLC - Unfunded Term Loan |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 6,750 |  |  |  | — |  |  |  | (17 | )
EDS Buyer, LLC. (Revolver) (7), (9) |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,025 |  |  |  | — |  |  |  | (30 | )
Efficient Collaborative Retail Marketing Company, LLC |  | 06/15/2024 |  | Media: Diversified and Production |  |  | 13.15 | % |  | 3M SOFR+776 |  |  |  | 7,645 |  |  |  | 7,651 |  |  |  | 5,352 |
ETE Intermediate II, LLC (Revolver) (9) |  | 05/25/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,656 |  |  |  | — |  |  |  | (28 | )
Exigo Intermediate II, LLC (Revolver) (9) |  | 03/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 689 |  |  |  | — |  |  |  | (14 | )
Five Star Buyer, Inc. |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | 12.43 | % |  | 1M SOFR+710 |  |  |  | 4,569 |  |  |  | 4,488 |  |  |  | 4,500 |
Five Star Buyer, Inc. - DDTL B Unfunded |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 837 |  |  |  | - |  |  |  | (13 | )
Five Star Buyer, Inc. (Revolver) (9) |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 741 |  |  |  | - |  |  |  | (11 | )

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2023

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Gauge ETE Blocker, LLC - Promissory Note |  | 05/19/2029 |  | Diversified Consumer Services |  |  | 12.56 | % |  |  | — |  |  |  | 215 |  |  | $ | 215 |  |  | $ | 215 |
Global Holdings InterCo LLC |  | 03/16/2026 |  | Diversified Financial Services |  |  | 11.96 | % |  | 3M SOFR+660 |  |  |  | 3,279 |  |  |  | 3,252 |  |  |  | 3,115 |
Graffiti Buyer, Inc. |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | 10.98 | % |  | 3M SOFR+550 |  |  |  | 736 |  |  |  | 729 |  |  |  | 729 |
Graffiti Buyer, Inc. (7), (9) |  | 12/8/2023 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 332 |  |  |  | — |  |  |  | — |
Graffiti Buyer, Inc. (Revolver) (7) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | 10.98 | % |  | 3M SOFR+575 |  |  |  | 269 |  |  |  | 269 |  |  |  | 266 |
Graffiti Buyer, Inc. (Revolver) (7), (9) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 596 |  |  |  | — |  |  |  | (6 | )
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.93 | % |  | 3M SOFR+560 |  |  |  | 4,172 |  |  |  | 4,112 |  |  |  | 4,068 |
Hancock Roofing and Construction L.L.C. (Revolver) (7) |  | 12/31/2026 |  | Insurance |  |  | 10.92 | % |  | 1M SOFR+560 |  |  |  | 335 |  |  |  | 335 |  |  |  | 327 |
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) |  | 12/31/2026 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 415 |  |  |  | — |  |  |  | (10 | )
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.32 | % |  | 6M SOFR+585 |  |  |  | 4,913 |  |  |  | 4,835 |  |  |  | 4,913 |
Holdco Sands Intermediate, LLC (Revolver) (9) |  | 11/23/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,791 |  |  |  | — |  |  |  | — |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.70 | % |  | 3M SOFR+640 |  |  |  | 9,000 |  |  |  | 8,973 |  |  |  | 8,865 |
HW Holdco, LLC (Revolver) |  | 12/10/2024 |  | Media |  |  | 11.82 | % |  | 3M SOFR+640 |  |  |  | 116 |  |  |  | 116 |  |  |  | 114 |
HW Holdco, LLC (Revolver) (7), (9) |  | 12/10/2024 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,335 |  |  |  | — |  |  |  | (20 | )
IG Investments Holdings, LLC (7) |  | 09/22/2028 |  | Professional Services |  |  | 11.45 | % |  | 3M SOFR+610 |  |  |  | 4,428 |  |  |  | 4,356 |  |  |  | 4,362 |
IG Investments Holdings, LLC (Revolver) (7), (9) |  | 09/22/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 477 |  |  |  | — |  |  |  | (7 | )
Imagine Acquisitionco, LLC (9) |  | 11/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,657 |  |  |  | — |  |  |  | (8 | )
Imagine Acquisitionco, LLC (Revolver) (9) |  | 11/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | — |  |  |  | (18 | )
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.50 | % |  | 3M SOFR+715 |  |  |  | 14,803 |  |  |  | 14,656 |  |  |  | 14,803 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.24 | % |  | 3M SOFR+685 |  |  |  | 2,089 |  |  |  | 2,089 |  |  |  | 2,089 |
Infinity Home Services Holdco, Inc. - Unfunded Term Loan |  | 12/28/2023 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,135 |  |  |  | — |  |  |  | — |
Infinity Home Services Holdco, Inc. (Revolver) (9) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,292 |  |  |  | — |  |  |  | — |
Infolinks Media Buyco, LLC |  | 11/01/2026 |  | Media |  |  | 11.17 | % |  | 1M SOFR+585 |  |  |  | 3,178 |  |  |  | 3,143 |  |  |  | 3,178 |
Infolinks Media Buyco, LLC- Unfunded Term Loan |  | 11/01/2023 |  | Media |  |  | — |  |  |  | — |  |  |  | 387 |  |  |  | — |  |  |  | 4 |
Integrated Data Services (Revolver) (9) |  | 08/01/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,096 |  |  |  | — |  |  |  | (72 | )
Integrative Nutrition, LLC |  | 01/31/2025 |  | Consumer Services |  |  | 12.54 | % |  | 3M SOFR+715 |  |  |  | 15,521 |  |  |  | 15,457 |  |  |  | 14,590 |
Integrity Marketing Acquisition, LLC |  | 08/27/2026 |  | Insurance |  |  | 11.57 | % |  | 3M SOFR+615 |  |  |  | 15,666 |  |  |  | 15,553 |  |  |  | 15,509 |
Integrity Marketing Acquisition, LLC - Unfunded Term Loan |  | 08/31/2025 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 8,000 |  |  |  | - |  |  |  | (40 | )
Integrity Marketing Acquisition, LLC (Revolver) (7), (9) |  | 08/27/2026 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 511 |  |  |  | - |  |  |  | - |
ITI Holdings, Inc. (Revolver) |  | 03/03/2028 |  | IT Services |  |  | 12.05 | % |  | 1M SOFR+560 |  |  |  | 500 |  |  |  | 500 |  |  |  | 490 |
ITI Holdings, Inc. (Revolver) (9) |  | 03/03/2028 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | (3 | )
Inventus Power, Inc. |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  |  | 12.93 | % |  | 1M SOFR+761 |  |  |  | 4,988 |  |  |  | 4,894 |  |  |  | 4,888 |
Inventus Power, Inc. (Revolver) (7), (9) |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,729 |  |  |  | — |  |  |  | (35 | )
K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9) |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 1,429 |  |  |  | — |  |  |  | — |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.54 | % |  | 3M SOFR+615 |  |  |  | 17,253 |  |  |  | 16,999 |  |  |  | 16,995 |
Kinetic Purchaser, LLC - (Revolver) (9) |  | 11/10/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,435 |  |  |  | — |  |  |  | (52 | )
Lash OpCo, LLC |  | 02/18/2027 |  | Personal Products |  |  | 11.88 | % |  | 1M SOFR+675 |  |  |  | 10,404 |  |  |  | 10,264 |  |  |  | 10,300 |
Lash OpCo, LLC (Revolver) (7) |  | 08/16/2026 |  | Personal Products |  |  | 12.15 | % |  | 3M SOFR+675 |  |  |  | 2,086 |  |  |  | 2,086 |  |  |  | 2,065 |
Lash OpCo, LLC (Revolver) (7), (9) |  | 08/16/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 986 |  |  |  | — |  |  |  | (10 | )
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 11.83 | % |  | 1M SOFR+643 |  |  |  | 7,544 |  |  |  | 7,537 |  |  |  | 7,454 |
|  |  |  |  |  | (PIK 5.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (Revolver) (7) |  | 10/31/2024 |  | Capital Equipment |  |  | 11.02 | % |  | 3M SOFR+565 |  |  |  | 1,721 |  |  |  | 1,721 |  |  |  | 1,700 |
|  |  |  |  |  | (PIK 5.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Ledge Lounger, Inc. |  | 11/09/2026 |  | Leisure Products |  |  | 11.79 | % |  | 3M SOFR+640 |  |  |  | 3,709 |  |  |  | 3,677 |  |  |  | 3,663 |
Ledge Lounger, Inc. (Revolver) (9) |  | 11/09/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 789 |  |  |  | — |  |  |  | (10 | )
Lightspeed Buyer Inc. |  | 02/03/2026 |  | Healthcare Technology |  |  | 10.67 | % |  | 1M SOFR+535 |  |  |  | 22,543 |  |  |  | 22,282 |  |  |  | 22,317 |
Lightspeed Buyer Inc. (Revolver) (7) (9) |  | 02/03/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 2,499 |  |  |  | — |  |  |  | (25 | )
LJ Avalon Holdings, LLC |  | 02/01/2030 |  | Construction & Engineering |  |  | 11.79 | % |  | 3M SOFR+640 |  |  |  | 400 |  |  |  | 394 |  |  |  | 392 |
LJ Avalon Holdings, LLC - Unfunded Term Loan |  | 07/31/2024 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 2,424 |  |  |  | — |  |  |  | (12 | )
LJ Avalon Holdings, LLC (Revolver) (9) |  | 01/31/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,130 |  |  |  | — |  |  |  | (23 | )
Loving Tan Intermediate II, Inc. |  | 05/31/2028 |  | Personal Products |  |  | 12.39 | % |  | 3M SOFR+700 |  |  |  | 19,263 |  |  |  | 18,894 |  |  |  | 18,974 |
Loving Tan Intermediate II, Inc. (Revolver) |  | 05/31/2028 |  | Personal Products |  |  | 12.39 | % |  | 3M SOFR+700 |  |  |  | 1,861 |  |  |  | 1,861 |  |  |  | 1,833 |
Loving Tan Intermediate II, Inc. (Revolver)(7)(9) |  | 05/31/2028 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,523 |  |  |  | — |  |  |  | (23 | )
Lucky Bucks, LLC (6) |  | 07/20/2027 |  | Hotels, Restaurants and Leisure |  |  | 0.00 | % |  |  | — |  |  |  | 4,489 |  |  |  | 4,210 |  |  |  | 1,182 |
Lucky Bucks, LLC - DIP |  | 10/20/2023 |  | Hotels, Restaurants and Leisure |  |  | 15.30 | % |  | 3M SOFR+1000 |  |  |  | 160 |  |  |  | 158 |  |  |  | 160 |
MAG DS Corp. |  | 04/01/2027 |  | Aerospace and Defense |  |  | 10.99 | % |  | 3M SOFR+550 |  |  |  | 3,674 |  |  |  | 3,564 |  |  |  | 3,481 |
Mars Acquisition Holdings Corp. |  | 05/14/2026 |  | Media |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 8,728 |  |  |  | 8,616 |  |  |  | 8,640 |
Mars Acquisition Holdings Corp. (Revolver)(7)(9) |  | 05/14/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,435 |  |  |  | — |  |  |  | (24 | )
MBS Holdings, Inc. (Revolver) |  | 04/16/2027 |  | Internet Software and Services |  |  | 11.17 | % |  | 1M SOFR+585 |  |  |  | 185 |  |  |  | 185 |  |  |  | 182 |
MBS Holdings, Inc. (Revolver)(7)(9) |  | 04/16/2027 |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 972 |  |  |  | — |  |  |  | (15 | )
MDI Buyer, Inc. |  | 07/25/2028 |  | Commodity Chemicals |  |  | 11.09 | % |  | 3M SOFR+625 |  |  |  | 2,041 |  |  |  | 2,003 |  |  |  | 1,997 |
MDI Buyer, inc. (Revolver) (7) |  | 07/25/2028 |  | Commodity Chemicals |  |  | 10.91 | % |  | 3M SOFR+600 |  |  |  | 361 |  |  |  | 361 |  |  |  | 353 |
MDI Buyer, inc. (Revolver) (9) |  | 07/25/2028 |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 412 |  |  |  | — |  |  |  | (5 | )
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 1,978 |  |  |  | 1,954 |  |  |  | 1,929 |
Meadowlark Acquirer, LLC - Term Loan I (9) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,103 |  |  |  | — |  |  |  | (17 | )
Meadowlark Acquirer, LLC - Term Loan II (9) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 9,483 |  |  |  | — |  |  |  | (142 | )
Meadowlark Acquirer, LLC (Revolver) (9) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | — |  |  |  | (42 | )
Mission Critical Electronics, Inc. |  | 03/28/2024 |  | Capital Equipment |  |  | 10.65 | % |  | SOFR +515 |  |  |  | 3,571 |  |  |  | 3,560 |  |  |  | 3,553 |
Mission Critical Electronics, Inc. (9) |  | 03/28/2024 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 707 |  |  |  | — |  |  |  | (1 | )
Mission Critical Electronics, Inc. (Revolver) (7), (9) |  | 03/28/2024 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 1,325 |  |  |  | — |  |  |  | (6 | )
Municipal Emergency Services, Inc. |  | 10/01/2027 |  | Distributors |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 1,181 |  |  |  | 1,144 |  |  |  | 1,155 |
Municipal Emergency Services, Inc. - Unfunded Term Loan A |  | 06/16/2023 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 387 |  |  |  | — |  |  |  | (9 | )
Municipal Emergency Services, Inc. - Unfunded Term Loan B |  | 12/16/2024 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,264 |  |  |  | — |  |  |  | (28 | )

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2023

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Municipal Emergency Services, Inc. (Revolver) (7) |  | 10/01/2027 |  | Distributors |  |  | 11.04 | % |  | 3M SOFR+565 |  |  |  | 379 |  |  | $ | 379 |  |  | $ | 370 |
Municipal Emergency Services, Inc. (Revolver) (7), (9) |  | 10/01/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 568 |  |  |  | — |  |  |  | (12 | )
Neptune Flood Incorporated - Revolver Unfunded |  | 05/09/2029 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 541 |  |  |  | — |  |  |  | — |
NBH Group LLC (Revolver) (7), (9) |  | 08/19/2026 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,677 |  |  |  | — |  |  |  | (34 | )
NORA Acquisition, LLC |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | 11.74 | % |  | 3M SOFR+635 |  |  |  | 41,489 |  |  |  | 40,662 |  |  |  | 40,659 |
NORA Acquisition, LLC (Revolver) (7), (9) |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,479 |  |  |  | — |  |  |  | (110 | )
One Stop Mailing, LLC |  | 05/07/2027 |  | Air Freight and Logistics |  |  | 11.68 | % |  | 1M SOFR+636 |  |  |  | 8,516 |  |  |  | 8,397 |  |  |  | 8,516 |
ORL Acquisition, Inc. (7) |  | 09/03/2027 |  | Consumer Finance |  |  | 12.84 | % |  | 6M SOFR+725 |  |  |  | 4,900 |  |  |  | 4,828 |  |  |  | 4,459 |
ORL Acquisition, Inc. (Revolver) (7), (9) |  | 09/03/2027 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 861 |  |  |  | — |  |  |  | (77 | )
Output Services Group, Inc. (6) |  | 06/27/2026 |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 4,923 |  |  |  | 4,469 |  |  |  | 960 |
Owl Acquisition, LLC |  | 02/04/2028 |  | Professional Services |  |  | 10.80 | % |  | 6M SOFR+550 |  |  |  | 3,893 |  |  |  | 3,797 |  |  |  | 3,834 |
Ox Two, LLC |  | 05/18/2026 |  | Construction and Building |  |  | 12.90 | % |  | 3M SOFR+751 |  |  |  | 22,736 |  |  |  | 22,513 |  |  |  | 22,338 |
Ox Two, LLC (Revolver) (9) |  | 05/18/2026 |  | Construction and Building |  |  | — |  |  |  | — |  |  |  | 3,387 |  |  |  | — |  |  |  | (59 | )
Pequod Merger Sub, Inc. - Unfunded Term Loan |  | 12/02/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 2,847 |  |  |  | — |  |  |  | (57 | )
Pequod Merger Sub, Inc (Revolver) (9) |  | 12/02/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 757 |  |  |  | — |  |  |  | (15 | )
PL Acquisitionco, LLC |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | 12.42 | % |  | 1M SOFR+710 |  |  |  | 5,612 |  |  |  | 5,538 |  |  |  | 5,050 |
PL Acquisitionco, LLC - (Revolver) (9) |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 2,290 |  |  |  | — |  |  |  | (229 | )
PlayPower, Inc. |  | 05/08/2026 |  | Leisure Products |  |  | 10.92 | % |  | 3M SOFR+565 |  |  |  | 3,401 |  |  |  | 3,386 |  |  |  | 3,248 |
Pragmatic Institute, LLC - Unfunded Term Loan |  | 07/06/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,290 |  |  |  | — |  |  |  | (80 | )
Pragmatic Institute, LLC (Revolver) |  | 07/06/2028 |  | Professional Services |  |  | 11.17 | % |  | 3M SOFR+575 |  |  |  | 1,526 |  |  |  | 1,526 |  |  |  | 1,458 |
Quantic Electronics, LLC |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.74 | % |  | 3M SOFR+635 |  |  |  | 6,647 |  |  |  | 6,578 |  |  |  | 6,547 |
Quantic Electronics, LLC (Revolver) (7) |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.74 | % |  | 3M SOFR+635 |  |  |  | 670 |  |  |  | 670 |  |  |  | 660 |
Questex, LLC |  | 09/09/2024 |  | Media: Diversified and Production |  |  | 9.81 | % |  | 3M SOFR+425 |  |  |  | 6,731 |  |  |  | 6,706 |  |  |  | 6,731 |
Questex, LLC (Revolver) (7), (9) |  | 09/09/2024 |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 1,197 |  |  |  | — |  |  |  | - |
Rancho Health MSO, Inc. (Revolver) (7) |  | 12/18/2025 |  | Healthcare Equipment and Supplies |  |  | 11.24 | % |  | 3M SOFR+585 |  |  |  | 210 |  |  |  | 210 |  |  |  | 210 |
Rancho Health MSO, Inc. (Revolver) (7), (9) |  | 12/18/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 315 |  |  |  | — |  |  |  | — |
Recteq, LLC |  | 01/29/2026 |  | Leisure Products |  |  | 12.54 | % |  | 3M SOFR+715 |  |  |  | 1,463 |  |  |  | 1,448 |  |  |  | 1,419 |
Recteq, LLC (Revolver) (7), (9) |  | 01/29/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,296 |  |  |  | — |  |  |  | (39 | )
Research Now Group, Inc. and Dynata, LLC |  | 12/20/2024 |  | Business Services |  |  | 11.13 | % |  | 3M SOFR+576 |  |  |  | 16,962 |  |  |  | 16,875 |  |  |  | 14,842 |
Riverpoint Medical, LLC |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | 10.54 | % |  | 3M SOFR+515 |  |  |  | 7,939 |  |  |  | 7,903 |  |  |  | 7,828 |
Riverpoint Medical, LLC (Revolver) (7) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | 10.42 | % |  | 1M SOFR+510 |  |  |  | 114 |  |  |  | 114 |  |  |  | 112 |
Riverpoint Medical, LLC (Revolver) (7), (9) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 795 |  |  |  | — |  |  |  | (11 | )
Riverside Assessments, LLC |  | 03/10/2025 |  | Professional Services |  |  | 11.29 | % |  | 3M SOFR+590 |  |  |  | 15,199 |  |  |  | 15,075 |  |  |  | 15,047 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | — |  |  |  | — |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9) |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 860 |  |  |  | — |  |  |  | (13 | )
Sales Benchmark Index LLC |  | 01/03/2025 |  | Professional Services |  |  | 11.59 | % |  | 3M SOFR+620 |  |  |  | 2,596 |  |  |  | 2,581 |  |  |  | 2,583 |
Sales Benchmark Index LLC (Revolver) (7), (9) |  | 01/03/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,293 |  |  |  | — |  |  |  | (7 | )
Sargent & Greenleaf Inc. |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 12.93 | % |  | 1M SOFR+760 |  |  |  | 3,439 |  |  |  | 3,425 |  |  |  | 3,405 |
Sargent & Greenleaf Inc. (Revolver) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 12.92 | % |  | 1M SOFR+760 |  |  |  | 280 |  |  |  | 280 |  |  |  | 277 |
Sargent & Greenleaf Inc. (Revolver) (9) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 801 |  |  |  | — |  |  |  | (8 | )
Schlesinger Global, Inc. |  | 07/14/2025 |  | Professional Services |  |  | 12.07 | % |  | 3M SOFR + 715 |  |  |  | 14,490 |  |  |  | 14,428 |  |  |  | 14,019 |
Schlesinger Global, Inc. (Revolver) |  | 07/14/2025 |  | Professional Services |  |  | 12.52 | % |  | 3M SOFR+715 |  |  |  | 1,495 |  |  |  | 1,495 |  |  |  | 1,446 |
Schlesinger Global, Inc. (Revolver) (7), (9) |  | 07/14/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 375 |  |  |  | — |  |  |  | (12 | )
Seaway Buyer, LLC |  | 06/13/2029 |  | Chemicals, Plastics and Rubber |  |  | 11.54 | % |  | 3M SOFR+615 |  |  |  | 1,921 |  |  |  | 1,895 |  |  |  | 1,863 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  | IT Services |  |  | 14.04 | % |  | 3M SOFR+865 |  |  |  | 10,277 |  |  |  | 10,123 |  |  |  | 10,123 |
Sigma Defense Systems, LLC (Revolver) (7) |  | 12/18/2025 |  | IT Services |  |  | 14.04 | % |  | 3M SOFR+865 |  |  |  | 1,835 |  |  |  | 1,835 |  |  |  | 1,807 |
Sigma Defense Systems, LLC (Revolver) (7), (9) |  | 12/18/2025 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 786 |  |  |  | — |  |  |  | (12 | )
Signature Systems Holding Company |  | 05/03/2024 |  | Commercial Services & Supplies |  |  | 12.04 | % |  | 1M L+665 |  |  |  | 9,708 |  |  |  | 9,688 |  |  |  | 9,708 |
Signature Systems Holding Company (Revolver) (9) |  | 05/03/2024 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,747 |  |  |  | — |  |  |  | — |
Skopima Consilio Parent, LLC |  | 05/17/2028 |  | Business Services |  |  | 9.93 | % |  | 1M SOFR+450 |  |  |  | 600 |  |  |  | 588 |  |  |  | 587 |
Smile Brands Inc. |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | 9.97 | % |  | 3M SOFR+450 |  |  |  | 2,437 |  |  |  | 2,437 |  |  |  | 2,190 |
Smile Brands Inc. (Revolver) |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | 10.11 | % |  | 1M SOFR+450 |  |  |  | 1,508 |  |  |  | 1,508 |  |  |  | 1,355 |
Smile Brands Inc. LC (Revolver) (7), (9) |  | 10/14/2025 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 108 |  |  |  | — |  |  |  | (11 | )
Solutionreach, Inc. |  | 01/17/2024 |  | Healthcare Technology |  |  | 12.37 | % |  | 1M SOFR+700 |  |  |  | 4,657 |  |  |  | 4,650 |  |  |  | 4,638 |
Solutionreach, Inc. (Revolver) (7), (9) |  | 01/17/2024 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 833 |  |  |  | — |  |  |  | (3 | )
Spendmend Holdings LLC |  | 03/01/2028 |  | Healthcare Technology |  |  | 11.03 | % |  | SOFR + 565 |  |  |  | 2,061 |  |  |  | 2,037 |  |  |  | 2,016 |
Spendmend Holdings LLC - Unfunded Term Loan |  | 03/01/2024 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,707 |  |  |  | — |  |  |  | (25 | )
Spendmend Holdings LLC (Revolver) |  | 03/01/2028 |  | Healthcare Technology |  |  | 11.03 | % |  | 1M SOFR+565 |  |  |  | 357 |  |  |  | 357 |  |  |  | 349 |
Spendmend Holdings LLC (Revolver) (9) |  | 03/01/2028 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 535 |  |  |  | — |  |  |  | (12 | )
STV Group Incorporated |  | 12/11/2026 |  | Construction & Engineering |  |  | 10.67 | % |  | 1M SOFR+535 |  |  |  | 4,752 |  |  |  | 4,724 |  |  |  | 4,657 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  | Aerospace and Defense |  |  | 11.49 | % |  | 6M SOFR+615 |  |  |  | 18,373 |  |  |  | 18,109 |  |  |  | 18,171 |
System Planning and Analysis, Inc. (Revolver) (9) (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 5,188 |  |  |  | — |  |  |  | (57 | )
Teneo Holdings LLC |  | 07/18/2025 |  | Diversified Financial Services |  |  | 10.67 | % |  | 1M SOFR+535 |  |  |  | 5,733 |  |  |  | 5,683 |  |  |  | 5,725 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  | Aerospace and Defense |  |  | 12.04 | % |  | 3M SOFR+665 |  |  |  | 5,421 |  |  |  | 5,374 |  |  |  | 5,340 |
The Bluebird Group LLC |  | 07/28/2026 |  | Professional Services |  |  | 12.79 | % |  | 3M SOFR+740 |  |  |  | 2,368 |  |  |  | 2,331 |  |  |  | 2,359 |
The Bluebird Group LLC (Revolver) (7), (9) |  | 07/28/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 862 |  |  |  | — |  |  |  | (3 | )
The Vertex Companies, LLC (7) |  | 08/30/2027 |  | Construction & Engineering |  |  | 11.67 | % |  | 1M SOFR+635 |  |  |  | 1,979 |  |  |  | 1,949 |  |  |  | 1,961 |
The Vertex Companies, LLC (Revolver) |  | 08/30/2027 |  | Construction & Engineering |  |  | 11.67 | % |  | 1M SOFR+635 |  |  |  | 305 |  |  |  | 305 |  |  |  | 303 |
The Vertex Companies, LLC (Revolver) (7), (9) |  | 08/30/2027 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 606 |  |  |  | — |  |  |  | (5 | )
TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10) |  | 11/24/2025 |  | Food Products |  |  | 10.90 | % |  | 3M SOFR+565 |  |  |  | 4,813 |  |  |  | 4,793 |  |  |  | 4,813 |
TWS Acquisition Corporation |  | 06/16/2025 |  | Diversified Consumer Services |  |  | 11.81 | % |  | 3M SOFR+640 |  |  |  | 4,316 |  |  |  | 4,280 |  |  |  | 4,316 |
TWS Acquisition Corporation (Revolver) (7), (9) |  | 06/16/2025 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,628 |  |  |  | — |  |  |  | — |
Tyto Athene, LLC |  | 04/01/2028 |  | IT Services |  |  | 10.90 | % |  | 3M SOFR+565 |  |  |  | 11,928 |  |  |  | 11,803 |  |  |  | 10,879 |
Tyto Athene, LLC (Revolver) (7), (9) |  | 04/01/2026 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,040 |  |  |  | — |  |  |  | (94 | )

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2023

(in thousands, except share data)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Walker Edison Furniture, LLC - Term Loan |  | 03/31/2027 |  |  | Wholesale |  |  | 12.18 | % |  | 1M SOFR+685 |  |  |  | 3,521 |  |  | $ | 3,521 |  |  | $ | 3,521 |
Walker Edison Furniture Company, LLC - Funded Junior Revolver |  | 03/31/2027 |  |  | Wholesale |  |  | 11.68 | % |  | 1M SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company, LLC - Unfunded Term Loan |  | 03/31/2027 |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 333 |  |  |  | — |  |  |  | — |
Wildcat Buyerco, Inc. |  | 02/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.54 | % |  | 3M SOFR+515 |  |  |  | 7,646 |  |  |  | 7,579 |  |  |  | 7,570 |
Wildcat Buyerco, Inc. (Revolver) (9) |  | 02/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 534 |  |  |  | — |  |  |  | (5 | )
Zips Car Wash, LLC |  | 03/01/2024 |  |  | Automobiles |  |  | 12.67 | % |  | 1M SOFR+735 |  |  |  | 13,249 |  |  |  | 13,206 |  |  |  | 12,818 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 683,940 |  |  |  | 665,725 |
Second Lien Secured Debt—0.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mailsouth Inc. (7) |  | 04/23/2025 |  |  | Media: Advertising, Printing and Publishing |  |  | — |  | (6) |  | — |  |  |  | 1,161 |  |  |  | 965 |  |  |  | - |
QuantiTech LLC |  | 02/04/2027 |  |  | Aerospace and Defense |  |  | 15.50 | % |  | 3M SOFR+1,010 |  |  |  | 150 |  |  |  | 148 |  |  |  | 149 |
Total Second Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,113 |  |  |  | 149 |
Preferred Equity— 1.8% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ad.net Holdings, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 6,720 |  |  |  | 672 |  |  |  | 757 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | 2,018 |  |  |  | 1,633 |
Cartessa Aesthetics, LLC (Preferred) (8) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 2,007 |
Gauge Lash Coinvest LLC (Preferred) |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 108,546 |  |  |  | 586 |  |  |  | 1,319 |
Gauge Schlesinger Coinvest LLC (Preferred Equity) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64 |  |  |  | 64 |  |  |  | 47 |
Imagine Topco, LP |  |  | — |  |  | Software |  |  | 8.00 | % |  |  | — |  |  |  | 1,236,027 |  |  |  | 1,236 |  |  |  | 1,246 |
Magnolia Topco LP - Class A Preferred Equity (8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 5 |  |  |  | 6 |
Magnolia Topco LP - Class B Preferred Equity (8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 28 |  |  |  | 17 |  |  |  | 24 |
Mars Intermediate Holdings II, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | 835 |  |  |  | 1,112 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 733 |  |  |  | 733 |  |  |  | 489 |
ORL Holdco, Inc. (7) |  |  | — |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,327 |  |  |  | 133 |  |  |  | - |
PL Acquisitionco, LLC (Preferred Equity) |  |  | — |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 61 |  |  |  | 66 |
Signature CR Intermediate Holdco, Inc. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | 12.00 | % |  |  | — |  |  |  | 1,323 |  |  |  | 1,323 |  |  |  | 2,158 |
TPC Holding Company, LP (5), (7), (8), (10) |  |  | — |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 409 |  |  |  | 409 |  |  |  | 598 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 35 |  |  |  | 45 |
UniTek Global Services, Inc. - |  |  | — |  |  | Telecommunications |  |  | 20.00 | % |  |  | — |  |  |  | 343,861 |  |  |  | 344 |  |  |  | 64 |
Super Senior Preferred Equity (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
UniTek Global Services, Inc. - Senior Preferred Equity (7) |  |  | — |  |  | Telecommunications |  |  | 19.00 | % |  |  | — |  |  |  | 448,851 |  |  |  | 449 |  |  |  | — |
UniTek Global Services, Inc. (7) |  |  | — |  |  | Telecommunications |  |  | 13.50 | % |  |  | — |  |  |  | 1,047,317 |  |  |  | 670 |  |  |  | — |
Total Preferred Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,028 |  |  |  | 11,571 |
Common Equity/Warrants— 14.5% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Equity, LLC(8) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 647,943 |  |  |  | 648 |  |  |  | 691 |
Ad.net Holdings, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 7,467 |  |  |  | 75 |  |  |  | — |
Affinion Group Holdings, Inc. (Warrants) |  | 04/10/2024 |  |  | Consumer Goods: Durable |  |  | — |  |  |  | — |  |  |  | 8,893 |  |  |  | 245 |  |  |  | — |
AG Investco LP (7), (8) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 805,164 |  |  |  | 805 |  |  |  | 1,074 |
AG Investco LP (7), (8), (9) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 194,836 |  |  |  | — |  |  |  | — |
Altamira Intermediate Company II, Inc. (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,437 |  |  |  | 1,456 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | — |  |  |  | — |
Athletico Holdings, LLC (8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,678 |  |  |  | 5,000 |  |  |  | 4,516 |
BioDerm Holdings, LP |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  |  | 1,313 |  |  |  | 1,514 |
Burgess Point Holdings, LP |  |  | — |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | 100 |  |  |  | 109 |
By Light Investco LP (7), (8) |  |  | — |  |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 22,789 |  |  |  | 849 |  |  |  | 11,610 |
Connatix Parent, LLC (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 38,278 |  |  |  | 421 |  |  |  | 222 |
Crane 1 Acquisition Parent Holdings, L.P. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 120 |  |  |  | 199 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 760,273 |  |  |  | 747 |  |  |  | 1,358 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 244,597 |  |  |  | — |  |  |  | — |
eCommission Holding Corporation (7), (10) |  |  | — |  |  | Banking, Finance, Insurance & Real Estate |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 251 |  |  |  | 463 |
EDS Topco, LP |  |  | — |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,125,000 |  |  |  | 1,125 |  |  |  | 1,062 |
Exigo, LLC |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 541,667 |  |  |  | 542 |  |  |  | 612 |
FedHC InvestCo LP (7),(8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 21,665 |  |  |  | 727 |  |  |  | 3,062 |
FedHC InvestCo LP (7),(8),(9) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 7,566 |  |  |  | — |  |  |  | — |
Five Star Parent Holdings, LLC |  |  | — |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 655,714 |  |  |  | 656 |  |  |  | 800 |
Gauge ETE Blocker, LLC |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 374,444 |  |  |  | 374 |  |  |  | 371 |
Gauge Lash Coinvest LLC (7) |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,485,953 |  |  |  | 227 |  |  |  | 6,810 |
Gauge Loving Tan, LP |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 2,481,781 |  |  |  | 2,482 |  |  |  | 2,088 |
Gauge Schlesinger Coinvest LLC (7) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 465 |  |  |  | 476 |  |  |  | 344 |
Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 391,144 |  |  |  | — |  |  |  | 1,153 |
GCOM InvestCo LP (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 19,184 |  |  |  | 3,342 |  |  |  | 3,165 |
Go Dawgs Capital III, LP |  |  | — |  |  | Building Products |  |  | — |  |  |  | — |  |  |  | 324,675 |  |  |  | 325 |  |  |  | 711 |
(American Insulated Glass, LLC) (7), (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hancock Claims Consultants Investors, LLC (7), (8) |  |  | — |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 448 |  |  |  | 338 |
HPA SPQ Aggregator LP |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 750,399 |  |  |  | 750 |  |  |  | 751 |
HV Watterson Holdings, LLC |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 100,000 |  |  |  | 100 |  |  |  | 111 |
Icon Partners V C, L.P. |  |  | — |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,863,863 |  |  |  | 1,864 |  |  |  | 1,671 |
Icon Partners V C, L.P. (7), (9) |  |  | — |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 636,137 |  |  |  | — |  |  |  | (66 | )
IIN Group Holdings, LLC |  |  | — |  |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | — |
(Integrative Nutrition, LLC) (7), (8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Imagine Topco, LP (Common) |  |  | — |  |  | Software |  |  | — |  |  |  | — |  |  |  | 1,236,027 |  |  |  | — |  |  |  | — |
IHS Parent Holdngs, L.P. |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,218,045 |  |  |  | 1,218 |  |  |  | 1,642 |
Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 5,811 |  |  |  | 573 |  |  |  | 844 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2023

(in thousands, except share data)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
ITC Infusion Co-invest, LP (8) |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 116,032 |  |  | $ | 1,160 |  |  | $ | 1,268 |
ITC Rumba, LLC (Cano Health, LLC) (7),(8) |  |  | — |  |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 46,763 |  |  |  | 117 |  |  |  | 144 |
Kentucky Racing Holdco, LLC (8) |  |  | — |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 87,345 |  |  |  | — |  |  |  | 883 |
Kinetic Purchaser, LLC |  |  | — |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,734,775 |  |  |  | 1,735 |  |  |  | 2,508 |
KL Stockton Co-Invest LP (Any Hour Services) (7),(8) |  |  | — |  |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 382,353 |  |  |  | 382 |  |  |  | 775 |
Lightspeed Investment Holdco LLC (7) |  |  | — |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 585,587 |  |  |  | 586 |  |  |  | 1,588 |
LJ Avalon, LP |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,638,043 |  |  |  | 1,638 |  |  |  | 1,736 |
Magnolia Topco LP - Class A Common Equity (8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 5,144 |  |  |  | — |  |  |  | — |
Magnolia Topco LP - Class B Common Equity (8) |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 28,231 |  |  |  | — |  |  |  | — |
Mars Intermediate Holdings II, Inc. (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 835 |  |  |  | — |  |  |  | 468 |
MDI Aggregator, LP |  |  | — |  |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 10,761 |  |  |  | 1,077 |  |  |  | 1,155 |
Meadowlark Title, LLC (8) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 819,231 |  |  |  | 805 |  |  |  | — |
MSpark, LLC |  |  | — |  |  | Media: Advertising, Printing and Publishing |  |  | — |  |  |  | — |  |  |  | 3,988 |  |  |  | 1,287 |  |  |  | — |
Municipal Emergency Services, Inc. (7) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,973,370 |  |  |  | 2,005 |  |  |  | 2,230 |
NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) |  |  | — |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,494 |  |  |  | 1,448 |  |  |  | 101 |
NORA Parent Holdings, LLC |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,544 |  |  |  | 2,544 |  |  |  | 2,544 |
North Haven Saints Equity Holdings, LP (8) |  |  | — |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 223,602 |  |  |  | 224 |  |  |  | 223 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  | — |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 14,960 |  |  |  | 15 |  |  |  | — |
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 173,638 |  |  |  | 1,614 |  |  |  | 3,768 |
OHCP V BC COI, L.P. |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 743,750 |  |  |  | 744 |  |  |  | 650 |
OHCP V BC COI, L.P. (9) |  |  | — |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 506,250 |  |  |  | — |  |  |  | (64 | )
ORL Holdco, Inc. (7) |  |  | — |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,474 |  |  |  | 15 |  |  |  | — |
PennantPark-TSO Senior Loan Fund, LP (7) |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 11,167,847 |  |  |  | 11,168 |  |  |  | 9,345 |
LEP Pequod Holdings, LP |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 350 |  |  |  | 865 |  |  |  | 1,006 |
Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8) |  |  | — |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 1,735 |  |  |  | 1,735 |  |  |  | 55 |
Pragmatic Institute, LLC |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 610,583 |  |  |  | 611 |  |  |  | 238 |
Quad (U.S.) Co-Invest, L.P. |  |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 266,864 |  |  |  | 267 |  |  |  | 312 |
QuantiTech InvestCo LP (7), (8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 712 |  |  |  | 68 |  |  |  | 446 |
QuantiTech InvestCo LP (7), (8), (9) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | — |
QuantiTech InvestCo II LP (7), (8), |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 24 |  |  |  | 26 |
RFMG Parent, LP (Rancho Health MSO, Inc.) (7) |  |  | — |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,050,000 |  |  |  | 1,050 |  |  |  | 1,052 |
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7) |  |  | — |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64,634 |  |  |  | 646 |  |  |  | 515 |
Seaway Topco, LP |  |  |  |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 296 |  |  |  | 296 |  |  |  | 235 |
Signature CR Intermediate Holdco, Inc. (7) |  |  | — |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | 70 |  |  |  | 1,784 |
SP L2 Holdings, LLC (Ledge Lounger, Inc.) |  |  | — |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 360,103 |  |  |  | 360 |  |  |  | 247 |
SSC Dominion Holdings, LLC |  |  | — |  |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 24 |  |  |  | 23 |  |  |  | 1,098 |
Class B (US Dominion, Inc.) (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
StellPen Holdings, LLC (CF512, Inc.) (7) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 161,538 |  |  |  | 161 |  |  |  | 178 |
TAC LifePort Holdings, LLC (7),(8) |  |  | — |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 533,833 |  |  |  | 524 |  |  |  | 850 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 219,056 |  |  |  | 206 |  |  |  | 388 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9) |  |  | — |  |  | Media |  |  | — |  |  |  | — |  |  |  | 146,550 |  |  |  | — |  |  |  | — |
TPC Holding Company, LP (5), (7), (8), (10) |  |  | — |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 21,527 |  |  |  | 21 |  |  |  | 212 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  | — |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 749 |  |  |  | 1 |  |  |  | 1 |
UniTek Global Services, Inc.(C) |  |  | — |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 213,739 |  |  |  | — |  |  |  | — |
UniTek Global Services, Inc. (W) |  |  | — |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 23,889 |  |  |  | — |  |  |  | — |
UniVista Insurance (7),(8) |  |  | — |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 400 |  |  |  | 362 |  |  |  | 555 |
Urology Partners Co., L.P. |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 694,444 |  |  |  | 694 |  |  |  | 653 |
Walker Edison Holdco LLC |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,393 |  |  |  | 1,766 |
WCP IvyRehab QP CF Feeder, LP(8) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 3,715,012 |  |  |  | 3,754 |  |  |  | 4,319 |
WCP IvyRehab QP CF Feeder, LP (8), (9) |  |  | — |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 284,988 |  |  |  | — |  |  |  | — |
Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7) |  |  | — |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,240 |  |  |  | 224 |  |  |  | 794 |
Total Common Equity/Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72,159 |  |  |  | 94,733 |
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  | 768,240 |  |  |  | 772,178 |
Investments in Controlled, Affiliated Portfolio Companies—45.1% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt—36.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC - Super Priority First Lien Term Loan (7) |  | 09/30/2025 |  |  | Media: Diversified and Production |  |  | 10.94 | % |  | 3M SOFR+550 |  |  |  | 3,582 |  |  |  | 3,582 |  |  |  | 3,582 |
Marketplace Events, LLC - Super Priority First Lien (7), (9) |  | 09/30/2025 |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 3,261 |  |  |  | — |  |  |  | — |
Marketplace Events, LLC |  | 09/30/2026 |  |  | Media: Diversified and Production |  |  | 10.94 | % |  | 3M SOFR+550 |  |  |  | 26,771 |  |  |  | 20,931 |  |  |  | 26,770 |
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) |  | 05/06/2024 |  |  | Financial Services |  |  | 13.33 | % |  | 3M SOFR+800 |  |  |  | 210,088 |  |  |  | 210,088 |  |  |  | 210,088 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 234,601 |  |  |  | 240,440 |
Equity Interests—8.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8) |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 349 |  |  |  | — |  |  |  | 3,675 |
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) |  |  | — |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 90,038 |  |  |  | 90,038 |  |  |  | 50,881 |
Total Equity Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 90,038 |  |  |  | 54,556 |
Total Investments in Controlled, Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  | 324,639 |  |  |  | 294,996 |
Total Investments—163.3% |  |  |  |  |  |  |  |  |  |  |  | 1,092,878 |  |  |  | 1,067,174 |
Cash and Cash Equivalents—15.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market - BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 100,555 |  |  |  | 100,555 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 100,555 |  |  |  | 100,555 |
Total Investments and Cash Equivalents—178.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,193,433 |  |  | $ | 1,167,729 |
Liabilities in Excess of Other Assets—(78.6)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (514,124 | )
Net Assets—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 653,605 |

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or
Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting
period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans
with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on our accounting policy. The value of all securities was determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18

(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be
“non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed
as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-U.S. company or principal place of business outside the United States.
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2031 Asset-Backed Debt and held through
PennantPark CLO I, Ltd.
(8)
Investment is held through our Taxable Subsidiary.
(9)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is
unfunded.
(10)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 76% of our total assets and non-qualifying assets represent 24% of our total assets.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2023

(Unaudited)

1. ORGANIZATION

PennantPark Floating Rate Capital Ltd. was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act.

Our investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. We seek to achieve our investment objective by investing primarily in floating rate loans, and other investments made to U.S. middle-market private companies whose debt is rated below investment grade. Floating rate loans pay interest at variable rates, which are determined periodically, on the basis of a floating base lending rate such as SOFR, with or without a floor, plus a fixed spread. Under normal market conditions, we generally expect that at least 80% of the value of our managed assets will be invested in floating rate loans and other investments bearing a variable rate of interest, which may include, from time to time, variable rate derivative instruments. We generally expect that first lien secured debt will represent at least 65% of our overall portfolio. We generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second lien secured debt, subordinated debt, and, to a lesser extent, equity investments.

We have entered into an investment management agreement, or (the "Investment Management Agreement"), with PennantPark Investment Advisers LLC (the "Investment Adviser"), an external adviser that manages our day-to-day operations. We have also entered into an administration agreement, or (the "Administration Agreement"), with PennantPark Investment Administration LLC (the "Administrator"), which provides the administrative services necessary for us to operate.

Funding I, our wholly-owned subsidiary and a special purpose entity, was organized in Delaware as a limited liability company in May 2011. We formed Funding I in order to establish a credit facility. The Investment Adviser serves as the collateral manager to Funding I and has irrevocably directed that any management fee owed with respect to such services is to be paid to us so long as the Investment Adviser remains the collateral manager. This arrangement does not increase our consolidated management fee.

We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are subject to tax as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

On April 14, 2022, listing and trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC effective at market close on April 13, 2022.

In May 2017, we and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, or Kemper, formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. See Note 4.

In November 2017, we issued $138.6 million of our 2023 Notes. The principal on the 2023 Notes were payable in four annual installments as follows: 15% of the original principal amount on December 15, 2020, 15% of the original principal amount on December 15, 2021, 15% of the original principal amount on December 15, 2022 and 55% on December 15, 2023. On December 15, 2023, the remaining 2023 Notes were repaid in full. The 2023 Notes were general, unsecured obligations and ranked equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2023 Notes were listed on the TASE. In connection with this offering, we have dual listed our common stock on the TASE.

In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt is secured by a diversified portfolio of the Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031. On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly-owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. See Note 10.

In March 2021 and October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5% respectively. Interest on the 2026 Notes is paid semi-annually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

In April 2021, we formed PennantPark-TSO Senior Loan Fund LP ("PTSF"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $81.4 million in investments to a wholly-owned subsidiary of PTSF in exchange for cash in the amount of $69.5 million and an $11.9 million equity interest in PTSF representing 23.08% of the total outstanding Class A Units of PTSF. We recognized $0.4 million of realized gain upon the formation of PTSF. As of December 31, 2023, our capital commitment of $15.3 million is fully funded and we hold 23.08% of the total outstanding Class A Units of PTSF and a 4.99% voting interest in the general partner which manages PTSF.

We are operated by a person who has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act of 1936, as amended, or the Commodity Exchange Act, and therefore, is not subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles, or GAAP, requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the credit worthiness of our portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to the Financial Accounting Standards Board’s, or FASB’s, Accounting Standards Codification, as amended, or ASC, serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the consolidated financial statements are issued.

Our consolidated financial statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a consolidated statement of changes in net assets in lieu of a consolidated statement of changes in stockholders’ equity.

Restatement of Previously Issued Financial Statements

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSSL and PTSF in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at December 31, 2022, and the impact of the error correction is reflected on the consolidated statement of cash flows for the three months ended December 31, 2022 as an increase to cash and cash equivalents, beginning of period totaling $3.6 million, an increase to cash and cash equivalents, end of period totaling $2.1 million, and decrease in due to affiliates of $1.5 million.

There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of December 31, 2022. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended December 31, 2022.

Our significant accounting policies consistently applied are as follows:

(a) Investment Valuations

We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

(2)
Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

(4)
The audit committee of our board of directors reviews the preliminary valuations of our Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

(b) Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but

21

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments, the Credit Facility and the 2023 Notes during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, or OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of December 31, 2023, we had one portfolio company on non-accrual, representing 0.1% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% of our overall portfolio on a cost and fair value basis, respectively.

(c) Income Taxes

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material U.S. federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of a federal excise tax, or we may incur taxes through our taxable subsidiaries, including the Taxable Subsidiary. For both the three months ended December 31, 2023 and 2022, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million, respectively, pertaining to federal excise tax.

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.

The Taxable Subsidiary (PFLT Investment Holdings, LLC, a second tier wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

For the three months ended December 31, 2023, the Company recognized a provision for taxes of zero on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three months ended December 31, 2022 the Company recognized a provision for taxes of $0.7 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of December 31, 2023 and September 30, 2023, $1.8 and $1.8 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. As of December 31, 2023 and September 30, 2023, zero and $0.3 million, respectively, was accrued as a provision for taxes on the Consolidated Statements of Operations relating to realized gain on investments held by the Taxable Subsidiary. During the three months ended December 31, 2023 and 2022, the Company paid zero and zero, respectively, in taxes on realized gains on the sale of investments held by the Taxable Subsidiary.

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the consolidated financial statements of assets and liabilities to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

(d) Distributions and Capital Transactions

Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by the board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

Capital transactions through offerings of our common stock are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

On March 27, 2023 we entered into equity distribution agreements with JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. (together, the "Equity Distribution Agreements"), as sales agents (each a "Sales Agent" and together, the "Sales Agents") in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an at-the-market offering ("ATM Program"). On August 11, 2023 we amended the Equity Distribution Agreements

22

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

with each of the Sales Agents (together, the "Amended and Restated Equity Distribution Agreements") to increase the aggregate offering price to up to $250 million. The Amended and Restated Equity Distribution Agreements, provide that we may offer and sell shares of our common stock from time to time through a sales agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the offerings made hereunder will not be less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us.

During the three months ended December 31, 2023, we did not issue any shares of common stock through the ATM Program.

(e) Foreign Currency Translation

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair value of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

(f) Consolidation

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Floating Rate Capital Ltd. will generally not consolidate its investment in a company other than an investment company wholly-owned subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our taxable subsidiaries, including the Taxable Subsidiary, Funding I and the Securitization Issuer in our Consolidated Financial Statements. We do not consolidate our non-controlling interest in PSSL or PTSF. See further description of our investment in PSSL in Note 4.

(g) Asset Transfers and Servicing

Asset transfers that do not meet ASC Topic 860, Transfers and Servicing, requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments. The creditors of Funding I have received a security interest in all of its assets and such assets are not intended to be available to the creditors of PennantPark Floating Rate Capital Ltd. or any of its affiliates.

(h) Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three months ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto.

In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

The Investment Management Agreement with the Investment Adviser was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2024. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. The Investment Adviser serves as the collateral manager to Funding I and has irrevocably directed that any management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager. This arrangement does not increase our consolidated management fee. For providing these services, the Investment Adviser receives a fee from us consisting of two components— a base management fee and an incentive fee.

23

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Base Management Fee

The base management fee is calculated at an annual rate of 1.00% of our “average adjusted gross assets,” which equals our gross assets (net of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three months ended December 31, 2023 and 2022, the Investment Adviser earned a base management fee of $3.0 million and $2.9 million respectively, from us.

Incentive Fee

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 50% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.9167% in any calendar quarter (11.67% annualized) (we refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 2.9167%) as the “catch-up,” which is meant to provide our Investment Adviser with 20% of our Pre-Incentive Fee Net Investment Income, as if a hurdle did not apply, if this net investment income exceeds 2.9167% in any calendar quarter), and (3) 20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.9167% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable. For the three months ended December 31, 2023 and 2022, the Investment Adviser earned $4.9 million and $3.4 million, respectively, in incentive fees on net investment income from us.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the three months ended December 31, 2023 and 2022, the Investment Adviser did no t accrue an incentive fee on capital gains, as calculated under the Investment Management Agreement (as described above).

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. The incentive fee accrued for, but not payable, under GAAP on our unrealized and realized capital gains for the three months ended December 31, 2023 and 2022, was zero, respectively.

(b) Administration Agreement

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of the directors who are not interested persons of us, in February 2024. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSSL. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three months ended December 31, 2023 and 2022, we recorded administrative expenses of approximately $0.6 million and $0.1 million, respectively, including expenses the Administrator incurred for services described above.

On July 1, 2022, the Administration Agreement with the Administrator was amended to clarify that the Administrator may be reimbursed by the Company for certain (i) tax and general legal advice and/or services provided to the Company by in-house professionals of the Administrator related to ongoing operations of the Company; and (ii) transactional legal advice and/or services provided to the Company or portfolio companies by in-house professionals of the Administrator or its affiliates on matters related to potential or actual investments and transactions, including tax structuring and/or due diligence.

(c) Other Related Party Transactions

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three months ended December 31, 2023 and 2022.

For the three months ended December 31, 2023 and 2022, we sold $62.7 million and $18.8 million i n investments to PSSL at fair value, respectively, and recognized zero and zero of net realized gains (losses), respectively.

24

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

For the three months ended December 31, 2023 and 2022, we sold no investments to PTSF.

As of December 31, 2023 and September 30, 2023, PFLT had a payable to PSSL and PTSF of $0.5 million and $0.6 million, respectively, presented as a Due to Affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSSL and PTSF from PFLT in connection with trades between the funds.

As of December 31, 2023 and September 30, 2023, PFLT had a receivable from the Administrator of $0.1 million and zero, respectively, presented as Due from Affiliate on the consolidated statements of assets and liabilities. This amount relates to agency fees collected on behalf of the Company.

4. INVESTMENTS

For the three months ended December 31, 2023 and 2022, purchases of investments, including PIK interest totaled $303.5 million and $65.6 million, respectively. For the three months ended December 31, 2023 and 2022, sales and repayments of investments totaled $103.8 million and $63.0 million, re spectively.

Investments and cash and cash equivalents consisted of the following:

($ in thousands) |  | December 31, 2023 |  |  | September 30, 2023 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 887,271 |  |  | $ | 880,376 |  |  | $ | 708,452 |  |  | $ | 696,078 |
First lien in PSSL |  |  | 210,088 |  |  |  | 210,088 |  |  |  | 210,088 |  |  |  | 210,088 |
Second lien |  |  | 1,113 |  |  |  | 150 |  |  |  | 1,113 |  |  |  | 149 |
Equity |  |  | 101,968 |  |  |  | 128,184 |  |  |  | 83,188 |  |  |  | 109,978 |
Equity interests in PSSL |  |  | 90,038 |  |  |  | 52,129 |  |  |  | 90,038 |  |  |  | 50,881 |
Total investments |  |  | 1,290,478 |  |  |  | 1,270,927 |  |  |  | 1,092,878 |  |  |  | 1,067,174 |
Cash and cash equivalents |  |  | 75,809 |  |  |  | 75,826 |  |  |  | 100,555 |  |  |  | 100,555 |
Total investments and cash and cash equivalents |  | $ | 1,366,287 |  |  | $ | 1,346,753 |  |  | $ | 1,193,433 |  |  | $ | 1,167,729 |

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:

Industry Classification |  | December 31, 2023 (1) |  |  | September 30, 2023 (1) |
Aerospace and Defense |  |  | 12 |  | % |  | 6 |
Healthcare Providers and Services |  |  | 7 |  |  |  | 9 |
Media |  |  | 7 |  |  |  | 9 |
Personal Products |  |  | 7 |  |  |  | 8 |
Professional Services |  |  | 6 |  |  |  | 7 |
Electronic Equipment, Instruments, and Components |  |  | 6 |  |  |  | 3 |
Distributors |  |  | 5 |  |  |  | 3 |
IT Services |  |  | 5 |  |  |  | 4 |
Media: Diversified and Production |  |  | 5 |  |  |  | 6 |
Auto Components |  |  | 4 |  |  |  | — |
Healthcare Technology |  |  | 4 |  |  |  | 4 |
High Tech Industries |  |  | 4 |  |  |  | 5 |
Commercial Services & Supplies |  |  | 3 |  |  |  | 4 |
Construction and Building |  |  | 2 |  |  |  | 3 |
Insurance |  |  | 2 |  |  |  | 3 |
Capital Equipment |  |  | 2 |  |  |  | 2 |
Business Services |  |  | 2 |  |  |  | 2 |
Chemicals, Plastics and Rubber |  |  | 2 |  |  |  | 2 |
Consumer Services |  |  | 1 |  |  |  | 2 |
Hotels, Restaurants and Leisure |  |  | 1 |  |  |  | 2 |
Automobiles |  |  | 1 |  |  |  | 2 |
Healthcare Equipment and Supplies |  |  | 1 |  |  |  | 1 |
Diversified Consumer Services |  |  | 1 |  |  |  | 3 |
Financial Services |  |  | 1 |  |  |  | 1 |
Construction & Engineering |  |  | 1 |  |  |  | 1 |
Leisure Products |  |  | 1 |  |  |  | 1 |
Diversified Financial Services |  |  | 1 |  |  |  | 1 |
Air Freight and Logistics |  |  | 1 |  |  |  | 1 |
Textiles, Apparel and Luxury Goods |  |  | 1 |  |  |  | 1 |
Energy Equipment and Services |  |  | 1 |  |  |  | 1 |
Internet Software and Services |  |  | 1 |  |  |  | 1 |
Food Products |  |  | 1 |  |  |  | 1 |
Wholesale |  |  | 1 |  |  |  | 1 |
All Other |  |  | — |  |  |  | — |
Total |  |  | 100 | % |  |  | 100 | %

(1)
Excludes investments in PSSL.

PennantPark Senior Secured Loan Fund I LLC

25

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2023 and September 30, 2023, PSSL had total assets of $879.4 million and $869.4 million, respectively, and its investment portfolio consisted of investments in 106 and 105 portfolio companies, respectively. As of December 31, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $21.1 million and the five largest investments totaled $91.7 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $18.5 million and the five largest investments totaled $83.4 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2023, and September 30, 2023, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $210.1 million (additional $27.6 million unfunded) and $210.1 million (additional $27.6 million unfunded), respectively, and equity interests of $90.0 million (additional $11.8 million unfunded) and $90.0 million (additional $11.8 million unfunded), respectively.

We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

In August 2023 PSSL entered into a $260.0 million (decreased from $325.0 million) senior secured revolving credit facility which bears interest at SOFR plus 260 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the “2035 Asset-Backed Debt”. The 2035 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO VI, LLC, a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt is scheduled to mature in April 2035. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC

Below is a summary of PSSL’s portfolio at fair value:

($ in thousands) |  | December 31, 2023 |  |  | September 30, 2023 |
Total investments |  | $ | 836,857 |  |  | $ | 785,859 |
Weighted average cost yield on income producing investments |  |  | 12.1 | % |  |  | 12.1 | %
Number of portfolio companies in PSSL |  |  | 106 |  |  |  | 105 |
Largest portfolio company investment |  | $ | 21,114 |  |  | $ | 18,463 |
Total of five largest portfolio company investments |  | $ | 91,715 |  |  | $ | 83,365 |

26

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Below is a listing of PSSL’s individual investments as of December 31, 2023 (Par and $ in thousands):

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,398.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.96 | % |  | SOFR+660 |  |  | 2,932 |  |  | $ | 2,881 |  |  | $ | 2,918 |
ACP Avenu Buyer, LLC |  | 10/1/2029 |  | Business Services |  |  | 11.75 | % |  | SOFR+626 |  |  | 10,000 |  |  |  | 9,827 |  |  |  | 9,750 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  | Business Services |  |  | 11.85 | % |  | SOFR+650 |  |  | 18,904 |  |  |  | 18,539 |  |  |  | 18,696 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.61 | % |  | SOFR+626 |  |  | 8,775 |  |  |  | 8,708 |  |  |  | 8,731 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.44 | % |  | SOFR+600 |  |  | 12,820 |  |  |  | 12,519 |  |  |  | 12,307 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.00 | % |  | SOFR+565 |  |  | 4,930 |  |  |  | 4,912 |  |  |  | 4,881 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 12.00 | % |  | SOFR+665 |  |  | 4,813 |  |  |  | 4,778 |  |  |  | 4,788 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 11.23 | % |  | SOFR+585 |  |  | 7,491 |  |  |  | 7,338 |  |  |  | 7,416 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.25 | % |  | SOFR+615 |  |  | 9,748 |  |  |  | 9,652 |  |  |  | 9,553 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  |  | 11.64 | % |  | SOFR+625 |  |  | 11,200 |  |  |  | 11,048 |  |  |  | 11,088 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 11.10 | % |  | SOFR+575 |  |  | 4,938 |  |  |  | 4,854 |  |  |  | 4,740 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.84 | % |  | SOFR+650 |  |  | 8,955 |  |  |  | 8,854 |  |  |  | 8,865 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  |  | 11.75 | % |  | SOFR+625 |  |  | 15,092 |  |  |  | 14,892 |  |  |  | 14,904 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  | Aerospace and Defense |  |  | 12.01 | % |  | SOFR+665 |  |  | 5,588 |  |  |  | 5,552 |  |  |  | 5,476 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  |  | 11.65 | % |  | SOFR+626 |  |  | 2,334 |  |  |  | 2,334 |  |  |  | 2,334 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  |  | 10.71 | % |  | SOFR+525 |  |  | 446 |  |  |  | 418 |  |  |  | 419 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  |  | 12.40 | % |  | SOFR+688 |  |  | 13,538 |  |  |  | 13,500 |  |  |  | 13,267 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.10 | % |  | SOFR+575 |  |  | 9,612 |  |  |  | 9,490 |  |  |  | 9,612 |
CF512, Inc. |  | 8/20/2026 |  | Media |  |  | 11.57 | % |  | SOFR+619 |  |  | 6,803 |  |  |  | 6,713 |  |  |  | 6,667 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 9.97 | % |  | SOFR+461 |  |  | 5,484 |  |  |  | 5,448 |  |  |  | 5,484 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  | Business Services |  |  | 12.18 | % |  | SOFR+775 |  |  | 9,232 |  |  |  | 9,208 |  |  |  | 8,909 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  |  | 9.47 | % |  | SOFR+400 |  |  | 6,761 |  |  |  | 6,529 |  |  |  | 6,626 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 11.14 | % |  | SOFR+576 |  |  | 3,805 |  |  |  | 3,756 |  |  |  | 3,634 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.36 | % |  | SOFR+501 |  |  | 2,084 |  |  |  | 2,063 |  |  |  | 2,073 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.20 | % |  | SOFR+585 |  |  | 14,675 |  |  |  | 14,484 |  |  |  | 14,675 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.71 | % |  | SOFR+525 |  |  | 2,620 |  |  |  | 2,419 |  |  |  | 2,385 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.75 | % |  | SOFR+640 |  |  | 14,189 |  |  |  | 14,144 |  |  |  | 14,033 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.96 | % |  | SOFR+650 |  |  | 10,876 |  |  |  | 10,833 |  |  |  | 10,702 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  |  | 10.14 | % |  | SOFR+475 |  |  | 5,000 |  |  |  | 4,913 |  |  |  | 5,004 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 11.60 | % |  | SOFR+625 |  |  | 8,933 |  |  |  | 8,817 |  |  |  | 8,843 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 11.46 | % |  | SOFR+610 |  |  | 12,643 |  |  |  | 12,484 |  |  |  | 12,453 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.89 | % |  | SOFR+650 |  |  | 12,373 |  |  |  | 12,132 |  |  |  | 12,373 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.36 | % |  | SOFR+475 |  |  | 10,169 |  |  |  | 10,119 |  |  |  | 10,150 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.46 | % |  | SOFR+610 |  |  | 3,726 |  |  |  | 3,715 |  |  |  | 3,540 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.95 | % |  | SOFR+560 |  |  | 2,339 |  |  |  | 2,314 |  |  |  | 2,316 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.95 | % |  | SOFR+560 |  |  | 2,250 |  |  |  | 2,219 |  |  |  | 2,160 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.57 | % |  | SOFR+635 |  |  | 4,900 |  |  |  | 4,830 |  |  |  | 4,851 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.80 | % |  | SOFR+640 |  |  | 3,014 |  |  |  | 2,993 |  |  |  | 2,968 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.74 | % |  | SOFR+550 |  |  | 9,225 |  |  |  | 9,064 |  |  |  | 9,086 |
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.64 | % |  | SOFR+725 |  |  | 16,411 |  |  |  | 16,254 |  |  |  | 16,411 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.20 | % |  | SOFR+685 |  |  | 6,075 |  |  |  | 5,967 |  |  |  | 6,075 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  |  | 12.50 | % |  | SOFR+715 |  |  | 11,130 |  |  |  | 11,113 |  |  |  | 10,351 |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  | Insurance |  |  | 11.54 | % |  | SOFR+615 |  |  | 5,895 |  |  |  | 5,847 |  |  |  | 5,836 |
Inventus Power, Inc. |  | 6/30/2025 |  | Consumer Goods: Durable |  |  | 12.97 | % |  | SOFR+761 |  |  | 8,226 |  |  |  | 8,094 |  |  |  | 8,061 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 10.96 | % |  | SOFR+560 |  |  | 3,940 |  |  |  | 3,888 |  |  |  | 3,822 |
K2 Pure Solutions NoCal, L.P. |  | 1/31/2024 |  | Chemicals, Plastics and Rubber |  |  | 15.46 | % |  | SOFR+1000 |  |  | 14,602 |  |  |  | 14,599 |  |  |  | 14,602 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.50 | % |  | SOFR+615 |  |  | 16,620 |  |  |  | 16,324 |  |  |  | 16,537 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.48 | % |  | SOFR+700 |  |  | 14,174 |  |  |  | 13,968 |  |  |  | 14,103 |
LAV Gear Holdings, Inc. |  | 10/31/2025 |  | Capital Equipment |  |  | 11.82 | % |  | SOFR+640 |  |  | 15,006 |  |  |  | 14,973 |  |  |  | 14,676 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.71 | % |  | SOFR+535 |  |  | 12,024 |  |  |  | 11,896 |  |  |  | 11,964 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.86 | % |  | SOFR+640 |  |  | 2,579 |  |  |  | 2,533 |  |  |  | 2,527 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  | Consumer Products |  |  | 12.35 | % |  | SOFR+700 |  |  | 7,463 |  |  |  | 7,326 |  |  |  | 7,388 |
Lucky Bucks, LLC - First-Out Term Loan |  | 10/2/2028 |  | Hotel, Gaming and Leisure |  |  | 13.03 | % |  | SOFR+765 |  |  | 261 |  |  |  | 261 |  |  |  | 261 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  | Hotel, Gaming and Leisure |  |  | 13.03 | % |  | SOFR+765 |  |  | 522 |  |  |  | 522 |  |  |  | 522 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  |  | 10.95 | % |  | SOFR+550 |  |  | 2,091 |  |  |  | 2,007 |  |  |  | 1,997 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.64 | % |  | SOFR+500 |  |  | 2,998 |  |  |  | 2,844 |  |  |  | 2,106 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 647 |  |  |  | 647 |  |  |  | 647 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  | Media: Diversified and Production |  |  |  |  |  |  |  | 589 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,852 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 11.01 | % |  | SOFR+565 |  |  | 11,558 |  |  |  | 11,460 |  |  |  | 11,558 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.21 | % |  | SOFR+585 |  |  | 8,395 |  |  |  | 8,290 |  |  |  | 8,282 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.63 | % |  | SOFR+625 |  |  | 6,364 |  |  |  | 6,260 |  |  |  | 6,212 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.00 | % |  | SOFR+565 |  |  | 2,366 |  |  |  | 2,332 |  |  |  | 2,295 |

27

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.60 | % |  | SOFR+625 |  |  |  | 19,344 |  |  | $ | 19,018 |  |  | $ | 18,957 |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 11.29 | % |  | SOFR+590 |  |  |  | 5,769 |  |  |  | 5,764 |  |  |  | 5,769 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 10.50 | % |  | SOFR+515 |  |  |  | 3,421 |  |  |  | 3,374 |  |  |  | 3,418 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.19 | % |  | SOFR+525 |  |  |  | 10,684 |  |  |  | 10,553 |  |  |  | 10,043 |
Neptune Flood Incorporated |  | 5/9/2029 |  |  | Insurance |  |  | 11.72 | % |  | SOFR+650 |  |  |  | 4,932 |  |  |  | 4,865 |  |  |  | 4,932 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.96 | % |  | SOFR+550 |  |  |  | 14,175 |  |  |  | 14,161 |  |  |  | 14,175 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 11.70 | % |  | SOFR+635 |  |  |  | 21,435 |  |  |  | 21,043 |  |  |  | 21,114 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.72 | % |  | SOFR+636 |  |  |  | 15,807 |  |  |  | 15,559 |  |  |  | 15,807 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 12.75 | % |  | SOFR+740 |  |  |  | 2,217 |  |  |  | 2,198 |  |  |  | 1,884 |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 13.82 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 12.07 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.70 | % |  | SOFR+550 |  |  |  | 3,893 |  |  |  | 3,835 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.86 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,310 |  |  |  | 4,291 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.43 | % |  | SOFR+625 |  |  |  | 12,028 |  |  |  | 11,808 |  |  |  | 11,848 |
Pequod Merger Sub, Inc. - Term Loan (f/k/a Simplicity Group) |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.75 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,281 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.65 | % |  | SOFR+500 |  |  |  | 9,468 |  |  |  | 9,292 |  |  |  | 8,884 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.46 | % |  | SOFR+710 |  |  |  | 7,633 |  |  |  | 7,539 |  |  |  | 6,755 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 11.06 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,497 |  |  |  | 2,474 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.14 | % |  | SOFR+575 |  |  |  | 11,109 |  |  |  | 10,977 |  |  |  | 10,387 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.70 | % |  | SOFR+635 |  |  |  | 2,796 |  |  |  | 2,774 |  |  |  | 2,740 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 11.24 | % |  | SOFR+585 |  |  |  | 1,026 |  |  |  | 1,026 |  |  |  | 1,026 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.50 | % |  | SOFR+615 |  |  |  | 4,925 |  |  |  | 4,868 |  |  |  | 4,777 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.50 | % |  | SOFR+715 |  |  |  | 4,863 |  |  |  | 4,819 |  |  |  | 4,692 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 11.14 | % |  | SOFR+576 |  |  |  | 12,399 |  |  |  | 12,314 |  |  |  | 10,973 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.43 | % |  | SOFR+625 |  |  |  | 3,739 |  |  |  | 3,669 |  |  |  | 3,683 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.55 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,233 |  |  |  | 9,222 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.96 | % |  | SOFR+760 |  |  |  | 5,181 |  |  |  | 5,165 |  |  |  | 5,155 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.53 | % |  | SOFR+715 |  |  |  | 11,791 |  |  |  | 11,780 |  |  |  | 11,407 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.50 | % |  | SOFR+615 |  |  |  | 4,938 |  |  |  | 4,874 |  |  |  | 4,765 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 12.50 | % |  | SOFR+715 |  |  |  | 12,141 |  |  |  | 11,973 |  |  |  | 12,020 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.97 | % |  | SOFR+450 |  |  |  | 1,300 |  |  |  | 1,275 |  |  |  | 1,290 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.98 | % |  | SOFR+450 |  |  |  | 11,766 |  |  |  | 11,733 |  |  |  | 10,299 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.53 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,554 |  |  |  | 4,568 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 11.00 | % |  | SOFR+565 |  |  |  | 4,102 |  |  |  | 4,040 |  |  |  | 4,057 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.71 | % |  | SOFR+535 |  |  |  | 9,075 |  |  |  | 9,028 |  |  |  | 8,985 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.40 | % |  | SOFR+501 |  |  |  | 1,782 |  |  |  | 1,695 |  |  |  | 1,777 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.33 | % |  | SOFR+615 |  |  |  | 14,700 |  |  |  | 14,518 |  |  |  | 14,612 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.75 | % |  | SOFR+500 |  |  |  | 346 |  |  |  | 333 |  |  |  | 342 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.71 | % |  | SOFR+535 |  |  |  | 2,256 |  |  |  | 2,255 |  |  |  | 2,251 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.00 | % |  | SOFR+665 |  |  |  | 8,569 |  |  |  | 8,455 |  |  |  | 8,475 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.46 | % |  | SOFR+610 |  |  |  | 7,696 |  |  |  | 7,577 |  |  |  | 7,684 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 8,640 |  |  |  | 8,553 |  |  |  | 8,554 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.78 | % |  | SOFR+640 |  |  |  | 3,740 |  |  |  | 3,738 |  |  |  | 3,740 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 14,670 |  |  |  | 14,569 |  |  |  | 13,555 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.93 | % |  | SOFR+665 |  |  |  | 6,875 |  |  |  | 6,766 |  |  |  | 6,732 |
Walker Edison Furniture Company LLC |  | 3/1/2029 |  |  | Wholesale |  |  | 12.21 | % |  | SOFR+685 |  |  |  | 4,028 |  |  |  | 4,028 |  |  |  | 3,947 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility |  | 3/1/2029 |  |  | Wholesale |  |  | 11.71 | % |  | SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3) |  | 3/1/2029 |  |  | Wholesale |  |  |  |  |  |  |  |  | 1,042 |  |  |  | - |  |  |  | (21 | )
Wildcat Buyerco, Inc. |  | 2/27/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.11 | % |  | SOFR+575 |  |  |  | 16,138 |  |  |  | 15,993 |  |  |  | 15,896 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.70 | % |  | SOFR+735 |  |  |  | 16,732 |  |  |  | 16,698 |  |  |  | 16,355 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 841,081 |  |  |  | 833,276 |
Equity Securities - 3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 2,062 |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 507 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,012 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,467 |  |  |  | 3,581 |
Total Investments - 1,404.7% |  |  |  |  |  |  |  |  |  |  |  | 847,548 |  |  |  | 836,857 |
Cash and Cash Equivalents - 61.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,339 |  |  |  | 36,339 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,339 |  |  |  | 36,339 |
Total Investments and Cash Equivalents —1,465.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 883,887 |  |  | $ | 873,196 |
Liabilities in Excess of Other Assets — (1,365.7)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (813,620 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 59,576 |

cash a

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

28

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Below is a listing of PSSL’s individual investments as of September 30, 2023 (Par and $ in thousands)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,347.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.84 | % |  | SOFR+660 |  |  | 2,940 |  |  | $ | 2,886 |  |  | $ | 2,925 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.65 | % |  | SOFR+626 |  |  | 8,798 |  |  |  | 8,723 |  |  |  | 8,754 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.24 | % |  | SOFR+600 |  |  | 12,852 |  |  |  | 12,535 |  |  |  | 12,338 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.04 | % |  | SOFR+550 |  |  | 5,001 |  |  |  | 4,971 |  |  |  | 4,913 |
Anteriad Holdings Inc (fka MeritDirect) March 2023 |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 12.04 | % |  | SOFR+650 |  |  | 4,875 |  |  |  | 4,817 |  |  |  | 4,814 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 11.59 | % |  | SOFR+585 |  |  | 7,510 |  |  |  | 7,348 |  |  |  | 7,360 |
Apex Service Partners, LLC |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.52 | % |  | SOFR+525 |  |  | 1,002 |  |  |  | 1,002 |  |  |  | 1,000 |
Apex Service Partners, LLC Term Loan B |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 11.04 | % |  | SOFR+550 |  |  | 2,187 |  |  |  | 2,187 |  |  |  | 2,181 |
Apex Service Partners, LLC Term Loan C |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.69 | % |  | SOFR+525 |  |  | 11,013 |  |  |  | 10,972 |  |  |  | 10,985 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.54 | % |  | SOFR+615 |  |  | 9,579 |  |  |  | 9,475 |  |  |  | 9,387 |
Applied Technical Services, LLC - DDTL Unfunded (3) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  |  |  |  |  |  | 194 |  |  |  | - |  |  |  | (2 | )
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  |  | 11.62 | % |  | SOFR+625 |  |  | 9,218 |  |  |  | 9,093 |  |  |  | 9,126 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 11.14 | % |  | SOFR+575 |  |  | 4,950 |  |  |  | 4,863 |  |  |  | 4,604 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.83 | % |  | SOFR+650 |  |  | 8,978 |  |  |  | 8,874 |  |  |  | 8,933 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  |  | 11.79 | % |  | SOFR+640 |  |  | 15,132 |  |  |  | 14,928 |  |  |  | 14,905 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  |  | 11.50 | % |  | SOFR+626 |  |  | 2,349 |  |  |  | 2,349 |  |  |  | 2,349 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  |  | 12.43 | % |  | SOFR+688 |  |  | 13,821 |  |  |  | 13,778 |  |  |  | 13,579 |
Cadence Aerospace, LLC |  | 11/14/2023 |  | Aerospace and Defense |  |  | 12.07 | % |  | SOFR+665 |  |  | 4,011 |  |  |  | 4,010 |  |  |  | 4,011 |
|  |  |  |  |  | (PIK 2.00%) |  |  |  |  |  |  |  |  |  |  |  |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.39 | % |  | SOFR+600 |  |  | 9,636 |  |  |  | 9,509 |  |  |  | 9,636 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 10.15 | % |  | SOFR+476 |  |  | 5,499 |  |  |  | 5,455 |  |  |  | 5,499 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  | Business Services |  |  | 12.18 | % |  | SOFR+675 |  |  | 9,232 |  |  |  | 9,201 |  |  |  | 8,955 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  |  | 9.32 | % |  | SOFR+400 |  |  | 6,797 |  |  |  | 6,559 |  |  |  | 6,445 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 11.16 | % |  | SOFR+576 |  |  | 3,815 |  |  |  | 3,762 |  |  |  | 3,681 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.90 | % |  | SOFR+551 |  |  | 2,089 |  |  |  | 2,067 |  |  |  | 2,079 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.24 | % |  | SOFR+585 |  |  | 14,712 |  |  |  | 14,511 |  |  |  | 14,712 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.67 | % |  | SOFR+525 |  |  | 2,627 |  |  |  | 2,418 |  |  |  | 2,394 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.79 | % |  | SOFR+640 |  |  | 14,429 |  |  |  | 14,376 |  |  |  | 14,256 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.89 | % |  | SOFR+650 |  |  | 10,904 |  |  |  | 10,838 |  |  |  | 10,740 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  |  | 10.07 | % |  | SOFR+475 |  |  | 5,000 |  |  |  | 4,900 |  |  |  | 4,985 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 11.64 | % |  | SOFR+625 |  |  | 8,955 |  |  |  | 8,833 |  |  |  | 8,821 |
Electro Rent Corporation |  | 1/17/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 11.00 | % |  | SOFR+550 |  |  | 2,219 |  |  |  | 2,200 |  |  |  | 2,171 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 11.17 | % |  | SOFR+585 |  |  | 12,675 |  |  |  | 12,505 |  |  |  | 12,422 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.89 | % |  | SOFR+650 |  |  | 12,404 |  |  |  | 12,154 |  |  |  | 12,193 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.40 | % |  | SOFR+475 |  |  | 10,195 |  |  |  | 10,143 |  |  |  | 10,114 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.96 | % |  | SOFR+660 |  |  | 3,736 |  |  |  | 3,724 |  |  |  | 3,549 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.99 | % |  | SOFR+575 |  |  | 2,345 |  |  |  | 2,316 |  |  |  | 2,322 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.92 | % |  | SOFR+560 |  |  | 2,250 |  |  |  | 2,217 |  |  |  | 2,194 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.32 | % |  | SOFR+585 |  |  | 4,913 |  |  |  | 4,838 |  |  |  | 4,913 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.75 | % |  | SOFR+640 |  |  | 3,014 |  |  |  | 2,988 |  |  |  | 2,968 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.72 | % |  | SOFR+535 |  |  | 9,248 |  |  |  | 9,075 |  |  |  | 9,110 |
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.51 | % |  | SOFR+715 |  |  | 16,453 |  |  |  | 16,257 |  |  |  | 16,453 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.24 | % |  | SOFR+685 |  |  | 6,090 |  |  |  | 5,979 |  |  |  | 6,090 |
Integrated Data Services |  | 8/1/2029 |  | Business Services |  |  | 11.87 | % |  | SOFR+650 |  |  | 18,904 |  |  |  | 18,532 |  |  |  | 18,463 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  |  | 12.54 | % |  | SOFR+700 |  |  | 11,105 |  |  |  | 11,083 |  |  |  | 10,439 |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  | Insurance |  |  | 11.57 | % |  | SOFR+575 |  |  | 5,906 |  |  |  | 5,851 |  |  |  | 5,847 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 11.06 | % |  | SOFR+560 |  |  | 3,940 |  |  |  | 3,886 |  |  |  | 3,861 |
K2 Pure Solutions NoCal, L.P. |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | 13.42 | % |  | SOFR+810 |  |  | 15,509 |  |  |  | 15,487 |  |  |  | 15,509 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.54 | % |  | SOFR+615 |  |  | 16,662 |  |  |  | 16,346 |  |  |  | 16,412 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.13 | % |  | SOFR+675 |  |  | 14,210 |  |  |  | 13,989 |  |  |  | 14,068 |
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 11.74 | % |  | SOFR+643 |  |  | 15,042 |  |  |  | 14,997 |  |  |  | 14,862 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.70 | % |  | SOFR+535 |  |  | 12,056 |  |  |  | 11,911 |  |  |  | 11,935 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.77 | % |  | SOFR+640 |  |  | 2,585 |  |  |  | 2,537 |  |  |  | 2,534 |
Loving Tan Intermediate II, Inc. |  | 5/26/2028 |  | Consumer Products |  |  | 12.39 | % |  | SOFR+700 |  |  | 7,481 |  |  |  | 7,337 |  |  |  | 7,369 |
Lucky Bucks, LLC (4) |  | 7/20/2027 |  | Hotel, Gaming and Leisure |  |  | 0.00 | % |  |  |  |  | 4,489 |  |  |  | 4,207 |  |  |  | 1,182 |
Lucky Bucks. LLC - OpCo DIP Loans |  | 9/30/2025 |  | Hotel, Gaming and Leisure |  |  | 15.33 | % |  | SOFR+1000 |  |  | 160 |  |  |  | 158 |  |  |  | 160 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  |  | 10.99 | % |  | SOFR+550 |  |  | 2,097 |  |  |  | 2,007 |  |  |  | 1,986 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.63 | % |  | SOFR+500 |  |  | 3,006 |  |  |  | 2,845 |  |  |  | 2,228 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 647 |  |  |  | 647 |  |  |  | 647 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  | Media: Diversified and Production |  |  |  |  |  |  |  | 589 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,782 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 11.04 | % |  | SOFR+565 |  |  | 11,588 |  |  |  | 11,476 |  |  |  | 11,472 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.17 | % |  | SOFR+585 |  |  | 7,859 |  |  |  | 7,758 |  |  |  | 7,749 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.32 | % |  | SOFR+600 |  |  | 6,380 |  |  |  | 6,271 |  |  |  | 6,244 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.04 | % |  | SOFR+565 |  |  | 2,372 |  |  |  | 2,336 |  |  |  | 2,312 |

29

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 11.29 | % |  | SOFR+515 |  |  |  | 5,769 |  |  | $ | 5,763 |  |  | $ | 5,740 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 3,430 |  |  |  | 3,380 |  |  |  | 3,355 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 10.93 | % |  | SOFR+525 |  |  |  | 10,711 |  |  |  | 10,572 |  |  |  | 10,497 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.92 | % |  | SOFR+550 |  |  |  | 14,213 |  |  |  | 14,194 |  |  |  | 14,213 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.68 | % |  | SOFR+636 |  |  |  | 15,849 |  |  |  | 15,588 |  |  |  | 15,849 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 12.84 | % |  | SOFR+725 |  |  |  | 2,223 |  |  |  | 2,202 |  |  |  | 2,023 |
Output Services Group, Inc. (4) |  | 6/27/2026 |  |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 7,759 |  |  |  | 7,689 |  |  |  | 1,513 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+575 |  |  |  | 3,893 |  |  |  | 3,832 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.90 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,306 |  |  |  | 4,269 |
Peaquod Merger Sub, Inc. |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.79 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,267 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.68 | % |  | SOFR+500 |  |  |  | 9,493 |  |  |  | 9,282 |  |  |  | 7,974 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.42 | % |  | SOFR+710 |  |  |  | 7,565 |  |  |  | 7,467 |  |  |  | 6,809 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.57 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,491 |  |  |  | 2,436 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.17 | % |  | SOFR+575 |  |  |  | 11,138 |  |  |  | 10,999 |  |  |  | 10,636 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.74 | % |  | SOFR+635 |  |  |  | 2,803 |  |  |  | 2,776 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 11.22 | % |  | SOFR+585 |  |  |  | 1,029 |  |  |  | 1,029 |  |  |  | 1,029 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.54 | % |  | SOFR+600 |  |  |  | 4,938 |  |  |  | 4,876 |  |  |  | 4,740 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.54 | % |  | SOFR+700 |  |  |  | 4,875 |  |  |  | 4,825 |  |  |  | 4,729 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 11.13 | % |  | SOFR+576 |  |  |  | 12,432 |  |  |  | 12,322 |  |  |  | 10,878 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.52 | % |  | SOFR+625 |  |  |  | 3,749 |  |  |  | 3,676 |  |  |  | 3,692 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.59 | % |  | SOFR+620 |  |  |  | 9,522 |  |  |  | 9,474 |  |  |  | 9,475 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.92 | % |  | SOFR+760 |  |  |  | 5,167 |  |  |  | 5,148 |  |  |  | 5,116 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.52 | % |  | SOFR+715 |  |  |  | 11,791 |  |  |  | 11,777 |  |  |  | 11,407 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.54 | % |  | SOFR+615 |  |  |  | 4,950 |  |  |  | 4,884 |  |  |  | 4,802 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  |  | Aerospace and Defense |  |  | 14.04 | % |  | SOFR+865 |  |  |  | 13,787 |  |  |  | 13,579 |  |  |  | 13,580 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.93 | % |  | SOFR+450 |  |  |  | 1,300 |  |  |  | 1,274 |  |  |  | 1,272 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.70 | % |  | SOFR+450 |  |  |  | 11,796 |  |  |  | 11,739 |  |  |  | 10,598 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.37 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,577 |  |  |  | 4,563 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 4,112 |  |  |  | 4,047 |  |  |  | 4,022 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 9,075 |  |  |  | 9,025 |  |  |  | 8,894 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+475 |  |  |  | 1,786 |  |  |  | 1,696 |  |  |  | 1,779 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.49 | % |  | SOFR+600 |  |  |  | 14,738 |  |  |  | 14,540 |  |  |  | 14,575 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.75 | % |  | SOFR+500 |  |  |  | 346 |  |  |  | 333 |  |  |  | 339 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 2,262 |  |  |  | 2,261 |  |  |  | 2,259 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 12.04 | % |  | SOFR+665 |  |  |  | 5,602 |  |  |  | 5,560 |  |  |  | 5,518 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.79 | % |  | SOFR+700 |  |  |  | 5,403 |  |  |  | 5,336 |  |  |  | 5,382 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.72 | % |  | SOFR+635 |  |  |  | 7,716 |  |  |  | 7,591 |  |  |  | 7,656 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.95 | % |  | SOFR+565 |  |  |  | 8,654 |  |  |  | 8,556 |  |  |  | 8,654 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.80 | % |  | SOFR+625 |  |  |  | 4,316 |  |  |  | 4,310 |  |  |  | 4,316 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 10.90 | % |  | SOFR+550 |  |  |  | 14,670 |  |  |  | 14,565 |  |  |  | 13,379 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.79 | % |  | SOFR+665 |  |  |  | 6,892 |  |  |  | 6,775 |  |  |  | 6,749 |
Walker Edison Furniture Company LLC |  | 3/31/2027 |  |  | Wholesale |  |  | 12.18 | % |  | SOFR+685 |  |  |  | 3,521 |  |  |  | 3,521 |  |  |  | 3,521 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility |  | 3/31/2027 |  |  | Wholesale |  |  | 11.68 | % |  | SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3) |  | 3/31/2027 |  |  | Wholesale |  |  |  |  |  |  |  |  | 333 |  |  |  | - |  |  |  | - |
Wildcat Buyerco, Inc. |  | 2/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.54 | % |  | SOFR+515 |  |  |  | 10,565 |  |  |  | 10,491 |  |  |  | 10,460 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.67 | % |  | SOFR+735 |  |  |  | 16,732 |  |  |  | 16,660 |  |  |  | 16,188 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 801,215 |  |  |  | 783,598 |
Equity Securities - 3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 495 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  |  |  |  |  |  |  | 36 |  |  |  | 3,393 |  |  |  | 1,766 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,393 |  |  |  | 2,261 |
Total Investments - 1,351.4% |  |  |  |  |  |  |  |  |  |  |  | 804,608 |  |  |  | 785,859 |
Cash and Cash Equivalents - 133.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Investments and Cash Equivalents —1,484.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 882,054 |  |  | $ | 863,305 |
Liabilities in Excess of Other Assets — (1,384.6)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (805,155 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,150 |

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day SOFR rate (1M S, 2M S, 3M S, or 6M S, respectively), at the borrower’s option. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(4)
Security currently on interest non-accrual status.

30

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):

|  | December 31, 2023 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2023 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$847,548 and $804,608, respectively) | $ |  | 836,857 |  |  | $ |  | 785,859 |
Cash and cash equivalents (cost—$36,339 and $77,446, respectively) |  |  | 36,339 |  |  |  |  | 77,446 |
Interest receivable |  |  | 5,652 |  |  |  |  | 5,179 |
Due from affiliate |  |  | 394 |  |  |  |  | 436 |
Prepaid expenses and other assets |  |  | 151 |  |  |  |  | 490 |
Total assets |  |  | 879,393 |  |  |  |  | 869,410 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 75,600 |  |  |  |  | 48,600 |
2032 Asset-backed debt, net (par—$246,000) |  |  | 244,125 |  |  |  |  | 243,973 |
2035 Asset-backed debt, net (par—$246,000) |  |  | 243,596 |  |  |  |  | 243,483 |
Notes payable to members |  |  | 240,100 |  |  |  |  | 240,100 |
Interest payable on Credit facility and asset backed debt |  |  | 9,105 |  |  |  |  | 14,291 |
Payable for investments purchased |  |  | — |  |  |  |  | 13,466 |
Interest payable on notes to members |  |  | 6,532 |  |  |  |  | 6,488 |
Accrued expenses |  |  | 759 |  |  |  |  | 859 |
Total liabilities |  |  | 819,817 |  |  |  |  | 811,260 |
Commitments and contingencies(1) |  |  |  |  |  |  |
Members' equity |  |  | 59,576 |  |  |  |  | 58,150 |
Total liabilities and members' equity | $ |  | 879,393 |  |  | $ |  | 869,410 |

(1)
As of December 31, 2023 and September 30, 2023, PSSL had unfunded commitments to fund investmen ts of $1.6 million and $1.1 million, respectively.

Below are the consolidated statements of operations for PSSL ($ in thousands):

|  | Three months ended December 31, |
|  | 2023 |  |  | 2022 |
Investment income: |  |  |  |  |  |
Interest |  | $ | 26,048 |  |  | $ | 19,617 |
Other income |  |  | 177 |  |  |  | 110 |
Total investment income |  |  | 26,225 |  |  |  | 19,727 |
Expenses(1): |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 13,398 |  |  |  | 8,641 |
Interest expense on notes to members |  |  | 8,220 |  |  |  | 6,810 |
Administration fees |  |  | 558 |  |  |  | 508 |
General and administrative expenses |  |  | 262 |  |  |  | 300 |
Total expenses |  |  | 22,438 |  |  |  | 16,259 |
Net investment income |  |  | 3,787 |  |  |  | 3,468 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | (6,420 | ) |  |  | (70 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 8,059 |  |  |  | (5,800 | )
Net realized and unrealized gain (loss) on investments |  |  | 1,639 |  |  |  | (5,870 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | 5,426 |  |  | $ | (2,402 | )

(1) No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the consolidated statement of operations.

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

Level 1: | Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.
Level 2: | Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.
Level 3: | Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

31

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our 2031 Asset-Backed Debt, 2023 Notes and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence were available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

Our investments are generally structured as floating rate loans, mainly first lien secured debt, but also may include second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our 2023 Notes, our 2026 Notes, our 2031 Asset-Backed Debt and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

As outlined in the table below, some of our Level 3 investments using a market approach valuation technique are valued using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using the net asset value per share as a practical expedient within the fair value hierarchy.

The remainder of our investment portfolio and our long-term Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities, discounted for lack of marketability and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in an earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):

Asset Category |  | Fair value at December 31, 2023 |  |  | Valuation Technique |  | Unobservable Input |  | Range of Input (Weighted Average) (1)
First lien |  | $ | 30,609 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
First lien |  |  | 1,054,150 |  |  | Market Comparable |  | Market yield |  | 8.4% - 27.1% (12.2%)
First lien |  |  | 5,705 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 7.8 x
Second lien |  |  | 150 |  |  | Market Comparable |  | Market yield |  | 14.0%
Second lien |  |  | — |  |  | Enterprise Market Value |  | EBITDA multiple |  | 6.3 x
Equity |  |  | 118,522 |  |  | Enterprise Market Value |  | EBITDA multiple |  | .5 x - 17.5 x (11.8 x)
Equity |  |  | 33 |  |  | Enterprise Market Value |  | DLOM(2) |  | 14.3%
Total Level 3 investments |  | $ | 1,209,169 |  |  |  |  |  |  |
Long-Term Credit Facility |  | $ | 260,917 |  |  | Market Comparable |  | Market yield |  | 2.1%

____________________________________________

(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
(2)
DLOM is defined as discount for lack of marketability.

32

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Asset Category |  | Fair value at September 30, 2023 |  |  | Valuation Technique |  | Unobservable Input |  | Range of Input (Weighted Average) (1)
First lien |  | $ | 25,521 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
First lien |  |  | 875,133 |  |  | Market Comparable |  | Market Yield |  | 10.0% - 25.0% (12.6%)
First lien |  |  | 5,512 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 2.8 x - 7.5 x (7.4 x)
Second lien |  |  | 149 |  |  | Market Comparable |  | Market Yield |  | 14.8%
Second lien |  |  | — |  |  | Enterprise Market Value |  | EBITDA multiple |  | 6.0 x
Equity |  |  | 100,489 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 3.4 x - 17.7 x (12.1 x)
Equity |  |  | 144 |  |  | Enterprise Market Value |  | DLOM(2) |  | 27.9%
Total Level 3 investments |  | $ | 1,006,948 |  |  |  |  |  |  |
Long-Term Credit Facility and 2023 Notes |  | $ | 85,619 |  |  | Market Comparable |  | Market Yield |  | 2.3%

(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
(2)
DLOM is defined as discount for lack of marketability.

33

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Our investments, cash and cash equivalents, Credit Facility, 2023 Notes, 2026 Notes and 2031 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

|  | Fair Value at December 31, 2023 |
Description |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value (1) |
First lien |  | $ | 1,090,464 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,090,464 |  |  | $ | — |
Second lien |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | 150 |  |  |  | — |
Equity |  |  | 180,313 |  |  |  | — |  |  |  | — |  |  |  | 118,555 |  |  |  | 61,758 |
Total investments |  |  | 1,270,927 |  |  |  | — |  |  |  | — |  |  |  | 1,209,169 |  |  |  | 61,758 |
Cash and cash equivalents |  |  | 75,826 |  |  |  | 75,826 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments and cash and cash equivalents |  | $ | 1,346,753 |  |  | $ | 75,826 |  |  | $ | — |  |  | $ | 1,209,169 |  |  | $ | 61,758 |
Credit Facility payable |  | $ | 260,917 |  |  | $ | — |  |  | $ | — |  |  | $ | 260,917 |  |  | $ | — |
2026 Notes payable (2) |  |  | 183,248 |  |  |  | — |  |  |  | 183,248 |  |  |  | — |  |  |  | — |
2031 Asset-Backed Debt(2) |  |  | 226,917 |  |  |  | — |  |  |  | — |  |  |  | 226,917 |  |  |  | — |
Total debt |  | $ | 671,082 |  |  | $ | — |  |  | $ | 183,248 |  |  | $ | 487,834 |  |  | $ | — |

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSSL and PTSF are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.
(2)
We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes and the 2031 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

|  | Fair Value at September 30, 2023 |
Description |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value (1) |
First lien |  | $ | 906,166 |  |  | $ | — |  |  | $ | — |  |  | $ | 906,166 |  |  | $ | — |
Second lien |  |  | 149 |  |  |  | — |  |  |  | — |  |  |  | 149 |  |  |  | — |
Equity |  |  | 160,859 |  |  |  | — |  |  |  | — |  |  |  | 100,633 |  |  |  | 60,226 |
Total investments |  |  | 1,067,174 |  |  |  | — |  |  |  | — |  |  |  | 1,006,948 |  |  |  | 60,226 |
Cash and cash equivalents |  |  | 100,555 |  |  |  | 100,555 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments and cash and cash equivalents |  | $ | 1,167,729 |  |  | $ | 100,555 |  |  | $ | — |  |  | $ | 1,006,948 |  |  | $ | 60,226 |
Credit Facility payable |  | $ | 9,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,400 |  |  | $ | — |
2023 Notes payable |  |  | 76,219 |  |  |  | — |  |  |  | — |  |  |  | 76,219 |  |  |  | — |
2026 Notes payable (2) |  |  | 183,054 |  |  |  | — |  |  |  | 183,054 |  |  |  | — |  |  |  | — |
2031 Asset-Backed Debt(2) |  |  | 226,759 |  |  |  | — |  |  |  | — |  |  |  | 226,759 |  |  |  | — |
Total debt |  | $ | 495,432 |  |  | $ | — |  |  | $ | 183,054 |  |  | $ | 312,378 |  |  | $ | — |

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSSL and PTSF is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.
(2)
We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes and the 2031 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

The tables below show a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3)

($ in thousands):

|  | Three Months Ended December 31, 2023 |
Description |  | First Lien |  |  | Second lien, subordinated debt and equity investments |  |  | Totals |
Beginning balance |  | $ | 906,166 |  |  | $ | 100,782 |  |  | $ | 1,006,948 |
Net realized gain (loss) |  |  | (4,304 | ) |  |  | 1,215 |  |  |  | (3,089 | )
Net change in unrealized appreciation (depreciation) |  |  | 5,478 |  |  |  | (858 | ) |  |  | 4,620 |
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 288,248 |  |  |  | 18,950 |  |  |  | 307,198 |
Sales, repayments and non-cash exchanges |  |  | (105,124 | ) |  |  | (1,384 | ) |  |  | (106,508 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 1,090,464 |  |  | $ | 118,705 |  |  | $ | 1,209,169 |
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciaiton (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date. |  | $ | (1,085 | ) |  | $ | 295 |  |  | $ | (790 | )

34

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

|  | Three Months Ended December 31, 2022 |
Description |  | First Lien |  |  | Second lien, subordinated debt and equity investments |  |  | Totals |
Beginning balance |  | $ | 1,009,642 |  |  | $ | 95,285 |  |  | $ | 1,104,927 |
Net realized gain (loss) |  |  | 50 |  |  |  | 13 |  |  |  | 63 |
Net change in unrealized appreciation (depreciation) |  |  | (7,399 | ) |  |  | (3,446 | ) |  |  | (10,845 | )
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 58,636 |  |  |  | 4,031 |  |  |  | 62,667 |
Sales, repayments and non-cash exchanges |  |  | (62,720 | ) |  |  | (278 | ) |  |  | (62,998 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 998,209 |  |  | $ | 95,605 |  |  | $ | 1,093,814 |
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciaiton (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date. |  | $ | (4,830 | ) |  | $ | (3,368 | ) |  | $ | (8,198 | )

The table below shows a reconciliation of the beginning and ending balances for liabilities recognized at fair value and measured using significant unobservable inputs (Level 3)($ in thousands):

|  | Three months ended December 31, |
Long-Term Credit Facility and 2023 Notes |  | 2023 |  |  | 2022 |
Beginning balance (cost – $85,619 and $168,830, respectively) |  | $ | 85,619 |  |  | $ | 167,563 |
Net change in unrealized (depreciation) appreciation included in earnings |  |  | 62 |  |  |  | 125 |
Borrowings |  |  | 251,455 |  |  |  | 30,000 |
Repayments |  |  | (76,219 | ) |  |  | — |
Net realized (gain) loss |  |  | — |  |  |  | — |
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |
Ending balance (cost – $260,855 and $259,277, respectively) |  | $ | 260,917 |  |  | $ | 197,688 |

As of December 31, 2023, we had outstanding non-U.S. dollar borrowings on our Credit Facility. Net change in fair value from currency translation on outstanding borrowings is listed below ($ in thousands):

Foreign Currency |  | Amount Borrowed |  |  | Borrowing Cost |  |  | Current Value |  |  | Reset Date |  | Change in Fair Value |
Canadian Dollar |  | $ | 2,000 |  |  | $ | 1,455 |  |  |  | 1,517 |  |  | 1/1/2024 |  |  | 62 |

As of September 30, 2023 we did not have any outstanding non-U.S. dollar borrowings on the Credit Facility.

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility and the 2023 Notes. We elected to use the fair value option for the Credit Facility and the 2023 Notes to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GA AP, we did no t incur any expenses relating to amendment costs on the Credit Facility during both the three months ended December 31, 2023 and 2022. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility and the 2023 Notes are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including our 2026 Notes and the 2031 Asset-Backed Debt.

For the three months ended December 31, 2023 and 2022, the Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) o f less than $0.1 million and $(2.1) million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility and the 2023 Notes totaled $0.1 million and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments. Our 2023 Notes traded on the TASE and were fully paid off during the quarter.

6. TRANSACTIONS WITH AFFILIATED COMPANIES

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but less than 25% of its voting securities and a controlled affiliate generally when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the three months ended December 31, 2023 were as follows ($ in thousands):

Name of Investment |  | Fair Value at September 30, 2023 |  | Gross Additions |  | Sale of/ Distribution from Affiliates |  | Net Change in Unrealized Appreciation (Depreciation) |  | Fair Value at December 31, 2023 |  | Interest Income |  | Dividend/ Other Income |  | Net Realized Gains (Losses)
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC |  | $34,028 |  | $392 |  | $— |  | $(305) |  | $34,115 |  | $1,241 |  | $— |  | $—
PennantPark Senior Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Fund I LLC * |  | 260,969 |  | — |  | — |  | 1,248 |  | 262,217 |  | 7,193 |  | 3,500 |  | —
Total Controlled Affiliates |  | $294,997 |  | $392 |  | $— |  | $943 |  | $296,332 |  | $8,434 |  | $3,500 |  | $—

35

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

* We and Kemper are the members of PSSL, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL make investments in PSSL in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL must be submitted to PSSL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Kemper. Because management of PSSL is shared equally between us and Kemper, we do not believe we control PSSL for purposes of the 1940 Act or otherwise.

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

The following information sets forth the computation of basic and diluted per share net increase (decrease) in net assets resulting from operations

($ in thousands, except per share data):

|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Numerator for net increase (decrease) in net assets resulting from operations |  | $ | 22,469 |  |  | $ | (1,620 | )
Denominator for basic and diluted weighted average shares |  |  | 58,734,702 |  |  |  | 45,368,844 |
Basic and diluted net increase in net assets per share resulting from operations |  | $ | 0.38 |  |  | $ | (0.04 | )

8. CASH AND CASH EQUIVALENTS

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of December 31, 2023 and September 30, 2023, cash and cash equivalents consisted of money market funds in the amounts of $75.8 million and $100.6 million at fair value, respectively.

9. FINANCIAL HIGHLIGHTS

Below are the financial highlights ($ in thousands, except per share data):

|  | Three Months Ended December 31, |
|  | 2023 |  |  | 2022 |
Per Share Data: |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 11.13 |  |  | $ | 11.62 |
Net investment income (1) |  |  | 0.33 |  |  |  | 0.30 |
Net change in realized and unrealized gain (loss) (1) |  |  | 0.05 |  |  |  | (0.34 | )
Net increase (decrease) in net assets resulting from operations (1) |  |  | 0.38 |  |  |  | (0.04 | )
Distributions to stockholders (1), (2) |  |  | (0.31 | ) |  |  | (0.29 | )
Accretive effect of common stock issuance |  |  | 0.00 |  |  |  | 0.01 |
Net asset value, end of period |  | $ | 11.20 |  |  | $ | 11.30 |
Per share market value, end of period |  | $ | 12.10 |  |  | $ | 10.98 |
Total return *(3) |  |  | 16.68 | % |  | 17.29% |
Shares outstanding at end of period |  |  | 58,734,702 |  |  |  | 45,431,815 |
Ratios** / Supplemental Data: |  |  |  |  |  |
Ratio of operating expenses to average net assets** (4) |  |  | 5.86 | % |  |  | 5.91 | %
Ratio of debt related expenses to average net assets** (5) |  |  | 5.47 | % |  |  | 7.53 | %
Ratio of total expenses to average net assets** (5) |  |  | 11.32 | % |  |  | 13.44 | %
Ratio of net investment income to average net assets** (5) |  |  | 11.89 | % |  |  | 10.48 | %
Net assets at end of period |  | $ | 658,013 |  |  | $ | 513,530 |
Weighted average debt outstanding |  | $ | 528,462 |  |  | $ | 688,165 |
Weighted average debt per share (1) |  | $ | 9.00 |  |  | $ | 15.17 |
Asset coverage per unit (6) |  | $ | 1,972 |  |  | $ | 1,734 |
Portfolio turnover rate* |  |  | 7.98 | % |  |  | 4.04 | %

Note: The expense and investment income ratios above do not reflect the Company's proportionate share of income and expenses of PSSL and PTSF

* Not annualized for periods less than one year.

** Re-occuring investment income and expenses included in these ratios are annualized for periods less than one year

(1)
Based on the weighted average shares outstanding for the respective periods.
(2)
The tax status of distributions is calculated in accordance with income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.
(3)
Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.
(4)
Excludes debt-related costs.
(5)
Includes interest and expenses on debt (annualized) as well as Credit Facility amendment and debt issuance costs, if any, (not annualized).
(6)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated on our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit.

10. DEBT

The annualized weighted average cost of debt for the three months ended December 31, 2023 and 2022, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.8% and 5.8%, respectively.

36

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of December 31, 2023 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act, was 197% and 230%, respectively.

Credit Facility

Funding I’s multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was $386.0 million as of December 31, 2023, subject to satisfaction of certain conditions and the regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 236 basis points, a maturity date of August 2026 and a revolving period that ends in August 2024. As of December 31, 2023 and September 30, 2023, Funding I had $260.9 million and $9.4 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 7.7% and 7.7%, exclusive of the fee on undrawn commitments as of December 31, 2023 and September 30, 2023, respectively. As of December 31, 2023 and September 30, 2023, we had $125.1 million and $376.6 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

During the revolving period, the Credit Facility bears interest at SOFR (or an alternative risk-free floating interest rate index) plus 236 basis points and, after the revolving period, the rate will reset to Base Rate (or an alternative risk-free floating interest rate index) plus 250 basis points for the remaining two years, maturing in August 2026. The Credit Facility is secured by all of the assets of Funding I. Both we and Funding I have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

The Credit Facility contains covenants, including, but not limited to, restrictions of loan size, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a minimum equity investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of December 31, 2023, we were in compliance with the covenants relating to the Credit Facility.

We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.

Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made all required payments of (1) cash interest and, if applicable, principal to the Lenders, (2) administrative expenses and (3) claims of other unsecured creditors of Funding I. The Investment Adviser has irrevocably directed that any management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.

2023 Notes

In November 2017, we issued $138.6 million aggregate principal amount of our 2023 Notes that matured on December 15, 2023. The 2023 Notes were issued pursuant to a deed of trust between the Company and Mishmeret Trust Company, Ltd., as trustee, in November 2017. In connection with this offering, we have dual listed our common stock on the TASE.

The 2023 Notes paid interest at a rate of 4.3% per year. As a result of the downgrade of the 2023 Notes from “ilA+” to “ilA-” in March 2020, the interest rate of the 2023 Notes was increased to 4.3% from 3.8%. Interest on the 2023 Notes was payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2018. The principal on the 2023 Notes was payable in four annual installments as follows: 15% of the original principal amount on December 15, 2020, 15% of the original principal amount on December 15, 2021, 15% of the original principal amount on December 15, 2022 and 55% of the original principal amount on December 15, 2023. On December 15, 2023, the remaining outstanding 2023 Notes were repaid in full.

2026 Notes

In March 2021 an d in October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of $185.0 million of our 2026 Notes at a public offering price per note of 99.4% and 101.5%, respectively. Interest on the 2026 Notes is paid semi-annually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all of our existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

2031 Asset-Backed Debt

In September 2019, the Company completed the $301.4 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company’s asset coverage requirements. The 2031 Asset-Backed Debt was issued by the Securitization Issuer. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Loans maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C‑1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A‑1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The annualized interest on the 2031 Asset-Backed Debt will be paid, to the extent of funds available. The reinvestment period of the Debt Securitization ends on October 15, 2023 and the 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031.

On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly-owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the

37

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

December 31, 2023

(Unaudited)

Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of approximately $55.4 million at the closing of the Debt Securitization.

The 2031 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Class D Secured Deferrable Floating Rate Notes and the Preferred Shares of the Securitization Issuer were eliminated in consolidation. As of both December 31, 2023 and September 30, 2023, the Company had $228.0 million of 2031 Asset-Backed Debt outstanding with a weighted average interest rate of 7.2% and 7.1%, respectively. As of December 31, 2023 and September 30, 2023, the unamortized fees on the 2031 Asset-Backed Debt were $1.1 million and $1.2 million, respectively.

Our Investment Adviser serves as collateral manager to the Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

11. COMMITMENTS AND CONTINGENCIES

From time to time, we may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. As of December 31, 2023 and September 30, 2023, we had $270.7 million and $155.5 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $39.4 million and $39.4 million to PSSL as of December 31, 2023 and September 30, 2023, respectively, that may be contributed primarily for the purpose of funding new investments approved by the PSSL board of directors or investment committee.

38

Report of Independent Regist ered Public Accounting Firm

To the Stockholders and Board of Directors of PennantPark Floating Rate Capital Ltd. and its Subsidiaries

Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Floating Rate Capital Ltd. and its Subsidiaries (the Company), including the consolidated schedule of investments, as of December 31, 2023, the related consolidated statements of operations and changes in net assets for the three-month periods ended December 31, 2023 and 2022 and cash flows for the three-month periods ended December 31, 2023 and 2022, and the related notes to
the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2023, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated December 7, 2023, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2023, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

Emphasis of Matter

As discussed in Note 2 of the consolidated financial statements, the consolidated statements of cash flows for the three months ended December 31, 2022 has been restated to reclassify certain amounts presented within.

Basis for Review Results
These interim financial statements are the responsibility of the Company’s management. We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ RSM US LLP

New York, New York

February 7, 2024

Awareness Letter of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of PennantPark Floating Rate Capital Ltd. and its Subsidiaries

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Floating Rate Capital Ltd. for the periods ended December 31, 2023 and 2022, as indicated in our report dated February 7, 2024; because we did not perform an audit, we expressed no opinion on that information.

We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, is incorporated by reference in Registration Statement No.333-268813 on Form N-2.

We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ RSM US LLP

New York, New York

February 7, 2024

40

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:

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our future operating results;

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our business prospects and the prospects of our prospective portfolio companies;

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changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

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the dependence of our future success on the general economy and its impact on the industries in which we invest;

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the impact of a protracted decline in the liquidity of credit markets on our business;

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the impact of investments that we expect to make;

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the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies;

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our contractual arrangements and relationships with third parties;

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the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

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the ability of our prospective portfolio companies to achieve their objectives;

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our expected financings and investments and ability to fund capital commitments to PSSL;

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the adequacy of our cash resources and working capital;

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the timing of cash flows, if any, from the operations of our prospective portfolio companies;

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the impact of price and volume fluctuations in the stock market;

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increasing levels of inflation, and its impact on us and our portfolio companies;

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the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

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the impact of future legislation and regulation on our business and our portfolio companies;

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the impact of the ongoing invasion of Ukraine by Russia other world economic and political issues; and

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the inability to develop and maintain effective internal control over financial reporting.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.

Overview

PennantPark Floating Rate Capital Ltd. is a BDC whose objectives are to generate both current income and capital appreciation while seeking to preserve capital by investing primarily in floating rate loans and other investments made to U.S. middle-market companies.

We believe that floating rate loans to U.S. middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We use the term “middle-market” to refer to companies with annual revenues between $50 million and $1 billion. Our investments are typically rated below

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investment grade. Securities rated below investment grade are often referred to as “leveraged loans,” “high yield” securities or “junk bonds” and are often higher risk compared to debt instruments that are rated above investment grade and have speculative characteristics. However, when compared to junk bonds and other non-investment grade debt, senior secured floating rate loans typically have more robust capital-preserving qualities, such as historically lower default rates than junk bonds, represent the senior source of capital in a borrower’s capital structure and often have certain of the borrower’s assets pledged as collateral. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Under normal market conditions, we generally expect that at least 80% of the value of our managed assets will be invested in floating rate loans and other investments bearing a variable-rate of interest. We generally expect that first lien secured debt will represent at least 65% of our overall portfolio. We also generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second lien secured debt and subordinated debt and, to a lesser extent, equity investments. We seek to create a diversified portfolio by generally targeting an investment size between $5 million and $30 million, on average, although we expect that this investment size will vary proportionately with the size of our capital base.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

Organization and Structure of PennantPark Floating Rate Capital Ltd.

PennantPark Floating Rate Capital Ltd., a Maryland corporation organized in October 2010, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we elected to be treated, and intend to qualify annually, as a RIC under the Code.

Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. Our board of directors, a majority of whom are independent of us, provides overall supervision of our activities, and the Investment Adviser supervises our day-to-day activities.

Revenues

We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically have a term of three to ten years and bear interest at a floating or fixed rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.

Expenses

Our primary operating expenses include the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. Additionally, we pay interest expense on the outstanding debt and unused commitment fees on undrawn amounts under our various debt facilities. We bear all other direct or indirect costs and expenses of our operations and transactions, including:

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the cost of calculating our NAV, including the cost of any third-party valuation services;

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the cost of effecting sales and repurchases of shares of our common stock and other securities;

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fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;

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expenses incurred by the Investment Adviser in performing due diligence and reviews of investments, including expenses incurred by the Investment Adviser payable to third parties (including agents and consultants) in monitoring our financial and legal affairs for and in monitoring our investments;

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transfer agent and custodial fees;

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fees and expenses associated with marketing efforts;

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federal and state registration fees and any exchange listing fees;

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federal, state, local and foreign taxes;

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independent directors’ fees and expenses;

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brokerage commissions;

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fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

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direct costs such as printing, mailing, long distance telephone and staff;

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fees and expenses associated with independent audits and outside legal costs;

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costs associated with our reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws; and

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all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.

Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.

Restatement of Previously Issued Financial Statements

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSSL and PTSF in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at December 31, 2022, and the impact of the error correction is reflected on the consolidated statement of cash flows for the three months ended December 31, 2022 as an increase to cash and cash equivalents, beginning of period totaling $3.6 million, an increase to cash and cash equivalents, end of period totaling $2.1 million, and decrease in due to affiliates of $1.5 million.

There was no impact from the error correction on net investment income or net increase (decrease) in net assets resulting from operations in total or on a per common share basis as reported on the consolidated statements of operations for the three months ended December 31, 2022. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended December 31, 2023.

As a result of the error in the classification and presentation of cash described above, we conducted an analysis to determine whether incentive-based compensation was erroneously awarded, thereby necessitating recovery under the Clawback Policy we adopted effective December 1, 2023. Because we do not pay or otherwise award incentive-based compensation to the Company’s executives, we concluded that the error did not result in erroneously-awarded incentive-based compensation, and therefore no compensation recovery is required.

PORTFOLIO AND INVESTMENT ACTIVITY

PennantPark Floating Rate Capital Ltd.

As of December 31, 2023, our portfolio totaled $1,270.9 million, and consisted of $1,090.5 million of first lien secured debt (including $210.1 million in PSSL), $0.2 million of second lien secured debt and $180.3 million of preferred and common equity (including $52.1 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of December 31, 2023, we had one portfolio company on non-accrual, representing 0.1% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of December 31, 2023, the portfolio had net unrealized depreciation of $19.6 million. Our overall portfolio consisted of 141 companies with an average investment size of $9.0 million and had a weighted average yield on debt investments of 12.5%, and was invested 86% in first lien secured debt (including 17% in PSSL), less than 1% in second lien secured debt and 14% in preferred and common equity (including 4% in PSSL). As of December 31, 2023, approximately 100% of the investments held by PSSL were first lien secured debt.

As of September 30, 2023, our portfolio totaled $1,067.2 million and consisted of $r906.2 million of first lien secured debt (including $210.1 million in PSSL), $0.1 million of second lien secured debt and $160.9 million of preferred and common equity (including $50.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, the portfolio had net unrealized depreciation of $25.7 million. Our overall portfolio consisted of 131 companies with an average investment size of $8.1 million, had a weighted average yield on debt investments of 12.6%, and was invested 85% in first lien secured debt (including 20% in PSSL), less than 1% in second lien secured debt and 15% in preferred and common equity (including 5% in PSSL). As of September 30, 2023, 99% of the investments held by PSSL were first lien secured debt.

For the three months ended December 31, 2023, we invested $302.6 million in 13 new and 34 existing portfolio companies at a weighted average yield on debt investments of 11.9%. For the three months ended December 31, 2023, sales and repayments of investments totaled $103.8 million, including $62.7 million of sales to PSSL.

For the three months ended December 31, 2022, we invested $65.6 million in four new and 29 existing portfolio companies at a weighted average yield on debt investments of 11.2%. For the three months ended December 31, 2022 sales and repayments of investments totaled $63.0 million, including $18.8 million of sales to PSSL.

PennantPark Senior Secured Loan Fund I LLC

As of December 31, 2023, PSSL’s portfolio totaled $836.9 million and consisted of 106 companies with an average investment size of $7.9 million and at a weighted average yield on debt investments of 12.1%. As of September 30, 2023, PSSL’s portfolio totaled $785.9 million, consisted of 105 companies with an average investment size of $7.5 million and at a weighted average yield on debt investments of 12.1%.

For the three months ended December 31, 2023, PSSL invested $75.7 million (including $62.7 million purchased from the Company) in four new and nine existing portfolio companies at a weighted average yield on debt investments of 12.3%. Sales and repayments of investments for the three months ended December 31, 2023 totaled $27.7 million.

For the three months ended December 31, 2022, PSSL invested $29.5 million (including $18.8 million purchased from the Company) in seven new and eight existing portfolio companies at a weighted average yield on debt investments of 11.1%. For the three months ended December 31, 2022 sales and repayments of investments totaled $28.8 million.

At-the-Market Offering

On March 27, 2023 we entered into equity distribution agreements with JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. (together, the "Equity Distribution Agreements"), as sales agents (each a "Sales Agent" and together, the "Sales Agents") in connection with the sale of shares of our common stock, which we amended on August 11, 2023 with an aggregate offering of up to $250 million under an at-the-market offering ("ATM Program"). On August 11, 2023, we amended and restated the Equity Distribution Agreements with each of the Sales Agents (together the "Amended and Restated Equity Distribution Agreements") to increase the aggregate offering price to up to $250 million. The Amended and Restated Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to

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time through a sales agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the offerings made hereunder will not be less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management’s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates during the three months from those disclosed in our 2023 Annual Report on Form 10-K.

Investment Valuations

We expect that there may not be readily available market values for many of our investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material.

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

(1)
Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

(2)
Preliminary valuation conclusions are then documented and discussed with the management of our Investment Adviser;

(3)
Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management’s preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

(4)
The audit committee of our board of directors reviews the preliminary valuations of our Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

(5)
Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

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A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our 2031 Asset-Backed Debt, 2023 Notes and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the boards of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

In addition to using the above inputs to value cash equivalents, investments, our 2023 Notes, our 2026 Notes, our 2031 Asset-Backed Debt and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility and the 2023 Notes. We elected to use the fair value option for the Credit Facility and the 2023 Notes to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Credit Facility and debt issuance costs on the 2023 Notes during the three months ended December 31, 2023 and 2022, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility and the 2023 Notes are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes and the 2031 Asset-Backed Debt.

For the three months ended December 31, 2023 and 2022, the Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $(2.1) million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility as applicable, and the 2023 Notes totaled $0.1 million and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments. Our 2023 Notes traded on the TASE and were fully paid off during the quarter.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees and agency fees, and are recorded as other investment income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments, our Credit Facility, the 2023 Notes during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Foreign Currency Translation

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair value of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

Payment -in-kind, or PIK Interest

We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities.

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Federal Income Taxes

We have elected to be treated and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the s um of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income (i.e., the excess, if any, of our capital gains over capital losses), adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of the calendar year plus (3) any net ordinary income or capital gain net income for the preceding years that was not distributed during such years on which we did not incur any corporate income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, subject to maintaining our ability to be taxed as a RIC, in order to provide us with additional liquidity.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

For the three months ended December 31, 2023 and 2022, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million, respectively, pertaining to federal excise tax.

The Taxable Subsidiary (PFLT Investment Holdings, LLC, a second tier wholly-owned subsidiary of the Company), is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

For the three months ended December 31, 2023, the Company recognized a provision for taxes of zero on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three months ended December 31, 2022 the Company recognized a provision for taxes of $0.7 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of December 31, 2023 and September 30, 2023, $1.8 and $1.8 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. As of December 31, 2023 and September 30, 2023, zero and $0.3 million, respectively, was accrued as a provision for taxes on the Consolidated Statements of Operations relating to realized gain on investments held by the Taxable Subsidiary. During the three months ended December 31, 2023 and 2022, the Company paid zero and zero, respectively, in taxes on realized gains on the sale of investments held by the Taxable Subsidiary.

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are taxed as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

RESULTS OF OPERATIONS

Set forth below are the results of operations for the three months ended December 31, 2023 and 2022.

Investment Income

For the three months ended December 31, 2023, investment income was $38.0 million, which was attributable to $33.2 million from first lien secured debt and $4.8 million from other investments. For the three months ended December 31, 2022, investment income was $31.3 million, which was attributable to $27.6 million from first lien secured debt and $3.7 million from other investments. The increase in investment income compared to the same period in the prior year was primarily due to the increase in the cost yield of our debt portfolio.

Expenses

For the three months ended December 31, 2023, expenses totaled $18.5 million and were comprised of: $8.9 million of debt related interest and expenses, $3.0 million of base management fees, $4.9 million of performance-based incentive fees, $1.6 million of general and administrative expenses and $0.2 million of taxes. For the three months ended December 31, 2022, expenses totaled $17.6 million and were comprised of: $9.9 million of debt related interest and expenses, $2.9 million of base management fees, $3.4 million of performance-based incentive fees, $0.8 million of general and administrative expenses and $0.5 million of taxes. The increase in expenses compared to the same period in the prior year was primarily due to the increase in performance-based incentive fees as a result of higher pre-incentive fee net investment income.

Net Investment Income

For the three months ended December 31, 2023 and 2022, net investment income totaled $19.4 million or $0.33 per share, and $13.7 million or $0.30 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses compared to the same period in the prior year.

Net Realized Gains or Losses

For the three months ended December 31, 2023 and 2022, net realized gains (losses) totaled $(3.1) million and less than $0.1 million, respectively. The change in net realized gains (losses) compared to the same period in the prior year was primarily due to changes in the market conditions of our investments and the values at which they were realized.

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Unrealized Appreciation or Depreciation on Investments, the Credit Facility and the 2023 Notes

For the three months ended December 31, 2023 and 2022, we reported net change in unrealized appreciation (depreciation) on investments of $6.2 million and $(16.8) million, respectively. As of December 31, 2023 and September 30, 2023, our net unrealized appreciation (depreciation) on investments totaled $(19.6) million and $(25.7) million, respectively. The net change in unrealized appreciation (depreciation) on our investments compared to the same period in the prior year was primarily due to the operating performance of the portfolio companies within our portfolio and changes in the capital market conditions of our investments.

For the three months ended December 31, 2023 and 2022, our Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $(2.1) million, respectively. As of December 31, 2023 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility and the 2023 Notes totaled less than $0.1 million and zero, respectively. The net change in net unrealized appreciation or (depreciation) compared to the same period in the prior year was primarily due to changes in the capital markets.

Net Increase (Decrease) in Net Assets Resulting from Operations

For the three months ended December 31, 2023 and 2022, net increase (decrease) in net assets resulting from operations totaled $22.5 million or $0.38 per share and $(1.6) million, or $(0.04) per share, respectively. The net increase or (decrease) from operations compared to the same period in the prior year was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in cost yield of our debt portfolio and costs of financing.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of December 31, 2023, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing.

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of December 31, 2023 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act, was 197% and 230%, respectively.

For the three months ended December 31, 2023 and 2022, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.8% and 5.7%, respectively. As of December 31, 2023 and September 30, 2023, we had $125.1 million and $376.6 million of unused borrowing capacity under the Credit Facility, as applicable, respectively, subject to leverage and borrowing base restrictions.

Funding I’s multi-currency Credit Facility with the Lenders was $386.0 million as of December 31, 2023 subject to satisfaction of certain conditions and regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 236 basis points, a maturity date of August 2026 and a revolving period that ends in August 2024. As of December 31, 2023 and September 30, 2023, PennantPark Floating Rate Funding I, LLC, our wholly-owned subsidiary, borrowed $260.9 million and $9.4 million under the Credit Facility, respectively, and the weighted average interest rate, exclusive of the fee on undrawn commitments, was of 7.7% and 7.7%, respectively, exclusive of the fee on undrawn commitments.

During the revolving period, the Credit Facility bears interest at SOFR (or an alternative risk-free floating interest rate index) plus 236 basis points and, after the revolving period, the rate will reset to Base Rate (or an alternative risk-free floating interest rate index) plus 250 basis points for the remaining two years, maturing in August 2026. The Credit Facility is secured by all of the assets of Funding I. Both PennantPark Floating Rate Capital Ltd. and Funding I have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

The Credit Facility contains covenants, including but not limited to, restrictions of loan size, currency types and amounts, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a minimum equity investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of December 31, 2023, we were in compliance with the covenants relating to our Credit Facility.

We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.

Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made (1) all required cash interest and, if applicable, principal payments to the Lenders, (2) required administrative expenses and (3) claims of other unsecured creditors of Funding I. We cannot assure you that there will be sufficient funds available to make any distributions to us or that such distributions will meet our expectations from Funding I. The Investment Adviser has irrevocably directed that the management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.

In November 2017, we issued $138.6 million of our 2023 Notes. The 2023 Notes were issued pursuant to a deed of trust between the Company and Mishmeret Trust Company, Ltd., as trustee, of which zero and $76.2 million was outstanding as of December 31, 2023 and September 30, 2023, respectively.

The 2023 Notes paid interest at a rate of 4.3% per year. Interest on the 2023 Notes was payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2018. The principal on the 2023 Notes was payable in four annual installments as follows: 15% of the original principal amount on December 15, 2020, 15% of the original principal amount on December 15, 2021, 15% of the original principal amount on December 15, 2022 and 55% of the original principal amount on December 15, 2023. On December 15, 2023, the remaining outstanding 2023 Notes were repaid in full.

In March 2021 and in October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5%, respectively. Interest on the 2026 Notes is paid semi-annually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior

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unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Notes maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C‑1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A‑1 Senior Secured Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031. As of both December 31, 2023 and September 30, 2023, the Company had $228.0 million of 2031 Asset-Backed Debt outstanding with a weighted average interest rate of 7.2% and 7.1%, respectively.

On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by our wholly-owned subsidiary, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of $55.4 million at the closing of the Debt Securitization.

The 2031 Asset-Backed Debt constitutes secured obligations of the Securitization Issuers, and the indenture governing the 2031 Asset-Backed Debt includes customary covenants and events of default. The 2031 Asset-Backed Debt has not been, and will not be, registered under the Securities Act or any state securities or “blue sky” laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from registration.

Our Investment Adviser serves as collateral manager to the Securitization Issuer pursuant to a collateral management agreement between our Investment Adviser and the Securitization Issuer, or the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

On March 27, 2023 we entered into equity distribution agreements with JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. (together, the "Equity Distribution Agreements"), as sales agents (each a “Sales Agent” and together, the “Sales Agents”) in connection with the sale of shares of our common stock, with an aggregate offering price of up to $100 million under an at-the-market offering (“ATM Program”). On August 11, 2023, we amended the Equity Distribution Agreements with each of the Sales Agents (together, the "Amended and Restated Equity Distribution Agreements") to increase the aggregate offering price to up to $250 million. The Amended and Restated Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through a sales agent in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the equity distribution agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the offerings made hereunder will not be less than our current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us.

During the three months ended December 31, 2023, we did not issue any shares of common stock through the ATM Program.

We may raise equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, securitizing a portion of our investments among other considerations or mergers and acquisitions. Furthermore, the Credit Facility availability depends on various covenants and restrictions as discussed in the preceding paragraphs. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.

We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in February 2024, PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.

Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in February 2024, the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. The Administration Agreement was amended on July 1, 2022. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs.

If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

As of December 31, 2023 and September 30, 2023, we had cash and cash equivalents of $75.8 million and $100.6 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

For the three months ended December 31, 2023, our operating activities used cash of $181.9 million and our financing activities provided cash of $157.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under our Credit Facility partially offset by the repayment of the 2023 Notes.

For the three months ended December 31, 2022, our operating activities provided cash of $6.3 million and our financing activities used cash of $2.7 million. Our operating activities provided cash primarily realized from our investment activities and our financing activities used cash primarily due to borrowings under our Credit Facility and principal repayment of our 2023 Notes.

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PennantPark Senior Secured Loan Fund I LLC

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2023 and September 30, 2023, PSSL had total assets of $879.4 million and $869.4 million, respectively, and its investment portfolio consisted of investments in 106 and 105 portfolio companies, respectively. As of December 31, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $21.1 million and the five largest investments totaled $91.7 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $18.5 million and the five largest investments totaled $83.4 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2023, and September 30, 2023, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $210.1 million (additional $27.6 million unfunded) and $210.1 million (additional $27.6 million unfunded), respectively, and equity interests of $90.0 million (additional $11.8 million unfunded) and $90.0 million (additional $11.8 million unfunded), respectively.

We and Kemper each appointed two members to PSSL’s four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee shall constitute a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

In August 2023 PSSL entered into a $260.0 million (decreased from $325.0 million) senior secured revolving credit facility which bears interest at SOFR plus 260 basis points (including a spread adjustment) with Ally Bank through its wholly-owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt is scheduled to mature in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the “2035 Asset-Backed Debt”. The 2035 Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO VI, LLC, a wholly-owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt is scheduled to mature in April 2035. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC

Below is a summary of PSSL’s portfolio at fair value:

($ in thousands) |  | December 31, 2023 |  |  | September 30, 2023 |
Total investments |  | $ | 836,857 |  |  | $ | 785,859 |
Weighted average cost yield on income producing investments |  |  | 12.1 | % |  |  | 12.1 | %
Number of portfolio companies in PSSL |  |  | 106 |  |  |  | 105 |
Largest portfolio company investment |  | $ | 21,114 |  |  | $ | 18,463 |
Total of five largest portfolio company investments |  | $ | 91,715 |  |  | $ | 83,365 |

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Below is a listing of PSSL’s individual investments as of December 31, 2023 (Par and $ in thousands):

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,398.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.96 | % |  | SOFR+660 |  |  | 2,932 |  |  | $ | 2,881 |  |  | $ | 2,918 |
ACP Avenu Buyer, LLC |  | 10/1/2029 |  | Business Services |  |  | 11.75 | % |  | SOFR+626 |  |  | 10,000 |  |  |  | 9,827 |  |  |  | 9,750 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  | Business Services |  |  | 11.85 | % |  | SOFR+650 |  |  | 18,904 |  |  |  | 18,539 |  |  |  | 18,696 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.61 | % |  | SOFR+626 |  |  | 8,775 |  |  |  | 8,708 |  |  |  | 8,731 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.44 | % |  | SOFR+600 |  |  | 12,820 |  |  |  | 12,519 |  |  |  | 12,307 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.00 | % |  | SOFR+565 |  |  | 4,930 |  |  |  | 4,912 |  |  |  | 4,881 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 12.00 | % |  | SOFR+665 |  |  | 4,813 |  |  |  | 4,778 |  |  |  | 4,788 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 11.23 | % |  | SOFR+585 |  |  | 7,491 |  |  |  | 7,338 |  |  |  | 7,416 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.25 | % |  | SOFR+615 |  |  | 9,748 |  |  |  | 9,652 |  |  |  | 9,553 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  |  | 11.64 | % |  | SOFR+625 |  |  | 11,200 |  |  |  | 11,048 |  |  |  | 11,088 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 11.10 | % |  | SOFR+575 |  |  | 4,938 |  |  |  | 4,854 |  |  |  | 4,740 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.84 | % |  | SOFR+650 |  |  | 8,955 |  |  |  | 8,854 |  |  |  | 8,865 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  |  | 11.75 | % |  | SOFR+625 |  |  | 15,092 |  |  |  | 14,892 |  |  |  | 14,904 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  | Aerospace and Defense |  |  | 12.01 | % |  | SOFR+665 |  |  | 5,588 |  |  |  | 5,552 |  |  |  | 5,476 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  |  | 11.65 | % |  | SOFR+626 |  |  | 2,334 |  |  |  | 2,334 |  |  |  | 2,334 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  | Automotive |  |  | 10.71 | % |  | SOFR+525 |  |  | 446 |  |  |  | 418 |  |  |  | 419 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  |  | 12.40 | % |  | SOFR+688 |  |  | 13,538 |  |  |  | 13,500 |  |  |  | 13,267 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.10 | % |  | SOFR+575 |  |  | 9,612 |  |  |  | 9,490 |  |  |  | 9,612 |
CF512, Inc. |  | 8/20/2026 |  | Media |  |  | 11.57 | % |  | SOFR+619 |  |  | 6,803 |  |  |  | 6,713 |  |  |  | 6,667 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 9.97 | % |  | SOFR+461 |  |  | 5,484 |  |  |  | 5,448 |  |  |  | 5,484 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  | Business Services |  |  | 12.18 | % |  | SOFR+775 |  |  | 9,232 |  |  |  | 9,208 |  |  |  | 8,909 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  |  | 9.47 | % |  | SOFR+400 |  |  | 6,761 |  |  |  | 6,529 |  |  |  | 6,626 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 11.14 | % |  | SOFR+576 |  |  | 3,805 |  |  |  | 3,756 |  |  |  | 3,634 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.36 | % |  | SOFR+501 |  |  | 2,084 |  |  |  | 2,063 |  |  |  | 2,073 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.20 | % |  | SOFR+585 |  |  | 14,675 |  |  |  | 14,484 |  |  |  | 14,675 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.71 | % |  | SOFR+525 |  |  | 2,620 |  |  |  | 2,419 |  |  |  | 2,385 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.75 | % |  | SOFR+640 |  |  | 14,189 |  |  |  | 14,144 |  |  |  | 14,033 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.96 | % |  | SOFR+650 |  |  | 10,876 |  |  |  | 10,833 |  |  |  | 10,702 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  |  | 10.14 | % |  | SOFR+475 |  |  | 5,000 |  |  |  | 4,913 |  |  |  | 5,004 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 11.60 | % |  | SOFR+625 |  |  | 8,933 |  |  |  | 8,817 |  |  |  | 8,843 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 11.46 | % |  | SOFR+610 |  |  | 12,643 |  |  |  | 12,484 |  |  |  | 12,453 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.89 | % |  | SOFR+650 |  |  | 12,373 |  |  |  | 12,132 |  |  |  | 12,373 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.36 | % |  | SOFR+475 |  |  | 10,169 |  |  |  | 10,119 |  |  |  | 10,150 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.46 | % |  | SOFR+610 |  |  | 3,726 |  |  |  | 3,715 |  |  |  | 3,540 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.95 | % |  | SOFR+560 |  |  | 2,339 |  |  |  | 2,314 |  |  |  | 2,316 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.95 | % |  | SOFR+560 |  |  | 2,250 |  |  |  | 2,219 |  |  |  | 2,160 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.57 | % |  | SOFR+635 |  |  | 4,900 |  |  |  | 4,830 |  |  |  | 4,851 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.80 | % |  | SOFR+640 |  |  | 3,014 |  |  |  | 2,993 |  |  |  | 2,968 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.74 | % |  | SOFR+550 |  |  | 9,225 |  |  |  | 9,064 |  |  |  | 9,086 |
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.64 | % |  | SOFR+725 |  |  | 16,411 |  |  |  | 16,254 |  |  |  | 16,411 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.20 | % |  | SOFR+685 |  |  | 6,075 |  |  |  | 5,967 |  |  |  | 6,075 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  |  | 12.50 | % |  | SOFR+715 |  |  | 11,130 |  |  |  | 11,113 |  |  |  | 10,351 |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  | Insurance |  |  | 11.54 | % |  | SOFR+615 |  |  | 5,895 |  |  |  | 5,847 |  |  |  | 5,836 |
Inventus Power, Inc. |  | 6/30/2025 |  | Consumer Goods: Durable |  |  | 12.97 | % |  | SOFR+761 |  |  | 8,226 |  |  |  | 8,094 |  |  |  | 8,061 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 10.96 | % |  | SOFR+560 |  |  | 3,940 |  |  |  | 3,888 |  |  |  | 3,822 |
K2 Pure Solutions NoCal, L.P. |  | 1/31/2024 |  | Chemicals, Plastics and Rubber |  |  | 15.46 | % |  | SOFR+1000 |  |  | 14,602 |  |  |  | 14,599 |  |  |  | 14,602 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.50 | % |  | SOFR+615 |  |  | 16,620 |  |  |  | 16,324 |  |  |  | 16,537 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.48 | % |  | SOFR+700 |  |  | 14,174 |  |  |  | 13,968 |  |  |  | 14,103 |
LAV Gear Holdings, Inc. |  | 10/31/2025 |  | Capital Equipment |  |  | 11.82 | % |  | SOFR+640 |  |  | 15,006 |  |  |  | 14,973 |  |  |  | 14,676 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.71 | % |  | SOFR+535 |  |  | 12,024 |  |  |  | 11,896 |  |  |  | 11,964 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.86 | % |  | SOFR+640 |  |  | 2,579 |  |  |  | 2,533 |  |  |  | 2,527 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  | Consumer Products |  |  | 12.35 | % |  | SOFR+700 |  |  | 7,463 |  |  |  | 7,326 |  |  |  | 7,388 |
Lucky Bucks, LLC - First-Out Term Loan |  | 10/2/2028 |  | Hotel, Gaming and Leisure |  |  | 13.03 | % |  | SOFR+765 |  |  | 261 |  |  |  | 261 |  |  |  | 261 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  | Hotel, Gaming and Leisure |  |  | 13.03 | % |  | SOFR+765 |  |  | 522 |  |  |  | 522 |  |  |  | 522 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  |  | 10.95 | % |  | SOFR+550 |  |  | 2,091 |  |  |  | 2,007 |  |  |  | 1,997 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.64 | % |  | SOFR+500 |  |  | 2,998 |  |  |  | 2,844 |  |  |  | 2,106 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 647 |  |  |  | 647 |  |  |  | 647 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  | Media: Diversified and Production |  |  |  |  |  |  |  | 589 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,852 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 11.01 | % |  | SOFR+565 |  |  | 11,558 |  |  |  | 11,460 |  |  |  | 11,558 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.21 | % |  | SOFR+585 |  |  | 8,395 |  |  |  | 8,290 |  |  |  | 8,282 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.63 | % |  | SOFR+625 |  |  | 6,364 |  |  |  | 6,260 |  |  |  | 6,212 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.00 | % |  | SOFR+565 |  |  | 2,366 |  |  |  | 2,332 |  |  |  | 2,295 |

50

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.60 | % |  | SOFR+625 |  |  |  | 19,344 |  |  | $ | 19,018 |  |  | $ | 18,957 |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 11.29 | % |  | SOFR+590 |  |  |  | 5,769 |  |  |  | 5,764 |  |  |  | 5,769 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 10.50 | % |  | SOFR+515 |  |  |  | 3,421 |  |  |  | 3,374 |  |  |  | 3,418 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.19 | % |  | SOFR+525 |  |  |  | 10,684 |  |  |  | 10,553 |  |  |  | 10,043 |
Neptune Flood Incorporated |  | 5/9/2029 |  |  | Insurance |  |  | 11.72 | % |  | SOFR+650 |  |  |  | 4,932 |  |  |  | 4,865 |  |  |  | 4,932 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.96 | % |  | SOFR+550 |  |  |  | 14,175 |  |  |  | 14,161 |  |  |  | 14,175 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 11.70 | % |  | SOFR+635 |  |  |  | 21,435 |  |  |  | 21,043 |  |  |  | 21,114 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.72 | % |  | SOFR+636 |  |  |  | 15,807 |  |  |  | 15,559 |  |  |  | 15,807 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 12.75 | % |  | SOFR+740 |  |  |  | 2,217 |  |  |  | 2,198 |  |  |  | 1,884 |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 13.82 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 12.07 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.70 | % |  | SOFR+550 |  |  |  | 3,893 |  |  |  | 3,835 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.86 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,310 |  |  |  | 4,291 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.43 | % |  | SOFR+625 |  |  |  | 12,028 |  |  |  | 11,808 |  |  |  | 11,848 |
Pequod Merger Sub, Inc. - Term Loan (f/k/a Simplicity Group) |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.75 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,281 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.65 | % |  | SOFR+500 |  |  |  | 9,468 |  |  |  | 9,292 |  |  |  | 8,884 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.46 | % |  | SOFR+710 |  |  |  | 7,633 |  |  |  | 7,539 |  |  |  | 6,755 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 11.06 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,497 |  |  |  | 2,474 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.14 | % |  | SOFR+575 |  |  |  | 11,109 |  |  |  | 10,977 |  |  |  | 10,387 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.70 | % |  | SOFR+635 |  |  |  | 2,796 |  |  |  | 2,774 |  |  |  | 2,740 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 11.24 | % |  | SOFR+585 |  |  |  | 1,026 |  |  |  | 1,026 |  |  |  | 1,026 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.50 | % |  | SOFR+615 |  |  |  | 4,925 |  |  |  | 4,868 |  |  |  | 4,777 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.50 | % |  | SOFR+715 |  |  |  | 4,863 |  |  |  | 4,819 |  |  |  | 4,692 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 11.14 | % |  | SOFR+576 |  |  |  | 12,399 |  |  |  | 12,314 |  |  |  | 10,973 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.43 | % |  | SOFR+625 |  |  |  | 3,739 |  |  |  | 3,669 |  |  |  | 3,683 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.55 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,233 |  |  |  | 9,222 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.96 | % |  | SOFR+760 |  |  |  | 5,181 |  |  |  | 5,165 |  |  |  | 5,155 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.53 | % |  | SOFR+715 |  |  |  | 11,791 |  |  |  | 11,780 |  |  |  | 11,407 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.50 | % |  | SOFR+615 |  |  |  | 4,938 |  |  |  | 4,874 |  |  |  | 4,765 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 12.50 | % |  | SOFR+715 |  |  |  | 12,141 |  |  |  | 11,973 |  |  |  | 12,020 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.97 | % |  | SOFR+450 |  |  |  | 1,300 |  |  |  | 1,275 |  |  |  | 1,290 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.98 | % |  | SOFR+450 |  |  |  | 11,766 |  |  |  | 11,733 |  |  |  | 10,299 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.53 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,554 |  |  |  | 4,568 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 11.00 | % |  | SOFR+565 |  |  |  | 4,102 |  |  |  | 4,040 |  |  |  | 4,057 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.71 | % |  | SOFR+535 |  |  |  | 9,075 |  |  |  | 9,028 |  |  |  | 8,985 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.40 | % |  | SOFR+501 |  |  |  | 1,782 |  |  |  | 1,695 |  |  |  | 1,777 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.33 | % |  | SOFR+615 |  |  |  | 14,700 |  |  |  | 14,518 |  |  |  | 14,612 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.75 | % |  | SOFR+500 |  |  |  | 346 |  |  |  | 333 |  |  |  | 342 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.71 | % |  | SOFR+535 |  |  |  | 2,256 |  |  |  | 2,255 |  |  |  | 2,251 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.00 | % |  | SOFR+665 |  |  |  | 8,569 |  |  |  | 8,455 |  |  |  | 8,475 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.46 | % |  | SOFR+610 |  |  |  | 7,696 |  |  |  | 7,577 |  |  |  | 7,684 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 8,640 |  |  |  | 8,553 |  |  |  | 8,554 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.78 | % |  | SOFR+640 |  |  |  | 3,740 |  |  |  | 3,738 |  |  |  | 3,740 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 14,670 |  |  |  | 14,569 |  |  |  | 13,555 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.93 | % |  | SOFR+665 |  |  |  | 6,875 |  |  |  | 6,766 |  |  |  | 6,732 |
Walker Edison Furniture Company LLC |  | 3/1/2029 |  |  | Wholesale |  |  | 12.21 | % |  | SOFR+685 |  |  |  | 4,028 |  |  |  | 4,028 |  |  |  | 3,947 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility |  | 3/1/2029 |  |  | Wholesale |  |  | 11.71 | % |  | SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3) |  | 3/1/2029 |  |  | Wholesale |  |  |  |  |  |  |  |  | 1,042 |  |  |  | - |  |  |  | (21 | )
Wildcat Buyerco, Inc. |  | 2/27/2027 |  |  | Electronic Equipment, Instruments, and Components |  |  | 11.11 | % |  | SOFR+575 |  |  |  | 16,138 |  |  |  | 15,993 |  |  |  | 15,896 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.70 | % |  | SOFR+735 |  |  |  | 16,732 |  |  |  | 16,698 |  |  |  | 16,355 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 841,081 |  |  |  | 833,276 |
Equity Securities - 3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 2,062 |  |  |  | 2,062 |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 507 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126 |  |  |  | 1,012 |  |  |  | 1,012 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,467 |  |  |  | 3,581 |
Total Investments - 1,404.7% |  |  |  |  |  |  |  |  |  |  |  | 847,548 |  |  |  | 836,857 |
Cash and Cash Equivalents - 61.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,339 |  |  |  | 36,339 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36,339 |  |  |  | 36,339 |
Total Investments and Cash Equivalents —1,465.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 883,887 |  |  | $ | 873,196 |
Liabilities in Excess of Other Assets — (1,365.7)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (813,620 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 59,576 |

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

51

Below is a listing of PSSL’s individual investments as of September 30, 2023 ($ in thousands):

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  | Par |  |  | Cost |  |  | Fair Value (2) |
First Lien Secured Debt - 1,347.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 11.84 | % |  | SOFR+660 |  |  | 2,940 |  |  | $ | 2,886 |  |  | $ | 2,925 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  | Media |  |  | 11.65 | % |  | SOFR+626 |  |  | 8,798 |  |  |  | 8,723 |  |  |  | 8,754 |
Alpine Acquisition Corp II |  | 11/30/2026 |  | Containers and Packaging |  |  | 11.24 | % |  | SOFR+600 |  |  | 12,852 |  |  |  | 12,535 |  |  |  | 12,338 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 11.04 | % |  | SOFR+550 |  |  | 5,001 |  |  |  | 4,971 |  |  |  | 4,913 |
Anteriad Holdings Inc (fka MeritDirect) March 2023 |  | 5/23/2024 |  | Media: Advertising, Printing & Publishing |  |  | 12.04 | % |  | SOFR+650 |  |  | 4,875 |  |  |  | 4,817 |  |  |  | 4,814 |
Any Hour Services |  | 7/21/2027 |  | Professional Services |  |  | 11.59 | % |  | SOFR+585 |  |  | 7,510 |  |  |  | 7,348 |  |  |  | 7,360 |
Apex Service Partners, LLC |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.52 | % |  | SOFR+525 |  |  | 1,002 |  |  |  | 1,002 |  |  |  | 1,000 |
Apex Service Partners, LLC Term Loan B |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 11.04 | % |  | SOFR+550 |  |  | 2,187 |  |  |  | 2,187 |  |  |  | 2,181 |
Apex Service Partners, LLC Term Loan C |  | 7/31/2025 |  | Diversified Consumer Services |  |  | 10.69 | % |  | SOFR+525 |  |  | 11,013 |  |  |  | 10,972 |  |  |  | 10,985 |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | 11.54 | % |  | SOFR+615 |  |  | 9,579 |  |  |  | 9,475 |  |  |  | 9,387 |
Applied Technical Services, LLC - DDTL Unfunded (3) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  |  |  |  |  |  | 194 |  |  |  | - |  |  |  | (2 | )
Arcfield Acquisition Corp. |  | 8/3/2029 |  | Aerospace and Defense |  |  | 11.62 | % |  | SOFR+625 |  |  | 9,218 |  |  |  | 9,093 |  |  |  | 9,126 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  | Business Services |  |  | 11.14 | % |  | SOFR+575 |  |  | 4,950 |  |  |  | 4,863 |  |  |  | 4,604 |
BioDerm, Inc. |  | 1/31/2028 |  | Healthcare and Pharmaceuticals |  |  | 11.83 | % |  | SOFR+650 |  |  | 8,978 |  |  |  | 8,874 |  |  |  | 8,933 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  | Distributors |  |  | 11.79 | % |  | SOFR+640 |  |  | 15,132 |  |  |  | 14,928 |  |  |  | 14,905 |
Broder Bros., Co. |  | 12/4/2025 |  | Consumer Products |  |  | 11.50 | % |  | SOFR+626 |  |  | 2,349 |  |  |  | 2,349 |  |  |  | 2,349 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  | High Tech Industries |  |  | 12.43 | % |  | SOFR+688 |  |  | 13,821 |  |  |  | 13,778 |  |  |  | 13,579 |
Cadence Aerospace, LLC |  | 11/14/2023 |  | Aerospace and Defense |  |  | 12.07 | % |  | SOFR+665 |  |  | 4,011 |  |  |  | 4,010 |  |  |  | 4,011 |
|  |  |  |  |  | (PIK 2.00%) |  |  |  |  |  |  |  |  |  |  |  |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  | Distributors |  |  | 11.39 | % |  | SOFR+600 |  |  | 9,636 |  |  |  | 9,509 |  |  |  | 9,636 |
CHA Holdings, Inc. |  | 4/10/2025 |  | Construction and Engineering |  |  | 10.15 | % |  | SOFR+476 |  |  | 5,499 |  |  |  | 5,455 |  |  |  | 5,499 |
Challenger Performance Optimization, Inc. |  | 8/31/2024 |  | Business Services |  |  | 12.18 | % |  | SOFR+675 |  |  | 9,232 |  |  |  | 9,201 |  |  |  | 8,955 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |
Confluent Health, LLC |  | 10/28/2028 |  | Healthcare and Pharmaceuticals |  |  | 9.32 | % |  | SOFR+400 |  |  | 6,797 |  |  |  | 6,559 |  |  |  | 6,445 |
Connatix Buyer, Inc. |  | 7/13/2027 |  | Media |  |  | 11.16 | % |  | SOFR+576 |  |  | 3,815 |  |  |  | 3,762 |  |  |  | 3,681 |
Crane 1 Services, Inc. |  | 8/16/2027 |  | Commercial Services & Supplies |  |  | 10.90 | % |  | SOFR+551 |  |  | 2,089 |  |  |  | 2,067 |  |  |  | 2,079 |
Dr. Squatch, LLC |  | 8/31/2027 |  | Personal Products |  |  | 11.24 | % |  | SOFR+585 |  |  | 14,712 |  |  |  | 14,511 |  |  |  | 14,712 |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 10.67 | % |  | SOFR+525 |  |  | 2,627 |  |  |  | 2,418 |  |  |  | 2,394 |
DRS Holdings III, Inc. |  | 11/3/2025 |  | Consumer Goods: Durable |  |  | 11.79 | % |  | SOFR+640 |  |  | 14,429 |  |  |  | 14,376 |  |  |  | 14,256 |
Duraco Specialty Tapes LLC |  | 6/30/2024 |  | Containers and Packaging |  |  | 11.89 | % |  | SOFR+650 |  |  | 10,904 |  |  |  | 10,838 |  |  |  | 10,740 |
ECL Entertainment, LLC |  | 8/31/2030 |  | Hotel, Gaming and Leisure |  |  | 10.07 | % |  | SOFR+475 |  |  | 5,000 |  |  |  | 4,900 |  |  |  | 4,985 |
EDS Buyer, LLC |  | 1/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 11.64 | % |  | SOFR+625 |  |  | 8,955 |  |  |  | 8,833 |  |  |  | 8,821 |
Electro Rent Corporation |  | 1/17/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 11.00 | % |  | SOFR+550 |  |  | 2,219 |  |  |  | 2,200 |  |  |  | 2,171 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  | Software |  |  | 11.17 | % |  | SOFR+585 |  |  | 12,675 |  |  |  | 12,505 |  |  |  | 12,422 |
ETE Intermediate II, LLC |  | 5/29/2029 |  | Diversified Consumer Services |  |  | 11.89 | % |  | SOFR+650 |  |  | 12,404 |  |  |  | 12,154 |  |  |  | 12,193 |
Fairbanks Morse Defense |  | 6/17/2028 |  | Aerospace and Defense |  |  | 10.40 | % |  | SOFR+475 |  |  | 10,195 |  |  |  | 10,143 |  |  |  | 10,114 |
Global Holdings InterCo LLC |  | 3/16/2026 |  | Diversified Financial Services |  |  | 11.96 | % |  | SOFR+660 |  |  | 3,736 |  |  |  | 3,724 |  |  |  | 3,549 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  | Trading Companies & Distributors |  |  | 10.99 | % |  | SOFR+575 |  |  | 2,345 |  |  |  | 2,316 |  |  |  | 2,322 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 10.92 | % |  | SOFR+560 |  |  | 2,250 |  |  |  | 2,217 |  |  |  | 2,194 |
Holdco Sands Intermediate, LLC |  | 11/23/2028 |  | Aerospace and Defense |  |  | 11.32 | % |  | SOFR+585 |  |  | 4,913 |  |  |  | 4,838 |  |  |  | 4,913 |
HW Holdco, LLC |  | 12/10/2024 |  | Media |  |  | 11.75 | % |  | SOFR+640 |  |  | 3,014 |  |  |  | 2,988 |  |  |  | 2,968 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  | Software |  |  | 10.72 | % |  | SOFR+535 |  |  | 9,248 |  |  |  | 9,075 |  |  |  | 9,110 |
Inception Fertility Ventures, LLC |  | 12/31/2024 |  | Healthcare Providers and Services |  |  | 12.51 | % |  | SOFR+715 |  |  | 16,453 |  |  |  | 16,257 |  |  |  | 16,453 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.24 | % |  | SOFR+685 |  |  | 6,090 |  |  |  | 5,979 |  |  |  | 6,090 |
Integrated Data Services |  | 8/1/2029 |  | Business Services |  |  | 11.87 | % |  | SOFR+650 |  |  | 18,904 |  |  |  | 18,532 |  |  |  | 18,463 |
Integrative Nutrition, LLC |  | 1/31/2025 |  | Diversified Consumer Services |  |  | 12.54 | % |  | SOFR+700 |  |  | 11,105 |  |  |  | 11,083 |  |  |  | 10,439 |
|  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |
Integrity Marketing Acquisition, LLC |  | 8/27/2026 |  | Insurance |  |  | 11.57 | % |  | SOFR+575 |  |  | 5,906 |  |  |  | 5,851 |  |  |  | 5,847 |
ITI Holdings, Inc. |  | 3/3/2028 |  | IT Services |  |  | 11.06 | % |  | SOFR+560 |  |  | 3,940 |  |  |  | 3,886 |  |  |  | 3,861 |
K2 Pure Solutions NoCal, L.P. |  | 12/20/2023 |  | Chemicals, Plastics and Rubber |  |  | 13.42 | % |  | SOFR+810 |  |  | 15,509 |  |  |  | 15,487 |  |  |  | 15,509 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 11.54 | % |  | SOFR+615 |  |  | 16,662 |  |  |  | 16,346 |  |  |  | 16,412 |
Lash OpCo, LLC |  | 2/18/2027 |  | Personal Products |  |  | 12.13 | % |  | SOFR+675 |  |  | 14,210 |  |  |  | 13,989 |  |  |  | 14,068 |
LAV Gear Holdings, Inc. |  | 10/31/2024 |  | Capital Equipment |  |  | 11.74 | % |  | SOFR+643 |  |  | 15,042 |  |  |  | 14,997 |  |  |  | 14,862 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  | Healthcare Providers and Services |  |  | 10.70 | % |  | SOFR+535 |  |  | 12,056 |  |  |  | 11,911 |  |  |  | 11,935 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  | Environmental Industries |  |  | 11.77 | % |  | SOFR+640 |  |  | 2,585 |  |  |  | 2,537 |  |  |  | 2,534 |
Loving Tan Intermediate II, Inc. |  | 5/26/2028 |  | Consumer Products |  |  | 12.39 | % |  | SOFR+700 |  |  | 7,481 |  |  |  | 7,337 |  |  |  | 7,369 |
Lucky Bucks, LLC (4) |  | 7/20/2027 |  | Hotel, Gaming and Leisure |  |  | 0.00 | % |  |  |  |  | 4,489 |  |  |  | 4,207 |  |  |  | 1,182 |
Lucky Bucks. LLC - OpCo DIP Loans |  | 9/30/2025 |  | Hotel, Gaming and Leisure |  |  | 15.33 | % |  | SOFR+1000 |  |  | 160 |  |  |  | 158 |  |  |  | 160 |
MAG DS Corp |  | 4/1/2027 |  | Aerospace and Defense |  |  | 10.99 | % |  | SOFR+550 |  |  | 2,097 |  |  |  | 2,007 |  |  |  | 1,986 |
Magenta Buyer, LLC |  | 7/31/2028 |  | Software |  |  | 10.63 | % |  | SOFR+500 |  |  | 3,006 |  |  |  | 2,845 |  |  |  | 2,228 |
Marketplace Events, LLC - Super Priority First Lien Term Loan |  | 9/30/2025 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 647 |  |  |  | 647 |  |  |  | 647 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) |  | 9/30/2025 |  | Media: Diversified and Production |  |  |  |  |  |  |  | 589 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC |  | 9/30/2026 |  | Media: Diversified and Production |  |  | 10.94 | % |  | SOFR+525 |  |  | 4,837 |  |  |  | 3,782 |  |  |  | 4,837 |
Mars Acquisition Holdings Corp. |  | 5/14/2026 |  | Media |  |  | 11.04 | % |  | SOFR+565 |  |  | 11,588 |  |  |  | 11,476 |  |  |  | 11,472 |
MBS Holdings, Inc. |  | 4/16/2027 |  | Internet Software and Services |  |  | 11.17 | % |  | SOFR+585 |  |  | 7,859 |  |  |  | 7,758 |  |  |  | 7,749 |
MDI Buyer, Inc. |  | 7/25/2028 |  | Chemicals, Plastics and Rubber |  |  | 11.32 | % |  | SOFR+600 |  |  | 6,380 |  |  |  | 6,271 |  |  |  | 6,244 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 11.04 | % |  | SOFR+565 |  |  | 2,372 |  |  |  | 2,336 |  |  |  | 2,312 |

52

Issuer Name |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Mission Critical Electronics, Inc. |  | 3/28/2024 |  |  | Capital Equipment |  |  | 11.29 | % |  | SOFR+515 |  |  |  | 5,769 |  |  | $ | 5,763 |  |  | $ | 5,740 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 3,430 |  |  |  | 3,380 |  |  |  | 3,355 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 10.93 | % |  | SOFR+525 |  |  |  | 10,711 |  |  |  | 10,572 |  |  |  | 10,497 |
New Milani Group LLC |  | 6/6/2024 |  |  | Consumer Goods: Non-Durable |  |  | 10.92 | % |  | SOFR+550 |  |  |  | 14,213 |  |  |  | 14,194 |  |  |  | 14,213 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.68 | % |  | SOFR+636 |  |  |  | 15,849 |  |  |  | 15,588 |  |  |  | 15,849 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 12.84 | % |  | SOFR+725 |  |  |  | 2,223 |  |  |  | 2,202 |  |  |  | 2,023 |
Output Services Group, Inc. (4) |  | 6/27/2026 |  |  | Business Services |  |  | 0.00 | % |  |  | — |  |  |  | 7,759 |  |  |  | 7,689 |  |  |  | 1,513 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+575 |  |  |  | 3,893 |  |  |  | 3,832 |  |  |  | 3,834 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 12.90 | % |  | SOFR+751 |  |  |  | 4,345 |  |  |  | 4,306 |  |  |  | 4,269 |
Peaquod Merger Sub, Inc. |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.79 | % |  | SOFR+640 |  |  |  | 11,474 |  |  |  | 11,267 |  |  |  | 11,244 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.68 | % |  | SOFR+500 |  |  |  | 9,493 |  |  |  | 9,282 |  |  |  | 7,974 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 12.42 | % |  | SOFR+710 |  |  |  | 7,565 |  |  |  | 7,467 |  |  |  | 6,809 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PlayPower, Inc. |  | 5/8/2026 |  |  | Consumer Goods: Durable |  |  | 10.57 | % |  | SOFR+565 |  |  |  | 2,551 |  |  |  | 2,491 |  |  |  | 2,436 |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 11.17 | % |  | SOFR+575 |  |  |  | 11,138 |  |  |  | 10,999 |  |  |  | 10,636 |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 11.74 | % |  | SOFR+635 |  |  |  | 2,803 |  |  |  | 2,776 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 11.22 | % |  | SOFR+585 |  |  |  | 1,029 |  |  |  | 1,029 |  |  |  | 1,029 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 11.54 | % |  | SOFR+600 |  |  |  | 4,938 |  |  |  | 4,876 |  |  |  | 4,740 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 12.54 | % |  | SOFR+700 |  |  |  | 4,875 |  |  |  | 4,825 |  |  |  | 4,729 |
Research Now Group, LLC and Dynata, LLC |  | 12/20/2024 |  |  | Diversified Consumer Services |  |  | 11.13 | % |  | SOFR+576 |  |  |  | 12,432 |  |  |  | 12,322 |  |  |  | 10,878 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 11.52 | % |  | SOFR+625 |  |  |  | 3,749 |  |  |  | 3,676 |  |  |  | 3,692 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 11.59 | % |  | SOFR+620 |  |  |  | 9,522 |  |  |  | 9,474 |  |  |  | 9,475 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.92 | % |  | SOFR+760 |  |  |  | 5,167 |  |  |  | 5,148 |  |  |  | 5,116 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 12.52 | % |  | SOFR+715 |  |  |  | 11,791 |  |  |  | 11,777 |  |  |  | 11,407 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 11.54 | % |  | SOFR+615 |  |  |  | 4,950 |  |  |  | 4,884 |  |  |  | 4,802 |
Sigma Defense Systems, LLC |  | 12/18/2025 |  |  | Aerospace and Defense |  |  | 14.04 | % |  | SOFR+865 |  |  |  | 13,787 |  |  |  | 13,579 |  |  |  | 13,580 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.93 | % |  | SOFR+450 |  |  |  | 1,300 |  |  |  | 1,274 |  |  |  | 1,272 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 9.70 | % |  | SOFR+450 |  |  |  | 11,796 |  |  |  | 11,739 |  |  |  | 10,598 |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.37 | % |  | SOFR+700 |  |  |  | 4,582 |  |  |  | 4,577 |  |  |  | 4,563 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 11.04 | % |  | SOFR+565 |  |  |  | 4,112 |  |  |  | 4,047 |  |  |  | 4,022 |
STV Group Incorporated |  | 12/11/2026 |  |  | Construction and Building |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 9,075 |  |  |  | 9,025 |  |  |  | 8,894 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+475 |  |  |  | 1,786 |  |  |  | 1,696 |  |  |  | 1,779 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 11.49 | % |  | SOFR+600 |  |  |  | 14,738 |  |  |  | 14,540 |  |  |  | 14,575 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.75 | % |  | SOFR+500 |  |  |  | 346 |  |  |  | 333 |  |  |  | 339 |
Teneo Holdings LLC |  | 7/18/2025 |  |  | Business Services |  |  | 10.67 | % |  | SOFR+535 |  |  |  | 2,262 |  |  |  | 2,261 |  |  |  | 2,259 |
The Aegis Technologies Group, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 12.04 | % |  | SOFR+665 |  |  |  | 5,602 |  |  |  | 5,560 |  |  |  | 5,518 |
The Bluebird Group LLC |  | 7/27/2026 |  |  | Professional Services |  |  | 12.79 | % |  | SOFR+700 |  |  |  | 5,403 |  |  |  | 5,336 |  |  |  | 5,382 |
The Vertex Companies, LLC |  | 8/31/2027 |  |  | Construction and Engineering |  |  | 11.72 | % |  | SOFR+635 |  |  |  | 7,716 |  |  |  | 7,591 |  |  |  | 7,656 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.95 | % |  | SOFR+565 |  |  |  | 8,654 |  |  |  | 8,556 |  |  |  | 8,654 |
TWS Acquisition Corporation |  | 6/16/2025 |  |  | Diversified Consumer Services |  |  | 11.80 | % |  | SOFR+625 |  |  |  | 4,316 |  |  |  | 4,310 |  |  |  | 4,316 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 10.90 | % |  | SOFR+550 |  |  |  | 14,670 |  |  |  | 14,565 |  |  |  | 13,379 |
Urology Management Holdings, Inc. |  | 6/15/2026 |  |  | Healthcare and Pharmaceuticals |  |  | 11.79 | % |  | SOFR+665 |  |  |  | 6,892 |  |  |  | 6,775 |  |  |  | 6,749 |
Walker Edison Furniture Company LLC |  | 3/31/2027 |  |  | Wholesale |  |  | 12.18 | % |  | SOFR+685 |  |  |  | 3,521 |  |  |  | 3,521 |  |  |  | 3,521 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility |  | 3/31/2027 |  |  | Wholesale |  |  | 11.68 | % |  | SOFR+635 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3) |  | 3/31/2027 |  |  | Wholesale |  |  |  |  |  |  |  |  | 333 |  |  |  | - |  |  |  | - |
Wildcat Buyerco, Inc. |  | 2/27/2026 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.54 | % |  | SOFR+515 |  |  |  | 10,565 |  |  |  | 10,491 |  |  |  | 10,460 |
Zips Car Wash, LLC |  | 3/1/2024 |  |  | Automobiles |  |  | 12.67 | % |  | SOFR+735 |  |  |  | 16,732 |  |  |  | 16,660 |  |  |  | 16,188 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 801,215 |  |  |  | 783,598 |
Equity Securities - 3.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |  |  |  | 495 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  |  |  |  |  |  |  | 36 |  |  |  | 3,393 |  |  |  | 1,766 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,393 |  |  |  | 2,261 |
Total Investments - 1,351.4% |  |  |  |  |  |  |  |  |  |  |  | 804,608 |  |  |  | 785,859 |
Cash and Cash Equivalents - 133.2% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 77,446 |  |  |  | 77,446 |
Total Investments and Cash Equivalents —1,484.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 882,054 |  |  | $ | 863,305 |
Liabilities in Excess of Other Assets — (1,384.6)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (805,155 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 58,150 |

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR", or Prime rate or “P”. The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

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Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):

|  | December 31, 2023 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2023 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$847,548 and $804,608, respectively) | $ |  | 836,857 |  |  | $ |  | 785,859 |
Cash and cash equivalents (cost—$36,339 and $77,446, respectively) |  |  | 36,339 |  |  |  |  | 77,446 |
Interest receivable |  |  | 5,652 |  |  |  |  | 5,179 |
Due from affiliate |  |  | 394 |  |  |  |  | 436 |
Prepaid expenses and other assets |  |  | 151 |  |  |  |  | 490 |
Total assets |  |  | 879,393 |  |  |  |  | 869,410 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 75,600 |  |  |  |  | 48,600 |
2032 Asset-backed debt, net (par—$246,000) |  |  | 244,125 |  |  |  |  | 243,973 |
2035 Asset-backed debt, net (par—$246,000) |  |  | 243,596 |  |  |  |  | 243,483 |
Notes payable to members |  |  | 240,100 |  |  |  |  | 240,100 |
Interest payable on Credit facility and asset backed debt |  |  | 9,105 |  |  |  |  | 14,291 |
Payable for investments purchased |  |  | — |  |  |  |  | 13,466 |
Interest payable on notes to members |  |  | 6,532 |  |  |  |  | 6,488 |
Accrued expenses |  |  | 759 |  |  |  |  | 859 |
Total liabilities |  |  | 819,817 |  |  |  |  | 811,260 |
Commitments and contingencies(1) |  |  |  |  |  |  |
Members' equity |  |  | 59,576 |  |  |  |  | 58,150 |
Total liabilities and members' equity | $ |  | 879,393 |  |  | $ |  | 869,410 |

(1) As of December 31, 2023 and September 30, 2023, PSSL had unfunded commitments to fund investments of $1.6 million and $1.1 million, respectively.

Below are the consolidated statements of operations for PSSL ($ in thousands):

|  | Three months ended December 31, |
|  | 2023 |  |  | 2022 |
Investment income: |  |  |  |  |  |
Interest |  | $ | 26,048 |  |  | $ | 19,617 |
Other income |  |  | 177 |  |  |  | 110 |
Total investment income |  |  | 26,225 |  |  |  | 19,727 |
Expenses(1): |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 13,398 |  |  |  | 8,641 |
Interest expense on notes to members |  |  | 8,220 |  |  |  | 6,810 |
Administration fees |  |  | 558 |  |  |  | 508 |
General and administrative expenses |  |  | 262 |  |  |  | 300 |
Total expenses |  |  | 22,438 |  |  |  | 16,259 |
Net investment income |  |  | 3,787 |  |  |  | 3,468 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | (6,420 | ) |  |  | (70 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 8,059 |  |  |  | (5,800 | )
Net realized and unrealized gain (loss) on investments |  |  | 1,639 |  |  |  | (5,870 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | 5,426 |  |  | $ | (2,402 | )

(1)
Currently, no management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Statements of Operations.

Off-Balance Sheet Arrangements

We currently engage in no off-balance sheet arrangements other than our funding requirements for the unfunded investments described above.

Distributions

In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid.

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, subject to maintaining our ability to be taxed as a RIC, in order to provide us with additional liquidity.

During the three months ended December 31, 2023 and 2022, we declared distributions of $0.3075 and $0.285 per share for total distributions of $18.1 million and $12.9 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

We intend to continue to make monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors quarterly.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and due

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to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update, or ASU, No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The guidance provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The FASB approved an (optional) two year extension to December 31, 2024, for transitioning away from LIBOR. The Company utilized the optional expedients and exceptions provided by ASU 2020-04 during the three months ended December 31, 2023, the effect of which was not material to the consolidated financial statements and the notes thereto.

In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables - Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company has adopted the new accounting standard implementing appropriate controls and procedures, the effect of which was not material to the consolidated financial statements and the notes thereto.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820. The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

Item 3. Quantitative and Qualitat ive Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. As of December 31, 2023, our debt portfolio consisted of approximately 100.0% variable-rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months, after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

Change in Interest Rates |  | Change in Interest Income, Net of Interest Expense (in thousands) |  |  | Change in Interest Income, Net of Interest Expense Per Share |
Down 1% |  | $ | (6,603 | ) |  | $ | (0.11 | )
Up 1% |  |  | 6,603 |  |  |  | 0.11 |
Up 2% |  |  | 13,206 |  |  |  | 0.22 |
Up 3% |  |  | 19,809 |  |  |  | 0.34 |
Up 4% |  |  | 26,425 |  |  |  | 0.45 |

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the Consolidated Statements of Assets and Liabilities and other business developments that could affect net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds, as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or our Credit Facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and foreign currencies, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

Item 4. Controls and Procedures

As of the quarter ended December 31, 2023, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, a material weakness was previously identified in connection with our internal control over financial reporting relating to the review of quarterly cash and investment reconciliations. Additionally, a material weakness was identified in the operation of our internal controls over financial reporting relating to our review of interest income and non-accrual classification of investments. We have taken steps to remediate these material weaknesses, which steps have included (i) enhancing existing controls to ensure the appropriate review of the quarterly cash and investment reconciliation and that it is adequately documented so as to provide evidence that the controls are operating effectively, (ii) enhancing existing controls to ensure that our internal controls over financial reporting relating to our analysis of interest income and assessment of investments for classification as non-accrual investments are operating effectively and (iii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

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Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the quarter ended December 31, 2023 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Other than disclosed in this Item 4, there have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTH ER INFORMATION

Item 1. Legal Proceedings

None of us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator, may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these and any future legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. R isk Factors

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 filed on December 8, 2023, which could materially affect our business, financial condition and/or operating results. The risks described below, as well as in our Annual Report on Form 10-K are not the only risks facing PennantPark Floating Rate Capital Ltd. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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Item 2. Unregistered Sales of Equ ity Securities and Use of Proceeds

None.

Item 3. Defaults Upo n Senior Securities

None.

Item 4. Mine Saf ety Disclosures

Not applicable.

Item 5. Other Information

10b5-1 Disclosure

None of the officers or directors of the Company have adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.

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Item 6. Exhibits

Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:

3.1 | Articles of Amendment and Restatement of the Registrant (Incorporated by reference to Exhibit 99(A) to the Registrant's Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-170243), filed on March 29, 2011).
3.2 | Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00891), filed on May 11, 2020).
4.1 | Form of Share Certificate (Incorporated by reference to Exhibit 99(D) to the Registrant's Pre-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-170243), filed on April 5, 2011).
31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1* | Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.
32.2* | Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.
99.1 | Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00891), filed on November 17, 2011).
101.INS* | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101

* Filed herewith.

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SIGNAT URES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | PENNANTPARK FLOATING RATE CAPITAL LTD.
Date: February 7, 2024 |  | By: | /s/ Arthur H. Penn
|  |  | Arthur H. Penn
|  |  | Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
Date: February 7, 2024 |  | By: | /s/ Richard T. Allorto, Jr.
|  |  | Richard T. Allorto, Jr.
|  |  | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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