XML 32 R25.htm IDEA: XBRL DOCUMENT v3.25.1

Fair value of Financial Instruments (Tables)

6 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Unobservable Inputs and Ranges

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

Asset Category		Fair value at March 31, 2025				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	112,768			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			1,948,508			Market Comparable		Market yield		8.5% - 21.1% (10.2%)
First lien			29,218			Enterprise Market Value		EBITDA multiple		6.0x - 10.5x (8.4x)
First lien			9,679			Enterprise Market Value		Revenue multiple		0.3x - 1.0.x (0.6x)
Subordinated debt			3,880			Market Comparable		Market yield		6.3% - 23.2% (20.7%)
Subordinated debt			504			Enterprise Market Value		EBITDA multiple		14.5x
Equity			171,231			Enterprise Market Value		EBITDA multiple		1.5x - 16.3x (11.3x)
Total Level 3 investments		$	2,275,788
Long-Term Credit Facility		$	273,790			Market Comparable		Market yield		5.8%

____________________________________________

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Asset Category		Fair value at September 30, 2024				Valuation Technique		Unobservable Input		Range of Input (Weighted Average) (1)
First lien		$	132,197			Market Comparable		Broker/Dealer bids or quotes		N/A
First lien			1,589,437			Market Comparable		Market Yield		7.9% - 21.1% (9.1%)
First lien			25,063			Enterprise Market Value		EBITDA multiple		0.8x - 9.8x (3.4x)
Subordinated debt			2,688			Market Comparable		Market Yield		11.8% - 16.5% (14.0%)
Subordinated debt			4			Enterprise Market Value		EBITDA multiple		5x
Equity			168,450			Enterprise Market Value		EBITDA multiple		0.4x - 18.8x (11.0x)
Total Level 3 investments		$	1,917,839
Long-Term Credit Facility		$	443,880			Market Comparable		Market Yield		5.4%

(1)The weighted averages disclosed in the table above were weighted by their relative fair value.

Summary of Investments, Cash and Cash Equivalents, Credit Facility, or Prior Credit Facility, Notes and Asset Backed Debt

Our investments, cash and cash equivalents, Credit Facility, 2026 Notes, 2031 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2036 Asset-Backed Debt, and 2037 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

		Fair Value at March 31, 2025
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	2,100,173			$	—			$	—			$	2,100,173			$	—
Subordinate debt			4,384				—				—				4,384				—
Equity			239,495				—				—				171,231				68,264
Total investments			2,344,052				—				—				2,275,788				68,264
Cash and cash equivalents			111,358				111,358				—				—				—
Total investments and cash and cash equivalents		$	2,455,410			$	111,358			$	—			$	2,275,788			$	68,264
Long Term Credit Facility payable		$	273,790			$	—			$	—			$	273,790			$	—
2026 Notes payable(2)			184,220				—				184,220				—				—
2036 Asset-Backed Debt(2)			284,357				—				—				284,357				—
2036-R Asset-Backed Debt(2)			265,300				—				—				265,300				—
2037 Asset-Backed Debt (2)			358,083				—				—				358,083				—
Total debt		$	1,365,750			$	—			$	184,220			$	1,181,530			$	—

(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, 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2037 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, 2024
Description		Fair Value				Level 1				Level 2				Level 3				Measured at Net Asset Value (1)
First lien		$	1,746,697			$	—			$	—			$	1,746,697			$	—
Second lien			2,692				—				—				2,692				—
Equity			234,115				—				—				168,450				65,665
Total investments			1,983,504				—				—				1,917,839				65,665
Cash and cash equivalents			112,050				112,050				—				—				—
Total investments and cash and cash equivalents		$	2,095,554			$	112,050			$	—			$	1,917,839			$	65,665
Long Term Credit Facility payable		$	443,880			$	—			$	—			$	443,880			$	—
2026 Notes payable(2)			183,832				—				183,832				—				—
2036 Asset-Backed Debt(2)			284,086				—				—				284,086				—
2036-R Asset-Backed Debt(2)			265,235				—				—				265,235				—
Total debt		$	1,177,033			$	—			$	183,832			$	993,201			$	—

(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 the 2036 Asset-Backed Debt, and the 2036-R 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.

Reconciliation of Investments Measured at Fair Value Using Significant Unobservable Inputs Level 3

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):

		Six Months Ended March 31, 2025
Description		First Lien				Second lien, subordinated debt and equity investments				Totals
Beginning balance		$	1,746,697			$	171,142			$	1,917,839
Net realized gain (loss)			879				22,318				23,197
Net change in unrealized appreciation (depreciation)			(18,852	)			(11,597	)			(30,449	)
Purchases, PIK interest, net discount accretion and non-cash exchanges			870,397				18,472				888,869
Sales, repayments and non-cash exchanges			(498,948	)			(24,720	)			(523,668	)
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	2,100,173			$	175,615			$	2,275,788
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciation (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.		$	(14,454	)		$	7,798			$	(6,656	)

		Six Months Ended March 31, 2024
Description		First Lien				Second lien, subordinated debt and equity investments				Totals
Beginning balance		$	906,166			$	100,782			$	1,006,948
Net realized gain (loss)			(4,920	)			5,841				921
Net change in unrealized appreciation (depreciation)			6,393				4,924				11,317
Purchases, PIK interest, net discount accretion and non-cash exchanges			617,010				30,293				647,303
Sales, repayments and non-cash exchanges			(206,608	)			(44,815	)			(251,423	)
Transfers in and/or out of Level 3			—				—				—
Ending balance		$	1,318,041			$	97,025			$	1,415,066
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.		$	(340	)		$	7,492			$	7,152

Reconciliation of Liabilities Measured at Fair Value Using Significant Unobservable Inputs Level 3

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):

		Six months ended March 31,
Long-Term Credit Facility and 2023 Notes		2025				2024
Beginning balance (cost – $443,855 and $85,619, respectively)		$	443,880			$	85,619
Net change in unrealized (depreciation) appreciation included in earnings			(91	)			23
Borrowings			235,001				331,455
Repayments			(405,000	)			(248,219	)
Ending balance (cost – $273,855 and $168,855 respectively)		$	273,790			$	168,878

Schedule of Non US Dollar Outstanding Borrowings on Credit Facility

As of March 31, 2025, we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S. dollar borrowings as of March 31, 2025 (CAD and $ in thousands):

Foreign Currency

Amount Borrowed

Borrowing Cost

Current Value

Reset Date

Unrealized appreciation (depreciation)

Canadian Dollar

CAD 2,000

$

1,455

1,390

4/1/2025

65

As of September 30, 2024 we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S dollar borrowings (CAD and $ in thousands):

Foreign Currency		Amount Borrowed				Borrowing Cost				Current Value				Reset Date		Unrealized appreciation (depreciation)
Canadian Dollar			CAD 2,000			$	1,455			$	1,481			10/1/2024			(26	)

X

- Definition

Schedule of Non US Dollar Outstanding Borrowings on Credit Facility [Table Text Block]

+ References

No definition available.

+ Details

Name:	pflt_ScheduleOfNonUSDollarOutstandingBorrowingsOnCreditFacilityTableTextBlock
Namespace Prefix:	pflt_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration