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Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdngs, L.P. 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(Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.45% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+660 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index SOFR+490 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 11.1% Basis Point Spread Above Index 3M SOFR+650 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index 3M SOFR+ 636 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.99% (PIK 3.50%) Basis Point Spread Above Index 3M SOFR+725 2024-09-30 0001504619 First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 pflt:ClassA-1LoansMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-02-28 0001504619 pflt:AtTheMarketOfferingMember 2024-07-01 2024-07-31 0001504619 First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.50%) Basis Point Spread Above Index SOFR+740 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Consumer Finance 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC - Unfunded Term Loan B Maturity 12/30/2025 Industry Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index SOFR+843 2024-10-01 2025-06-30 0001504619 pflt:BusinessServicesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 10.60% Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 3/1/2030 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2024-09-30 0001504619 pflt:SubordinateDebtMember pflt:Non-ControlledNon-AffiliatedMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Term Loan Maturity 12/31/2026 Industry Professional Services 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassA2SeniorSecuredFixedRateNotesDue2036Member pflt:SecuredOvernightFinancingRateMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index SOFR+565 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco, LP (Common) Industry Software 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+560 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+685 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+619 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 13.20% (PIK 0.50%) Basis Point Spread Above Index SOFR+835 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index 1M SOFR+ 560 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP Industry Construction & Engineering 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity BioDerm Holdings, LP Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+515 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+475 2023-10-01 2024-09-30 0001504619 pflt:AtTheMarketOfferingMember 2023-10-01 2024-06-30 0001504619 Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index SOFR+615 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.43% Basis Point Spread Above Index SOFR+515 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt WASH & WAX SYSTEMS LLC - Unfunded Revolver Maturity 4/30/2028 Industry Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco LP - Class A Common Equity One Industry Automobiles 2024-09-30 0001504619 pflt:ControlledAffiliatedPortfolioMember pflt:FirstLienSecuredDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/21/2025 Industry Healthcare Providers and Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Class AA Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Maturity 01/19/2031 Industry Metals and Mining Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aeronix, Inc. - (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC - Unfunded Revolver Maturity 12/3/2029 Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC Industry Healthcare Providers and Services 2024-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 540 2024-10-01 2025-06-30 0001504619 pflt:FirstLienSecuredDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - (Revolver) Maturity 02/28/2030 Industry Construction & Engineering 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+750 2023-10-01 2024-09-30 0001504619 pflt:HealthcareTechnologyMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First-Out Term Loan Maturity 7/17/2028 Industry Business Services Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+ 526 2025-06-30 0001504619 First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+665 2024-09-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 pflt:ClassDRNotesMember pflt:SecuredOvernightFinancingRateMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 2024-07-25 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index 1M SOFR+490 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+ 635 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC Industry Software 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Member 2024-02-29 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.40% Basis Point Spread Above Index SOFR+715 2024-09-30 0001504619 First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Institute, LLC Industry Professional Services 2024-09-30 0001504619 pflt:IncentiveFeePaymentConditionTwoMember 2024-10-01 2025-06-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2025-06-30 0001504619 Marketplace Events, LLC 2024-09-30 0001504619 First Lien Secured Debt Issuer Name BLC Holding Company, Inc Maturity 11/20/2030 Industry Business Services Current Coupon 8.80% Basis Point Spread Above Index SOFR+450 2025-06-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:FirstLienMember 2025-06-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2020-03-01 2020-03-31 0001504619 pflt:LiabilitiesInExcessOfOtherAssetsMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 First Lien Secured Debt Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index SOFR+940 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, L.P. Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services 3M SOFR+615 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 400 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 Equity Securities Issuer Name Output Services Group, Inc Industry Business Services 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 560 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Maturity 5/11/2026 Industry Media Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index SOFR+650 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 7.00%) Basis Point Spread Above Index 3M SOFR+ 725 2024-10-01 2025-06-30 0001504619 pflt:ClassBRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+640 2024-09-30 0001504619 pflt:FiveLargestInvestmentsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.57% Basis Point Spread Above Index 3M SOFR+ 625 2024-10-01 2025-06-30 0001504619 pflt:ClassA1RNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index SOFR+515 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+475 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 565 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+586 2024-09-30 0001504619 pflt:InvestmentsCostMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+635 2024-09-30 0001504619 pflt:LeisureProductsMember 2025-06-30 0001504619 us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.96% Basis Point Spread Above Index SOFR+765 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco LP Industry Software 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II,LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Equity Securities Issuer Name Walker Edison Furniture Industry Wholesale 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers 2025-06-30 0001504619 pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:SecuredOvernightFinancingRateMember 2019-09-01 2019-09-30 0001504619 pflt:SBADebenturesMember 2019-09-01 2019-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies - Equity Interest New MPE Holdings, LLC - Common Equity Industry Media Diversified and Production 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants First Medical Holdings, LLC Industry Healthcare Providers and Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+620 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. - Unfunded Revolver Maturity 10/28/2031 Industry Aerospace and Defense 2025-06-30 0001504619 pflt:AdministratorMember 2024-04-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, L.P. Industry Healthcare Technology 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+650 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2023-09-30 0001504619 pflt:AtTheMarketOfferingMember 2025-04-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+450 2024-09-30 0001504619 pflt:OtherRelatedPartyMember 2025-04-01 2025-06-30 0001504619 pflt:TaxableSubsidiaryMember 2025-04-01 2025-06-30 0001504619 Equity Securities Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+835 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+668 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Term Loan Maturity 7/25/2028 Industry Commodity Chemicals 2025-06-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2020-12-15 2020-12-15 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00%2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2021-10-31 0001504619 First Lien Secured Debt Issuer Name Azureon, LLC Maturity 9/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 pflt:ClassDRNotesMember 2025-06-30 0001504619 pflt:AtTheMarketOfferingMember 2024-04-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.75% Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 9.31% Basis Point Spread Above Index 1M SOFR+425 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC Maturity 6/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 pflt:HealthcareEquipmentAndSuppliesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 626 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Professional Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+615 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Funded Revolver Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+585 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc.(C) Industry Telecommunications 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 8/10/2027 Industry Trading Companies & Distributors 2025-06-30 0001504619 pflt:SecondLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Azureon, LLC Maturity 9/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95 % Basis Point Spread Above Index SOFR+565 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works - Funded Revolver Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 650 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Maturity 11/9/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 765 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.43% Basis Point Spread Above Index SOFR+515 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP Industry Food Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products 2025-06-30 0001504619 pflt:TwoThousandThirtyFiveAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 pflt:PennantParkCLOVILLCMember 2024-10-01 2025-06-30 0001504619 Related Party PSSL First Lien Secured Debt 1,707.4% Issuer Name CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index SOFR+561 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco LP One Industry Software 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/2025 Industry Capital Equipment Current Coupon 10.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+668 2025-06-30 0001504619 Marketplace Events, LLC 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class A Preferred Equity Industry Automobiles 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+650 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. LC - Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.45% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+660 2024-09-30 0001504619 pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Maturity 2/7/2026 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+ 555 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Unfunded Revolver Maturity 1/17/2031 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity (H-2) Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering 2024-09-30 0001504619 First Lien Secured Debt Issuer Name AFC Dell Holding Corp Maturity 04/09/2027 Industry Distributors Coupon 9.83% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 10.79% Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 pflt:IndependentPowerAndRenewableElectricityProducersMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index SOFR+586 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+835 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC - Funded Revolver Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.38% Basis Point Spread Above Index 3M SOFR+ 515 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 12.35% (PIK 12.35%) Basis Point Spread Above Index SOFR+750 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SPA SPQ Aggregator LP Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC – Unfunded Revolver Maturity 9/13/2029 Industry Business Services 2025-06-30 0001504619 pflt:ClassA2NotesMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 pflt:ClassDNotesMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Term Loan Incremental Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index SOFR+640 2023-10-01 2024-09-30 0001504619 pflt:TotalInvestmentsMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo LP One Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Unfunded Revolver Maturity 7/21/2025 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC Industry Professional Services 2024-09-30 0001504619 pflt:TwoThousandThirtySixAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan 1 Maturity 02/15/2029 Industry Diversified Consumer Services 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:SecondLienMember srt:MaximumMember 2024-09-30 0001504619 pflt:InvestmentsAndCashEquivalentsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. (New Issue) - Second Incremental Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.09% Basis Point Spread Above Index SOFR+635 2024-09-30 0001504619 2024-10-01 2024-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.77% Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP Industry Aerospace and Defense 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 pflt:SeniorSecuritiesMember 2018-04-06 2018-04-06 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC – Unfunded Revolver Maturity 09/27/2030 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture, LLC - Term Loan Maturity 3/1/2029 Industry Wholesale 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel1Member 2024-09-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.00% Basis Point Spread Above Index SOFR+640 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC (Revolver) Maturity 05/10/2026 Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index 1M SOFR+ 650 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP - Preferred Equity Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II LP Industry Aerospace and Defense 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.75% Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC Industry Professional Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.6% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-09-30 0001504619 pflt:SubNotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC - Unfunded Revolver Maturity 8/31/2027 Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Maturity 1/20/2031 Industry Metals and Mining 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco LLC Industry Healthcare Technology 2025-06-30 0001504619 us-gaap:TechnologySectorMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 9.31% Basis Point Spread Above Index 1M SOFR+425 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.29% Basis Point Spread Above Index SOFR+701 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+626 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class D Industry Leisure Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 09/03/2026 Industry Healthcare Providers and Services 2024-09-30 0001504619 Equity Securities Issuer Name Wash & Wax Systems LLC - Class A Common Equity Industry Automobiles 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 8.85% Basis Point Spread Above Index SOFR+400 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+619 2023-10-01 2024-09-30 0001504619 Equity Securities Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 pflt:OtherRelatedPartyMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. - Funded Revolver Maturity 8/20/2026 Industry Media Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+ 627 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Maturity 9/22/2028 Industry Professional Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+636 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:FirstLienMember 2025-06-30 0001504619 pflt:ClassA2RNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+576 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassA1SeniorSecuredFloatingRateLoansMember 2019-09-30 0001504619 pflt:ClassBRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Funded Revolver Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 3/1/2030 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Unfunded Revolver Maturity 12/10/2027 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/2/2029 Industry IT Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 1M SOFR+461 2024-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, L.P. Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 us-gaap:CashAndCashEquivalentsMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Term Loan Maturity 10/19/2026 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+640 2024-09-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2024-04-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Revolver Maturity 8/31/2028 Industry Construction & Engineering 2025-06-30 0001504619 pflt:BuildingProductsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.59% Basis Point Spread Above Index SOFR+526 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP Industry Healthcare Technology 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/3/2029 Industry Healthcare Technology 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Maturity 2/7/2026 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+ 555 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member 2024-02-29 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.77% Basis Point Spread Above Index 3M SOFR+765 2024-09-30 0001504619 PennantPark Senior Secured Loan Fund I LLC 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Maturity 8/16/2029 Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Software Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Unfunded Revolver Maturity 3/1/2030 Industry Professional Services 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember srt:MaximumMember pflt:FirstLienMember 2024-09-30 0001504619 pflt:ClassCRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver Maturity 6/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 pflt:JPMorganUSGovernmentMoneyMarketFundClassAgencyMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver Maturity 6/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPCN Holdings, LLC - Common Equity Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. - Funded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 610 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Walker Edison Holdco LLC Industry Healthcare Providers and Services 2024-09-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC - Super Priority First Lien Maturity 09/30/2025 Industry Media Diversified and Production 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo LP One Industry Aerospace and Defense 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+650 2024-09-30 0001504619 pflt:TruistCreditFacilityMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member pflt:SecuredOvernightFinancingRateMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+665 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Construction & Engineering 2024-09-30 0001504619 Investments in non-controlled, non-affiliated portfolio companies first lien secured debt Efficient collaborative retail marketing company, llc maturity 06/15/2025 industry Mediadiversified And Production Current Coupon 12.37% ( PIK 1.50%) Basis Point Spread Above Index 3M SOFR+776 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember srt:MinimumMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Maturity 8/9/2030 Industry Professional Services 2025-06-30 0001504619 pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+560 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.57% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+640 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc.(W) Industry Telecommunications 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo LP Industry Aerospace and Defense 2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:SubordinateDebtMember 2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 565 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media 2024-09-30 0001504619 First Lien Secured Debt Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.74% Basis Point Spread Above Index SOFR+644 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index SOFR+540 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC Maturity 9/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassDNotesMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group LLC - Unfunded Revolver Maturity 8/19/2026 Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+ 640 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 pflt:EquityInterestsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services 2024-09-30 0001504619 us-gaap:EquitySecuritiesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 9.42% Basis Point Spread Above Index SOFR+510 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Personal Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+615 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/03/2025 Industry Healthcare Technology 2024-09-30 0001504619 First Lien Secured Debt Issuer Name C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pragmatic Institute, LLC Maturity 3/28/2030 Industry Professional Services Current Coupon 9.80%2025-06-30 0001504619 First Lien Secured Debt Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+ 635 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 2021-03-01 2021-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity (G-2) Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo LP Industry Aerospace and Defense One 2025-06-30 0001504619 First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index SOFR+610 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index SOFR+940 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Maturity 11/9/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 765 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco, LP Industry Software 2025-06-30 0001504619 pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+685 2023-10-01 2024-09-30 0001504619 pflt:ClassA2NotesMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 510 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+ 615 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+675 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Seaway Topco, LP Industry Chemicals, Plastics and Rubber 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC (Preferred Equity) Industry Insurance 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity (J-2) Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPCN Midco, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 536 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 10.49% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.38% Basis Point Spread Above Index SOFR+540 2024-09-30 0001504619 pflt:FiveLargestInvestmentsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 1/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP Industry Commodity Chemicals 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) Maturity 06/30/2026 Industry Media 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandTwentySixNotesPayableMember 2025-06-30 0001504619 pflt:InvestmentsCostMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.15% Basis Point Spread Above Index SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC - Unfunded Revolver Maturity 07/31/2030 Industry IT Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 11.94% Basis Point Spread Above Index SOFR+761 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 540 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC. - Funded Revolver Maturity 6/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 1/16/2030 Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Maturity 11/20/2030 Industry Business Services Current Coupon 8.80% Basis Point Spread Above Index 3M SOFR+ 450 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.45% Basis Point Spread Above Index SOFR+560 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+625 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Personal Products Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+ 615 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class B Preferred Equity Industry Automobiles 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Maturity 9/22/2028 Industry Professional Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Maturity 6/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 pflt:ClassA-1NotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.2% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 12.77% Basis Point Spread Above Index SOFR+765 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC Industry Healthcare, Education and Childcare 2025-06-30 0001504619 pflt:NonMoneyMarketCashMember pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+651 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - (Revolver) Maturity 03/01/2030 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.54 % (PIK 6.25%) Basis Point Spread Above Index SOFR+726 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Revolver Maturity 6/20/2029 Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings LLC - Industry Leisure Products 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Technology Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 pflt:DebtSecuritizationMember 2025-02-28 0001504619 First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 pflt:HighTechIndustriesMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-10-01 2024-06-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember us-gaap:FairValueInputsLevel1Member 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants DUGGAL EQUITY, LP – Common Equity Industry Marketing Services 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassCNotesMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. - (Revolver) Maturity 01/16/2030 Industry Construction & Engineering 2024-09-30 0001504619 Equity Securities Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eisner Advisory Group, LLC Maturity 02/23/2031 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+400 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BioDerm, Inc. - Funded Revolver Maturity 1/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.82% Basis Point Spread Above Index 1M SOFR+ 650 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity (I-2) Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 9.43% Basis Point Spread Above Index SOFR+510 2025-06-30 0001504619 pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Unfunded Revolver Maturity 2/7/2026 Industry Professional Services 2025-06-30 0001504619 pflt:CashAndCashEquivalentsOneZeroSixPointZeroMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 3M SOFR+560 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP Industry Personal Products 2024-09-30 0001504619 First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index SOFR+650 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassDNotesMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 pflt:CapitalEquipmentMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 626 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services 2024-09-30 0001504619 pflt:IndependentPowerAndRenewableElectricityProducersMember 2024-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP - Unfunded Industry Government Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.31% Basis Point Spread Above Index SOFR+425 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services 3M SOFR+615 2024-09-30 0001504619 pflt:ClassA1RNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+610 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+ 620 2024-10-01 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2024-04-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, L.P. Industry Internet Software and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Intermediate, LLC - Unfunded Revolver Maturity 4/10/2031 Industry Automobiles 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:FirstLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.80% Basis Point Spread Above Index 3M SOFR+ 450 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC - Common Equity Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Funded Revolver Maturity 2/7/2026 Industry Professional Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+ 555 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 610 2024-10-01 2025-06-30 0001504619 2024-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 pflt:NonMoneyMarketFundMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 9.43% Basis Point Spread Above Index SOFR+510 2024-10-01 2025-06-30 0001504619 pflt:NonMoneyMarketMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP - Common Equity Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Funded Revolver Maturity 10/31/2025 Industry Capital Equipment 2025-06-30 0001504619 pflt:BlackRockFederalFDInstitutionalEightyOneMember pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember us-gaap:SubordinatedDebtMember srt:MinimumMember 2025-06-30 0001504619 pflt:AdministratorMember 2023-10-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.20% Basis Point Spread Above Index SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC - Unfunded Revolver Maturity 5/23/2029 Industry Building Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Maturity 7/2/2029 Industry Internet Software and Services Current Coupon 10.05% Basis Point Spread Above Index 1M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Subordinate Debt Issuer Name Wash & Wax Systems LLC Maturity 07/30/2028 Industry Automobiles Current Coupon 12.00%2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member 2019-09-01 2019-09-30 0001504619 First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+611 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index SOFR+515 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Maturity 1/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.94% Basis Point Spread Above Index 3M SOFR+ 761 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP Industry Media 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Commercial Services & Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+475 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 560 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index SOFR+610 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:LongTermCreditFacilityMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+940 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+475 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 1/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 10.48% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo LP Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 400 2025-06-30 0001504619 First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 pflt:PennantParkCLOVILLCMember pflt:ClassLoansB-RMember 2025-05-31 0001504619 First Lien Secured Debt Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NFS - CFP Holdings LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+515 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC – Common Equity (8) Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Maturity 8/15/2029 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+715 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+625 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Construction and Building Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 us-gaap:HealthcareSectorMember 2025-06-30 0001504619 pflt:CommonEquityWarrantsMember pflt:Non-ControlledNon-AffiliatedMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, L.P. Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+450 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Automotive Current Coupon 9.65% Basis Point Spread Above Index SOFR+535 2025-06-30 0001504619 pflt:MediaDiversifiedAndProductionMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 9.92% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 12.77% Basis Point Spread Above Index SOFR+765 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+ 843 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.40% Basis Point Spread Above Index SOFR+715 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, L.P. One Industry Internet Software and Services 2025-06-30 0001504619 pflt:TotalInvestmentsMember 2025-06-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2023-10-01 2024-09-30 0001504619 pflt:AutoComponentsMember 2025-06-30 0001504619 pflt:ClassDRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry IT Services 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:FirstLienMember pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 540 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 srt:MinimumMember pflt:TruistCreditFacilityMember 2025-04-01 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Class A Common Equity Industry Diversified Consumer Services 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member srt:MinimumMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC Industry Insurance 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassA1NotesMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Institute, LLC Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC. Industry IT Services 2025-06-30 0001504619 pflt:MediaMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 13.20% (PIK 0.50%) Basis Point Spread Above Index SOFR+835 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+625 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 11.36% (PIK 6.00%) Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2024-09-30 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Maturity 3/1/2030 Industry Construction & Engineering Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Member pflt:SecuredOvernightFinancingRateMember 2024-02-01 2024-02-29 0001504619 pflt:MarketingServicesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2024-09-30 0001504619 pflt:Non-ControlledNon-AffiliatedMember pflt:FirstLienSecuredDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, L.P. One Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Maturity 4/3/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 490 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Halo Buyer, INC Maturity 8/7/2029 Industry Consumer Products Current Coupon 10.33% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 pflt:PriorCreditFacilityMember 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Project Granite Buyer,Inc Maturity 12/31/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer,Inc. - Unfunded Revolver Maturity 12/31/2030 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 565 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember srt:WeightedAverageMember pflt:MeasurementInputMarketYieldMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, L.P. Industry Healthcare Technology 2025-06-30 0001504619 Equity Securities Issuer Name Wash & Wax Systems LLC - Class A Common Equity Industry Automobiles 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+535 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 7/21/2025 Industry Business Services Current Coupon 9.80% (PIK 0.50%) Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Fairbanks More Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 9.65% Basis Point Spread Above Index SOFR+450 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Events TopCo, LP Industry Event Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC - Common Equity Industry Professional Services 2025-06-30 0001504619 Subordinate Debt Issuer Name Integrative Nutrition, LLC Maturity 4/15/2033 Industry Diversified Consumer Services 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.45% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+760 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2025-06-30 0001504619 pflt:PriorCreditFacilityMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 11.50% Basis Point Spread Above Index SOFR+690 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Connatix Parent, LLC - Industry Media 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+640 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pragmatic Institute, LLC (Revolver), Maturity 07/06/2028 Industry Professional Services Current Coupon 12.82% (PIK 12.085%) Basis Point Spread Above Index 3M SOFR+750 2023-10-01 2024-09-30 0001504619 Marketplace Events, LLC 2023-09-30 0001504619 2023-09-30 0001504619 Marketplace Events, LLC 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco LP One Industry Software 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+610 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.38% Basis Point Spread Above Index SOFR+540 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandThirtySixRAssetBackedDebtMember 2024-09-30 0001504619 2025-08-11 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/15/2028 Industry Diversified Consumer Services Current Coupon 10.38% Basis Point Spread Above Index SOFR+526 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC Industry Insurance 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Maturity 10/2/2028 Industry Professional Services Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 625 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 14.06% (PIK 3.75%) Basis Point Spread Above Index 3M SOFR+ 976 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2025-06-30 0001504619 pflt:FoodProductsMember 2024-09-30 0001504619"Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 7/14/2025 Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 14.06% (PIK 3.75%) Basis Point Spread Above Index 3M SOFR+ 976 2025-06-30 0001504619 pflt:BlackrockLiquidityFedFundInstMember pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.13% Basis Point Spread Above Index SOFR+701 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Revolver Maturity 12/17/2030 Industry Software 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Funded Revolver Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index SOFR+636 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/07/2026 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - (Revolver) Maturity 02/07/2030 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. Maturity 3/1/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 pflt:AtTheMarketOfferingMember 2024-07-31 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-04-01 2024-06-30 0001504619 pflt:JPMorganUSDLiquidityInstMember pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index SOFR+600 2023-10-01 2024-09-30 0001504619 pflt:PersonalProductsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Maturity 1/15/2026 Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index 1M SOFR+ 647 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PennantPark-TSO Senior Loan Fund, LP Industry Financial Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.20% Basis Point Spread Above Index SOFR+510 2023-10-01 2024-09-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC. - Unfunded Revolver Maturity 7/31/2029 Industry IT Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 12.77% Basis Point Spread Above Index SOFR+765 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Maturity 7/21/2025 Industry Professional Services Current Coupon 12.93% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 860 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SubordinateDebtMember 2025-06-30 0001504619 pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.35% Basis Point Spread Above Index SOFR+510 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Maturity 5/13/2032 Industry Consulting Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+565 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+626 2024-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies - Equity Interest New MPE Holdings, LLC - Common Equity Industry Media Diversified and Production 2025-06-30 0001504619 First Lien Secured Debt Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.70% Basis Point Spread Above Index SOFR+650 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-03-01 2021-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 3/1/2029 Industry Wholesale 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2024-09-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Aechelon Technology, Inc Maturity 18/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index SOFR+650 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC Industry Insurance 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+700 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.44% Basis Point Spread Above Index SOFR+400 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. - Unfunded Revolver Maturity 8/16/2027 Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+555 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 785 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.45% Basis Point Spread Above Index SOFR+760 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index SOFR+536 2024-10-01 2025-06-30 0001504619 pflt:AerospaceAndDefenseMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Term Loan Maturity 6/19/2026 Industry Media 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP IvyRehab Coinvestment, LP Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2021-04-01 2021-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+611 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 9.92% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 pflt:SoftwareMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2023-10-01 2024-09-30 0001504619 pflt:PennantParkCLOIILtdMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+650 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP Industry Healthcare Technology 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member 2025-06-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 pflt:PersonalProductsMember 2025-06-30 0001504619 pflt:CommercialServicesAndSuppliesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Term Loan Maturity 3/21/2027 Industry Business Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Maturity 2/1/2030 Industry Construction & Engineering Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index 1M SOFR+ 647 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC - Funded revolver Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2024-09-30 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity (F-2) Industry Distributors 2025-06-30 0001504619 us-gaap:SubordinatedDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index SOFR+615 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.85% Basis Point Spread Above Index 1M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Maturity 5/25/2029 Industry Diversified Consumer Services 2025-06-30 0001504619 pflt:ClassDNotesMember pflt:DebtSecuritizationMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo LP One Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/15/2029 Industry Professional Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:SecondLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+715 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+650 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 6.04 %2024-10-01 2025-06-30 0001504619 pflt:ClassA-1LoansMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 First Lien Secured Debt Issuer Name Halo Buyer, INC Maturity 8/7/2029 Industry Consumer Products Current Coupon 10.33% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC - Unfunded Term Loan Maturity 03/13/2025 Industry Business Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 3/31/2028 Industry Automobiles Current Coupon 9.78% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.15% Basis Point Spread Above Index SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc Industry Consumer Finance 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 625 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common A Equity Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.2% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:SecuredOvernightFinancingRateMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LSF9 Atlantis Holdings, LLC Maturity 7/2/2029 Industry Specialty Retail Current Coupon 8.55% Basis Point Spread Above Index 3M SOFR+ 425 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Maturity 7/21/2025 Industry Professional Services Current Coupon 12.93% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 860 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services 2024-09-30 0001504619 us-gaap:EquitySecuritiesMember 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 pflt:MarketingServicesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. - Unfunded Revolver Maturity 2/3/2027 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+515 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants By Light Investco LP Industry High Tech Industries 2025-06-30 0001504619 pflt:NonControlledAndControlledAffiliatedInvestmentsMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+625 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 10.09% Basis Point Spread Above Index SOFR+576 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+610 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC Term Loan Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 10.10% (PIK 15.00%)2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 pflt:InvestmentsAndCashEquivalentsMember 2025-03-31 0001504619 pflt:ClassCNotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2025-04-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.82% Basis Point Spread Above Index SOFR+650 2024-10-01 2025-06-30 0001504619 pflt:EquityInterestsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Michael Baker International, LLC Maturity 12/01/2028 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+475 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 8.85% Basis Point Spread Above Index 1M SOFR+400 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Carisk Buyer, Inc - Amendment No.1 Term Loan Maturity 12/1/2029 Industry Healthcare Technology Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 pflt:ClassBNotesMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+625 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.83% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower , LLC - Unfunded Revolver Maturity 7/13/2027 Industry Media 2025-06-30 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2023-09-30 0001504619 First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.83% Basis Point Spread Above Index SOFR+ 450 2024-10-01 2025-06-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2025-06-30 0001504619 pflt:PriorCreditFacilityMember 2025-01-01 2025-03-31 0001504619 First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. Industry Consumer Finance 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+615 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+620 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+843 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Personal Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index SOFR+536 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.38% Basis Point Spread Above Index SOFR+801 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassA1SeniorSecuredFloatingRateLoansMember 2024-10-01 2025-06-30 0001504619 pflt:CashAndCashEquivalentsSeventyFivePointOneMember pflt:JPMorganUSGovernmentFundMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+ 668 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+650 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer,Inc. Maturity 12/31/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index SOFR+615 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - (Revolver) Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Government Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction & Engineering Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 510 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works - Funded Revolver Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - Unfunded Revolver Maturity 2/28/2030 Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP Industry Food Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2026 Industry Media Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+ 650 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 pflt:FirstLienSecuredDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2025-06-30 0001504619 pflt:IncentiveFeePaymentConditionTwoMember srt:MaximumMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Funded Revolver Maturity 8/16/2026 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 785 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Maturity 5/10/2030 Industry Healthcare, Education and Childcare 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 450 2025-06-30 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.74% Basis Point Spread Above Index 3M SOFR+ 644 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events Acquisitions, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47 % Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.93% Basis Point Spread Above Index SOFR+560 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index SOFR+586 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LSF9 Atlantis Holdings, LLC Maturity 06/30/2029 Industry Specialty Retail Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.6% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 02/01/2030 Industry Construction & Engineering 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Government Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 pflt:CommonEquityWarrantsMember pflt:Non-ControlledNon-AffiliatedMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index SOFR+650 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Term Loan B Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+515 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry IT Services Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+ 715 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - Funded Revolver Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First-Out Term Loan Maturity 7/17/2028 Industry Business Services Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+ 526 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember pflt:FirstLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 0001504619 pflt:Non-ControlledNon-AffiliatedMember 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 10.60% Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services 2024-09-30 0001504619 pflt:ControlledAffiliatedPortfolioMember pflt:EquityInterestsMember 2025-06-30 0001504619 pflt:AllOtherIndustriesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Maturity 10/2/2028 Industry Professional Services Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 625 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 6/21/2029 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.74% Basis Point Spread Above Index 3M SOFR+ 644 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower , LLC - Unfunded Term Loan Maturity 7/13/2027 Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt VRS Buyer, Inc. Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Maturity 3/31/2028 Industry Automobiles Current Coupon 9.78% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PennantPark-TSO Senior Loan Fund, LP Industry Financial Services 2024-09-30 0001504619 pflt:ControlledAffiliatedPortfolioMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index 1M SOFR+490 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+565 2024-09-30 0001504619 pflt:ProfessionalServicesMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC Maturity 5/23/2029 Industry Building Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Maturity 7/21/2025 Industry Professional Services Current Coupon 12.93% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 860 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+610 2024-09-30 0001504619 pflt:NetAssetsHundredPercentMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco LP - Class A Common Equity One Industry Automobiles 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.68% Basis Point Spread Above Index SOFR+535 2025-06-30 0001504619 pflt:Non-ControlledNon-AffiliatedMember pflt:FirstLienSecuredDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.53% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.56% Basis Point Spread Above Index 3M SOFR+ 426 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. Maturity 3/1/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember us-gaap:MeasurementInputRevenueMultipleMember pflt:FirstLienMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2024-07-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan B Maturity 8/28/2026 Industry Healthcare Technology 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.54 % (PIK 6.25%) Basis Point Spread Above Index SOFR+726 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class A Industry Leisure Products 2025-06-30 0001504619 pflt:TwoThousandThirtyFiveAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class D Preferred Equity Two Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC Maturity 12/3/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 pflt:ClassBRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 2024-07-25 0001504619 pflt:PennantParkTSOSeniorLoanFundLPMember 2024-10-01 2025-06-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2029 Industry Financial Services Current Coupon 13.28% Basis Point Spread Above Index 3M SOFR+800 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC. - Common Equity Industry IT Services 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:FirstLienInPSSLMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 9/17/2026 Industry Distributors 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IIN Group Holdings, LLC Industry Consumer Services 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassBNotesMember 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandThirtySixRAssetBackedDebtMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC- Promissory Note #1 Maturity 4/15/2030 Industry Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+500 2024-09-30 0001504619 First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.20% Basis Point Spread Above Index SOFR+560 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.93% Basis Point Spread Above Index 3M SOFR+ 860 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Funded Revolver Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+ 515 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:SubordinatedDebtMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2025-06-30 0001504619 pflt:ClassA1LBFloatingRateMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Maturity 8/31/2028 Industry Construction & Engineering Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 510 2024-10-01 2025-06-30 0001504619 pflt:AllOtherIndustriesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Intermediate Company II, Inc. Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. - Unfunded Revolver Maturity 8/28/2030 Industry Leisure Products 2025-06-30 0001504619 pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 pflt:ClassLoansA-RMember pflt:PennantParkCLOVILLCMember 2025-05-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC - Unfunded Term Loan Maturity 10/2/2026 Industry Business Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Industry Personal Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Revolver Maturity 2/7/2030 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco, LP Industry Software Current Coupon 8.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Blocker, Inc -. Preferred Equity Industry Professional Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 us-gaap:HealthcareSectorMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC Maturity 5/23/2029 Industry Building Products Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 560 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 626 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.57% Basis Point Spread Above Index 3M SOFR+ 625 2025-06-30 0001504619 pflt:TwoThousandThirtyOneAssetBackedDebtMember 2023-10-01 2024-06-30 0001504619 Equity Securities Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2024-09-30 0001504619 pflt:OtherRelatedPartyMember 2024-04-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+600 2023-10-01 2024-09-30 0001504619 pflt:IncentiveFeePaymentConditionThreeMember srt:MinimumMember 2024-10-01 2025-06-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Revolver Maturity 12/19/2030 Industry Media 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2036Member 2024-02-29 0001504619 First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index SOFR+560 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 8.85% Basis Point Spread Above Index 1M SOFR+400 2024-09-30 0001504619 pflt:NonControlledAndControlledAffiliatedInvestmentsMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ro Health Holdings, Inc.- Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC Industry Healthcare Providers and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC - Unfunded Revolver Maturity 3/1/2028 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Blocker, Inc - Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:FirstLienMember 2024-09-30 0001504619 pflt:TotalFirstLienSecuredDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pink Lily Holdco, LLC Industry Textiles, Apparel and Luxury Goods 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.30% Basis Point Spread Above Index SOFR+610 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC Maturity 6/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 pflt:DiversifiedConsumerServicesMember 2024-09-30 0001504619 pflt:SubordinateDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Funded Revolver Maturity 1/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+ 761 2025-06-30 0001504619 pflt:TotalFirstLienSecuredDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.44% Basis Point Spread Above Index SOFR+400 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC – Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Maturity 6/15/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 1M SOFR+ 550 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member 2024-09-30 0001504619 pflt:ClassA2RNotesMember pflt:SecuredOvernightFinancingRateMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 6/26/2026 Industry Professional Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.72% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure 2024-09-30 0001504619 pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Maturity 1/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.94% Basis Point Spread Above Index 3M SOFR+ 761 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.31% Basis Point Spread Above Index SOFR+425 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC (Revolver) Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandTwentySixNotesPayableMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Funded Revolver Maturity 1/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+ 761 2024-10-01 2025-06-30 0001504619 pflt:FirstLienInPSSLMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 2024-04-01 2024-06-30 0001504619 pflt:SeniorSecuritiesMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 10.48% (PIK 7.92%) Basis Point Spread Above Index SOFR+610 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+ 576 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. (Revolver) Maturity 12/01/2029 Industry Healthcare Technology 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-out Term Loan Maturity 10/2/2029 Industry Hotels, Restaurants and Leisure Current Coupon 11.96% Basis Point Spread Above Index 1M SOFR+ 765 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember srt:MinimumMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:FirstLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 535 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Technology Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 11.1% Basis Point Spread Above Index 3M SOFR+650 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Unfunded Revolver Maturity 5/7/2026 Industry Media 2025-06-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services 2025-06-30 0001504619 pflt:InternetSoftwareAndServicesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV Aero Holdings, LLC Industry Aerospace and Defense 2024-09-30 0001504619 First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 4.00%) Basis Point Spread Above Index SOFR+725 2024-10-01 2025-06-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:InvestmentInSinglePortfolioCompanyMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.67% (PIK 7.25%) Basis Point Spread Above Index SOFR+835 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member 2019-09-01 2019-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputRevenueMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPCN Holdings, LLC - Common Equity Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 7.00%) Basis Point Spread Above Index 3M SOFR+ 725 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.57 % Basis Point Spread Above Index SOFR+625 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC – Unfunded Revolver Maturity 9/27/2030 Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+600 2024-09-30 0001504619 First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member 2025-06-30 0001504619 us-gaap:EquityMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 pflt:TwoThousandThirtySixAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC - Unfunded Revolver Maturity 12/22/2028 Industry Commercial Services & Supplies 2025-06-30 0001504619 pflt:ClassCRNotesMember pflt:SecuredOvernightFinancingRateMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 2024-07-25 0001504619 pflt:TruistCreditFacilityMember pflt:SecuredOvernightFinancingRateMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+626 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PH Beauty Holdings III, Inc. Maturity 09/28/2025 Industry Consumer Products Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+543 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+650 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+ 615 2024-10-01 2025-06-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+700 2024-09-30 0001504619 First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 9/28/2027 Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Maturity 12/29/2028 Industry Auto Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.45% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+760 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan Maturity 10/30/2026 Industry Commercial Services & Supplies 2025-06-30 0001504619 Equity Securities Issuer Name Output Services Group, Inc Industry Business Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 11.75% (PIK 2.25%) Basis Point Spread Above Index SOFR+715 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP Industry Auto Components 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassBNotesMember 2025-02-28 0001504619 First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Maturity 8/31/2028 Industry Construction & Engineering Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 510 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+625 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants DUGGAL EQUITY, LP – Common Equity Industry Marketing Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 pflt:AdministratorMember 2025-04-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC. - Common Equity Industry IT Services 2025-06-30 0001504619 pflt:ControlledAndNon-ControlledAffiliatedInvestmentsMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Aechelon Technology, Inc Maturity 18/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index SOFR+650 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 10.49% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC Industry Personal Products 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+668 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.57% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 540 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 12.35% (PIK 12.35%) Basis Point Spread Above Index SOFR+750 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors 2024-09-30 0001504619 First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index SOFR+843 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+ 635 2025-06-30 0001504619 pflt:ClassDNotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 pflt:PennantParkCLOVILLCMember 2025-05-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Auto Components Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 535 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+665 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt VRS Buyer, Inc. Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class A-1 Preferred Equity Industry Automobiles 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Boss Industries, LLC - Term Loan Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco LP - Class A Common Equity Industry Automobiles 2025-06-30 0001504619 pflt:ClassA-2NotesMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Revolver Maturity 9/23/2030 Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Seaway Topco, LP Industry Chemicals, Plastics and Rubber 2025-06-30 0001504619 pflt:FirstLienMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member 2019-09-01 2019-09-30 0001504619 pflt:TruistCreditFacilityMember 2023-10-01 2024-09-30 0001504619 pflt:InvestmentsCostMember us-gaap:EquityMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+675 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.net Holdings, Inc. Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.32% Basis Point Spread Above Index 1M SOFR+ 500 2024-10-01 2025-06-30 0001504619 srt:MinimumMember pflt:IncentiveFeePaymentConditionTwoMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 pflt:HealthcareEducationAndChildcareMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. Maturity 11/8/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 600 2025-06-30 0001504619 pflt:CapitalEquipmentMember 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:FirstLienMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC - Funded revolver Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC – Common Equity (8) Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2029 Industry Financial Services Current Coupon 13.28% Basis Point Spread Above Index 3M SOFR+800 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Connatix Parent, LLC Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology 2024-09-30 0001504619 pflt:NonMoneyMarketMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+625 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+610 2024-09-30 0001504619 Equity Securities Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings LLC - Unfunded Industry Leisure Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 560 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Unfunded Revolver Maturity 10/31/2030 Industry Government Services 2025-06-30 0001504619 pflt:SubordinateDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 pflt:InvestmentsFairValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index 1M SOFR+ 560 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.75% Basis Point Spread Above Index SOFR+843 2024-09-30 0001504619 First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.58% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.59% Basis Point Spread Above Index 3M SOFR+515 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest LLC Industry Professional Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 11.45% Basis Point Spread Above Index SOFR+685 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate 2025-06-30 0001504619 pflt:SeniorSecuritiesMember 2018-04-05 2018-04-05 0001504619 First Lien Secured Debt Issuer Name Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.99% (PIK 4.00%) Basis Point Spread Above Index SOFR+725 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index SOFR+640 2023-10-01 2024-09-30 0001504619 pflt:HealthcareEquipmentAndSuppliesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc.(W) Industry Telecommunications 2024-09-30 0001504619 pflt:TaxableSubsidiaryMember 2024-04-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Revolver Maturity 8/10/2027 Industry Trading Companies & Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/12/2025 Industry Personal Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Maturity 9/30/2030 Industry Marketing Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Maturity 11/20/2030 Industry Business Services Current Coupon 8.80% Basis Point Spread Above Index 3M SOFR+ 450 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. Maturity 11/07/2029 Industry Distributors Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 pflt:LongTermCreditFacilityMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Maturity 3/1/2030 Industry Construction & Engineering Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+650 2024-09-30 0001504619 us-gaap:CashAndCashEquivalentsMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare Technology 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 650 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Maturity 11/20/2026 Industry Business Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology Current Coupon 12.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.83% Basis Point Spread Above Index 3M SOFR+ 450 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Term Loan Incremental Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index SOFR+640 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+715 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00 %2025-06-30 0001504619 pflt:SubordinateDebtMember pflt:Non-ControlledNon-AffiliatedMember 2024-09-30 0001504619 pflt:BusinessServicesMember 2024-09-30 0001504619 pflt:GoldmanSachsFinancialSquareGovernmentFundOneMember pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-06-30 0001504619 pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Maturity 11/16/2026 Industry High Tech Industries 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index SOFR+560 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 10/1/2025 Industry Construction & Engineering 2025-06-30 0001504619 pflt:InvestmentsCostMember us-gaap:EquityMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services 2024-09-30 0001504619 pflt:AerospaceAndDefenseMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 pflt:ConsumerServicesMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Consello Pacific Aggregator, LLC Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Unfunded Revolver Maturity 4/16/2027 Industry Internet Software and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC - (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+625 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 pflt:TwoThousandThirtyOneAssetBackedDebtMember 2024-07-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. - Funded Revolver Maturity 8/20/2026 Industry Media Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+ 627 2025-06-30 0001504619 pflt:TruistCreditFacilityMember 2025-04-01 2025-04-30 0001504619 pflt:ClassDRNotesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.42% Basis Point Spread Above Index SOFR+643 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Maturity 6/18/2029 Industry Healthcare, Education and Childcare Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Project Granite Buyer,Inc Maturity 12/31/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+650 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+750 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wildcat Buyerco, Inc. (Revolver) Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Equity Securities Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Teneo Holdings, LLC - Initial Term Loans Maturity 03/13/2031 Industry Diversified Financial Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+475 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.35% Basis Point Spread Above Index SOFR+510 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.68% Basis Point Spread Above Index SOFR+535 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 pflt:ConsultingServicesMember 2025-06-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wildcat Buyerco, Inc. - Unfunded Term Loan Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandThirtySixRAssetBackedDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.63% Basis Point Spread Above Index SOFR+726 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index 1M SOFR+ 535 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Maturity 7/21/2025 Industry Professional Services Current Coupon 12.93% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 860 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC - Unfunded Revolver Maturity 11/8/2029 Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest LLC Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/22/2025 Industry Healthcare Providers and Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/2025 Industry Capital Equipment Current Coupon 10.00%2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:SecondLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo LP Industry IT Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.7% Basis Point Spread Above Index 3M SOFR+560 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tinicum Space Coast Co-Invest, LLC Industry Aerospace and Defense 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index SOFR+610 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+668 2024-09-30 0001504619 us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:FirstLienMember 2024-09-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-04-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Maturity 01/19/2031 Industry Metals and Mining 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 02/09/2026 Industry Diversified Financial Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. Loan Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 10.59% Basis Point Spread Above Index SOFR+585 2024-09-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2017-11-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+450 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest LLC Industry Personal Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Revolver Maturity 7/25/2028 Industry Commodity Chemicals 2025-06-30 0001504619 First Lien Secured Debt Issuer Name C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-out Term Loan Maturity 10/2/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.96% Basis Point Spread Above Index 1M SOFR+ 765 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.21% Basis Point Spread Above Index SOFR+636 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc.(C) Industry Telecommunications 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+550 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member pflt:SecuredOvernightFinancingRateMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. Loan Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 10.59% Basis Point Spread Above Index SOFR+585 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last-Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+576 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group LLC - Unfunded Revolver Maturity 7/28/2026 Industry Professional Services 2025-06-30 0001504619 pflt:SubordinateDebtMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 4.00%) Basis Point Spread Above Index SOFR+725 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 560 2024-10-01 2025-06-30 0001504619 us-gaap:EquityMethodInvestmentsMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.05% Basis Point Spread Above Index SOFR+585 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events Acquisitions, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47 % Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seaway Topco, LP Industry Chemicals, Plastics and Rubber 2025-06-30 0001504619 First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.45%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco, LP (Common) Industry Software 2025-06-30 0001504619 pflt:SecondLienMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index SOFR+651 2024-09-30 0001504619 pflt:PriorCreditFacilityMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+475 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.67% (PIK 7.25%) Basis Point Spread Above Index SOFR+835 2024-10-01 2025-06-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPCN Midco, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Funded Revolver Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index 1M SOFR+ 647 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/2025 Industry Capital Equipment Current Coupon 10.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Unfunded Term Loan Maturity 03/01/2026 Industry Professional Services 2024-09-30 0001504619 Equity Securities Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index SOFR+635 2024-10-01 2025-06-30 0001504619 srt:MaximumMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Funded Revolver Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 pflt:DistributorsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.42% Basis Point Spread Above Index SOFR+643 2023-10-01 2024-09-30 0001504619 pflt:OtherRelatedPartyMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC Loan Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.53% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Urology Partners Co., L.P. Industry Healthcare Providers and Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 0.00%2025-06-30 0001504619 First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index SOFR+636 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 09/28/2027 Industry Distributors 2024-09-30 0001504619 pflt:CashAndCashEquivalentsSeventyFivePointOneMember 2025-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC - Unfunded Revolver Maturity 9/22/2028 Industry Professional Services 2025-06-30 0001504619 pflt:SubordinatedNotesMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+625 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember srt:MinimumMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Personal Products Current Coupon 9.65% Basis Point Spread Above Index SOFR+535 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+640 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.32% Basis Point Spread Above Index 1M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt VRS Buyer, Inc. - Unfunded Term Loan Maturity 11/23/2026 Industry Road and Rail 2025-06-30 0001504619 pflt:InvestmentsAndCashEquivalentsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.96% Basis Point Spread Above Index SOFR+765 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+550 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index 1M SOFR+ 535 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity PL Acquisitionco, LLC Industry Textiles, Apparel and Luxury Goods 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Marketplace Events, LLC Loan Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.53% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 2024-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. (New Issue) - Incremental Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.34% Basis Point Spread Above Index SOFR+660 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.07% Basis Point Spread Above Index 1M SOFR+ 575 2025-06-30 0001504619 pflt:MediaDiversifiedAndProductionMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00% (PIK 15.00%)2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PAR Excellence Holdings, Inc. Industry Healthcare Technology 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 2/1/2030 Industry Environmental Industries Current Coupon 9.07% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.80% Basis Point Spread Above Index SOFR+450 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/03/2029 Industry Diversified Consumer Services Current Coupon 10.60% Basis Point Spread Above Index SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP IvyRehab QP CF Feeder, LP One Industry Healthcare Providers and Services 2025-06-30 0001504619 pflt:SubordinatedNotesMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC - Unfunded Revolver Maturity 5/11/2026 Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.93% Basis Point Spread Above Index SOFR+560 2025-06-30 0001504619 pflt:PennantParkCLOVILLCMember pflt:SubNotesMember 2025-05-31 0001504619 pflt:ClassA1LAFloatingRateMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2025-02-28 0001504619 First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. Maturity 8/28/2030 Industry Leisure Products Current Coupon 9.55% Basis Point Spread Above Index 1M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Incremental Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.25% Basis Point Spread Above Index SOFR+600 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandTwentySixNotesPayableMember 2024-09-30 0001504619 pflt:TotalInvestmentsMember 2024-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-12-15 2021-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Revolver Maturity 3/19/2032 Industry Business Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 10.83% Basis Point Spread Above Index 1M SOFR+ 650 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. - Unfunded Revolver Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member 2024-09-30 0001504619 Subordinate Debt Issuer Name Integrative Nutrition, LLC Maturity 4/15/2033 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - (Revolver) Maturity 09/30/2028 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index SOFR+565 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member 2024-10-01 2025-06-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-04-01 2024-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassA1NotesMember 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2017-11-01 2017-11-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC LifePort Holdings, LLC Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC Maturity 9/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 pflt:PreferredEquityMember pflt:Non-ControlledNon-AffiliatedMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.59% Basis Point Spread Above Index SOFR+526 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/3/2029 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+ 635 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Revolver Maturity 12/31/2029 Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08 % Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 pflt:InvestmentAffilatedIssuerControlledMember 2023-10-01 2024-06-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+426 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 11.36% (PIK 6.00%) Basis Point Spread Above Index 3M SOFR+715 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:FirstLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. Industry Business Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+426 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, L.P. - Common Equity Industry Construction & Engineering 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCP Boss Holdco, LLC - Industry Independent Power and Renewable Electricity Producers 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 us-gaap:GovernmentMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.08% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 First Lien Secured Debt Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.70% Basis Point Spread Above Index SOFR+650 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:SecondLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Maturity 11/9/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 765 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+560 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.85% Basis Point Spread Above Index SOFR+625 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Maturity 2/1/2030 Industry Construction & Engineering Current Coupon 9.03% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class B Preferred Equity Industry Automobiles 2024-09-30 0001504619 pflt:EquityInterestsInPSSLMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.30% Basis Point Spread Above Index SOFR+610 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2021-03-31 0001504619 First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PH Beauty Holdings III, Inc. Maturity 09/28/2025 Industry Consumer Products Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+543 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. Maturity 11/07/2029 Industry Distributors Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 1M SOFR+461 2023-10-01 2024-09-30 0001504619 pflt:ClassCNotesMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.46% Basis Point Spread Above Index SOFR+761 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+550 2024-09-30 0001504619 pflt:ClassBRNotesMember pflt:SecuredOvernightFinancingRateMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 2024-07-25 0001504619 us-gaap:FairValueInputsLevel2Member 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Personal Products Current Coupon 9.65% Basis Point Spread Above Index SOFR+535 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.20% Basis Point Spread Above Index SOFR+635 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:FirstLienMember pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember 2025-06-30 0001504619 pflt:BlackrockLiqFedfundGovCLInstMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+560 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember us-gaap:SubordinatedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+555 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class A Preferred Equity Industry Leisure Products 2024-09-30 0001504619 pflt:TotalInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Unfunded Revolver Maturity 1/29/2026 Industry Leisure Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. Maturity 1/16/2030 Industry Construction & Engineering Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 11.47% Basis Point Spread Above Index SOFR+715 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Revolver Maturity 12/20/2027 Industry IT Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LEP Pequod Holdings, LP Industry Financial Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Health Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.07% Basis Point Spread Above Index 1M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+640 2024-09-30 0001504619 First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 pflt:TruistCreditFacilityMember 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index SOFR+515 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+ 668 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassA1SeniorSecuredFloatingRateLoansMember 2024-02-29 0001504619 pflt:ControlledAffiliatedPortfolioMember pflt:EquityInterestsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. - Funded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 610 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt VRS Buyer, Inc. - Unfunded Revolver Maturity 11/22/2030 Industry Road and Rail 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Maturity 4/3/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 490 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2023-10-01 2024-09-30 0001504619 pflt:TotalInvestmentsMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2025 Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Funded Revolver Maturity 2/7/2026 Industry Professional Services Current Coupon 9.78% Basis Point Spread Above Index 3M SOFR+ 555 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Maturity 6/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+785 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+615 2024-09-30 0001504619 PennantPark Senior Secured Loan Fund I LLC 2024-06-30 0001504619 First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+665 2023-10-01 2024-09-30 0001504619 2024-12-01 2024-12-31 0001504619 pflt:InvestmentsFairValueMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Revolver Maturity 8/28/2029 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC Industry Financial Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 pflt:ClassDRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 3M SOFR+560 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Urology Partners Co., L.P. Industry Healthcare Providers and Services 2024-09-30 0001504619 pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 pflt:TotalInvestmentsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 12.77% Basis Point Spread Above Index SOFR+765 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 2021-01-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+560 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+626 2024-09-30 0001504619 pflt:InvestmentsAndCashEquivalentsMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index SOFR+651 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.45% Basis Point Spread Above Index SOFR+560 2023-10-01 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:FirstLienInPSSLMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/03/2029 Industry Diversified Consumer Services Current Coupon 10.60% Basis Point Spread Above Index SOFR+600 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC - Unfunded Revolver Maturity 6/21/2027 Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC Industry Healthcare Providers and Services 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC - Unfunded Revolver Maturity 3/15/2027 Industry Software 2025-06-30 0001504619 pflt:InvestmentsCostMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 pflt:AutoComponentsMember 2024-09-30 0001504619 pflt:EquityInterestsMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+636 2024-09-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2023-10-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.05 % Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 2023-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. - Unfunded Revolver Maturity 11/3/2025 Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Industry Personal Products 2024-09-30 0001504619 pflt:SeniorSecuritiesMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Mission Critical Electronics, Inc. Maturity 03/31/2025 Industry Capital Equipment Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.58% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 715 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+610 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Maturity 1/23/2029 Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pragmatic Institute, LLC (Revolver), Maturity 07/06/2028 Industry Professional Services Current Coupon 12.82% (PIK 12.085%) Basis Point Spread Above Index 3M SOFR+750 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Maturity 8/28/2029 Industry Healthcare Technology Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.08% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 pflt:IncentiveFeePaymentConditionOneMember srt:MaximumMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants DUGGAL EQUITY, LP – Industry Marketing Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+461 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Second Amendment Term Loan Maturity 12/29/2029 Industry Healthcare Providers and Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt US Fertility Enterprises, LLC Maturity 10/11/2031 Industry Healthcare Providers and Services Current Coupon 8.78% Basis Point Spread Above Index 1M SOFR+ 450 2025-06-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 pflt:TwoThousandThirtyOneAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP Industry Food Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - Unfunded Revolver Maturity 8/16/2027 Industry Aerospace and Defense 2025-06-30 0001504619 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.56% Basis Point Spread Above Index 3M SOFR+ 426 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC Industry Financial Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+475 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index SOFR+500 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassDNotesMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC. - Industry IT Services 2025-06-30 0001504619"Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Revolver Maturity 2/1/2029 Industry Construction & Engineerin 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 pflt:ClassA-2NotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.18% Basis Point Spread Above Index SOFR+698 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 565 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 10.79% Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 3/1/2029 Industry Wholesale 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Industry Personal Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember srt:MaximumMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC. - Preferred Equity Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment 2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member us-gaap:EquityMethodInvestmentsMember 2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2024-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2021-10-01 2021-10-31 0001504619 First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 11.47% Basis Point Spread Above Index SOFR+715 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+700 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC - Unfunded Term Loan Maturity 11/25/2026 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. Maturity 1/16/2030 Industry Construction & Engineering Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.96% Basis Point Spread Above Index SOFR+400 2024-09-30 0001504619 pflt:FoodProductsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.74% Basis Point Spread Above Index SOFR+644 2024-10-01 2025-06-30 0001504619 pflt:B2NotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 11.18% Basis Point Spread Above Index SOFR+625 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC - Funded Revolver Maturity 7/7/2026 Industry Professional Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 520 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+715 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. - Unfunded Term Loan Maturity 11/7/2025 Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.45%2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Automotive Current Coupon 9.65% Basis Point Spread Above Index SOFR+535 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC - Industry Professional Services 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2024-10-01 2025-06-30 0001504619 pflt:MembersEquityMember 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:LongTermCreditFacilityMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.84% Basis Point Spread Above Index SOFR+565 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Simplicity Financial Marketing Group Holdings Inc. Maturity 12/02/2026 Industry Diversified Financial Services Current Coupon 11.73% Basis Point Spread Above Index 3M SOFR+640 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+690 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandThirtySevenAsset-BackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Construction and Building Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 940 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.93% Basis Point Spread Above Index 3M SOFR+ 860 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.13% Basis Point Spread Above Index SOFR+701 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember pflt:SecondLienMember srt:MinimumMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.96% Basis Point Spread Above Index SOFR+765 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.net Holdings, Inc. Industry Media 2024-09-30 0001504619 pflt:LongTermCreditFacilityMember 2023-09-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC - Super Priority First Lien Maturity 09/30/2025 Industry Media Diversified and Production 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC. - Funded Revolver Maturity 6/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical Associates, LLC - Unfunded Revolver Maturity 6/13/2031 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+626 2023-10-01 2024-09-30 0001504619 us-gaap:EquityMethodInvestmentsMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC - Funded Revolver Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index SOFR+610 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, L.P. Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan A Maturity 08/28/2025 Industry Healthcare Technology 2024-09-30 0001504619 pflt:C2NotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC - Second Amendment Term Loan Maturity 12/29/2029 Industry Healthcare Providers and Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 536 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Archer Lewis, LLC Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.net Holdings, Inc. Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC Industry Software 2024-09-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2024-09-30 0001504619 us-gaap:GovernmentMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Mission Critical Electronics, Inc. Maturity 03/31/2025 Industry Capital Equipment Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+615 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC (Revolver) Maturity 05/16/2025 Industry High Tech Industries 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, L.P. - Unfunded Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Funded Revolver Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.57%2025-06-30 0001504619 First Lien Secured Debt Issuer VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08 % Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.20% Basis Point Spread Above Index SOFR+560 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 940 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Carisk Buyer, Inc - Amendment No.1 Term Loan Maturity 12/1/2029 Industry Healthcare Technology Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common A Equity Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Revolver Maturity 6/15/2029 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, L.P. One Industry Internet Software and Services 2024-09-30 0001504619 Investments in non-controlled, non-affiliated portfolio companies first lien secured debt Efficient collaborative retail marketing company, llc maturity 06/15/2025 industry Mediadiversified And Production Current Coupon 12.37% ( PIK 1.50%) Basis Point Spread Above Index 3M SOFR+776 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+650 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index SOFR+647 2024-10-01 2025-06-30 0001504619 us-gaap:AutomobilesMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+565 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building 2024-09-30 0001504619 pflt:TruistCreditFacilityMember srt:MaximumMember 2025-04-01 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. (Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest LLC Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, L.P. One Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/01/2025 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Maturity 11/9/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 765 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Maturity 7/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 576 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC (7) Maturity 09/22/2028 Industry Professional Services Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+610 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Unfunded Revolver Maturity 11/10/2026 Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index 3M SOFR+ 626 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandThirtySixRAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+625 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 us-gaap:MoneyMarketFundsMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Project Granite Holdings, LLC - Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense 2024-09-30 0001504619 Equity Securities Issuer Name Pragmatic Holdco, Inc. Industry Education 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.17% Basis Point Spread Above Index SOFR+543 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.85% Basis Point Spread Above Index SOFR+625 2023-10-01 2024-09-30 0001504619 us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueInputsLevel1Member 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Teneo Holdings, LLC - Initial Term Loans Maturity 03/13/2031 Industry Diversified Financial Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+475 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV Aero Holdings, LLC Industry Aerospace and Defense 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC - Unfunded Revolver Maturity 8/1/2029 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+940 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC Industry Diversified Consumer Services 2024-09-30 0001504619 pflt:TaxableSubsidiaryMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. - Funded Revolver Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 560 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+635 2024-09-30 0001504619 First Lien Secured Debt Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.21% Basis Point Spread Above Index SOFR+636 2023-10-01 2024-09-30 0001504619 Equity Securities Issuer Name Output Services Group, Inc Industry Business Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+620 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95 % Basis Point Spread Above Index SOFR+565 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo LP Industry Aerospace and Defense 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:SubordinateDebtMember 2025-06-30 0001504619 pflt:TwoThousandThirtySevenRAsset-BackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Unfunded Revolver Maturity 8/7/2029 Industry Consumer products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+550 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00 %2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. (New Issue) - Second Incremental Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.09% Basis Point Spread Above Index SOFR+635 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Software Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.78% Basis Point Spread Above Index 3M SOFR+565 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Revolver Maturity 10/1/2027 Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance 2024-09-30 0001504619 PennantPark Senior Secured Loan Fund I LLC 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Maturity 1/20/2031 Industry Metals and Mining Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 535 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 560 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index SOFR+640 2024-09-30 0001504619 pflt:SecondLienSecuredDebtMember srt:MaximumMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Unfunded Term Loan Maturity 3/2/2026 Industry Professional Services 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member 2024-02-29 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2022-12-15 2022-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Common Equity Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2024-09-30 0001504619 pflt:SeniorSecuredRevolvingCreditFacilityMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-12-31 0001504619 First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 11.45% Basis Point Spread Above Index SOFR+685 2024-09-30 0001504619 First Lien Secured Debt Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.83% Basis Point Spread Above Index SOFR+ 450 2025-06-30 0001504619 pflt:ControlledAffiliatedInvestmentsMember 2024-06-30 0001504619 us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember pflt:ValuationTechniqueMarketComparableMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:FirstLienMember 2024-09-30 0001504619 pflt:TwoThousandThirtySevenRAsset-BackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:EquityInterestsInPSSLMember 2024-09-30 0001504619 pflt:AdministratorMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 First Lien Secured Debt Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.99% (PIK 4.00%) Basis Point Spread Above Index SOFR+725 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 12/30/2024 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 6.04 %2025-06-30 0001504619 pflt:LeisureProductsMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index SOFR+940 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 pflt:ConsultingServicesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. - Incremental Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 11.25% Basis Point Spread Above Index SOFR+600 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember srt:MinimumMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo LP Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Unfunded Revolver Maturity 6/14/2028 Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Funded Revolver Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index 1M SOFR+ 647 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance Industry Insurance 2024-09-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/15/2028 Industry Diversified Consumer Services Current Coupon 10.38% Basis Point Spread Above Index SOFR+526 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.72% Basis Point Spread Above Index SOFR+640 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare Technology 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Term Loan Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+ 515 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Class A Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+761 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, LLC - Unfunded Revolver Maturity 11/16/2027 Industry Software 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.53% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 pflt:FirstLienSecuredDebtMember srt:MinimumMember 2024-10-01 2025-06-30 0001504619 pflt:SoftwareMember 2024-09-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+650 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+561 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Unfunded Term Loan Maturity 11/2/2026 Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+610 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. Maturity 8/28/2030 Industry Leisure Products Current Coupon 9.55% Basis Point Spread Above Index 1M SOFR+ 525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+835 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index SOFR+540 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance Industry Insurance 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 pflt:PennantParkCLOVILLCMember pflt:ClassLoansC-RMember 2025-05-31 2025-05-31 0001504619 pflt:SBADebenturesMember 2024-07-25 2024-07-25 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Maturity 8/28/2029 Industry Healthcare Technology Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HPA SPQ Aggregator LP Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies First Lien Secured DebT PennantPark Senior Secured Loan Fund I LLC Maturity 05/07/2029 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+800 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. Maturity 4/9/2027 Industry Distributors Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC - (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG MIDCO, LLC - Unfunded Term Loan Maturity 03/27/2026 Industry Diversified Consumer Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+785 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+740 2024-09-30 0001504619 us-gaap:MoneyMarketFundsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+555 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember us-gaap:MeasurementInputEbitdaMultipleMember srt:MaximumMember pflt:FirstLienMember 2024-09-30 0001504619 pflt:FirstLienSecuredDebtMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eisner Advisory Group, LLC Maturity 02/23/2031 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+400 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Personal Products 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:TotalInvestmentsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.05 % Basis Point Spread Above Index SOFR+475 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 9.42% Basis Point Spread Above Index SOFR+510 2025-06-30 0001504619 First Lien Secured Debt Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.72% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index 3M SOFR+526 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+555 2023-10-01 2024-09-30 0001504619 pflt:MediaMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Maturity 3/19/2032 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Maturity 5/11/2026 Industry Media Current Coupon 10.16% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Maturity 11/2/2026 Industry Media Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Auto Components Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 535 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+843 2023-10-01 2024-09-30 0001504619 pflt:SubordinateDebtMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassBNotesMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 9/30/2026 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+ 576 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+586 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index SOFR+610 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo LP Industry IT Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+625 2023-10-01 2024-09-30 0001504619 pflt:NonMoneyMarketFundMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 10.48% (PIK 7.92%) Basis Point Spread Above Index SOFR+610 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC - Unfunded Revolver Maturity 10/20/2028 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Service 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.80% Basis Point Spread Above Index 3M SOFR+ 450 2025-06-30 0001504619 pflt:ConstructionAndEngineeringMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. - Funded Revolver Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 560 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco LP - Class A Common Equity Industry Automobiles 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. Industry Business Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Unfunded Term Loan Maturity 10/1/2025 Industry Professional Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Term Loan Maturity 12/17/2026 Industry Software 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense 2024-09-30 0001504619 pflt:NetAssetsHundredPercentMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Simplicity Financial Marketing Group Holdings Inc. - (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest LLC Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index 1M SOFR+640 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2024-10-01 2025-06-30 0001504619 Equity Securities Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.13% (PIK 5.10%) Basis Point Spread Above Index SOFR+785 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco, LP Industry Software Current Coupon 8.00%2024-09-30 0001504619 pflt:DiversifiedConsumerServicesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 pflt:ControlledAffiliatedPortfolioMember pflt:FirstLienSecuredDebtMember 2024-09-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC. - Funded Revolver Maturity 7/31/2029 Industry IT Services Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Outcomes Group Holdings, Inc Maturity 04/02/2031 Industry Healthcare Providers and Services Current Coupon 9.10% Basis Point Spread Above Index 3M SOFR+425 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC - Unfunded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+620 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LSF9 Atlantis Holdings, LLC Maturity 06/30/2029 Industry Specialty Retail Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member us-gaap:EquityMethodInvestmentsMember 2025-06-30 0001504619 pflt:FirstLienSecuredDebtMember 2025-06-30 0001504619 pflt:InternetSoftwareAndServicesMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index SOFR+668 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2025-04-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.63% Basis Point Spread Above Index SOFR+726 2024-09-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index 3M SOFR+526 2024-09-30 0001504619 pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP Industry Government Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. - Unfunded Revolver Maturity 8/20/2026 Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II LP Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Trading Companies & Distributors 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 11.75% (PIK 2.25%) Basis Point Spread Above Index SOFR+715 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 11.18% Basis Point Spread Above Index SOFR+625 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Personal Products Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+ 615 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+785 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc.(Revolver) Maturity 08/20/2026 Industry Media 2024-09-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LSF9 Atlantis Holdings, LLC Maturity 7/2/2029 Industry Specialty Retail Current Coupon 8.55% Basis Point Spread Above Index 3M SOFR+ 425 2025-06-30 0001504619 First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC - Funded Revolver Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Products 2024-09-30 0001504619 pflt:JPMorganUSDollarLiquidityInstMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index SOFR+785 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class A One Industry Automobiles 2025-06-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 2/1/2030 Industry Environmental Industries Current Coupon 9.07% Basis Point Spread Above Index SOFR+475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+526 2024-09-30 0001504619 pflt:PennantParkCLOVILLCMember pflt:ClassLoansC-RMember 2025-05-31 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 pflt:Non-ControlledNon-AffiliatedMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 10.68% Basis Point Spread Above Index SOFR+635 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandTwentySixNotesPayableMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Outcomes Group Holdings, Inc Maturity 04/02/2031 Industry Healthcare Providers and Services Current Coupon 9.10% Basis Point Spread Above Index 3M SOFR+425 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Maturity 10/18/2027 Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 pflt:ClassBNotesMember pflt:PennantParkCLO12LLCMember 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-out Term Loan Maturity 10/2/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.96% Basis Point Spread Above Index 1M SOFR+ 765 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PAR Excellence Holdings, Inc. - Common Equity Industry Healthcare Technology 2024-09-30 0001504619 pflt:ElectronicEquipmentInstrumentsAndComponentsMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index SOFR+600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 pflt:LongTermCreditFacilityMember 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Maturity 3/8/2028 Industry Consumer Finance Current Coupon 18.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. (Revolver) (7) Maturity 02/07/2025 Industry Professional Services 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Maturity 5/13/2032 Industry Consulting Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, L.P. Industry Professional Services 2025-06-30 0001504619 pflt:HighTechIndustriesMember 2024-09-30 0001504619 2025-04-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+610 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:ClassA1SeniorSecuredFloatingRateLoansMember 2024-10-01 2025-06-30 0001504619 pflt:FirstLienMember pflt:InvestmentsFairValueMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. Maturity 11/8/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense MidCo, LLC - Common Equity Industry Building Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandTwentySixNotesPayableMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 Marketplace Events, LLC 2024-06-30 0001504619 First Lien Secured Debt Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.72% Basis Point Spread Above Index SOFR+640 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 6/10/2026 Industry Media Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+ 650 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 8.85% Basis Point Spread Above Index SOFR+400 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - Funded Revolver Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Maturity 2/9/2026 Industry Professional Services 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassCNotesMember pflt:SecuredOvernightFinancingRateMember 2024-10-01 2025-06-30 0001504619 pflt:TotalInvestmentsAndCashEquivalentsTwoHundredThirtyPointZeroMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+785 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 4/21/2027 Industry IT Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC - Promissory Note Maturity 05/21/2029 Industry Diversified Consumer Services Current Coupon PIK 12.56%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class C Industry Leisure Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. - Unfunded Revolver Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure 2025-06-30 0001504619 Equity Securities Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Maturity 8/7/2029 Industry Consumer products Current Coupon 10.33% Basis Point Spread Above Index 1M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Broder Bros., Co. Maturity 12/04/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+611 2024-09-30 0001504619 pflt:DistributorsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Intermediate, LLC Maturity 12/3/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2025-06-30 0001504619 pflt:PreferredEquityMember pflt:Non-ControlledNon-AffiliatedMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. Industry Business Services 2025-06-30 0001504619 pflt:CommercialServicesAndSuppliesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+560 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00%2024-10-01 2025-06-30 0001504619 pflt:EventServicesMember 2025-06-30 0001504619 pflt:ClassCRNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 PennantPark Senior Secured Loan Fund I LLC 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco LP - Class B 2025-06-30 0001504619 pflt:LiabilitiesInExcessOfOtherAssetsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+650 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2023-10-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index SOFR+515 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Maturity 6/18/2029 Industry Healthcare, Education and Childcare Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index SOFR+615 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 5/31/2028 Industry Personal Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NFS - CFP Holdings LLC - Unfunded Revolver Matrity 09/13/2030 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last-Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+576 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:LongTermCreditFacilityMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% (PIK 1.0%) Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Maturity 05/16/2025 Industry High Tech Industries Current Coupon 12.18% Basis Point Spread Above Index 3M SOFR+698 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC- Promissory Note #2 Maturity 4/15/2033 Industry Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% (PIK 1.0%) Basis Point Spread Above Index 3M SOFR+765 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC (7) Maturity 09/22/2028 Industry Professional Services Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+610 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 450 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Maturity 11/2/2026 Industry Media Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/15/2028 Industry Diversified Consumer Services Current Coupon 10.88% Basis Point Spread Above Index SOFR+576 2024-09-30 0001504619 pflt:ClassA2NotesMember pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Maturity 12/20/2027 Industry IT Services Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+ 715 2024-10-01 2025-06-30 0001504619 pflt:TotalInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+ 640 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+ 675 2025-06-30 0001504619 pflt:IncentiveFeePaymentConditionThreeMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+668 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 11.94% Basis Point Spread Above Index SOFR+761 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense 2024-09-30 0001504619 pflt:BlackRockFederalFDInstitutionalEightyOneMember 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassCNotesMember 2025-02-28 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Equity Securities Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction & Engineering Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 510 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Commercial Services & Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+475 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Maturity 3/19/2032 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+610 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP Industry Auto Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.46% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 715 2024-10-01 2025-06-30 0001504619 pflt:GoldmanSachsFinancialSquareGovernmentFundMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/27/2026 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 pflt:ClassA2RNotesMember pflt:RTwoThousandAndThirtySixAssetBackedDebtMember 2024-07-25 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+761 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+565 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 510 2025-06-30 0001504619 Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. Industry Containers and Packaging 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 6/30/2026 Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.2% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassA1NotesMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Maturity 11/16/2026 Industry High Tech Industries Current Coupon 10.79% Basis Point Spread Above Index SOFR+647 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.38% Basis Point Spread Above Index SOFR+801 2023-10-01 2024-09-30 0001504619 pflt:EquityDistributionAgreementsMember pflt:AtTheMarketOfferingMember 2024-07-17 2024-07-17 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 2/9/2026 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Maturity 01/19/2031 Industry Metals and Mining Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Intermediate, LLC Maturity 4/10/2031 Industry Automobiles Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 625 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+625 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 1/16/2026 Industry Construction & Engineering 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.45% Basis Point Spread Above Index SOFR+515 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Leisure Products 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember srt:MinimumMember pflt:FirstLienMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+525 2024-09-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember pflt:SecuredOvernightFinancingRateMember 2019-09-01 2019-09-30 0001504619 pflt:HealthcareEducationAndChildcareMember 2024-09-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-02-29 0001504619 us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:EquityMethodInvestmentsMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember 2024-09-30 0001504619 PennantPark Senior Secured Loan Fund I LLC 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco LP - Class A Industry Automobiles 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Maturity 5/31/2028 Industry Personal Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 pflt:PriorCreditFacilityMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+535 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Walker Edison Holdco LLC Industry Healthcare Providers and Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+625 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.00% Basis Point Spread Above Index SOFR+640 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Revolver Maturity 10/2/2028 Industry Professional Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 10.48% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 us-gaap:EquityMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassBNotesMember pflt:SecuredOvernightFinancingRateMember 2024-02-01 2024-02-29 0001504619 pflt:ClassA-1NotesMember pflt:PennantParkCLO12LLCMember 2025-04-01 2025-04-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Common Equity Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.96% Basis Point Spread Above Index SOFR+400 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+561 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems LLC - Funded Revolver Maturity 04/30/2028 Industry Consumer Services Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 785 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.46% Basis Point Spread Above Index SOFR+761 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Fairbanks More Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 9.65% Basis Point Spread Above Index SOFR+450 2023-10-01 2024-09-30 0001504619 srt:AffiliatedEntityMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.45% Basis Point Spread Above Index SOFR+760 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.08% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 5/3/2029 Industry Leisure Products 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+715 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Wash & Wax Systems LLC - Holdco Maturity 07/30/2028 Industry Consumer Services Current Coupon 12.00%2025-06-30 0001504619 us-gaap:FairValueInputsLevel2Member us-gaap:EquityMethodInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, L.P. Industry Internet Software and Services 2025-06-30 0001504619 pflt:ConsumerServicesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. - Unfunded Term Loan Maturity 4/9/2027 Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Maturity 6/15/2027 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 1M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, L.P. Industry Professional Services 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2025-04-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services 2024-09-30 0001504619 pflt:InvestmentAffilatedIssuerControlledMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC - Funded Revolver Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. Industry Distributors 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+690 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 8/17/2026 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. Industry Consumer Finance 2025-06-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies First Lien Secured DebT PennantPark Senior Secured Loan Fund I LLC Maturity 05/07/2029 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+800 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems LLC - Funded Revolver Maturity 04/30/2028 Industry Consumer Services Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+590 2024-09-30 0001504619 pflt:AtTheMarketOfferingMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Diversified Consumer Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Maturity 5/25/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember pflt:InvestmentInSinglePortfolioCompanyMember 2025-06-30 0001504619 pflt:IncentiveFeePaymentConditionOneMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP IvyRehab QP CF Feeder, LP One Industry Healthcare Providers and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LEP Pequod Holdings, LP Industry Financial Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.20% (PIK 1.50%) Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+ 675 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+526 2023-10-01 2024-09-30 0001504619 pflt:InvestmentAffilatedIssuerControlledMember 2024-10-01 2025-06-30 0001504619 pflt:ProfessionalServicesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.57 % Basis Point Spread Above Index SOFR+625 2024-10-01 2025-06-30 0001504619 pflt:EventServicesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Mission Critical Electronics, Inc. Maturity 3/31/2025 Industry Capital Equipment Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2023-10-01 2024-09-30 0001504619 pflt:PennantParkSeniorSecuredLoanFundILLCMember 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:ClassCNotesMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 610 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+525 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.83% Basis Point Spread Above Index 3M SOFR+ 450 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC Industry Personal Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Maturity 9/23/2026 Industry Commercial Services & Supplies 2025-06-30 0001504619 pflt:TwoThousandTwentySixNotesPayableMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+765 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Marketplace Events Holdings, LP Industry Media: Diversified and Production 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-out Term Loan Maturity 10/2/2029 Industry Hotels, Restaurants and Leisure Current Coupon 11.96% Basis Point Spread Above Index 1M SOFR+ 765 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Class C Preferred Equity One Industry Leisure Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Maturity 7/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 576 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. - Unfunded Revolver Maturity 9/3/2027 Industry Consumer Finance 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense MidCo, LLC Industry Building Products 2025-06-30 0001504619 First Lien Secured Debt Issuer Name MBS Holdings, Inc. (New Issue) - Incremental Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.34% Basis Point Spread Above Index SOFR+660 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare Technology 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+619 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.net Holdings, Inc. Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP Industry Media 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ARGANO, LLC Maturity 9/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2024-10-01 2025-06-30 0001504619 Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. Industry Containers and Packaging 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings LLC Maturity 6/21/2030 Industry Healthcare Providers and Services Current Coupon PIK 15%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry IT Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 2024-05-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC - Unfunded Term Loan A Maturity 07/31/2025 Industry Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering 2024-09-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2024-10-01 2025-06-30 0001504619 srt:MaximumMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Maturity 7/21/2025 Industry Business Services Current Coupon 9.80% (PIK 0.50%) Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+550 2024-09-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:SecuredOvernightFinancingRateMember 2024-02-01 2024-02-29 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC - Funded Revolver Maturity 7/7/2026 Industry Professional Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 520 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. - Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.99% (PIK 3.50%) Basis Point Spread Above Index 3M SOFR+725 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry IT Services Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+ 715 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index SOFR+560 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Maturity 08/15/2027 Industry Healthcare Technology Current Coupon 12.00%2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC - Unfunded Term Loan Maturity 9/27/2026 Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name AFC Dell Holding Corp Maturity 04/09/2027 Industry Distributors Coupon 9.83% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 10.75% Basis Point Spread Above Index SOFR+615 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical Associates, LLC - Unfunded Term Loan Maturity 6/13/2027 Industry Healthcare Providers and Services 2025-06-30 0001504619 pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC Industry Healthcare Providers and Services 2025-06-30 0001504619 pflt:BuildingProductsMember 2024-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.78% Basis Point Spread Above Index 3M SOFR+565 2024-09-30 0001504619 2025-03-31 0001504619 us-gaap:FairValueInputsLevel1Member pflt:FirstLienMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC - Preferred Equity Industry Healthcare, Education and Childcare 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index 1M SOFR+640 2023-10-01 2024-09-30 0001504619 us-gaap:EquitySecuritiesMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Maturity 5/25/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.7% Basis Point Spread Above Index 3M SOFR+560 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners, LLC - Unfunded Term Loan Maturity 12/21/2026 Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. - Common Equity Industry Business Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name BLC Holding Company, Inc Maturity 11/20/2030 Industry Business Services Current Coupon 8.80% Basis Point Spread Above Index SOFR+450 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Boss Industries, LLC - Term Loan Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Term Loan Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 525 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+590 2024-10-01 2025-06-30 0001504619 pflt:SBADebenturesMember 2024-02-01 2024-02-29 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/15/2026 Industry Diversified Consumer Services 2024-09-30 0001504619 pflt:FirstLienMember 2024-09-30 0001504619 pflt:MembersEquityMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Term Loan Maturity 11/4/2026 Industry Construction & Engineering 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+635 2024-09-30 0001504619 pflt:TaxableSubsidiaryMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+ 843 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.75% Basis Point Spread Above Index SOFR+843 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media 2024-09-30 0001504619 2021-10-01 2021-10-31 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2021-12-15 2021-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index SOFR+560 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands Inc. LC (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 11.50% Basis Point Spread Above Index SOFR+690 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Simplicity Financial Marketing Group Holdings Inc. Maturity 12/02/2026 Industry Diversified Financial Services Current Coupon 11.73% Basis Point Spread Above Index 3M SOFR+640 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.05% Basis Point Spread Above Index SOFR+585 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2023-10-01 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+715 2024-09-30 0001504619 pflt:ElectronicEquipmentInstrumentsAndComponentsMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+620 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+461 2023-10-01 2024-09-30 0001504619 pflt:SeniorSecuredRevolvingCreditFacilityMember 2024-12-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Maturity 5/13/2032 Industry Consulting Services 2025-06-30 0001504619 us-gaap:FairValueInputsLevel1Member pflt:TwoThousandTwentySixNotesPayableMember 2024-09-30 0001504619 pflt:CashAndCashEquivalentsOneZeroSixPointZeroMember pflt:BlackRockFederalFDInstitutionalThirtyMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, L.P. - Industry Construction & Engineering 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Event Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Mission Critical Electronics, Inc. (Revolver) Maturity 03/31/2025 Industry Capital Equipment 2024-09-30 0001504619 Marketplace Events, LLC 2023-10-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index SOFR+500 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Walker Edison Holdco LLC - Class A common Equity Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+ 515 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.2% Basis Point Spread Above Index 3M SOFR+560 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.20% Basis Point Spread Above Index SOFR+535 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Mission Critical Electronics, Inc. Maturity 3/31/2025 Industry Capital Equipment Current Coupon 10.50% Basis Point Spread Above Index SOFR+590 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco LLC Industry Healthcare Technology 2024-09-30 0001504619 srt:AffiliatedEntityMember 2024-09-30 0001504619 pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Maturity 12/20/2027 Industry IT Services Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+ 715 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.05%2025-06-30 0001504619 First Lien Secured Debt Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+619 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.96% Basis Point Spread Above Index SOFR+765 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 pflt:NonControlledAndControlledAffiliatedInvestmentsMember 2025-04-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+610 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+561 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services 2024-09-30 0001504619 pflt:TwoThousandThirtySixRAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical Associates, LLC Maturity 6/13/2031 Industry Healthcare Providers and Services Current Coupon 10.07%2025-06-30 0001504619 First Lien Secured Debt Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.17% Basis Point Spread Above Index SOFR+543 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Funded Revolver Maturity 12/19/2030 Industry Media Current Coupon 9.57%2025-06-30 0001504619 First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index 3M SOFR+ 515 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+475 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+ 576 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.77% Basis Point Spread Above Index 3M SOFR+765 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.13% (PIK 5.10%) Basis Point Spread Above Index SOFR+785 2024-10-01 2025-06-30 0001504619 pflt:InvestmentsCostMember pflt:EquityInterestsInPSSLMember 2025-06-30 0001504619 pflt:TwoThousandTwentyThreeNotesMember 2023-12-15 2023-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) Maturity 01/26/2029 Industry Media 2024-09-30 0001504619 pflt:ClassLoansA-RMember pflt:PennantParkCLOVILLCMember 2025-05-31 2025-05-31 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/15/2028 Industry Diversified Consumer Services Current Coupon 10.88% Basis Point Spread Above Index SOFR+576 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.29% Basis Point Spread Above Index SOFR+701 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC (Preferred) Industry Distributors 2024-09-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2023-10-01 2024-06-30 0001504619 First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+490 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+ 576 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.20% Basis Point Spread Above Index SOFR+510 2024-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember pflt:SubordinatedNotesMember pflt:SecuredOvernightFinancingRateMember 2025-02-01 2025-02-28 0001504619 us-gaap:AutomobilesMember 2024-09-30 0001504619 First Lien Secured Debt Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+500 2023-10-01 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:SubordinateDebtMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+525 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) Industry Media 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+740 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.05%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+615 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 First Lien Secured Debt Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index SOFR+635 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ARGANO, LLC – Unfunded Revolver Maturity 09/13/2029 Industry Business Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc Industry Consumer Finance 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PL Acquisitionco, LLC - Unfunded Revolver Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 us-gaap:TechnologySectorMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Maturity 8/7/2029 Industry Consumer products Current Coupon 10.33% Basis Point Spread Above Index 1M SOFR+ 600 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon (PIK 5.10%)2024-09-30 0001504619 First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 0.00%2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Maturity 05/16/2025 Industry High Tech Industries Current Coupon 12.18% Basis Point Spread Above Index 3M SOFR+698 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Michael Baker International, LLC Maturity 12/01/2028 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+475 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+576 2024-09-30 0001504619 Subordinate Debt Issuer Name Wash & Wax Systems LLC Maturity 07/30/2028 Industry Automobiles Current Coupon 12.00%2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+ 615 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Intermediate Company II, Inc. Industry IT Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index SOFR+490 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index SOFR+785 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seacoast Service Partners, LLC - Equity Co-Invest Industry Diversified Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Consello Pacific Aggregator, LLC Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+651 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Funded Revolver Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+585 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+ 620 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) - Unfunded Term Loan Maturity 6/12/2027 Industry Aerospace and Defense 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Broder Bros., Co. Maturity 12/04/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+611 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Aggregator, LP - Convertible Note Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-06-30 0001504619 First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+626 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense MidCo, LLC - Common Equity Industry Building Products 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:FirstLienMember 2024-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 9/3/2030 Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Class A Common Equity Industry Diversified Consumer Services 2024-09-30 0001504619 pflt:ClassDSecuredDeferrableFloatingRateNotesMember pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-01 2019-09-30 0001504619 pflt:ConstructionAndEngineeringMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Holdco, LLC. - Funded Revolver Maturity 7/31/2029 Industry IT Services Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+ 600 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. (Preferred) Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Service, LLC Term Loan Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 10.10% (PIK 15.00%)2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works - Unfunded Revolver Maturity 10/1/2029 Industry Professional Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure 2025-06-30 0001504619 Equity Securities Issuer Name Pragmatic Holdco, Inc. Industry Education 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+640 2023-10-01 2024-09-30 0001504619 pflt:TruistCreditFacilityMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco LP Industry Software 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.77% Basis Point Spread Above Index 3M SOFR+765 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+560 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+535 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member srt:WeightedAverageMember us-gaap:MeasurementInputEbitdaMultipleMember pflt:ValuationTechniqueEnterpriseMarketValueMember pflt:FirstLienMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Industry Software 2024-09-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Term Loan B Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+515 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Intermediate, LLC Maturity 4/10/2031 Industry Automobiles Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 625 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+626 2024-10-01 2025-06-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-09-30 0001504619 us-gaap:FairValueInputsLevel2Member pflt:FirstLienMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.84% Basis Point Spread Above Index SOFR+565 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+550 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:ValuationTechniqueMarketComparableMember pflt:MeasurementInputMarketYieldMember us-gaap:SubordinatedDebtMember srt:MaximumMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index 3M SOFR+ 636 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 625 2025-06-30 0001504619 Related Party PSSL First Lien Secured Debt 1,707.4% Issuer Name CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 9.97% Basis Point Spread Above Index SOFR+561 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC LifePort Holdings, LLC Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure 2025-06-30 0001504619 First Lien Secured Debt Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.82% Basis Point Spread Above Index SOFR+650 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 10.09% Basis Point Spread Above Index SOFR+576 2025-06-30 0001504619 pflt:NonControlledNonAffiliatedInvestmentsMember 2024-09-30 0001504619 pflt:TwoThousandAndTwentySixNotesTwoMember 2020-12-15 2020-12-15 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+550 2024-09-30 0001504619 2024-10-01 2025-03-31 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Maturity 6/30/2026 Industry Media 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo LP One Industry Aerospace and Defense 2024-09-30 0001504619 Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2029 Industry Financial Services Current Coupon 13.28% Basis Point Spread Above Index 3M SOFR+800 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BioDerm, Inc. - Funded Revolver Maturity 1/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.82% Basis Point Spread Above Index 1M SOFR+ 650 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+640 2024-09-30 0001504619 First Lien Secured Debt Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Construction and Engineering Current Coupon 10.95% Basis Point Spread Above Index SOFR+610 2023-10-01 2024-09-30 0001504619 PennantPark Senior Secured Loan Fund I LLC 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 13.75% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index SOFR+940 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember 2023-09-30 0001504619 First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.20% Basis Point Spread Above Index SOFR+635 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+620 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+600 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Maturity 8/7/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 600 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.50%) Basis Point Spread Above Index SOFR+740 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. - Common Equity Industry Business Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Maturity 7/2/2029 Industry Internet Software and Services Current Coupon 10.05% Basis Point Spread Above Index 1M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems LLC Maturity 04/30/2028 Industry Consumer Services Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+ 550 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology 2024-09-30 0001504619 First Lien Secured Debt Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.60% Basis Point Spread Above Index SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC Industry Healthcare Providers and Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Funded Revolver Maturity 5/3/2029 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity LLC - Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems LLC Maturity 04/30/2028 Industry Consumer Services Current Coupon PIK 9.78% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Maturity 8/7/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 600 2024-10-01 2025-06-30 0001504619 pflt:ControlledAffiliatedPortfolioMember 2025-06-30 0001504619 us-gaap:EquityMethodInvestmentsMember us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Maturity 9/30/2026 Industry Marketing Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+500 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Azureon Holdings, LLC Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.80% Basis Point Spread Above Index SOFR+450 2024-10-01 2025-06-30 0001504619 pflt:InvestmentsCostMember pflt:SubordinateDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 11/17/2025 Industry Commercial Services & Supplies 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP Industry Electronic Equipment, Instruments, and Components 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan A Maturity 02/09/2025 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP - Common Equity Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC Dell Holding Corp. Maturity 4/9/2027 Industry Distributors Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+450 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Maturity 02/09/2026 Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IIN Group Holdings, LLC Industry Consumer Services 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+835 2024-09-30 0001504619 pflt:InvestmentsCostMember pflt:TotalInvestmentsMember 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt US Fertility Enterprises, LLC Maturity 10/11/2031 Industry Healthcare Providers and Services Current Coupon 8.78% Basis Point Spread Above Index 1M SOFR+ 450 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC - Unfunded Revolver Maturity 6/26/2029 Industry Diversified Consumer Services 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+490 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Maturity 1/20/2031 Industry Metals and Mining Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SPA SPQ Aggregator LP Industry Professional Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP Industry Food Products 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+500 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC - Funded Revolver Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 575 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Maturity 5/31/2028 Industry Personal Products Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+ 550 2025-06-30 0001504619 pflt:TotalInvestmentsMember pflt:InvestmentsFairValueMember 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.83% Basis Point Spread Above Index SOFR+550 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 9.80% Basis Point Spread Above Index SOFR+550 2024-10-01 2025-06-30 0001504619 pflt:TwoThousandAndThirtySixAssetBackedDebtMember pflt:ClassA2SeniorSecuredFixedRateNotesDue2036Member pflt:SecuredOvernightFinancingRateMember 2024-02-29 0001504619 First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 10.35% Basis Point Spread Above Index SOFR+575 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+560 2024-10-01 2025-06-30 0001504619 pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Member pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PAR Excellence Holdings, Inc. - Common Equity Industry Healthcare Technology 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II,LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 525 2025-06-30 0001504619 First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.18% Basis Point Spread Above Index SOFR+698 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP Industry Commodity Chemicals 2024-09-30 0001504619 us-gaap:InvestmentAffiliatedIssuerControlledMember 2025-06-30 0001504619 Investments In Controlled, Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events, LLC Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+540 2023-10-01 2024-09-30 0001504619 us-gaap:FairValueInputsLevel3Member pflt:TwoThousandThirtySevenAssetBackedDebtMember 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings LLC - Funded Revolver Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.38% Basis Point Spread Above Index 3M SOFR+ 515 2024-10-01 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Unfunded Revolver Maturity 8/31/2029 Industry Healthcare Providers and Services 2025-06-30 0001504619 Equity Securities Issuer Name Walker Edison Furniture Industry Wholesale 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2025-06-30 0001504619 First Lien Secured Debt Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 03/01/2029 Industry Wholesale Current Coupon 00.00%2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+626 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/15/2029 Industry Professional Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+575 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry IT Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 475 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+700 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 10.68% Basis Point Spread Above Index SOFR+635 2024-10-01 2025-06-30 0001504619 First Lien Secured Debt Issuer Name DRS Holdings III, Inc. 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Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.85% Basis Point Spread Above Index 1M SOFR+525 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+610 2023-10-01 2024-09-30 0001504619 First Lien Secured Debt Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.07% Basis Point Spread Above Index SOFR+575 2025-06-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 6/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 590 2024-10-01 2025-06-30 xbrli:pure pflt:Portfolio iso4217:USD xbrli:shares xbrli:shares iso4217:CAD iso4217:USD

pssl

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)ps

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

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

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 August 11, 2025 was 99,217,896.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION |  |
Item 1. Consolidated Financial Statements |  | 4
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and September 30, 2024 |  | 4
Consolidated Statements of Operations for the three and nine months ended June 30, 2025 and 2024 (unaudited) |  | 5
Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2025 and 2024 (unaudited) |  | 6
Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024 (unaudited) |  | 7
Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and September 30, 2024 |  | 8
Notes to Consolidated Financial Statements (unaudited) |  | 27
Report of Independent Registered Public Accounting Firm (PCAOB ID 49) |  | 50
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |  | 52
Item 3. Quantitative and Qualitative Disclosures About Market Risk |  | 69
Item 4. Controls and Procedures |  | 71
PART II. OTHER INFORMATION |  |
Item 1. Legal Proceedings |  | 71
Item 1A. Risk Factors |  | 71
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |  | 72
Item 3. Defaults Upon Senior Securities |  | 72
Item 4. Mine Safety Disclosures |  | 72
Item 5. Other Information |  | 72
Item 6. Exhibits |  | 73
SIGNATURES |  | 74

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 collectively our consolidated subsidiaries PFLT Investment Holdings II, LLC and 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; "2037 Securitization Issuer"" refers to PennantPark CLO 11, LLC, a consolidated Delaware limited liability company, “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. 2036 Securitization Issuer refers to PennantPark CLO VIII, LLC; “2036-Debt Securitization” refers to the $350.6 million term debt securitization completed by the "2036 Securitization Issuers"; “2036 Asset-Backed Debt” refers to the issuance of the AAA(sf) Class A-1 Notes, AAA(sf) Class A-2 Notes, AA(sf) Class B Notes, A(sf) Class C Notes, BBB-(sf) Class D Notes, and the borrowing issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes.); “2036-R Securitization Issuers” refers to Securitization Issuer and PennantPark CLO I LLC; “2036-R Indenture” refers to that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024; “2036-R Asset-Backed Debt” refers to the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant the 2036-R Indenture (i) $203 million of A-1-R Notes, which bear interest at the three-month secured overnight financing rate (“SOFR”) plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30% (collectively, the “Secured Notes”), (B) the issuance by a 2036-R Securitization Issuer of $64 million of subordinated notes pursuant to the 2036-R Indenture (the “Subordinated Notes”), (C) the borrowing by the Securitization Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05% (the “Class B-R Loans”); “2037 Debt Securitization” refers to the $474.6 million term debt securitization completed by 2037 Securitization Issuer; “2037 Credit Agreement” refers to that certain credit agreement, dated as of February 20, 2025 by and among 2037 Securitization Issuer, as borrower, the various financial institutions party thereto, as lenders, and Western Alliance Trust Company, National Association, as collateral agent and as loan agent; “2037 Indenture” refers to that certain indenture, dated as of February 20, 2025 by and between 2037 Securitization Issuer and Western Alliance Trust Company, National Association; “2037 Asset-Backed Debt” refers to (A) the issuance by 2037 Securitization Issuer of the following classes of notes pursuant to the 2037 Indenture: (i) $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at three-month SOFR plus 1.49%, (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60%, (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75%, (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20%, (v) $28.5 million of BBB-(sf) Class D Notes (the “2037 Class D Notes”), which bear interest at three-month SOFR plus 3.60%, (collectively, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (“2037 Subordinated Notes” and, together with the 2037 Secured Notes, the “2037 Notes”) and (B) the borrowing by the Issuers of $10.0 million under AAA(sf) Class A-1L-A floating rate loans and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (together, the “2037 Asset-Backed Loans”), which bear interest at three-month SOFR plus 1.49%. 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)

|  | June 30, 2025 |  |  | September 30, 2024 |
|  | (unaudited) |  |  |  |
Assets |  |  |  |  |  |
Investments at fair value |  |  |  |  |  |
Non-controlled, non-affiliated investments (amortized cost— $2,093,435 and $1,622,669, respectively) |  | $ | 2,112,576 |  |  | $ | 1,632,269 |
Controlled, affiliated investments (amortized cost— $361,375 and $372,271, respectively) |  |  | 290,939 |  |  |  | 351,235 |
Total investments (amortized cost— $2,454,810 and $1,994,940, respectively) |  |  | 2,403,515 |  |  |  | 1,983,504 |
Cash and cash equivalents (cost— $102,726 and $112,046, respectively) |  |  | 102,730 |  |  |  | 112,050 |
Interest receivable |  |  | 11,935 |  |  |  | 12,167 |
Distributions receivable |  |  | 1,269 |  |  |  | 635 |
Due from affiliate |  |  | 163 |  |  |  | 291 |
Prepaid expenses and other assets |  |  | 1,990 |  |  |  | 198 |
Total assets |  |  | 2,521,602 |  |  |  | 2,108,845 |
Liabilities |  |  |  |  |  |
Credit Facility payable, at fair value (cost— $298,855 and $443,855, respectively) |  |  | 298,865 |  |  |  | 443,880 |
2026 Notes payable, net (par—$185,000) (unamortized deferred financing costs of $585 and $1,168, respectively) |  |  | 184,415 |  |  |  | 183,832 |
2036 Asset-Backed Debt, net (par—$287,000) (unamortized deferred financing costs of $2,508 and $2,914, respectively) |  |  | 284,492 |  |  |  | 284,086 |
2036-R Asset-Backed Debt, net (par— $266,000) (unamortized deferred financing costs of $667 and $765, respectively) |  |  | 265,333 |  |  |  | 265,235 |
2037 Asset-Backed Debt, net (par— $361,000 and $0) (unamortized deferred financing costs of $2,793 and $0, respectively) |  |  | 358,207 |  |  |  | — |
Payable for investments purchased |  |  | — |  |  |  | 20,363 |
Interest payable on debt |  |  | 18,676 |  |  |  | 14,645 |
Distributions payable |  |  | 10,170 |  |  |  | 7,834 |
Base management fee payable |  |  | 5,929 |  |  |  | 4,588 |
Incentive fee payable |  |  | 5,396 |  |  |  | 3,189 |
Accounts payable and accrued expenses |  |  | 1,667 |  |  |  | 2,187 |
Deferred tax liability |  |  | 890 |  |  |  | 1,712 |
Due to affiliate |  |  | 49 |  |  |  | — |
Total liabilities |  |  | 1,434,089 |  |  |  | 1,231,551 |
Commitments and contingencies (See Note 11) |  |  |  |  |  |
Net assets |  |  |  |  |  |
Common stock, 99,217,896 and 77,579,896 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized |  |  | 99 |  |  |  | 78 |
Paid-in capital in excess of par value |  |  | 1,221,478 |  |  |  | 976,744 |
Accumulated deficit |  |  | (134,064 | ) |  |  | (99,528 | )
Total net assets |  | $ | 1,087,513 |  |  | $ | 877,294 |
Total liabilities and net assets |  | $ | 2,521,602 |  |  | $ | 2,108,845 |
Net asset value per share |  | $ | 10.96 |  |  | $ | 11.31 |

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 June 30, |  |  | Nine Months Ended June 30, |  |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |
From non-controlled, non-affiliated investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 50,856 |  |  | $ | 34,456 |  |  | $ | 147,533 |  |  | $ | 88,693 |  |
Dividend |  |  | 549 |  |  |  | 768 |  |  |  | 1,495 |  |  |  | 1,853 |  |
Other income |  |  | 786 |  |  |  | 591 |  |  |  | 2,901 |  |  |  | 3,622 |  |
From controlled, affiliated investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  |  | 7,373 |  |  |  | 8,841 |  |  |  | 27,526 |  |  |  | 25,595 |  |
Dividend |  |  | 3,938 |  |  |  | 3,719 |  |  |  | 12,688 |  |  |  | 10,938 |  |
Other income |  |  | — |  |  |  | 130 |  |  |  | 306 |  |  |  | 130 |  |
Total investment income |  |  | 63,502 |  |  |  | 48,505 |  |  |  | 192,449 |  |  |  | 130,831 |  |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and expenses on debt |  |  | 22,547 |  |  |  | 16,293 |  |  |  | 67,437 |  |  |  | 39,923 |  |
Performance-based incentive fee |  |  | 5,396 |  |  |  | 5,307 |  |  |  | 19,146 |  |  |  | 14,937 |  |
Base management fee |  |  | 5,929 |  |  |  | 3,908 |  |  |  | 16,797 |  |  |  | 10,283 |  |
General and administrative expenses |  |  | 1,200 |  |  |  | 1,050 |  |  |  | 3,600 |  |  |  | 3,293 |  |
Administrative services expenses |  |  | 750 |  |  |  | 450 |  |  |  | 1,900 |  |  |  | 1,661 |  |
Expenses before amendment costs and provision for taxes |  |  | 35,822 |  |  |  | 27,008 |  |  |  | 108,880 |  |  |  | 70,097 |  |
Provision for taxes on net investment income |  |  | 200 |  |  |  | 193 |  |  |  | 650 |  |  |  | 894 |  |
Credit Facility amendment costs |  |  | 2,855 |  |  |  | 94 |  |  |  | 3,297 |  |  |  | 94 |  |
Total expenses |  |  | 38,877 |  |  |  | 27,295 |  |  |  | 112,827 |  |  |  | 71,085 |  |
Net investment income |  |  | 24,625 |  |  |  | 21,210 |  |  |  | 79,622 |  |  |  | 59,746 |  |
Realized and unrealized gain (loss) on investments and debt: |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlled, non-affiliated investments |  |  | (14,842 | ) |  |  | (353 | ) |  |  | (14,456 | ) |  |  | 568 |  |
Non-controlled and controlled, affiliated investments |  |  | — |  |  |  | — |  |  |  | 22,811 |  |  |  | — |  |
Provision for taxes on realized gain (loss) on investments |  |  | 12 |  |  |  | — |  |  |  | (82 | ) |  |  | — |  |
Net realized gain (loss) on investments |  |  | (14,830 | ) |  |  | (353 | ) |  |  | 8,273 |  |  |  | 568 |  |
Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |  |  |  |  |  |  |  |
Non-controlled, non-affiliated investments |  |  | 16,233 |  |  |  | (1,064 | ) |  |  | 9,546 |  |  |  | 7,443 |  |
Non-controlled and controlled, affiliated investments |  |  | (6,351 | ) |  |  | (2,889 | ) |  |  | (49,401 | ) |  |  | 2,519 |  |
Provision for taxes on unrealized appreciation (depreciation) on investments |  |  | (303 | ) |  |  | — |  |  |  | 797 |  |  |  | 230 |  |
Debt appreciation (depreciation) |  |  | (76 | ) |  |  | 16 |  |  |  | 15 |  |  |  | (7 | ) |
Net change in unrealized appreciation (depreciation) on investments and debt |  |  | 9,503 |  |  |  | (3,937 | ) |  |  | (39,043 | ) |  |  | 10,185 |  |
Net realized and unrealized gain (loss) from investments and debt |  |  | (5,327 | ) |  |  | (4,290 | ) |  |  | (30,770 | ) |  |  | 10,753 |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 19,298 |  |  | $ | 16,920 |  |  | $ | 48,852 |  |  | $ | 70,499 |  |
Net increase (decrease) in net assets resulting from operations per common share (See Note 7) |  | $ | 0.19 |  |  | $ | 0.25 |  |  | $ | 0.54 |  |  | $ | 1.12 |  |
Net investment income per common share |  | $ | 0.25 |  |  | $ | 0.31 |  |  | $ | 0.88 |  |  | $ | 0.95 |  |

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 June 30, |  |  | Nine Months Ended June 30, |  |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Net increase (decrease) in net assets from operations: |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 24,625 |  |  | $ | 21,210 |  |  | $ | 79,622 |  |  | $ | 59,746 |  |
Net realized gain (loss) on investments |  |  | (14,842 | ) |  |  | (353 | ) |  |  | 8,355 |  |  |  | 568 |  |
Net change in unrealized appreciation (depreciation) on investments |  |  | 9,882 |  |  |  | (3,953 | ) |  |  | (39,855 | ) |  |  | 9,962 |  |
Net change in provision for taxes on realized and unrealized appreciation (depreciation) on investments |  |  | (291 | ) |  |  | — |  |  |  | 715 |  |  |  | 230 |  |
Net change in unrealized appreciation (depreciation) on debt |  |  | (76 | ) |  |  | 16 |  |  |  | 15 |  |  |  | (7 | ) |
Net increase (decrease) in net assets resulting from operations |  |  | 19,298 |  |  |  | 16,920 |  |  |  | 48,852 |  |  |  | 70,499 |  |
Distributions to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |
Distribution of net investment income |  |  | (30,510 | ) |  |  | (21,009 | ) |  |  | (83,389 | ) |  |  | (57,887 | ) |
Total distributions to stockholders |  |  | (30,510 | ) |  |  | (21,009 | ) |  |  | (83,389 | ) |  |  | (57,887 | ) |
Capital transactions |  |  |  |  |  |  |  |  |  |  |  |  |
Public offering |  |  | 31,669 |  |  |  | 100,104 |  |  |  | 245,479 |  |  |  | 151,075 |  |
Offering costs |  |  | (75 | ) |  |  | — |  |  |  | (723 | ) |  |  | (566 | ) |
Net increase in net assets resulting from capital transactions |  |  | 31,594 |  |  |  | 100,104 |  |  |  | 244,756 |  |  |  | 150,509 |  |
Net increase (decrease) in net assets |  |  | 20,382 |  |  |  | 96,015 |  |  |  | 210,219 |  |  |  | 163,121 |  |
Net assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning of period |  |  | 1,067,131 |  |  |  | 720,711 |  |  |  | 877,294 |  |  |  | 653,605 |  |
End of period |  | $ | 1,087,513 |  |  | $ | 816,726 |  |  | $ | 1,087,513 |  |  | $ | 816,726 |  |
Capital share activity: |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued from public offering |  |  | 2,800,000 |  |  |  | 8,770,000 |  |  |  | 21,638,000 |  |  |  | 13,263,436 |  |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEM ENTS OF CASH FLOWS

(in thousands)

(Unaudited)

|  | Nine Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Cash flows from operating activities: |  |  |  |  |  |
Net increase (decrease) in net assets resulting from operations |  | $ | 48,852 |  |  | $ | 70,499 |
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 |  |  | 39,855 |  |  |  | (9,962 | )
Net change in unrealized appreciation (depreciation) on debt |  |  | (15 | ) |  |  | 7 |
Net realized (gain) loss on investments |  |  | (8,355 | ) |  |  | (568 | )
Net accretion of discount and amortization of premium |  |  | (8,499 | ) |  |  | (3,523 | )
Purchases of investments |  |  | (1,108,335 | ) |  |  | (961,776 | )
Payment-in-kind interest |  |  | (4,135 | ) |  |  | (2,218 | )
Proceeds from dispositions of investments |  |  | 669,456 |  |  |  | 386,277 |
Amortization of deferred financing costs |  |  | 1,267 |  |  |  | 1,248 |
(Increase) decrease in: |  |  |  |  |  |
Interest receivable |  |  | 232 |  |  |  | (2,087 | )
Distribution receivable |  |  | (634 | ) |  |  | (70 | )
Prepaid expenses and other assets |  |  | (1,792 | ) |  |  | 742 |
Due from affiliate |  |  | 128 |  |  |  | (65 | )
Increase (decrease) in: |  |  |  |  |  |
Payable for investments purchased |  |  | (20,363 | ) |  |  | 4,296 |
Interest payable on debt |  |  | 4,031 |  |  |  | 6,504 |
Base management fee payable |  |  | 1,341 |  |  |  | 1,149 |
Incentive fee payable |  |  | 2,207 |  |  |  | 679 |
Deferred tax liability |  |  | (822 | ) |  |  | (230 | )
Due to affiliates |  |  | 49 |  |  |  | (566 | )
Account payable and accrued expenses |  |  | (520 | ) |  |  | 23 |
Net cash provided by (used in) operating activities |  |  | (386,052 | ) |  |  | (509,641 | )
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from public offering |  |  | 245,479 |  |  |  | 151,075 |
Offering costs |  |  | (723 | ) |  |  | (566 | )
Issuance of 2036 Asset-Backed Debt |  |  | — |  |  |  | 287,000 |
Issuance of 2037 Asset-Backed Debt |  |  | 361,000 |  |  |  | — |
Capitalized borrowing costs |  |  | (2,971 | ) |  |  | (3,241 | )
Distributions paid to stockholders |  |  | (81,053 | ) |  |  | (56,528 | )
Repayment of 2023 notes payable |  |  | — |  |  |  | (76,219 | )
Repayment of 2031 Asset-Backed Debt |  |  | — |  |  |  | (17,301 | )
Borrowings under Credit Facility |  |  | 260,000 |  |  |  | 381,455 |
Repayments under Credit Facility |  |  | (405,000 | ) |  |  | (172,000 | )
Net cash provided by (used in) financing activities |  |  | 376,732 |  |  |  | 493,675 |
Net increase (decrease) in cash and cash equivalents |  |  | (9,320 | ) |  |  | (15,966 | )
Effect of exchange rate changes on cash |  |  | — |  |  |  | 1 |
Cash and cash equivalents, beginning of period |  |  | 112,050 |  |  |  | 100,555 |
Cash and cash equivalents, end of period |  | $ | 102,730 |  |  | $ | 84,590 |
Supplemental disclosures: |  |  |  |  |  |
Interest paid |  | $ | 62,139 |  |  | $ | 32,171 |
Taxes paid |  | $ | 975 |  |  | $ | 1,060 |
Non-cash exchanges and conversions |  | $ | 16,585 |  |  | $ | 5,067 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2025

(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 - 194.3% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt - 175.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | 8.83 | % |  | 3M SOFR+ 450 |  |  |  | 1,567 |  |  | $ | 1,550 |  |  | $ | 1,567 |
A1 Garage Merger Sub, LLC - Unfunded Revolver (6), (8) |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 748 |  |  |  | — |  |  |  | — |
ACP Avenu Buyer, LLC |  | 10/02/2029 |  | IT Services |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 32,453 |  |  |  | 32,131 |  |  |  | 32,129 |
ACP Avenu Buyer, LLC - Unfunded Term Loan (8) |  | 04/21/2027 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 10,872 |  |  |  | — |  |  |  | (54 | )
ACP Avenu Buyer, LLC - Unfunded Revolver (6), (8) |  | 10/02/2029 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 7,612 |  |  |  | — |  |  |  | (76 | )
ACP Falcon Buyer, LLC - Unfunded Revolver (6), (8) |  | 08/01/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,096 |  |  |  | — |  |  |  | — |
Ad.net Acquisition, LLC |  | 05/07/2026 |  | Media |  |  | 10.56 | % |  | 3M SOFR+ 626 |  |  |  | 4,800 |  |  |  | 4,784 |  |  |  | 4,800 |
Ad.net Acquisition, LLC - Funded Revolver |  | 05/07/2026 |  | Media |  |  | 10.56 | % |  | 3M SOFR+ 626 |  |  |  | 818 |  |  |  | 818 |  |  |  | 818 |
Ad.net Acquisition, LLC - Unfunded Revolver (6), (8) |  | 05/07/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 426 |  |  |  | — |  |  |  | — |
Aechelon Technology, Inc. |  | 08/16/2029 |  | Aerospace and Defense |  |  | 10.83 | % |  | 1M SOFR+ 650 |  |  |  | 13,580 |  |  |  | 13,468 |  |  |  | 13,580 |
Aechelon Technology, Inc. - Unfunded Revolver (8) |  | 08/16/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 4,719 |  |  |  | — |  |  |  | — |
AFC Dell Holding Corp. |  | 04/09/2027 |  | Distributors |  |  | 9.83 | % |  | 3M SOFR+ 550 |  |  |  | 19,778 |  |  |  | 19,747 |  |  |  | 19,679 |
AFC Dell Holding Corp. - Unfunded Term Loan (8) |  | 04/09/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 7,460 |  |  |  | — |  |  |  | (37 | )
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) |  | 06/10/2026 |  | Media |  |  | 10.75 | % |  | 3M SOFR+ 650 |  |  |  | 13,773 |  |  |  | 13,722 |  |  |  | 13,635 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 06/30/2026 |  | Media |  |  | 10.20 | % |  | 3M SOFR+ 590 |  |  |  | 12,419 |  |  |  | 12,330 |  |  |  | 12,419 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 06/30/2026 |  | Media |  |  | 10.20 | % |  | 3M SOFR+ 590 |  |  |  | 2,013 |  |  |  | 2,005 |  |  |  | 2,013 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver (6) |  | 06/30/2026 |  | Media |  |  | 10.20 | % |  | 3M SOFR+ 590 |  |  |  | 1,230 |  |  |  | 1,230 |  |  |  | 1,230 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver (8) |  | 06/30/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,640 |  |  |  | — |  |  |  | — |
Arcfield Acquisition Corp. |  | 10/28/2031 |  | Aerospace and Defense |  |  | 9.28 | % |  | 3M SOFR+ 500 |  |  |  | 19,442 |  |  |  | 19,423 |  |  |  | 19,345 |
Arcfield Acquisition Corp. - Unfunded Revolver (6), (8) |  | 10/28/2031 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 2,874 |  |  |  | — |  |  |  | (14 | )
Archer Lewis, LLC |  | 08/28/2029 |  | Healthcare Technology |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 29,036 |  |  |  | 28,791 |  |  |  | 29,036 |
Archer Lewis, LLC - Unfunded Term Loan B (8) |  | 08/28/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 17,014 |  |  |  | — |  |  |  | 170 |
Archer Lewis, LLC - Unfunded Revolver (8) |  | 08/28/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 3,252 |  |  |  | — |  |  |  | — |
ARGANO, LLC |  | 09/13/2029 |  | Business Services |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 50,937 |  |  |  | 50,476 |  |  |  | 50,479 |
ARGANO, LLC - Unfunded Term Loan (8) |  | 10/02/2026 |  | Business Services |  |  | — |  |  |  |  |  |  | 7,449 |  |  |  | — |  |  |  | 7 |
ARGANO, LLC – Unfunded Revolver (8) |  | 09/13/2029 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 1,421 |  |  |  | — |  |  |  | (13 | )
Azureon, LLC |  | 06/26/2029 |  | Diversified Consumer Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 16,896 |  |  |  | 16,707 |  |  |  | 16,508 |
Azureon, LLC - Funded Revolver |  | 06/26/2029 |  | Diversified Consumer Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 1,032 |  |  |  | 1,032 |  |  |  | 1,008 |
Azureon, LLC - Unfunded Revolver (8) |  | 06/26/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,548 |  |  |  | — |  |  |  | (36 | )
Beacon Behavioral Support Service, LLC |  | 06/21/2029 |  | Healthcare Providers and Services |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 37,022 |  |  |  | 36,618 |  |  |  | 36,652 |
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (8) |  | 12/22/2025 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 7,749 |  |  |  | — |  |  |  | — |
Beacon Behavioral Support Service, LLC. - Funded Revolver |  | 06/21/2029 |  | Healthcare Providers and Services |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 1,578 |  |  |  | 1,578 |  |  |  | 1,562 |
Beacon Behavioral Support Service, LLC - Unfunded Revolver (8) |  | 06/21/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 526 |  |  |  | — |  |  |  | (5 | )
Best Practice Associates, LLC |  | 11/08/2029 |  | Aerospace and Defense |  |  | 11.05 | % |  | 3M SOFR+ 675 |  |  |  | 63,956 |  |  |  | 63,117 |  |  |  | 63,157 |
Best Practice Associates, LLC - Unfunded Revolver (8) |  | 11/08/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 5,732 |  |  |  | — |  |  |  | (72 | )
Beta Plus Technologies, Inc. |  | 07/02/2029 |  | Internet Software and Services |  |  | 10.05 | % |  | 1M SOFR+ 575 |  |  |  | 19,655 |  |  |  | 19,144 |  |  |  | 19,212 |
Big Top Holdings, LLC |  | 03/01/2030 |  | Construction & Engineering |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 29,447 |  |  |  | 29,002 |  |  |  | 29,447 |
Big Top Holdings, LLC - Unfunded Revolver (8) |  | 02/28/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 4,479 |  |  |  | — |  |  |  | — |
BioDerm, Inc. - Funded Revolver |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | 10.82 | % |  | 1M SOFR+ 650 |  |  |  | 1,071 |  |  |  | 1,071 |  |  |  | 1,058 |
Blackhawk Industrial Distribution, Inc. |  | 09/17/2026 |  | Distributors |  |  | 9.70 | % |  | 3M SOFR+ 540 |  |  |  | 8,146 |  |  |  | 8,107 |  |  |  | 8,044 |
Blackhawk Industrial Distribution, Inc. - Funded Revolver (6) |  | 09/17/2026 |  | Distributors |  |  | 9.70 | % |  | 3M SOFR+ 540 |  |  |  | 2,135 |  |  |  | 2,135 |  |  |  | 2,109 |
Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (8) |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,747 |  |  |  | — |  |  |  | (22 | )
BLC Holding Company, Inc. |  | 11/20/2030 |  | Business Services |  |  | 8.80 | % |  | 3M SOFR+ 450 |  |  |  | 19,915 |  |  |  | 19,789 |  |  |  | 19,915 |
BLC Holding Company, Inc. - Unfunded Term Loan (8) |  | 11/20/2026 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 14,293 |  |  |  | — |  |  |  | 107 |
BLC Holding Company, Inc. - Unfunded Revolver (8) |  | 11/20/2030 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 4,398 |  |  |  | — |  |  |  | — |
Boss Industries, LLC |  | 12/27/2030 |  | Independent Power and Renewable Electricity Producers |  |  | 9.30 | % |  | 3M SOFR+ 500 |  |  |  | 17,997 |  |  |  | 17,877 |  |  |  | 17,997 |
Boss Industries, LLC - Unfunded Revolver (8) |  | 12/27/2030 |  | Independent Power and Renewable Electricity Producers |  |  | — |  |  |  | — |  |  |  | 2,744 |  |  |  | — |  |  |  | — |
Burgess Point Purchaser Corporation |  | 07/25/2029 |  | Auto Components |  |  | 9.65 | % |  | 3M SOFR+ 535 |  |  |  | 14,848 |  |  |  | 14,192 |  |  |  | 12,607 |
By Light Professional IT Services, LLC |  | 11/16/2026 |  | High Tech Industries |  |  | 10.79 | % |  | 1M SOFR+ 647 |  |  |  | 48,772 |  |  |  | 48,665 |  |  |  | 48,772 |
By Light Professional IT Services, LLC - Funded Revolver (6) |  | 11/16/2026 |  | High Tech Industries |  |  | 10.79 | % |  | 1M SOFR+ 647 |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | 1,000 |
By Light Professional IT Services, LLC - Unfunded Revolver (6), (8) |  | 11/16/2026 |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 4,832 |  |  |  | — |  |  |  | — |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Capital Construction, LLC |  | 10/22/2026 |  | Consumer Services |  |  | 10.05 | % |  |  | — |  |  |  | 8,000 |  |  |  | 7,940 |  |  |  | 7,940 |
Capital Construction, LLC - Unfunded Term Loan A (8) |  | 07/31/2025 |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 4,263 |  |  |  | — |  |  |  | — |
Capital Construction, LLC - Unfunded Term Loan B (8) |  | 12/30/2025 |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 14,459 |  |  |  | — |  |  |  | — |
Carisk Buyer, Inc. |  | 12/03/2029 |  | Healthcare Technology |  |  | 9.30 | % |  | 3M SOFR+ 500 |  |  |  | 7,415 |  |  |  | 7,338 |  |  |  | 7,415 |
Carisk Buyer, Inc. - Unfunded Term Loan (8) |  | 12/03/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 7,868 |  |  |  | — |  |  |  | 71 |
Carisk Buyer, Inc. - Unfunded Revolver (6), (8) |  | 12/03/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,750 |  |  |  | — |  |  |  | — |
Carnegie Dartlet, LLC |  | 02/07/2030 |  | Professional Services |  |  | 9.83 | % |  | 3M SOFR+ 550 |  |  |  | 33,399 |  |  |  | 32,973 |  |  |  | 33,065 |
Carnegie Dartlet, LLC - Unfunded Term Loan (8) |  | 02/09/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 12,430 |  |  |  | — |  |  |  | — |
Carnegie Dartlet, LLC - Unfunded Revolver (8) |  | 02/07/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 5,405 |  |  |  | — |  |  |  | (54 | )
Cartessa Aesthetics, LLC |  | 06/14/2028 |  | Distributors |  |  | 10.32 | % |  | 3M SOFR+ 600 |  |  |  | 12,845 |  |  |  | 12,729 |  |  |  | 12,845 |
Cartessa Aesthetics, LLC - Funded Revolver (6) |  | 06/14/2028 |  | Distributors |  |  | 10.32 | % |  | 3M SOFR+ 600 |  |  |  | 511 |  |  |  | 511 |  |  |  | 511 |
Cartessa Aesthetics, LLC - Unfunded Revolver (6), (8) |  | 06/14/2028 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 927 |  |  |  | — |  |  |  | — |
Case Works, LLC |  | 10/01/2029 |  | Professional Services |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 18,678 |  |  |  | 18,541 |  |  |  | 18,248 |
Case Works, LLC - Unfunded Term Loan (8) |  | 10/01/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,854 |  |  |  | — |  |  |  | (26 | )
Case Works - Funded Revolver |  | 10/01/2029 |  | Professional Services |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 3,081 |  |  |  | 3,081 |  |  |  | 3,010 |
Case Works - Unfunded Revolver (8) |  | 10/01/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,027 |  |  |  | — |  |  |  | (24 | )
CF512, Inc. |  | 08/20/2026 |  | Media |  |  | 10.74 | % |  | 3M SOFR+ 644 |  |  |  | 5,699 |  |  |  | 5,679 |  |  |  | 5,642 |
CF512, Inc. - Funded Revolver |  | 08/20/2026 |  | Media |  |  | 10.60 | % |  | 3M SOFR+ 627 |  |  |  | 86 |  |  |  | 86 |  |  |  | 85 |
CF512, Inc. - Unfunded Revolver (6), (8) |  | 08/20/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 869 |  |  |  | — |  |  |  | (9 | )
CJX Borrower, LLC |  | 07/13/2027 |  | Media |  |  | 9.97 | % |  | 3M SOFR+ 576 |  |  |  | 4,601 |  |  |  | 4,548 |  |  |  | 4,601 |
CJX Borrower , LLC - Unfunded Term Loan (8) |  | 07/13/2027 |  | Media |  |  | — |  |  |  | — |  |  |  | 556 |  |  |  | — |  |  |  | 103 |
CJX Borrower, LLC - Funded Revolver |  | 07/13/2027 |  | Media |  |  | 10.08 | % |  | 3M SOFR+ 576 |  |  |  | 543 |  |  |  | 543 |  |  |  | 543 |
CJX Borrower , LLC - Unfunded Revolver (8) |  | 07/13/2027 |  | Media |  |  | — |  |  |  | — |  |  |  | 691 |  |  |  | — |  |  |  | — |
Commercial Fire Protection Holdings, LLC |  | 09/23/2030 |  | Commercial Services & Supplies |  |  | 8.80 | % |  | 3M SOFR+ 450 |  |  |  | 43,425 |  |  |  | 43,129 |  |  |  | 43,425 |
Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (8) |  | 09/23/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 13,370 |  |  |  | — |  |  |  | 100 |
Commercial Fire Protection Holdings, LLC - Unfunded Revolver (8) |  | 09/23/2030 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 5,014 |  |  |  | — |  |  |  | — |
Compex Legal Services, Inc. |  | 02/07/2026 |  | Professional Services |  |  | 9.85 | % |  | 3M SOFR+ 555 |  |  |  | 8,764 |  |  |  | 8,758 |  |  |  | 8,764 |
Compex Legal Services, Inc. - Funded Revolver |  | 02/07/2026 |  | Professional Services |  |  | 9.78 | % |  | 3M SOFR+ 555 |  |  |  | 843 |  |  |  | 843 |  |  |  | 843 |
Compex Legal Services, Inc. - Unfunded Revolver (6), (8) |  | 02/07/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 562 |  |  |  | — |  |  |  | — |
Confluent Health, LLC |  | 11/30/2028 |  | Healthcare Providers and Services |  |  | 9.32 | % |  | 1M SOFR+ 500 |  |  |  | 6,913 |  |  |  | 6,750 |  |  |  | 6,913 |
Cornerstone Advisors of Arizona, LLC |  | 05/13/2032 |  | Consulting Services |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 12,833 |  |  |  | 12,769 |  |  |  | 12,769 |
Cornerstone Advisors of Arizona, LLC - Unfunded Revolver (8) |  | 05/13/2032 |  | Consulting Services |  |  | — |  |  |  |  |  |  | 1,705 |  |  |  | — |  |  |  | (9 | )
Crane 1 Services, Inc. |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | 9.69 | % |  | 3M SOFR+ 536 |  |  |  | 4,243 |  |  |  | 4,205 |  |  |  | 4,211 |
Crane 1 Services, Inc. - Unfunded Revolver (6), (8) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 502 |  |  |  | — |  |  |  | (4 | )
C5MI Holdco, LLC |  | 07/31/2029 |  | IT Services |  |  | 10.30 | % |  | 3M SOFR+ 600 |  |  |  | 28,783 |  |  |  | 28,416 |  |  |  | 28,783 |
C5MI Holdco, LLC. - Funded Revolver |  | 07/31/2029 |  | IT Services |  |  | 10.32 | % |  | 3M SOFR+ 600 |  |  |  | 2,122 |  |  |  | 2,122 |  |  |  | 2,122 |
C5MI Holdco, LLC. - Unfunded Revolver (8) |  | 07/31/2029 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 6,971 |  |  |  | — |  |  |  | — |
DRI Holding Inc. |  | 12/21/2028 |  | Media |  |  | 9.67 | % |  | 1M SOFR+ 535 |  |  |  | 6,076 |  |  |  | 5,925 |  |  |  | 5,989 |
Dr. Squatch, LLC |  | 08/31/2027 |  | Personal Products |  |  | 9.65 | % |  | 3M SOFR+ 535 |  |  |  | 16,743 |  |  |  | 16,621 |  |  |  | 16,743 |
Dr. Squatch, LLC - Unfunded Revolver (6), (8) |  | 08/31/2027 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,353 |  |  |  | — |  |  |  | — |
DRS Holdings III, Inc. |  | 11/03/2025 |  | Chemicals, Plastics and Rubber |  |  | 9.58 | % |  | 3M SOFR+ 525 |  |  |  | 5,228 |  |  |  | 5,222 |  |  |  | 5,191 |
DRS Holdings III, Inc. - Unfunded Revolver (6), (8) |  | 11/03/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 487 |  |  |  | — |  |  |  | (3 | )
Duggal Acquisition, LLC |  | 09/30/2030 |  | Marketing Services |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 10,244 |  |  |  | 10,154 |  |  |  | 10,244 |
Duggal Acquisition, LLC - Unfunded Term Loan (8) |  | 09/30/2026 |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 4,470 |  |  |  | — |  |  |  | 45 |
Duggal Acquisition, LLC - Unfunded Revolver (8) |  | 09/30/2030 |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 5,605 |  |  |  | — |  |  |  | — |
Dynata, LLC - First-Out Term Loan |  | 07/17/2028 |  | Business Services |  |  | 9.59 | % |  | 3M SOFR+ 526 |  |  |  | 1,842 |  |  |  | 1,734 |  |  |  | 1,830 |
Dynata, LLC - Last-Out Term Loan |  | 10/16/2028 |  | Business Services |  |  | 10.09 | % |  | 3M SOFR+ 576 |  |  |  | 11,428 |  |  |  | 11,428 |  |  |  | 10,052 |
Emergency Care Partners, LLC |  | 10/18/2027 |  | Healthcare Providers and Services |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 13,667 |  |  |  | 13,590 |  |  |  | 13,667 |
Emergency Care Partners, LLC - Unfunded Term Loan (8) |  | 10/19/2026 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 6,172 |  |  |  | — |  |  |  | — |
Emergency Care Partners, LLC - Unfunded Revolver (8) |  | 10/18/2027 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 1,810 |  |  |  | — |  |  |  | — |
EDS Buyer, LLC |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 10,592 |  |  |  | 10,485 |  |  |  | 10,619 |
EDS Buyer, LLC. - Unfunded Revolver (6), (8) |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,298 |  |  |  | — |  |  |  | 6 |
Efficient Collaborative Retail Marketing Company, LLC |  | 09/30/2026 |  | Media: Diversified and Production |  |  | 14.06 | % |  | 3M SOFR+ 976 |  |  |  | 8,323 |  |  |  | 8,345 |  |  |  | 6,659 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
|  |  |  |  |  | (PIK 3.75%) |  |  |  |  |  |  |  |  |  |  |  |  |
ETE Intermediate II,LLC |  | 05/29/2029 |  | Diversified Consumer Services |  |  | 9.58 | % |  | 3M SOFR+ 525 |  |  |  | 1,660 |  |  |  | 1,650 |  |  |  | 1,660 |
ETE Intermediate II, LLC - Funded Revolver |  | 05/25/2029 |  | Diversified Consumer Services |  |  | 9.58 | % |  | 3M SOFR+ 525 |  |  |  | 166 |  |  |  | 166 |  |  |  | 166 |
ETE Intermediate II, LLC - Unfunded Revolver (8) |  | 05/25/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,264 |  |  |  | — |  |  |  | — |
Eval Home Health Solutions Intermediate, LLC |  | 05/10/2030 |  | Healthcare, Education and Childcare |  |  | 10.07 | % |  | 1M SOFR+ 575 |  |  |  | 14,106 |  |  |  | 13,908 |  |  |  | 14,106 |
Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver (8) |  | 05/10/2030 |  | Healthcare, Education and Childcare |  |  | — |  |  |  | — |  |  |  | 2,640 |  |  |  | — |  |  |  | — |
Exigo Intermediate II, LLC - Unfunded Revolver (8) |  | 03/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 689 |  |  |  | — |  |  |  | — |
Express Wash Intermediate, LLC |  | 04/10/2031 |  | Automobiles |  |  | 10.46 | % |  | 3M SOFR+ 625 |  |  |  | 35,111 |  |  |  | 34,941 |  |  |  | 34,900 |
Express Wash Intermediate, LLC - Unfunded Revolver (8) |  | 04/10/2031 |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 2,139 |  |  |  | — |  |  |  | (13 | )
First Medical Associates, LLC |  | 06/13/2031 |  | Healthcare Providers and Services |  |  | 10.07 | % |  |  | — |  |  |  | 7,500 |  |  |  | 7,425 |  |  |  | 7,425 |
First Medical Associates, LLC - Unfunded Term Loan (8) |  | 06/13/2027 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,000 |  |  |  | — |  |  |  | — |
First Medical Associates, LLC - Unfunded Revolver (6) (8) |  | 06/13/2031 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | — |  |  |  | — |
Five Star Buyer, Inc. |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | 11.46 | % |  | 3M SOFR+ 715 |  |  |  | 4,356 |  |  |  | 4,309 |  |  |  | 4,268 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Five Star Buyer, Inc. - Unfunded Revolver (8) |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 370 |  |  |  | — |  |  |  | (7 | )
Gauge ETE Blocker, LLC - Promissory Note |  | 05/21/2029 |  | Diversified Consumer Services |  | PIK 12.56% |  |  |  | — |  |  |  | 277 |  |  |  | 277 |  |  |  | 277 |
GGG MIDCO, LLC |  | 09/27/2030 |  | Diversified Consumer Services |  |  | 9.30 | % |  | 3M SOFR+ 500 |  |  |  | 41,477 |  |  |  | 41,101 |  |  |  | 41,477 |
GGG Midco, LLC - Unfunded Term Loan (8) |  | 09/27/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 11,128 |  |  |  | — |  |  |  | 111 |
GGG MIDCO, LLC – Unfunded Revolver (8) |  | 09/27/2030 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,311 |  |  |  | — |  |  |  | — |
Global Holdings InterCo LLC |  | 03/16/2026 |  | Diversified Financial Services |  |  | 9.92 | % |  | 1M SOFR+ 560 |  |  |  | 4,740 |  |  |  | 4,712 |  |  |  | 4,550 |
Graffiti Buyer, Inc. |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | 9.92 | % |  | 3M SOFR+ 560 |  |  |  | 1,341 |  |  |  | 1,333 |  |  |  | 1,314 |
Graffiti Buyer, Inc. - Unfunded Term Loan (8) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 984 |  |  |  | — |  |  |  | (12 | )
Graffiti Buyer, Inc. - Unfunded Revolver (6), (8) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 865 |  |  |  | — |  |  |  | (17 | )
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  |  | 9.90 | % |  | 3M SOFR+ 560 |  |  |  | 3,916 |  |  |  | 3,887 |  |  |  | 3,897 |
Hancock Roofing and Construction L.L.C. - Funded Revolver (6) |  | 12/31/2026 |  | Insurance |  |  | 9.93 | % |  | 3M SOFR+ 560 |  |  |  | 750 |  |  |  | 750 |  |  |  | 746 |
Halo Buyer, Inc. |  | 08/07/2029 |  | Consumer products |  |  | 10.33 | % |  | 1M SOFR+ 600 |  |  |  | 10,626 |  |  |  | 10,527 |  |  |  | 10,307 |
Halo Buyer, Inc. - Funded Revolver |  | 08/07/2029 |  | Consumer products |  |  | 10.32 | % |  | 1M SOFR+ 600 |  |  |  | 499 |  |  |  | 499 |  |  |  | 468 |
Halo Buyer, Inc. - Unfunded Revolver (8) |  | 08/07/2029 |  | Consumer products |  |  | — |  |  |  | — |  |  |  | 2,223 |  |  |  | — |  |  |  | (136 | )
Harris & Co. LLC |  | 08/09/2030 |  | Professional Services |  |  | 9.33 | % |  | 3M SOFR+ 500 |  |  |  | 78,755 |  |  |  | 78,112 |  |  |  | 78,755 |
Harris & Co. LLC. - Unfunded Term Loan B (8) |  | 02/09/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 22,533 |  |  |  | — |  |  |  | 197 |
Harris & Co. LLC - Unfunded Revolver (8) |  | 08/09/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 14,500 |  |  |  | — |  |  |  | — |
HEC Purchaser Corp. |  | 06/18/2029 |  | Healthcare, Education and Childcare |  |  | 9.72 | % |  | 3M SOFR+ 550 |  |  |  | 9,578 |  |  |  | 9,478 |  |  |  | 9,578 |
Hills Distribution Inc. |  | 11/08/2029 |  | Distributors |  |  | 10.32 | % |  | 1M SOFR+ 600 |  |  |  | 17,109 |  |  |  | 16,928 |  |  |  | 17,109 |
Hills Distribution Inc. - Unfunded Term Loan (8) |  | 11/07/2025 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,514 |  |  |  | — |  |  |  | 15 |
HW Holdco, LLC |  | 05/11/2026 |  | Media |  |  | 10.16 | % |  | 3M SOFR+ 590 |  |  |  | 10,098 |  |  |  | 10,075 |  |  |  | 10,098 |
HW Holdco, LLC - Unfunded Revolver (6), (8) |  | 05/11/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,452 |  |  |  | — |  |  |  | — |
IG Investments Holdings, LLC (6) |  | 09/22/2028 |  | Professional Services |  |  | 9.28 | % |  | 3M SOFR+ 500 |  |  |  | 4,465 |  |  |  | 4,419 |  |  |  | 4,432 |
IG Investments Holdings, LLC - Unfunded Revolver (6), (8) |  | 09/22/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 722 |  |  |  | — |  |  |  | (5 | )
Imagine Acquisitionco, LLC - Unfunded Revolver (8) |  | 11/16/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | — |  |  |  | (3 | )
Impact Advisors, LLC |  | 03/19/2032 |  | Business Services |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 16,559 |  |  |  | 16,478 |  |  |  | 16,476 |
Impact Advisors, LLC - Unfunded Term Loan (8) |  | 03/21/2027 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 9,723 |  |  |  | — |  |  |  | — |
Impact Advisors, LLC - Unfunded Revolver (8) |  | 03/19/2032 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 1,945 |  |  |  | — |  |  |  | (10 | )
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 10.30 | % |  | 3M SOFR+ 600 |  |  |  | 14,893 |  |  |  | 14,802 |  |  |  | 14,832 |
Infinity Home Services Holdco, Inc. (CAD) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 10.30 | % |  | 3M SOFR+ 600 |  |  |  | CAD 1,708 |  |  |  | 1,234 |  |  |  | 1,252 |
Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (8) |  | 10/30/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 7,069 |  |  |  | — |  |  |  | (35 | )
Infinity Home Services Holdco, Inc. - Funded Revolver |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | 12.50 | % |  | 3M SOFR+ 500 |  |  |  | 323 |  |  |  | 323 |  |  |  | 323 |
Infinity Home Services Holdco, Inc. - Unfunded Revolver (8) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 969 |  |  |  | — |  |  |  | — |
Inovex Information Systems Incorporated |  | 12/17/2030 |  | Software |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 7,960 |  |  |  | 7,904 |  |  |  | 7,960 |
Inovex Information Systems Incorporated - Unfunded Term Loan (8) |  | 12/17/2026 |  | Software |  |  | — |  |  |  | — |  |  |  | 2,800 |  |  |  | — |  |  |  | — |
Inovex Information Systems Incorporated - Funded Revolver |  | 12/17/2030 |  | Software |  |  | 9.58 | % |  | 3M SOFR+ 525 |  |  |  | 1,435 |  |  |  | 1,435 |  |  |  | 1,435 |
Inovex Information Systems Incorporated - Unfunded Revolver (8) |  | 12/17/2030 |  | Software |  |  | — |  |  |  | — |  |  |  | 2,065 |  |  |  | — |  |  |  | — |
Infolinks Media Buyco, LLC |  | 11/02/2026 |  | Media |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 5,328 |  |  |  | 5,294 |  |  |  | 5,328 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Inventus Power, Inc. |  | 01/15/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.94 | % |  | 3M SOFR+ 761 |  |  |  | 4,900 |  |  |  | 4,885 |  |  |  | 4,900 |
Inventus Power, Inc. - Funded Revolver |  | 01/15/2026 |  | Electronic Equipment, Instruments, and Components |  |  | 11.93 | % |  | 3M SOFR+ 761 |  |  |  | 288 |  |  |  | 288 |  |  |  | 288 |
Inventus Power, Inc. - Unfunded Revolver (8) |  | 01/15/2026 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,441 |  |  |  | — |  |  |  | — |
Keel Platform, LLC |  | 01/20/2031 |  | Metals and Mining |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 10,759 |  |  |  | 10,629 |  |  |  | 10,651 |
Keel Platform, LLC - Unfunded Term Loan (8) |  | 01/20/2031 |  | Metals and Mining |  |  | — |  |  |  | — |  |  |  | 2,402 |  |  |  | — |  |  |  | (6 | )
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  |  | 10.45 | % |  | 3M SOFR+ 615 |  |  |  | 13,971 |  |  |  | 13,839 |  |  |  | 13,272 |
Kinetic Purchaser, LLC - Funded Revolver |  | 11/10/2026 |  | Personal Products |  |  | 10.47 | % |  | 3M SOFR+ 615 |  |  |  | 1,717 |  |  |  | 1,717 |  |  |  | 1,631 |
Kinetic Purchaser, LLC - Unfunded Revolver (6), (8) |  | 11/10/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,717 |  |  |  | — |  |  |  | (86 | )
Lash OpCo, LLC |  | 02/18/2027 |  | Personal Products |  |  | 12.14 | % |  | 1M SOFR+ 785 |  |  |  | 11,209 |  |  |  | 11,149 |  |  |  | 10,985 |
|  |  |  |  |  | (PIK 5.10%) |  |  |  | — |  |  |  |  |  |  |  |  |  |
Lash OpCo, LLC - Funded Revolver (6) |  | 08/16/2026 |  | Personal Products |  |  | 12.14 | % |  | 1M SOFR+ 785 |  |  |  | 2,944 |  |  |  | 2,944 |  |  |  | 2,886 |
|  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (10) |  | 10/31/2025 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 13,653 |  |  |  | 13,415 |  |  |  | 10,226 |
LAV Gear Holdings, Inc. - Incremental TL |  | 10/31/2025 |  | Capital Equipment |  |  | 10.00 | % |  |  | — |  |  |  | 999 |  |  |  | 953 |  |  |  | 1,249 |
LAV Gear Holdings, Inc. - Funded Revolver (6) (10) |  | 10/31/2025 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 1,771 |  |  |  | 1,750 |  |  |  | 1,326 |
Ledge Lounger, Inc. |  | 11/09/2026 |  | Leisure Products |  |  | 11.95 | % |  | 3M SOFR+ 765 |  |  |  | 3,674 |  |  |  | 3,666 |  |  |  | 3,453 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Ledge Lounger, Inc. - Funded Revolver |  | 11/09/2026 |  | Leisure Products |  |  | 11.95 | % |  | 3M SOFR+ 765 |  |  |  | 662 |  |  |  | 662 |  |  |  | 622 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Lightspeed Buyer Inc. |  | 02/03/2027 |  | Healthcare Technology |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 27,975 |  |  |  | 27,867 |  |  |  | 27,975 |
Lightspeed Buyer Inc. - Unfunded Revolver (6), (8) |  | 02/03/2027 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 2,499 |  |  |  | — |  |  |  | — |
LJ Avalon Holdings, LLC |  | 02/01/2030 |  | Construction & Engineering |  |  | 9.03 | % |  | 3M SOFR+ 475 |  |  |  | 3,656 |  |  |  | 3,620 |  |  |  | 3,656 |
LJ Avalon Holdings, LLC - Unfunded Term Loan (8) |  | 10/01/2025 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,021 |  |  |  | — |  |  |  | 5 |
LJ Avalon Holdings, LLC - Unfunded Revolver (6), (8) |  | 02/01/2029 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,130 |  |  |  | — |  |  |  | — |
Loving Tan Intermediate II, Inc. |  | 05/31/2028 |  | Personal Products |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 57,340 |  |  |  | 56,667 |  |  |  | 57,053 |
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (8) |  | 07/14/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 10,823 |  |  |  | — |  |  |  | 54 |
Loving Tan Intermediate II, Inc. - Funded Revolver |  | 05/31/2028 |  | Personal Products |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 1,780 |  |  |  | 1,780 |  |  |  | 1,771 |
Loving Tan Intermediate II, Inc. - Unfunded Revolver (8) |  | 05/31/2028 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,559 |  |  |  | — |  |  |  | (18 | )
LSF9 Atlantis Holdings, LLC |  | 07/02/2029 |  | Specialty Retail |  |  | 8.55 | % |  | 3M SOFR+ 425 |  |  |  | 6,211 |  |  |  | 6,211 |  |  |  | 6,203 |
Lucky Bucks, LLC - First-out Term Loan |  | 10/02/2028 |  | Hotels, Restaurants and Leisure |  |  | 11.96 | % |  | 1M SOFR+ 765 |  |  |  | 257 |  |  |  | 257 |  |  |  | 257 |
Lucky Bucks, LLC - Last-out Term Loan |  | 10/02/2029 |  | Hotels, Restaurants and Leisure |  |  | 11.96 | % |  | 1M SOFR+ 765 |  |  |  | 525 |  |  |  | 525 |  |  |  | 439 |
MAG DS Corp. |  | 04/01/2027 |  | Aerospace and Defense |  |  | 9.90 | % |  | 3M SOFR+ 560 |  |  |  | 7,229 |  |  |  | 7,025 |  |  |  | 6,940 |
Marketplace Events Acquisition, LLC |  | 12/19/2030 |  | Media |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 55,300 |  |  |  | 54,801 |  |  |  | 55,300 |
Marketplace Events Acquisition, LLC - Unfunded Term Loan (8) |  | 06/19/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 9,754 |  |  |  | — |  |  |  | 98 |
Marketplace Events Acquisition, LLC - Funded Revolver |  | 12/19/2030 |  | Media |  |  | 9.57 | % |  |  | — |  |  |  | 1,829 |  |  |  | 1,829 |  |  |  | 1,829 |
Marketplace Events Acquisition, LLC - Unfunded Revolver (8) |  | 12/19/2030 |  | Media |  |  | — |  |  |  | — |  |  |  | 4,267 |  |  |  | — |  |  |  | — |
MBS Holdings, Inc. |  | 04/16/2027 |  | Internet Software and Services |  |  | 9.28 | % |  | 3M SOFR+ 510 |  |  |  | 501 |  |  |  | 499 |  |  |  | 501 |
MBS Holdings, Inc. - Unfunded Revolver (6), (8) |  | 04/16/2027 |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,157 |  |  |  | — |  |  |  | — |
MDI Buyer, Inc. |  | 07/25/2028 |  | Commodity Chemicals |  |  | 9.05 | % |  | 3M SOFR+ 475 |  |  |  | 5,079 |  |  |  | 5,032 |  |  |  | 5,028 |
MDI Buyer, Inc. - Unfunded Term Loan (8) |  | 07/25/2028 |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 4,416 |  |  |  | — |  |  |  | (11 | )
MDI Buyer, Inc. - Funded Revolver |  | 07/25/2028 |  | Commodity Chemicals |  |  | 11.50 | % |  | 3M SOFR+ 400 |  |  |  | 1,186 |  |  |  | 1,186 |  |  |  | 1,175 |
MDI Buyer, Inc. - Unfunded Revolver (6), (8) |  | 07/25/2028 |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 691 |  |  |  | — |  |  |  | (7 | )
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  |  | 9.95 | % |  | 3M SOFR+ 565 |  |  |  | 1,943 |  |  |  | 1,927 |  |  |  | 1,914 |
Meadowlark Acquirer, LLC - Funded Revolver |  | 12/10/2027 |  | Professional Services |  |  | 9.95 | % |  | 3M SOFR+ 565 |  |  |  | 339 |  |  |  | 339 |  |  |  | 333 |
Meadowlark Acquirer, LLC - Unfunded Revolver (8) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,354 |  |  |  | — |  |  |  | (20 | )
Medina Health, LLC |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | 10.57 | % |  | 3M SOFR+ 625 |  |  |  | 17,480 |  |  |  | 17,266 |  |  |  | 17,524 |
Medina Health, LLC - Unfunded Revolver (8) |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,187 |  |  |  | — |  |  |  | 13 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Megawatt Acquisitionco, Inc. |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  |  | 9.80 | % |  | 3M SOFR+ 550 |  |  |  | 6,913 |  |  |  | 6,827 |  |  |  | 6,380 |
Megawatt Acquisitionco, Inc. - Funded Revolver |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  |  | 9.83 | % |  | 3M SOFR+ 550 |  |  |  | 845 |  |  |  | 845 |  |  |  | 780 |
Megawatt Acquisitionco, Inc. - Unfunded Revolver (8) |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,405 |  |  |  | — |  |  |  | (185 | )
MOREGroup Holdings, Inc. |  | 01/16/2030 |  | Construction & Engineering |  |  | 9.57 | % |  | 3M SOFR+ 525 |  |  |  | 31,600 |  |  |  | 31,225 |  |  |  | 31,600 |
MOREGroup Holdings, Inc. - Unfunded Term Loan (8) |  | 01/16/2026 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 11,056 |  |  |  | — |  |  |  | 111 |
MOREGroup Holdings, Inc. - Unfunded Revolver (8) |  | 01/16/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 6,634 |  |  |  | — |  |  |  | — |
Municipal Emergency Services, Inc. |  | 10/01/2027 |  | Distributors |  |  | 9.45 | % |  | 3M SOFR+ 515 |  |  |  | 3,842 |  |  |  | 3,811 |  |  |  | 3,842 |
Municipal Emergency Services, Inc. - Unfunded Term Loan (8) |  | 09/28/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 340 |  |  |  | — |  |  |  | 3 |
Municipal Emergency Services, Inc. - Unfunded Revolver (6), (8) |  | 10/01/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 947 |  |  |  | — |  |  |  | — |
NBH Group LLC - Unfunded Revolver (6), (8) |  | 08/19/2026 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,677 |  |  |  | — |  |  |  | — |
NORA Acquisition, LLC |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | 10.65 | % |  | 3M SOFR+ 635 |  |  |  | 19,650 |  |  |  | 19,341 |  |  |  | 19,503 |
NORA Acquisition, LLC - Funded Revolver |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | 10.65 | % |  | 3M SOFR+ 635 |  |  |  | 822 |  |  |  | 822 |  |  |  | 816 |
NORA Acquisition, LLC - Unfunded Revolver (6), (8) |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,657 |  |  |  | — |  |  |  | (35 | )
Omnia Exterior Solutions, LLC |  | 12/31/2029 |  | Diversified Consumer Services |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 23,543 |  |  |  | 23,368 |  |  |  | 23,308 |
Omnia Exterior Solutions, LLC - Unfunded Term Loan (8) |  | 09/30/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 12,802 |  |  |  | — |  |  |  | (16 | )
Omnia Exterior Solutions, LLC - Funded Revolver |  | 12/31/2029 |  | Diversified Consumer Services |  |  | 9.57 | % |  |  | — |  |  |  | 840 |  |  |  | 840 |  |  |  | 832 |
Omnia Exterior Solutions, LLC - Unfunded Revolver (6), (8) |  | 12/31/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 3,360 |  |  |  | — |  |  |  | (34 | )
One Stop Mailing, LLC |  | 05/07/2027 |  | Air Freight and Logistics |  |  | 10.69 | % |  | 3M SOFR+ 636 |  |  |  | 8,342 |  |  |  | 8,275 |  |  |  | 8,342 |
ORL Acquisition, Inc. (6) |  | 09/03/2027 |  | Consumer Finance |  |  | 13.70 | % |  | 3M SOFR+ 940 |  |  |  | 4,894 |  |  |  | 4,853 |  |  |  | 4,405 |
|  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
ORL Acquisition, Inc. - Unfunded Revolver (6), (8) |  | 09/03/2027 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 215 |  |  |  | — |  |  |  | (22 | )
OSP Embedded Purchaser, LLC |  | 12/17/2029 |  | Aerospace and Defense |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 40,438 |  |  |  | 40,044 |  |  |  | 39,791 |
OSP Embedded Purchaser, LLC - Unfunded Revolver (8) |  | 12/17/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 2,932 |  |  |  | — |  |  |  | (47 | )
Output Services Group, Inc. - First-out Term Loan |  | 11/30/2028 |  | Business Services |  |  | 12.71 | % |  | 3M SOFR+ 843 |  |  |  | 521 |  |  |  | 521 |  |  |  | 521 |
Output Services Group, Inc. - Last-out Term Loan |  | 05/30/2028 |  | Business Services |  |  | 10.96 | % |  | 3M SOFR+ 668 |  |  |  | 1,058 |  |  |  | 1,058 |  |  |  | 1,058 |
Pacific Purchaser, LLC |  | 10/02/2028 |  | Professional Services |  |  | 10.56 | % |  | 3M SOFR+ 625 |  |  |  | 5,999 |  |  |  | 5,915 |  |  |  | 5,933 |
Pacific Purchaser, LLC - Unfunded Revolver (8) |  | 10/02/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,799 |  |  |  | — |  |  |  | (20 | )
PAR Excellence Holdings, Inc. |  | 09/03/2030 |  | Healthcare Technology |  |  | 9.32 | % |  | 3M SOFR+ 500 |  |  |  | 27,500 |  |  |  | 27,246 |  |  |  | 27,225 |
PAR Excellence Holdings, Inc. - Unfunded Revolver (8) |  | 09/03/2030 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 4,692 |  |  |  | — |  |  |  | (47 | )
PCS Midco, Inc. |  | 03/01/2030 |  | Professional Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 9,089 |  |  |  | 8,985 |  |  |  | 9,135 |
PCS Midco, Inc. - Unfunded Term Loan (8) |  | 03/02/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,249 |  |  |  | — |  |  |  | 34 |
PCS Midco, Inc. - Funded Revolver |  | 03/01/2030 |  | Professional Services |  |  | 10.05 | % |  |  | — |  |  |  | 133 |  |  |  | 133 |  |  |  | 133 |
PCS Midco, Inc. - Unfunded Revolver (8) |  | 03/01/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,638 |  |  |  | — |  |  |  | 8 |
PL Acquisitionco, LLC |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | 11.50 | % |  | 3M SOFR+ 725 |  |  |  | 6,092 |  |  |  | 6,043 |  |  |  | 3,777 |
|  |  |  |  |  | (PIK 7.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
PL Acquisitionco, LLC - Unfunded Revolver (8) |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 1,145 |  |  |  | — |  |  |  | (435 | )
PlayPower, Inc. |  | 08/28/2030 |  | Leisure Products |  |  | 9.55 | % |  | 1M SOFR+ 525 |  |  |  | 32,167 |  |  |  | 31,972 |  |  |  | 31,845 |
PlayPower, Inc. - Unfunded Revolver (8) |  | 08/28/2030 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 3,981 |  |  |  | — |  |  |  | (40 | )
Project Granite Buyer,Inc. |  | 12/31/2030 |  | Professional Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 11,924 |  |  |  | 11,818 |  |  |  | 12,043 |
Project Granite Buyer, Inc. - Unfunded Term Loan (8) |  | 12/31/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,708 |  |  |  | — |  |  |  | 34 |
Project Granite Buyer,Inc. - Unfunded Revolver (8) |  | 12/31/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,846 |  |  |  | — |  |  |  | 28 |
Pragmatic Institute, LLC |  | 03/28/2030 |  | Professional Services |  |  | 9.80 | % |  |  | — |  |  |  | 562 |  |  |  | 562 |  |  |  | 499 |
Rancho Health MSO, Inc. |  | 06/20/2029 |  | Healthcare Equipment and Supplies |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 4,286 |  |  |  | 4,268 |  |  |  | 4,286 |
Rancho Health MSO, Inc. - Unfunded Term Loan (8) |  | 06/30/2026 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 3,034 |  |  |  | — |  |  |  | 28 |
Rancho Health MSO, Inc. - Funded Revolver (6) |  | 06/20/2029 |  | Healthcare Equipment and Supplies |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 1,540 |  |  |  | 1,540 |  |  |  | 1,540 |
Rancho Health MSO, Inc. - Unfunded Revolver (6), (8) |  | 06/20/2029 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,760 |  |  |  | — |  |  |  | — |
Recteq, LLC |  | 01/29/2026 |  | Leisure Products |  |  | 10.72 | % |  | 3M SOFR+ 640 |  |  |  | 1,436 |  |  |  | 1,433 |  |  |  | 1,429 |
Recteq, LLC - Funded Revolver |  | 01/29/2026 |  | Leisure Products |  |  | 10.46 | % |  | 3M SOFR+ 625 |  |  |  | 360 |  |  |  | 360 |  |  |  | 358 |
Recteq, LLC - Unfunded Revolver (6), (8) |  | 01/29/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 936 |  |  |  | — |  |  |  | (5 | )
Riverpoint Medical, LLC |  | 06/21/2027 |  | Healthcare Equipment and Supplies |  |  | 9.30 | % |  | 3M SOFR+ 500 |  |  |  | 9,753 |  |  |  | 9,751 |  |  |  | 9,753 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Riverpoint Medical, LLC - Unfunded Revolver (6), (8) |  | 06/21/2027 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 909 |  |  |  | — |  |  |  | — |
Ro Health, LLC |  | 01/17/2031 |  | Healthcare Providers and Services |  |  | 9.30 | % |  | 3M SOFR+ 500 |  |  |  | 16,476 |  |  |  | 16,366 |  |  |  | 16,476 |
Ro Health, LLC - Unfunded Revolver (8) |  | 01/17/2031 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 7,765 |  |  |  | — |  |  |  | — |
RRA Corporate, LLC |  | 08/15/2029 |  | Diversified Consumer Services |  |  | 9.57 | % |  | 3M SOFR+ 525 |  |  |  | 20,501 |  |  |  | 20,315 |  |  |  | 20,337 |
RRA Corporate, LLC - Unfunded Term Loan 2 (8) |  | 08/17/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 15,312 |  |  |  | — |  |  |  | 31 |
RRA Corporate, LLC - Funded Revolver |  | 08/15/2029 |  | Diversified Consumer Services |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 3,761 |  |  |  | 3,761 |  |  |  | 3,731 |
RRA Corporate, LLC - Unfunded Revolver (8) |  | 08/15/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,955 |  |  |  | — |  |  |  | (24 | )
RTIC Subsidiary Holdings, LLC |  | 05/03/2029 |  | Leisure Products |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 41,679 |  |  |  | 41,145 |  |  |  | 40,950 |
RTIC Subsidiary Holdings, LLC - Funded Revolver |  | 05/03/2029 |  | Leisure Products |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 3,767 |  |  |  | 3,767 |  |  |  | 3,701 |
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (8) |  | 05/03/2029 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 5,650 |  |  |  | — |  |  |  | (99 | )
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 06/15/2029 |  | Professional Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 1,132 |  |  |  | 1,118 |  |  |  | 1,104 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (8) |  | 06/26/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | — |  |  |  | (23 | )
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver |  | 06/15/2029 |  | Professional Services |  |  | 10.05 | % |  | 3M SOFR+ 575 |  |  |  | 487 |  |  |  | 487 |  |  |  | 475 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Revolver (6), (8) |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 373 |  |  |  | — |  |  |  | (9 | )
Sabel Systems Technology Solutions, LLC |  | 10/31/2030 |  | Government Services |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 26,716 |  |  |  | 26,480 |  |  |  | 26,716 |
Sabel Systems Technology Solutions, LLC - Unfunded Revolver (8) |  | 10/31/2030 |  | Government Services |  |  | — |  |  |  | — |  |  |  | 3,634 |  |  |  | — |  |  |  | — |
Safe Haven Defense US LLC |  | 05/23/2029 |  | Building Products |  |  | 9.57 | % |  | 3M SOFR+ 525 |  |  |  | 13,453 |  |  |  | 13,280 |  |  |  | 13,453 |
Safe Haven Defense US LLC - Unfunded Revolver (8) |  | 05/23/2029 |  | Building Products |  |  | — |  |  |  | — |  |  |  | 2,920 |  |  |  | — |  |  |  | — |
Sales Benchmark Index LLC |  | 07/07/2026 |  | Professional Services |  |  | 10.50 | % |  | 3M SOFR+ 620 |  |  |  | 2,512 |  |  |  | 2,507 |  |  |  | 2,512 |
Sales Benchmark Index LLC - Funded Revolver |  | 07/07/2026 |  | Professional Services |  |  | 9.50 | % |  | 3M SOFR+ 520 |  |  |  | 754 |  |  |  | 754 |  |  |  | 754 |
Sales Benchmark Index LLC - Unfunded Revolver (6), (8) |  | 07/07/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 323 |  |  |  | — |  |  |  | — |
Sath Industries, LLC |  | 12/17/2029 |  | Event Services |  |  | 9.82 | % |  | 3M SOFR+ 550 |  |  |  | 11,323 |  |  |  | 11,223 |  |  |  | 11,323 |
Sath Industries, LLC - Unfunded Revolver (8) |  | 12/17/2029 |  | Event Services |  |  | — |  |  |  | — |  |  |  | 2,466 |  |  |  | — |  |  |  | — |
Schlesinger Global, Inc. |  | 07/21/2025 |  | Professional Services |  |  | 12.93 | % |  | 3M SOFR+ 860 |  |  |  | 15,765 |  |  |  | 15,763 |  |  |  | 14,977 |
|  |  |  |  |  | (PIK 5.85%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. - Funded Revolver |  | 07/21/2025 |  | Professional Services |  |  | 12.93 | % |  | 3M SOFR+ 860 |  |  |  | 1,650 |  |  |  | 1,650 |  |  |  | 1,567 |
|  |  |  |  |  | (PIK 5.85%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. - Unfunded Revolver (6), (8) |  | 07/21/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 401 |  |  |  | — |  |  |  | (20 | )
Seacoast Service Partners, LLC |  | 12/20/2029 |  | Diversified Consumer Services |  |  | 9.32 | % |  | 3M SOFR+ 500 |  |  |  | 10,623 |  |  |  | 10,539 |  |  |  | 10,251 |
Seacoast Service Partners, LLC - Unfunded Term Loan (8) |  | 12/21/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 5,653 |  |  |  | — |  |  |  | (148 | )
Seacoast Service Partners, LLC - Funded Revolver |  | 12/20/2029 |  | Diversified Consumer Services |  |  | 9.32 | % |  | 3M SOFR+ 500 |  |  |  | 616 |  |  |  | 616 |  |  |  | 594 |
Seacoast Service Partners, LLC - Unfunded Revolver (8) |  | 12/20/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,507 |  |  |  | — |  |  |  | (53 | )
Seaway Buyer, LLC |  | 06/13/2029 |  | Chemicals, Plastics and Rubber |  |  | 10.47 | % |  | 3M SOFR+ 615 |  |  |  | 1,887 |  |  |  | 1,868 |  |  |  | 1,778 |
Sigma Defense Systems, LLC |  | 12/20/2027 |  | IT Services |  |  | 11.47 | % |  | 3M SOFR+ 715 |  |  |  | 20,197 |  |  |  | 19,948 |  |  |  | 20,197 |
Sigma Defense Systems, LLC - Funded Revolver |  | 12/20/2027 |  | IT Services |  |  | 11.47 | % |  | 3M SOFR+ 715 |  |  |  | 762 |  |  |  | 762 |  |  |  | 762 |
Sigma Defense Systems, LLC - Unfunded Revolver (6), (8) |  | 12/20/2027 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 2,550 |  |  |  | — |  |  |  | — |
Smartronix, LLC |  | 02/06/2032 |  | Aerospace and Defense |  |  | 8.80 | % |  | 1M SOFR+ 450 |  |  |  | 5,985 |  |  |  | 5,928 |  |  |  | 5,985 |
Smile Brands Inc. |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | 1M SOFR+ 610 |  |  |  | 2,523 |  |  |  | 2,523 |  |  |  | 2,160 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Smile Brands Inc. - Funded Revolver |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | 1M SOFR+ 610 |  |  |  | 782 |  |  |  | 782 |  |  |  | 670 |
Smile Brands Inc. - Unfunded Revolver (6), (8) |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 796 |  |  |  | — |  |  |  | (115 | )
Smile Brands Inc. LC - Unfunded Revolver (6), (8) |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | (14 | )
Spendmend Holdings LLC |  | 03/01/2028 |  | Healthcare Technology |  |  | 9.45 | % |  | 3M SOFR+ 515 |  |  |  | 2,956 |  |  |  | 2,935 |  |  |  | 2,956 |
Spendmend Holdings LLC - Unfunded Term Loan (8) |  | 11/25/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 2,922 |  |  |  | — |  |  |  | 15 |
Spendmend Holdings LLC - Funded Revolver |  | 03/01/2028 |  | Healthcare Technology |  |  | 9.38 | % |  | 3M SOFR+ 515 |  |  |  | 149 |  |  |  | 149 |  |  |  | 149 |
Spendmend Holdings LLC - Unfunded Revolver (8) |  | 03/01/2028 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 743 |  |  |  | — |  |  |  | — |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
SV-Aero Holdings, LLC - Term Loan |  | 11/01/2030 |  | Aerospace and Defense |  |  | 9.55 | % |  | 3M SOFR+ 525 |  |  |  | 15,373 |  |  |  | 15,308 |  |  |  | 15,373 |
SV-Aero Holdings, LLC - Unfunded Term Loan (8) |  | 11/02/2026 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 7,259 |  |  |  | — |  |  |  | 36 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  | Aerospace and Defense |  |  | 8.92 | % |  | 3M SOFR+ 475 |  |  |  | 37,363 |  |  |  | 37,088 |  |  |  | 37,064 |
System Planning and Analysis, Inc. - Funded Revolver |  | 08/16/2027 |  | Aerospace and Defense |  |  | 9.01 | % |  | 3M SOFR+ 475 |  |  |  | 3,098 |  |  |  | 3,098 |  |  |  | 3,073 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) - Unfunded Term Loan (8) |  | 06/12/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 6,335 |  |  |  | — |  |  |  | (19 | )
System Planning and Analysis, Inc. - Unfunded Revolver (8) |  | 08/16/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 5,266 |  |  |  | — |  |  |  | (42 | )
TCG 3.0 Jogger Acquisitionco, Inc. |  | 01/23/2029 |  | Media |  |  | 10.82 | % |  | 3M SOFR+ 650 |  |  |  | 6,913 |  |  |  | 6,822 |  |  |  | 6,913 |
TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver |  | 01/23/2029 |  | Media |  |  | 13.00 | % |  | 3M SOFR+ 550 |  |  |  | 485 |  |  |  | 485 |  |  |  | 485 |
TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (8) |  | 01/23/2029 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,941 |  |  |  | — |  |  |  | — |
Team Services Group, LLC |  | 12/20/2027 |  | Healthcare Providers and Services |  |  | 9.53 | % |  | 3M SOFR+ 525 |  |  |  | 10,342 |  |  |  | 10,196 |  |  |  | 10,278 |
The Bluebird Group LLC |  | 07/28/2026 |  | Professional Services |  |  | 10.20 | % |  | 3M SOFR+ 590 |  |  |  | 8,476 |  |  |  | 8,425 |  |  |  | 8,476 |
The Bluebird Group LLC - Unfunded Revolver (6), (8) |  | 07/28/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 862 |  |  |  | — |  |  |  | — |
The Vertex Companies, LLC (6) |  | 08/31/2028 |  | Construction & Engineering |  |  | 9.42 | % |  | 1M SOFR+ 510 |  |  |  | 8,912 |  |  |  | 8,850 |  |  |  | 8,894 |
The Vertex Companies, LLC - Unfunded Term Loan (8) |  | 11/04/2026 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 9,122 |  |  |  | — |  |  |  | 50 |
The Vertex Companies, LLC - Funded Revolver |  | 08/31/2028 |  | Construction & Engineering |  |  | 9.42 | % |  | 1M S OFR+ 510 |  |  |  | 729 |  |  |  | 729 |  |  |  | 728 |
The Vertex Companies, LLC - Unfunded Revolver (6), (8) |  | 08/31/2028 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 4,743 |  |  |  | — |  |  |  | (9 | )
TPC US Parent, LLC |  | 11/24/2025 |  | Food Products |  |  | 10.20 | % |  | 3M SOFR+ 590 |  |  |  | 11,797 |  |  |  | 11,773 |  |  |  | 11,785 |
TransGo, LLC |  | 12/29/2028 |  | Auto Components |  |  | 10.07 | % |  | 3M SOFR+ 575 |  |  |  | 10,734 |  |  |  | 10,604 |  |  |  | 10,788 |
TransGo, LLC - Unfunded Revolver (6), (8) |  | 12/29/2028 |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 4,440 |  |  |  | — |  |  |  | 22 |
Tyto Athene, LLC |  | 04/03/2028 |  | IT Services |  |  | 9.19 | % |  | 3M SOFR+ 490 |  |  |  | 11,875 |  |  |  | 11,786 |  |  |  | 11,590 |
US Fertility Enterprises, LLC |  | 10/11/2031 |  | Healthcare Providers and Services |  |  | 8.78 | % |  | 1M SOFR+ 450 |  |  |  | 54 |  |  |  | 54 |  |  |  | 54 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Urology Management Holdings, Inc. |  | 06/15/2027 |  | Healthcare Providers and Services |  |  | 9.80 | % |  | 1M SOFR+ 550 |  |  |  | 3,579 |  |  |  | 3,565 |  |  |  | 3,565 |
Urology Management Holdings, Inc. - Unfunded Term Loan (8) |  | 09/03/2026 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,400 |  |  |  | — |  |  |  | 2 |
VRS Buyer, Inc. |  | 11/22/2030 |  | Road and Rail |  |  | 9.08 | % |  | 3M SOFR+ 475 |  |  |  | 8,000 |  |  |  | 7,948 |  |  |  | 7,960 |
VRS Buyer, Inc. - Unfunded Term Loan (8) |  | 11/23/2026 |  | Road and Rail |  |  | — |  |  |  | — |  |  |  | 7,644 |  |  |  | — |  |  |  | 19 |
VRS Buyer, Inc. - Unfunded Revolver (8) |  | 11/22/2030 |  | Road and Rail |  |  | — |  |  |  | — |  |  |  | 3,822 |  |  |  | — |  |  |  | (19 | )
Walker Edison Furniture, LLC - Term Loan (10) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 7,655 |  |  |  | 6,547 |  |  |  | — |
Walker Edison Furniture Company, LLC - Unfunded Term Loan (8), (10) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 313 |  |  |  | — |  |  |  | (313 | )
Walker Edison Furniture Company, LLC - Funded Junior Revolver (10) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 167 |
Watchtower Intermediate, LLC |  | 12/03/2029 |  | Electronic Equipment, Instruments, and Components |  |  | 10.30 | % |  | 3M SOFR+ 600 |  |  |  | 11,076 |  |  |  | 10,942 |  |  |  | 11,065 |
Watchtower Intermediate, LLC - Unfunded Revolver (8) |  | 12/03/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 6,300 |  |  |  | — |  |  |  | (6 | )
Wrench Group, LLC |  | 10/30/2028 |  | Commercial Services & Supplies |  |  | 8.56 | % |  | 3M SOFR+ 426 |  |  |  | 3,456 |  |  |  | 3,453 |  |  |  | 3,440 |
Wash & Wax Systems LLC |  | 04/30/2028 |  | Consumer Services |  | PIK 9.78% |  |  | 3M SOFR+ 550 |  |  |  | 4,529 |  |  |  | 4,610 |  |  |  | 4,611 |
Wash & Wax Systems LLC -Funded Revolver |  | 04/30/2028 |  | Consumer Services |  | PIK 9.78% |  |  | 3M SOFR+ 550 |  |  |  | 17 |  |  |  | 17 |  |  |  | 17 |
Wash & Wax Systems LLC -Unfunded Revolver (6) (8) |  | 04/30/2028 |  | Consumer Services |  |  | — |  |  |  |  |  |  | 830 |  |  |  | — |  |  |  | — |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,930,158 |  |  | $ | 1,912,951 |
Subordinate Debt - 1.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beacon Behavioral Holdings LLC |  | 06/21/2030 |  | Healthcare Providers and Services |  | PIK 15% |  |  |  | — |  |  |  | 1,165 |  |  |  | 1,152 |  |  |  | 1,154 |
Integrative Nutrition, LLC- Promissory Note #1 |  | 04/15/2030 |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,623 |  |  |  | 2,258 |  |  |  | 2,243 |
Integrative Nutrition, LLC- Promissory Note #2 |  | 04/15/2033 |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 5,975 |  |  |  | 2,763 |  |  |  | 2,763 |
ORL Holdco, Inc. - Convertible Notes |  | 03/08/2028 |  | Consumer Finance |  |  | 18.00 | % |  |  | — |  |  |  | 13 |  |  |  | 13 |  |  |  | 10 |
ORL Holdco, Inc. - Unfunded Convertible Notes (8) |  | 03/08/2028 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | (3 | )
OSP Embedded Aggregator, LP - Convertible Note |  | 05/08/2030 |  | Aerospace and Defense |  |  | 12.00 | % |  |  | — |  |  |  | 47 |  |  |  | 471 |  |  |  | 573 |
Schlesinger Global, LLC - Promissory Note |  | 01/08/2026 |  | Professional Services |  |  | 12.93 | % |  | 3M SOFR+ 860 |  |  |  | 66 |  |  |  | 66 |  |  |  | 136 |
StoicLane, Inc. - Convertible Notes |  | 08/16/2027 |  | Healthcare Technology |  |  | 12.00 | % |  |  | — |  |  |  | 2,288 |  |  |  | 2,288 |  |  |  | 2,529 |
StoicLane, Inc. - Unfunded Convertible Notes (8) |  | 08/16/2027 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 763 |  |  |  | — |  |  |  | 80 |
Wash & Wax Systems LLC - Holdco |  | 07/30/2028 |  | Consumer Services |  |  | 12.00 | % |  |  | — |  |  |  | 3,021 |  |  |  | 3,021 |  |  |  | 3,021 |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 12,032 |  |  | $ | 12,506 |
Preferred Equity - 1.7% (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting Platform Blocker, Inc |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,075,900 |  |  |  | 1,076 |  |  |  | 1,076 |
Ad.net Holdings, Inc. |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 6,720 |  |  |  | 672 |  |  |  | 816 |
AFC Acquisitions, Inc. Preferred Equity (F-2) (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 825 |  |  |  | 1,262 |  |  |  | 1,043 |
AFC Acquisitions, Inc. Preferred Equity (G-2) (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 31 |  |  |  | 23 |
AFC Acquisitions, Inc. Preferred Equity (H-2) (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | 20 |  |  |  | 13 |
AFC Acquisitions, Inc. Preferred Equity (I-2) (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 19 |  |  |  | 12 |
AFC Acquisitions, Inc. Preferred Equity (J-2) (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 34 |  |  |  | 22 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (6), (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | 2,018 |  |  |  | 1,903 |
BioDerm Holdings, LP |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  |  | 1,313 |  |  |  | 1,276 |
Cartessa Aesthetics, LLC (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 3,071 |
Connatix Parent, LLC |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 5,311 |  |  |  | 5 |  |  |  | 5 |
C5MI Holdco, LLC. (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 228,900 |  |  |  | 223 |  |  |  | 259 |
EvAL Home Health Solutions, LLC (7) |  |  |  | Healthcare, Education and Childcare |  |  | — |  |  |  | — |  |  |  | 876,386 |  |  |  | 1,455 |  |  |  | 1,367 |
Gauge Schlesinger Coinvest LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64 |  |  |  | 64 |  |  |  | 30 |
Hancock Claims Consultants Investors, LLC (7) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 116,588 |  |  |  | 76 |  |  |  | 142 |
Imagine Topco, LP |  |  |  | Software |  |  | 8.00 | % |  |  | — |  |  |  | 1,236,027 |  |  |  | 1,236 |  |  |  | 1,589 |
Magnolia Topco LP - Class A (7) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 47 |  |  |  | 47 |  |  |  | 53 |
Magnolia Topco LP - Class A-1 Preferred Equity (7) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | 16 |  |  |  | 32 |
Magnolia Topco LP - Class B (7) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | 20 |  |  |  | 16 |
Megawatt Acquisition Partners, LLC |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 9,360 |  |  |  | 936 |  |  |  | 597 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (6) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,935 |  |  |  | 1,935 |  |  |  | 2,147 |
ORL Holdco, Inc. (6) |  |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,327 |  |  |  | 133 |  |  |  | 19 |
PL Acquisitionco, LLC (7) |  |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 122 |  |  |  | 122 |  |  |  | — |
RTIC Parent Holdings, LLC - Class A (7) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |
RTIC Parent Holdings, LLC - Class C (7) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 18,450 |  |  |  | 1,215 |  |  |  | 1,843 |
RTIC Parent Holdings, LLC - Class D (7) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 19,584 |  |  |  | 196 |  |  |  | 252 |
SP L2 Holdings LLC |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 135,240 |  |  |  | 33 |  |  |  | 3 |
SP L2 Holdings LLC - Unfunded (8) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 77,280 |  |  |  | — |  |  |  | (17 | )
TPC Holding Company, LP (6) |  |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 409 |  |  |  | 409 |  |  |  | 563 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (6) |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 35 |  |  |  | 50 |
UniTek Global Services, Inc. - Super Senior Preferred Equity (6) |  |  |  | Telecommunications |  |  | 20.00 | % |  |  | — |  |  |  | 320,711 |  |  |  | 321 |  |  |  | 596 |
UniTek Global Services, Inc. - Senior Preferred Equity (6) |  |  |  | Telecommunications |  |  | 19.00 | % |  |  | — |  |  |  | 448,851 |  |  |  | 449 |  |  |  | — |
UniTek Global Services, Inc. (6) |  |  |  | Telecommunications |  |  | 13.50 | % |  |  | — |  |  |  | 1,047,317 |  |  |  | 670 |  |  |  | — |
Total Preferred Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,488 |  |  | $ | 18,801 |
Common Equity/Warrants - 15.5% (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Equity, LLC (7) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 647,943 |  |  |  | 648 |  |  |  | 1,082 |
ACP Big Top Holdings, L.P. |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 3,000,500 |  |  |  | 2,883 |  |  |  | 3,503 |
Ad.net Holdings, Inc. (6) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 7,467 |  |  |  | 75 |  |  |  | — |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Aechelon InvestCo, LP |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 29,917 |  |  |  | 2,992 |  |  |  | 9,633 |
Aechelon InvestCo, LP - Unfunded (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 33,433 |  |  |  | — |  |  |  | — |
Aftermarket Drivetrain Products Holdings, LLC |  |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 2,632 |  |  |  | 2,632 |  |  |  | 3,927 |
AG Investco LP (6), (7) |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 8,052 |  |  |  | 805 |  |  |  | 152 |
AG Investco LP (6), (7), (8) |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 1,948 |  |  |  | — |  |  |  | (158 | )
Altamira Intermediate Company II, Inc. (6) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 1,474 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (6), (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | — |  |  |  | — |
Athletico Holdings, LLC (7) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,678 |  |  |  | 5,000 |  |  |  | 3,517 |
Azureon Holdings, LLC (7) |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,130,707 |  |  |  | 1,131 |  |  |  | 950 |
BioDerm Holdings, LP |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  |  | — |  |  |  | — |
Burgess Point Holdings, LP |  |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 112 |  |  |  | 114 |  |  |  | 115 |
By Light Investco LP (6), (7) |  |  |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 22,789 |  |  |  | 687 |  |  |  | 20,326 |
Carisk Parent, L.P. |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 239,680 |  |  |  | 240 |  |  |  | 231 |
Carnegie HoldCo, LLC (7) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,719,600 |  |  |  | 2,646 |  |  |  | 2,230 |
Connatix Parent, LLC (6) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 182,141 |  |  |  | 421 |  |  |  | 215 |
Consello Pacific Aggregator, LLC (7) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,025,476 |  |  |  | 973 |  |  |  | 769 |
Crane 1 Acquisition Parent Holdings, L.P. (6) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 120 |  |  |  | 256 |
C5MI Holdco, LLC. (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,659,050 |  |  |  | 1,659 |  |  |  | 1,001 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (6), (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 804,615 |  |  |  | 763 |  |  |  | 1,271 |
Delta InvestCo LP (Sigma Defense Systems, LLC) - Unfunded (6), (7), (8) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 200,255 |  |  |  | — |  |  |  | — |
DUGGAL EQUITY, LP |  |  |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 686 |  |  |  | 686 |  |  |  | 697 |
eCommission Holding Corporation (6), (9) |  |  |  | Banking, Finance, Insurance & Real Estate |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 226 |  |  |  | 574 |
EDS Topco, LP |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,125,000 |  |  |  | 1,125 |  |  |  | 1,818 |
Events TopCo, LP |  |  |  | Event Services |  |  | — |  |  |  | — |  |  |  | 1,016,800 |  |  |  | 1,017 |  |  |  | 1,168 |
Exigo, LLC |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 541,667 |  |  |  | 542 |  |  |  | 611 |
FedHC InvestCo LP (6), (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 22,671 |  |  |  | 810 |  |  |  | 3,043 |
FedHC InvestCo LP - Unfunded (6), (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 3,721 |  |  |  | — |  |  |  | — |
First Medical Holdings, LLC |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 75,000 |  |  |  | 750 |  |  |  | 750 |
Five Star Parent Holdings, LLC |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 655,714 |  |  |  | 656 |  |  |  | 174 |
Gauge ETE Blocker, LLC |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 374,444 |  |  |  | 374 |  |  |  | 352 |
Gauge Lash Coinvest LLC (6) |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 2,057,387 |  |  |  | 1,588 |  |  |  | 5,006 |
Gauge Loving Tan, LP |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 2,914,701 |  |  |  | 2,915 |  |  |  | 3,459 |
Gauge Schlesinger Coinvest LLC (6) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 465 |  |  |  | 476 |  |  |  | 216 |
GCP Boss Holdco, LLC |  |  |  | Independent Power and Renewable Electricity Producers |  |  | — |  |  |  | — |  |  |  | 2,194,800 |  |  |  | 2,195 |  |  |  | 2,634 |
GCOM InvestCo LP (6) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 19,184 |  |  |  | 3,342 |  |  |  | 4,663 |
GGG Topco, LLC (7) |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,759,800 |  |  |  | 2,760 |  |  |  | 2,874 |
GMP Hills, L.P. |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 4,430,843 |  |  |  | 4,431 |  |  |  | 4,830 |
Hancock Claims Consultants Investors, LLC (6), (7) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 448 |  |  |  | 230 |
HPA SPQ Aggregator LP |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 750,399 |  |  |  | 750 |  |  |  | 483 |
HV Watterson Holdings, LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 100,000 |  |  |  | 100 |  |  |  | — |
Icon Partners V C, L.P. |  |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,896,013 |  |  |  | 1,896 |  |  |  | 1,800 |
Icon Partners V C, L.P. - Unfunded (6), (8) |  |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 603,987 |  |  |  | — |  |  |  | (30 | )
Imagine Topco, LP |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 1,236,027 |  |  |  | — |  |  |  | — |
IHS Parent Holdngs, L.P. |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,218,045 |  |  |  | 1,218 |  |  |  | 1,693 |
Ironclad Holdco, LLC (Applied Technical Services, LLC) (6) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 6,355 |  |  |  | 668 |  |  |  | 998 |
ITC Infusion Co-invest, LP (7) |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 116,032 |  |  |  | 1,195 |  |  |  | 2,518 |
Kinetic Purchaser, LLC |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,734,775 |  |  |  | 1,735 |  |  |  | 170 |
Kinetic Purchaser, LLC - Class AA |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 153,339 |  |  |  | 179 |  |  |  | 359 |
KL Stockton Co-Invest LP (Any Hour Services) (6), (7) |  |  |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 382,353 |  |  |  | 385 |  |  |  | 530 |
Lightspeed Investment Holdco LLC (6) |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 585,587 |  |  |  | 586 |  |  |  | 2,178 |
LJ Avalon, LP |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,638,043 |  |  |  | 1,638 |  |  |  | 2,539 |
Lucky Bucks, LLC |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 334 |
Marketplace Events Holdings, LP |  |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 40,990 |  |  |  | 4,099 |  |  |  | 4,492 |
Magnolia Topco LP - Class A (7) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 46,974 |  |  |  | — |  |  |  | — |
Magnolia Topco LP - Class B (7) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 30,926 |  |  |  | — |  |  |  | — |
MDI Aggregator, LP |  |  |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 11,078 |  |  |  | 1,122 |  |  |  | 1,195 |
Meadowlark Title, LLC (7) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 819,231 |  |  |  | 806 |  |  |  | 107 |
Megawatt Acquisition Partners, LLC - Common A Equity |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,040 |  |  |  | 104 |  |  |  | — |
Municipal Emergency Services, Inc. (6) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,973,370 |  |  |  | 2,005 |  |  |  | 3,572 |
NEPRT Parent Holdings, LLC (Recteq, LLC) (6), (7) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,494 |  |  |  | 1,438 |  |  |  | 213 |
New Insight Holdings, Inc. |  |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 158,348 |  |  |  | 2,771 |  |  |  | 2,766 |
New Medina Health, LLC (7) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,672,646 |  |  |  | 2,673 |  |  |  | 3,587 |
NFS - CFP Holdings LLC |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,337,017 |  |  |  | 1,337 |  |  |  | 1,510 |
NORA Parent Holdings, LLC (7) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,544 |  |  |  | 2,525 |  |  |  | 1,213 |
North Haven Saints Equity Holdings, LP (7) |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 223,602 |  |  |  | 224 |  |  |  | 241 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (6) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,935 |  |  |  | 496 |  |  |  | — |
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (6), (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 211,940 |  |  |  | 2,119 |  |  |  | 2,702 |
OES Co-Invest, LP - Class A |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,560 |  |  |  | 1,574 |  |  |  | 1,919 |
OHCP V BC COI, L.P. |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,166,407 |  |  |  | 1,166 |  |  |  | 688 |
OHCP V BC COI, L.P. - Unfunded (8) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 83,593 |  |  |  | — |  |  |  | (34 | )
ORL Holdco, Inc. (6) |  |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,327 |  |  |  | 15 |  |  |  | — |
OSP Embedded Aggregator, LP |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,728 |  |  |  | 1,728 |  |  |  | 2,101 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Output Services Group, Inc. |  |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 80,170 |  |  |  | 642 |  |  |  | 871 |
PAR Excellence Holdings, Inc. |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 3,160 |  |  |  | 3,171 |  |  |  | 3,901 |
PCS Parent, LP |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 423,247 |  |  |  | 423 |  |  |  | 444 |
PennantPark-TSO Senior Loan Fund, LP (6), (9) |  |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 11,167,847 |  |  |  | 11,168 |  |  |  | 8,397 |
Pink Lily Holdco, LLC (7) |  |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 1,735 |  |  |  | 1,735 |  |  |  | — |
Pragmatic Institute, LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | — |
Project Granite Holdings, LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,139 |  |  |  | 1,139 |  |  |  | 1,174 |
Quad (U.S.) Co-Invest, L.P. |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 235,194 |  |  |  | 235 |  |  |  | 349 |
QuantiTech InvestCo LP (6), (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 700 |  |  |  | — |  |  |  | 98 |
QuantiTech InvestCo LP - Unfunded (6), (7) (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | — |
QuantiTech InvestCo II LP (6), (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 12 |  |  |  | 7 |
RFMG Parent, LP (Rancho Health MSO, Inc.) (6) |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,050,000 |  |  |  | 1,050 |  |  |  | 1,383 |
Ro Health Holdings, Inc. |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 536,400 |  |  |  | 536 |  |  |  | 713 |
Safe Haven Defense MidCo, LLC (7) |  |  |  | Building Products |  |  | — |  |  |  | — |  |  |  | 641 |  |  |  | 641 |  |  |  | 640 |
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (6) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64,634 |  |  |  | 646 |  |  |  | 802 |
Sabel InvestCo, LP (7) |  |  |  | Government Services |  |  | — |  |  |  | — |  |  |  | 87,524 |  |  |  | 2,271 |  |  |  | 2,896 |
Sabel InvestCo, LP - Unfunded (7), (8) |  |  |  | Government Services |  |  | — |  |  |  | — |  |  |  | 131,286 |  |  |  | — |  |  |  | — |
Seaway Topco, LP |  |  |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 296 |  |  |  | 296 |  |  |  | 74 |
Seacoast Service Partners, LLC - Equity Co-Invest |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 429 |  |  |  | 549 |  |  |  | 462 |
SP L2 Holdings, LLC (Ledge Lounger, Inc.) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 360,103 |  |  |  | 360 |  |  |  | — |
SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) (6) |  |  |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 12 |  |  |  | 1,453 |
StellPen Holdings, LLC (CF512, Inc.) (6) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 161,538 |  |  |  | 162 |  |  |  | 118 |
SV Aero Holdings, LLC (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 529 |  |  |  | 1,487 |
TAC LifePort Holdings, LLC (6), (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 533,833 |  |  |  | 502 |  |  |  | 1,206 |
TCG 3.0 Jogger Co-Invest, LP |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 9,108 |  |  |  | 1,760 |  |  |  | 1,080 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 223,137 |  |  |  | 103 |  |  |  | 380 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (7) (8) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 142,469 |  |  |  | — |  |  |  | — |
TPC Holding Company, LP (6) |  |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 409 |  |  |  | 22 |  |  |  | — |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (6) |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 1 |  |  |  | 3 |
Tinicum Space Coast Co-Invest, LLC (7) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 466 |  |  |  | 4,702 |  |  |  | 5,186 |
UniTek Global Services, Inc.(C) |  |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 213,739 |  |  |  | — |  |  |  | — |
UniVista Insurance (6), (7) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 400 |  |  |  | — |  |  |  | 113 |
Urology Partners Co., L.P. |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 694,444 |  |  |  | 694 |  |  |  | 1,229 |
Walker Edison Holdco LLC |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,450 |  |  |  | — |
Wash & Wax Systems LLC - Class A common Equity |  |  |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,973 |  |  |  | 3,521 |  |  |  | 3,619 |
Watchtower Holdings, LLC (7) |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 12,419 |  |  |  | 1,242 |  |  |  | 1,204 |
WCP IvyRehab Coinvestment, LP (7) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 208 |  |  |  | 208 |  |  |  | 245 |
WCP IvyRehab QP CF Feeder, LP (7) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 3,754 |  |  |  | 3,793 |  |  |  | 4,433 |
WCP Ivyrehab QP CF Feeder, LP. - Unfunded (7) (8) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 246 |  |  |  | — |  |  |  | — |
UniTek Global Services, Inc.(W) |  |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 23,889 |  |  |  | — |  |  |  | — |
Kentucky Racing Holdco, LLC (Warrants) (7) |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 87,345 |  |  |  | — |  |  |  | 914 |
Total Common Equity/Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 133,757 |  |  | $ | 168,318 |
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,093,435 |  |  | $ | 2,112,576 |
Investments in Controlled, Affiliated Portfolio Companies - 26.8% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt - 21.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PennantPark Senior Secured Loan Fund I LLC (6), (9) |  | 05/07/2029 |  | Financial Services |  |  | 12.29 | % |  | 3M SOFR+ 800 |  |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 237,650 |  |  | $ | 237,650 |
Equity Interests - 4.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PennantPark Senior Secured Loan Fund I LLC (6), (9) |  |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 123,725 |  |  |  | 123,725 |  |  |  | 53,289 |
Total Equity Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 123,725 |  |  | $ | 53,289 |
Total Investments in Controlled, Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 361,375 |  |  |  | 290,939 |
Total Investments - 221.0%(11) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,454,810 |  |  | $ | 2,403,515 |
Cash and Cash Equivalents - 9.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  | 4.19 | % |  |  |  |  |  |  |  | $ | 7,140 |  |  | $ | 7,140 |
Blackrock Liq Fedfund Gov CL Inst |  |  |  |  |  |  | 4.24 | % |  |  |  |  |  |  |  |  | 13,874 |  |  |  | 13,874 |
JPMorgan US Dollar Liquidity Inst |  |  |  |  |  |  | 4.29 | % |  |  |  |  |  |  |  |  | 5,985 |  |  |  | 5,985 |
JPMorgan U.S. Government Money Market Fund class agency |  |  |  |  |  |  | 4.08 | % |  |  |  |  |  |  |  |  | 3,220 |  |  |  | 3,220 |
Goldman Sachs Financial Square Government Fund |  |  |  |  |  |  | 4.19 | % |  |  |  |  |  |  |  |  | 8,965 |  |  |  | 8,965 |
Non-Money Market Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,542 |  |  |  | 63,546 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 102,726 |  |  | $ | 102,730 |
Total Investments and Cash Equivalents - 230.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,557,536 |  |  | $ | 2,506,245 |
Liabilities in Excess of Other Assets - (130.5)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,418,732 | )
Net Assets - 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,087,513 |

—————

(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 payment-in-kind, or "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-income producing securities.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

June 30, 2025

(in thousands, except share data)

(Unaudited)

(6)
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 2036-R Asset-Backed Debt and held through PennantPark CLO I, Ltd; or 3) 2036 Asset-Backed Debt and held through PennantPark CLO VIII, Ltd. or 4) 2037 Asset-Backed Debt and held through PennantPark CLO 11, LLC.
(7)
Investment is held through our Taxable Subsidiary.
(8)
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.
(9)
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 June 30, 2025, qualifying assets represent 88% of our total assets and non-qualifying assets represent 12% of our total ass ets.
(10)
Non-accrual security.
(11)
As of June 30, 2025, all investments are in U.S. companies.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2024

(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 - 186.1% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt - 167.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  | Commercial Services & Supplies |  | 10.95% |  |  | 3M SOFR+610 |  |  |  | 1,579 |  |  | $ | 1,559 |  |  | $ | 1,579 |
A1 Garage Merger Sub, LLC - Unfunded Term Loan (9) |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 453 |  |  |  | — |  |  |  | 7 |
A1 Garage Merger Sub, LLC (Revolver) (7), (9) |  | 12/22/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 748 |  |  |  | — |  |  |  | — |
ACP Avenu Buyer, LLC |  | 10/02/2029 |  | IT Services |  | 10.58% |  |  | 3M SOFR+525 |  |  |  | 14,121 |  |  |  | 13,905 |  |  |  | 13,662 |
ACP Avenu Buyer, LLC - Unfunded Term Loan (9) |  | 04/02/2025 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 5,621 |  |  |  | — |  |  |  | (105 | )
ACP Avenu Buyer, LLC - Funded Revolver |  | 10/02/2029 |  | IT Services |  | 9.85% |  |  | 3M SOFR+525 |  |  |  | 847 |  |  |  | 847 |  |  |  | 819 |
ACP Avenu Buyer, LLC (Revolver) (7), (9) |  | 10/02/2029 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 2,960 |  |  |  | — |  |  |  | (96 | )
ACP Falcon Buyer, LLC (Revolver) (7), (9) |  | 08/01/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,096 |  |  |  | — |  |  |  | — |
Ad.net Acquisition, LLC |  | 05/07/2026 |  | Media |  | 10.93% |  |  | 3M SOFR+626 |  |  |  | 4,838 |  |  |  | 4,808 |  |  |  | 4,838 |
Ad.net Acquisition, LLC - Funded Revolver |  | 05/07/2026 |  | Media |  | 10.93% |  |  | 3M SOFR+626 |  |  |  | 498 |  |  |  | 498 |  |  |  | 498 |
Ad.net Acquisition, LLC (Revolver) (7), (9) |  | 05/07/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 747 |  |  |  | — |  |  |  | — |
Aechelon Technology, Inc. |  | 08/16/2029 |  | Aerospace and Defense |  | 12.35% |  |  | 3M SOFR+750 |  |  |  | 14,000 |  |  |  | 13,862 |  |  |  | 13,719 |
Aechelon Technology, Inc. - Unfunded Revolver (9) |  | 08/16/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 3,104 |  |  |  | — |  |  |  | (62 | )
Aeronix, Inc. |  | 12/18/2028 |  | Aerospace and Defense |  | 9.85% |  |  | 3M SOFR+525 |  |  |  | 32,753 |  |  |  | 32,332 |  |  |  | 32,753 |
Aeronix, Inc. - (Revolver) (9) |  | 12/18/2028 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 6,099 |  |  |  | — |  |  |  | — |
AFC Dell Holding Corp. |  | 04/09/2027 |  | Distributors |  | 10.49% |  |  | 3M SOFR+550 |  |  |  | 28,494 |  |  |  | 28,420 |  |  |  | 28,209 |
AFC Dell Holding Corp. - Unfunded Term Loan (9) |  | 04/09/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 7,460 |  |  |  | — |  |  |  | (75 | )
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) |  | 06/10/2025 |  | Media |  | 10.75% |  |  | 3M SOFR+650 |  |  |  | 13,813 |  |  |  | 13,765 |  |  |  | 13,675 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 06/30/2026 |  | Media |  | 10.50% |  |  | 3M SOFR+590 |  |  |  | 13,005 |  |  |  | 12,845 |  |  |  | 13,005 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 06/30/2026 |  | Media |  | 10.50% |  |  | 3M SOFR+590 |  |  |  | 2,098 |  |  |  | 2,085 |  |  |  | 2,097 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (9) |  | 06/30/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,869 |  |  |  | — |  |  |  | — |
Applied Technical Services, LLC |  | 12/29/2026 |  | Commercial Services & Supplies |  | 10.50% |  |  | 3M SOFR+590 |  |  |  | 12,597 |  |  |  | 12,486 |  |  |  | 12,408 |
Applied Technical Services, LLC - Unfunded Term Loan (9) |  | 07/17/2025 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 3,990 |  |  |  | — |  |  |  | (20 | )
Applied Technical Services, LLC (Revolver) |  | 12/29/2026 |  | Commercial Services & Supplies |  | 12.75% |  |  | 3M SOFR+475 |  |  |  | 1,441 |  |  |  | 1,441 |  |  |  | 1,420 |
Applied Technical Services, LLC (Revolver) (7),(9) |  | 12/29/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 852 |  |  |  | — |  |  |  | (13 | )
Arcfield Acquisition Corp. (Revolver) |  | 08/03/2029 |  | Aerospace and Defense |  | 11.56% |  |  | 1M SOFR+625 |  |  |  | 5,951 |  |  |  | 5,869 |  |  |  | 5,921 |
Arcfield Acquisition Corp. (Revolver) (7),(9) |  | 08/04/2028 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,379 |  |  |  | — |  |  |  | (7 | )
Archer Lewis, LLC |  | 08/28/2029 |  | Healthcare Technology |  | 10.83% |  |  | 3M SOFR+575 |  |  |  | 21,700 |  |  |  | 21,485 |  |  |  | 21,266 |
Archer Lewis, LLC - Unfunded Term Loan A (9) |  | 08/28/2025 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 13,280 |  |  |  | — |  |  |  | (133 | )
Archer Lewis, LLC - Unfunded Term Loan B (9) |  | 08/28/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 21,267 |  |  |  | — |  |  |  | (213 | )
Archer Lewis, LLC - Unfunded Revolver (9) |  | 08/28/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 3,252 |  |  |  | — |  |  |  | (65 | )
ARGANO, LLC |  | 09/13/2029 |  | Business Services |  | 10.85% |  |  | 3M SOFR+575 |  |  |  | 35,768 |  |  |  | 35,411 |  |  |  | 35,409 |
ARGANO, LLC - Unfunded Term Loan (9) |  | 03/13/2025 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 8,907 |  |  |  | — |  |  |  | — |
ARGANO, LLC – Unfunded Revolver (9) |  | 09/13/2029 |  | Business Services |  |  | — |  |  |  | — |  |  |  | 1,421 |  |  |  | — |  |  |  | — |
Beacon Behavioral Support Service, LLC |  | 06/21/2029 |  | Healthcare Providers and Services |  | 10.10% |  |  | 3M SOFR+525 |  |  |  | 25,067 |  |  |  | 24,725 |  |  |  | 24,691 |
|  |  |  |  |  | (PIK 15.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Beacon Behavioral Support Service, LLC - Unfunded Term Loan (9) |  | 12/21/2025 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 7,565 |  |  |  | — |  |  |  | (38 | )
Beacon Behavioral Support Service, LLC - Unfunded Revolver (9) |  | 06/21/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,434 |  |  |  | — |  |  |  | (37 | )
Beta Plus Technologies, Inc. |  | 07/01/2029 |  | Internet Software and Services |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 19,806 |  |  |  | 19,212 |  |  |  | 19,212 |
Big Top Holdings, LLC |  | 02/28/2030 |  | Construction & Engineering |  | 11.10% |  |  | 1M SOFR+625 |  |  |  | 30,873 |  |  |  | 30,358 |  |  |  | 30,873 |
Big Top Holdings, LLC - (Revolver) (9) |  | 02/28/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 4,479 |  |  |  | — |  |  |  | — |
BioDerm, Inc. (Revolver) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  | 11.70% |  |  | 1M SOFR+650 |  |  |  | 589 |  |  |  | 589 |  |  |  | 582 |
BioDerm, Inc. (Revolver) (7), (9) |  | 01/31/2028 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 482 |  |  |  | — |  |  |  | (6 | )
Blackhawk Industrial Distribution, Inc. |  | 09/17/2026 |  | Distributors |  | 10.90% |  |  | 3M SOFR+640 |  |  |  | 8,206 |  |  |  | 8,143 |  |  |  | 8,064 |
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (9) |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,893 |  |  |  | — |  |  |  | (14 | )
Blackhawk Industrial Distribution, Inc. (Revolver) (7) |  | 09/17/2026 |  | Distributors |  | 11.04% |  |  | 3M SOFR+640 |  |  |  | 874 |  |  |  | 874 |  |  |  | 859 |
Blackhawk Industrial Distribution, Inc. (9) |  | 09/17/2026 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 3,009 |  |  |  | — |  |  |  | (51 | )
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  | Aerospace and Defense |  | 10.60% |  |  | 3M SOFR+600 |  |  |  | 6,462 |  |  |  | 6,422 |  |  |  | 6,332 |
Broder Bros., Co. |  | 12/04/2025 |  | Textiles, Apparel and Luxury Goods |  | 10.97% |  |  | 3M SOFR+611 |  |  |  | 3,218 |  |  |  | 3,218 |  |  |  | 3,218 |
Burgess Point Purchaser Corporation |  | 07/25/2029 |  | Auto Components |  | 10.20% |  |  | 3M SOFR+535 |  |  |  | 14,962 |  |  |  | 14,219 |  |  |  | 14,075 |
By Light Professional IT Services, LLC |  | 05/16/2025 |  | High Tech Industries |  | 12.18% |  |  | 3M SOFR+698 |  |  |  | 46,992 |  |  |  | 46,893 |  |  |  | 46,992 |
By Light Professional IT Services, LLC (Revolver) (7), (9) |  | 05/16/2025 |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 5,831 |  |  |  | — |  |  |  | — |
Carisk Buyer, Inc. |  | 12/01/2029 |  | Healthcare Technology |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 5,473 |  |  |  | 5,397 |  |  |  | 5,390 |
Carisk Buyer, Inc. - Unfunded Term Loan (9) |  | 12/01/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 4,813 |  |  |  | — |  |  |  | (24 | )
Carisk Buyer, Inc. (Revolver) (7), (9) |  | 12/01/2029 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,750 |  |  |  | — |  |  |  | (26 | )
Carnegie Dartlet, LLC |  | 02/07/2030 |  | Professional Services |  | 10.35% |  |  | 3M SOFR+550 |  |  |  | 29,850 |  |  |  | 29,410 |  |  |  | 29,402 |
Carnegie Dartlet, LLC - Unfunded Term Loan (9) |  | 02/07/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 16,214 |  |  |  | — |  |  |  | (81 | )
Carnegie Dartlet, LLC - (Revolver) (9) |  | 02/07/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 5,405 |  |  |  | — |  |  |  | (81 | )
Cartessa Aesthetics, LLC |  | 06/14/2028 |  | Distributors |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 12,944 |  |  |  | 12,802 |  |  |  | 12,943 |
Cartessa Aesthetics, LLC (Revolver) (7) |  | 06/14/2028 |  | Distributors |  | 10.35% |  |  | 1M SOFR+575 |  |  |  | 511 |  |  |  | 511 |  |  |  | 511 |
Cartessa Aesthetics, LLC (Revolver) (7), (9) |  | 06/14/2028 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 927 |  |  |  | — |  |  |  | — |
CF512, Inc. |  | 08/20/2026 |  | Media |  | 11.21% |  |  | 3M SOFR+619 |  |  |  | 5,919 |  |  |  | 5,888 |  |  |  | 5,830 |
CF512, Inc.(Revolver) (7), (9) |  | 08/20/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | (14 | )
Compex Legal Services, Inc. |  | 02/09/2026 |  | Professional Services |  | 10.88% |  |  | 3M SOFR+555 |  |  |  | 8,833 |  |  |  | 8,814 |  |  |  | 8,833 |
Compex Legal Services, Inc. (Revolver) |  | 02/07/2025 |  | Professional Services |  | 10.80% |  |  | 3M SOFR+555 |  |  |  | 703 |  |  |  | 703 |  |  |  | 703 |
Compex Legal Services, Inc. (Revolver) (7), (9) |  | 02/07/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 703 |  |  |  | — |  |  |  | — |
Confluent Health, LLC |  | 11/30/2028 |  | Healthcare Providers and Services |  | 9.85% |  |  | 3M SOFR+500 |  |  |  | 6,965 |  |  |  | 6,771 |  |  |  | 6,965 |
Connatix Buyer, Inc. (7) |  | 07/13/2027 |  | Media |  | 10.53% |  |  | 3M SOFR+561 |  |  |  | 3,775 |  |  |  | 3,734 |  |  |  | 3,775 |
Connatix Buyer, Inc. - Funded Revolver |  | 07/13/2027 |  | Media |  | 10.58% |  |  | 3M SOFR+576 |  |  |  | 281 |  |  |  | 281 |  |  |  | 281 |
Connatix Buyer, Inc. (9) |  | 07/13/2027 |  | Media |  |  | — |  |  |  | — |  |  |  | 953 |  |  |  | — |  |  |  | — |
Crane 1 Services, Inc. |  | 08/16/2027 |  | Commercial Services & Supplies |  | 10.71% |  |  | 3M SOFR+586 |  |  |  | 2,314 |  |  |  | 2,284 |  |  |  | 2,297 |
Crane 1 Services, Inc. (Revolver) (7), (9) |  | 08/16/2027 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 502 |  |  |  | — |  |  |  | (4 | )
C5MI Holdco, LLC |  | 07/31/2030 |  | IT Services |  | 10.60% |  |  | 3M SOFR+600 |  |  |  | 44,000 |  |  |  | 43,349 |  |  |  | 43,120 |
C5MI Holdco, LLC - Funded Revolver |  | 07/31/2030 |  | IT Services |  | 10.60% |  |  | 3M SOFR+600 |  |  |  | 606 |  |  |  | 606 |  |  |  | 594 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
C5MI Holdco, LLC - Unfunded Revolver (9) |  | 07/31/2030 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 8,487 |  |  |  | — |  |  |  | (170 | )
DRI Holding Inc. |  | 12/21/2028 |  | Media |  | 10.20% |  |  | 3M SOFR+535 |  |  |  | 6,123 |  |  |  | 5,943 |  |  |  | 5,908 |
Dr. Squatch, LLC |  | 08/31/2027 |  | Personal Products |  | 9.95% |  |  | 3M SOFR+535 |  |  |  | 16,870 |  |  |  | 16,709 |  |  |  | 16,870 |
Dr. Squatch, LLC (Revolver) (7), (9) |  | 08/31/2027 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,353 |  |  |  | — |  |  |  | — |
DRS Holdings III, Inc. |  | 11/03/2025 |  | Chemicals, Plastics and Rubber |  | 11.20% |  |  | 3M SOFR+635 |  |  |  | 15,559 |  |  |  | 15,501 |  |  |  | 15,435 |
DRS Holdings III, Inc. (Revolver) (7), (9) |  | 11/03/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,426 |  |  |  | — |  |  |  | (11 | )
Duggal Acquisition, LLC |  | 09/30/2030 |  | Marketing Services |  | 9.60% |  |  | 3M SOFR+500 |  |  |  | 15,321 |  |  |  | 15,168 |  |  |  | 15,168 |
Duggal Acquisition, LLC - Unfunded Term Loan (9) |  | 09/30/2026 |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 4,470 |  |  |  | — |  |  |  | — |
Duggal Acquisition, LLC - Unfunded Revolver (9) |  | 09/30/2030 |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 5,605 |  |  |  | — |  |  |  | — |
Dynata, LLC - First-Out Term Loan |  | 07/15/2028 |  | Business Services |  | 10.38% |  |  | 3M SOFR+526 |  |  |  | 1,856 |  |  |  | 1,725 |  |  |  | 1,853 |
Dynata, LLC - Last-Out Term Loan |  | 10/15/2028 |  | Business Services |  | 10.88% |  |  | 3M SOFR+576 |  |  |  | 11,514 |  |  |  | 11,514 |  |  |  | 10,601 |
ECL Entertainment, LLC |  | 08/31/2030 |  | Hotels, Restaurants and Leisure |  | 8.85% |  |  | 1M SOFR+400 |  |  |  | 6,209 |  |  |  | 6,147 |  |  |  | 6,223 |
EDS Buyer, LLC |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 10,673 |  |  |  | 10,544 |  |  |  | 10,513 |
EDS Buyer, LLC. (Revolver) (7), (9) |  | 01/10/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,298 |  |  |  | — |  |  |  | (34 | )
Efficient Collaborative Retail Marketing Company, LLC |  | 06/15/2025 |  | Media: Diversified and Production |  | 12.37% |  |  | 3M SOFR+776 |  |  |  | 8,195 |  |  |  | 8,216 |  |  |  | 6,310 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Eisner Advisory Group, LLC |  | 02/23/2031 |  | Professional Services |  | 9.25% |  |  | 3M SOFR+400 |  |  |  | 6,948 |  |  |  | 6,880 |  |  |  | 6,961 |
ETE Intermediate II, LLC - Funded Revolver |  | 05/25/2029 |  | Diversified Consumer Services |  | 11.10% |  |  | 3M SOFR+650 |  |  |  | 1,215 |  |  |  | 1,215 |  |  |  | 1,215 |
ETE Intermediate II, LLC - Unfunded Revolver (9) |  | 05/25/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,215 |  |  |  | — |  |  |  | — |
Eval Home Health Solutions Intermediate, LLC |  | 05/10/2030 |  | Healthcare, Education and Childcare |  | 10.60% |  |  | 3M SOFR+575 |  |  |  | 14,492 |  |  |  | 14,275 |  |  |  | 14,347 |
Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver (9) |  | 05/10/2030 |  | Healthcare, Education and Childcare |  |  | — |  |  |  | — |  |  |  | 2,640 |  |  |  | — |  |  |  | (26 | )
Exigo Intermediate II, LLC (Revolver) (9) |  | 03/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 689 |  |  |  | — |  |  |  | (3 | )
Fairbanks Morse Defense |  | 06/23/2028 |  | Aerospace and Defense |  | 9.74% |  |  | 3M SOFR+450 |  |  |  | 995 |  |  |  | 990 |  |  |  | 996 |
Five Star Buyer, Inc. |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  | 12.21% |  |  | 3M SOFR+715 |  |  |  | 4,437 |  |  |  | 4,372 |  |  |  | 4,437 |
Five Star Buyer, Inc. (Revolver) (9) |  | 02/23/2028 |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 741 |  |  |  | — |  |  |  | — |
Gauge ETE Blocker, LLC - Promissory Note |  | 05/19/2029 |  | Diversified Consumer Services |  | 12.56% |  |  |  | — |  |  |  | 215 |  |  |  | 215 |  |  |  | 215 |
GGG MIDCO, LLC |  | 09/27/2030 |  | Diversified Consumer Services |  | 9.64% |  |  | 3M SOFR+500 |  |  |  | 19,243 |  |  |  | 19,051 |  |  |  | 19,050 |
GGG MIDCO, LLC - Unfunded Term Loan (9) |  | 03/27/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 30,986 |  |  |  | — |  |  |  | — |
GGG MIDCO, LLC – Unfunded Revolver (9) |  | 09/27/2030 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,311 |  |  |  | — |  |  |  | — |
Global Holdings InterCo LLC |  | 03/16/2026 |  | Diversified Financial Services |  | 11.43% |  |  | 3M SOFR+615 |  |  |  | 4,985 |  |  |  | 4,927 |  |  |  | 4,736 |
Graffiti Buyer, Inc. |  | 08/10/2027 |  | Trading Companies & Distributors |  | 10.70% |  |  | 3M SOFR+560 |  |  |  | 1,351 |  |  |  | 1,341 |  |  |  | 1,337 |
Graffiti Buyer, Inc. - Unfunded Term Loan (9) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 984 |  |  |  | — |  |  |  | (2 | )
Graffiti Buyer, Inc. (Revolver) |  | 08/10/2027 |  | Trading Companies & Distributors |  | 10.70% |  |  | 3M SOFR+560 |  |  |  | 432 |  |  |  | 432 |  |  |  | 428 |
Graffiti Buyer, Inc. (Revolver) (7), (9) |  | 08/10/2027 |  | Trading Companies & Distributors |  |  | — |  |  |  | — |  |  |  | 432 |  |  |  | — |  |  |  | (4 | )
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  | Insurance |  | 10.20% |  |  | 3M SOFR+560 |  |  |  | 3,993 |  |  |  | 3,949 |  |  |  | 3,913 |
Hancock Roofing and Construction L.L.C. (Revolver) (7) |  | 12/31/2026 |  | Insurance |  | 10.45% |  |  | 3M SOFR+560 |  |  |  | 680 |  |  |  | 680 |  |  |  | 666 |
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) |  | 12/31/2026 |  | Insurance |  |  | — |  |  |  | — |  |  |  | 70 |  |  |  | — |  |  |  | (1 | )
Harris & Co. LLC |  | 08/09/2030 |  | Professional Services |  | 9.85% |  |  | 3M SOFR+500 |  |  |  | 31,992 |  |  |  | 31,720 |  |  |  | 31,432 |
Harris & Co. LLC. - Unfunded Term Loan A (9) |  | 02/09/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 39,414 |  |  |  | — |  |  |  | (345 | )
Harris & Co. LLC. - Unfunded Term Loan B (9) |  | 02/09/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 50,296 |  |  |  | — |  |  |  | (440 | )
Harris & Co. LLC - Unfunded Revolver (9) |  | 08/09/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 7,401 |  |  |  | — |  |  |  | (130 | )
HEC Purchaser Corp. |  | 06/17/2029 |  | Healthcare, Education and Childcare |  | 9.75% |  |  | 3M SOFR+550 |  |  |  | 9,651 |  |  |  | 9,535 |  |  |  | 9,583 |
Hills Distribution Inc. |  | 11/07/2029 |  | Distributors |  | 11.11% |  |  | 3M SOFR+600 |  |  |  | 7,941 |  |  |  | 7,829 |  |  |  | 7,862 |
Hills Distribution Inc. - Unfunded Term Loan (9) |  | 11/07/2025 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 10,812 |  |  |  | — |  |  |  | — |
HW Holdco, LLC |  | 05/10/2026 |  | Media |  | 11.20% |  |  | 1M SOFR+590 |  |  |  | 10,410 |  |  |  | 10,389 |  |  |  | 10,410 |
HW Holdco, LLC (Revolver) (9) |  | 05/10/2026 |  | Media |  |  | — |  |  |  | — |  |  |  | 1,452 |  |  |  | — |  |  |  | — |
IG Investments Holdings, LLC |  | 09/22/2028 |  | Professional Services |  | 11.35% |  |  | 3M SOFR+610 |  |  |  | 4,487 |  |  |  | 4,430 |  |  |  | 4,443 |
IG Investments Holdings, LLC (Revolver) (7), (9) |  | 09/22/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 722 |  |  |  | — |  |  |  | (7 | )
Imagine Acquisitionco, LLC (Revolver) (9) |  | 11/15/2027 |  | Software |  |  | — |  |  |  | — |  |  |  | 1,193 |  |  |  | — |  |  |  | (6 | )
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  | Commercial Services & Supplies |  | 10.96% |  |  | 3M SOFR+685 |  |  |  | 4,553 |  |  |  | 4,534 |  |  |  | 4,582 |
Infinity Home Services Holdco, Inc. (CAD) |  | 12/28/2028 |  | Commercial Services & Supplies |  | 10.35% |  |  | 3M SOFR+600 |  |  |  | CAD 1,672 |  |  |  | 1,204 |  |  |  | 1,237 |
Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (9) |  | 11/17/2025 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 4,288 |  |  |  | — |  |  |  | 54 |
Infinity Home Services Holdco, Inc. (Revolver) |  | 12/28/2028 |  | Commercial Services & Supplies |  | 13.75% |  |  | 3M SOFR+575 |  |  |  | 194 |  |  |  | 194 |  |  |  | 194 |
Infinity Home Services Holdco, Inc. - Unfunded Term Loan (9) |  | 12/28/2028 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,098 |  |  |  | — |  |  |  | — |
Infolinks Media Buyco, LLC |  | 11/01/2026 |  | Media |  | 10.10% |  |  | 3M SOFR+550 |  |  |  | 5,539 |  |  |  | 5,483 |  |  |  | 5,498 |
Integrative Nutrition, LLC |  | 01/31/2025 |  | Consumer Services |  | 11.36% |  |  | 3M SOFR+715 |  |  |  | 15,776 |  |  |  | 15,747 |  |  |  | 13,567 |
|  |  |  |  |  | (PIK 6.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
ITI Holdings, Inc. (Revolver) |  | 03/03/2028 |  | IT Services |  | 12.50% |  |  | 3M SOFR+450 |  |  |  | 500 |  |  |  | 500 |  |  |  | 500 |
ITI Holdings, Inc. (Revolver) (7), (9) |  | 03/03/2028 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 165 |  |  |  | — |  |  |  | — |
Inventus Power, Inc. |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  | 12.46% |  |  | 3M SOFR+761 |  |  |  | 4,938 |  |  |  | 4,893 |  |  |  | 4,863 |
Inventus Power, Inc. - Unfunded Revolver (9) |  | 06/30/2025 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,729 |  |  |  | — |  |  |  | (26 | )
Keel Platform, LLC |  | 01/19/2031 |  | Metals and Mining |  | 10.09% |  |  | 3M SOFR+525 |  |  |  | 11,544 |  |  |  | 11,388 |  |  |  | 11,486 |
Keel Platform, LLC - Unfunded Term Loan (9) |  | 01/19/2031 |  | Metals and Mining |  |  | — |  |  |  | — |  |  |  | 2,402 |  |  |  | — |  |  |  | 6 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  | Personal Products |  | 10.75% |  |  | 3M SOFR+615 |  |  |  | 13,971 |  |  |  | 13,802 |  |  |  | 13,970 |
Kinetic Purchaser, LLC (Revolver) (7) |  | 11/10/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,435 |  |  |  | — |  |  |  | — |
Lash OpCo, LLC |  | 02/18/2027 |  | Personal Products |  | 12.94% |  |  | 3M SOFR+785 |  |  |  | 10,786 |  |  |  | 10,689 |  |  |  | 10,678 |
|  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
Lash OpCo, LLC (Revolver) (7) |  | 08/16/2026 |  | Personal Products |  | 12.94% |  |  | 1M SOFR+785 |  |  |  | 2,833 |  |  |  | 2,833 |  |  |  | 2,805 |
|  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
Lash OpCo, LLC (Revolver) (7), (9) |  | 08/16/2026 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 335 |  |  |  | — |  |  |  | (3 | )
|  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. |  | 10/31/2025 |  | Capital Equipment |  | 11.64% |  |  | 1M SOFR+640 |  |  |  | 13,018 |  |  |  | 13,015 |  |  |  | 12,784 |
LAV Gear Holdings, Inc. (Revolver) (7) |  | 10/31/2025 |  | Capital Equipment |  | 11.64% |  |  | 1M SOFR+640 |  |  |  | 1,721 |  |  |  | 1,721 |  |  |  | 1,690 |
Ledge Lounger, Inc. |  | 11/09/2026 |  | Leisure Products |  | 12.25% |  |  | 3M SOFR+765 |  |  |  | 3,674 |  |  |  | 3,661 |  |  |  | 3,491 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Ledge Lounger, Inc. (Revolver) |  | 11/09/2026 |  | Leisure Products |  | 12.25% |  |  | 3M SOFR+765 |  |  |  | 263 |  |  |  | 263 |  |  |  | 250 |
|  |  |  |  |  | (PIK 1.0%) |  |  |  |  |  |  |  |  |  |  |  |  |
Ledge Lounger, Inc. (Revolver) (7), (9) |  | 11/09/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 395 |  |  |  | — |  |  |  | (20 | )
Lightspeed Buyer Inc. |  | 02/03/2026 |  | Healthcare Technology |  | 10.20% |  |  | 1M SOFR+535 |  |  |  | 22,309 |  |  |  | 22,150 |  |  |  | 22,309 |
Lightspeed Buyer Inc. (Revolver) (7), (9) |  | 02/03/2026 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 2,499 |  |  |  | — |  |  |  | — |
LJ Avalon Holdings, LLC |  | 02/01/2030 |  | Construction & Engineering |  | 10.31% |  |  | 3M SOFR+525 |  |  |  | 2,809 |  |  |  | 2,774 |  |  |  | 2,809 |
LJ Avalon Holdings, LLC - Unfunded Term Loan (9) |  | 02/01/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,892 |  |  |  | — |  |  |  | 9 |
LJ Avalon Holdings, LLC (Revolver) (7), (9) |  | 01/31/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,130 |  |  |  | — |  |  |  | — |
Loving Tan Intermediate II, Inc. |  | 05/31/2028 |  | Personal Products |  | 11.10% |  |  | 3M SOFR+650 |  |  |  | 45,055 |  |  |  | 44,374 |  |  |  | 44,379 |
Loving Tan Intermediate II, Inc. - Unfunded Term Loan (9) |  | 07/12/2025 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 23,464 |  |  |  | — |  |  |  | (117 | )
Loving Tan Intermediate II, Inc. (Revolver) |  | 05/31/2028 |  | Personal Products |  | 11.60% |  |  | 3M SOFR+700 |  |  |  | 1,780 |  |  |  | 1,780 |  |  |  | 1,753 |
Loving Tan Intermediate II, Inc. - Unfunded Revolver (9) |  | 05/31/2028 |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 3,559 |  |  |  | — |  |  |  | (53 | )
LSF9 Atlantis Holdings, LLC |  | 06/30/2029 |  | Specialty Retail |  | 9.85% |  |  | 3M SOFR+525 |  |  |  | 9,992 |  |  |  | 9,992 |  |  |  | 10,067 |
Lucky Bucks, LLC - First-out Term Loan |  | 10/02/2028 |  | Hotels, Restaurants and Leisure |  | 12.77% |  |  | 3M SOFR+765 |  |  |  | 259 |  |  |  | 259 |  |  |  | 259 |
Lucky Bucks, LLC - Last-out Term Loan |  | 10/02/2029 |  | Hotels, Restaurants and Leisure |  | 12.77% |  |  | 3M SOFR+765 |  |  |  | 518 |  |  |  | 518 |  |  |  | 518 |
MAG DS Corp. |  | 04/01/2027 |  | Aerospace and Defense |  | 10.20% |  |  | 1M SOFR+550 |  |  |  | 7,289 |  |  |  | 7,007 |  |  |  | 6,852 |
MBS Holdings, Inc. - Funded Revolver |  | 04/16/2027 |  | Internet Software and Services |  | 10.95% |  |  | 3M SOFR+585 |  |  |  | 139 |  |  |  | 139 |  |  |  | 139 |
MBS Holdings, Inc. (Revolver) (7), (9) |  | 04/16/2027 |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,019 |  |  |  | — |  |  |  | — |
MDI Buyer, Inc. |  | 07/25/2028 |  | Commodity Chemicals |  | 11.25% |  |  | 3M SOFR+575 |  |  |  | 2,021 |  |  |  | 1,988 |  |  |  | 2,002 |
MDI Buyer, Inc. (Revolver) |  | 07/25/2028 |  | Commodity Chemicals |  | 11.25% |  |  | 3M SOFR+600 |  |  |  | 531 |  |  |  | 531 |  |  |  | 526 |
MDI Buyer, Inc. (Revolver) (7), (9) |  | 07/25/2028 |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | — |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  | Professional Services |  | 10.50% |  |  | 3M SOFR+590 |  |  |  | 1,958 |  |  |  | 1,938 |  |  |  | 1,909 |
Meadowlark Acquirer, LLC (Revolver) (9) |  | 12/10/2027 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,693 |  |  |  | — |  |  |  | (42 | )
Medina Health, LLC |  | 10/20/2028 |  | Healthcare Providers and Services |  | 10.85% |  |  | 3M SOFR+625 |  |  |  | 17,820 |  |  |  | 17,554 |  |  |  | 17,820 |
Medina Health, LLC (Revolver) (9) |  | 10/20/2028 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,187 |  |  |  | — |  |  |  | — |
Megawatt Acquisitionco, Inc. |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  | 10.11% |  |  | 3M SOFR+525 |  |  |  | 6,965 |  |  |  | 6,869 |  |  |  | 6,575 |
Megawatt Acquisitionco, Inc. - Funded Revolver |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  | 10.11% |  |  | 3M SOFR+525 |  |  |  | 358 |  |  |  | 358 |  |  |  | 337 |
Megawatt Acquisitionco, Inc. - (Revolver) (9) |  | 03/01/2030 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,893 |  |  |  | — |  |  |  | (162 | )
Michael Baker International, LLC |  | 12/01/2028 |  | Professional Services |  | 9.60% |  |  | 3M SOFR+475 |  |  |  | 7,980 |  |  |  | 7,941 |  |  |  | 8,010 |
Mission Critical Electronics, Inc. |  | 03/31/2025 |  | Capital Equipment |  | 11.02% |  |  | 3M SOFR+590 |  |  |  | 3,101 |  |  |  | 3,092 |  |  |  | 3,101 |
Mission Critical Electronics, Inc. (Revolver) (7), (9) |  | 03/31/2025 |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 1,325 |  |  |  | — |  |  |  | — |
MOREGroup Holdings, Inc. |  | 01/16/2030 |  | Construction & Engineering |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 31,840 |  |  |  | 31,410 |  |  |  | 31,362 |
MOREGroup Holdings, Inc. - Unfunded Term Loan (9) |  | 01/16/2026 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 11,056 |  |  |  | — |  |  |  | (55 | )
MOREGroup Holdings, Inc. - (Revolver) (9) |  | 01/16/2030 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 6,634 |  |  |  | — |  |  |  | (100 | )
Municipal Emergency Services, Inc. |  | 10/01/2027 |  | Distributors |  | 9.75% |  |  | 3M SOFR+515 |  |  |  | 1,556 |  |  |  | 1,527 |  |  |  | 1,556 |
Municipal Emergency Services, Inc. - Term Loan B |  | 10/01/2027 |  | Distributors |  | 9.75% |  |  | 3M SOFR+515 |  |  |  | 777 |  |  |  | 777 |  |  |  | 777 |
Municipal Emergency Services, Inc. - Unfunded Term Loan (9) |  | 09/28/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,387 |  |  |  | — |  |  |  | 14 |
Municipal Emergency Services, Inc. - Unfunded Term Loan B (9) |  | 12/16/2024 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 486 |  |  |  | — |  |  |  | — |
Municipal Emergency Services, Inc. (Revolver) (7), (9) |  | 10/01/2027 |  | Distributors |  |  | — |  |  |  | — |  |  |  | 947 |  |  |  | — |  |  |  | — |
NBH Group LLC (Revolver) (7), (9) |  | 08/19/2026 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,677 |  |  |  | — |  |  |  | (50 | )
NFS - CFP Holdings LLC |  | 09/13/2030 |  | Commercial Services & Supplies |  | 9.56% |  |  | 3M SOFR+475 |  |  |  | 36,300 |  |  |  | 36,029 |  |  |  | 36,028 |
NFS - CFP Holdings LLC - Unfunded Term Loan (9) |  | 09/23/2026 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 13,370 |  |  |  | — |  |  |  | — |
NFS - CFP Holdings LLC - Unfunded Revolver (9) |  | 09/13/2030 |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 5,014 |  |  |  | — |  |  |  | — |
NORA Acquisition, LLC |  | 08/31/2029 |  | Healthcare Providers and Services |  | 10.95% |  |  | 3M SOFR+635 |  |  |  | 19,800 |  |  |  | 19,449 |  |  |  | 19,800 |
NORA Acquisition, LLC (Revolver) (7), (9) |  | 08/31/2029 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 5,479 |  |  |  | — |  |  |  | — |
Omnia Exterior Solutions, LLC |  | 12/29/2029 |  | Diversified Consumer Services |  | 10.10% |  |  | 3M SOFR+550 |  |  |  | 28,744 |  |  |  | 28,498 |  |  |  | 28,313 |
Omnia Exterior Solutions, LLC - Unfunded Term Loan (9) |  | 09/30/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 12,802 |  |  |  | — |  |  |  | (80 | )
Omnia Exterior Solutions, LLC - Unfunded Term Loan (9) |  | 12/30/2024 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 8,001 |  |  |  | — |  |  |  | (50 | )
Omnia Exterior Solutions, LLC (Revolver) (7), (9) |  | 12/29/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 4,200 |  |  |  | — |  |  |  | (63 | )
One Stop Mailing, LLC |  | 05/07/2027 |  | Air Freight and Logistics |  | 11.21% |  |  | 3M SOFR+636 |  |  |  | 8,426 |  |  |  | 8,333 |  |  |  | 8,426 |
ORL Acquisition, Inc. |  | 09/03/2027 |  | Consumer Finance |  | 14.00% |  |  | 3M SOFR+940 |  |  |  | 4,718 |  |  |  | 4,666 |  |  |  | 4,010 |
|  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
ORL Acquisition, Inc. (Revolver) (7), (9) |  | 09/03/2027 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 215 |  |  |  | — |  |  |  | (32 | )
OSP Embedded Purchaser, LLC |  | 12/15/2029 |  | Aerospace and Defense |  | 10.70% |  |  | 3M SOFR+610 |  |  |  | 12,803 |  |  |  | 12,598 |  |  |  | 12,432 |
OSP Embedded Purchaser, LLC (Revolver) (9) |  | 12/15/2029 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 2,932 |  |  |  | — |  |  |  | (85 | )
Outcomes Group Holdings, Inc |  | 04/02/2031 |  | Healthcare Providers and Services |  | 9.10% |  |  | 3M SOFR+425 |  |  |  | 3,990 |  |  |  | 3,970 |  |  |  | 4,011 |
Output Services Group, Inc. - First-out Term Loan |  | 11/30/2028 |  | Business Services |  | 13.75% |  |  | 3M SOFR+843 |  |  |  | 521 |  |  |  | 521 |  |  |  | 521 |
Output Services Group, Inc. - Last-out Term Loan |  | 05/30/2028 |  | Business Services |  | 12.00% |  |  | 3M SOFR+668 |  |  |  | 1,058 |  |  |  | 1,058 |  |  |  | 1,058 |
Owl Acquisition, LLC |  | 02/04/2028 |  | Professional Services |  | 10.20% |  |  | 3M SOFR+535 |  |  |  | 3,893 |  |  |  | 3,812 |  |  |  | 3,825 |
Ox Two, LLC |  | 05/18/2026 |  | Construction and Building |  | 11.12% |  |  | 3M SOFR+651 |  |  |  | 22,540 |  |  |  | 22,385 |  |  |  | 22,540 |
Ox Two, LLC (Revolver) |  | 05/18/2026 |  | Construction and Building |  |  | — |  |  |  | — |  |  |  | 3,387 |  |  |  | — |  |  |  | — |
Pacific Purchaser, LLC |  | 09/30/2028 |  | Professional Services |  | 11.51% |  |  | 3M SOFR+625 |  |  |  | 4,963 |  |  |  | 4,878 |  |  |  | 4,953 |
Pacific Purchaser, LLC - Unfunded Term Loan (9) |  | 09/30/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,598 |  |  |  | — |  |  |  | 47 |
Pacific Purchaser, LLC - (Revolver) (9) |  | 09/30/2028 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,799 |  |  |  | — |  |  |  | (4 | )
PAR Excellence Holdings, Inc. |  | 09/03/2030 |  | Healthcare Technology |  | 9.77% |  |  | 3M SOFR+475 |  |  |  | 17,500 |  |  |  | 17,327 |  |  |  | 17,325 |
PAR Excellence Holdings, Inc. - Unfunded Revolver (9) |  | 09/03/2030 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 4,692 |  |  |  | — |  |  |  | — |
PCS Midco, Inc. |  | 03/01/2030 |  | Professional Services |  | 10.81% |  |  | 3M SOFR+575 |  |  |  | 7,434 |  |  |  | 7,333 |  |  |  | 7,434 |
PCS Midco, Inc. - Unfunded Term Loan (9) |  | 03/01/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 3,974 |  |  |  | — |  |  |  | 40 |
PCS Midco, Inc. - Revolver |  | 03/01/2030 |  | Professional Services |  | 10.81% |  |  | 3M SOFR+575 |  |  |  | 310 |  |  |  | 310 |  |  |  | 310 |
PCS Midco, Inc. - (Revolver) (9) |  | 03/01/2030 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,461 |  |  |  | — |  |  |  | — |
PH Beauty Holdings III, Inc. |  | 09/28/2025 |  | Consumer Products |  | 10.17% |  |  | 3M SOFR+543 |  |  |  | 7,415 |  |  |  | 7,401 |  |  |  | 7,346 |
PL Acquisitionco, LLC |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  | 11.99% |  |  | 3M SOFR+725 |  |  |  | 5,798 |  |  |  | 5,735 |  |  |  | 4,638 |
|  |  |  |  |  | (PIK 3.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
PL Acquisitionco, LLC - (Revolver) (9) |  | 11/09/2027 |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 2,290 |  |  |  | — |  |  |  | (458 | )
PlayPower, Inc. |  | 08/28/2030 |  | Leisure Products |  | 9.85% |  |  | 1M SOFR+525 |  |  |  | 26,334 |  |  |  | 26,140 |  |  |  | 25,939 |
PlayPower, Inc. - Unfunded Revolver (9) |  | 08/28/2030 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 3,981 |  |  |  | — |  |  |  | (60 | )
Pragmatic Institute, LLC (Revolver), (5) |  | 07/06/2028 |  | Professional Services |  | 12.82% |  |  | 3M SOFR+750 |  |  |  | 1,641 |  |  |  | 1,605 |  |  |  | 1,005 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

21

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
|  |  |  |  |  | (PIK 12.09%) |  |  |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  | 10.95% |  |  | 3M SOFR+635 |  |  |  | 6,579 |  |  |  | 6,530 |  |  |  | 6,546 |
Quantic Electronics, LLC - Funded revolver |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  | 10.95% |  |  | 3M SOFR+635 |  |  |  | 335 |  |  |  | 335 |  |  |  | 333 |
Quantic Electronics, LLC (Revolver) (7), (9) |  | 11/19/2026 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 335 |  |  |  | — |  |  |  | (2 | )
Rancho Health MSO, Inc. - Unfunded Term Loan (9) |  | 06/30/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 3,000 |  |  |  | — |  |  |  | 30 |
Rancho Health MSO, Inc. (Revolver) (7) |  | 12/18/2025 |  | Healthcare Equipment and Supplies |  | 10.93% |  |  | 3M SOFR+560 |  |  |  | 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 |  | 11.75% |  |  | 3M SOFR+715 |  |  |  | 1,448 |  |  |  | 1,439 |  |  |  | 1,433 |
Recteq, LLC (Revolver) (7), (9) |  | 01/29/2026 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,296 |  |  |  | — |  |  |  | (13 | )
Riverpoint Medical, LLC |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  | 9.85% |  |  | 3M SOFR+525 |  |  |  | 9,829 |  |  |  | 9,796 |  |  |  | 9,841 |
Riverpoint Medical, LLC (Revolver) (7) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  | 10.10% |  |  | 3M SOFR+535 |  |  |  | 133 |  |  |  | 133 |  |  |  | 133 |
Riverpoint Medical, LLC (Revolver) (7), (9) |  | 06/20/2025 |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 776 |  |  |  | — |  |  |  | — |
RRA Corporate, LLC |  | 08/15/2029 |  | Diversified Consumer Services |  | 9.60% |  |  | 3M SOFR+500 |  |  |  | 19,200 |  |  |  | 19,008 |  |  |  | 19,008 |
RRA Corporate, LLC - Unfunded Term Loan 1 (9) |  | 02/15/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 11,506 |  |  |  | — |  |  |  | — |
RRA Corporate, LLC - Unfunded Term Loan 2 (9) |  | 08/15/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 21,719 |  |  |  | — |  |  |  | — |
RRA Corporate, LLC - Funded Revolver |  | 08/15/2029 |  | Diversified Consumer Services |  | 9.60% |  |  | 3M SOFR+500 |  |  |  | 1,410 |  |  |  | 1,409 |  |  |  | 1,395 |
RRA Corporate, LLC - Unfunded Revolver (9) |  | 08/15/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 5,306 |  |  |  | — |  |  |  | (53 | )
RTIC Subsidiary Holdings, LLC |  | 05/03/2029 |  | Leisure Products |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 41,995 |  |  |  | 41,372 |  |  |  | 41,155 |
RTIC Subsidiary Holdings, LLC - Unfunded Revolver (9) |  | 05/03/2029 |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 9,417 |  |  |  | — |  |  |  | (188 | )
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 06/15/2029 |  | Professional Services |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 1,140 |  |  |  | 1,124 |  |  |  | 1,126 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (9) |  | 06/27/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,146 |  |  |  | — |  |  |  | (9 | )
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9) |  | 06/15/2029 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 860 |  |  |  | — |  |  |  | (11 | )
Safe Haven Defense US LLC |  | 05/23/2029 |  | Building Products |  | 9.85% |  |  | 3M SOFR+525 |  |  |  | 13,563 |  |  |  | 13,363 |  |  |  | 13,428 |
Safe Haven Defense US LLC - Unfunded Revolver (9) |  | 05/23/2029 |  | Building Products |  |  | — |  |  |  | — |  |  |  | 2,920 |  |  |  | — |  |  |  | (29 | )
Sales Benchmark Index LLC |  | 01/03/2025 |  | Professional Services |  | 10.80% |  |  | 3M SOFR+620 |  |  |  | 2,527 |  |  |  | 2,524 |  |  |  | 2,527 |
Sales Benchmark Index LLC (Revolver) (7), (9) |  | 01/03/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,293 |  |  |  | — |  |  |  | — |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  | 11.45% |  |  | 1M SOFR+760 |  |  |  | 3,272 |  |  |  | 3,266 |  |  |  | 3,272 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Sargent & Greenleaf Inc. (Revolver) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  | 11.45% |  |  | 1M SOFR+660 |  |  |  | 1,078 |  |  |  | 1,078 |  |  |  | 1,078 |
|  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Sargent & Greenleaf Inc. (Revolver) (9) |  | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | — |
Schlesinger Global, Inc. |  | 07/14/2025 |  | Professional Services |  | 13.20% |  |  | 3M SOFR+835 |  |  |  | 15,224 |  |  |  | 15,191 |  |  |  | 14,844 |
|  |  |  |  |  | (PIK 5.60%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. (Revolver) |  | 07/14/2025 |  | Professional Services |  | 13.20% |  |  | 3M SOFR+835 |  |  |  | 1,578 |  |  |  | 1,578 |  |  |  | 1,539 |
|  |  |  |  |  | (PIK 5.60%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. (Revolver) (7), (9) |  | 07/14/2025 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 401 |  |  |  | — |  |  |  | (10 | )
Seaway Buyer, LLC |  | 06/13/2029 |  | Chemicals, Plastics and Rubber |  | 10.75% |  |  | 3M SOFR+615 |  |  |  | 1,901 |  |  |  | 1,879 |  |  |  | 1,834 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  | IT Services |  | 11.50% |  |  | 3M SOFR+690 |  |  |  | 20,708 |  |  |  | 20,447 |  |  |  | 20,501 |
Sigma Defense Systems, LLC (Revolver) (7), (9) |  | 12/18/2027 |  | IT Services |  |  | — |  |  |  | — |  |  |  | 3,311 |  |  |  | — |  |  |  | (33 | )
Simplicity Financial Marketing Group Holdings Inc. |  | 12/02/2026 |  | Diversified Financial Services |  | 11.73% |  |  | 3M SOFR+640 |  |  |  | 4,065 |  |  |  | 4,054 |  |  |  | 4,106 |
Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (9) |  | 02/09/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 4,656 |  |  |  | — |  |  |  | 93 |
Simplicity Financial Marketing Group Holdings Inc. - (Revolver) (9) |  | 12/02/2026 |  | Diversified Financial Services |  |  | — |  |  |  | — |  |  |  | 1,043 |  |  |  | — |  |  |  | — |
Skopima Consilio Parent, LLC |  | 05/17/2028 |  | Business Services |  | 9.46% |  |  | 1M SOFR+461 |  |  |  | 596 |  |  |  | 584 |  |  |  | 594 |
Smartronix, LLC |  | 11/23/2028 |  | Aerospace and Defense |  | 10.35% |  |  | 1M SOFR+610 |  |  |  | 13,521 |  |  |  | 13,323 |  |  |  | 13,521 |
Smartronix, LLC - (Revolver) (9) |  | 11/23/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,791 |  |  |  | — |  |  |  | — |
Smile Brands Inc. |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  | 10.20% |  |  | 1M SOFR+550 |  |  |  | 2,422 |  |  |  | 2,422 |  |  |  | 2,143 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Smile Brands Inc. (Revolver) |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  | 10.20% |  |  | 1M SOFR+550 |  |  |  | 866 |  |  |  | 866 |  |  |  | 766 |
|  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Smile Brands Inc. (Revolver) (7), (9) |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 678 |  |  |  | — |  |  |  | (78 | )
Smile Brands Inc. LC (Revolver) (7), (9) |  | 10/12/2027 |  | Healthcare and Pharmaceuticals |  |  | — |  |  |  | — |  |  |  | 100 |  |  |  | — |  |  |  | (12 | )
Solutionreach, Inc. |  | 07/17/2025 |  | Healthcare Technology |  | 12.40% |  |  | 3M SOFR+715 |  |  |  | 4,657 |  |  |  | 4,637 |  |  |  | 4,657 |
Solutionreach, Inc. (Revolver) (7), (9) |  | 07/17/2025 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 833 |  |  |  | — |  |  |  | — |
Spendmend Holdings LLC |  | 03/01/2028 |  | Healthcare Technology |  | 10.78% |  |  | 3M SOFR+565 |  |  |  | 2,253 |  |  |  | 2,232 |  |  |  | 2,253 |
Spendmend Holdings LLC - Unfunded Term Loan (9) |  | 03/03/2025 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,493 |  |  |  | — |  |  |  | 11 |
Spendmend Holdings LLC (Revolver) |  | 03/01/2028 |  | Healthcare Technology |  | 10.25% |  |  | 3M SOFR+565 |  |  |  | 357 |  |  |  | 357 |  |  |  | 357 |
Spendmend Holdings LLC (Revolver) (9) |  | 03/01/2028 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 535 |  |  |  | — |  |  |  | — |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  | Healthcare Providers and Services |  | 9.31% |  |  | 1M SOFR+425 |  |  |  | 1,990 |  |  |  | 1,975 |  |  |  | 1,851 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 08/16/2027 |  | Aerospace and Defense |  | 10.26% |  |  | 3M SOFR+500 |  |  |  | 20,461 |  |  |  | 20,238 |  |  |  | 20,421 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (Revolver) (9) |  | 08/16/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 12,537 |  |  |  | — |  |  |  | 69 |
System Planning and Analysis, Inc. - Funded Revolver |  | 08/16/2027 |  | Aerospace and Defense |  | 9.59% |  |  | 3M SOFR+515 |  |  |  | 1,633 |  |  |  | 1,633 |  |  |  | 1,630 |
System Planning and Analysis, Inc. - (Revolver) (9) |  | 08/16/2027 |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 6,732 |  |  |  | — |  |  |  | (13 | )
S101 Holdings, Inc. |  | 12/29/2026 |  | Electronic Equipment, Instruments, and Components |  | 11.48% |  |  | 3M SOFR+615 |  |  |  | 12,439 |  |  |  | 12,301 |  |  |  | 12,315 |
S101 Holdings, Inc. - Unfunded Term Loan 2 (9) |  | 12/15/2024 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 9,036 |  |  |  | — |  |  |  | — |
TCG 3.0 Jogger Acquisitionco, Inc. |  | 01/26/2029 |  | Media |  | 11.83% |  |  | 3M SOFR+650 |  |  |  | 6,965 |  |  |  | 6,857 |  |  |  | 6,895 |
TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) (9) |  | 01/26/2029 |  | Media |  |  | — |  |  |  | — |  |  |  | 2,426 |  |  |  | — |  |  |  | (24 | )
Team Services Group, LLC |  | 12/20/2027 |  | Healthcare Providers and Services |  | 10.51% |  |  | 3M SOFR+526 |  |  |  | 15,412 |  |  |  | 15,173 |  |  |  | 15,217 |
Teneo Holdings, LLC - Initial Term Loans |  | 03/13/2031 |  | Diversified Financial Services |  | 9.60% |  |  | 3M SOFR+475 |  |  |  | 6,965 |  |  |  | 6,895 |  |  |  | 6,987 |
The Bluebird Group LLC |  | 07/28/2026 |  | Professional Services |  | 11.25% |  |  | 3M SOFR+665 |  |  |  | 2,566 |  |  |  | 2,538 |  |  |  | 2,566 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

22

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
The Bluebird Group LLC (Revolver) (7), (9) |  | 07/28/2026 |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 862 |  |  |  | — |  |  |  | — |
The Vertex Companies, LLC (7) |  | 08/30/2027 |  | Construction & Engineering |  | 10.95% |  |  | 1M SOFR+610 |  |  |  | 3,377 |  |  |  | 3,333 |  |  |  | 3,356 |
The Vertex Companies, LLC (Revolver) |  | 08/30/2027 |  | Construction & Engineering |  | 10.95% |  |  | 1M SOFR+610 |  |  |  | 376 |  |  |  | 376 |  |  |  | 376 |
The Vertex Companies, LLC (Revolver) (7), (9) |  | 08/30/2027 |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 535 |  |  |  | — |  |  |  | (1 | )
TPC US Parent, LLC |  | 11/24/2025 |  | Food Products |  | 10.98% |  |  | 3M SOFR+565 |  |  |  | 11,888 |  |  |  | 11,808 |  |  |  | 11,888 |
TPCN Midco, LLC |  | 06/26/2029 |  | Diversified Consumer Services |  | 10.35% |  |  | 3M SOFR+575 |  |  |  | 8,878 |  |  |  | 8,749 |  |  |  | 8,665 |
TPCN Midco, LLC - Unfunded Term Loan (9) |  | 06/26/2026 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 13,113 |  |  |  | — |  |  |  | (184 | )
TPCN Midco, LLC - Unfunded Revolver (9) |  | 06/26/2029 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,580 |  |  |  | — |  |  |  | (62 | )
TransGo, LLC |  | 12/29/2028 |  | Auto Components |  | 10.60% |  |  | 3M SOFR+575 |  |  |  | 12,034 |  |  |  | 11,869 |  |  |  | 12,034 |
TransGo, LLC (Revolver) (7), (9) |  | 12/29/2028 |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 4,440 |  |  |  | — |  |  |  | — |
TWS Acquisition Corporation |  | 06/16/2025 |  | Diversified Consumer Services |  | 11.33% |  |  | 1M SOFR+640 |  |  |  | 2,508 |  |  |  | 2,502 |  |  |  | 2,508 |
TWS Acquisition Corporation (Revolver) (7), (9) |  | 06/16/2025 |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,628 |  |  |  | — |  |  |  | — |
Tyto Athene, LLC |  | 04/01/2028 |  | IT Services |  | 10.23% |  |  | 1M SOFR+490 |  |  |  | 11,928 |  |  |  | 11,826 |  |  |  | 11,690 |
Urology Management Holdings, Inc. |  | 06/15/2027 |  | Healthcare Providers and Services |  | 10.52% |  |  | 3M SOFR+550 |  |  |  | 1,200 |  |  |  | 1,194 |  |  |  | 1,188 |
Urology Management Holdings, Inc. - Unfunded Term Loan (9) |  | 09/03/2026 |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 4,800 |  |  |  | — |  |  |  | (24 | )
Walker Edison Furniture, LLC - Term Loan (11) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 5,441 |  |  |  | 5,026 |  |  |  | 490 |
Walker Edison Furniture Company, LLC - Unfunded Term Loan (11) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 83 |  |  |  | — |  |  |  | (76 | )
Walker Edison Furniture Company, LLC - Funded Junior Revolver (11) |  | 03/01/2029 |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Watchtower Intermediate, LLC |  | 12/01/2029 |  | Electronic Equipment, Instruments, and Components |  | 10.60% |  |  | 3M SOFR+600 |  |  |  | 9,055 |  |  |  | 8,929 |  |  |  | 8,964 |
Watchtower Intermediate, LLC - Unfunded Term Loan (9) |  | 12/01/2025 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,100 |  |  |  | — |  |  |  | 3 |
Watchtower Intermediate, LLC (Revolver) (9) |  | 12/01/2029 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 6,300 |  |  |  | — |  |  |  | (63 | )
Wildcat Buyerco, Inc. |  | 02/26/2027 |  | Electronic Equipment, Instruments, and Components |  | 10.60% |  |  | 3M SOFR+575 |  |  |  | 12,592 |  |  |  | 12,498 |  |  |  | 12,592 |
Wildcat Buyerco, Inc. - Unfunded Term Loan (9) |  | 02/26/2027 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 3,281 |  |  |  | — |  |  |  | 33 |
Wildcat Buyerco, Inc. (Revolver) (7), (9) |  | 02/26/2027 |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 534 |  |  |  | — |  |  |  | — |
Wrench Group, LLC |  | 10/30/2028 |  | Commercial Services & Supplies |  | 8.87% |  |  | 3M SOFR+426 |  |  |  | 3,483 |  |  |  | 3,475 |  |  |  | 3,480 |
Zips Car Wash, LLC |  | 12/31/2024 |  | Automobiles |  | 12.46% |  |  | 3M SOFR+740 |  |  |  | 13,252 |  |  |  | 13,227 |  |  |  | 12,656 |
|  |  |  |  |  | (PIK 1.5%) |  |  |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,488,717 |  |  | $ | 1,472,064 |
Subordinate Debt - 0.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beacon Behavioral Holdings LLC |  | 06/21/2030 |  | Healthcare Providers and Services |  | 15.00% |  |  |  | — |  |  |  | 1,042 |  |  |  | 1,027 |  |  |  | 1,026 |
|  |  |  |  |  | (PIK 15.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
ORL Holdco, Inc. - Convertible Notes |  | 03/08/2028 |  | Consumer Finance |  | 18.00% |  |  |  | — |  |  |  | 13 |  |  |  | 13 |  |  |  | 9 |
ORL Holdco, Inc. - Unfunded Convertible Notes (9) |  | 03/08/2028 |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | — |  |  |  | (4 | )
Schlesinger Global, LLC - Promissory Note |  | 01/08/2026 |  | Professional Services |  | 12.31% |  |  | 3M SOFR+700 |  |  |  | 66 |  |  |  | 66 |  |  |  | 136 |
StoicLane, Inc. - Convertible Notes |  | 08/15/2027 |  | Healthcare Technology |  | 12.00% |  |  |  | — |  |  |  | 1,526 |  |  |  | 1,526 |  |  |  | 1,526 |
StoicLane, Inc. - Unfunded Convertible Notes (9) |  | 08/15/2027 |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,526 |  |  |  | — |  |  |  | — |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,632 |  |  | $ | 2,693 |
Preferred Equity - 2.1% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounting Platform Blocker, Inc -. Preferred Equity |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,075,900 |  |  |  | 1,076 |  |  |  | 1,076 |
Ad.net Holdings, Inc. |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 6,720 |  |  |  | 672 |  |  |  | 852 |
AFC Acquisitions, Inc. (Preferred) (8) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 854 |  |  |  | 1,314 |  |  |  | 1,400 |
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 2,018 |  |  |  | 2,018 |  |  |  | 2,298 |
Cartessa Aesthetics, LLC (Preferred) (8) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 2,560 |
C5MI Holdco, LLC. - Preferred Equity (8) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 228,900 |  |  |  | 223 |  |  |  | 233 |
EvAL Home Health Solutions, LLC - Preferred Equity (8) |  |  |  | Healthcare, Education and Childcare |  |  | — |  |  |  | — |  |  |  | 876,386 |  |  |  | 1,455 |  |  |  | 1,631 |
Gauge Schlesinger Coinvest LLC (Preferred Equity) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64 |  |  |  | 64 |  |  |  | 37 |
Hancock Claims Consultants Investors, LLC (Preferred Equity) (8) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 116,588 |  |  |  | 76 |  |  |  | 149 |
Imagine Topco, LP |  |  |  | Software |  | 8.00% |  |  |  | — |  |  |  | 1,236,027 |  |  |  | 1,236 |  |  |  | 1,432 |
Magnolia Topco LP - Class A Preferred Equity (8) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 47 |  |  |  | 47 |  |  |  | 48 |
Magnolia Topco LP - Class B Preferred Equity (8) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | 20 |  |  |  | — |
Megawatt Acquisition Partners, LLC - Preferred A Equity |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 9,360 |  |  |  | 936 |  |  |  | 842 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,935 |  |  |  | 1,935 |  |  |  | 2,621 |
ORL Holdco, Inc. (7) |  |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,327 |  |  |  | 133 |  |  |  | 18 |
PL Acquisitionco, LLC (Preferred Equity) |  |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 61 |  |  |  | — |
RTIC Parent Holdings, LLC - Class A Preferred Equity (8) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 9 |  |  |  | — |
RTIC Parent Holdings, LLC - Class C Preferred Equity (8) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 18,450 |  |  |  | 1,215 |  |  |  | 1,976 |
RTIC Parent Holdings, LLC - Class D Preferred Equity (8) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 19,584 |  |  |  | 196 |  |  |  | 218 |
TPC Holding Company, LP (7) |  |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 409 |  |  |  | 409 |  |  |  | 662 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 37 |  |  |  | 35 |  |  |  | 43 |
UniTek Global Services, Inc. - Super Senior Preferred Equity (7) |  |  |  | Telecommunications |  | 20.00% |  |  |  | — |  |  |  | 343,861 |  |  |  | 344 |  |  |  | 209 |
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 16,031 |  |  | $ | 18,305 |
Common Equity/Warrants - 15.9% (6) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Equity, LLC (8) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 647,943 |  |  |  | 648 |  |  |  | 818 |
ACP Big Top Holdings, L.P. - Common Equity |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 3,000,500 |  |  |  | 3,001 |  |  |  | 3,614 |
Ad.net Holdings, Inc. (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 7,467 |  |  |  | 75 |  |  |  | 4 |
Aechelon InvestCo, LP - Common Equity |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 31,675 |  |  |  | 3,168 |  |  |  | 3,168 |
Aechelon InvestCo, LP - Unfunded (9) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 31,675 |  |  |  | — |  |  |  | — |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

23

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
Aftermarket Drivetrain Products Holdings, LLC |  |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 2,632 |  |  |  | 2,632 |  |  |  | 3,686 |
AG Investco LP (7), (8) |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 805,164 |  |  |  | 805 |  |  |  | 1,008 |
AG Investco LP (7), (8), (9) |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 194,836 |  |  |  | — |  |  |  | — |
Altamira Intermediate Company II, Inc. (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,437,500 |  |  |  | 1,438 |  |  |  | 1,736 |
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 |  |  |  | 3,837 |
BioDerm Holdings, LP |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,313 |  |  |  | 1,313 |  |  |  | 1,179 |
Burgess Point Holdings, LP |  |  |  | Auto Components |  |  | — |  |  |  | — |  |  |  | 112 |  |  |  | 114 |  |  |  | 119 |
By Light Investco LP (7), (8) |  |  |  | High Tech Industries |  |  | — |  |  |  | — |  |  |  | 22,789 |  |  |  | 803 |  |  |  | 18,788 |
Carisk Parent, L.P. |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 239,680 |  |  |  | 240 |  |  |  | 247 |
Carnegie HoldCo, LLC - Common Equity (8) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 2,719,600 |  |  |  | 2,664 |  |  |  | 2,638 |
Connatix Parent, LLC (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 38,278 |  |  |  | 421 |  |  |  | 236 |
Consello Pacific Aggregator, LLC (8) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 1,025,476 |  |  |  | 973 |  |  |  | 921 |
Crane 1 Acquisition Parent Holdings, L.P. (7) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 130 |  |  |  | 120 |  |  |  | 220 |
C5MI Holdco, LLC. - Common Equity (8) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 1,659,050 |  |  |  | 1,659 |  |  |  | 1,654 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 804,615 |  |  |  | 763 |  |  |  | 1,500 |
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8), (9) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 200,255 |  |  |  | — |  |  |  | — |
DUGGAL EQUITY, LP – Common Equity |  |  |  | Marketing Services |  |  | — |  |  |  | — |  |  |  | 686,400 |  |  |  | 686 |  |  |  | 686 |
eCommission Holding Corporation (7), (10) |  |  |  | Banking, Finance, Insurance & Real Estate |  |  | — |  |  |  | — |  |  |  | 20 |  |  |  | 237 |  |  |  | 639 |
EDS Topco, LP |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,125,000 |  |  |  | 1,125 |  |  |  | 1,256 |
Exigo, LLC |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 541,667 |  |  |  | 542 |  |  |  | 586 |
FedHC InvestCo LP (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 21,665 |  |  |  | 727 |  |  |  | 1,773 |
FedHC InvestCo LP (7), (8), (9) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 7,566 |  |  |  | — |  |  |  | — |
Five Star Parent Holdings, LLC |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 655,714 |  |  |  | 656 |  |  |  | 647 |
Gauge ETE Blocker, LLC |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 374,444 |  |  |  | 374 |  |  |  | 285 |
Gauge Lash Coinvest LLC (7) |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,840,021 |  |  |  | 1,393 |  |  |  | 5,349 |
Gauge Loving Tan, LP |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 2,914,701 |  |  |  | 2,915 |  |  |  | 3,207 |
Gauge Schlesinger Coinvest LLC (7) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 465 |  |  |  | 476 |  |  |  | 268 |
GCOM InvestCo LP |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 19,184 |  |  |  | 3,342 |  |  |  | 4,555 |
GGG Topco, LLC – Common Equity (8) |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 2,759,800 |  |  |  | 2,760 |  |  |  | 2,760 |
GMP Hills, L.P. |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 4,430,843 |  |  |  | 4,431 |  |  |  | 4,342 |
Hancock Claims Consultants Investors, LLC (7), (8) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 450,000 |  |  |  | 448 |  |  |  | 275 |
HPA SPQ Aggregator LP |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 750,399 |  |  |  | 750 |  |  |  | 842 |
HV Watterson Holdings, LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 100,000 |  |  |  | 100 |  |  |  | 16 |
Icon Partners V C, L.P. |  |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 1,870,915 |  |  |  | 1,871 |  |  |  | 1,872 |
Icon Partners V C, L.P. (7), (9) |  |  |  | Internet Software and Services |  |  | — |  |  |  | — |  |  |  | 629,085 |  |  |  | — |  |  |  | — |
IIN Group Holdings, LLC (8) |  |  |  | Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 1,000 |  |  |  | — |
Imagine Topco, LP (Common) |  |  |  | Software |  |  | — |  |  |  | — |  |  |  | 1,236,027 |  |  |  | — |  |  |  | — |
IHS Parent Holdngs, L.P. |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,218,045 |  |  |  | 1,218 |  |  |  | 1,535 |
Ironclad Holdco, LLC (Applied Technical Services, LLC) (7) |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 6,355 |  |  |  | 668 |  |  |  | 988 |
ITC Infusion Co-invest, LP (8) |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 116,032 |  |  |  | 1,175 |  |  |  | 1,745 |
Kinetic Purchaser, LLC |  |  |  | Personal Products |  |  | — |  |  |  | — |  |  |  | 1,734,775 |  |  |  | 1,735 |  |  |  | 1,985 |
KL Stockton Co-Invest LP (Any Hour Services) (7), (8) |  |  |  | Energy Equipment and Services |  |  | — |  |  |  | — |  |  |  | 382,353 |  |  |  | 385 |  |  |  | 884 |
LEP Pequod Holdings, LP |  |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 350 |  |  |  | 865 |  |  |  | 1,004 |
Lightspeed Investment Holdco LLC (7) |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 585,587 |  |  |  | 586 |  |  |  | 2,118 |
LJ Avalon, LP |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 1,638,043 |  |  |  | 1,638 |  |  |  | 1,998 |
Lucky Bucks, LLC |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 904 |
Magnolia Topco LP - Class A Common Equity (8) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 46,974 |  |  |  | — |  |  |  | — |
Magnolia Topco LP - Class B Common Equity (8) |  |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 30,926 |  |  |  | — |  |  |  | — |
MDI Aggregator, LP |  |  |  | Commodity Chemicals |  |  | — |  |  |  | — |  |  |  | 10,761 |  |  |  | 1,078 |  |  |  | 1,250 |
Meadowlark Title, LLC (8) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 819,231 |  |  |  | 806 |  |  |  | — |
Megawatt Acquisition Partners, LLC - Common A Equity |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 1,040 |  |  |  | 104 |  |  |  | 83 |
Municipal Emergency Services, Inc. (7) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,973,370 |  |  |  | 2,005 |  |  |  | 3,157 |
NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 1,494 |  |  |  | 1,438 |  |  |  | 100 |
New Insight Holdings, Inc. - Common Equity |  |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 158,348 |  |  |  | 2,771 |  |  |  | 2,771 |
New Medina Health, LLC (8) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,672,646 |  |  |  | 2,673 |  |  |  | 4,171 |
NFS - CFP Holdings LLC |  |  |  | Commercial Services & Supplies |  |  | — |  |  |  | — |  |  |  | 1,337,017 |  |  |  | 1,337 |  |  |  | 1,337 |
NORA Parent Holdings, LLC (8) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 2,544 |  |  |  | 2,525 |  |  |  | 2,256 |
North Haven Saints Equity Holdings, LP (8) |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 223,602 |  |  |  | 224 |  |  |  | 241 |
NXOF Holdings, Inc. (Tyto Athene, LLC) (7) |  |  |  | IT Services |  |  | — |  |  |  | — |  |  |  | 37,561 |  |  |  | 496 |  |  |  | — |
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 173,638 |  |  |  | 1,736 |  |  |  | 1,761 |
OES Co-Invest, LP - Class A Common Equity |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,560 |  |  |  | 1,574 |  |  |  | 1,739 |
OHCP V BC COI, L.P. |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 1,158,239 |  |  |  | 1,158 |  |  |  | 738 |

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

24

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

Issuer Name |  | Maturity |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par / Shares |  |  | Cost |  |  | Fair Value (2) |
OHCP V BC COI, L.P. (9) |  |  |  | Distributors |  |  | — |  |  |  | — |  |  |  | 91,761 |  |  |  | — |  |  |  | (33 | )
ORL Holdco, Inc |  |  |  | Consumer Finance |  |  | — |  |  |  | — |  |  |  | 1,474 |  |  |  | 15 |  |  |  | — |
OSP Embedded Aggregator, LP |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 1,727,679 |  |  |  | 1,728 |  |  |  | 1,098 |
Output Services Group, Inc. |  |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 80,170 |  |  |  | 642 |  |  |  | 701 |
PAR Excellence Holdings, Inc. - Common Equity |  |  |  | Healthcare Technology |  |  | — |  |  |  | — |  |  |  | 1,902,200 |  |  |  | 1,902 |  |  |  | 1,902 |
PCS Parent, LP - Common Equity |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 423,247 |  |  |  | 423 |  |  |  | 444 |
PennantPark-TSO Senior Loan Fund, LP (7)(10) |  |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 11,167,847 |  |  |  | 11,168 |  |  |  | 9,186 |
Pink Lily Holdco, LLC (8) |  |  |  | Textiles, Apparel and Luxury Goods |  |  | — |  |  |  | — |  |  |  | 1,735 |  |  |  | 1,735 |  |  |  | — |
Pragmatic Institute, LLC |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 610,583 |  |  |  | 611 |  |  |  | — |
Quad (U.S.) Co-Invest, L.P. |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 266,864 |  |  |  | 267 |  |  |  | 341 |
QuantiTech InvestCo LP (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 700 |  |  |  | — |  |  |  | 172 |
QuantiTech InvestCo LP (7), (8), (9) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 955 |  |  |  | — |  |  |  | — |
QuantiTech InvestCo II LP (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 14 |  |  |  | 12 |
RFMG Parent, LP (Rancho Health MSO, Inc.) (7) |  |  |  | Healthcare Equipment and Supplies |  |  | — |  |  |  | — |  |  |  | 1,050,000 |  |  |  | 1,050 |  |  |  | 1,309 |
Safe Haven Defense MidCo, LLC - Common Equity (8) |  |  |  | Building Products |  |  | — |  |  |  | — |  |  |  | 596 |  |  |  | 596 |  |  |  | 648 |
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7) |  |  |  | Professional Services |  |  | — |  |  |  | — |  |  |  | 64,634 |  |  |  | 646 |  |  |  | 716 |
Seaway Topco, LP |  |  |  | Chemicals, Plastics and Rubber |  |  | — |  |  |  | — |  |  |  | 296 |  |  |  | 296 |  |  |  | 199 |
SP L2 Holdings, LLC (Ledge Lounger, Inc.) |  |  |  | Leisure Products |  |  | — |  |  |  | — |  |  |  | 360,103 |  |  |  | 360 |  |  |  | 14 |
SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) (7) |  |  |  | Capital Equipment |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | 12 |  |  |  | 1,385 |
StellPen Holdings, LLC (CF512, Inc.) (7) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 161,538 |  |  |  | 162 |  |  |  | 141 |
SV Aero Holdings, LLC (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 535 |  |  |  | 1,157 |
TAC LifePort Holdings, LLC (7), (8) |  |  |  | Aerospace and Defense |  |  | — |  |  |  | — |  |  |  | 533,833 |  |  |  | 502 |  |  |  | 815 |
TCG 3.0 Jogger Co-Invest, LP |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 9,108 |  |  |  | 1,760 |  |  |  | 1,357 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (8) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 221,296 |  |  |  | 103 |  |  |  | 335 |
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (8), (9) |  |  |  | Media |  |  | — |  |  |  | — |  |  |  | 144,310 |  |  |  | — |  |  |  | — |
TPC Holding Company, LP (7) |  |  |  | Food Products |  |  | — |  |  |  | — |  |  |  | 21,527 |  |  |  | 22 |  |  |  | 113 |
TPCN Holdings, LLC - Common Equity (8) |  |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 1,053,200 |  |  |  | 1,053 |  |  |  | 864 |
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) |  |  |  | Construction & Engineering |  |  | — |  |  |  | — |  |  |  | 749 |  |  |  | 1 |  |  |  | 8 |
UniTek Global Services, Inc.(C) |  |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 213,739 |  |  |  | — |  |  |  | — |
UniVista Insurance (7), (8) |  |  |  | Insurance |  |  | — |  |  |  | — |  |  |  | 400 |  |  |  | 334 |  |  |  | 844 |
Urology Partners Co., L.P. |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 694,444 |  |  |  | 694 |  |  |  | 740 |
Walker Edison Holdco LLC |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,393 |  |  |  | — |
Watchtower Holdings, LLC (8) |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 12,419 |  |  |  | 1,242 |  |  |  | 1,292 |
WCP IvyRehab Coinvestment, LP (8) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 208 |  |  |  | 208 |  |  |  | 221 |
WCP IvyRehab QP CF Feeder, LP (8) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 3,754 |  |  |  | 3,793 |  |  |  | 3,987 |
WCP Ivyrehab QP CF Feeder, LP. - Unfunded (8), (9) |  |  |  | Healthcare Providers and Services |  |  | — |  |  |  | — |  |  |  | 246 |  |  |  | — |  |  |  | — |
Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7) |  |  |  | Electronic Equipment, Instruments, and Components |  |  | — |  |  |  | — |  |  |  | 2,240 |  |  |  | 95 |  |  |  | 816 |
UniTek Global Services, Inc.(W) |  |  |  | Telecommunications |  |  | — |  |  |  | — |  |  |  | 23,889 |  |  |  | — |  |  |  | — |
Kentucky Racing Holdco, LLC (Warrants) (8) |  |  |  | Hotels, Restaurants and Leisure |  |  | — |  |  |  | — |  |  |  | 87,345 |  |  |  | — |  |  |  | 927 |
Total Common Equity/Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 115,289 |  |  | $ | 139,207 |
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,622,669 |  |  | $ | 1,632,269 |
Investments in Controlled, Affiliated Portfolio Companies - 40.0% (3), (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Lien Secured Debt - 31.3% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC - Super Priority First Lien Term Loan (7) |  | 09/30/2025 |  | Media: Diversified and Production |  | 10.26% |  |  | 3M SOFR+540 |  |  |  | 10,213 |  |  |  | 10,213 |  |  |  | 10,213 |
Marketplace Events, LLC - Super Priority First Lien (7) |  | 09/30/2025 |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 3,122 |  |  |  | — |  |  |  | — |
Marketplace Events, LLC |  | 09/30/2026 |  | Media: Diversified and Production |  | 10.26% |  |  | 3M SOFR+540 |  |  |  | 26,771 |  |  |  | 22,558 |  |  |  | 26,771 |
PennantPark Senior Secured Loan Fund I LLC (7), (10) |  | 05/06/2029 |  | Financial Services |  | 13.28% |  |  | 3M SOFR+800 |  |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 270,421 |  |  | $ | 274,634 |
Equity Interests - 8.7% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New MPE Holdings, LLC - Common Equity (8) |  |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 349 |  |  |  | — |  |  |  | 20,123 |
PennantPark Senior Secured Loan Fund I LLC (7), (10) |  |  |  | Financial Services |  |  | — |  |  |  | — |  |  |  | 101,850 |  |  |  | 101,850 |  |  |  | 56,478 |
Total Equity Interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 101,850 |  |  | $ | 76,601 |
Total Investments in Controlled, Affiliated Portfolio Companies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 372,271 |  |  |  | 351,235 |
Total Investments - 226.1% (12) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,994,940 |  |  | $ | 1,983,504 |
Cash and Cash Equivalents - 12.8% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 81 |  |  |  |  |  | 5.03% |  |  |  |  |  |  |  |  | $ | 22,211 |  |  | $ | 22,211 |
Non-Money Market Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89,835 |  |  |  | 89,839 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 112,046 |  |  |  | 112,050 |
Total Investments and Cash Equivalents - 238.9% |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,106,986 |  |  | $ | 2,095,554 |
Liabilities in Excess of Other Assets - (138.9)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,218,260 | )
Net Assets - 100% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 877,294 |

(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 (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

25

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2024

(in thousands, except share data)

(5)
Partial non-accrual PIK Securities
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2036-R Asset-Backed Debt and held through PennantPark CLO I, Ltd.; or 3) 2036 Asset-Backed Debt and held through PennantPark CLO VIII, 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, 2024, qualifying assets represent 86% of our total assets and non-qualifying assets represent 14% of our total assets.
(11)
Non-accrual security
(12)
All investments are in U.S. companies unless noted otherwise.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

26

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

1. O RGANIZATION

PennantPark Floating Rate Capital Ltd. (the "Company", "we," "our" or "us") 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. On April 14, 2022, 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.

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 execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership.
The term “subsidiary” means entities that primarily engage in investment activities in securities or other assets and are wholly owned by us. The Company does not intend
to create or acquire primary control of any entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the
Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our
subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary
advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating
to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

We have entered into an investment management agreement, (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, (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.

In May 2017, we and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, ("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 dual listed our common stock on the TASE.

On February 7, 2024, the Company filed a notice with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd (the “TASE”) voluntarily requesting to delist the Company’s common stock from trading on the TASE. The last day of trading on the TASE was May 6, 2024 and the delisting of the Company’s common stock from the TASE took effect on May 8, 2024.

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 July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company retained $85.0 million of the debt securitization. The 2036-R Asset-Backed Debt is secured by a diversified portfolio of primarily middle market loans and participation interest in middle market loans. The 2036-R Asset-Backed Debt is schedule to mature in July 2036.

On February 22, 2024, the 2036 Securitization Issuer completed the 2036 Debt Securitization. The 2036 Asset-Backed Debt is secured by a diversified portfolio of the 2036-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2036 Asset-Backed Debt is scheduled to mature in April 2036. On the closing date of the 2036 Debt Securitization, in consideration of our transfer to the 2036 Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly-owned subsidiaries. See Note 10.

In February 2025, the 2037 Securitization Issuer completed a $474.6 million term debt securitization (the “2037 Debt Securitization”). The Company retained $85.1 million of subordinated notes and $28.5 million of BBB-(sf) Class D Notes of the debt securitization issued by the 2037 Securitization Issuer. The 2037 Asset-Backed Debt

27

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

is secured by a diversified portfolio of the 2037-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037. 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 effective interest interest rate is 4.15%.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 are 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 June 30, 2025, 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. PTSF also invests primarily in middle-market and other corporate debt securities consistent with our strategy.

On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ( “Holdings”) to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.

In July 2024, the Company established a $500.0 million at-the-market offering program (the "2024 ATM Program") and terminated the existing $250.0 million at-the-market offering program (the "2022 ATM Program" and, together "with the 2024 ATM Program, the "ATM Programs").

During the three and nine months ended June 30, 2025 we issued 2,800,000 shares and 21,638,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.31 per share and $11.34 per share raising $31.6 million and $244.8 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2024, we issued 8,770,000 shares and 13,263,436 shares of common stock through the 2022 ATM Program at an average price of $11.41 per share and $11.39 per share, raising $100.1 million and $150.6 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2025, in connection with the share issuance, we incurred $0.1 million and $0.3 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and nine months ended June 30, 2024, we incurred zero and $0.5 million of deferred offering costs related to establishing the 2022 ATM Program to additional paid in capital, respectively.

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 (the "Commodity Exchange Act"). The Investment Advisor intends to continue to affirm the exclusion on an annual basis and therefore, does not expect to be subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles ("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 creditworthiness 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 ("FASB’s"), Accounting Standards Codification, as amended ("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.

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. 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.

28

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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 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 ("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 June 30, 2025, we had two portfolio companies on non-accrual status, represent ing 1.0% and 0.5% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, we had two portfolio companies on non-accrual status, representing 0.4% 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 ("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 the three and nine months ended June 30, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.7 million, respectively, pertaining to federal excise tax. For the three and nine months ended June 30, 2024, we recorded a provision for taxes on net investment income of $0.2 million and $0.9 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.

29

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

For the three and nine months ended June 30, 2025, the Company recorded a provision for taxes of $(0.3) million and $0.8 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and nine months ended June 30, 2024, the Company recorded a provision for taxes of zero and $0.2 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 June 30, 2025, and September 30, 2024, $0.9 million and $1.7 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. During the three and nine months ended June 30, 2025, the Company recorded a provision for taxes of less than $0.1 million and $(0.1) million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2024, the Company did no t record a provision for taxes relating to realized gain on investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2025, the Company paid $0.1 million in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2024, the Company paid zero 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 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 holders of our common stock 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 July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents 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 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and nine months ended June 30, 2025 we issued 2,800,000 shares and 21,638,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.31 per share and $11.34 per share raising $31.6 million and $244.8 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2024, we issued 8,770,000 shares and 13,263,436 shares of common stock through the 2022 ATM Program at an average price of $11.41 per share and $11.39 per share, raising $100.1 million and $150.6 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2025, in connection with the share issuance, we incurred $0.1 million and $0.3 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and nine months ended June 30, 2024, we incurred zero and $0.5 million of deferred offering costs related to establishing the 2022 ATM Program to additional paid in capital, respectively.

(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, we will generally not consolidate our 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, Securitization Issuer, the 2036-Securitization Issuer, and 2037 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.

30

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

(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 our creditors or any of our 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 and nine months ended June 30, 2025, the effect of which was not material to the Consolidated Financial Statements and the notes thereto.

In June 2022, the FASB issued Accounting Standards Update 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 has adopted the new accounting standard, the effect of which was not material to the consolidated financial statements and the notes thereto.

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for our fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements and related disclosures.

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

(a) Investment Management Agreement

The Investment Management Agreement 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 May 2025. 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.

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 qu arter 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 and nine months ended June 30, 2025 we recorded a base management fee of $5.9 million and $16.8 million, respectively, from us. For the three and nine months ended June 30, 2024, we recorded a base management of $3.9 million and $10.3 million, respectively.

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

31

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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 and nine months ended June 30, 2025 we recorded $5.4 million and $19.1 million, respectively, related to incentive fees on net investment income. For the three and nine months ended June 30, 2024, we recorded $5.3 million and $14.9 million, respectively, related to incentive fees on net investment in come.

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 and nine months ended June 30, 2025 and 2024, the Investment Adviser did no t accrue an incentive fee on capital gains.

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 and nine months ended June 30, 2025 and 2024, 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 May 2025. 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 and nine months ended June 30, 2025 we recorded administrative expenses of approximatel y $0.6 million and $1.4 million, related to expenses the Administrator incurred for services described above, respectively. For the three and nine months ended June 30, 2024, we recorded administrative expenses of approximately $0.3 million and $1.2 million, related to expenses the Administrator incurred for services described above, respectively.

Under the Administration Agreement the Administrator may be reimbursed by the Company for the costs and expenses to be borne by the Company set forth above to include the costs and expenses allocable with respect to the provision of in-house legal, tax, or other professional advice and/or services to the Company, including performing due diligence on its prospective portfolio companies as deemed appropriate by the Administrator, where such in-house personnel perform services that would be paid by the Company if outside service providers provided the same services, subject to the Board's oversight.

(c) Other Related Party Transactions

The Company, the Investment Adviser and certain other affiliates have been granted an order for exemptive relief by the SEC for the Company to co-invest with other funds managed by the Investment Adviser. If we co-invest with other affiliated funds, our Investment Adviser will not receive compensation except to the extent permitted by the exemptive order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three and nine months ended June 30, 2025 and 2024.

For the three and nine months ended June 30, 2025, we sold $51.8 million and $292.4 million in investments to PSSL at fair value, respectively, and recognized $(0.3) and $(0.3) million of net realized gain (losses). For the three and nine months ended June 30, 2024, we sold $69.1 million and $209.0 million in investments to PSSL at fair value, respectively, and recognized zero of net realized gains (losses), respectively.

For the three and nine months ended June 30, 2025 and 2024, we sold no investments to PTSF.

As of June 30, 2025 and September 30, 2024, the Company had a receivable from the Administrator of $0.2 million and $0.3 million, respectively, presented as due from affiliate on the Consolidated Statements of Assets and Liabilities. This amount relates to cash owed from agency fees and collected on behalf of the Company.

As of June 30, 2025 and September 30, 2024, PFLT had a payable to PSSL of less than $0.1 million and zero 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 from PFLT in connection with trades between the funds.

32

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

4. INVESTMENTS

For the three and nine months ended June 30, 2025, purchases of investments, including payment-in-kind ("PIK") interest totaled $209.2 million and $1,112.5 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2025 totaled $145.8 million and $669.5 million, respectively. For the three and nine months ended June 30, 2024, purchases of investments, including payment-in-kind ("PIK") interest totaled $321.5 million and $964.0 million, respectively. Sales and repayments of investments for the three and nine months ended June 30, 2024 totaled $137.6 million and $386.3 million, respectively.

Investments and cash and cash equivalents consisted of the following:

($ in thousands) |  | June 30, 2025 |  |  | September 30, 2024 |
Investment Classification |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
First lien |  | $ | 1,930,158 |  |  | $ | 1,912,951 |  |  | $ | 1,521,496 |  |  | $ | 1,509,048 |
First lien in PSSL |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |  |  |  | 237,650 |
Subordinate debt |  |  | 12,032 |  |  |  | 12,506 |  |  |  | 2,632 |  |  |  | 2,693 |
Equity |  |  | 151,245 |  |  |  | 187,119 |  |  |  | 131,312 |  |  |  | 177,635 |
Equity interests in PSSL |  |  | 123,725 |  |  |  | 53,289 |  |  |  | 101,850 |  |  |  | 56,478 |
Total investments |  |  | 2,454,810 |  |  |  | 2,403,515 |  |  |  | 1,994,940 |  |  |  | 1,983,504 |
Cash and cash equivalents |  |  | 102,726 |  |  |  | 102,730 |  |  |  | 112,046 |  |  |  | 112,050 |
Total investments and cash and cash equivalents |  | $ | 2,557,536 |  |  | $ | 2,506,245 |  |  | $ | 2,106,986 |  |  | $ | 2,095,554 |

The table below describes investments by industry classification by cost and fair value and enumerates the percentage of the total net asset value in such industries:

Industry Classification |  | June 30, 2025 (1) |  | September 30, 2024 (1)
|  | Cost | Fair Value | Fair Value Percentage | Net asset value Percentage |  | Cost | Fair Value | Fair Value Percentage | Net asset value Percentage
Aerospace and Defense |  | $218,364 | $230,187 | 11% | 21% |  | $122,683 | $124,433 | 7% | 14%
Professional Services |  | 216,509 | 214,888 | 10% | 20% |  | 141,651 | 138,183 | 8% | 16%
Healthcare Providers and Services |  | 154,351 | 151,248 | 7% | 14% |  | 110,125 | 107,683 | 6% | 12%
Media |  | 136,192 | 136,436 | 6% | 13% |  | 77,787 | 77,895 | 5% | 9%
Diversified Consumer Services |  | 126,760 | 126,536 | 6% | 12% |  | 86,409 | 85,526 | 5% | 10%
Personal Products |  | 111,135 | 113,281 | 5% | 10% |  | 96,231 | 100,812 | 6% | 11%
IT Services |  | 105,020 | 106,264 | 5% | 10% |  | 101,336 | 102,781 | 6% | 12%
Healthcare Technology |  | 100,834 | 104,126 | 5% | 10% |  | 78,061 | 79,142 | 5% | 9%
Business Services |  | 104,898 | 104,059 | 5% | 10% |  | 54,229 | 53,510 | 3% | 6%
Leisure Products |  | 86,254 | 84,508 | 4% | 8% |  | 76,093 | 74,296 | 4% | 8%
Construction & Engineering |  | 77,982 | 80,576 | 4% | 7% |  | 72,925 | 74,294 | 4% | 8%
Distributors |  | 74,375 | 77,338 | 4% | 7% |  | 71,230 | 72,818 | 4% | 8%
Commercial Services & Supplies |  | 72,686 | 74,650 | 4% | 7% |  | 67,197 | 68,146 | 4% | 8%
High Tech Industries |  | 50,351 | 70,098 | 3% | 6% |  | 47,696 | 65,780 | 4% | 7%
Electronic Equipment, Instruments, and Components |  | 37,679 | 37,464 | 2% | 3% |  | 71,102 | 71,428 | 4% | 8%
Automobiles |  | 35,023 | 34,989 | 2% | 3% |  | 13,293 | 12,704 | 1% | 1%
Government Services |  | 28,752 | 29,612 | 1% | 3% |  | — | — | 0% | 0%
Auto Components |  | 27,542 | 27,459 | 1% | 3% |  | 28,834 | 29,915 | 2% | 3%
Healthcare, Education and Childcare |  | 24,842 | 25,052 | 1% | 2% |  | 25,265 | 25,534 | 2% | 3%
Healthcare Equipment and Supplies |  | 20,188 | 21,841 | 1% | 2% |  | 14,266 | 14,972 | 1% | 2%
Internet Software and Services |  | 21,538 | 21,484 | 1% | 2% |  | 21,222 | 21,223 | 1% | 2%
Independent Power and Renewable Electricity Producers |  | 20,072 | 20,631 | 1% | 2% |  | — | — | 0% | 0%
Consumer Services |  | 24,133 | 24,223 | 1% | 1% |  | 16,747 | 13,567 | 1% | 2%
Capital Equipment |  | 16,130 | 14,254 | 1% | 1% |  | 17,839 | 18,959 | 1% | 2%
Building Products |  | 13,922 | 14,092 | 1% | 1% |  | 13,959 | 14,046 | 1% | 2%
Consulting Services |  | 12,769 | 12,761 | 1% | 1% |  | — | — | 0% | 0%
Event Services |  | 12,240 | 12,491 | 1% | 1% |  | — | — | 0% | 0%
Food Products |  | 12,204 | 12,348 | 1% | 1% |  | 12,239 | 12,663 | 1% | 1%
Software |  | 11,922 | 11,586 | 1% | 1% |  | 2,583 | 3,016 | 0% | 0%
Media: Diversified and Production |  | 12,444 | 11,151 | 1% | 1% |  | 40,987 | 63,417 | 4% | 7%
Marketing Services |  | 10,841 | 10,986 | 1% | 1% |  | 15,854 | 15,854 | 1% | 2%
All Other |  | 115,483 | 95,957 | 2% | 9% |  | 157,597 | 146,779 | 9% | 17%
Total |  | $2,093,435 | $2,112,576 | 100% | 194% |  | $1,655,440 | $1,689,376 | 100% | 190%

(1) Excludes investments in PSSL

33

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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 June 30, 2025 and September 30, 2024, PSSL had total assets of $1,108.4 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 117 and 109 portfolio companies, respectively. As of June 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $21.0 million and the five largest investments totaled $98.0 million. As of September 30, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.3 million and the five largest investments totaled $97.3 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 June 30, 2025 and September 30, 2024, 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 $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $123.7 million ($65.6 million remaining unfunded) and $101.9 million (zero remaining 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 December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 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 May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt is scheduled to mature in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary.

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..

In May 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.

In April 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's $325 million secured credit facility.

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

($ in thousands) |  | June 30, 2025 |  |  | September 30, 2024 |
Total investments |  | $ | 1,055,552 |  |  | $ | 913,281 |
Weighted average cost yield on income producing investments |  |  | 10.4 | % |  |  | 11.4 | %
Number of portfolio companies in PSSL |  |  | 117 |  |  |  | 109 |
Largest portfolio company investment |  | $ | 20,954 |  |  | $ | 21,274 |
Total of five largest portfolio company investments |  | $ | 98,008 |  |  | $ | 97,292 |

34

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Below is a listing of PSSL’s individual investments as of June 30, 2025 (Par and $ in thousands):

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,707.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 8.83 | % |  | SOFR+450 |  |  |  | 2,881 |  |  | $ | 2,841 |  |  | $ | 2,881 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 9,850 |  |  |  | 9,718 |  |  |  | 9,752 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 18,620 |  |  |  | 18,339 |  |  |  | 18,806 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 10.56 | % |  | SOFR+62 6 |  |  |  | 8,640 |  |  |  | 8,613 |  |  |  | 8,640 |
Aechelon Technology, Inc |  | 8/16/2029 |  |  | Aerospace and Defense |  |  | 10.83 | % |  | SOFR+650 |  |  |  | 11,760 |  |  |  | 11,760 |  |  |  | 11,760 |
AFC Dell Holding Corp |  | 4/9/2027 |  |  | Distributors |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 7,615 |  |  |  | 7,581 |  |  |  | 7,577 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 10.48 | % |  | SOFR+610 |  |  |  | 13,154 |  |  |  | 12,991 |  |  |  | 9,208 |
|  |  |  |  |  |  | (PIK 7.92%) |  |  |  |  |  |  |  |  |  |  |  |  |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 4,505 |  |  |  | 4,404 |  |  |  | 4,505 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 4,438 |  |  |  | 4,415 |  |  |  | 4,438 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 9.28 | % |  | SOFR+500 |  |  |  | 5,970 |  |  |  | 5,961 |  |  |  | 5,940 |
Archer Lewis, LLC |  | 8/28/2029 |  |  | Commercial Services & Supplies |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,844 |  |  |  | 9,925 |
ARGANO, LLC |  | 9/13/2029 |  |  | Business Services |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,842 |  |  |  | 9,836 |
Azureon, LLC |  | 6/26/2029 |  |  | Diversified Consumer Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 4,987 |  |  |  | 4,873 |  |  |  | 4,873 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 12,780 |  |  |  | 12,624 |  |  |  | 12,652 |
Best Practice Associates, LLC |  | 11/8/2029 |  |  | Aerospace and Defense |  |  | 11.05 | % |  | SOFR+675 |  |  |  | 9,950 |  |  |  | 9,878 |  |  |  | 9,826 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 4,863 |  |  |  | 4,803 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 3/1/2030 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 14,710 |  |  |  | 14,488 |  |  |  | 14,710 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.82 | % |  | SOFR+650 |  |  |  | 8,820 |  |  |  | 8,747 |  |  |  | 8,710 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 9.70 | % |  | SOFR+540 |  |  |  | 14,855 |  |  |  | 14,721 |  |  |  | 14,670 |
BLC Holding Company, Inc |  | 11/20/2030 |  |  | Business Services |  |  | 8.80 | % |  | SOFR+450 |  |  |  | 4,987 |  |  |  | 4,964 |  |  |  | 4,987 |
Boss Industries, LLC - Term Loan |  | 12/27/2030 |  |  | Independent Power and Renewable Electricity Producers |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 4,987 |  |  |  | 4,915 |  |  |  | 4,987 |
Burgess Point Purchaser Corporation |  | 7/25/2029 |  |  | Automotive |  |  | 9.65 | % |  | SOFR+535 |  |  |  | 439 |  |  |  | 416 |  |  |  | 373 |
By Light Professional IT Services, LLC |  | 11/16/2026 |  |  | High Tech Industries |  |  | 10.79 | % |  | SOFR+647 |  |  |  | 12,562 |  |  |  | 12,549 |  |  |  | 12,562 |
C5MI Holdco, LLC |  | 7/31/2029 |  |  | IT Services |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 14,888 |  |  |  | 14,701 |  |  |  | 14,888 |
Carisk Buyer, Inc - Amendment No.1 Term Loan |  | 12/1/2029 |  |  | Healthcare Technology |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 9,950 |  |  |  | 9,885 |  |  |  | 9,950 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 15,128 |  |  |  | 14,932 |  |  |  | 14,977 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.32 | % |  | SOFR+600 |  |  |  | 9,465 |  |  |  | 9,377 |  |  |  | 9,465 |
Case Works, LLC |  | 10/1/2029 |  |  | Professional Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 14,925 |  |  |  | 14,818 |  |  |  | 14,582 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 10.74 | % |  | SOFR+644 |  |  |  | 6,500 |  |  |  | 6,458 |  |  |  | 6,435 |
Commercial Fire Protection Holdings, LLC |  | 9/23/2030 |  |  | Commercial Services & Supplies |  |  | 8.80 | % |  | SOFR+450 |  |  |  | 14,888 |  |  |  | 14,794 |  |  |  | 14,888 |
Confluent Health, LLC |  | 11/30/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.44 | % |  | SOFR+400 |  |  |  | 6,655 |  |  |  | 6,487 |  |  |  | 6,322 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 9.97 | % |  | SOFR+561 |  |  |  | 3,745 |  |  |  | 3,715 |  |  |  | 3,745 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 9.69 | % |  | SOFR+536 |  |  |  | 2,052 |  |  |  | 2,038 |  |  |  | 2,036 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.65 | % |  | SOFR+535 |  |  |  | 14,450 |  |  |  | 14,314 |  |  |  | 14,450 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 9.68 | % |  | SOFR+535 |  |  |  | 2,580 |  |  |  | 2,426 |  |  |  | 2,543 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 4,639 |  |  |  | 4,636 |  |  |  | 4,606 |
Duggal Acquisition, LLC |  | 9/30/2030 |  |  | Marketing Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 4,963 |  |  |  | 4,921 |  |  |  | 4,963 |
Dynata, LLC - First Out Term Loan (5) |  | 7/17/2028 |  |  | Diversified Consumer Services |  |  | 9.59 | % |  | SOFR+526 |  |  |  | 1,350 |  |  |  | 1,271 |  |  |  | 1,341 |
Dynata, LLC - Last Out Term Loan |  | 10/16/2028 |  |  | Diversified Consumer Services |  |  | 10.09 | % |  | SOFR+576 |  |  |  | 8,376 |  |  |  | 8,376 |  |  |  | 7,367 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 8,798 |  |  |  | 8,712 |  |  |  | 8,820 |
Emergency Care Partners, LLC |  | 10/18/2027 |  |  | Healthcare Providers and Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 5,955 |  |  |  | 5,924 |  |  |  | 5,955 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 10.68 | % |  | SOFR+635 |  |  |  | 12,449 |  |  |  | 12,358 |  |  |  | 12,449 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 12,155 |  |  |  | 11,970 |  |  |  | 12,155 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 9,022 |  |  |  | 8,899 |  |  |  | 9,022 |
GGG MIDCO, LLC |  | 9/27/2030 |  |  | Diversified Consumer Services |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 9,925 |  |  |  | 9,841 |  |  |  | 9,925 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 9.92 | % |  | SOFR+560 |  |  |  | 3,514 |  |  |  | 3,510 |  |  |  | 3,374 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 9.93 | % |  | SOFR+560 |  |  |  | 3,694 |  |  |  | 3,667 |  |  |  | 3,620 |
Halo Buyer, INC |  | 8/7/2029 |  |  | Consumer Products |  |  | 10.33 | % |  | SOFR+600 |  |  |  | 6,484 |  |  |  | 6,356 |  |  |  | 6,289 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 9.90 | % |  | SOFR+560 |  |  |  | 2,112 |  |  |  | 2,098 |  |  |  | 2,102 |
Harris & Co. LLC |  | 8/9/2030 |  |  | Professional Services |  |  | 9.33 | % |  | SOFR+500 |  |  |  | 19,850 |  |  |  | 19,699 |  |  |  | 19,850 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.72 | % |  | SOFR+550 |  |  |  | 3,663 |  |  |  | 3,626 |  |  |  | 3,663 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 10.32 | % |  | SOFR+600 |  |  |  | 8,890 |  |  |  | 8,780 |  |  |  | 8,890 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 3,441 |  |  |  | 3,426 |  |  |  | 3,441 |

35

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 9.42 | % |  | SOFR+510 |  |  |  | 9,084 |  |  |  | 8,977 |  |  |  | 9,061 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 5,983 |  |  |  | 5,900 |  |  |  | 5,983 |
Inovex Information Systems Incorporated |  | 12/17/2030 |  |  | Software |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 8,164 |  |  |  | 8,107 |  |  |  | 8,164 |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 11.94 | % |  | SOFR+761 |  |  |  | 8,102 |  |  |  | 8,062 |  |  |  | 8,102 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.45 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,332 |  |  |  | 12,817 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.13 | % |  | SOFR+785 |  |  |  | 15,308 |  |  |  | 15,184 |  |  |  | 15,002 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (4)(5) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 0.00 | % |  |  |  |  |  | 15,789 |  |  |  | 15,466 |  |  |  | 11,826 |
LAV Gear Holdings, Inc. - Incremental TL |  | 10/31/2025 |  |  | Capital Equipment |  |  | 10.00 | % |  |  |  |  |  | 1,018 |  |  |  | 970 |  |  |  | 1,272 |
Lightspeed Buyer Inc. |  | 2/3/2027 |  |  | Healthcare Providers and Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 11,273 |  |  |  | 11,230 |  |  |  | 11,273 |
LJ Avalon Holdings, LLC |  | 2/1/2030 |  |  | Environmental Industries |  |  | 9.07 | % |  | SOFR+475 |  |  |  | 2,540 |  |  |  | 2,502 |  |  |  | 2,540 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 7,354 |  |  |  | 7,257 |  |  |  | 7,317 |
Lucky Bucks, LLC - First-Out Term Loan (5) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 11.96 | % |  | SOFR+765 |  |  |  | 257 |  |  |  | 257 |  |  |  | 257 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 11.96 | % |  | SOFR+765 |  |  |  | 525 |  |  |  | 525 |  |  |  | 439 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 9.90 | % |  | SOFR+560 |  |  |  | 2,199 |  |  |  | 2,146 |  |  |  | 2,111 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.29 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 298 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.54 | % |  | SOFR+726 |  |  |  | 467 |  |  |  | 467 |  |  |  | 215 |
|  |  |  |  |  |  | (PIK 6.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Magenta Buyer, LLC - Third-Out Term Loan (7) |  | 7/31/2028 |  |  | Software |  |  | 6.04 | % |  |  |  |  |  | 1,742 |  |  |  | 1,742 |  |  |  | 404 |
Marketplace Events Acquisitions, LLC |  | 12/19/2030 |  |  | Media |  |  | 9.47 | % |  | SOFR+525 |  |  |  | 16,958 |  |  |  | 16,809 |  |  |  | 16,958 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 9.35 | % |  | SOFR+510 |  |  |  | 8,266 |  |  |  | 8,202 |  |  |  | 8,266 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 6,268 |  |  |  | 6,193 |  |  |  | 6,205 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 9.95 | % |  | SOFR+565 |  |  |  | 2,330 |  |  |  | 2,306 |  |  |  | 2,295 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.57 | % |  | SOFR+625 |  |  |  | 18,833 |  |  |  | 18,600 |  |  |  | 18,880 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 15,553 |  |  |  | 15,358 |  |  |  | 14,356 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 9.57 | % |  | SOFR+525 |  |  |  | 12,968 |  |  |  | 12,815 |  |  |  | 12,968 |
Municipal Emergency Services, Inc. |  | 10/1/2027 |  |  | Distributors |  |  | 9.45 | % |  | SOFR+515 |  |  |  | 3,369 |  |  |  | 3,338 |  |  |  | 3,369 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 9.92 | % |  | SOFR+560 |  |  |  | 10,379 |  |  |  | 10,320 |  |  |  | 10,379 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.65 | % |  | SOFR+635 |  |  |  | 21,113 |  |  |  | 20,797 |  |  |  | 20,954 |
Omnia Exterior Solutions, LLC - Second Amendment Term Loan |  | 12/29/2029 |  |  | Healthcare Providers and Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 12,904 |  |  |  | 12,808 |  |  |  | 12,775 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 10.69 | % |  | SOFR+636 |  |  |  | 15,525 |  |  |  | 15,386 |  |  |  | 15,525 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 13.70 | % |  | SOFR+940 |  |  |  | 2,220 |  |  |  | 2,207 |  |  |  | 1,998 |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
OSP Embedded Purchaser, LLC |  | 12/15/2029 |  |  | Aerospace and Defense |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,796 |  |  |  | 9,766 |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 12.71 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 10.96 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Pacific Purchaser, LLC |  | 10/2/2028 |  |  | Business Services |  |  | 10.42 | % |  | SOFR+625 |  |  |  | 11,848 |  |  |  | 11,689 |  |  |  | 11,717 |
PAR Excellence Holdings, Inc |  | 9/3/2030 |  |  | Healthcare Technology |  |  | 9.32 | % |  | SOFR+500 |  |  |  | 10,960 |  |  |  | 10,860 |  |  |  | 10,850 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 3,842 |  |  |  | 3,795 |  |  |  | 3,861 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.50 | % |  | SOFR+725 |  |  |  | 8,213 |  |  |  | 8,174 |  |  |  | 5,092 |
|  |  |  |  |  |  | (PIK 7.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 4,108 |  |  |  | 4,108 |  |  |  | 3,646 |
Project Granite Buyer,Inc |  | 12/31/2030 |  |  | Professional Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 6,484 |  |  |  | 6,389 |  |  |  | 6,549 |
Rancho Health MSO, Inc. |  | 6/20/2029 |  |  | Healthcare Providers and Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 18,845 |  |  |  | 18,780 |  |  |  | 18,845 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 10.72 | % |  | SOFR+640 |  |  |  | 4,788 |  |  |  | 4,776 |  |  |  | 4,764 |
Ro Health, LLC |  | 1/17/2031 |  |  | Healthcare Providers and Services |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 11,300 |  |  |  | 11,224 |  |  |  | 11,300 |
RRA Corporate, LLC |  | 8/15/2029 |  |  | Diversified Consumer Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 4,963 |  |  |  | 4,922 |  |  |  | 4,922 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,900 |  |  |  | 9,777 |  |  |  | 9,726 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 9.92 | % |  | SOFR+575 |  |  |  | 4,303 |  |  |  | 4,242 |  |  |  | 4,194 |
Sabel Systems Technology Solutions, LLC |  | 10/31/2030 |  |  | Construction and Building |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 5,970 |  |  |  | 5,919 |  |  |  | 5,970 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.57 | % |  | SOFR+525 |  |  |  | 9,892 |  |  |  | 9,768 |  |  |  | 9,891 |
Sales Benchmark Index LLC |  | 7/7/2026 |  |  | Professional Services |  |  | 10.50 | % |  | SOFR+620 |  |  |  | 9,213 |  |  |  | 9,197 |  |  |  | 9,213 |
Sath Industries, LLC |  | 1 2/17/2029 |  |  | Event Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 10,332 |  |  |  | 10,236 |  |  |  | 10,332 |
Schlesinger Global, Inc. |  | 7/21/2025 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+575 |  |  |  | 12,828 |  |  |  | 12,827 |  |  |  | 12,186 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.47 | % |  | SOFR+615 |  |  |  | 4,863 |  |  |  | 4,812 |  |  |  | 4,583 |
Sigma Defense Systems, LLC |  | 12/20/2027 |  |  | Aerospace and Defense |  |  | 11.47 | % |  | SOFR+715 |  |  |  | 18,161 |  |  |  | 17,892 |  |  |  | 18,160 |
Smile Brands Inc. |  | 10/12/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+610 |  |  |  | 12,202 |  |  |  | 12,193 |  |  |  | 10,445 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 9.45 | % |  | SOFR+515 |  |  |  | 4,039 |  |  |  | 3,996 |  |  |  | 4,039 |
SV-Aero Holdings, LLC |  | 11/1/2030 |  |  | Aerospace and Defense |  |  | 9.30 | % |  | SOFR+525 |  |  |  | 14,813 |  |  |  | 14,750 |  |  |  | 14,813 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 8.92 | % |  | SOFR+475 |  |  |  | 14,475 |  |  |  | 14,374 |  |  |  | 14,359 |
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 12.67 | % |  | SOFR+835 |  |  |  | 1,924 |  |  |  | 1,830 |  |  |  | 1,616 |
|  |  |  |  |  |  | (PIK 7.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (7) |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 5.42 | % |  |  |  |  |  | 4,458 |  |  |  | 2,562 |  |  |  | 1,337 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 10.82 | % |  | SOFR+650 |  |  |  | 19,478 |  |  |  | 19,213 |  |  |  | 19,477 |
Team Services Group, LLC |  | 12/20/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 9.43 | % |  | SOFR+515 |  |  |  | 5,328 |  |  |  | 5,123 |  |  |  | 5,296 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 5,431 |  |  |  | 5,379 |  |  |  | 5,479 |
The Bluebird Group LLC |  | 7/28/2026 |  |  | Professional Services |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 8,431 |  |  |  | 8,375 |  |  |  | 8,431 |
The Vertex Companies, LLC |  | 8/31/2028 |  |  | Construction and Engineering |  |  | 9.43 | % |  | SOFR+510 |  |  |  | 17,527 |  |  |  | 17,337 |  |  |  | 17,492 |
TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 16,397 |  |  |  | 16,357 |  |  |  | 16,381 |
Transgo, LLC |  | 12/29/2028 |  |  | Automotive |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 16,548 |  |  |  | 16,345 |  |  |  | 16,631 |

36

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 9.19 | % |  | SOFR+490 |  |  |  | 14,604 |  |  |  | 14,530 |  |  |  | 14,253 |
Urology Management Holdings, Inc. |  | 6/15/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 6,771 |  |  |  | 6,723 |  |  |  | 6,744 |
VRS Buyer, Inc |  | 11/22/2030 |  |  | Road and Rail |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 6,454 |  |  |  | 6,413 |  |  |  | 6,422 |
Walker Edison Furniture Company LLC (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 6,105 |  |  |  | 5,069 |  |  |  | - |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 167 |
Watchtower Buyer, LLC |  | 12/3/2029 |  |  | Diversified Consumer Services |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 12,097 |  |  |  | 11,936 |  |  |  | 12,085 |
Wash & Wax Systems LLC |  | 3/31/2028 |  |  | Automobiles |  |  | 9.78 | % |  | SOFR+550 |  |  |  | 5,720 |  |  |  | 5,827 |  |  |  | 5,834 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,060,592 |  |  |  | 1,039,849 |
Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Integrative Nutrition, LLC |  | 04/15/30 |  |  | Diversified Consumer Services |  |  | 0.00 | % |  |  |  |  |  | 1,877 |  |  |  | 1,615 |  |  |  | 1,605 |
Integrative Nutrition, LLC |  | 04/15/33 |  |  | Diversified Consumer Services |  |  | 0.00 | % |  |  |  |  |  | 4,275 |  |  |  | 1,977 |  |  |  | 1,977 |
Wash & Wax Systems LLC |  | 07/30/28 |  |  | Automobiles |  |  | 12.00 | % |  |  |  |  |  | 3,815 |  |  |  | 3,815 |  |  |  | 3,815 |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,407 |  |  |  | 7,397 |
Equity Securities - 13.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
48Forty Intermediate Holdings, Inc.- Common Equity |  |  | — |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 1,722 |  |  |  | — |  |  |  | — |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  |  | 2,031 |  |  |  | 2,027 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 334 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 1,372 |
Pragmatic Holdco, Inc. |  |  | — |  |  | Education |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | — |  |  |  | — |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,440 |  |  |  | — |
Wash & Wax Systems LLC - Class A Common Equity |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 2,493 |  |  |  | 4,449 |  |  |  | 4,573 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,994 |  |  |  | 8,306 |
Total Investments - 1,733.20% (6) |  |  |  |  |  |  |  |  |  |  |  | 1,080,993 |  |  |  | 1,055,552 |
Cash and Cash Equivalents - 75.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 81 |  |  |  |  |  |  |  | 4.19 | % |  |  |  |  |  |  |  |  | 18,771 |  |  |  | 18,771 |
Blackrock Liquidity Fed Fund Inst |  |  |  |  |  |  |  | 4.24 | % |  |  |  |  |  |  |  |  | 2,693 |  |  |  | 2,693 |
JP Morgan USD Liquidity Inst |  |  |  |  |  |  |  | 4.28 | % |  |  |  |  |  |  |  |  | 6,051 |  |  |  | 6,051 |
JP Morgan US Government Fund |  |  |  |  |  |  |  | 4.09 | % |  |  |  |  |  |  |  |  | 2,997 |  |  |  | 2,997 |
Goldman Sachs Financial Square Government Fund |  |  |  |  |  |  |  | 4.18 | % |  |  |  |  |  |  |  |  | 6,178 |  |  |  | 6,178 |
Non-Money Market Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,038 |  |  |  | 9,038 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,728 |  |  |  | 45,728 |
Total Investments and Cash Equivalents —1,808.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,126,721 |  |  | $ | 1,101,280 |
Liabilities in Excess of Other Assets — (1,708.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,040,378 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,902 |

(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". 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 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)
Non-accrual security.
(5)
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 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.
(6)
All investments are in U.S. companies unless noted otherwise.
(7)
Partial PIK non-accrual security

37

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Below is a listing of PSSL’s individual investments as of September 30, 2024 (Par and $ in thousands):

Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,404.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 2,903 |  |  | $ | 2,855 |  |  | $ | 2,903 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 10.58 | % |  | SOFR+525 |  |  |  | 9,925 |  |  |  | 9,771 |  |  |  | 9,602 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 10.83 | % |  | SOFR+550 |  |  |  | 18,762 |  |  |  | 18,434 |  |  |  | 18,837 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 11.28 | % |  | SOFR+626 |  |  |  | 8,708 |  |  |  | 8,658 |  |  |  | 8,708 |
Aeronix, Inc |  | 12/18/2028 |  |  | Aerospace and Defense |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,880 |  |  |  | 15,665 |  |  |  | 15,880 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 11.30 | % |  | SOFR+610 |  |  |  | 12,722 |  |  |  | 12,481 |  |  |  | 12,213 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,717 |  |  |  | 4,613 |  |  |  | 4,717 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,625 |  |  |  | 4,584 |  |  |  | 4,625 |
Applied Technical Services, LLC |  | 12/29/2026 |  |  | Commercial Services & Supplies |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 11,155 |  |  |  | 11,058 |  |  |  | 10,988 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 11.56 | % |  | SOFR+625 |  |  |  | 11,115 |  |  |  | 10,967 |  |  |  | 11,059 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,975 |  |  |  | 9,836 |  |  |  | 9,825 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,828 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 2/28/2030 |  |  | Business Services |  |  | 11.18 | % |  | SOFR+625 |  |  |  | 15,423 |  |  |  | 15,167 |  |  |  | 15,423 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.70 | % |  | SOFR+650 |  |  |  | 8,888 |  |  |  | 8,797 |  |  |  | 8,776 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 14,974 |  |  |  | 14,779 |  |  |  | 14,718 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 5,546 |  |  |  | 5,523 |  |  |  | 5,435 |
Broder Bros., Co. |  | 12/4/2025 |  |  | Consumer Products |  |  | 10.97 | % |  | SOFR+611 |  |  |  | 2,274 |  |  |  | 2,274 |  |  |  | 2,274 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  |  | Automotive |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 442 |  |  |  | 417 |  |  |  | 416 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  |  | High Tech Industries |  |  | 12.18 | % |  | SOFR+698 |  |  |  | 13,084 |  |  |  | 13,059 |  |  |  | 13,084 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.60 | % |  | SOFR+550 |  |  |  | 15,243 |  |  |  | 15,025 |  |  |  | 15,015 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,539 |  |  |  | 9,431 |  |  |  | 9,539 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 11.21 | % |  | SOFR+619 |  |  |  | 6,751 |  |  |  | 6,682 |  |  |  | 6,649 |
Confluent Health, LLC |  | 10/28/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.96 | % |  | SOFR+400 |  |  |  | 6,708 |  |  |  | 6,506 |  |  |  | 6,540 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 10.53 | % |  | SOFR+561 |  |  |  | 3,775 |  |  |  | 3,734 |  |  |  | 3,775 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 10.71 | % |  | SOFR+586 |  |  |  | 2,068 |  |  |  | 2,051 |  |  |  | 2,052 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.95 | % |  | SOFR+535 |  |  |  | 14,562 |  |  |  | 14,398 |  |  |  | 14,562 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 2,600 |  |  |  | 2,420 |  |  |  | 2,509 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 13,805 |  |  |  | 13,788 |  |  |  | 13,694 |
Dynata, LLC - First Out Term Loan (6) |  | 7/15/2028 |  |  | Diversified Consumer Services |  |  | 10.38 | % |  | SOFR+526 |  |  |  | 1,360 |  |  |  | 1,264 |  |  |  | 1,358 |
Dynata, LLC - Last Out Term Loan |  | 10/15/2028 |  |  | Diversified Consumer Services |  |  | 10.88 | % |  | SOFR+576 |  |  |  | 8,439 |  |  |  | 8,439 |  |  |  | 7,769 |
ECL Entertainment, LLC |  | 8/31/2030 |  |  | Hotel, Gaming and Leisure |  |  | 8.85 | % |  | SOFR+400 |  |  |  | 4,963 |  |  |  | 4,894 |  |  |  | 4,973 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 8,865 |  |  |  | 8,763 |  |  |  | 8,732 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 12,546 |  |  |  | 12,418 |  |  |  | 12,484 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 11.56 | % |  | SOFR+650 |  |  |  | 12,249 |  |  |  | 12,032 |  |  |  | 12,249 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 9,268 |  |  |  | 9,132 |  |  |  | 9,176 |
Fairbanks More Defense |  | 6/17/2028 |  |  | Aerospace and Defense |  |  | 9.65 | % |  | SOFR+450 |  |  |  | 10,117 |  |  |  | 10,071 |  |  |  | 10,128 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 11.43 | % |  | SOFR+615 |  |  |  | 3,696 |  |  |  | 3,689 |  |  |  | 3,511 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 10.45 | % |  | SOFR+560 |  |  |  | 3,723 |  |  |  | 3,686 |  |  |  | 3,685 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 10.20 | % |  | SOFR+560 |  |  |  | 2,153 |  |  |  | 2,131 |  |  |  | 2,110 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.75 | % |  | SOFR+550 |  |  |  | 3,691 |  |  |  | 3,648 |  |  |  | 3,665 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 11.11 | % |  | SOFR+600 |  |  |  | 8,957 |  |  |  | 8,835 |  |  |  | 8,868 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 11.18 | % |  | SOFR+590 |  |  |  | 3,486 |  |  |  | 3,475 |  |  |  | 3,486 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 10.20 | % |  | SOFR+510 |  |  |  | 9,154 |  |  |  | 9,018 |  |  |  | 9,108 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 11.45 | % |  | SOFR+685 |  |  |  | 6,029 |  |  |  | 5,932 |  |  |  | 6,089 |
Integrative Nutrition, LLC |  | 1/31/2025 |  |  | Diversified Consumer Services |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 11,287 |  |  |  | 11,274 |  |  |  | 9,707 |
|  |  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 12.46 | % |  | SOFR+761 |  |  |  | 8,164 |  |  |  | 8,094 |  |  |  | 8,041 |
ITI Holdings, Inc. |  | 3/3/2028 |  |  | IT Services |  |  | 10.58 | % |  | SOFR+565 |  |  |  | 3,900 |  |  |  | 3,855 |  |  |  | 3,900 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,289 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.94 | % |  | SOFR+785 |  |  |  | 14,731 |  |  |  | 14,539 |  |  |  | 14,584 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (6) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.42 | % |  | SOFR+643 |  |  |  | 12,125 |  |  |  | 12,102 |  |  |  | 11,907 |
LAV Gear Holdings, Inc. - Term Loan Incremental |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.64 | % |  | SOFR+640 |  |  |  | 2,861 |  |  |  | 2,856 |  |  |  | 2,810 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  |  | Healthcare Providers and Services |  |  | 10.15 | % |  | SOFR+535 |  |  |  | 11,330 |  |  |  | 11,258 |  |  |  | 11,330 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  |  | Environmental Industries |  |  | 10.48 | % |  | SOFR+525 |  |  |  | 2,559 |  |  |  | 2,516 |  |  |  | 2,559 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 7,407 |  |  |  | 7,288 |  |  |  | 7,296 |
Lucky Bucks, LLC - First-Out Term Loan (6) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 259 |  |  |  | 259 |  |  |  | 259 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 518 |  |  |  | 518 |  |  |  | 518 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 2,218 |  |  |  | 2,143 |  |  |  | 2,085 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.13 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 337 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.38 | % |  | SOFR+801 |  |  |  | 452 |  |  |  | 452 |  |  |  | 310 |
Magenta Buyer, LLC - Third-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.63 | % |  | SOFR+726 |  |  |  | 1,675 |  |  |  | 1,675 |  |  |  | 490 |
Marketplace Events, LLC - Super Priority First Lien Term Loan (6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 10.38 | % |  | SOFR+540 |  |  |  | 1,845 |  |  |  | 1,845 |  |  |  | 1,845 |

38

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 0.00 | % |  |  |  |  |  | 564 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC (6) |  | 9/30/2026 |  |  | Media: Diversified and Production |  |  | 10.53 | % |  | SOFR+525 |  |  |  | 4,837 |  |  |  | 4,068 |  |  |  | 4,837 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 10.59 | % |  | SOFR+585 |  |  |  | 7,256 |  |  |  | 7,183 |  |  |  | 7,256 |
MBS Holdings, Inc. (New Issue) - Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.34 | % |  | SOFR+660 |  |  |  | 523 |  |  |  | 514 |  |  |  | 528 |
MBS Holdings, Inc. (New Issue) - Second Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.09 | % |  | SOFR+635 |  |  |  | 551 |  |  |  | 543 |  |  |  | 554 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,829 |  |  |  | 4,851 |
MDI Buyer, Inc. - Incremental |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 11.25 | % |  | SOFR+600 |  |  |  | 1,416 |  |  |  | 1,395 |  |  |  | 1,409 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 2,348 |  |  |  | 2,319 |  |  |  | 2,289 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.85 | % |  | SOFR+625 |  |  |  | 19,199 |  |  |  | 18,911 |  |  |  | 19,199 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,671 |  |  |  | 15,453 |  |  |  | 14,794 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  |  | Capital Equipment |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 5,551 |  |  |  | 5,551 |  |  |  | 5,551 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 13,067 |  |  |  | 12,891 |  |  |  | 12,871 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 9.75 | % |  | SOFR+515 |  |  |  | 3,395 |  |  |  | 3,355 |  |  |  | 3,395 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.05 | % |  | SOFR+585 |  |  |  | 10,602 |  |  |  | 10,504 |  |  |  | 10,284 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 21,274 |  |  |  | 20,913 |  |  |  | 21,274 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.21 | % |  | SOFR+636 |  |  |  | 15,682 |  |  |  | 15,480 |  |  |  | 15,682 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 14.00 | % |  | SOFR+940 |  |  |  | 2,140 |  |  |  | 2,124 |  |  |  | 1,819 |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 13.75 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 12.00 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 3,893 |  |  |  | 3,842 |  |  |  | 3,825 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 11.12 | % |  | SOFR+651 |  |  |  | 4,307 |  |  |  | 4,282 |  |  |  | 4,307 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.51 | % |  | SOFR+625 |  |  |  | 11,938 |  |  |  | 11,745 |  |  |  | 11,914 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.81 | % |  | SOFR+575 |  |  |  | 3,871 |  |  |  | 3,818 |  |  |  | 3,871 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.17 | % |  | SOFR+543 |  |  |  | 9,391 |  |  |  | 9,289 |  |  |  | 9,302 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.99 | % |  | SOFR+725 |  |  |  | 7,816 |  |  |  | 7,733 |  |  |  | 6,253 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC (5) |  | 7/6/2028 |  |  | Education |  |  | 12.35 | % |  | SOFR+750 |  |  |  | 11,855 |  |  |  | 11,480 |  |  |  | 7,261 |
|  |  |  |  |  |  | (PIK 12.35%) |  |  |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 2,775 |  |  |  | 2,758 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 10.85 | % |  | SOFR+560 |  |  |  | 1,016 |  |  |  | 1,016 |  |  |  | 1,016 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,875 |  |  |  | 4,828 |  |  |  | 3,656 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 4,825 |  |  |  | 4,796 |  |  |  | 4,777 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,975 |  |  |  | 9,830 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,336 |  |  |  | 4,266 |  |  |  | 4,282 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,973 |  |  |  | 9,830 |  |  |  | 9,873 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,260 |  |  |  | 9,268 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.45 | % |  | SOFR+760 |  |  |  | 4,916 |  |  |  | 4,906 |  |  |  | 4,916 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 13.20 | % |  | SOFR+835 |  |  |  | 12,388 |  |  |  | 12,387 |  |  |  | 12,078 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,900 |  |  |  | 4,842 |  |  |  | 4,729 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 11.50 | % |  | SOFR+690 |  |  |  | 18,620 |  |  |  | 18,370 |  |  |  | 18,434 |
Simplicity Financial Marketing Group Holdings, Inc |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 11,359 |  |  |  | 11,206 |  |  |  | 11,472 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.46 | % |  | SOFR+461 |  |  |  | 1,290 |  |  |  | 1,268 |  |  |  | 1,289 |
Smartronix, LLC |  | 11/23/2028 |  |  | Aerospace and Defense |  |  | 10.35 | % |  | SOFR+610 |  |  |  | 4,863 |  |  |  | 4,800 |  |  |  | 4,863 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 11,887 |  |  |  | 11,860 |  |  |  | 10,520 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.40 | % |  | SOFR+715 |  |  |  | 4,582 |  |  |  | 4,560 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 10.25 | % |  | SOFR+565 |  |  |  | 4,070 |  |  |  | 4,017 |  |  |  | 4,070 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.31 | % |  | SOFR+425 |  |  |  | 1,777 |  |  |  | 1,700 |  |  |  | 1,653 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 10.26 | % |  | SOFR+500 |  |  |  | 14,588 |  |  |  | 14,445 |  |  |  | 14,558 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 19,626 |  |  |  | 19,312 |  |  |  | 19,430 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.95 | % |  | SOFR+500 |  |  |  | 343 |  |  |  | 332 |  |  |  | 338 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.60 | % |  | SOFR+475 |  |  |  | 5,473 |  |  |  | 5,418 |  |  |  | 5,490 |
The Bluebird Group LLC |  | 07/27/26 |  |  | Professional Services |  |  | 11.25 | % |  | SOFR+665 |  |  |  | 8,521 |  |  |  | 8,427 |  |  |  | 8,521 |
The Vertex Companies, LLC |  | 08/31/27 |  |  | Construction and Engineering |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 7,636 |  |  |  | 7,538 |  |  |  | 7,639 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/25 |  |  | Consumer Goods: Non-Durable |  |  | 10.84 | % |  | SOFR+565 |  |  |  | 16,524 |  |  |  | 16,394 |  |  |  | 16,524 |
Transgo, LLC |  | 12/29/28 |  |  | Automotive |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 18,552 |  |  |  | 18,293 |  |  |  | 18,552 |
TWS Acquisition Corporation |  | 06/16/25 |  |  | Diversified Consumer Services |  |  | 11.33 | % |  | SOFR+640 |  |  |  | 943 |  |  |  | 943 |  |  |  | 943 |
Tyto Athene, LLC |  | 04/01/28 |  |  | IT Services |  |  | 10.23 | % |  | SOFR+490 |  |  |  | 14,670 |  |  |  | 14,585 |  |  |  | 14,376 |
Urology Management Holdings, Inc. |  | 06/15/26 |  |  | Healthcare and Pharmaceuticals |  |  | 10.76 | % |  | SOFR+550 |  |  |  | 6,823 |  |  |  | 6,742 |  |  |  | 6,755 |
Walker Edison Furniture Company LLC (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 5,441 |  |  |  | 4,986 |  |  |  | 490 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 83 |  |  |  | - |  |  |  | (76 | )
Watchtower Buyer, LLC |  | 12/03/29 |  |  | Diversified Consumer Services |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 12,189 |  |  |  | 12,007 |  |  |  | 12,067 |
Wildcat Buyerco, Inc. |  | 02/27/27 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 16,014 |  |  |  | 15,916 |  |  |  | 16,014 |
Zips Car Wash, LLC |  | 12/31/24 |  |  | Automobiles |  |  | 12.46 | % |  | SOFR+740 |  |  |  | 16,736 |  |  |  | 16,722 |  |  |  | 15,983 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 920,485 |  |  |  | 906,532 |
Equity Securities - 10.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  | $ | 2,031 |  |  | $ | 2,031 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 904 |

39

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 47 |  |  |  | - |  |  |  | 2,710 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 1,104 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,498 |  |  |  | 6,749 |
Total Investments - 1,415.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928,983 |  |  |  | 913,281 |
Cash and Cash Equivalents - 106.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Investments and Cash Equivalents —1,521.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,412 |  |  | $ | 981,710 |
Liabilities in Excess of Other Assets — (1,421.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (917,163 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 64,547 |

(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". 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 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)
Non-accrual security.
(5)
Partial PIK non-accrual security.
(6)
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 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd.
(7)
All investments are in U.S. companies unless noted otherwise.

40

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):

|  | June 30, 2025 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2024 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$1,080,993 and $928,983, respectively) | $ |  | 1,055,552 |  |  | $ |  | 913,281 |
Cash and cash equivalents (cost—$45,728 and $68,429, respectively) |  |  | 45,728 |  |  |  |  | 68,429 |
Interest receivable |  |  | 4,483 |  |  |  |  | 4,722 |
Due from affiliate |  |  | 93 |  |  |  |  | 48 |
Prepaid expenses and other assets |  |  | 2,517 |  |  |  |  | 1,642 |
Total assets |  |  | 1,108,373 |  |  |  |  | 988,122 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 27,000 |  |  |  |  | 146,100 |
2035 Asset-backed debt, net (par—$0 and $246,000, respectively) (unamortized deferred financing costs of $0 and $2,066, respectively) |  |  | — |  |  |  |  | 243,934 |
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,413 and $1,628, respectively) |  |  | 244,587 |  |  |  |  | 244,372 |
2037 Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $1,990 and $0, respectively) |  |  | 244,010 |  |  |  |  | — |
2037-R Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $2,629 and $0, respectively) |  |  | 243,371 |  |  |  |  | — |
Notes payable to members |  |  | 271,600 |  |  |  |  | 271,600 |
Interest payable on credit facility and asset backed debt |  |  | 8,968 |  |  |  |  | 9,281 |
Payable for investments purchased |  |  | — |  |  |  |  | 86 |
Interest payable on notes to members |  |  | 6,665 |  |  |  |  | 7,315 |
Accrued expenses |  |  | 1,198 |  |  |  |  | 822 |
Due to affiliate |  |  | 72 |  |  |  |  | 65 |
Total liabilities |  |  | 1,047,471 |  |  |  |  | 923,575 |
Members' equity |  |  | 60,902 |  |  |  |  | 64,547 |
Total liabilities and members' equity | $ |  | 1,108,373 |  |  | $ |  | 988,122 |

(1)
As of June 30, 2025 and September 30, 2024, PSSL had unfunded commitments to fund invest ments of zero and $0.6 million, respectively.

Below are the Consolidated Statements of Operations for PSSL ($ in thousands):

|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2025 |  |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 28,212 |  |  |  | $ | 27,614 |  |  | $ | 84,989 |  |  | $ | 80,578 |
Other income |  |  | 357 |  |  |  |  | 356 |  |  |  | 1,145 |  |  |  | 921 |
Total investment income |  |  | 28,569 |  |  |  |  | 27,970 |  |  |  | 86,134 |  |  |  | 81,499 |
Expenses:(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 14,381 |  |  |  |  | 13,685 |  |  |  | 42,198 |  |  |  | 40,866 |
Interest expense on notes to members |  |  | 8,427 |  |  |  |  | 8,646 |  |  |  | 25,674 |  |  |  | 24,962 |
Administration fees |  |  | 1,001 |  |  |  |  | 602 |  |  |  | 2,386 |  |  |  | 1,737 |
General and administrative expenses |  |  | 110 |  |  |  |  | 506 |  |  |  | 1,016 |  |  |  | 999 |
Expenses before debt issuance costs |  |  | 23,919 |  |  |  |  | 23,439 |  |  |  | 71,274 |  |  |  | 68,564 |
Debt issuance costs |  |  | 200 |  |  |  |  | — |  |  |  | 200 |  |  |  | — |
Total expenses |  |  | 24,119 |  |  |  |  | 23,439 |  |  |  | 71,474 |  |  |  | 68,564 |
Net investment income |  |  | 4,450 |  |  |  |  | 4,531 |  |  |  | 14,660 |  |  |  | 12,935 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | (10,974 | ) |  |  |  | — |  |  |  | (17,429 | ) |  |  | (6,510 | )
Realized loss on debt extinguishment |  |  | (1,637 | ) |  |  |  | (1,622 | ) |  |  | (1,637 | ) |  |  | (1,622 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 5,403 |  |  |  |  | (5,034 | ) |  |  | (9,739 | ) |  |  | 3,871 |
Net realized and unrealized gain (loss) on investments |  |  | (7,208 | ) |  |  |  | (6,656 | ) |  |  | (28,805 | ) |  |  | (4,261 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (2,758 | ) |  |  | $ | (2,125 | ) |  | $ | (14,145 | ) |  | $ | 8,674 |

(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.

41

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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.

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, including our 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2037 Asset-Backed Debt 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, our 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, our 2037 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 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.

42

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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

Asset Category |  | Fair value at June 30, 2025 |  |  | Valuation Technique |  | Unobservable Input |  | Range of Input (Weighted Average) (1)
First lien |  | $ | 89,907 |  |  | Market Comparable |  | Broker/Dealer bids or quotes |  | N/A
First lien |  |  | 2,037,892 |  |  | Market Comparable |  | Market yield |  | 8.2% - 20.6% (10.2%)
First lien |  |  | 19,460 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 7.0 x - 8.5 x (7.5 x)
First lien |  |  | 3,342 |  |  | Market Comparable |  | Revenue multiple |  | 0.9 x
Subordinated debt |  |  | 11,933 |  |  | Market Comparable |  | Market yield |  | 6.3% - 23.3% (17.2%)
Subordinated debt |  |  | 573 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 14.8 x
Equity |  |  | 178,722 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 1.5 x - 16.3 x (11.1 x)
Total Level 3 investments |  | $ | 2,341,829 |  |  |  |  |  |  |
Long-Term Credit Facility |  | $ | 298,865 |  |  | Market Comparable |  | Market yield |  | 5.4%

____________________________________________

(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 |  | 0.8 x - 9.8 x (3.4 x)
Subordinated debt |  |  | 2,688 |  |  | Market Comparable |  | Market Yield |  | 11.8% - 16.5% (14.0%)
Subordinated debt |  |  | 4 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 5 x
Equity |  |  | 168,450 |  |  | Enterprise Market Value |  | EBITDA multiple |  | 0.4 x - 18.8 x (11.0 x)
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.

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 June 30, 2025 |
Description |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Measured at Net Asset Value (1) |
First lien |  | $ | 2,150,601 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,150,601 |  |  | $ | — |
Subordinate debt |  |  | 12,506 |  |  |  | — |  |  |  | — |  |  |  | 12,506 |  |  |  | — |
Equity |  |  | 240,408 |  |  |  | — |  |  |  | — |  |  |  | 178,722 |  |  |  | 61,686 |
Total investments |  |  | 2,403,515 |  |  |  | — |  |  |  | — |  |  |  | 2,341,829 |  |  |  | 61,686 |
Cash and cash equivalents |  |  | 102,730 |  |  |  | 102,730 |  |  |  | — |  |  |  | — |  |  |  | — |
Total investments and cash and cash equivalents |  | $ | 2,506,245 |  |  | $ | 102,730 |  |  | $ | — |  |  | $ | 2,341,829 |  |  | $ | 61,686 |
Long Term Credit Facility payable |  | $ | 298,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 298,865 |  |  | $ | — |
2026 Notes payable(2) |  |  | 184,415 |  |  |  | — |  |  |  | 184,415 |  |  |  | — |  |  |  | — |
2036 Asset-Backed Debt(2) |  |  | 284,492 |  |  |  | — |  |  |  | — |  |  |  | 284,492 |  |  |  | — |
2036-R Asset-Backed Debt(2) |  |  | 265,333 |  |  |  | — |  |  |  | — |  |  |  | 265,333 |  |  |  | — |
2037 Asset-Backed Debt (2) |  |  | 358,207 |  |  |  | — |  |  |  | — |  |  |  | 358,207 |  |  |  | — |
Total debt |  | $ | 1,391,312 |  |  | $ | — |  |  | $ | 184,415 |  |  | $ | 1,206,897 |  |  | $ | — |

(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.

43

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

|  | 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.

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):

|  | Nine Months Ended June 30, 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) |  |  | (12,997 | ) |  |  | 21,352 |  |  |  | 8,355 |
Net change in unrealized appreciation (depreciation) |  |  | (4,757 | ) |  |  | (9,246 | ) |  |  | (14,003 | )
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 1,077,943 |  |  |  | 21,151 |  |  |  | 1,099,094 |
Sales, repayments and non-cash exchanges |  |  | (656,285 | ) |  |  | (13,171 | ) |  |  | (669,456 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 2,150,601 |  |  | $ | 191,228 |  |  | $ | 2,341,829 |
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. |  | $ | (3,778 | ) |  | $ | 10,025 |  |  | $ | 6,247 |

|  | Nine Months Ended June 30, 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) |  |  | (5,273 | ) |  |  | 5,841 |  |  |  | 568 |
Net change in unrealized appreciation (depreciation) |  |  | 4,009 |  |  |  | 9,150 |  |  |  | 13,159 |
Purchases, PIK interest, net discount accretion and non-cash exchanges |  |  | 888,171 |  |  |  | 70,237 |  |  |  | 958,408 |
Sales, repayments and non-cash exchanges |  |  | (343,867 | ) |  |  | (45,115 | ) |  |  | (388,982 | )
Transfers in and/or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 1,449,206 |  |  | $ | 140,895 |  |  | $ | 1,590,101 |
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. |  | $ | (2,997 | ) |  | $ | 11,500 |  |  | $ | 8,503 |

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):

|  | Nine months ended June 30, |
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 |  |  | (15 | ) |  |  | 7 |
Borrowings |  |  | 260,000 |  |  |  | 381,455 |
Repayments |  |  | (405,000 | ) |  |  | (248,219 | )
Ending balance (cost – $298,855 and $218,855 respectively) |  | $ | 298,865 |  |  | $ | 218,862 |

44

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

As of June 30, 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 June 30, 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 |  |  | $ | 1,466 |  |  | 7/1/25 |  |  | (11 | )

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 | )

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. We elected to use the fair value option for the Credit Facility 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 incurred $2.9 million and $3.3 million of expenses relating to amendment costs on the Credit Facility for the three and nine months ended June 30, 2025 and we incurred less than $0.1 million of expenses relating to amendment costs on the Credit Facility during the three and nine months ended June 30, 2024. 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 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, 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt.

For the three and nine months ended June 30, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of $(0.1) million and less than $0.1 million, respectively. For the three and nine months ended June 30, 2024, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and ($0.1) million, respectively. As of June 30, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately less than $(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.

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 nine months ended June 30, 2025 and 2024 were as follows ($ in thousands):

Name of Investment |  | Fair Value at September 30, 2024 |  | Gross Additions |  | Gross Reductions |  | Net Change in Unrealized Appreciation (Depreciation) |  | Fair Value at June 30, 2025 |  | Interest Income |  | Dividend/ Other Income |  | Net Realized Gains (Losses)
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC** |  | $57,107 |  | $4,214 |  | $(36,984) |  | $(24,337) |  | $— |  | 5,062 |  | $306 |  | $22,811
PennantPark Senior Secured Loan Fund I LLC * |  | 294,128 |  | 21,875 |  | — |  | (25,064) |  | 290,939 |  | 22,464 |  | 12,688 |  | —
Total Controlled Affiliates |  | $351,235 |  | $26,089 |  | $(36,984) |  | $(49,401) |  | $290,939 |  | $27,526 |  | $12,994 |  | $22,811

* 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.

** Marketplace was sold during the Q1 2025 quarter.

45

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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 June 30, 2024 |  |  | Interest Income |  |  | Dividend/ Other Income |  |  | Net Realized Gains (Losses) |
Controlled Affiliates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketplace Events, LLC |  | $ | 34,027 |  |  | $ | 7,602 |  |  | $ | — |  |  | $ | 5,868 |  |  | $ | 47,497 |  |  | $ | 3,755 |  |  | $ | 130 |  |  | $ | — |
PennantPark Senior Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Fund I LLC * |  |  | 260,969 |  |  |  | 39,375 |  |  |  | — |  |  |  | (3,349 | ) |  |  | 296,995 |  |  |  | 21,840 |  |  |  | 10,938 |  |  |  | — |
Total Controlled Affiliates |  | $ | 294,996 |  |  | $ | 46,977 |  |  | $ | — |  |  | $ | 2,519 |  |  | $ | 344,492 |  |  | $ | 25,595 |  |  | $ | 11,068 |  |  | $ | — |

* 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 in net assets resulting from operations

($ in thousands, except per share data):

|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |  |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Numerator for net increase in net assets resulting from operations |  | $ | 19,298 |  |  | $ | 16,920 |  |  | $ | 48,852 |  |  | $ | 70,499 |  |
Denominator for basic and diluted weighted average shares |  |  | 99,217,896 |  |  |  | 68,481,874 |  |  |  | 90,291,815 |  |  |  | 62,774,693 |  |
Basic and diluted net increase in net assets per share resulting from operations |  | $ | 0.19 |  |  | $ | 0.25 |  |  | $ | 0.54 |  |  | $ | 1.12 |  |

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 June 30, 2025, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $39.2 million and $63.5 million. As of September 30, 2024, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $22.2 million and $89.8 million at fair value, respectively.

46

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

9. FINANCIAL HIGHLIGHTS

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

|  | Nine Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Per Share Data: |  |  |  |  |  |
Net asset value, beginning of period |  | $ | 11.31 |  |  | $ | 11.13 |
Net investment income (1) |  |  | 0.88 |  |  |  | 0.95 |
Net change in realized and unrealized gain (loss) (1) |  |  | (0.34 | ) |  |  | 0.17 |
Net increase (decrease) in net assets resulting from operations (1) |  |  | 0.54 |  |  |  | 1.12 |
Distributions to stockholders (1), (2) |  |  | (0.92 | ) |  |  | (0.92 | )
Accretive effect of common stock issuance |  |  | 0.03 |  |  |  | 0.01 |
Net asset value, end of period |  | $ | 10.96 |  |  | $ | 11.34 |
Per share market value, end of period |  | $ | 10.33 |  |  | $ | 11.54 |
Total return *(3) |  |  | -2.77 | % |  |  | 17.45 | %
Shares outstanding at end of period |  |  | 99,217,896 |  |  |  | 71,998,138 |
Ratios** / Supplemental Data: |  |  |  |  |  |
Ratio of operating expenses to average net assets** (4) |  |  | 5.56 | % |  |  | 5.83 | %
Ratio of debt related expenses to average net assets** (5) |  |  | 9.23 | % |  |  | 7.50 | %
Ratio of total expenses to average net assets** (5) |  |  | 14.79 | % |  |  | 13.34 | %
Ratio of net investment income to average net assets** (5) |  |  | 10.62 | % |  |  | 11.23 | %
Net assets at end of period |  | $ | 1,087,513 |  |  | $ | 816,726 |
Weighted average debt outstanding |  | $ | 1,350,703 |  |  | $ | 730,296 |
Weighted average debt per share (1) |  | $ | 14.96 |  |  | $ | 11.63 |
Asset coverage per unit (6) |  | $ | 1,778 |  |  | $ | 1,900 |
Portfolio turnover rate* |  |  | 25.09 | % |  |  | 24.48 | %

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-occurring 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 nine months ended June 30, 2025 and 2024, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.9% and 7.3%, respectively.

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 June 30, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 177% and 174%, respectively.

Credit Facility

As of June 30, 2025, the Credit Facility has commitments $718.0 million (decreased from $736.0 million in April 2025) has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 200 basis points, a maturity date of August 2030 and a revolving period that ends in August 2028. As of June 30, 2025 and September 30, 2024, Funding I had $298.9 million and $443.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 6.3% and 7.5%, exclusive of the fee on undrawn commitments as of June 30, 2025 and September 30, 2024, respectively. As of June 30, 2025 and September 30, 2024, Funding I had $419.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Credit Facility is subject to satisfaction of certain conditions and the regulatory restrictions that the 1940 Act imposes on us as a BDC.

In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028 from August 2027, extended the maturity date of the Credit Facility by one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.

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 June 30, 2025, 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.

47

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

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. On February 7, 2024, the Company filed a notice with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd (the “TASE”) voluntarily requesting to delist the Company’s common stock from trading on the TASE. The last day of trading on the TASE was May 6, 2024 and the delisting of the Company’s common stock from the TASE took effect on May 8, 2024.

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 effective interest rate is 4.15%. 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 / 2036-R 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 ended 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 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.

On July 25, 2024, the Company closed the refinancing of the 2031Asset-Backed Debt and upsize of a four-year reinvestment period, twelve-year final maturity $351.0 million debt securitization in the form of a collateralized loan obligation (the “2036-R Asset-Backed Debt”). The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the Issuer of $64 million of subordinated notes pursuant to the Indenture and (C) the borrowing by the Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, dated the closing date, by and among the Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The Replacement Debt matures in July 2036. The Replacement Debt was 100% funded at closing.

The obligations of the Issuers under the replacement are non-recourse to the Company. The Company will retain the Class D-R Notes and the Subordinated Notes through a consolidated subsidiary. As of June 30, 2025 and September 30, 2024, the Company had $266.0 million, respectively, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 6.2% and 7.2%, respectively. As of June 30, 2025 and September 30, 2024, the unamortized fees on the 2036-R Asset-Backed Debt were $0.7 million and $0.8 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.

2036 Asset-Backed Debt

48

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

In February 2024, the Company completed the $350.6 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 2036 Asset-Backed Debt was issued by the 2036 Securitization Issuer. The 2036 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the 2036 Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 2.30%, (ii) $14 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 2.70%, (iii) $24.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 2.90%, (iv) $28 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 3.90%, (v) $21 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 5.90%, (together, the “Secured Notes”), and (vi) $63.6 million of subordinated notes (“Subordinated Notes”) and (B) the borrowing of $60.0 million AAA(sf) Class A-1 Senior Secured Floating Rate Loans (the “Class A-1 Loans” and together with the Secured Notes and Subordinated Notes, the “Debt”), which bear interest at three-month SOFR plus 2.30%, under a credit agreement (the “Credit Agreement”), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.

The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Subordinated Notes of the 2036-Securitization Issuer were eliminated in consolidation. As of June 30, 2025 and September 30, 2024, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1% and 8.1%, respectively. As of June 30, 2025, and September 30, 2024 the unamortized fees on the 2036 Asset-Backed Debt were $2.5 million and $2.9 million, respectively.

Our Investment Adviser serves as collateral manager to the 2036-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.

2037 Asset-Backed Debt

In February 2025, the Company completed the 2037 Debt Securitization. The 2037 Notes were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the “2037 Class A-1 Notes”), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the “2037 Class A-2 Notes”), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the “2037 Class B Notes”), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the “2037 Class C Notes”), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the “2037 Class D Notes” and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (the “2037 Subordinated Notes” and, together with the 2037 Secured Notes, the “2037 Notes”) and (B) the borrowing by the 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the “2037 Class A-1L-A Loans”) and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (the “2037 Class A-1L-B Loans” and, together with the Class A-1L-A Loans, the “2037 Asset-Backed Loans,” and collectively with the 2037 Secured Notes and 2037 Subordinated Notes, the “2037 Asset-Backed Debt”), which bear interest at three-month SOFR plus 1.49%. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037.

The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation. The Company will continue to retain the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Asset-Backed Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029. As of June 30, 2025 and September 30, 2024, the Company had $361.0 million and zero of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.9% and zero, respectively. As of June 30, 2025 and September 30, 2024, the unamortized fees on the 2037 Asset-Backed Debt were $2.8 million and zero, respectively.

Our Investment Adviser serves as collateral manager to the 2037 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 June 30, 2025 and September 30, 2024, w e had $568.5 million and $632.2 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $65.6 million and zero to PSSL as of June 30, 2025 and September 30, 2024, respectively, that may be contributed primarily for the purpose of funding new investments approved by the PSSL board of directors or investment committee.

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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 June 30, 2025, the related consolidated statements of operations and changes in net assets for the three-month and nine month periods ended June 30, 2025 and 2024, and cash flows for the nine month periods ended June 30, 2025 and 2024, 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 financial statements referred to above 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, 2024, 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 November 25, 2024, we expressed an unqualified opinion on those 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, 2024, 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.

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 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

August 11, 2025

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

50

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. and its Subsidiaries for the periods ended June 30, 2025 and 2024, as indicated in our report dated August 11, 2025; 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 June 30, 2025, is incorporated by reference in Registration Statement No.333-279726 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

August 11, 2025

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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:

•
our future operating results;

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

•
changes in political, economic or industry conditions, such as the impact of the ongoing invasion of Ukraine by Russia and other world economic and political issues, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

•
U.S. trade policy developments, tariffs and other trade restrictions;

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

•
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;

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

•
our contractual arrangements and relationships with third parties;

•
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;

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

•
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;

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

•
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. (the "Company," "we," "our" or "us") is a business development company ("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.

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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 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.

The Company, 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.

We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term “subsidiary” means entities that primarily engage in investments activities in securities or other assets that are wholly owned by us. The Company does not intend to create or acquire primary control of an entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

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;

•
expenses incurred by the Investment Adviser payable to third parties, including agents, consultants or other advisors, in monitoring our financial and legal affairs for the Company's and in monitoring the Company's investments; and performing due diligence (including related legal expenses) on its prospective portfolio companies and expenses related to unsuccessful portfolio acquisition efforts;

•
transfer agent and custodial fees;

•
fees and expenses associated with marketing efforts;

•
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;

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

•
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

•
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.

PORTFOLIO AND INVESTMENT ACTIVITY

PennantPark Floating Rate Capital Ltd.

As of June 30, 2025, our portfolio totaled $2,403.5 million, and consisted of $2,150.6 million of first lien secured debt (including $237.7 million in PSSL), $12.5 million of subordinated debt and $240.4 million of preferred and common equity (including $53.3 million in PSSL). Our debt portfolio consisted of approximately 99% variable-rate investments. As of June 30, 2025, we had two portfolio companies on non-accrual, representing 1.0% and 0.5% of our overall portfolio on a cost and fair value basis, respectively. As of June 30, 2025, the portfolio had net unrealized depreciation of $51.3 million. Our overall portfolio consisted of 155 companies with an average investment size of $15.5 million and had a weighted average yield on debt investments of 10.4%, and was invested 89% in first lien secured debt (including 10% in PSSL), less than 1% in second lien and subordinate debt and 10% in preferred and common equity (including 2% in PSSL). As of June 30, 2025, approximately 99% of the investments held by PSSL were first lien secured debt.

As of September 30, 2024, our portfolio totaled $1,983.5 million and consisted of $1,746.7 million of first lien secured debt (including $237.7 million in PSSL), $2.7 million of second lien secured debt and subordinated debt and $234.1 million of preferred and common equity (including $56.5 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2024, we had two portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2024, the portfolio had net unrealized depreciation of $11.4 million. Our overall portfolio consisted of 158 companies with an average investment size of $12.6 million, had a weighted average yield on debt investments of 11.5%, and was invested 88% in first lien secured debt (including 12% in PSSL), less than 1% in second lien secured debt and subordinated debt and 12% in preferred and common equity (including 3% in PSSL). As of September 30, 2024, over 99% of the investments held by PSSL were first lien secured debt.

For the three months ended June 30, 2025, we invested $208.1 million in four new and 17 existing portfolio companies at a weighted average yield on debt investments of 10.1%. For the three months ended June 30, 2025, sales and repayments of investments totaled $145.8 million, including $51.8 million of sales to PSSL. For the nine months ended June 30, 2025, we invested $1,108.3 million in 18 new and 112 existing portfolio companies at a weighted average yield on debt investments of 10.2%. For the nine months ended June 30, 2025, sales and repayments of investments totaled $669.5 million, including $292.4 million of sales to PSSL.

For the three months ended June 30, 2024, we invested $320.9 million in nine new and 45 existing portfolio companies at a weighted average yield on debt investments of 11.5%. For the three months ended June 30, 2024, sales and repayments of investments totaled $137.6 million, including $69.1 million of sales to PSSL. For the nine months ended June 30, 2024, we invested $961.8 million in 33 new and 71 existing portfolio companies at a weighted average yield on debt investments of 11.7%. For the nine months ended June 30, 2024, sales and repayments of investments totaled $386.3 million, including $209.0 million of sales to PSSL.

PennantPark Senior Secured Loan Fund I LLC

As of June 30, 2025, PSSL’s portfolio totaled $1,055.6 million and consisted of 117 companies with an average investment size of $9.0 million and at a weighted average yield on debt investments of 10.4%. As of September 30, 2024, PSSL’s portfolio totaled $913.3 million, consisted of 109 companies with an average investment size of $8.4 million and at a weighted average yield on debt investments of 11.4%.

For the three months ended June 30, 2025, PSSL invested $52.3 million (including $51.8 million purchased from the Company) in seven new and two existing portfolio companies at a weighted average yield on debt investments of 10.8%. Sales and repayments of investments for the three months ended June 30, 2025 totaled $53.8 million. For the nine months ended June 30, 2025, PSSL invested $337.2 million (including $292.4 million purchased from the Company) in 28 new and 13 existing portfolio companies at a weighted average yield on debt investments of 10.3%. PSSL's sales and repayments for the same period totaled $177.2 million.

For the three months ended June 30, 2024, PSSL invested $84.5 million (including $69.1 million purchased from the Company) in five new and 11 existing portfolio companies at a weighted average yield on debt investments of 11.6%. For the three months ended June 30, 2024, sales and repayments of investments totaled $47.0 million. For the nine months ended June 30, 2024, PSSL invested $240.4 million (including $209.0 million purchased from the Company) in 15 new and 20 existing portfolio companies at a weighted average yield on debt investments of 11.8%. Sales and repayments of investments for the nine months ended June 30, 2024 totaled $124.2 million.

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At-the-Market Offering

On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents 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 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and nine months ended June 30, 2025 we issued 2,800,000 shares and 21,638,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.31 per share and $11.34 per share raising $31.6 million and $244.8 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2024, we issued 8,770,000 shares and 13,263,436 shares of common stock through the 2022 ATM Program at an average price of $11.41 per share and $11.39 per share, raising $100.1 million and $150.6 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2025, in connection with the share issuance, we incurred $0.1 million and $0.3 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and nine months ended June 30, 2024, we incurred zero and $0.5 million of deferred offering costs related to establishing the 2022 ATM Program to additional paid in capital, respectively.

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 2024 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates during the nine months from those disclosed in our 2024 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.

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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.

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, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2037 Asset-Backed Debt, 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 as of the date of this report, 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 2026 Notes, our 2031 Asset-Backed Debt, our 2036 Asset-Backed Debt, our 2036-R Asset-Backed Debt, our 2037 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. 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 incurred $2.9 million and $3.3 million of expenses relating to amendment costs on the Credit Facility during the three and nine months ended June 30, 2025 and we incurred less than $0.1 million of expenses relating to amendment costs on the Credit Facility during the three and nine months ended, June 30, 2024. 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 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, the 2031 Asset-Backed Debt, the 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt.

For the three and nine months ended June 30, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of (0.1) million and less than $0.1 million, respectively . For the three and nine months ended June 30, 2024, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and less than $(0.1) million, respectively. As of June 30, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately less than $(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 in December 2023.

On February 7, 2024, the Company filed a notice with the Israel Securities Authority and “TASE” voluntarily requesting to delist the Company’s common stock from trading on the TASE. The last day of trading on the TASE was May 6, 2024 and the delisting of the Company’s common stock from the TASE took effect on May 8, 2024.

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.

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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, 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.

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 and nine months ended June 30, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.7 million, respectively, pertaining to federal excise tax. For the three and nine months ended June 30, 2024, we recorded a provision for taxes on net investment income of $0.2 million and $0.9 million, respectively, pertaining to federal excise tax.

On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ( “Holdings”) to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.

For the three and nine months ended June 30, 2025, the Company recorded a provision for taxes of $(0.3) million and $0.8 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and nine months ended June 30, 2024, the Company recorded a provision for taxes of zero and $0.2 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 June 30, 2025, and September 30, 2024, $0.9 million and $1.7 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. During the three and nine months ended June 30, 2025, the Company recorded a provision for taxes of less than $0.1 million and $(0.1) million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2024, the Company did not record a provision for taxes relating to realized gain on investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2025, the Company paid $0.1 million in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and nine months ended June 30, 2024, the Company paid zero 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.

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RESULTS OF OPERATIONS

Set forth below are the results of operations for the three and nine months ended June 30, 2025 and 2024.

Investment Income

For the three and nine months ended June 30, 2025, investment income was $63.5 million and $192.4 million, respectively, which was attributable to $57.9 million and $175.1 million from first lien secured debt and $5.6 million and $17.3 million from other investments, respectively. For the three and nine months ended June 30, 2024, investment income was $48.5 million and $130.8 million, respectively, which was attributable to $42.7 million and $114.9 million from first lien secured debt and $5.8 million and $15.9 million from other investments, respectively. The increase in investment income for the three and nine months ended June 30, 2025, was primarily due to the increase in the size of our debt portfolio.

Expenses

For the three and nine months ended June 30, 2025, expenses totaled $38.9 million and $112.8 million, respectively and were comprised of: $22.5 million and $67.4 million of debt related interest and expenses, $5.9 million and $16.8 million of base management fees, $5.4 million and $19.1 million of performance-based incentive fees, and $2.0 million and $5.5 million of general and administrative expenses, $0.2 million and $0.7 million of taxes and $2.9 million and $3.3 million in Credit Facility amendment costs. For the three and nine months ended June 30, 2024, expenses totaled $27.3 million and $71.1 million, respectively and were comprised of; $16.3 million and $39.9 million of debt related interest and expenses, $3.9 million and $10.3 million of base management fee, $5.3 million and $14.9 million of performance-based incentive fee, $1.5 million and $5.0 million of general and administrative expenses, $0.2 million and $0.9 million of taxes, and $0.1 million and $0.1 million of Credit Facility amendment costs. The increase in expenses for the three and nine months ended June 30, 2025, was primarily due to the increase in interest expense from increased borrowings and an increase in base management fee and incentive fee as a result of the increase in our investment portfolio.

Net Investment Income

For the three and nine months ended June 30, 2025, net investment income totaled $24.6 million or $0.25 per share, and $79.6 million or $0.88 per share, respectively. For the three and nine months ended June 30, 2024, net investment income totaled $21.2 million or $0.31 per share, and $59.7 million or $0.95 per share, respectively. The increase in net investment income for the three and nine months ended June 30, 2025, was primarily due to an increase in investment income partially offset by an increase in expenses.

Net Realized Gains or Losses

For the three and nine months ended June 30, 2025, net realized gains (losses) totaled $(14.8) million and $8.4 million, respectively. For the three and nine months ended June 30, 2024, net realized gains (losses) totaled $(0.4) million and $0.6 million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which they were realized.

Unrealized Appreciation or Depreciation on Investments and Debt

For the three and nine months ended June 30, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $9.9 million and $(39.9) million, respectively. For the three and nine months ended June 30, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $(4.0) million and $10.0 million, respectively. As of June 30, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(51.3) million and $(11.4) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio, changes in the capital market conditions of our investments and realization of investments.

For the three and nine months ended June 30, 2025, our Credit Facility had a net change in unrealized appreciation (depreciation) of $(0.1) million and less than $0.1 million, respectively. For the three and nine months ended June 30, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and less than $(0.1) million. As of June 30, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately less than $(0.1) million and zero, respectively. The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

Net Change in Net Assets Resulting from Operations

For the three and nine months ended June 30, 2025, net increase (decrease) in net assets resulting from operations totaled $19.3 million or $0.19 per share and $48.9 million or $0.54 per share, respectively. For the three and nine months ended June 30, 2024, net increase (decrease) in net assets resulting from operations totaled $16.9 million or $0.25 per share and $70.5 million, or $1.12 per share, respectively. The net increase or (decrease) from operations for the three and nine months ended June 30, 2025, was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and 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 June 30, 2025, 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 June 30, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 177% and 174%, respectively.

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For the nine months ended June 30, 2025 and 2024, 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 6.9% and 7.3%, respectively. As of June 30, 2025 and September 30, 2024, we had $419.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028 from August 2027, extended the maturity date one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.

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 June 30, 2025, 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 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 effective interest rate is 4.15%. 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 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 June 30, 2025 and September 30, 2024, the Company had zero of 2031 Asset-Backed Debt outstanding.

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.

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.

In July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company retained $85.0 million of the debt securitization. The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the issuer of $64 million of subordinated notes pursuant to the Indenture and (C) the borrowing by one of the 2036-R Securitization Issuers of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, by and among the 2036-R Securitization Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The 2036-R Asset-Backed Debt matures in July 2036. As of June 30, 2025 and September 30, 2024, the Company had $266.0 million, respectively, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 6.2% and 7.2%, respectively. As of June 30, 2025 and September 30, 2024, the unamortized fees on the 2036-R Asset-Backed Debt were $0.7 million and $0.8 million, respectively.

In February 2024, the Company completed the $350.6 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 2036 Asset-Backed Debt was issued by the 2036 Securitization Issuer. The 2036 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the 2036 Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York (“SOFR”) plus 2.30%, (ii) $14 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 2.70%, (iii) $24.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 2.90%, (iv) $28 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 3.90%, (v) $21 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 5.90%, (together, the “Secured Notes”), and (vi) $63.6 million of subordinated notes (“Subordinated Notes”) and (B) the borrowing of $60.0 million AAA(sf) Class A-1 Senior Secured Floating Rate Loans (the “Class A-1 Loans” and together with the Secured Notes and Subordinated Notes, the “Debt”), which bear interest at three-month SOFR plus 2.30%, under a credit agreement (the “Credit Agreement”), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.

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The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Preferred Shares of the 2036-Securitization Issuer were eliminated in consolidation. As of June 30, 2025 and September 30, 2024, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1% and 8.1%, respectively .As of June 30, 2025, and September 30, 2024 the unamortized fees on the 2036 Asset-Backed Debt were $2.5 million and $2.9 million, respectively.

Our Investment Adviser serves as collateral manager to the 2036-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.

In February 2025, we completed the $474.6 million term debt securitization (the “2037 Debt Securitization”). The notes offered in the 2037 Debt Securitization were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The Company retained $113.6 million of the debt securitization issued by the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the “2037 Class A-1 Notes”), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the “2037 Class A-2 Notes”), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the “2037 Class B Notes”), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the “2037 Class C Notes”), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the “2037 Class D Notes” and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (the “2037 Subordinated Notes”) and (B) the borrowing by 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the “2037 Class A-1L-A Loans”) and $45.0 million under AAA(sf) Class A-1L-B floating rate loans ( the “2037 Class A-1L-B Loans” and, together with the 2037 Class A-1L-A Loans, the “2037 Asset-Backed Loans,” and collectively with the 2037 Notes, the “2037 Asset-Backed Debt”), which bear interest at three-month SOFR plus 1.49%. The 2037 Class A-1 Loans and the 2037 Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the 2037 Securitization Issuer. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037. The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation. The Company will continue to retain the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Class A-1 Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029. As of June 30, 2025 and September 30, 2024, the Company had $361.0 million and zero of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.9% and zero, respectively. As of June 30, 2025 and September 30, 2024, the unamortized fees on the 2037 Asset-Backed Debt were $2.8 million and zero, respectively.

Our Investment Adviser serves as collateral manager to the 2037 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.

On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents 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 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and nine months ended June 30, 2025 we issued 2,800,000 shares and 21,638,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.31 per share and $11.34 per share raising $31.6 million and $244.8 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2024, we issued 8,770,000 shares and 13,263,436 shares of common stock through the 2022 ATM Program at an average price of $11.41 per share and $11.39 per share, raising $100.1 million and $150.6 million of net proceeds after commissions to the Sales Agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and nine months ended June 30, 2025, in connection with the share issuance, we incurred $0.1 million and $0.3 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and nine months ended June 30, 2024, we incurred zero and $0.5 million of deferred offering costs related to establishing the 2022 ATM Program to additional paid in capital, respectively.

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 May 2025, 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 May 2025, 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.

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As of June 30, 2025 and September 30, 2024, we had cash and cash equivalents of $102.7 million and $112.1 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 nine months ended June 30, 2025, our operating activities used cash of $386.1 million and our financing activities provided cash of $376.7 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to proceeds from the 2037 Asset-Backed debt and proceeds from public offerings under our 2024 ATM Program partially offset by repayments of our Credit Facility.

For the nine months ended June 30, 2024, our operating activities used cash of $509.6 million and our financing activities provided cash of $493.7 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, proceeds from the public offering under our ATM program and proceeds from the 2036 Asset-Backed Debt partially offset by the repayment of the 2023 Notes.

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 June 30, 2025 and September 30, 2024, PSSL had total assets of $1,108.4 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 117 and 109 portfolio companies, respectively. As of June 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $21.0 million and the five largest investments totaled $98.0 million. As of September 30, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.3 million and the five largest investments totaled $97.3 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 June 30, 2025 and September 30, 2024, 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 $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $123.7 million ($65.6 million remaining unfunded) and $101.9 million (zero remaining 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 December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 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 May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a diversified portfolio of PennantPark CLO II, Ltd., a wholly-owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt is scheduled to mature in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary.

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.

In May 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.

In April 2025, PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four-year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's $325 million secured credit facility.

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

($ in thousands) |  | June 30, 2025 |  |  | September 30, 2024 |
Total investments |  | $ | 1,055,552 |  |  | $ | 913,281 |
Weighted average cost yield on income producing investments |  |  | 10.4 | % |  |  | 11.4 | %
Number of portfolio companies in PSSL |  |  | 117 |  |  |  | 109 |
Largest portfolio company investment |  | $ | 20,954 |  |  | $ | 21,274 |
Total of five largest portfolio company investments |  | $ | 98,008 |  |  | $ | 97,292 |

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Below is a listing of PSSL’s individual investments as of June 30, 2025 (Par and $ in thousands):

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,707.4% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 8.83 | % |  | SOFR+450 |  |  |  | 2,881 |  |  | $ | 2,841 |  |  | $ | 2,881 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 9,850 |  |  |  | 9,718 |  |  |  | 9,752 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 18,620 |  |  |  | 18,339 |  |  |  | 18,806 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 10.56 | % |  | SOFR+626 |  |  |  | 8,640 |  |  |  | 8,613 |  |  |  | 8,640 |
Aechelon Technology, Inc |  | 8/16/2029 |  |  | Aerospace and Defense |  |  | 10.83 | % |  | SOFR+650 |  |  |  | 11,760 |  |  |  | 11,760 |  |  |  | 11,760 |
AFC Dell Holding Corp |  | 4/9/2027 |  |  | Distributors |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 7,615 |  |  |  | 7,581 |  |  |  | 7,577 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 10.48 | % |  | SOFR+610 |  |  |  | 13,154 |  |  |  | 12,991 |  |  |  | 9,208 |
|  |  |  |  |  |  | (PIK 7.92%) |  |  |  |  |  |  |  |  |  |  |  |  |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 4,505 |  |  |  | 4,404 |  |  |  | 4,505 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 4,438 |  |  |  | 4,415 |  |  |  | 4,438 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 9.28 | % |  | SOFR+500 |  |  |  | 5,970 |  |  |  | 5,961 |  |  |  | 5,940 |
Archer Lewis, LLC |  | 8/28/2029 |  |  | Commercial Services & Supplies |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,844 |  |  |  | 9,925 |
ARGANO, LLC |  | 9/13/2029 |  |  | Business Services |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,842 |  |  |  | 9,836 |
Azureon, LLC |  | 6/26/2029 |  |  | Diversified Consumer Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 4,987 |  |  |  | 4,873 |  |  |  | 4,873 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 12,780 |  |  |  | 12,624 |  |  |  | 12,652 |
Best Practice Associates, LLC |  | 11/8/2029 |  |  | Aerospace and Defense |  |  | 11.05 | % |  | SOFR+675 |  |  |  | 9,950 |  |  |  | 9,878 |  |  |  | 9,826 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 4,863 |  |  |  | 4,803 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 3/1/2030 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 14,710 |  |  |  | 14,488 |  |  |  | 14,710 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.82 | % |  | SOFR+650 |  |  |  | 8,820 |  |  |  | 8,747 |  |  |  | 8,710 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 9.70 | % |  | SOFR+540 |  |  |  | 14,855 |  |  |  | 14,721 |  |  |  | 14,670 |
BLC Holding Company, Inc |  | 11/20/2030 |  |  | Business Services |  |  | 8.80 | % |  | SOFR+450 |  |  |  | 4,987 |  |  |  | 4,964 |  |  |  | 4,987 |
Boss Industries, LLC - Term Loan |  | 12/27/2030 |  |  | Independent Power and Renewable Electricity Producers |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 4,987 |  |  |  | 4,915 |  |  |  | 4,987 |
Burgess Point Purchaser Corporation |  | 7/25/2029 |  |  | Automotive |  |  | 9.65 | % |  | SOFR+535 |  |  |  | 439 |  |  |  | 416 |  |  |  | 373 |
By Light Professional IT Services, LLC |  | 11/16/2026 |  |  | High Tech Industries |  |  | 10.79 | % |  | SOFR+647 |  |  |  | 12,562 |  |  |  | 12,549 |  |  |  | 12,562 |
C5MI Holdco, LLC |  | 7/31/2029 |  |  | IT Services |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 14,888 |  |  |  | 14,701 |  |  |  | 14,888 |
Carisk Buyer, Inc - Amendment No.1 Term Loan |  | 12/1/2029 |  |  | Healthcare Technology |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 9,950 |  |  |  | 9,885 |  |  |  | 9,950 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 9.83 | % |  | SOFR+550 |  |  |  | 15,128 |  |  |  | 14,932 |  |  |  | 14,977 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.32 | % |  | SOFR+600 |  |  |  | 9,465 |  |  |  | 9,377 |  |  |  | 9,465 |
Case Works, LLC |  | 10/1/2029 |  |  | Professional Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 14,925 |  |  |  | 14,818 |  |  |  | 14,582 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 10.74 | % |  | SOFR+644 |  |  |  | 6,500 |  |  |  | 6,458 |  |  |  | 6,435 |
Commercial Fire Protection Holdings, LLC |  | 9/23/2030 |  |  | Commercial Services & Supplies |  |  | 8.80 | % |  | SOFR+450 |  |  |  | 14,888 |  |  |  | 14,794 |  |  |  | 14,888 |
Confluent Health, LLC |  | 11/30/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.44 | % |  | SOFR+400 |  |  |  | 6,655 |  |  |  | 6,487 |  |  |  | 6,322 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 9.97 | % |  | SOFR+561 |  |  |  | 3,745 |  |  |  | 3,715 |  |  |  | 3,745 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 9.69 | % |  | SOFR+536 |  |  |  | 2,052 |  |  |  | 2,038 |  |  |  | 2,036 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.65 | % |  | SOFR+535 |  |  |  | 14,450 |  |  |  | 14,314 |  |  |  | 14,450 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 9.68 | % |  | SOFR+535 |  |  |  | 2,580 |  |  |  | 2,426 |  |  |  | 2,543 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 4,639 |  |  |  | 4,636 |  |  |  | 4,606 |
Duggal Acquisition, LLC |  | 9/30/2030 |  |  | Marketing Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 4,963 |  |  |  | 4,921 |  |  |  | 4,963 |
Dynata, LLC - First Out Term Loan (5) |  | 7/17/2028 |  |  | Diversified Consumer Services |  |  | 9.59 | % |  | SOFR+526 |  |  |  | 1,350 |  |  |  | 1,271 |  |  |  | 1,341 |
Dynata, LLC - Last Out Term Loan |  | 10/16/2028 |  |  | Diversified Consumer Services |  |  | 10.09 | % |  | SOFR+576 |  |  |  | 8,376 |  |  |  | 8,376 |  |  |  | 7,367 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 8,798 |  |  |  | 8,712 |  |  |  | 8,820 |
Emergency Care Partners, LLC |  | 10/18/2027 |  |  | Healthcare Providers and Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 5,955 |  |  |  | 5,924 |  |  |  | 5,955 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 10.68 | % |  | SOFR+635 |  |  |  | 12,449 |  |  |  | 12,358 |  |  |  | 12,449 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 9.58 | % |  | SOFR+525 |  |  |  | 12,155 |  |  |  | 11,970 |  |  |  | 12,155 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.08 | % |  | SOFR+575 |  |  |  | 9,022 |  |  |  | 8,899 |  |  |  | 9,022 |
GGG MIDCO, LLC |  | 9/27/2030 |  |  | Diversified Consumer Services |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 9,925 |  |  |  | 9,841 |  |  |  | 9,925 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 9.92 | % |  | SOFR+560 |  |  |  | 3,514 |  |  |  | 3,510 |  |  |  | 3,374 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 9.93 | % |  | SOFR+560 |  |  |  | 3,694 |  |  |  | 3,667 |  |  |  | 3,620 |
Halo Buyer, INC |  | 8/7/2029 |  |  | Consumer Products |  |  | 10.33 | % |  | SOFR+600 |  |  |  | 6,484 |  |  |  | 6,356 |  |  |  | 6,289 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 9.90 | % |  | SOFR+560 |  |  |  | 2,112 |  |  |  | 2,098 |  |  |  | 2,102 |
Harris & Co. LLC |  | 8/9/2030 |  |  | Professional Services |  |  | 9.33 | % |  | SOFR+500 |  |  |  | 19,850 |  |  |  | 19,699 |  |  |  | 19,850 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.72 | % |  | SOFR+550 |  |  |  | 3,663 |  |  |  | 3,626 |  |  |  | 3,663 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 10.32 | % |  | SOFR+600 |  |  |  | 8,890 |  |  |  | 8,780 |  |  |  | 8,890 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 3,441 |  |  |  | 3,426 |  |  |  | 3,441 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 9.42 | % |  | SOFR+510 |  |  |  | 9,084 |  |  |  | 8,977 |  |  |  | 9,061 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 5,983 |  |  |  | 5,900 |  |  |  | 5,983 |
Inovex Information Systems Incorporated |  | 12/17/2030 |  |  | Software |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 8,164 |  |  |  | 8,107 |  |  |  | 8,164 |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 11.94 | % |  | SOFR+761 |  |  |  | 8,102 |  |  |  | 8,062 |  |  |  | 8,102 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.45 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,332 |  |  |  | 12,817 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.13 | % |  | SOFR+785 |  |  |  | 15,308 |  |  |  | 15,184 |  |  |  | 15,002 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (4)(5) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 0.00 | % |  |  |  |  |  | 15,789 |  |  |  | 15,466 |  |  |  | 11,826 |
LAV Gear Holdings, Inc. - Incremental TL |  | 10/31/2025 |  |  | Capital Equipment |  |  | 10.00 | % |  |  |  |  |  | 1,018 |  |  |  | 970 |  |  |  | 1,272 |
Lightspeed Buyer Inc. |  | 2/3/2027 |  |  | Healthcare Providers and Services |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 11,273 |  |  |  | 11,230 |  |  |  | 11,273 |
LJ Avalon Holdings, LLC |  | 2/1/2030 |  |  | Environmental Industries |  |  | 9.07 | % |  | SOFR+475 |  |  |  | 2,540 |  |  |  | 2,502 |  |  |  | 2,540 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 7,354 |  |  |  | 7,257 |  |  |  | 7,317 |
Lucky Bucks, LLC - First-Out Term Loan (5) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 11.96 | % |  | SOFR+765 |  |  |  | 257 |  |  |  | 257 |  |  |  | 257 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 11.96 | % |  | SOFR+765 |  |  |  | 525 |  |  |  | 525 |  |  |  | 439 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 9.90 | % |  | SOFR+560 |  |  |  | 2,199 |  |  |  | 2,146 |  |  |  | 2,111 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.29 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 298 |

63

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.54 | % |  | SOFR+726 |  |  |  | 467 |  |  |  | 467 |  |  |  | 215 |
|  |  |  |  |  |  | (PIK 6.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Magenta Buyer, LLC - Third-Out Term Loan (7) |  | 7/31/2028 |  |  | Software |  |  | 6.04 | % |  |  |  |  |  | 1,742 |  |  |  | 1,742 |  |  |  | 404 |
Marketplace Events Acquisitions, LLC |  | 12/19/2030 |  |  | Media |  |  | 9.47 | % |  | SOFR+525 |  |  |  | 16,958 |  |  |  | 16,809 |  |  |  | 16,958 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 9.35 | % |  | SOFR+510 |  |  |  | 8,266 |  |  |  | 8,202 |  |  |  | 8,266 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 9.05 | % |  | SOFR+475 |  |  |  | 6,268 |  |  |  | 6,193 |  |  |  | 6,205 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 9.95 | % |  | SOFR+565 |  |  |  | 2,330 |  |  |  | 2,306 |  |  |  | 2,295 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.57 | % |  | SOFR+625 |  |  |  | 18,833 |  |  |  | 18,600 |  |  |  | 18,880 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 15,553 |  |  |  | 15,358 |  |  |  | 14,356 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 9.57 | % |  | SOFR+525 |  |  |  | 12,968 |  |  |  | 12,815 |  |  |  | 12,968 |
Municipal Emergency Services, Inc. |  | 10/1/2027 |  |  | Distributors |  |  | 9.45 | % |  | SOFR+515 |  |  |  | 3,369 |  |  |  | 3,338 |  |  |  | 3,369 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 9.92 | % |  | SOFR+560 |  |  |  | 10,379 |  |  |  | 10,320 |  |  |  | 10,379 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.65 | % |  | SOFR+635 |  |  |  | 21,113 |  |  |  | 20,797 |  |  |  | 20,954 |
Omnia Exterior Solutions, LLC - Second Amendment Term Loan |  | 12/29/2029 |  |  | Healthcare Providers and Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 12,904 |  |  |  | 12,808 |  |  |  | 12,775 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 10.69 | % |  | SOFR+636 |  |  |  | 15,525 |  |  |  | 15,386 |  |  |  | 15,525 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 13.70 | % |  | SOFR+940 |  |  |  | 2,220 |  |  |  | 2,207 |  |  |  | 1,998 |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
OSP Embedded Purchaser, LLC |  | 12/15/2029 |  |  | Aerospace and Defense |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,925 |  |  |  | 9,796 |  |  |  | 9,766 |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 12.71 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 10.96 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Pacific Purchaser, LLC |  | 10/2/2028 |  |  | Business Services |  |  | 10.42 | % |  | SOFR+625 |  |  |  | 11,848 |  |  |  | 11,689 |  |  |  | 11,717 |
PAR Excellence Holdings, Inc |  | 9/3/2030 |  |  | Healthcare Technology |  |  | 9.32 | % |  | SOFR+500 |  |  |  | 10,960 |  |  |  | 10,860 |  |  |  | 10,850 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 3,842 |  |  |  | 3,795 |  |  |  | 3,861 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.50 | % |  | SOFR+725 |  |  |  | 8,213 |  |  |  | 8,174 |  |  |  | 5,092 |
|  |  |  |  |  |  | (PIK 7.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC |  | 7/6/2028 |  |  | Education |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 4,108 |  |  |  | 4,108 |  |  |  | 3,646 |
Project Granite Buyer,Inc |  | 12/31/2030 |  |  | Professional Services |  |  | 10.05 | % |  | SOFR+575 |  |  |  | 6,484 |  |  |  | 6,389 |  |  |  | 6,549 |
Rancho Health MSO, Inc. |  | 6/20/2029 |  |  | Healthcare Providers and Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 18,845 |  |  |  | 18,780 |  |  |  | 18,845 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 10.72 | % |  | SOFR+640 |  |  |  | 4,788 |  |  |  | 4,776 |  |  |  | 4,764 |
Ro Health, LLC |  | 1/17/2031 |  |  | Healthcare Providers and Services |  |  | 9.30 | % |  | SOFR+500 |  |  |  | 11,300 |  |  |  | 11,224 |  |  |  | 11,300 |
RRA Corporate, LLC |  | 8/15/2029 |  |  | Diversified Consumer Services |  |  | 9.55 | % |  | SOFR+525 |  |  |  | 4,963 |  |  |  | 4,922 |  |  |  | 4,922 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 9,900 |  |  |  | 9,777 |  |  |  | 9,726 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 9.92 | % |  | SOFR+575 |  |  |  | 4,303 |  |  |  | 4,242 |  |  |  | 4,194 |
Sabel Systems Technology Solutions, LLC |  | 10/31/2030 |  |  | Construction and Building |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 5,970 |  |  |  | 5,919 |  |  |  | 5,970 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.57 | % |  | SOFR+525 |  |  |  | 9,892 |  |  |  | 9,768 |  |  |  | 9,891 |
Sales Benchmark Index LLC |  | 7/7/2026 |  |  | Professional Services |  |  | 10.50 | % |  | SOFR+620 |  |  |  | 9,213 |  |  |  | 9,197 |  |  |  | 9,213 |
Sath Industries, LLC |  | 12/17/2029 |  |  | Event Services |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 10,332 |  |  |  | 10,236 |  |  |  | 10,332 |
Schlesinger Global, Inc. |  | 7/21/2025 |  |  | Business Services |  |  | 9.80 | % |  | SOFR+575 |  |  |  | 12,828 |  |  |  | 12,827 |  |  |  | 12,186 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.47 | % |  | SOFR+615 |  |  |  | 4,863 |  |  |  | 4,812 |  |  |  | 4,583 |
Sigma Defense Systems, LLC |  | 12/20/2027 |  |  | Aerospace and Defense |  |  | 11.47 | % |  | SOFR+715 |  |  |  | 18,161 |  |  |  | 17,892 |  |  |  | 18,160 |
Smile Brands Inc. |  | 10/12/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 10.43 | % |  | SOFR+610 |  |  |  | 12,202 |  |  |  | 12,193 |  |  |  | 10,445 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 9.45 | % |  | SOFR+515 |  |  |  | 4,039 |  |  |  | 3,996 |  |  |  | 4,039 |
SV-Aero Holdings, LLC |  | 11/1/2030 |  |  | Aerospace and Defense |  |  | 9.30 | % |  | SOFR+525 |  |  |  | 14,813 |  |  |  | 14,750 |  |  |  | 14,813 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 8.92 | % |  | SOFR+475 |  |  |  | 14,475 |  |  |  | 14,374 |  |  |  | 14,359 |
STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 12.67 | % |  | SOFR+835 |  |  |  | 1,924 |  |  |  | 1,830 |  |  |  | 1,616 |
|  |  |  |  |  |  | (PIK 7.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans (7) |  | 10/3/2029 |  |  | Air Freight and Logistics |  |  | 5.42 | % |  |  |  |  |  | 4,458 |  |  |  | 2,562 |  |  |  | 1,337 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 10.82 | % |  | SOFR+650 |  |  |  | 19,478 |  |  |  | 19,213 |  |  |  | 19,477 |
Team Services Group, LLC |  | 12/20/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 9.43 | % |  | SOFR+515 |  |  |  | 5,328 |  |  |  | 5,123 |  |  |  | 5,296 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 5,431 |  |  |  | 5,379 |  |  |  | 5,479 |
The Bluebird Group LLC |  | 7/28/2026 |  |  | Professional Services |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 8,431 |  |  |  | 8,375 |  |  |  | 8,431 |
The Vertex Companies, LLC |  | 8/31/2028 |  |  | Construction and Engineering |  |  | 9.43 | % |  | SOFR+510 |  |  |  | 17,527 |  |  |  | 17,337 |  |  |  | 17,492 |
TPC US Parent, LLC |  | 11/24/2025 |  |  | Consumer Goods: Non-Durable |  |  | 10.20 | % |  | SOFR+590 |  |  |  | 16,397 |  |  |  | 16,357 |  |  |  | 16,381 |
Transgo, LLC |  | 12/29/2028 |  |  | Automotive |  |  | 10.07 | % |  | SOFR+575 |  |  |  | 16,548 |  |  |  | 16,345 |  |  |  | 16,631 |
Tyto Athene, LLC |  | 4/1/2028 |  |  | IT Services |  |  | 9.19 | % |  | SOFR+490 |  |  |  | 14,604 |  |  |  | 14,530 |  |  |  | 14,253 |
Urology Management Holdings, Inc. |  | 6/15/2027 |  |  | Healthcare and Pharmaceuticals |  |  | 9.80 | % |  | SOFR+550 |  |  |  | 6,771 |  |  |  | 6,723 |  |  |  | 6,744 |
VRS Buyer, Inc |  | 11/22/2030 |  |  | Road and Rail |  |  | 9.08 | % |  | SOFR+475 |  |  |  | 6,454 |  |  |  | 6,413 |  |  |  | 6,422 |
Walker Edison Furniture Company LLC (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 6,105 |  |  |  | 5,069 |  |  |  | - |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5) |  | 3/1/2029 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 167 |
Watchtower Buyer, LLC |  | 12/3/2029 |  |  | Diversified Consumer Services |  |  | 10.30 | % |  | SOFR+600 |  |  |  | 12,097 |  |  |  | 11,936 |  |  |  | 12,085 |
Wash & Wax Systems LLC |  | 3/31/2028 |  |  | Automobiles |  |  | 9.78 | % |  | SOFR+550 |  |  |  | 5,720 |  |  |  | 5,827 |  |  |  | 5,834 |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,060,592 |  |  |  | 1,039,849 |
Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Integrative Nutrition, LLC |  | 04/15/30 |  |  | Diversified Consumer Services |  |  | 0.00 | % |  |  |  |  |  | 1,877 |  |  |  | 1,615 |  |  |  | 1,605 |
Integrative Nutrition, LLC |  | 04/15/33 |  |  | Diversified Consumer Services |  |  | 0.00 | % |  |  |  |  |  | 4,275 |  |  |  | 1,977 |  |  |  | 1,977 |
Wash & Wax Systems LLC |  | 07/30/28 |  |  | Automobiles |  |  | 12.00 | % |  |  |  |  |  | 3,815 |  |  |  | 3,815 |  |  |  | 3,815 |
Total Subordinate Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,407 |  |  |  | 7,397 |
Equity Securities - 13.6% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
48Forty Intermediate Holdings, Inc.- Common Equity |  |  | — |  |  | Containers and Packaging |  |  | — |  |  |  | — |  |  |  | 1,722 |  |  |  | — |  |  |  | — |

64

Issuer Name (6) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  |  | 2,031 |  |  |  | 2,027 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 334 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 1,372 |
Pragmatic Holdco, Inc. |  |  | — |  |  | Education |  |  | — |  |  |  | — |  |  |  | 134 |  |  |  | — |  |  |  | — |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,440 |  |  |  | — |
Wash & Wax Systems LLC - Class A Common Equity |  |  | — |  |  | Automobiles |  |  | — |  |  |  | — |  |  |  | 2,493 |  |  |  | 4,449 |  |  |  | 4,573 |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,994 |  |  |  | 8,306 |
Total Investments - 1,733.20% (6) |  |  |  |  |  |  |  |  |  |  |  | 1,080,993 |  |  |  | 1,055,552 |
Cash and Cash Equivalents - 75.1% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 81 |  |  |  |  |  |  |  | 4.19 | % |  |  |  |  |  |  |  |  | 18,771 |  |  |  | 18,771 |
Blackrock Liquidity Fed Fund Inst |  |  |  |  |  |  |  | 4.24 | % |  |  |  |  |  |  |  |  | 2,693 |  |  |  | 2,693 |
JP Morgan USD Liquidity Inst |  |  |  |  |  |  |  | 4.28 | % |  |  |  |  |  |  |  |  | 6,051 |  |  |  | 6,051 |
JP Morgan US Government Fund |  |  |  |  |  |  |  | 4.09 | % |  |  |  |  |  |  |  |  | 2,997 |  |  |  | 2,997 |
Goldman Sachs Financial Square Government Fund |  |  |  |  |  |  |  | 4.18 | % |  |  |  |  |  |  |  |  | 6,178 |  |  |  | 6,178 |
Non-Money Market Cash |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,038 |  |  |  | 9,038 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45,728 |  |  |  | 45,728 |
Total Investments and Cash Equivalents —1,808.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,126,721 |  |  | $ | 1,101,280 |
Liabilities in Excess of Other Assets — (1,708.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,040,378 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,902 |

(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". 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 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)
Non-accrual security.
(5)
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 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.
(6)
All investments are in U.S. companies unless noted otherwise.
(7)
Partial PIK non-accrual security

65

Below is a listing of PSSL’s individual investments as of September 30, 2024 (Par and $ in thousands):

Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
First Lien Secured Debt - 1,404.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
A1 Garage Merger Sub, LLC |  | 12/22/2028 |  |  | Commercial Services & Supplies |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 2,903 |  |  | $ | 2,855 |  |  | $ | 2,903 |
ACP Avenu Buyer, LLC |  | 10/2/2029 |  |  | Business Services |  |  | 10.58 | % |  | SOFR+525 |  |  |  | 9,925 |  |  |  | 9,771 |  |  |  | 9,602 |
ACP Falcon Buyer, Inc. |  | 8/1/2029 |  |  | Business Services |  |  | 10.83 | % |  | SOFR+550 |  |  |  | 18,762 |  |  |  | 18,434 |  |  |  | 18,837 |
Ad.net Acquisition, LLC |  | 5/7/2026 |  |  | Media |  |  | 11.28 | % |  | SOFR+626 |  |  |  | 8,708 |  |  |  | 8,658 |  |  |  | 8,708 |
Aeronix, Inc |  | 12/18/2028 |  |  | Aerospace and Defense |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,880 |  |  |  | 15,665 |  |  |  | 15,880 |
Alpine Acquisition Corp II |  | 11/30/2026 |  |  | Containers and Packaging |  |  | 11.30 | % |  | SOFR+610 |  |  |  | 12,722 |  |  |  | 12,481 |  |  |  | 12,213 |
Anteriad, LLC (f/k/a MeritDirect, LLC) |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,717 |  |  |  | 4,613 |  |  |  | 4,717 |
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan |  | 6/30/2026 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 4,625 |  |  |  | 4,584 |  |  |  | 4,625 |
Applied Technical Services, LLC |  | 12/29/2026 |  |  | Commercial Services & Supplies |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 11,155 |  |  |  | 11,058 |  |  |  | 10,988 |
Arcfield Acquisition Corp. |  | 8/3/2029 |  |  | Aerospace and Defense |  |  | 11.56 | % |  | SOFR+625 |  |  |  | 11,115 |  |  |  | 10,967 |  |  |  | 11,059 |
Beacon Behavioral Services, LLC |  | 6/21/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,975 |  |  |  | 9,836 |  |  |  | 9,825 |
Beta Plus Technologies, Inc. |  | 7/1/2029 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,828 |  |  |  | 4,753 |
Big Top Holdings, LLC |  | 2/28/2030 |  |  | Business Services |  |  | 11.18 | % |  | SOFR+625 |  |  |  | 15,423 |  |  |  | 15,167 |  |  |  | 15,423 |
BioDerm, Inc. |  | 1/31/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 11.70 | % |  | SOFR+650 |  |  |  | 8,888 |  |  |  | 8,797 |  |  |  | 8,776 |
Blackhawk Industrial Distribution, Inc. |  | 9/17/2026 |  |  | Distributors |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 14,974 |  |  |  | 14,779 |  |  |  | 14,718 |
BlueHalo Financing Holdings, LLC |  | 10/31/2025 |  |  | Aerospace and Defense |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 5,546 |  |  |  | 5,523 |  |  |  | 5,435 |
Broder Bros., Co. |  | 12/4/2025 |  |  | Consumer Products |  |  | 10.97 | % |  | SOFR+611 |  |  |  | 2,274 |  |  |  | 2,274 |  |  |  | 2,274 |
Burgess Point Purchaser Corporation |  | 9/26/2029 |  |  | Automotive |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 442 |  |  |  | 417 |  |  |  | 416 |
By Light Professional IT Services, LLC |  | 5/16/2025 |  |  | High Tech Industries |  |  | 12.18 | % |  | SOFR+698 |  |  |  | 13,084 |  |  |  | 13,059 |  |  |  | 13,084 |
Carnegie Dartlet, LLC |  | 2/7/2030 |  |  | Media: Advertising, Printing & Publishing |  |  | 10.60 | % |  | SOFR+550 |  |  |  | 15,243 |  |  |  | 15,025 |  |  |  | 15,015 |
Cartessa Aesthetics, LLC |  | 6/14/2028 |  |  | Distributors |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,539 |  |  |  | 9,431 |  |  |  | 9,539 |
CF512, Inc. |  | 8/20/2026 |  |  | Media |  |  | 11.21 | % |  | SOFR+619 |  |  |  | 6,751 |  |  |  | 6,682 |  |  |  | 6,649 |
Confluent Health, LLC |  | 10/28/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 8.96 | % |  | SOFR+400 |  |  |  | 6,708 |  |  |  | 6,506 |  |  |  | 6,540 |
Connatix Buyer, Inc. |  | 7/13/2027 |  |  | Media |  |  | 10.53 | % |  | SOFR+561 |  |  |  | 3,775 |  |  |  | 3,734 |  |  |  | 3,775 |
Crane 1 Services, Inc. |  | 8/16/2027 |  |  | Commercial Services & Supplies |  |  | 10.71 | % |  | SOFR+586 |  |  |  | 2,068 |  |  |  | 2,051 |  |  |  | 2,052 |
Dr. Squatch, LLC |  | 8/31/2027 |  |  | Personal Products |  |  | 9.95 | % |  | SOFR+535 |  |  |  | 14,562 |  |  |  | 14,398 |  |  |  | 14,562 |
DRI Holding Inc. |  | 12/21/2028 |  |  | Media |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 2,600 |  |  |  | 2,420 |  |  |  | 2,509 |
DRS Holdings III, Inc. |  | 11/3/2025 |  |  | Consumer Goods: Durable |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 13,805 |  |  |  | 13,788 |  |  |  | 13,694 |
Dynata, LLC - First Out Term Loan (6) |  | 7/15/2028 |  |  | Diversified Consumer Services |  |  | 10.38 | % |  | SOFR+526 |  |  |  | 1,360 |  |  |  | 1,264 |  |  |  | 1,358 |
Dynata, LLC - Last Out Term Loan |  | 10/15/2028 |  |  | Diversified Consumer Services |  |  | 10.88 | % |  | SOFR+576 |  |  |  | 8,439 |  |  |  | 8,439 |  |  |  | 7,769 |
ECL Entertainment, LLC |  | 8/31/2030 |  |  | Hotel, Gaming and Leisure |  |  | 8.85 | % |  | SOFR+400 |  |  |  | 4,963 |  |  |  | 4,894 |  |  |  | 4,973 |
EDS Buyer, LLC |  | 1/10/2029 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 8,865 |  |  |  | 8,763 |  |  |  | 8,732 |
Exigo Intermediate II, LLC |  | 3/15/2027 |  |  | Software |  |  | 11.20 | % |  | SOFR+635 |  |  |  | 12,546 |  |  |  | 12,418 |  |  |  | 12,484 |
ETE Intermediate II, LLC |  | 5/29/2029 |  |  | Diversified Consumer Services |  |  | 11.56 | % |  | SOFR+650 |  |  |  | 12,249 |  |  |  | 12,032 |  |  |  | 12,249 |
Eval Home Solutions Intermediate, LLC |  | 5/10/2030 |  |  | Healthcare and Pharmaceuticals |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 9,268 |  |  |  | 9,132 |  |  |  | 9,176 |
Fairbanks More Defense |  | 6/17/2028 |  |  | Aerospace and Defense |  |  | 9.65 | % |  | SOFR+450 |  |  |  | 10,117 |  |  |  | 10,071 |  |  |  | 10,128 |
Global Holdings InterCo LLC |  | 3/16/2026 |  |  | Diversified Financial Services |  |  | 11.43 | % |  | SOFR+615 |  |  |  | 3,696 |  |  |  | 3,689 |  |  |  | 3,511 |
Graffiti Buyer, Inc. |  | 8/10/2027 |  |  | Trading Companies & Distributors |  |  | 10.45 | % |  | SOFR+560 |  |  |  | 3,723 |  |  |  | 3,686 |  |  |  | 3,685 |
Hancock Roofing and Construction L.L.C. |  | 12/31/2026 |  |  | Insurance |  |  | 10.20 | % |  | SOFR+560 |  |  |  | 2,153 |  |  |  | 2,131 |  |  |  | 2,110 |
HEC Purchaser Corp |  | 6/17/2029 |  |  | Healthcare and Pharmaceuticals |  |  | 9.75 | % |  | SOFR+550 |  |  |  | 3,691 |  |  |  | 3,648 |  |  |  | 3,665 |
Hills Distribution, Inc |  | 11/8/2029 |  |  | Business Services |  |  | 11.11 | % |  | SOFR+600 |  |  |  | 8,957 |  |  |  | 8,835 |  |  |  | 8,868 |
HW Holdco, LLC |  | 5/10/2026 |  |  | Media |  |  | 11.18 | % |  | SOFR+590 |  |  |  | 3,486 |  |  |  | 3,475 |  |  |  | 3,486 |
Imagine Acquisitionco, LLC |  | 11/15/2027 |  |  | Software |  |  | 10.20 | % |  | SOFR+510 |  |  |  | 9,154 |  |  |  | 9,018 |  |  |  | 9,108 |
Infinity Home Services Holdco, Inc. |  | 12/28/2028 |  |  | Commercial Services & Supplies |  |  | 11.45 | % |  | SOFR+685 |  |  |  | 6,029 |  |  |  | 5,932 |  |  |  | 6,089 |
Integrative Nutrition, LLC |  | 1/31/2025 |  |  | Diversified Consumer Services |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 11,287 |  |  |  | 11,274 |  |  |  | 9,707 |
|  |  |  |  |  |  | (PIK 2.25%) |  |  |  |  |  |  |  |  |  |  |  |  |
Inventus Power, Inc. |  | 6/30/2025 |  |  | Consumer Goods: Durable |  |  | 12.46 | % |  | SOFR+761 |  |  |  | 8,164 |  |  |  | 8,094 |  |  |  | 8,041 |
ITI Holdings, Inc. |  | 3/3/2028 |  |  | IT Services |  |  | 10.58 | % |  | SOFR+565 |  |  |  | 3,900 |  |  |  | 3,855 |  |  |  | 3,900 |
Kinetic Purchaser, LLC |  | 11/10/2027 |  |  | Personal Products |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 13,492 |  |  |  | 13,289 |  |  |  | 13,492 |
Lash OpCo, LLC |  | 2/18/2027 |  |  | Personal Products |  |  | 12.94 | % |  | SOFR+785 |  |  |  | 14,731 |  |  |  | 14,539 |  |  |  | 14,584 |
|  |  |  |  |  |  | (PIK 5.10%) |  |  |  |  |  |  |  |  |  |  |  |  |
LAV Gear Holdings, Inc. (6) |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.42 | % |  | SOFR+643 |  |  |  | 12,125 |  |  |  | 12,102 |  |  |  | 11,907 |
LAV Gear Holdings, Inc. - Term Loan Incremental |  | 10/31/2025 |  |  | Capital Equipment |  |  | 11.64 | % |  | SOFR+640 |  |  |  | 2,861 |  |  |  | 2,856 |  |  |  | 2,810 |
Lightspeed Buyer Inc. |  | 2/3/2026 |  |  | Healthcare Providers and Services |  |  | 10.15 | % |  | SOFR+535 |  |  |  | 11,330 |  |  |  | 11,258 |  |  |  | 11,330 |
LJ Avalon Holdings, LLC |  | 1/31/2030 |  |  | Environmental Industries |  |  | 10.48 | % |  | SOFR+525 |  |  |  | 2,559 |  |  |  | 2,516 |  |  |  | 2,559 |
Loving Tan Intermediate II, Inc. |  | 5/31/2028 |  |  | Consumer Products |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 7,407 |  |  |  | 7,288 |  |  |  | 7,296 |
Lucky Bucks, LLC - First-Out Term Loan (6) |  | 10/2/2028 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 259 |  |  |  | 259 |  |  |  | 259 |
Lucky Bucks, LLC - Last-Out Term Loan |  | 10/2/2029 |  |  | Hotel, Gaming and Leisure |  |  | 12.77 | % |  | SOFR+765 |  |  |  | 518 |  |  |  | 518 |  |  |  | 518 |
MAG DS Corp |  | 4/1/2027 |  |  | Aerospace and Defense |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 2,218 |  |  |  | 2,143 |  |  |  | 2,085 |
Magenta Buyer, LLC - First-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.13 | % |  | SOFR+701 |  |  |  | 357 |  |  |  | 357 |  |  |  | 337 |
Magenta Buyer, LLC - Second-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 12.38 | % |  | SOFR+801 |  |  |  | 452 |  |  |  | 452 |  |  |  | 310 |
Magenta Buyer, LLC - Third-Out Term Loan |  | 7/31/2028 |  |  | Software |  |  | 11.63 | % |  | SOFR+726 |  |  |  | 1,675 |  |  |  | 1,675 |  |  |  | 490 |
Marketplace Events, LLC - Super Priority First Lien Term Loan (6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 10.38 | % |  | SOFR+540 |  |  |  | 1,845 |  |  |  | 1,845 |  |  |  | 1,845 |
Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)(6) |  | 9/30/2025 |  |  | Media: Diversified and Production |  |  | 0.00 | % |  |  |  |  |  | 564 |  |  |  | - |  |  |  | - |
Marketplace Events, LLC (6) |  | 9/30/2026 |  |  | Media: Diversified and Production |  |  | 10.53 | % |  | SOFR+525 |  |  |  | 4,837 |  |  |  | 4,068 |  |  |  | 4,837 |
MBS Holdings, Inc. |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 10.59 | % |  | SOFR+585 |  |  |  | 7,256 |  |  |  | 7,183 |  |  |  | 7,256 |
MBS Holdings, Inc. (New Issue) - Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.34 | % |  | SOFR+660 |  |  |  | 523 |  |  |  | 514 |  |  |  | 528 |
MBS Holdings, Inc. (New Issue) - Second Incremental |  | 4/16/2027 |  |  | Internet Software and Services |  |  | 11.09 | % |  | SOFR+635 |  |  |  | 551 |  |  |  | 543 |  |  |  | 554 |
MDI Buyer, Inc. |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 4,900 |  |  |  | 4,829 |  |  |  | 4,851 |
MDI Buyer, Inc. - Incremental |  | 7/25/2028 |  |  | Chemicals, Plastics and Rubber |  |  | 11.25 | % |  | SOFR+600 |  |  |  | 1,416 |  |  |  | 1,395 |  |  |  | 1,409 |
Meadowlark Acquirer, LLC |  | 12/10/2027 |  |  | Professional Services |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 2,348 |  |  |  | 2,319 |  |  |  | 2,289 |
Medina Health, LLC |  | 10/20/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 10.85 | % |  | SOFR+625 |  |  |  | 19,199 |  |  |  | 18,911 |  |  |  | 19,199 |
Megawatt Acquisitionco, Inc |  | 3/1/2030 |  |  | Electronic Equipment, Instruments, and Components |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 15,671 |  |  |  | 15,453 |  |  |  | 14,794 |
Mission Critical Electronics, Inc. |  | 3/31/2025 |  |  | Capital Equipment |  |  | 10.50 | % |  | SOFR+590 |  |  |  | 5,551 |  |  |  | 5,551 |  |  |  | 5,551 |
MOREGroup Holdings, Inc |  | 1/16/2030 |  |  | Business Services |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 13,067 |  |  |  | 12,891 |  |  |  | 12,871 |
Municipal Emergency Services, Inc. |  | 9/28/2027 |  |  | Distributors |  |  | 9.75 | % |  | SOFR+515 |  |  |  | 3,395 |  |  |  | 3,355 |  |  |  | 3,395 |
NBH Group LLC |  | 8/19/2026 |  |  | Healthcare, Education & Childcare |  |  | 11.05 | % |  | SOFR+585 |  |  |  | 10,602 |  |  |  | 10,504 |  |  |  | 10,284 |
NORA Acquisition, LLC |  | 8/31/2029 |  |  | Healthcare Providers and Services |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 21,274 |  |  |  | 20,913 |  |  |  | 21,274 |
One Stop Mailing, LLC |  | 5/7/2027 |  |  | Air Freight and Logistics |  |  | 11.21 | % |  | SOFR+636 |  |  |  | 15,682 |  |  |  | 15,480 |  |  |  | 15,682 |
ORL Acquisitions, Inc. |  | 9/3/2027 |  |  | Consumer Finance |  |  | 14.00 | % |  | SOFR+940 |  |  |  | 2,140 |  |  |  | 2,124 |  |  |  | 1,819 |

66

Issuer Name (7) |  | Maturity |  |  | Industry |  | Current Coupon |  |  | Basis Point Spread Above Index (1) |  |  | Par or Number of Shares |  |  | Cost |  |  | Fair Value(2) |
|  |  |  |  |  |  | (PIK 7.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Output Services Group, Inc - First-Out Term Loan |  | 11/30/2028 |  |  | Business Services |  |  | 13.75 | % |  | SOFR+843 |  |  |  | 821 |  |  |  | 821 |  |  |  | 821 |
Output Services Group, Inc - Last-Out Term Loan |  | 5/30/2028 |  |  | Business Services |  |  | 12.00 | % |  | SOFR+668 |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Owl Acquisition, LLC |  | 2/4/2028 |  |  | Professional Services |  |  | 10.20 | % |  | SOFR+535 |  |  |  | 3,893 |  |  |  | 3,842 |  |  |  | 3,825 |
Ox Two, LLC |  | 5/18/2026 |  |  | Construction and Building |  |  | 11.12 | % |  | SOFR+651 |  |  |  | 4,307 |  |  |  | 4,282 |  |  |  | 4,307 |
Pacific Purchaser, LLC |  | 9/30/2028 |  |  | Business Services |  |  | 11.51 | % |  | SOFR+625 |  |  |  | 11,938 |  |  |  | 11,745 |  |  |  | 11,914 |
PCS Midco, Inc |  | 3/1/2030 |  |  | Diversified Consumer Services |  |  | 10.81 | % |  | SOFR+575 |  |  |  | 3,871 |  |  |  | 3,818 |  |  |  | 3,871 |
PH Beauty Holdings III, Inc. |  | 9/29/2025 |  |  | Wholesale |  |  | 10.17 | % |  | SOFR+543 |  |  |  | 9,391 |  |  |  | 9,289 |  |  |  | 9,302 |
PL Acquisitionco, LLC |  | 11/9/2027 |  |  | Textiles, Apparel and Luxury Goods |  |  | 11.99 | % |  | SOFR+725 |  |  |  | 7,816 |  |  |  | 7,733 |  |  |  | 6,253 |
|  |  |  |  |  |  | (PIK 4.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Pragmatic Institute, LLC (5) |  | 7/6/2028 |  |  | Education |  |  | 12.35 | % |  | SOFR+750 |  |  |  | 11,855 |  |  |  | 11,480 |  |  |  | 7,261 |
|  |  |  |  |  |  | (PIK 12.35%) |  |  |  |  |  |  |  |  |  |  |  |  |
Quantic Electronics, LLC |  | 11/19/2026 |  |  | Aerospace and Defense |  |  | 10.95 | % |  | SOFR+635 |  |  |  | 2,775 |  |  |  | 2,758 |  |  |  | 2,761 |
Rancho Health MSO, Inc. |  | 12/18/2025 |  |  | Healthcare Providers and Services |  |  | 10.85 | % |  | SOFR+560 |  |  |  | 1,016 |  |  |  | 1,016 |  |  |  | 1,016 |
Reception Purchaser, LLC |  | 2/28/2028 |  |  | Air Freight and Logistics |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,875 |  |  |  | 4,828 |  |  |  | 3,656 |
Recteq, LLC |  | 1/29/2026 |  |  | Leisure Products |  |  | 11.75 | % |  | SOFR+715 |  |  |  | 4,825 |  |  |  | 4,796 |  |  |  | 4,777 |
RTIC Subsidiary Holdings, LLC |  | 5/3/2029 |  |  | Consumer Goods: Durable |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 9,975 |  |  |  | 9,830 |  |  |  | 9,776 |
Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) |  | 6/15/2029 |  |  | High Tech Industries |  |  | 10.35 | % |  | SOFR+575 |  |  |  | 4,336 |  |  |  | 4,266 |  |  |  | 4,282 |
Safe Haven Defense US, LLC |  | 5/23/2029 |  |  | Construction and Building |  |  | 9.85 | % |  | SOFR+525 |  |  |  | 9,973 |  |  |  | 9,830 |  |  |  | 9,873 |
Sales Benchmark Index LLC |  | 1/3/2025 |  |  | Professional Services |  |  | 10.80 | % |  | SOFR+620 |  |  |  | 9,268 |  |  |  | 9,260 |  |  |  | 9,268 |
Sargent & Greenleaf Inc. |  | 12/20/2024 |  |  | Wholesale |  |  | 12.45 | % |  | SOFR+760 |  |  |  | 4,916 |  |  |  | 4,906 |  |  |  | 4,916 |
|  |  |  |  |  |  | (PIK 1.00%) |  |  |  |  |  |  |  |  |  |  |  |  |
Schlesinger Global, Inc. |  | 7/14/2025 |  |  | Business Services |  |  | 13.20 | % |  | SOFR+835 |  |  |  | 12,388 |  |  |  | 12,387 |  |  |  | 12,078 |
|  |  |  |  |  |  | (PIK 0.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Seaway Buyer, LLC |  | 6/13/2029 |  |  | Chemicals, Plastics and Rubber |  |  | 10.75 | % |  | SOFR+615 |  |  |  | 4,900 |  |  |  | 4,842 |  |  |  | 4,729 |
Sigma Defense Systems, LLC |  | 12/18/2027 |  |  | Aerospace and Defense |  |  | 11.50 | % |  | SOFR+690 |  |  |  | 18,620 |  |  |  | 18,370 |  |  |  | 18,434 |
Simplicity Financial Marketing Group Holdings, Inc |  | 12/2/2026 |  |  | Diversified Financial Services |  |  | 11.00 | % |  | SOFR+640 |  |  |  | 11,359 |  |  |  | 11,206 |  |  |  | 11,472 |
Skopima Consilio Parent, LLC |  | 5/17/2028 |  |  | Business Services |  |  | 9.46 | % |  | SOFR+461 |  |  |  | 1,290 |  |  |  | 1,268 |  |  |  | 1,289 |
Smartronix, LLC |  | 11/23/2028 |  |  | Aerospace and Defense |  |  | 10.35 | % |  | SOFR+610 |  |  |  | 4,863 |  |  |  | 4,800 |  |  |  | 4,863 |
Smile Brands Inc. |  | 10/14/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 10.20 | % |  | SOFR+550 |  |  |  | 11,887 |  |  |  | 11,860 |  |  |  | 10,520 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Solutionreach, Inc. |  | 7/17/2025 |  |  | Healthcare and Pharmaceuticals |  |  | 12.40 | % |  | SOFR+715 |  |  |  | 4,582 |  |  |  | 4,560 |  |  |  | 4,582 |
Spendmend Holdings LLC |  | 3/1/2028 |  |  | Healthcare Technology |  |  | 10.25 | % |  | SOFR+565 |  |  |  | 4,070 |  |  |  | 4,017 |  |  |  | 4,070 |
Summit Behavioral Healthcare, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.31 | % |  | SOFR+425 |  |  |  | 1,777 |  |  |  | 1,700 |  |  |  | 1,653 |
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) |  | 8/16/2027 |  |  | Aerospace and Defense |  |  | 10.26 | % |  | SOFR+500 |  |  |  | 14,588 |  |  |  | 14,445 |  |  |  | 14,558 |
TCG 3.0 Jogger Acquisitionco |  | 1/23/2029 |  |  | Media |  |  | 11.10 | % |  | SOFR+650 |  |  |  | 19,626 |  |  |  | 19,312 |  |  |  | 19,430 |
Team Services Group, LLC |  | 11/24/2028 |  |  | Healthcare and Pharmaceuticals |  |  | 9.95 | % |  | SOFR+500 |  |  |  | 343 |  |  |  | 332 |  |  |  | 338 |
Teneo Holdings, LLC |  | 3/13/2031 |  |  | Business Services |  |  | 9.60 | % |  | SOFR+475 |  |  |  | 5,473 |  |  |  | 5,418 |  |  |  | 5,490 |
The Bluebird Group LLC |  | 07/27/26 |  |  | Professional Services |  |  | 11.25 | % |  | SOFR+665 |  |  |  | 8,521 |  |  |  | 8,427 |  |  |  | 8,521 |
The Vertex Companies, LLC |  | 08/31/27 |  |  | Construction and Engineering |  |  | 10.95 | % |  | SOFR+610 |  |  |  | 7,636 |  |  |  | 7,538 |  |  |  | 7,639 |
TPC Canada Parent, Inc. and TPC US Parent, LLC |  | 11/24/25 |  |  | Consumer Goods: Non-Durable |  |  | 10.84 | % |  | SOFR+565 |  |  |  | 16,524 |  |  |  | 16,394 |  |  |  | 16,524 |
Transgo, LLC |  | 12/29/28 |  |  | Automotive |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 18,552 |  |  |  | 18,293 |  |  |  | 18,552 |
TWS Acquisition Corporation |  | 06/16/25 |  |  | Diversified Consumer Services |  |  | 11.33 | % |  | SOFR+640 |  |  |  | 943 |  |  |  | 943 |  |  |  | 943 |
Tyto Athene, LLC |  | 04/01/28 |  |  | IT Services |  |  | 10.23 | % |  | SOFR+490 |  |  |  | 14,670 |  |  |  | 14,585 |  |  |  | 14,376 |
Urology Management Holdings, Inc. |  | 06/15/26 |  |  | Healthcare and Pharmaceuticals |  |  | 10.76 | % |  | SOFR+550 |  |  |  | 6,823 |  |  |  | 6,742 |  |  |  | 6,755 |
Walker Edison Furniture Company LLC (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 5,441 |  |  |  | 4,986 |  |  |  | 490 |
Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 1,667 |  |  |  | 1,667 |  |  |  | 1,667 |
Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6) |  | 03/01/29 |  |  | Wholesale |  |  | 0.00 | % |  |  |  |  |  | 83 |  |  |  | - |  |  |  | (76 | )
Watchtower Buyer, LLC |  | 12/03/29 |  |  | Diversified Consumer Services |  |  | 10.60 | % |  | SOFR+600 |  |  |  | 12,189 |  |  |  | 12,007 |  |  |  | 12,067 |
Wildcat Buyerco, Inc. |  | 02/27/27 |  |  | Electronic Equipment, Instruments, and Components |  |  | 10.60 | % |  | SOFR+575 |  |  |  | 16,014 |  |  |  | 15,916 |  |  |  | 16,014 |
Zips Car Wash, LLC |  | 12/31/24 |  |  | Automobiles |  |  | 12.46 | % |  | SOFR+740 |  |  |  | 16,736 |  |  |  | 16,722 |  |  |  | 15,983 |
|  |  |  |  |  |  | (PIK 1.50%) |  |  |  |  |  |  |  |  |  |  |  |  |
Total First Lien Secured Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 920,485 |  |  |  | 906,532 |
Equity Securities - 10.5% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Insight Holdings, Inc. |  |  | — |  |  | Diversified Consumer Services |  |  | — |  |  |  | — |  |  |  | 116,055 |  |  | $ | 2,031 |  |  | $ | 2,031 |
Lucky Bucks, LLC |  |  | — |  |  | Hotel, Gaming and Leisure |  |  | — |  |  |  | — |  |  |  | 73,870 |  |  |  | 2,062 |  |  |  | 904 |
New MPE Holdings, LLC |  |  | — |  |  | Media: Diversified and Production |  |  | — |  |  |  | — |  |  |  | 47 |  |  |  | - |  |  |  | 2,710 |
Output Services Group, Inc |  |  | — |  |  | Business Services |  |  | — |  |  |  | — |  |  |  | 126,324 |  |  |  | 1,012 |  |  |  | 1,104 |
Walker Edison Furniture - Common Equity |  |  | — |  |  | Wholesale |  |  | — |  |  |  | — |  |  |  | 36,458 |  |  |  | 3,393 |  |  |  | - |
Total Equity Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,498 |  |  |  | 6,749 |
Total Investments - 1,415.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 928,983 |  |  |  | 913,281 |
Cash and Cash Equivalents - 106.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BlackRock Federal FD Institutional 30 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68,429 |  |  |  | 68,429 |
Total Investments and Cash Equivalents —1,521.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 997,412 |  |  | $ | 981,710 |
Liabilities in Excess of Other Assets — (1,421.0)% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (917,163 | )
Members' Equity—100.0% |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 64,547 |

(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". 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 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)
Non-accrual security.
(5)
Partial PIK non-accrual security.
(6)
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 2035 Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd.
(7)
All investments are in U.S. companies unless noted otherwise.

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

|  | June 30, 2025 |  |  |  |  |
|  | (Unaudited) |  |  |  | September 30, 2024 |
Assets |  |  |  |  |  |  |
Investments at fair value (amortized cost—$1,080,993 and $928,983, respectively) | $ |  | 1,055,552 |  |  | $ |  | 913,281 |
Cash and cash equivalents (cost—$45,728 and $68,429, respectively) |  |  | 45,728 |  |  |  |  | 68,429 |
Interest receivable |  |  | 4,483 |  |  |  |  | 4,722 |
Due from affiliate |  |  | 93 |  |  |  |  | 48 |
Prepaid expenses and other assets |  |  | 2,517 |  |  |  |  | 1,642 |
Total assets |  |  | 1,108,373 |  |  |  |  | 988,122 |
Liabilities |  |  |  |  |  |  |
Credit facility payable |  |  | 27,000 |  |  |  |  | 146,100 |
2035 Asset-backed debt, net (par—$0 and $246,000, respectively) (unamortized deferred financing costs of $0 and $2,066, respectively) |  |  | — |  |  |  |  | 243,934 |
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,413 and $1,628, respectively) |  |  | 244,587 |  |  |  |  | 244,372 |
2037 Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $1,990 and $0, respectively) |  |  | 244,010 |  |  |  |  | — |
2037-R Asset-backed debt, net (par—$246,000 and $0, respectively) (unamortized deferred financing costs of $2,629 and $0, respectively) |  |  | 243,371 |  |  |  |  | — |
Notes payable to members |  |  | 271,600 |  |  |  |  | 271,600 |
Interest payable on credit facility and asset backed debt |  |  | 8,968 |  |  |  |  | 9,281 |
Payable for investments purchased |  |  | — |  |  |  |  | 86 |
Interest payable on notes to members |  |  | 6,665 |  |  |  |  | 7,315 |
Accrued expenses |  |  | 1,198 |  |  |  |  | 822 |
Due to affiliate |  |  | 72 |  |  |  |  | 65 |
Total liabilities |  |  | 1,047,471 |  |  |  |  | 923,575 |
Members' equity |  |  | 60,902 |  |  |  |  | 64,547 |
Total liabilities and members' equity | $ |  | 1,108,373 |  |  | $ |  | 988,122 |

(1) As of June 30, 2025 and September 30, 2024, PSSL had unfunded commitments to fund investments of zero and $0.6 million, respectively.

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

|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
|  | 2025 |  |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 28,212 |  |  |  | $ | 27,614 |  |  | $ | 84,989 |  |  | $ | 80,578 |
Other income |  |  | 357 |  |  |  |  | 356 |  |  |  | 1,145 |  |  |  | 921 |
Total investment income |  |  | 28,569 |  |  |  |  | 27,970 |  |  |  | 86,134 |  |  |  | 81,499 |
Expenses:(1) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and expense on credit facility and asset-backed debt |  |  | 14,381 |  |  |  |  | 13,685 |  |  |  | 42,198 |  |  |  | 40,866 |
Interest expense on notes to members |  |  | 8,427 |  |  |  |  | 8,646 |  |  |  | 25,674 |  |  |  | 24,962 |
Administration fees |  |  | 1,001 |  |  |  |  | 602 |  |  |  | 2,386 |  |  |  | 1,737 |
General and administrative expenses |  |  | 110 |  |  |  |  | 506 |  |  |  | 1,016 |  |  |  | 999 |
Expenses before debt issuance costs |  |  | 23,919 |  |  |  |  | 23,439 |  |  |  | 71,274 |  |  |  | 68,564 |
Debt issuance costs |  |  | 200 |  |  |  |  | — |  |  |  | 200 |  |  |  | — |
Total expenses |  |  | 24,119 |  |  |  |  | 23,439 |  |  |  | 71,474 |  |  |  | 68,564 |
Net investment income |  |  | 4,450 |  |  |  |  | 4,531 |  |  |  | 14,660 |  |  |  | 12,935 |
Realized and unrealized gain (loss) on investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Net realized gain (loss) on investments |  |  | (10,974 | ) |  |  |  | — |  |  |  | (17,429 | ) |  |  | (6,510 | )
Realized loss on debt extinguishment |  |  | (1,637 | ) |  |  |  | (1,622 | ) |  |  | (1,637 | ) |  |  | (1,622 | )
Net change in unrealized appreciation (depreciation) on investments |  |  | 5,403 |  |  |  |  | (5,034 | ) |  |  | (9,739 | ) |  |  | 3,871 |
Net realized and unrealized gain (loss) on investments |  |  | (7,208 | ) |  |  |  | (6,656 | ) |  |  | (28,805 | ) |  |  | (4,261 | )
Net increase (decrease) in members' equity resulting from operations |  | $ | (2,758 | ) |  |  | $ | (2,125 | ) |  | $ | (14,145 | ) |  | $ | 8,674 |

(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.

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During the three and nine months ended June 30, 2025, we declared distributions of $0.3075 and $0.9225 per share for total distributions of $30.5 million and $83.4 million, respectively. During the three and nine months ended June 30, 2024, we declared distributions of $0.3075 and $0.9225 per share for total distributions of $21.0 million and $57.9 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 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 and nine months ended June 30, 2025, the effect of which was not material to the Consolidated Financial Statements and the notes thereto.

In June 2022, the FASB issued Accounting Standards Update 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 has adopted the new accounting standard, the effect of which was not material to the consolidated financial statements and the notes thereto.

In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for our fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our consolidated financial statements and related disclosures.

Item 3. Quantitative and Qualitat ive Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. As of June 30, 2025, our debt portfolio consisted of approximately 99% 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% |  | $ | (9,453 | ) |  | $ | (0.10 | )
Up 1% |  |  | 9,453 |  |  |  | 0.10 |
Up 2% |  |  | 18,905 |  |  |  | 0.19 |
Up 3% |  |  | 28,358 |  |  |  | 0.29 |
Up 4% |  |  | 37,827 |  |  |  | 0.38 |

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

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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.

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It em 4. Controls and Procedures

As of the period ended June 30, 2025, 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) of the Exchange Act). Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that, our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings 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.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTH ER INFORMATION

Item 1. Legal Proceedings

Neither 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, 2024 filed on November 26, 2024, which could materially affect our business, financial condition and/or operating results. The risks described 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.

Changes to U.S. tariff and import/export regulations may have a negative effect on our portfolio companies.

There have been significant changes to U.S. trade policies, treaties and tariffs, and in the future there may be additional significant changes. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could adversely affect their results of operations. We cannot predict whether, or to what extent, any tariff or other trade protections may affect our portfolio

companies or our business, financial condition or results of operations.

We are subject to risks associated with cybersecurity and cyber incidents.

Our internal computer systems and infrastructure and those of our Investment Adviser, strategic collaborators, vendors, contractors, consultants or regulators with whom we share confidential, protected or sensitive data or information, or upon which our business relies, are vulnerable to damage from computer viruses, unauthorized access, misuse, natural disasters, terrorism, cybersecurity threats, war and telecommunication and electrical failures, as well as security compromises or breaches, which may compromise our systems, infrastructure, data or that of those with whom we share such data or information or upon which our business relies, or lead to data compromise, misuse, misappropriation or leakage. We may experience, and from time to time have experienced, cyber attacks on our information technology systems and infrastructure by threat actors of all types (including nation states, criminal enterprises, individual actors or advanced persistent threat groups, among others). In addition to extracting sensitive information, such attacks could include the deployment of harmful malware, ransomware, digital extortion, business email compromises and denial-of-service attacks, social engineering (including phishing attacks) and other means to affect server reliability and threaten the confidentiality, integrity and availability of information, systems or infrastructure.

As our reliance on technology has increased, so have the risks posed to our information systems, both internal and those provided by our Investment Adviser and other third-parties. We, along with our Investment Adviser, have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber-attacks, but these measures, as well as our increased awareness of the nature and extent of the risk of a cyber attack, may be ineffective and do not guarantee that a cyber attack will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an attack. Further, our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages or claims related to our privacy and data security obligations. Further, although we maintain cyber liability insurance, this insurance may not provide adequate coverage against potential liabilities related to any experienced cybersecurity attack or breach.

Furthermore, cybersecurity continues to be a priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals and/or regulators of data security breaches involving certain types of personal information. If we fail to comply with the relevant laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage.

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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

Not applicable.

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 | Articles of Amendment to Articles of Amendment and Restatement 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 August 07, 2024).
3.3 | 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).
10.1 | Fourth Amendment to Revolving Credit and Security Agreement, dated April 16, 2025, by and among PennantPark Floating Rate Funding I, LLC as borrower, PennantPark Investment Advisers, LLC as collateral manager, the lenders from time to time party thereto, Truist Bank, as administrative agent for the secured parties and swingline lender, Fifth Third Bank, National Association as Documentation Agent and U.S Bank Trust Company, National Association, as collateral agent, collateral administrator and back-up collateral administrator (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00891). filed on April 22, 2025).
10.2* | Fifth Amendment to Revolving Credit and Security Agreement, dated August 04, 2025, by and among PennantPark Floating Rate Funding I, LLC as borrower, PennantPark Investment Advisers, LLC as collateral manager, the lenders from time to time party thereto, Truist Bank, as administrative agent for the secured parties and swingline lender, Fifth Third Bank, National Association as Documentation Agent and U.S Bank Trust Company, National Association, as collateral agent, collateral administrator and back-up collateral administrator.
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: August 11, 2025 |  | By: | /s/ Arthur H. Penn
|  |  | Arthur H. Penn
|  |  | Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
Date: August 11, 2025 |  | By: | /s/ Richard T. Allorto, Jr.
|  |  | Richard T. Allorto, Jr.
|  |  | Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)

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