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31 20292030-08-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% IIN Group Holdings, LLC Industry Consumer Services2024-09-300001504619Net Assets - 100%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% SP L2 Holdings LLC - Unfunded Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 09/03/2026 Industry Healthcare Providers and Services 2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Altamira Intermediate Company II, Inc. Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC - Unfunded Term Loan B Maturity 12/17/2026 Industry Event Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC - Unfunded Revolver Maturity 07/07/2026 Industry Professional Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Zips Car Wash, LLC - DIP Maturity 8/10/2025 Industry Automobiles Current Coupon 11.70% Basis Point Spread Above Index SOFR+7402024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Icon Partners V C, L.P. One Industry Internet Software and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PlayPower, Inc. Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.30% Basis Point Spread Above Index 1M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 10.60% Basis Point Spread Above Index SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.55 % Basis Point Spread Above Index SOFR+6252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8352024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% 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+8352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 02/01/2030 Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Unfunded Term Loan Maturity 12/21/2026 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC. - Unfunded Term Loan B Maturity 02/09/2026 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Imagine Topco, LP (Common) Industry Software2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% LLC - Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% First Lien Secured Debt—31.3%2024-09-300001504619Related Party PSSL, Total Investments and Cash Equivalents —1,971.0%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+4262024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.8% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001504619pflt:AtTheMarketOfferingMember2024-07-012024-07-310001504619pflt:NonMoneyMarketMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+7152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+ 6102025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+8432023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Maturity 10/31/2025 Industry Capital Equipment Current Coupon 10.00%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2025 Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dynata, LLC - First-Out Term Loan Maturity 07/17/2028 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 5262025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smartronix, LLC - (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Mission Critical Electronics, Inc. Maturity 3/31/2025 Industry Capital Equipment Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5252024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5852025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies2024-09-300001504619us-gaap:HealthcareSectorMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+6252024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 10.08% Basis Point Spread Above Index SOFR+5752025-03-310001504619Related 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+6152024-10-012025-03-310001504619pflt:SBADebenturesMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Ad.net Holdings, Inc. Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% A1 Garage Equity, LLC Industry Commercial Services & Supplies2024-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Personal Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% IIN Group Holdings, LLC Industry Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% EvAL Home Health Solutions, LLC - Preferred Equity Industry Healthcare, Education and Childcare2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-03-310001504619pflt:CommercialServicesAndSuppliesMember2025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Output Services Group, Inc Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC Maturity 10/02/2028 Industry Professional Services Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC Term Loan Maturity 06/21/2029 Industry Healthcare Providers and Services (PIK 15.00%)2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% C5MI Holdco, LLC. - Preferred Equity Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. LC Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC - Funded Revolver Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619pflt:InvestmentsCostMemberpflt:FirstLienMember2025-03-310001504619pflt:AtTheMarketOfferingMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Hancock Claims Consultants Investors, LLC Industry Insurance2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TPCN Holdings, LLC - Common Equity Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8432023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC - Funded Revolver Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+6352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+6402024-09-300001504619pflt:TruistCreditFacilityMember2023-10-012024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC Maturity 09/30/2028 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-09-300001504619pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 09/03/2026 Industry Healthcare Providers and Services 2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.92% (PIK 0.50%) Basis Point Spread Above Index SOFR+8602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC - Unfunded Revolver Maturity 01/31/2030 Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.32% Basis Point Spread Above Index 1M SOFR+ 5002025-03-310001504619Related Party PSSL, Cash and Cash Equivalents - 106.0%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TAC LifePort Holdings, LLC Industry Aerospace and Defense2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Archer Lewis, LLC Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 10.06% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619pflt:ConstructionAndEngineeringMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Cartessa Aesthetics, LLC (Preferred) Industry Distributors2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% ORL Holdco, Inc. Industry Consumer Finance2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC Maturity 01/31/2030 Industry Construction & Engineering Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Output Services Group, Inc. - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+6682024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+7002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. - Unfunded Term Loan Maturity 06/02/2025 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC - Unfunded Revolver Matrity 09/13/2030 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5%The Bluebird Group LLC - Unfunded Revolver Maturity 7/28/2026 Industry Professional Services2024-10-012025-03-310001504619pflt:ProfessionalServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC - Unfunded Term Loan Maturity 03/13/2026 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Leisure Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5762025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. Funded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 6102024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 10.18 % Basis Point Spread Above Index SOFR+5852024-10-012025-03-310001504619pflt:SubordinatedNotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer, Inc. Maturity 12/31/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OSP Embedded Aggregator, LP Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 10.18 % Basis Point Spread Above Index SOFR+5852025-03-310001504619pflt:ClassDRNotesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works, LLC Maturity 10/01/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 11.92% (PIK 6.50%) Basis Point Spread Above Index SOFR+7602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC. - Unfunded Term Loan B Maturity 02/09/2026 Industry Professional Services2024-10-012024-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Member2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. - Unfunded Term Loan Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Exigo Intermediate II, LLC - Unfunded Revolver Maturity 03/15/2027 Industry Software2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/15/2029 Industry Professional Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer,Inc. - Unfunded Revolver Maturity 12/31/2030 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/07/2026 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% AG Investco LP One Industry Software2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Simplicity Financial Marketing Group Holdings Inc. - (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.2% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Loving Tan, LP Industry Personal Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC Maturity 07/31/2029 Industry IT Services Current Coupon 10.3% Basis Point Spread Above Index 3M SOFR+ 6002025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2019-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LAV Gear Holdings, Inc. - Incremental Term Loan Maturity 10/31/2025 Industry Capital Equipment Current Coupon 10.00%2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name SV-Aero Holdings, LLC Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Maturity 01/23/2029 Industry Media2024-10-012025-03-310001504619pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% MDI Aggregator, LP Industry Commodity Chemicals2024-09-300001504619pflt:TwoThousandThirtySixAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.2% Basis Point Spread Above Index 3M SOFR+5902024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. - Funded Revolver Maturity 10/31/2025 Industry Capital Equipment2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Lightspeed Investment Holdco LLC Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon (PIK 5.10%)2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+5002025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5762024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6602023-10-012024-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Zips Car Wash, LLC - DIP Maturity 10/31/2025 Industry Automobiles Current Coupon 11.70 % Basis Point Spread Above Index 3M SOFR+ 7402025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name PAR Excellence Holdings, Inc Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC – Unfunded Revolver Maturity 09/27/2030 Industry Diversified Consumer Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC - (Revolver) Maturity 02/07/2030 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% C5MI Holdco, LLC. - Preferred Equity Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 7.00%) Basis Point Spread Above Index 3M SOFR+7252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC Maturity 01/31/2030 Industry Construction & Engineering Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo LP One Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media2023-10-012024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% First Lien Secured Debt—22.3% 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+8002024-10-012025-03-3100015046192025-05-120001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GCOM InvestCo LP Industry IT Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.96% Basis Point Spread Above Index SOFR+4002024-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-10-012025-03-310001504619pflt:PriorCreditFacilityMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC. - Unfunded Term Loan A Maturity 02/09/2025 Industry Professional Services2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619pflt:ConstructionAndEngineeringMember2024-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. - Unfunded Term Loan Maturity 11/20/2026 Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniTek Global Services, Inc.(C) Industry Telecommunications2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2023-10-012024-09-300001504619pflt:SoftwareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Municipal Emergency Services, Inc. Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC - Funded Revolver Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Safe Haven Defense MidCo, LLC - Common Equity Industry Building Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5%2023-10-012024-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-03-012021-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.54 % Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+5502024-09-300001504619pflt:ControlledAndNon-ControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5352025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+6752025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2025-03-310001504619pflt:ClassDNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Meadowlark Title, LLC Industry Professional Services2024-09-300001504619srt:MinimumMemberpflt:IncentiveFeePaymentConditionTwoMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+5352025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% Equity Interests - 5.6% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. - (Revolver) Maturity 01/16/2030 Industry Construction & Engineering2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.05% Basis Point Spread Above Index SOFR+5852024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% A1 Garage Equity, LLC Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/02/2029 Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GMP Hills, L.P. Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/03/2025 Industry Healthcare Technology2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index SOFR+5352025-03-310001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. - Unfunded Revolver Maturity 07/14/2025 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.28 % Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 5362025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. - Unfunded Revolver Maturity 08/07/2029 Industry Consumer products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2024-09-300001504619us-gaap:FairValueInputsLevel3Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Output Services Group, Inc. Industry Business Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index SOFR+5402025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LSF9 Atlantis Holdings, LLC Maturity 07/02/2029 Industry Specialty Retail Current Coupon 8.55% Basis Point Spread Above Index 3M SOFR+4252025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PH Beauty Holdings III, Inc. Maturity 09/28/2025 Industry Consumer Products Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+5432024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.32% Basis Point Spread Above Index 1M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Hancock Claims Consultants Investors, LLC (Preferred Equity) Industry Insurance2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC - Unfunded Revolver Maturity 08/31/2029 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC Maturity 10/02/2028 Industry Professional Services Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+6252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale2025-03-3100015046192021-10-012021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1%, First Lien Secured Debt - 167.8%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 12/30/2024 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 12.00%2024-10-012025-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/15/2026 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Funded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. - Unfunded Term Loan Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% By Light Investco LP Industry High Tech Industries2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 9/30/2026 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+6512023-10-012024-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619pflt:OtherRelatedPartyMember2024-01-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.31% Basis Point Spread Above Index SOFR+4252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+5352024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ro Health Holdings, Inc.- Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GGG Topco, LLC – Industry Diversified Consumer Services2025-03-310001504619pflt:AllOtherIndustriesMember2024-09-300001504619pflt:LongTermCreditFacilityMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Marketplace Events Holdings, LP Industry Media: Diversified and Production2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% OSP Embedded Aggregator, LP - Convertible Note Maturity 05/08/2030 Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:TruistCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC. - Unfunded Revolver Maturity 07/31/2029 Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192023-10-012024-09-300001504619pflt:SecuredOvernightFinancingRateMemberpflt:ClassCRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hills Distribution Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors2024-10-012025-03-310001504619pflt:FoodProductsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components2023-10-012024-09-300001504619pflt:TruistCreditFacilityMemberpflt:SecuredOvernightFinancingRateMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2024-10-012025-03-310001504619pflt:BuildingProductsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. Funded Revolver Maturity 05/31/2028 Industry Personal Products Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/03/2029 Industry Healthcare Technology2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TWS Acquisition Corporation Maturity 06/16/25 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index SOFR+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index 1M SOFR+4902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Automotive Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Connatix Parent, LLC - Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2025-03-310001504619Total Investments - 226.1%2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08 % Basis Point Spread Above Index SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6402023-10-012024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC Maturity 01/17/2031 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.97% Basis Point Spread Above Index 1M SOFR+7652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. - Unfunded Term Loan Maturity 11/20/2026 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. - Funded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building2023-10-012024-09-300001504619Liabilities in Excess of Other Assets - (130.1)%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index SOFR+5402024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.47 % Basis Point Spread Above Index 3M SOFR+ 5152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+ 6192024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Boss Industries, LLC - Funded Revolver Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619pflt:PennantParkSeniorSecuredMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Professional Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC - Unfunded Term Loan Maturity 03/13/2025 Industry Business Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.20% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8352023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG MIDCO, LLC – Unfunded Revolver Maturity 09/27/2030 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Cartessa Aesthetics, LLC Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC - Unfunded Revolver Maturity 08/31/2029 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ORL Holdco, Inc. Industry Consumer Finance2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index SOFR+6192024-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueInputsLevel1Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.7% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Trading Companies & Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5%The Bluebird Group LLC - Unfunded Revolver Maturity 7/28/2026 Industry Professional Services2025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-10-012025-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Unfunded Revolver Maturity 07/25/2028 Industry Commodity Chemicals2024-10-012025-03-310001504619Investments in non-controlled, non-affiliated portfolio companies - 186.1% first lien secured debt - 167.8% 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+7762024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Big Top Holdings, LLC - (Revolver) Maturity 02/28/2030 Industry Construction & Engineering2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 02/09/2026 Industry Diversified Financial Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Exigo, LLC Industry Software2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. - Funded Revolver Maturity 08/07/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC - Unfunded Term Loan Maturity 06/19/2026 Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Mission Critical Electronics, Inc. Maturity 03/31/2025 Industry Capital Equipment Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRS Holdings III, Inc. Maturity 45727 Industry Chemicals, Plastics and Rubber Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% IG Investments Holdings, LLC - Unfunded Revolver Maturity 09/22/2028 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% TPC Holding Company, LP Industry Food Products2023-10-012024-09-300001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC - Unfunded Revolver Matrity 09/13/2030 Industry Commercial Services & Supplies2024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2017-11-012017-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+6652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2024-10-012025-03-310001504619pflt:InvestmentsCostMemberpflt:SubordinateDebtMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GMP Hills, L.P. Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smartronix, LLC Maturity 02/06/2032 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 4502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 8.85% Basis Point Spread Above Index SOFR+4002023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 09/17/2026 Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Unfunded Revolver Maturity 07/25/2028 Industry Commodity Chemicals2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ORL Acquisition, Inc. - Unfunded Revolver Maturity 09/03/2027 Industry Consumer Finance2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-09-300001504619pflt:IncentiveFeePaymentConditionOneMembersrt:MaximumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+4262023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Pragmatic Institute, LLC Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% C5MI Holdco, LLC. - Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aechelon InvestCo, LP - Industry Aerospace and Defense 2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619pflt:EquityDistributionAgreementsMemberpflt:AtTheMarketOfferingMember2024-07-172024-07-170001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2025-03-310001504619srt:MinimumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% StellPen Holdings, LLC (CF512, Inc.) Industry Media2024-10-012025-03-310001504619Related Party PSSL Total Investments and Cash Equivalents —1,971.0%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/15/2026 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GGG Topco, LLC – Common Equity (8) Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Pragmatic Institute, LLC Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+7152024-09-300001504619Net Assets - 100%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC - Unfunded Revolver Maturity 03/01/2028 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2026 Industry Media Current Coupon 10.67% Basis Point Spread Above Index 3M SOFR+6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Hancock Claims Consultants Investors, LLC (Preferred Equity) Industry Insurance2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.31% Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 10.48% Basis Point Spread Above Index SOFR+5252024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.15% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 9.83% Basis Point Spread Above Index 1M SOFR+ 5502025-03-310001504619pflt:ClassCNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BioDerm, Inc. Funded Revolver Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+6502025-03-310001504619pflt:AutomobilesIndustryMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pragmatic Institute, LLC Maturity 03/28/2030 Industry Professional Services Current Coupon 9.80%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC - (Revolver) Maturity 09/30/2028 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% IG Investments Holdings, LLC (7) Maturity 09/22/2028 Industry Professional Services Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Pink Lily Holdco, LLC Industry Textiles, Apparel and Luxury Goods2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TCG 3.0 Jogger Co-Invest, LP Industry Media2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ARGANO, LLC Maturity 9/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.44% Basis Point Spread Above Index SOFR+5152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Funded Revolver Maturity 10/01/2027 Industry Distributors Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Carisk Buyer, Inc - Amendment No.1 Term Loan Maturity 12/1/2029 Industry Healthcare Technology Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC - Funded Revolver Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works - Unfunded Revolver Maturity 10/01/2029 Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. Maturity 11/20/2030 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.83% (PIK 15.00%) Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputRevenueMultipleMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% ORL Holdco, Inc. Industry Consumer Finance2025-03-310001504619Related Party PSSL Liabilities in Excess of Other Assets — (1,871.0)%2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMember2024-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC - Unfunded Revolver Maturity 12/19/2030 Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hancock Roofing and Construction L.L.C. - Funded Revolver Maturity 12/31/2026 Industry Insurance Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc. - Unfunded Revolver Maturity 11/22/2030 Industry Road and Rail2025-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Professional Services2024-10-012025-03-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-03-310001504619pflt:SubordinateDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.8% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name S101 Acquisition, Inc Maturity 12/29/2026 Industry Government Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index SOFR+5862024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Maturity 06/30/2026 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hills Distribution Inc. Maturity 11/08/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. - Unfunded Revolver Maturity 02/07/2026 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. Maturity 02/07/2026 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 5552024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Magnolia Topco LP - Class A Industry Automobiles2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619pflt:SeniorSecuritiesMember2018-04-052018-04-050001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.7% Basis Point Spread Above Index 3M SOFR+5602024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - First-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index 3M SOFR+5262023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% IIN Group Holdings, LLC Industry Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.20% Basis Point Spread Above Index SOFR+5102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GMP Hills, L.P. Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+4502023-10-012024-09-300001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% EQUITY INTERESTS - 8.7% NEW MPE HOLDINGS, LLC - COMMON EQUITY INDUSTRY MEDIADiversified and Production2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+5612024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PCS Parent, LP - Common Equity Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5602024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Ad.net Holdings, Inc. Industry Media2025-03-310001504619Investments in non-controlled, non-affiliated portfolio companies - 186.1% first lien secured debt - 167.8% 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+7762023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Funded Revolver Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Icon Partners V C, L.P. One Industry Internet Software and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name The Vertex Companies, LLC Maturity 08/31/27 Industry Construction and Engineering Current Coupon 10.95% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP IvyRehab Coinvestment, LP Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5352024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7262023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC Maturity 01/17/2031 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/27 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 10.60% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.75% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dynata, LLC - Last-Out Term Loan Maturity 10/16/2028 Industry Business Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,548.7%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Term Loan A Maturity 08/28/2025 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. - Unfunded Revolver Maturity 08/20/2026 Industry Media2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+6362024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Professional Services2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.55 % (PIK 5.50%) Basis Point Spread Above Index SOFR+7262024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 10.08% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Keel Platform, LLC Maturity 01/19/2031 Industry Metals and Mining Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6982023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 11.36% (PIK 6.00%) Basis Point Spread Above Index 3M SOFR+7152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001504619us-gaap:GovernmentMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Funded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. Maturity 12/03/2029 Industry Healthcare Technology Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619pflt:ControlledAffiliatedInvestmentsMembersrt:MaximumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08 % Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Connatix Parent, LLC Industry Media2023-10-012024-09-300001504619pflt:ConsumerServicesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassBNotesMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-09-300001504619us-gaap:FairValueInputsLevel3Member2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+7652023-10-012024-09-300001504619Cash and Cash Equivalents - 12.8%2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon10.21% Basis Point Spread Above Index 3M SOFR+ 5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.24% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2021-10-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6852024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OHCP V BC COI, L.P. One Industry Distributors2024-10-012025-03-310001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC - SUPER PRIORITY FIRST LIEN MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MaximumMemberpflt:FirstLienMember2024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2024-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-12-152021-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC - Unfunded Revolver Maturity 08/31/2028 Industry Construction & Engineering2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Output Services Group, Inc. - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.86% Basis Point Spread Above Index SOFR+8432024-10-012025-03-310001504619srt:MaximumMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/09/2026 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC. (Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619pflt:NonMoneyMarketMember2025-03-310001504619pflt:TwoThousandThirtySixAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2020-12-152020-12-150001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% EvAL Home Health Solutions, LLC - Preferred Equity Industry Healthcare, Education and Childcare2023-10-012024-09-300001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Walker Edison Furniture Industry Wholesale2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. Funded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 6102025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502024-09-300001504619pflt:MarketingServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.28 % Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Pink Lily Holdco, LLC Industry Textiles, Apparel and Luxury Goods2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00% (PIK 15.00%)2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo LP Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC - Funded Revolver Maturity 07/07/2026 Industry Professional Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5202025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Marketplace Events Acquisitions, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47 % Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/22/2025 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.26 % Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+ 6472024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/14/2025 Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/21/2025 Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% FedHC InvestCo LP Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Sabel InvestCo, LP - Unfunded Industry Government Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7612023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+7402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5%2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Safe Haven Defense US, LLC Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. - Funded Revolver Maturity 07/14/2025 Industry Professional Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 8602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Eval Home Health Solutions Intermediate, LLC Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.06% Basis Point Spread Above Index 1M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. - Unfunded Revolver Maturity 08/07/2029 Industry Consumer products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aechelon InvestCo, LP - Common Equity Industry Aerospace and Defense2024-09-300001504619pflt:AtTheMarketOfferingMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8%2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% New Medina Health, LLC Industry Healthcare Providers and Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OHCP V BC COI, L.P. One Industry Distributors2024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2024-07-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Magnolia Topco LP - Class A Common Equity One Industry Automobiles2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+4752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9%2024-09-300001504619Investments and Cash Equivalents—230.1%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC Maturity 07/31/2029 Industry IT Services Current Coupon 10.3% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HW Holdco, LLC - Unfunded Revolver Maturity 05/11/2026 Industry Media2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602024-10-012025-03-310001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% EQUITY INTERESTS - 8.7% NEW MPE HOLDINGS, LLC - COMMON EQUITY INDUSTRY MEDIADiversified and Production2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% BioDerm Holdings, LP - Preferred Equity Industry Healthcare Equipment and Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ORL Acquisition, Inc. - Unfunded Revolver Maturity 09/03/2027 Industry Consumer Finance2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PCS Parent, LP - Industry Professional Services2024-10-012025-03-310001504619pflt:TaxableSubsidiaryMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/26/2026 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Industry Software2024-10-012024-12-310001504619pflt:MediaDiversifiedAndProductionMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.97% Basis Point Spread Above Index 1M SOFR+7652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower , LLC - Unfunded Term Loan Maturity 07/13/2027 Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services2023-10-012024-09-300001504619pflt:MediaDiversifiedAndProductionMember2024-09-300001504619srt:MaximumMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Non-Affiliated Investments2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2025-03-310001504619pflt:InternetSoftwareAndServicesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP IvyRehab Coinvestment, LP Industry Healthcare Providers and Services2025-03-310001504619Related Party PSSL, Equity—100.0%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works - Funded Revolver Maturity 10/01/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC - (Revolver) Maturity 09/30/2028 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7612024-09-300001504619pflt:HealthcareTechnologyMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PAR Excellence Holdings, Inc. - Common Equity Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+5752024-09-300001504619pflt:AllOtherIndustriesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Carisk Parent, L.P. Industry Healthcare Technology2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry IT Services Current Coupon 9.21% Basis Point Spread Above Index SOFR+4902025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.45% Basis Point Spread Above Index SOFR+7602024-09-300001504619pflt:PennantParkCLOVILLCMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Rancho Health MSO, Inc. Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-03-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NFS - CFP Holdings LLC Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo LP Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 9/30/2026 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+4752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Mission Critical Electronics, Inc. (Revolver) Maturity 03/31/2025 Industry Capital Equipment2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Hancock Claims Consultants Investors, LLC Industry Insurance2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2024-09-300001504619Industry Air FInvestments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% One Stop Mailing, LLC Maturity 05/07/2027 reight and Logistics Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+6362024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7012023-10-012024-09-300001504619Total Investments and Cash Equivalents - 238.9%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale2024-10-012025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SV Aero Holdings, LLC Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 09/03/2026 Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TAC LifePort Holdings, LLC Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC - Unfunded Term Loan Maturity 03/27/2026 Industry Diversified Consumer Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% FedHC InvestCo LP One Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% First Lien Secured Debt—31.3% 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+8002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ITI Holdings, Inc. - Unfunded Revolver Maturity 03/03/2028 Industry IT Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Inventus Power, Inc. - Unfunded Revolver Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2024-10-012024-12-310001504619Cash and Cash Equivalents—10.4%2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5902025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassC1SecuredDeferrableFloatingRateNotesDue2036Member2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.50% (PIK 7.00%) Basis Point Spread Above Index 3M SOFR+7252024-10-012025-03-310001504619pflt:SBADebenturesMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-09-300001504619pflt:SecondLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Connatix Parent, LLC Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smile Brands Inc. (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+5612023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower , LLC - Unfunded Revolver Maturity 07/13/2027 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% ORL Holdco, Inc. Industry Consumer Finance2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% StoicLane, Inc. - Convertible Notes Maturity 08/15/2027 Industry Healthcare Technology Current Coupon 12.00%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902024-09-300001504619pflt:IncentiveFeePaymentConditionThreeMembersrt:MinimumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-03-310001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% DUGGAL EQUITY, LP – Industry Marketing Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/15/2027 Industry Healthcare Technology Current Coupon 0.00%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/17/2026 Industry Diversified Consumer Services2024-10-012025-03-310001504619pflt:AdministratorMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TransGo, LLC - Unfunded Revolver Maturity 12/29/2028 Industry Auto Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TPC Holding Company, LP Industry Food Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Imagine Topco, LP Industry Software Current Coupon 8.00%2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.45% Basis Point Spread Above Index SOFR+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Hancock Claims Consultants Investors, LLC Industry Insurance2025-03-310001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012024-12-310001504619us-gaap:FairValueInputsLevel1Member2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Eisner Advisory Group, LLC Maturity 02/23/2031 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+4002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.98 % Basis Point Spread Above Index 3M SOFR+ 6652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% C5MI Holdco, LLC. - Common Equity Industry IT Services2023-10-012024-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 71.3% - Issuer Name JP Morgan US Government Fund Current Coupon 4.16%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% HV Watterson Holdings, LLC Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% IG Investments Holdings, LLC (7) Maturity 09/22/2028 Industry Professional Services Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower , LLC - Unfunded Revolver Maturity 07/13/2027 Industry Media2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619pflt:PersonalProductsMember2024-09-300001504619pflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% C5MI Holdco, LLC. - Industry IT Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001504619pflt:ClassDRNotesMember2024-09-300001504619pflt:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Imagine Topco, LP Industry Software2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 10.80% Basis Point Spread Above Index SOFR+6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5852023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. (Revolver) Maturity 12/01/2029 Industry Healthcare Technology2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+7152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG Midco, LLC - Unfunded Term Loan Maturity 09/27/2026 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Industry Personal Products2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% StellPen Holdings, LLC (CF512, Inc.) Industry Media2025-03-310001504619pflt:SBADebenturesMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - Unfunded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. Maturity 08/07/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.83% (PIK 15.00%) Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.42% Basis Point Spread Above Index SOFR+6432024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Icon Partners V C, L.P. Industry Internet Software and Services2024-10-012025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OHCP V BC COI, L.P. Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% HV Watterson Holdings, LLC Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% HPA SPQ Aggregator LP Industry Professional Services2024-10-012025-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2023-12-152023-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2026 Healthcare Equipment and Supplies2025-03-310001504619us-gaap:FairValueInputsLevel3Member2024-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-10-012025-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class C Preferred Equity One Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 8.85% Basis Point Spread Above Index 1M SOFR+4002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.00% Basis Point Spread Above Index SOFR+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Meadowlark Title, LLC Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5502024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniVista Insurance Industry Insurance2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HEC Purchaser Corp. Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2021-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 11.97% Basis Point Spread Above Index 1M SOFR+7652024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+4752023-10-012024-09-300001504619pflt:InvestmentsCostMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - Last-Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5762023-10-012024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Magnolia Topco LP - Class B Industry Automobiles2024-10-012025-03-310001504619us-gaap:SubsequentEventMemberpflt:TruistCreditFacilityMembersrt:MaximumMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Urology Partners Co., L.P. Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 11.44% Basis Point Spread Above Index 3M SOFR+ 7152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Pink Lily Holdco, LLC Industry Textiles, Apparel and Luxury Goods2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% IHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) - Unfunded Term Loan Maturity 08/16/2027 Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Megawatt Acquisitionco, Inc. - (Revolver) Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.30 % (PIK 6.25%) Basis Point Spread Above Index SOFR+8012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OHCP V BC COI, L.P. Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OHCP V BC COI, L.P. Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GCOM InvestCo LP Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Funded Revolver Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 11.18% Basis Point Spread Above Index SOFR+6252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 10.49% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC - Unfunded Term Loan Maturity 10/19/2026 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% SV-Aero Holdings, LLC - Unfunded Term Loan Maturity 11/02/2026 Industry Aerospace and Defense2025-03-310001504619Related Party PSSL, Total Cash and Cash Equivalents, BlackRock Federal FD Institutional 30, Current Coupon 5.03%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hancock Roofing and Construction L.L.C. - Funded Revolver Maturity 12/31/2026 Industry Insurance Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 12.35% (PIK 12.35%) Basis Point Spread Above Index SOFR+7502024-09-300001504619Non-Affiliated Investments2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Imagine Acquisitionco, LLC - Unfunded Revolver Maturity 11/16/2027 Industry Software2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7252024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.75% Basis Point Spread Above Index SOFR+7152024-09-300001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Pragmatic Holdco, Inc. Industry Education2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 9.31% Basis Point Spread Above Index 1M SOFR+4252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Funded Revolver Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Unfunded Revolver Maturity 12/29/2026 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619 Related Party PSSL, Cash and Cash Equivalents - 71.3% - Issuer Name JP Morgan USD Liquidity Inst Current Coupon 4.24%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc. - Unfunded Term Loan Maturity 11/23/2026 Industry Road and Rail2025-03-310001504619pflt:SecondLienMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Pragmatic Institute, LLC Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+7152024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+7152024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 11.20% Basis Point Spread Above Index SOFR+6902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+7612024-10-012025-03-310001504619pflt:C2NotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 9.42 %Basis Point Spread Above Index 1M SOFR+ 5102024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hills Distribution Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors2024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Imagine Acquisitionco, LLC - Funded Revolver Maturity 11/16/2027 Industry Software Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5102025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Unfunded Revolver Maturity 12/17/2030 Industry Software2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpflt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% BioDerm Holdings, LP - Preferred Equity Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Meadowlark Title, LLC Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC - Unfunded Revolver Maturity 09/23/2030 Industry Commercial Services & Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PL Acquisitionco, LLC - (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Funded Revolver Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% LJ Avalon, LP Industry Construction & Engineering2024-10-012025-03-3100015046192023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.30% Basis Point Spread Above Index SOFR+7012024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. - Funded Revolver Maturity 08/20/2026 Industry Media Current Coupon 10.34% Basis Point Spread Above Index 3M SOFR+ 6022024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619pflt:AtTheMarketOfferingMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Kinetic Purchaser, LLC Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.59 % Basis Point Spread Above Index 3M SOFR+ 4262025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+6672024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.67% Basis Point Spread Above Index 3M SOFR+ 7152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower, LLC Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Imagine Topco, LP Industry Software2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hills Distribution Inc. Maturity 11/08/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC - Unfunded Revolver Maturity 08/31/2028 Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+ 6152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smartronix, LLC - (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/01/2025 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GCOM InvestCo LP Industry IT Services2024-10-012025-03-310001504619Related Party PSSL, Equity Securities - 10.5%2024-09-300001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Keel Platform, LLC - Unfunded Term Loan Maturity 01/19/2031 Industry Metals and Mining2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. - Unfunded Term Loan Maturity 08/10/2027 Industry Trading Companies & Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Zips Car Wash, LLC Maturity 3/31/2028 Industry Automobiles2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Project Granite Holdings, LLC - Industry Professional Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 12.35% (PIK 12.35%) Basis Point Spread Above Index SOFR+7502023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services2025-03-310001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3 M S O F R+5402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% IG Investments Holdings, LLC - Unfunded Revolver Maturity 09/22/2028 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Term Loan 1 Maturity 02/15/2029 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2025 Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6682024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Crane 1 Services, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.55% Basis Point Spread Above Index SOFR+4252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% LJ Avalon, LP Industry Construction & Engineering2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95 % Basis Point Spread Above Index SOFR+5652024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Pink Lily Holdco, LLC Industry Textiles, Apparel and Luxury Goods2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Magnolia Topco LP - Class A Common Equity One Industry Automobiles2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Zips Car Wash, LLC Maturity 12/31/24 Industry Automobiles Current Coupon 12.46% (PIK 1.50%) Basis Point Spread Above Index SOFR+7402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/12/2025 Industry Personal Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hills Distribution Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Unfunded Revolver Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Keel Platform, LLC - Unfunded Term Loan Maturity 01/20/2031 Industry Metals and Mining2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Urology Partners Co., L.P. Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Athletico Holdings, LLC Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Exigo Intermediate II, LLC - Unfunded Revolver Maturity 03/15/2027 Industry Software2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2023-10-012024-09-300001504619pflt:SecondLienSecuredDebtMembersrt:MaximumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Carisk Parent, L.P. Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+6102024-09-3000015046192024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% EvAL Home Health Solutions, LLC - Industry Healthcare, Education and Childcare2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5352024-10-012024-12-310001504619pflt:FirstLienMemberpflt:InvestmentsFairValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC. (Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Unfunded Revolver Maturity 08/10/2027 Industry Trading Companies & Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% DUGGAL EQUITY, LP – Industry Marketing Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Output Services Group, Inc. Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+6102024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Marketplace Events Holdings, LP Industry Media: Diversified and Production2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HW Holdco, LLC (Revolver) Maturity 05/10/2026 Industry Media2024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.46% Basis Point Spread Above Index SOFR+7612024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Industry Personal Products2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5852024-09-300001504619us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.47% Basis Point Spread Above Index 3M SOFR+ 6152025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Exigo, LLC Industry Software2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name PAR Excellence Holdings, Inc Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class D Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infolinks Media Buyco, LLC Maturity 11/02/2026 Industry Media Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC - Unfunded Revolver Maturity 01/31/2030 Industry Construction & Engineering2025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619pflt:ClassA-1NotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2024-10-012025-03-3100015046192025-01-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index SOFR+5902024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 9.68% Basis Point Spread Above Index 3M SOFR+5352024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 8.55 % Basis Point Spread Above Index 3M SOFR+ 4252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% LLC - Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Related Party PSSL, Total Investments - 1,555.50%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% C5MI Holdco, LLC. - Common Equity Industry IT Services2024-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Unfunded Term Loan Maturity 07/25/2028 Industry Commodity Chemicals2024-10-012025-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Case Works, LLC Maturity 10/1/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. Unfunded Revolver Maturity 06/20/2029 Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652023-10-012024-09-300001504619pflt:InternetSoftwareAndServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hills Distribution Inc. Maturity 11/07/2029 Industry Distributors Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.21% Basis Point Spread Above Index SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5252023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Mission Critical Electronics, Inc. Maturity 3/31/2025 Industry Capital Equipment Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% (PIK 1.50%) Basis Point Spread Above Index SOFR+6102024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.06% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Ad.net Holdings, Inc. Industry Media2024-10-012025-03-310001504619pflt:TaxableSubsidiaryMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals2023-10-012024-09-300001504619pflt:HealthcareEquipmentAndSuppliesMember2024-09-300001504619pflt:LongTermCreditFacilityMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC - Unfunded Revolver Maturity 12/31/2029 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Municipal Emergency Services, Inc. Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% LJ Avalon, LP Industry Construction & Engineering2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:SecondLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 11/17/2025 Industry Commercial Services & Supplies2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-03-310001504619Controlled Affiliated Investments2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% TPC Holding Company, LP Industry Food Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% AG Investco LP One Industry Software2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2017-11-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name GGG MIDCO, LLC Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-03-310001504619pflt:OtherRelatedPartyMember2023-10-012024-03-310001504619pflt:ClassA2RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo II LP Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) Maturity 01/26/2029 Industry Media2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+6502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+6652023-10-012024-09-300001504619pflt:DistributorsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% One Stop Mailing, LLC Maturity 05/07/2027 Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index 3M SOFR+6362024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services2024-09-300001504619pflt:AtTheMarketOfferingMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class C Industry Leisure Products2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. Unfunded Revolver Maturity 06/20/2029 Industry Healthcare Equipment and Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TCG 3.0 Jogger Co-Invest, LP Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% FedHC InvestCo LP Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 11.36% (PIK 6.00%) Basis Point Spread Above Index 3M SOFR+7152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PH Beauty Holdings III, Inc. Maturity 09/28/2025 Industry Consumer Products Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+5432023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Best Practice Associates, LLC - Unfunded Revolver Maturity 11/08/2029 Industry Aerospace and Defense2025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% PL Acquisitionco, LLC Industry Textiles, Apparel and Luxury Goods2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00% (PIK 15.00%)2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+5602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Lightspeed Investment Holdco LLC Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+6202024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG MIDCO, LLC – Unfunded Revolver Maturity 09/27/2030 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC - Unfunded Revolver Maturity 06/14/2028 Industry Distributors2024-10-012025-03-310001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsFairValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo LP One Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:HighTechIndustriesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Boss Industries, LLC - Unfunded Revolver Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Fairbanks Morse Defense Maturity 6/23/2028 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index SOFR+4502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+6192024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Pragmatic Holdco, Inc. Industry Education2024-10-012025-03-310001504619Related Party PSSL, Cash and Cash Equivalents - 71.3%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - Last-Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5762024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 02/01/2030 Industry Construction & Engineering2024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% Equity Interests - 8.7% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Leisure Products2023-10-012024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% Equity Interests - 8.7% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% PL Acquisitionco, LLC Industry Textiles, Apparel and Luxury Goods2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smartronix, LLC Maturity 02/06/2032 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 4502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer,Inc. - Unfunded Revolver Maturity 12/31/2030 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+6252023-10-012024-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Unfunded Revolver Maturity 10/01/2027 Industry Distributors2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+5352023-10-012024-09-3000015046192023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MinimumMemberpflt:FirstLienMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+6202025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% C5MI Holdco, LLC. - Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+5862023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 10.81% Basis Point Spread Above Index SOFR+6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Megawatt Acquisition Partners, LLC - Common A Equity Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC - Unfunded Term Loan Maturity 03/13/2025 Industry Business Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% New Insight Holdings, Inc. - Common Equity Industry Business Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+6202024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC - Funded Revolver Maturity 08/16/2026 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 09/28/2027 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Consello Pacific Aggregator, LLC Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniTek Global Services, Inc.(W) Industry Telecommunications2024-09-300001504619pflt:ClassDNotesMemberpflt:DebtSecuritizationMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Municipal Emergency Services, Inc. Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Personal Products2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 10.42% (PIK 7.92%) Basis Point Spread Above Index SOFR+6102025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Inventus Power, Inc. - Unfunded Revolver Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo II LP Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. (Revolver) Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smile Brands Inc. (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:FirstLienMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniTek Global Services, Inc.(C) Industry Telecommunications2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+ 6102024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% FedHC InvestCo LP Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/22/2025 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Magnolia Topco LP - Class A Common Equity Industry Automobiles2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC (Revolver) Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001504619pflt:ControlledAndNon-ControlledAffiliatedInvestmentsMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2023-10-012024-09-300001504619Cash and Cash Equivalents - 10.4% - Non-Money Market Cash2025-03-310001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index 1M SOFR+ 5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services2025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TAC LifePort Holdings, LLC Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+4612023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-03-310001504619pflt:InvestmentsCostMemberus-gaap:EquityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC - Funded Revolver Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Unfunded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Event Services2025-03-310001504619pflt:TwoThousandThirtyFiveAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Lightspeed Investment Holdco LLC Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.45% Basis Point Spread Above Index SOFR+7602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Zips Car Wash, LLC - DIP Maturity 10/31/2025 Industry Automobiles Current Coupon 11.70 % Basis Point Spread Above Index 3M SOFR+ 7402024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Azureon Holdings, LLC - Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - Unfunded Term Loan Maturity 03/01/2026 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Unfunded Term Loan 2 Maturity 08/17/2026 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 09/28/2027 Industry Distributors2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.75% Basis Point Spread Above Index SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5502024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.82% Basis Point Spread Above Index SOFR+6502025-03-310001504619us-gaap:FairValueInputsLevel3Member2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc. - Unfunded Revolver Maturity 11/22/2030 Industry Road and Rail2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 10.7% Basis Point Spread Above Index 3M SOFR+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% AG Investco LP Industry Software2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% StoicLane, Inc. - Convertible Notes Maturity 08/15/2027 Industry Healthcare Technology Current Coupon 12.00%2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aechelon InvestCo, LP - Unfunded Industry Aerospace and Defense2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 09/28/2027 Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Kinetic Purchaser, LLC Industry Personal Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Altamira Intermediate Company II, Inc. Industry IT Services2024-10-012025-03-310001504619pflt:ClassBNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 11/17/2025 Industry Commercial Services & Supplies2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC Maturity 12/20/2027 Industry IT Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+ 6902024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 10.80% Basis Point Spread Above Index SOFR+6502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. - Funded Revolver Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NFS - CFP Holdings LLC Industry Commercial Services & Supplies2024-09-300001504619pflt:ClassDRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/21/2027 Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% AG Investco LP Industry Software2025-03-3100015046192024-12-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC - Unfunded Revolver Maturity 06/14/2028 Industry Distributors2025-03-310001504619Investments in non-controlled, non-affiliated portfolio companies - 186.1% first lien secured debt - 167.8% 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+7762024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6852023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Global Holdings InterCo LLC Maturity 08/16/2026 Industry Diversified Financial Services 3M SOFR+6152024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. - Funded Revolver Maturity 08/07/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8012023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% AG Investco LP Industry Software2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/09/2026 Industry Professional Services2024-10-012025-03-310001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2025-01-012025-03-310001504619pflt:TruistCreditFacilityMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Athletico Holdings, LLC Industry Healthcare Providers and Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 11.92% (PIK 6.50%) Basis Point Spread Above Index SOFR+7602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Gauge ETE Blocker, LLC - Promissory Note Maturity 05/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Eisner Advisory Group, LLC Maturity 02/23/2031 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+4002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Imagine Topco, LP Industry Software Current Coupon 8.00%2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/03/2025 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smile Brands Inc. LC (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-09-300001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC - SUPER PRIORITY FIRST LIEN MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.31% Basis Point Spread Above Index SOFR+4252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 9.83% Basis Point Spread Above Index 1M SOFR+ 5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.20% Basis Point Spread Above Index SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1%2025-03-310001504619Non Controlled Affiliated Investments2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GCP Boss Holdco, LLC - Industry Independent Power and Renewable Electricity Producers2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Archer Lewis, LLC Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 10.06% Basis Point Spread Above Index SOFR+5752025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6102023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+6112023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3%2024-09-300001504619pflt:HighTechIndustriesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniVista Insurance Industry Insurance2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% SP L2 Holdings LLC - Unfunded Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance2024-10-012024-12-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2024-10-012025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—40.0%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services2024-10-012024-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassCNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Gauge Schlesinger Coinvest LLC Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652024-09-3000015046192025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC Maturity 03/19/2032 Industry Business Services Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619pflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619pflt:ClassCRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Transgo, LLC Maturity 12/29/28 Industry Automotive Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 8.8% Basis Point Spread Above Index 3M SOFR+ 4502025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GMP Hills, L.P. Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2023-10-012024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2020-12-152020-12-150001504619Related Party PSSL, Total Cash and Cash Equivalents2025-03-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueInputsLevel1Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7852024-09-300001504619pflt:PennantParkSeniorSecuredMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC - Unfunded Revolver Maturity 07/31/2030 Industry IT Services2024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2021-12-152021-12-150001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.40% (PIK 1.50%) Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+6902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carisk Buyer, Inc. (Revolver) Maturity 12/01/2029 Industry Healthcare Technology2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Solutionreach, Inc. - Funded Revolver Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 11.45 % Basis Point Spread Above Index 3M SOFR+ 7152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Schlesinger Coinvest LLC Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OHCP V BC COI, L.P. One Industry Distributors2025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+626.162025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index SOFR+536.4482024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 01/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name S101 Acquisition, Inc Maturity 12/29/2026 Industry Government Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/01/2025 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5762024-09-300001504619pflt:ClassA-1LoansMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Connatix Parent, LLC - Industry Media2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.30% Basis Point Spread Above Index SOFR+6102024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 03/01/29 Industry Wholesale2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Urology Management Holdings, Inc. Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Ro Health, LLC Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+ 6472025-03-310001504619pflt:AdministratorMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 11.94% Basis Point Spread Above Index SOFR+761.4482025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 09/17/2026 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+4502024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.31 % Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 9.42 %Basis Point Spread Above Index 1M SOFR+ 5102025-03-310001504619pflt:PennantParkCLOIILtdMember2024-10-012025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% First Lien Secured Debt—22.3%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Mission Critical Electronics, Inc. Maturity 03/31/2025 Industry Capital Equipment Current Coupon 11.02% Basis Point Spread Above Index 3M SOFR+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Solutionreach, Inc. - Funded Revolver Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 11.45 % Basis Point Spread Above Index 3M SOFR+ 7152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Outcomes Group Holdings, Inc Maturity 04/02/2031 Industry Healthcare Providers and Services Current Coupon 9.10% Basis Point Spread Above Index 3M SOFR+4252024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 03/01/29 Industry Wholesale2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC - Funded Revolver Maturity 11/10/2026 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152025-03-310001504619Related Party PSSL Equity Securities - 10.5%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Professional Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SV Aero Holdings, LLC Industry Aerospace and Defense2023-10-012024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2020-03-012020-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infolinks Media Buyco, LLC Maturity 11/10/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+4612024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. (Revolver) (7) Maturity 02/07/2025 Industry Professional Services2024-09-300001504619pflt:PersonalProductsMember2025-03-310001504619pflt:InvestmentsFairValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC – Unfunded Revolver Maturity 09/27/2030 Industry Diversified Consumer Services2024-09-300001504619us-gaap:EquityMemberpflt:InvestmentsFairValueMember2024-09-300001504619pflt:AutomobilesIndustryMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. - Unfunded Revolver Maturity 08/20/2026 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.86% Basis Point Spread Above Index 3M SOFR+ 8432025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7252024-09-300001504619Total Cash and Cash Equivalents2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Mission Critical Electronics, Inc. (Revolver) Maturity 03/31/2025 Industry Capital Equipment2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% DUGGAL EQUITY, LP – Common Equity Industry Marketing Services2023-10-012024-09-300001504619pflt:ClassDRNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 10.04% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Safe Haven Defense MidCo, LLC - Industry Building Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRS Holdings III, Inc. Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Burgess Point Holdings, LP Industry Auto Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% Beacon Behavioral Holdings LLC Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Funded Revolver Maturity 02/07/2030 Industry Professional Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/03/2029 Industry Healthcare Technology2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Watchtower Buyer, LLC Maturity 12/03/29 Industry Diversified Consumer Services Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP IvyRehab QP CF Feeder, LP One Industry Healthcare Providers and Services2024-09-300001504619pflt:IncentiveFeePaymentConditionTwoMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Halo Buyer, Inc. Maturity 08/07/2029 Industry Consumer products Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002024-10-012025-03-310001504619Related Party PSSL, Members' Equity—100.0%2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 10.23% Basis Point Spread Above Index SOFR+5902024-10-012025-03-310001504619Related Party PSSL, Total Investments - 1,555.30%2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6352024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MinimumMemberpflt:FirstLienMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index SOFR+6352024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PlayPower, Inc. Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.85% Basis Point Spread Above Index 1M SOFR+5252023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.72% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Azureon Holdings, LLC - Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Service2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OHCP V BC COI, L.P. Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. - Unfunded Revolver Maturity 12/03/2029 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class A Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC - Unfunded Revolver Maturity 08/16/2026 Industry Personal Products Current Coupon 2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) Maturity 06/30/2026 Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% IG Investments Holdings, LLC Maturity 09/22/2028 Industry Professional Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index SOFR+5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+7502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% A1 Garage Equity, LLC Industry Commercial Services & Supplies2025-03-310001504619us-gaap:FairValueInputsLevel1Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GGG Topco, LLC – Common Equity (8) Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Burgess Point Holdings, LP Industry Auto Components2024-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+6902023-10-012024-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/15/2027 Industry Healthcare Technology Current Coupon 0.00%2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Member2023-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC - Funded Revolver Maturity 01/17/2031 Industry Leisure Products Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC - Unfunded Revolver Maturity 10/18/2027 Industry Healthcare Providers and Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6362023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+7502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% ORL Holdco, Inc. Industry Consumer Finance2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+7252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMemberpflt:B2NotesMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PL Acquisitionco, LLC - Unfunded Revolver Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon10.21% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services2024-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 71.3% - Issuer Name Blackrock Liquidity Fed Fund Inst Current Coupon 4.24%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRS Holdings III, Inc. - Unfunded Revolver Maturity 11/03/2025 Industry Personal Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Professional Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works, LLC Maturity 10/01/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sabel Systems Technology Solutions, LLC - Unfunded Revolver Maturity 10/31/2030 Industry Government Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. - Funded Revolver Maturity 07/14/2025 Industry Professional Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 8602025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Marketplace Events Acquisitions, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47 % Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index SOFR+5002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+5002023-10-012024-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-01-012024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. - Unfunded Term Loan Maturity 06/30/2026 Healthcare Equipment and Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Professional Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TPCN Holdings, LLC - Common Equity Industry Diversified Consumer Services2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% FedHC InvestCo LP One Industry Aerospace and Defense2023-10-012024-09-300001504619us-gaap:MoneyMarketFundsMember2024-09-300001504619us-gaap:EquityMethodInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% EDS Buyer, LLC. - Unfunded Revolver Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MBS Holdings, Inc. - Unfunded Revolver Maturity 04/16/2027 Industry Internet Software and Services2024-10-012025-03-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-03-3100015046192023-04-300001504619pflt:LongTermCreditFacilityMember2025-01-012025-03-310001504619pflt:ClassA-1LoansMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+6262024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC – Unfunded Revolver Maturity 09/13/2029 Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2025-03-310001504619pflt:MarketplaceEventsLLCMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OSP Embedded Aggregator, LP Industry Aerospace and Defense2023-10-012024-09-300001504619pflt:MetalsAndMiningMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC - Unfunded Revolver Maturity 03/19/2032 Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6982024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% A1 Garage Merger Sub, LLC - Unfunded Revolver Maturity 12/22/2028 Industry Commercial Services & Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 11.94% Basis Point Spread Above Index SOFR+761.4482024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 10.98 % Basis Point Spread Above Index 3M SOFR+ 6652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% S101 Holdings, Inc Maturity12/29/2026 Industry Electronic Equipment, Instruments, and Components Coupon 9.96% Basis Point Spread Above Index 3M SOFR+ 5652025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Zips Car Wash, LLC Maturity 12/31/24 Industry Automobiles Current Coupon 12.46% (PIK 1.50%) Basis Point Spread Above Index SOFR+7402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Maturity 06/30/2026 Industry Media2025-03-310001504619pflt:OtherRelatedPartyMember2025-01-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC Maturity 03/01/29 Industry Wholesale2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% HV Watterson Holdings, LLC Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Accounting Platform Blocker, Inc - Industry Professional Services2024-10-012025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Funded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. Funded Revolver Maturity 05/31/2028 Industry Personal Products Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media2024-09-300001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Azureon, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TPC Holding Company, LP Industry Food Products2025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC - Funded Revolver Maturity 07/07/2026 Industry Professional Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+5202024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2023-10-012024-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name 48Forty Intermediate Holdings, Inc. Industry Containers and Packaging2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Magnolia Topco LP - Class A Common Equity Industry Automobiles2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC - Unfunded Revolver Maturity 08/09/2030 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% EDS Buyer, LLC. - Unfunded Revolver Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRS Holdings III, Inc. - Unfunded Revolver Maturity 11/03/2025 Industry Personal Products2024-10-012025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 8.85% Basis Point Spread Above Index SOFR+4002024-09-300001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 1M SOFR+4612024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Consello Pacific Aggregator, LLC Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ro Health, LLC - Unfunded Revolver Maturity 01/17/2031 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan Maturity 10/30/2026 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Lash Coinvest LLC Industry Personal Products2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandTwentySixNotesPayableMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% SP L2 Holdings LLC - Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Project Granite Holdings, LLC - Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2025-03-310001504619pflt:HealthcareEquipmentAndSuppliesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+6752025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index SOFR+6752024-10-012025-03-310001504619Controlled Affiliated Investments2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5602024-09-300001504619pflt:ClassA-2NotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6352024-09-300001504619pflt:ClassA-1NotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. - Funded Revolver Maturity 08/20/2026 Industry Media Current Coupon 10.34% Basis Point Spread Above Index 3M SOFR+ 6022025-03-310001504619pflt:InvestmentsFairValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sabel Systems Technology Solutions, LLC - Unfunded Revolver Maturity 10/31/2030 Industry Government Services2025-03-310001504619pflt:BuildingProductsMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Construction and Building Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902024-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:SubordinateDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. - Funded Revolver Maturity 02/07/2026 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 5552024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.92% Basis Point Spread Above Index SOFR+5852024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% AG Investco LP One Industry Software2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.25% Basis Point Spread Above Index SOFR+5652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Carisk Parent, L.P. Industry Healthcare Technology2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TCG 3.0 Jogger Acquisitionco Maturity 1/23/2029 Industry Media Current Coupon 11.10% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 10.23% Basis Point Spread Above Index SOFR+5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC - Unfunded Revolver Maturity 10/02/2028 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 4752025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 11.18% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC - Unfunded Term Loan Maturity 10/19/2026 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - Last-Out Term Loan Maturity 10/15/2028 Industry Business Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5762024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TCG 3.0 Jogger Co-Invest, LP Industry Media2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 10.42% (PIK 7.92%) Basis Point Spread Above Index SOFR+6102024-10-012025-03-310001504619us-gaap:HealthcareSectorMember2024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Crane 1 Services, Inc. (Revolver) Maturity 08/16/2027 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index SOFR+5152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. Maturity 02/07/2026 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 5552025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC Maturity 07/07/2026 Industry Professional Services Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+6202025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 10.35% Basis Point Spread Above Index 3 M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inventus Power, Inc. - Unfunded Revolver Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. - Unfunded Term Loan Maturity 07/25/2028 Industry Commodity Chemicals2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 10.83% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name The Bluebird Group LLC Maturity 07/27/26 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+6652023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 10.05% Basis Point Spread Above Index SOFR+5612025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Marketing Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% LEP Pequod Holdings, LP Industry Financial Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer, Inc. Maturity 12/31/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 5752025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member2019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+6252024-09-300001504619pflt:CapitalEquipmentMember2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Transgo, LLC Maturity 12/29/28 Industry Automotive Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602025-03-310001504619us-gaap:EquityMemberpflt:InvestmentsFairValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 10.97% Basis Point Spread Above Index SOFR+6112024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Icon Partners V C, L.P. One Industry Internet Software and Services2024-09-300001504619Related 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+6152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniTek Global Services, Inc.(C) Industry Telecommunications2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5152025-03-310001504619Related Party PSSL, Total Cash and Cash Equivalents2024-09-300001504619pflt:ClassBNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 8.55 % Basis Point Spread Above Index 3M SOFR+ 4252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC - Unfunded Revolver Maturity 06/21/2027 Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PL Acquisitionco, LLC - Unfunded Revolver Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name The Vertex Companies, LLC Maturity 08/31/27 Industry Construction and Engineering Current Coupon 10.95% Basis Point Spread Above Index SOFR+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TPC Holding Company, LP Industry Food Products2023-10-012024-09-300001504619pflt:InvestmentsCostMemberpflt:EquityInterestsInPSSLMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ITI Holdings, Inc. - Funded Revolver Maturity 03/03/2028 Industry IT Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+4502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BioDerm, Inc. Funded Revolver Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.81% Basis Point Spread Above Index 1M SOFR+6502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name HEC Purchaser Corp Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.72% Basis Point Spread Above Index SOFR+5502025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles2024-09-3000015046192024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services2023-10-012024-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tinicum Space Coast Co-Invest, LLC - Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Schlesinger Coinvest LLC Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Zips Car Wash, LLC Maturity 03/31/2028 Industry Automobiles2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% LEP Pequod Holdings, LP Industry Financial Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.21% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% IIN Group Holdings, LLC Industry Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.31% Basis Point Spread Above Index SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Lightspeed Investment Holdco LLC Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class A Preferred Equity Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniVista Insurance Industry Insurance2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+6202023-10-012024-09-300001504619Cash and Cash Equivalents - 12.8% - Non-Money Market Cash2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo LP Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Commercial Services & Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Related Party PSSL Liabilities in Excess of Other Assets — (1,871.0)%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Industry Personal Products2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2023-10-012024-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - First-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index 3M SOFR+5262024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Output Services Group, Inc. - First-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.86% Basis Point Spread Above Index SOFR+8432025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry IT Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+ 6902025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name 48Forty Intermediate Holdings, Inc. Industry Containers and Packaging2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Term Loan A Maturity 08/28/2025 Industry Healthcare Technology2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo LP One Industry Aerospace and Defense2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Carisk Parent, L.P. Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% First Lien Secured Debt—31.3% 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+8002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.42% Basis Point Spread Above Index SOFR+6432023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.51% Basis Point Spread Above Index SOFR+6192025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Simplicity Financial Marketing Group Holdings Inc. - (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752023-10-012024-09-300001504619pflt:ClassBRNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+6472024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Exigo, LLC Industry Software2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Unfunded Term Loan Maturity 03/02/2026 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 01/16/2030 Industry Construction & Engineering2024-10-012025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+7652024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services2023-10-012024-09-300001504619us-gaap:TechnologySectorMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 9.31% Basis Point Spread Above Index 1M SOFR+4252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002024-10-012025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Output Services Group, Inc Industry Business Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ro Health, LLC - Unfunded Revolver Maturity 01/17/2031 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/12/2025 Industry Personal Products2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Keel Platform, LLC Maturity 01/19/2031 Industry Metals and Mining Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PL Acquisitionco, LLC - (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Cartessa Aesthetics, LLC (Revolver) Maturity 06/14/2028 Industry Distributors2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 9.94% Basis Point Spread Above Index SOFR+5652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001504619pflt:ClassA1RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC - Unfunded Term Loan Maturity 03/27/2026 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - Unfunded Term Loan Maturity 03/01/2026 Industry Professional Services2023-10-012024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:SecuredOvernightFinancingRateMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 12.35% Basis Point Spread Above Index 3M SOFR+7502024-09-300001504619pflt:IndependentPowerAndRenewableElectricityProducersMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SV Aero Holdings, LLC Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7852024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRS Holdings III, Inc. Maturity 45727 Industry Chemicals, Plastics and Rubber Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+6352024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5752025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC – Unfunded Revolver Maturity 09/13/2029 Industry Business Services2024-09-300001504619pflt:PriorCreditFacilityMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC - Unfunded Revolver Maturity 09/23/2030 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 11.36% (PIK 6.00%) Basis Point Spread Above Index 3M SOFR+7152024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index 1M SOFR+6402024-09-300001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% AFC Acquisitions, Inc. (Preferred) Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Boss Industries, LLC - Funded Revolver Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PCS Parent, LP - Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRS Holdings III, Inc. (Revolver) Maturity 11/03/2025 Industry Personal Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TransGo, LLC - Unfunded Revolver Maturity 12/29/2028 Industry Auto Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.54 % Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-3100015046192021-03-012021-03-310001504619pflt:AtTheMarketOfferingMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 8.59 % Basis Point Spread Above Index 3M SOFR+ 4262024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Funded Revolver Maturity 10/01/2027 Industry Distributors Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+4002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% New Insight Holdings, Inc. - Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infolinks Media Buyco, LLC Maturity 11/10/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense2024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infolinks Media Buyco, LLC Maturity 11/02/2026 Industry Media Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Safe Haven Defense US LLC Maturity 05/23/2029 Industry Building Products Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC Maturity 06/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Magnolia Topco LP - Class A Industry Automobile2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% IG Investments Holdings, LLC (7) Maturity 09/22/2028 Industry Professional Services Current Coupon 11.35% Basis Point Spread Above Index 3M SOFR+6102024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC - Unfunded Term Loan Maturity 12/21/2025 Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Carnegie HoldCo, LLC - Common Equity Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Hancock Claims Consultants Investors, LLC Industry Insurance2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer, Inc. - Unfunded Term Loan Maturity 12/31/2026 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% StellPen Holdings, LLC (CF512, Inc.) Industry Media2024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. - Funded Revolver Maturity 02/07/2026 Industry Professional Services Current Coupon 9.83% Basis Point Spread Above Index 3M SOFR+ 5552025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Imagine Topco, LP Industry Software Current Coupon 8.00%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Tyto Athene, LLC Maturity 4/3/2028 Industry IT Services Current Coupon 9.21% Basis Point Spread Above Index SOFR+4902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Kinetic Purchaser, LLC Industry Personal Products2025-03-310001504619pflt:HealthcareEducationAndChildcareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniTek Global Services, Inc.(W) Industry Telecommunications2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dr. Squatch, LLC - Unfunded Revolver Maturity 08/31/2027 Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC - Funded Revolver Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Accounting Platform Blocker, Inc -. Preferred Equity Industry Professional Services2024-09-300001504619pflt:ClassA2RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Maturity 01/23/2029 Industry Media Current Coupon 13.00% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+4502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ORL Holdco, Inc Industry Consumer Finance2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC - Unfunded Revolver Maturity 05/07/2026 Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:SecondLienMembersrt:MaximumMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 09/30/2028 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/26/2026 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+6262023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.78% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5352025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member2019-09-012019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 10.35% (PIK 1.50%) Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dynata, LLC - First-Out Term Loan Maturity 07/15/2028 Industry Business Services Current Coupon 10.38% Basis Point Spread Above Index 3M SOFR+5262024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+5152024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5762023-10-012024-09-300001504619Total Investments and Cash Equivalents - 230.1%2025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Unfunded Revolver Maturity 12/29/2026 Industry Commercial Services & Supplies2025-03-310001504619pflt:ClassBRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC - Unfunded Term Loan Maturity 11/04/2026 Industry Construction & Engineering 2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Funded Revolver Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Imagine Topco, LP Industry Software Current Coupon 8.00%2024-10-012025-03-310001504619pflt:FirstLienMember2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.40% Basis Point Spread Above Index SOFR+7152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Ad.net Holdings, Inc. Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TPC Holding Company, LP Industry Food Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% TPC Holding Company, LP Industry Food Products2024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandTwentySixNotesPayableMember2024-09-300001504619srt:MinimumMemberpflt:TruistCreditFacilityMemberus-gaap:SubsequentEventMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC. - Unfunded Revolver Maturity 07/31/2029 Industry IT Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 11.50% Basis Point Spread Above Index SOFR+6902023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 10.48% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% NFS - CFP Holdings LLC Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC - Unfunded Revolver Maturity 10/02/2028 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502024-10-012025-03-310001504619pflt:TaxableSubsidiaryMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC - Unfunded Term Loan Maturity 06/19/2026 Industry Media2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 10.67% Basis Point Spread Above Index SOFR+6352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - (Revolver) Maturity 03/01/2030 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Term Loan B Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Arcfield Acquisition Corp. - Unfunded Revolver Maturity 10/28/2031 Industry Aerospace and Defense2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Loving Tan, LP Industry Personal Products2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 10.67% Basis Point Spread Above Index SOFR+6352024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.70% Basis Point Spread Above Index SOFR+6502024-09-300001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2024-09-300001504619pflt:ClassA1RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2025-03-310001504619pflt:FirstLienSecuredDebtMembersrt:MinimumMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Global Holdings InterCo LLC Maturity 08/16/2026 Industry Diversified Financial Services 3M SOFR+6152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+6252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Global Holdings InterCo LLC Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.92% Basis Point Spread Above Index 1M SOFR+ 5602024-10-012025-03-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. - Unfunded Term Loan Maturity 06/02/2025 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Integrative Nutrition, LLC Maturity 04/30/2026 Industry Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2024-10-012025-03-310001504619Related Party PSSL, Liabilities in Excess of Other Assets — (1,421.0)%2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name PCS Midco, Inc Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Michael Baker International, LLC Maturity 12/01/2028 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% AFC Acquisitions, Inc. (Preferred) Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Watchtower Intermediate, LLC Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+ 6002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Urology Management Holdings, Inc. Maturity 06/15/26 Industry Healthcare and Pharmaceuticals Current Coupon 10.76% Basis Point Spread Above Index SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5762023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5552024-09-300001504619pflt:IncentiveFeePaymentConditionThreeMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP IvyRehab QP CF Feeder, LP One Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index SOFR+536.4482025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Best Practice Associates, LLC - Unfunded Revolver Maturity 11/08/2029 Industry Aerospace and Defense2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:SecondLienMember2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.17% Basis Point Spread Above Index SOFR+5432023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - First-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.30% Basis Point Spread Above Index SOFR+7012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Connatix Buyer, Inc. Maturity 07/13/2027 Industry Media2023-10-012024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Output Services Group, Inc Industry Business Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Urology Management Holdings, Inc. - Unfunded Term Loan Maturity 09/03/2026 Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Maturity 01/23/2029 Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.58% Basis Point Spread Above Index SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.46% (PIK 1.5%) Basis Point Spread Above Index 3M SOFR+7402024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.46% Basis Point Spread Above Index SOFR+7612023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Medina Health, LLC - Unfunded Revolver Maturity 10/20/2028 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.47 % Basis Point Spread Above Index 3M SOFR+ 5152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.93% Basis Point Spread Above Index 3M SOFR+7612025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.97% Basis Point Spread Above Index SOFR+765 2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2024-09-300001504619pflt:InvestmentsCostMemberpflt:EquityInterestsInPSSLMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.30% Basis Point Spread Above Index 3M SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7852024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/21/2027 Industry IT Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Lash Coinvest LLC Industry Personal Products2023-10-012024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% Equity Interests - 5.6% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2024-10-012025-03-310001504619Total Cash and Cash Equivalents2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7252023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Tyto Athene, LLC Maturity 04/01/28 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index SOFR+4902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) - Unfunded Term Loan Maturity 08/16/2027 Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueInputsLevel1Member2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% AG Investco LP One Industry Software2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 9.94% Basis Point Spread Above Index SOFR+5652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. - Term Loan B Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Unfunded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Keel Platform, LLC Maturity 01/20/2031 Industry Metals and Mining Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% CF512, Inc.(Revolver) Maturity 08/20/2026 Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Maturity 09/17/2026 Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% MDI Aggregator, LP Industry Commodity Chemicals2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7852023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% AG Investco LP Industry Software2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Cash and Cash Equivalents - 10.4% - Money Market - BlackRock Federal FD Institutional 302025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Pragmatic Institute, LLC Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HW Holdco, LLC Maturity 05/11/2026 Industry Media Current Coupon 10.23% Basis Point Spread Above Index 3M SOFR+5902025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/27/2026 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. (Revolver) Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG Midco, LLC - Unfunded Term Loan Maturity 09/27/2026 Industry Diversified Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC - (Revolver) Maturity 02/07/2030 Industry Professional Services2024-09-300001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-09-300001504619pflt:DiversifiedConsumerServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hills Distribution Inc. Maturity 11/07/2029 Industry Distributors Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+6002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 09/30/2026 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Megawatt Acquisition Partners, LLC - Common A Equity Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Fairbanks More Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 9.65% Basis Point Spread Above Index SOFR+4502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Output Services Group, Inc. - Last-out Term Loan Maturity 05/30/2028 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+6672025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Funded Revolver Maturity 12/17/2030 Industry Software Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower, LLC - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Burgess Point Purchaser Corporation Maturity 07/25/2029 Industry Auto Components Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2023-10-012024-09-300001504619pflt:LongTermCreditFacilityMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% New Medina Health, LLC Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Big Top Holdings, LLC - Unfunded Revolver Maturity 02/28/2030 Industry Construction & Engineering2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5262024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Term Loan 1 Maturity 02/15/2029 Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC - Unfunded Revolver Maturity 06/26/2029 Industry Diversified Consumer Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 9.95% Basis Point Spread Above Index SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC - Funded Revolver Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OSP Embedded Aggregator, LP Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LSF9 Atlantis Holdings, LLC Maturity 06/30/2029 Industry Specialty Retail Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 9.80% Basis Point Spread Above Index SOFR+5502025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.85% Basis Point Spread Above Index SOFR+6252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aeronix, Inc. - (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Eval Home Solutions Intermediate, LLC Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 10.06% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% MDI Aggregator, LP Industry Commodity Chemicals2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402025-03-310001504619pflt:MarketplaceEventsLLCMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+5652024-09-300001504619pflt:MediaMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC - Unfunded Term Loan Maturity 12/30/2024 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Five Star Buyer, Inc. (Revolver) Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2024-09-300001504619Related Party PSSL, Equity Securities - 7.6%2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. - Funded Revolver Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 9.26 % Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Outcomes Group Holdings, Inc Maturity 04/02/2031 Industry Healthcare Providers and Services Current Coupon 9.10% Basis Point Spread Above Index 3M SOFR+4252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) Maturity 06/30/2026 Industry Media2024-09-300001504619pflt:PennantParkTSOSeniorLoanFundLPMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Magnolia Topco LP - Class A Industry Automobiles2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beta Plus Technologies, Inc. Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. (Revolver) (7) Maturity 02/07/2025 Industry Professional Services2023-10-012024-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2023-10-012024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Aechelon Technology, Inc. Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+7502025-03-310001504619pflt:AdministratorMember2025-01-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Urology Partners Co., L.P. Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OES Co-Invest, LP - Class A Common Equity Industry Diversified Consumer Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.97% Basis Point Spread Above Index SOFR+7652025-03-310001504619pflt:LongTermCreditFacilityMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+4502024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC - Funded Revolver Maturity 01/17/2031 Industry Leisure Products Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Affiliated Investments2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC - Funded Revolver Maturity 08/09/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TransGo, LLC Maturity 2/29/2028 Industry Auto Components Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC Maturity 12/17/2029 Industry Event Services Current Coupon 10.04% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.59% Basis Point Spread Above Index 3M SOFR+ 6262025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Best Practice Associates, LLC Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+6752024-10-012025-03-310001504619pflt:BusinessServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6502024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Unfunded Term Loan Maturity 03/02/2026 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Icon Partners V C, L.P. Industry Internet Software and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. - Unfunded Revolver Maturity 02/03/2027 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% EvAL Home Health Solutions, LLC - Industry Healthcare, Education and Childcare2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OHCP V BC COI, L.P. One Industry Distributors2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Eval Home Health Solutions Intermediate, LLC - Unfunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index SOFR+5602025-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-03-310001504619Liabilities in Excess of Other Assets—(130.1)%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% HPA SPQ Aggregator LP Industry Professional Services2023-10-012024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PlayPower, Inc. Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.30% Basis Point Spread Above Index 1M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hills Distribution Inc. - Unfunded Term Loan Maturity 11/07/2025 Industry Distributors2024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2024-09-300001504619Total Investments - 219.7%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Tyto Athene, LLC Maturity 04/03/2028 Industry IT Services Current Coupon 9.21% Basis Point Spread Above Index 3M SOFR+ 4902024-10-012025-03-310001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% By Light Investco LP Industry High Tech Industries2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+4752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Funded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+6852024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infolinks Media Buyco, LLC Maturity 11/10/2026 Industry Media Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95 % Basis Point Spread Above Index SOFR+5652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SSC Dominion Holdings, LLC - Class B (US Dominion, Inc.) Industry Capital Equipment2025-03-310001504619pflt:AtTheMarketOfferingMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inventus Power, Inc. - Unfunded Revolver Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2024-09-300001504619pflt:LeisureProductsMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name CJX Borrower, LLC Maturity 7/13/2027 Industry Media Current Coupon 10.05% Basis Point Spread Above Index SOFR+5612024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% TCG 3.0 Jogger Co-Invest, LP Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index 1M SOFR+4902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% OSP Embedded Aggregator, LP - Convertible Note Maturity 05/08/2030 Industry Aerospace and Defense2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) Maturity 01/26/2029 Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo LP Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Keel Platform, LLC Maturity 01/19/2031 Industry Metals and Mining Current Coupon 10.09% Basis Point Spread Above Index 3M SOFR+5252024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Sabel InvestCo, LP - Industry Government Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2026 Industry Media Current Coupon 10.67% Basis Point Spread Above Index 3M SOFR+6502025-03-310001504619pflt:AerospaceAndDefenseMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC - Unfunded Term Loan Maturity 03/21/2027 Industry Business Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies2024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PlayPower, Inc. Maturity 08/28/2030 Industry Leisure Products Current Coupon 9.85% Basis Point Spread Above Index 1M SOFR+5252024-09-300001504619pflt:ControlledAndNon-ControlledAffiliatedInvestmentsMember2025-01-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ORL Holdco, Inc Industry Consumer Finance2024-09-300001504619pflt:AerospaceAndDefenseMember2024-09-300001504619pflt:PennantParkCLO12LLCMember2025-04-300001504619Non Controlled Affiliated Investments2024-09-300001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% OSP Embedded Purchaser, LLC Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619pflt:ClassA-2NotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 10.78% Basis Point Spread Above Index 3M SOFR+5652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC - Unfunded Term Loan Maturity 03/21/2027 Industry Business Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752024-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—27.9%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniTek Global Services, Inc.(C) Industry Telecommunications2025-03-310001504619pflt:MarketplaceEventsLLCMember2024-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC Unfunded Revolver Maturity 12/20/2027 Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 5362024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 10/02/2028 Industry Professional Services2025-03-310001504619us-gaap:FairValueInputsLevel3Member2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/25 Industry Consumer Goods: Non-Durable Current Coupon 10.84% Basis Point Spread Above Index SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5552024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Schlesinger Coinvest LLC Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRS Holdings III, Inc. Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Harris & Co. LLC Maturity 8/9/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5002025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 11.44% Basis Point Spread Above Index SOFR+7152025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.97% Basis Point Spread Above Index SOFR+7652024-10-012025-03-310001504619pflt:PriorCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TAC LifePort Holdings, LLC Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+6252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Commercial Services & Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Watchtower Intermediate, LLC - Unfunded Revolver Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Broder Bros., Co. Maturity 12/04/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+6112023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 12.00%2025-03-310001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619pflt:MediaMember2024-09-300001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC - SUPER PRIORITY FIRST LIEN TERM LOAN, MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3 M S O F R+5402023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Fairbanks Morse Defense Maturity 6/23/2028 Industry Aerospace and Defense Current Coupon 8.80% Basis Point Spread Above Index SOFR+4502025-03-310001504619pflt:SeniorSecuritiesMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+6352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ledge Lounger, Inc. - Unfunded Revolver Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+6852024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Hancock Claims Consultants Investors, LLC Industry Insurance2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Project Granite Buyer, Inc. - Unfunded Term Loan Maturity 12/31/2026 Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502025-03-3100015046192024-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 71.3% - Issuer Name Non-Money Market Cash2025-03-310001504619Investments—219.7%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MBS Holdings, Inc. - Unfunded Revolver Maturity 04/16/2027 Industry Internet Software and Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name C5MI Holdco, LLC Maturity 7/31/2029 Industry IT Services Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Non Qualifying Assets2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Loving Tan, LP Industry Personal Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+5002025-03-310001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ACP Big Top Holdings, L.P. - Industry Construction & Engineering2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Global Holdings InterCo LLC Maturity 08/16/2026 Industry Diversified Financial Services 3M SOFR+6152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PAR Excellence Holdings, Inc. Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 11.60% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC - Funded Revolver Maturity 06/14/2028 Industry Distributors Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7652023-10-012024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PCS Parent, LP - Common Equity Industry Professional Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon (PIK 5.10%)2024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Lash Coinvest LLC Industry Personal Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index 3M SOFR+6512024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% One Stop Mailing, LLC Maturity 05/07/2027 Freight and Logistics Current Coupon 10.69% Basis Point Spread Above Index 3M SOFR+6362025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% New Medina Health, LLC Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+6352024-10-012025-03-310001504619pflt:MarketingServicesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% By Light Investco LP Industry High Tech Industries2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Megawatt Acquisition Partners, LLC - Preferred A Equity Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 8.8% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dynata, LLC - Last Out Term Loan Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% HPA SPQ Aggregator LP Industry Professional Services2024-09-300001504619pflt:PennantParkTSOSeniorLoanFundLPMember2021-04-012021-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Efficient Collaborative Retail Marketing Company, LLC Maturity 12/31/2025 Industry Media: Diversified and Production Current Coupon 14.06% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+ 9762024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:SecuredOvernightFinancingRateMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5852024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index SOFR+5862023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5852023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RTIC Subsidiary Holdings, LLC - Unfunded Revolver Maturity 05/03/2029 Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HW Holdco, LLC Maturity 05/11/2026 Industry Media Current Coupon 10.23% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HW Holdco, LLC - Unfunded Revolver Maturity 05/11/2026 Industry Media2025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name Walker Edison Furniture Industry Wholesale2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.55% Basis Point Spread Above Index SOFR+4252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-10-012025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% StellPen Holdings, LLC (CF512, Inc.) Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2024-10-012025-03-310001504619pflt:ControlledAndNon-ControlledAffiliatedInvestmentsMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Integrative Nutrition, LLC Maturity 04/30/2026 Industry Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% New Medina Health, LLC Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class D Preferred Equity Two Industry Leisure Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ORL Holdco, Inc. Industry Consumer Finance2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Watchtower Buyer, LLC Maturity 12/03/29 Industry Diversified Consumer Services Current Coupon 10.60% Basis Point Spread Above Index SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PAR Excellence Holdings, Inc. - Industry Healthcare Technology2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Big Top Holdings, LLC Maturity 2/28/2030 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniTek Global Services, Inc.(W) Industry Telecommunications2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Seacoast Service Partners, LLC - Equity Co-Invest Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - Funded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+4502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% DUGGAL EQUITY, LP – Common Equity Industry Marketing Services2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMember2025-02-280001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% StoicLane, Inc. - Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology Current Coupon 12.00%2024-10-012025-03-310001504619pflt:SubordinateDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7612024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Unfunded Revolver Maturity 12/17/2030 Industry Software2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. - (Revolver) Maturity 01/16/2030 Industry Construction & Engineering2023-10-012024-09-300001504619pflt:InvestmentsCostMemberpflt:FirstLienInPSSLMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+5262024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-10-012025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Sabel InvestCo, LP - Industry Government Services2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:FirstLienMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2024-09-300001504619pflt:SeniorSecuredRevolvingCreditFacilityMember2024-12-310001504619pflt:PriorCreditFacilityMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower, LLC Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762025-03-310001504619pflt:CapitalEquipmentMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.96% Basis Point Spread Above Index SOFR+4002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Watchtower Intermediate, LLC (Revolver) Maturity 12/01/2029 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 10.56% Basis Point Spread Above Index SOFR+626.162024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% AFC Acquisitions, Inc. Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/2025 Industry Capital Equipment Current Coupon PIK 10.00%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Altamira Intermediate Company II, Inc. Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale 2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name RTIC Subsidiary Holdings, LLC Maturity 5/3/2029 Industry Consumer Goods: Durable Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Accounting Platform Blocker, Inc -. Preferred Equity Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index SOFR+5352023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% MDI Aggregator, LP Industry Commodity Chemicals2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo LP One Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC - Unfunded Term Loan Maturity 06/26/2026 Industry Diversified Consumer Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152025-03-310001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 10/01/2025 Industry Construction & Engineering2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% FedHC InvestCo LP One Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:ConsumerServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Consello Pacific Aggregator, LLC Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652025-03-310001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2024-07-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Smile Brands Inc. LC Unfunded Revolver Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Kinetic Purchaser, LLC Industry Personal Products2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001504619pflt:DiversifiedConsumerServicesMember2025-03-310001504619Liabilities in Excess of Other Assets - (138.9)%2024-09-300001504619pflt:DistributorsMember2025-03-310001504619Qualifying Assets2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6362024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TransGo, LLC Maturity 2/29/2028 Industry Auto Components Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5752025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.82% Basis Point Spread Above Index SOFR+5502025-03-310001504619pflt:BusinessServicesMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7652024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Zips Car Wash, LLC - DIP Maturity 8/10/2025 Industry Automobiles Current Coupon 11.70% Basis Point Spread Above Index SOFR+7402025-03-310001504619pflt:LongTermCreditFacilityMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HEC Purchaser Corp. Maturity 06/18/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+8352024-09-300001504619pflt:PennantParkSeniorSecuredMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 10.51% Basis Point Spread Above Index SOFR+6192024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.44% Basis Point Spread Above Index SOFR+4002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GCP Boss Holdco, LLC - Industry Independent Power and Renewable Electricity Producers2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Eisner Advisory Group, LLC Maturity 02/23/2031 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+4002024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Construction & Engineering2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7262024-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II, LLC - Unfunded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Michael Baker International, LLC Maturity 12/01/2028 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+4752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OES Co-Invest, LP - Class A Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments 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+7502023-10-012024-09-300001504619us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC - Unfunded Revolver Maturity 01/29/2026 Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC - Unfunded Term Loan Maturity 03/13/2026 Industry Business Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Events TopCo, LP Industry Event Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+7652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Big Top Holdings, LLC Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.40% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 8.44% Basis Point Spread Above Index SOFR+4002025-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Municipal Emergency Services, Inc. Industry Distributors2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+7252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% By Light Professional IT Services, LLC - Unfunded Revolver Maturity 05/16/2025 Industry High Tech Industries2025-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC - Unfunded Revolver Maturity 09/30/2030 Industry Marketing Services2024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% OSP Embedded Purchaser, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Aerospace and Defense2025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works - Unfunded Revolver Maturity 10/01/2029 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% SV Aero Holdings, LLC Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aechelon InvestCo, LP - Common Equity Industry Aerospace and Defense2023-10-012024-09-300001504619pflt:SeniorSecuritiesMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.20% Basis Point Spread Above Index SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Compex Legal Services, Inc. - Unfunded Revolver Maturity 02/07/2026 Industry Professional Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index SOFR+5152023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% HEC Purchaser Corp. Maturity 06/18/2029 Industry Healthcare, Education and Childcare Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:LongTermCreditFacilityMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MOREGroup Holdings, Inc. - Unfunded Revolver Maturity 01/16/2030 Industry Construction & Engineering2025-03-310001504619pflt:LongTermCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 11.97% Basis Point Spread Above Index 1M SOFR+7652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Burgess Point Holdings, LP Industry Auto Components2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% C5MI Holdco, LLC. - Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Meadowlark Title, LLC Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. Maturity 11/20/2030 Industry Business Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752025-03-310001504619us-gaap:FairValueInputsLevel2Member2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sales Benchmark Index LLC Maturity 7/7/2026 Industry Professional Services Current Coupon 10.50% Basis Point Spread Above Index SOFR+6202024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% QuantiTech InvestCo II LP Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NFS - CFP Holdings LLC Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Exigo, LLC Industry Software2023-10-012024-09-300001504619pflt:TwoThousandThirtyFiveAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc Maturity 11/22/2030 Industry Road and Rail Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-09-300001504619us-gaap:TechnologySectorMember2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6982024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.17% Basis Point Spread Above Index SOFR+5432024-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Output Services Group, Inc. - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 11.11% Basis Point Spread Above Index SOFR+6682025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - Second-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 12.30 % (PIK 6.25%) Basis Point Spread Above Index SOFR+8012024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC - Unfunded Term Loan Maturity 11/25/2026 Industry Healthcare Technology2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Zips Car Wash, LLC Maturity 3/31/2028 Industry Automobiles2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% LJ Avalon, LP Industry Construction & Engineering2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Cartessa Aesthetics, LLC Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619pflt:TruistCreditFacilityMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 14.00% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% HPA SPQ Aggregator LP Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 01/16/2026 Industry Construction & Engineering2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Altamira Intermediate Company II, Inc. Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+6262023-10-012024-09-300001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Carnegie HoldCo, LLC - Common Equity Industry Professional Services2023-10-012024-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 10.45% Basis Point Spread Above Index 3M SOFR+6152024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Funded Revolver Maturity 02/07/2030 Industry Professional Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Watchtower Intermediate, LLC - Unfunded Revolver Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Recteq, LLC (Revolver) Maturity 01/29/2026 Industry Leisure Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 10.53% Basis Point Spread Above Index SOFR+5612023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Crane 1 Services, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Commercial Services & Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 11.12% Basis Point Spread Above Index SOFR+6512023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 12.86% Basis Point Spread Above Index 3M SOFR+ 8432024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Omnia Exterior Solutions, LLC - Unfunded Revolver Maturity 12/31/2029 Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OES Co-Invest, LP - Class A Industry Diversified Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6352024-09-300001504619Related Party PSSL, Total Investments - 1,415.0%2024-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 71.3% - Issuer Name BlackRock Federal FD Institutional 30 Current Coupon 4.22%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC - Unfunded Revolver Maturity 06/21/2027 Industry Healthcare Equipment and Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC. - Funded Revolver Maturity 07/31/2029 Industry IT Services Current Coupon 10.3% Basis Point Spread Above Index 3M SOFR+ 6002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252023-10-012024-09-300001504619pflt:EquityInterestsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC Maturity 12/19/2030 Industry Media Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services2023-10-012024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale2023-10-012024-09-300001504619Affiliated Investments2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 9.45% Basis Point Spread Above Index SOFR+5152024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+6252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5602023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+5502025-03-3100015046192024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Arcfield Acquisition Corp. - Unfunded Revolver Maturity 10/28/2031 Industry Aerospace and Defense2024-10-012025-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% FedHC InvestCo LP One Industry Aerospace and Defense2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 11.44% Basis Point Spread Above Index SOFR+7152024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Wildcat Buyerco, Inc. Maturity 02/27/27 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index SOFR+5752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% New Insight Holdings, Inc. - Industry Business Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC. - Unfunded Term Loan A Maturity 02/09/2025 Industry Professional Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% AFC Acquisitions, Inc. Industry Distributors2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dr. Squatch, LLC Maturity 08/31/2027 Industry Personal Products Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC (Revolver) Maturity 12/22/2028 Industry Commercial Services & Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Walker Edison Holdco LLC Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Safe Haven Defense MidCo, LLC - Industry Building Products2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 9.31 % Basis Point Spread Above Index SOFR+5002025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 03/01/29 Industry Wholesale2023-10-012024-09-300001504619pflt:FirstLienMemberpflt:InvestmentsFairValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC Maturity 06/14/2028 Industry Distributors Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5752025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.65% Basis Point Spread Above Index SOFR+6352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC - Unfunded Revolver Maturity 11/10/2026 Industry Personal Products2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7852024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index 1M SOFR+ 5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Case Works - Funded Revolver Maturity 10/01/2029 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5262024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC. - Unfunded Term Loan B Maturity 02/09/2026 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% GCOM InvestCo LP Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC - Funded Revolver Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ad.net Holdings, Inc. Industry Media2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.97% Basis Point Spread Above Index SOFR+765 2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Walker Edison Holdco LLC Industry Healthcare Providers and Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+9402024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.80% Basis Point Spread Above Index 3M SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% ACP Big Top Holdings, L.P. - Industry Construction & Engineering2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower , LLC - Unfunded Term Loan Maturity 07/13/2027 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandTwentySixNotesPayableMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3 M S O F R+5402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPCN Midco, LLC Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2023-10-012024-03-310001504619pflt:EventServicesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% HV Watterson Holdings, LLC Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 03/01/2029 Industry Wholesale2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Beacon Behavioral Services, LLC Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Cartessa Aesthetics, LLC (Preferred) Industry Distributors2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 10.26% Basis Point Spread Above Index SOFR+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% Ad.net Holdings, Inc. Industry Media2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Eval Home Health Solutions Intermediate, LLC - UnFunded Revolver Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ACP Big Top Holdings, L.P. - Common Equity Industry Construction & Engineering2023-10-012024-09-300001504619pflt:InvestmentsCostMemberpflt:SubordinateDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% UniTek Global Services, Inc.(W) Industry Telecommunications2024-10-012025-03-310001504619pflt:InvestmentsCostMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pragmatic Institute, LLC Maturity 03/28/2030 Industry Professional Services Current Coupon 9.80%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC - Unfunded Revolver Maturity 02/07/2030 Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index SOFR+5002023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5402024-09-300001504619pflt:SubordinateDebtMemberpflt:InvestmentsFairValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. - Funded Revolver Maturity 10/31/2025 Industry Capital Equipment2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services2023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-03-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 06/27/2026 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Ad.net Holdings, Inc. Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% A1 Garage Merger Sub, LLC - Unfunded Revolver Maturity 12/22/2028 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5752023-10-012024-09-300001504619us-gaap:FairValueInputsLevel2Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC Term Loan Maturity 06/21/2029 Industry Healthcare Providers and Services (PIK 15.00%)2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Riverpoint Medical, LLC (Revolver) Maturity 06/20/2025 Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 10.95% Basis Point Spread Above Index 1M SOFR+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carnegie Dartlet, LLC Maturity 02/07/2030 Industry Professional Services Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.2% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC Maturity 03/19/2032 Industry Business Services Current Coupon 9.06% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Connatix Parent, LLC Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-03-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619pflt:HealthcareTechnologyMember2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MaximumMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619pflt:TwoThousandTwentySixNotesPayableMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Walker Edison Holdco LLC Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-03-310001504619pflt:ClassA2RNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL Equity - 100.0%2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class D Preferred Equity Two Industry Leisure Products2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6682024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SubordinatedNotesMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Connatix Parent, LLC Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Walker Edison Holdco LLC Industry Healthcare Providers and Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry IT Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name The Bluebird Group LLC Maturity 07/27/26 Industry Professional Services Current Coupon 11.25% Basis Point Spread Above Index SOFR+6652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. - Unfunded Revolver Maturity 07/14/2025 Industry Professional Services2024-10-012025-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2023-10-012024-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-01-012024-03-310001504619pflt:CommercialServicesAndSuppliesMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% US Fertility Enterprises, LLC - Unfunded Term Loan ( Maturity 10/07/2026 Industry Healthcare Providers and Services2025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassCNotesMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HW Holdco, LLC Maturity 05/10/2026 Industry Media Current Coupon 11.2% Basis Point Spread Above Index 3M SOFR+5902024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TWS Acquisition Corporation Maturity 06/16/25 Industry Diversified Consumer Services Current Coupon 11.33% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.45% Basis Point Spread Above Index SOFR+6152024-10-012025-03-310001504619us-gaap:MoneyMarketFundsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC - Unfunded Revolver Maturity 08/16/2026 Industry Personal Products Current Coupon 2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Medina Health, LLC - Unfunded Revolver Maturity 10/20/2028 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC Maturity 12/20/2027 Industry IT Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+ 6902025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ARGANO, LLC Maturity 9/13/2029 Industry Business Services Current Coupon 10.07% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Construction and Building Current Coupon 10.55% Basis Point Spread Above Index SOFR+6252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% OSP Embedded Purchaser, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC Maturity 07/07/2026 Industry Professional Services Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+6202024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% GGG Topco, LLC – Industry Diversified Consumer Services2024-10-012025-03-310001504619us-gaap:GovernmentMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Sigma Defense Systems, LLC Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 11.20% Basis Point Spread Above Index SOFR+6902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LSF9 Atlantis Holdings, LLC Maturity 07/02/2029 Industry Specialty Retail Current Coupon 8.55% Basis Point Spread Above Index 3M SOFR+4252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Events TopCo, LP Industry Event Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5252024-09-300001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-10-012025-03-310001504619pflt:DebtSecuritizationMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% By Light Professional IT Services, LLC (Revolver) Maturity 05/16/2025 Industry High Tech Industries2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC Maturity 01/29/2026 Industry Leisure Products Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+7152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% CF512, Inc.(Revolver) Maturity 08/20/2026 Industry Media2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Maturity 09/23/2026 Industry Commercial Services & Supplies2024-10-012025-03-310001504619pflt:SubordinateDebtMemberpflt:InvestmentsFairValueMember2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.58% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% SV-Aero Holdings, LLC - Term Loan Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 9.55 % Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II,LLC Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies2023-10-012024-09-300001504619Industry Air FInvestments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% One Stop Mailing, LLC Maturity 05/07/2027 reight and Logistics Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+6362023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% SV-Aero Holdings, LLC - Term Loan Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 9.55 % Basis Point Spread Above Index 3M SOFR+ 5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. - Unfunded Revolver Maturity 11/20/2030 Industry Business Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.44% Basis Point Spread Above Index SOFR+5152025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+9402023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Arcfield Acquisition Corp. Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ARGANO, LLC – Unfunded Revolver Maturity 09/13/2029 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC – Unfunded Revolver Maturity 09/13/2029 Industry Business Services2023-10-012024-09-300001504619Related Party PSSL Equity Securities - 7.6% - Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Harris & Co. LLC Maturity 08/09/2030 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5002024-10-012024-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SubordinatedNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NBH Group LLC - Unfunded Revolver Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index SOFR+7852025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-3000015046192021-01-310001504619pflt:PennantParkTSOSeniorLoanFundLPMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 06/15/2029 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Seacoast Service Partners, LLC - Equity Co-Invest Industry Diversified Consumer Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC - Unfunded Revolver Maturity 05/07/2026 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Government Services Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+6252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Boss Industries, LLC - Unfunded Revolver Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Icon Partners V C, L.P. Industry Internet Software and Services2023-10-012024-09-300001504619Qualifying Assets2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Arcfield Acquisition Corp. (Revolver) Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+6252024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index SOFR+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PAR Excellence Holdings, Inc. - Common Equity Industry Healthcare Technology2023-10-012024-09-300001504619pflt:TruistCreditFacilityMemberus-gaap:SubsequentEventMember2025-04-012025-04-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Inovex Information Systems Incorporated Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.82% Basis Point Spread Above Index SOFR+6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Big Top Holdings, LLC Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lash OpCo, LLC - Funded Revolver Maturity 08/16/2026 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+7752025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.45% Basis Point Spread Above Index SOFR+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hills Distribution Inc. Maturity 11/07/2029 Industry Distributors Current Coupon 11.11% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class C Preferred Equity One Industry Leisure Products2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Carisk Buyer, Inc - Amendment No.1 Term Loan Maturity 12/1/2029 Industry Healthcare Technology Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.2% Basis Point Spread Above Index 3M SOFR+5602024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% NBH Group LLC - Unfunded Revolver Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619pflt:EquityInterestsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:LongTermCreditFacilityMember2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.20% Basis Point Spread Above Index SOFR+5102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sales Benchmark Index LLC - Unfunded Revolver Maturity 07/07/2026 Industry Professional Services2025-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2022-12-152022-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% StoicLane, Inc. - Unfunded Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC - Funded Revolver Maturity 12/20/2027 Industry IT Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+ 6902024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-03-310001504619pflt:ClassDNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services2023-10-012024-09-300001504619pflt:PennantParkSeniorSecuredMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Tyto Athene, LLC Maturity 04/01/28 Industry IT Services Current Coupon 10.23% Basis Point Spread Above Index SOFR+4902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sabel Systems Technology Solutions, LLC Maturity 10/31/2030 Industry Government Services Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+6252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% System Planning and Analysis, Inc. - Unfunded Revolver Maturity 08/16/2027 Industry Aerospace and Defense2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.00% Basis Point Spread Above Index SOFR+6402023-10-012024-09-300001504619Investments 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+7502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% RTIC Parent Holdings, LLC - Class A Preferred Equity Industry Leisure Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - Revolver Maturity 03/01/2030 Industry Professional Services Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% 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+8352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 8.85% Basis Point Spread Above Index 1M SOFR+4002023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class A Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% Schlesinger Global, LLC - Promissory Note Maturity 01/08/2026 Industry Professional Services Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance2023-10-012024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+9402025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Urology Management Holdings, Inc. Maturity 06/15/26 Industry Healthcare and Pharmaceuticals Current Coupon 10.76% Basis Point Spread Above Index SOFR+5502023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2024-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% StoicLane, Inc. - Convertible Notes Maturity 08/16/2027 Industry Healthcare Technology Current Coupon 12.00%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% By Light Investco LP Industry High Tech Industries2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5902023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 10.95% Basis Point Spread Above Index SOFR+6652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge Schlesinger Coinvest LLC Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% C5MI Holdco, LLC. - Funded Revolver Maturity 07/31/2029 Industry IT Services Current Coupon 10.3% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-03-310001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 10.53% Basis Point Spread Above Index SOFR+6252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+5262023-10-012024-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class C Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ledge Lounger, Inc. - Unfunded Revolver Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.95% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+7652025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 02/07/2026 Industry Professional Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.85% Basis Point Spread Above Index SOFR+6252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.2% Basis Point Spread Above Index 3M SOFR+5602024-09-300001504619pflt:ProfessionalServicesMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.15% Basis Point Spread Above Index SOFR+5352024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Cartessa Aesthetics, LLC - Funded Revolver Maturity 06/14/2028 Industry Distributors Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+ 5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. Maturity 02/09/2026 Industry Professional Services Current Coupon 10.88% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+5652024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2023-10-012024-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc - Funded Revolver Maturity 09/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5902024-10-012025-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC - Unfunded Revolver Maturity 12/17/2029 Industry Event Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 3M SOFR+5602024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Imagine Acquisitionco, LLC - Funded Revolver Maturity 11/16/2027 Industry Software Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+5102024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Magnolia Topco LP - Class B Industry Automobiles2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Carnegie HoldCo, LLC - Industry Professional Services2024-10-012025-03-310001504619pflt:SoftwareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name The Vertex Companies, LLC Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 9.42% Basis Point Spread Above Index SOFR+5102024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.90% Basis Point Spread Above Index SOFR+5602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% By Light Professional IT Services, LLC (Revolver) Maturity 05/16/2025 Industry High Tech Industries2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.30% Basis Point Spread Above Index SOFR+6102023-10-012024-09-300001504619pflt:ClassA1LBFloatingRateMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6152024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-09-300001504619Related Party PSSL, Equity - 100.0%2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.21% Basis Point Spread Above Index SOFR+5902025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.55 % Basis Point Spread Above Index SOFR+6252025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+5352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC. - Unfunded Term Loan B Maturity 02/09/2026 Industry Professional Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 09/17/2026 Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4% ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2025-03-310001504619pflt:InvestmentsCostMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Unfunded Term Loan Maturity 12/17/2026 Industry Software2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Safe Haven Defense US LLC - Unfunded Revolver Maturity 05/23/2029 Industry Building Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% RTIC Parent Holdings, LLC - Class D Industry Leisure Products2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+9402024-09-3000015046192024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% The Vertex Companies, LLC - Unfunded Term Loan Maturity 11/04/2026 Industry Construction & Engineering 2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Personal Products2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.70% Basis Point Spread Above Index SOFR+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Megawatt Acquisitionco, Inc. - Unfunded Revolver Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Revolver Maturity 08/28/2029 Industry Healthcare Technology2023-10-012024-09-300001504619pflt:NonControlledAffiliatedInvestmentsMembersrt:MaximumMember2024-10-012025-03-310001504619pflt:AtTheMarketOfferingMember2024-07-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5262023-10-012024-09-300001504619pflt:PennantParkSeniorSecuredMember2024-09-300001504619pflt:AutoComponentsMember2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassCNotesMember2025-02-280001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Burgess Point Purchaser Corporation Maturity 7/25/2029 Industry Automotive Current Coupon 9.65% Basis Point Spread Above Index SOFR+5352024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC - Funded Revolver Maturity 07/31/2030 Industry IT Services Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Consumer Finance2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Lightspeed Buyer Inc. - Unfunded Revolver Maturity 02/03/2027 Industry Healthcare Technology2024-10-012025-03-310001504619pflt:IndependentPowerAndRenewableElectricityProducersMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 10/02/2028 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Five Star Buyer, Inc. - Unfunded Revolver Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2024-10-012025-03-310001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated - Unfunded Term Loan Maturity 12/17/2026 Industry Software2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ITI Holdings, Inc. - Funded Revolver Maturity 03/03/2028 Industry IT Services Current Coupon 12.00% Basis Point Spread Above Index 3M SOFR+4502025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 03/01/29 Industry Wholesale2024-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Commercial Fire Protection Holdings, LLC Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 9.05% Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7152023-10-012024-09-300001504619Related Party PSSL, Total Investments and Cash Equivalents —1,521.0%2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/25 Industry Consumer Goods: Non-Durable Current Coupon 10.84% Basis Point Spread Above Index SOFR+5652024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC - Unfunded Revolver Maturity 12/10/2027 Industry Professional Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dr. Squatch, LLC - Unfunded Revolver Maturity 08/31/2027 Industry Personal Products2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 10.30% Basis Point Spread Above Index SOFR+6002025-03-310001504619pflt:SubNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tinicum Space Coast Co-Invest, LLC - Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Dr. Squatch, LLC (Revolver) Maturity 08/31/2027 Industry Personal Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+6852023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Unfunded Term Loan Maturity 12/21/2026 Industry Diversified Consumer Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC - Funded Revolver Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Pacific Purchaser, LLC Maturity 10/2/2028 Industry Business Services Current Coupon 10.53% Basis Point Spread Above Index SOFR+6252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% C5MI Holdco, LLC - Unfunded Revolver Maturity 07/31/2030 Industry IT Services2024-10-012024-12-310001504619pflt:IncentiveFeePaymentConditionTwoMembersrt:MaximumMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.54% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NFS - CFP Holdings LLC Maturity 09/13/2030 Industry Commercial Services & Supplies Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+4752024-09-300001504619pflt:IncentiveFeePaymentConditionOneMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PCS Midco, Inc. Maturity 03/01/2030 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+8352023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Blackhawk Industrial Distribution, Inc - Funded Revolver Maturity 09/17/2026 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+5402024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 179.3% Aechelon Technology, Inc. - Unfunded Revolver Maturity 08/16/2029 Industry Aerospace and Defense2025-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8432024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale2024-09-300001504619Related Party PSSL, Liabilities in Excess of Other Assets — (1,421.0)%2024-09-300001504619pflt:SeniorSecuritiesMember2018-04-062018-04-060001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+8012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.21% Basis Point Spread Above Index 3M SOFR+6192023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services2023-10-012024-09-300001504619pflt:InvestmentsCostMemberus-gaap:EquityMember2025-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Kinetic Purchaser, LLC (Revolver) Maturity 11/10/2026 Industry Personal Products2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.14% (PIK 5.10%) Basis Point Spread Above Index SOFR+7852024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 10.03% Basis Point Spread Above Index SOFR+5752025-03-310001504619pflt:PriorCreditFacilityMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.45% Basis Point Spread Above Index SOFR+7152025-03-310001504619Related Party PSSL Equity Securities - 7.6% - Total2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Lash Coinvest LLC Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% HW Holdco, LLC (Revolver) Maturity 05/10/2026 Industry Media2024-09-300001504619pflt:SubordinateDebtMemberus-gaap:FairValueInputsLevel1Member2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Big Top Holdings, LLC - Unfunded Revolver Maturity 02/28/2030 Industry Construction & Engineering2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.75% Basis Point Spread Above Index SOFR+6152024-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2024-10-012025-03-310001504619pflt:ClassCRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name SV-Aero Holdings, LLC Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6682023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Broder Bros., Co. Maturity 12/04/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+6112024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Gauge Schlesinger Coinvest LLC Industry Professional Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 9.28% Basis Point Spread Above Index SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Tyto Athene, LLC Maturity 04/03/2028 Industry IT Services Current Coupon 9.21% Basis Point Spread Above Index 3M SOFR+ 4902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Megawatt Acquisitionco, Inc. - (Revolver) Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Duggal Acquisition, LLC Maturity 9/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index SOFR+475 2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.20% Basis Point Spread Above Index 1M SOFR+5352023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Harris & Co. LLC - Funded Revolver Maturity 08/09/2030 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Marketplace Events Acquisition, LLC - Unfunded Revolver Maturity 12/19/2030 Industry Media2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Meadowlark Acquirer, LLC - Unfunded Revolver Maturity 12/10/2027 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense2023-10-012024-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Icon Partners V C, L.P. Industry Internet Software and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6602023-10-012024-09-300001504619pflt:MetalsAndMiningMember2025-03-3100015046192023-12-310001504619pflt:MarketplaceEventsLLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Imagine Acquisitionco, LLC - Unfunded Revolver Maturity 11/16/2027 Industry Software2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5352023-10-012024-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 06/15/2029 Industry Professional Services Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2024-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2025-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2019-09-012019-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% BLC Holding Company, Inc. - Unfunded Revolver Maturity 11/20/2030 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Funded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - Unfunded Revolver Maturity 12/28/2028 Industry Commercial Services & Supplies2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC - Funded Revolver Maturity 05/07/2026 Industry Media Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+6262025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% US Fertility Enterprises, LLC - Unfunded Term Loan ( Maturity 10/07/2026 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Fairbanks More Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 9.65% Basis Point Spread Above Index SOFR+4502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% RTIC Subsidiary Holdings, LLC Maturity 05/03/2029 Industry Leisure Products Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% FedHC InvestCo LP Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Keel Platform, LLC - Unfunded Term Loan Maturity 01/19/2031 Industry Metals and Mining2024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+6362025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Inovex Information Systems Incorporated Current Coupon 9.55% Basis Point Spread Above Index SOFR+5252025-03-310001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Teneo Holdings, LLC Maturity 3/13/2031 Industry Business Services Current Coupon 9.60% Basis Point Spread Above Index SOFR+4752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Recteq, LLC - Unfunded Revolver Maturity 01/29/2026 Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge Loving Tan, LP Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% S101 Holdings, Inc Maturity12/29/2026 Industry Electronic Equipment, Instruments, and Components Coupon 9.96% Basis Point Spread Above Index 3M SOFR+ 5652024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Smile Brands Inc. Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.40% (PIK 1.50%) Basis Point Spread Above Index SOFR+6002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 12.94% (PIK 5.10%) Basis Point Spread Above Index 3M SOFR+7852023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+7652023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Walker Edison Furniture Company, LLC - Funded Junior Revolver Maturity 03/01/2029 Industry Wholesale2024-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% New Insight Holdings, Inc. - Common Equity Industry Business Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ECL Entertainment, LLC Maturity 08/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 8.85% Basis Point Spread Above Index 1M SOFR+4002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 12.92% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+8432024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.51% Basis Point Spread Above Index SOFR+6252024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Seacoast Service Partners, LLC Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Revolver Maturity 06/15/2029 Industry Professional Services2024-10-012025-03-3100015046192023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Burgess Point Holdings, LP Industry Auto Components2024-10-012025-03-310001504619pflt:SecondLienMemberus-gaap:FairValueInputsLevel1Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Aechelon InvestCo, LP - Industry Aerospace and Defense 2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Graffiti Buyer, Inc. - Funded Revolver Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 5602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% GGG MIDCO, LLC Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name RRA Corporate, LLC Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.54% Basis Point Spread Above Index SOFR+5252025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Smile Brands Inc. LC (Revolver) Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.10% Basis Point Spread Above Index 3M SOFR+5502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Efficient Collaborative Retail Marketing Company, LLC Maturity 12/31/2025 Industry Media: Diversified and Production Current Coupon 14.06% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+ 9762025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Subordinate Debt - 0.4%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1%2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.20% Basis Point Spread Above Index SOFR+6352024-09-300001504619pflt:InvestmentsCostMemberpflt:FirstLienInPSSLMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402024-10-012024-12-310001504619pflt:FoodProductsMember2025-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Impact Advisors, LLC - Unfunded Revolver Maturity 03/19/2032 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 9.67% Basis Point Spread Above Index 1M SOFR+ 5352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% PAR Excellence Holdings, Inc. - Industry Healthcare Technology2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+4752024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Dynata, LLC - First-Out Term Loan Maturity 07/17/2028 Industry Business Services Current Coupon 9.58% Basis Point Spread Above Index 3M SOFR+ 5262024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 10.49% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Fairbanks Morse Defense Maturity 06/23/2028 Industry Aerospace and Defense Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+4502024-10-012024-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassCNotesMemberpflt:SecuredOvernightFinancingRateMember2024-10-012025-03-310001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsFairValueMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2024-09-300001504619pflt:ClassDRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% OES Co-Invest, LP - Class A Common Equity Industry Diversified Consumer Services2024-09-300001504619pflt:AutoComponentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.98% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% ORL Holdco, Inc. - Unfunded Convertible Notes Maturity 03/08/2028 Industry Consumer Finance2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Delta InvestCo LP (Sigma Defense Systems, LLC) One Industry IT Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Spendmend Holdings LLC - Unfunded Term Loan Maturity 11/25/2026 Industry Healthcare Technology2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Magenta Buyer, LLC - Third-Out Term Loan Maturity 7/31/2028 Industry Software Current Coupon 11.55 % (PIK 5.50%) Basis Point Spread Above Index SOFR+7262025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:SecuredOvernightFinancingRateMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% A1 Garage Equity, LLC Industry Commercial Services & Supplies2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.5% Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.92% (PIK 0.50%) Basis Point Spread Above Index SOFR+8602025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Loving Tan Intermediate II, Inc. - Unfunded Term Loan Maturity 07/14/2025 Industry Personal Products2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 11.50% Basis Point Spread Above Index SOFR+6902024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Revolver Maturity 06/15/2029 Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.50% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ACP Avenu Buyer, LLC Maturity 10/2/2029 Industry Business Services Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Zips Car Wash, LLC Maturity 03/31/2028 Industry Automobiles2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PlayPower, Inc. - Unfunded Revolver Maturity 08/28/2030 Industry Leisure Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+9402024-10-012025-03-310001504619us-gaap:EquityMethodInvestmentsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan Maturity 10/30/2026 Industry Commercial Services & Supplies2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SubordinateDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+6002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. Maturity 12/03/2029 Industry Healthcare Technology Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC - Funded Revolver Maturity 10/02/2029 Industry IT Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252024-09-300001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2024-09-300001504619pflt:SeniorSecuredRevolvingCreditFacilityMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Compex Legal Services, Inc. (Revolver) Maturity 02/07/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+6102024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% SV-Aero Holdings, LLC - Unfunded Term Loan Maturity 11/02/2026 Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% PCS Midco, Inc. - (Revolver) Maturity 03/01/2030 Industry Professional Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sigma Defense Systems, LLC Unfunded Revolver Maturity 12/20/2027 Industry IT Services2024-10-012025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% First Lien Secured Debt—22.3% 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+8002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 1M SOFR+4612023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 10.59% Basis Point Spread Above Index 3M SOFR+ 6262024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Safe Haven Defense MidCo, LLC - Common Equity Industry Building Products2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% SP L2 Holdings LLC - Industry Leisure Products2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+5902025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Exigo Intermediate II, LLC (Revolver) Maturity 03/15/2027 Industry Software2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.05% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619pflt:ClassA1LAFloatingRateMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) One Industry Media2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ACP Avenu Buyer, LLC - Unfunded Revolver Maturity 10/02/2029 Industry IT Services2025-03-310001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsFairValueMember2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.05% Basis Point Spread Above Index SOFR+5852023-10-012024-09-300001504619pflt:LongTermCreditFacilityMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 11.44% Basis Point Spread Above Index 3M SOFR+ 7152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ro Health Holdings, Inc.- Industry Healthcare Providers and Services2024-10-012025-03-310001504619pflt:AdministratorMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Athletico Holdings, LLC Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% By Light Professional IT Services, LLC - Unfunded Revolver Maturity 05/16/2025 Industry High Tech Industries2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Icon Partners V C, L.P. One Industry Internet Software and Services2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Riverpoint Medical, LLC - Funded Revolver Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+6502024-09-300001504619pflt:LeisureProductsMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ITI Holdings, Inc. - Unfunded Revolver Maturity 03/03/2028 Industry IT Services2025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6152023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II, LLC - Funded Revolver Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Five Star Buyer, Inc. Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.67% Basis Point Spread Above Index 3M SOFR+ 7152025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Aeronix, Inc. - (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 10.35% Basis Point Spread Above Index 3 M SOFR+5752023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 10.03% Basis Point Spread Above Index SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 3M SOFR+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Megawatt Acquisitionco, Inc. Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.11% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% ACP Big Top Holdings, L.P. - Common Equity Industry Construction & Engineering2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+6502023-10-012024-09-300001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name New Insight Holdings, Inc. Industry Diversified Consumer Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Walker Edison Furniture, LLC - Term Loan Maturity 03/01/2029 Industry Wholesale 2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Wildcat Buyerco, Inc. Maturity 02/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.60% Basis Point Spread Above Index 3M SOFR+5752024-09-300001504619pflt:ClassBRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+5502023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Output Services Group, Inc. Industry Business Services2023-10-012024-09-300001504619Minimum Qualifying Assets2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Beacon Behavioral Support Service, LLC - Unfunded Revolver Maturity 06/21/2029 Industry Healthcare Providers and Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 9.85% Basis Point Spread Above Index SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rancho Health MSO, Inc. - Funded Revolver Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.56% Basis Point Spread Above Index SOFR+6502024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver Maturity 06/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.64% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 9.07% Basis Point Spread Above Index SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CJX Borrower, LLC - Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Kinetic Purchaser, LLC - Unfunded Revolver Maturity 11/10/2026 Industry Personal Products2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+6982023-10-012024-09-300001504619pflt:EventServicesMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Graffiti Buyer, Inc. (Revolver) Maturity 08/10/2027 Industry Trading Companies & Distributors 3M SOFR+5602024-10-012024-12-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Sales Benchmark Index LLC Maturity 1/3/2025 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+6202023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+5752023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Sabel InvestCo, LP - Unfunded Industry Government Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc. - Unfunded Revolver Maturity 05/31/2028 Industry Personal Products2023-10-012024-09-300001504619pflt:OtherRelatedPartyMember2024-10-012025-03-310001504619Net Assets—100.0%2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Hancock Claims Consultants Investors, LLC Industry Insurance2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Keel Platform, LLC - Unfunded Term Loan Maturity 01/20/2031 Industry Metals and Mining2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5602024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LSF9 Atlantis Holdings, LLC Maturity 06/30/2029 Industry Specialty Retail Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Athletico Holdings, LLC Industry Healthcare Providers and Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Consello Pacific Aggregator, LLC Industry Professional Services2023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% Accounting Platform Blocker, Inc - Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% QuantiTech InvestCo II LP Industry Aerospace and Defense2023-10-012024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Walker Edison Furniture Company LLC Maturity 03/01/29 Industry Wholesale2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+5152024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/23/2029 Industry Media Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502025-03-3100015046192024-01-012024-03-310001504619pflt:HealthcareEducationAndChildcareMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% DRS Holdings III, Inc. Maturity 45727 Industry Chemicals, Plastics and Rubber Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+6352024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Subordinate Debt - 0.3% ORL Holdco, Inc. - Convertible Notes Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2023-10-012024-09-300001504619pflt:ClassBRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% LAV Gear Holdings, Inc. - Incremental TL Maturity 10/31/2025 Industry Capital Equipment Current Coupon PIK 10.00%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 10.70% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-09-300001504619pflt:ClassCNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Duggal Acquisition, LLC Maturity 09/30/2030 Industry Marketing Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+5002024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% PAR Excellence Holdings, Inc. - Unfunded Revolver Maturity 09/03/2030 Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 10.51% Basis Point Spread Above Index 3M SOFR+ 6192025-03-310001504619Related Party PSSL Equity Securities - 10.5% - Issuer Name Output Services Group, Inc Industry Business Services2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 02/09/2026 Industry Diversified Financial Services2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6682023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Carisk Buyer, Inc. - Unfunded Term Loan Maturity 12/03/2029 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5602023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.70% Basis Point Spread Above Index 1M SOFR+6502024-09-300001504619pflt:PennantParkSeniorSecuredMember2023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Service2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% RRA Corporate, LLC - Unfunded Revolver Maturity 08/15/2029 Industry Diversified Consumer Services2024-09-300001504619INVESTMENTS IN CONTROLLED, AFFILIATED PORTFOLIO COMPANIES—40.0% FIRST LIEN SECURED DEBT—31.3% MARKETPLACE EVENTS, LLC - SUPER PRIORITY FIRST LIEN TERM LOAN, MATURITY 09/30/2025 INDUSTRY MEDIADiversified and Production Current Coupon 10.26% Basis Point Spread Above Index 3 M S O F R+5402024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Archer Lewis, LLC Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Inovex Information Systems Incorporated Maturity 12/17/2030 Industry Software Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+5252025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7252023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Crane 1 Services, Inc. Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.71% Basis Point Spread Above Index 3M SOFR+5862024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.28% Basis Point Spread Above Index SOFR+6262024-09-300001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Dynata, LLC - First Out Term Loan Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.58% Basis Point Spread Above Index SOFR+5262025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% UniVista Insurance Industry Insurance2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Unfunded Term Loan Maturity 09/28/2027 Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+4502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Keel Platform, LLC Maturity 01/20/2031 Industry Metals and Mining Current Coupon 9.05% Basis Point Spread Above Index 3M SOFR+4752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Big Top Holdings, LLC - (Revolver) Maturity 02/28/2030 Industry Construction & Engineering2023-10-012024-09-300001504619pflt:TaxableSubsidiaryMember2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% TPC Holding Company, LP Industry Food Products2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% Issuer Name Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.82% Basis Point Spread Above Index SOFR+5502024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+5502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% 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+5902023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Emergency Care Partners, LLC - Unfunded Revolver Maturity 10/18/2027 Industry Healthcare Providers and Services2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+7852023-10-012024-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-03-310001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Eval Home Health Solutions Intermediate, LLC Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 10.06% Basis Point Spread Above Index 1M SOFR+ 5752025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Carnegie HoldCo, LLC - Industry Professional Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% OSP Embedded Aggregator, LP Industry Aerospace and Defense2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% 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+5002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Archer Lewis, LLC - Unfunded Term Loan B Maturity 08/28/2026 Industry Healthcare Technology2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver Maturity 06/15/2029 Industry Professional Services Current Coupon 10.05% Basis Point Spread Above Index 3M SOFR+5752024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Output Services Group, Inc. Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Municipal Emergency Services, Inc. - Unfunded Revolver Maturity 10/01/2027 Industry Distributors2024-10-012025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—40.0% Equity Interests - 8.7%2024-09-300001504619Related Party PSSL First Lien Secured Debt - 1,404.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Magnolia Topco LP - Class B2025-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—27.9% Equity Interests - 5.6%2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% ARGANO, LLC Maturity 09/13/2029 Industry Business Services Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandTwentySixNotesPayableMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Urology Partners Co., L.P. Industry Healthcare Providers and Services2025-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Magnolia Topco LP - Class B2024-10-012025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMember2025-02-280001504619Related Party PSSL First Lien Secured Debt 1,548.7% 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+6472025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Preferred Equity - 1.8% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MinimumMemberpflt:SecondLienMember2024-09-300001504619Minimum Qualifying Assets2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 01/26/2029 Industry Media Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% Ad.net Holdings, Inc. Industry Media2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% VRS Buyer, Inc. - Unfunded Term Loan Maturity 11/23/2026 Industry Road and Rail2024-10-012025-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-03-310001504619pflt:MarketplaceEventsLLCMember2024-10-012025-03-310001504619Related Party PSSL First Lien Secured Debt - 1,404.5% 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+6402024-09-300001504619Cash and Cash Equivalents - 12.8% - Money Market - BlackRock Federal FD Institutional 812024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% ETE Intermediate II,LLC Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 10.82% Basis Point Spread Above Index 3M SOFR+ 6502024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Sath Industries, LLC - Unfunded Term Loan B Maturity 12/17/2026 Industry Event Services2025-03-3100015046192024-05-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% Common Equity/Warrants - 15.1% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 198.1% First Lien Secured Debt - 174.5% Watchtower Intermediate, LLC Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.33% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Imagine Topco, LP (Common) Industry Software2023-10-012024-09-300001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsFairValueMember2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Blackhawk Industrial Distribution, Inc. Maturity 09/17/2026 Industry Distributors Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+6402024-09-30xbrli:purepflt:Portfolioiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:USD

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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 May 12, 2025 was 99,217,896.

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2025

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

4

Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and September 30, 2024

4

Consolidated Statements of Operations for the three and six months ended March 31, 2025 and 2024 (unaudited)

5

Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2025 and 2024 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended March 31, 2025 and 2024 (unaudited)

7

Consolidated Schedules of Investments as of March 31, 2025 (unaudited) and September 30, 2024

8

Notes to Consolidated Financial Statements (unaudited)

26

 

 

Report of Independent Registered Public Accounting Firm (PCAOB ID 49)

49

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

51

Item 3. Quantitative and Qualitative Disclosures About Market Risk

68

Item 4. Controls and Procedures

69

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

69

Item 1A. Risk Factors

69

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 3. Defaults Upon Senior Securities

69

Item 4. Mine Safety Disclosures

69

Item 5. Other Information

69

Item 6. Exhibits

70

SIGNATURES

71

 

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”) and (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 OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

 

 

 

March 31, 2025

 

 

September 30, 2024

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost— $2,043,844  and $1,622,669, respectively)

 

$

2,046,762

 

 

$

1,632,269

 

Controlled, affiliated investments (amortized cost— $361,375  and $372,271, respectively)

 

 

297,290

 

 

 

351,235

 

Total investments (amortized cost— $2,405,219 and $1,994,940, respectively)

 

 

2,344,052

 

 

 

1,983,504

 

Cash and cash equivalents (cost— $111,368 and $112,046, respectively)

 

 

111,358

 

 

 

112,050

 

Interest receivable

 

 

11,094

 

 

 

12,167

 

Receivables from investments sold

 

 

2,048

 

 

 

 

Distributions receivable

 

 

946

 

 

 

635

 

Due from affiliate

 

 

82

 

 

 

291

 

Prepaid expenses and other assets

 

 

2,268

 

 

 

198

 

Total assets

 

 

2,471,848

 

 

 

2,108,845

 

Liabilities

 

 

 

 

 

 

Credit Facility payable, at fair value (cost— $273,855 and $443,855, respectively)

 

 

273,790

 

 

 

443,880

 

2026 Notes payable, net (par—$185,000)

 

 

184,220

 

 

 

183,832

 

2036 Asset-Backed Debt, net (par—$287,000)

 

 

284,357

 

 

 

284,086

 

2036-R Asset-Backed Debt, net (par— $266,000)

 

 

265,300

 

 

 

265,235

 

2037 Asset-Backed Debt, net (par— $361,000)

 

 

358,083

 

 

 

 

Payable for investments purchased

 

 

 

 

 

20,363

 

Interest payable on debt

 

 

15,202

 

 

 

14,645

 

Distributions payable

 

 

9,627

 

 

 

7,834

 

Base management fee payable

 

 

5,604

 

 

 

4,588

 

Incentive fee payable

 

 

6,258

 

 

 

3,189

 

Accounts payable and accrued expenses

 

 

1,664

 

 

 

2,187

 

Deferred tax liability

 

 

612

 

 

 

1,712

 

Total liabilities

 

 

1,404,717

 

 

 

1,231,551

 

Commitments and contingencies (See Note 12)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 96,417,896 and 77,579,896 shares issued and outstanding, respectively
   Par value $
0.001 per share and 200,000,000 shares authorized

 

 

96

 

 

 

78

 

Paid-in capital in excess of par value

 

 

1,189,888

 

 

 

976,744

 

Accumulated deficit

 

 

(122,853

)

 

 

(99,528

)

Total net assets

 

$

1,067,131

 

 

$

877,294

 

Total liabilities and net assets

 

$

2,471,848

 

 

$

2,108,845

 

Net asset value per share

 

$

11.07

 

 

$

11.31

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

49,215

 

 

$

30,470

 

 

$

96,678

 

 

$

54,238

 

 

Dividend

 

 

369

 

 

 

577

 

 

 

946

 

 

 

1,085

 

 

Other income

 

 

634

 

 

 

1,268

 

 

 

2,114

 

 

 

3,031

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

7,345

 

 

 

8,320

 

 

 

20,153

 

 

 

16,754

 

 

Dividend

 

 

4,375

 

 

 

3,719

 

 

 

8,750

 

 

 

7,219

 

 

Other income

 

 

 

 

 

 

 

 

306

 

 

 

 

 

Total investment income

 

 

61,938

 

 

 

44,354

 

 

 

128,947

 

 

 

82,327

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expenses on debt

 

 

22,529

 

 

 

14,688

 

 

 

44,890

 

 

 

23,630

 

 

Performance-based incentive fee

 

 

6,258

 

 

 

4,767

 

 

 

13,750

 

 

 

9,630

 

 

Base management fee

 

 

5,604

 

 

 

3,424

 

 

 

10,868

 

 

 

6,375

 

 

General and administrative expenses

 

 

1,200

 

 

 

1,255

 

 

 

2,400

 

 

 

2,243

 

 

Administrative services expenses

 

 

650

 

 

 

585

 

 

 

1,150

 

 

 

1,211

 

 

Expenses before amendment costs and provision for taxes

 

 

36,241

 

 

 

24,719

 

 

 

73,058

 

 

 

43,089

 

 

Provision for taxes on net investment income

 

 

225

 

 

 

547

 

 

 

450

 

 

 

701

 

 

Credit Facility amendment costs

 

 

442

 

 

 

 

 

 

442

 

 

 

 

 

Total expenses

 

 

36,908

 

 

 

25,266

 

 

 

73,950

 

 

 

43,790

 

 

Net investment income

 

 

25,030

 

 

 

19,088

 

 

 

54,997

 

 

 

38,537

 

 

Realized and unrealized gain (loss) on investments and debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(795

)

 

 

4,010

 

 

 

386

 

 

 

921

 

 

Non-controlled and controlled, affiliated investments

 

 

(2,682

)

 

 

 

 

 

22,811

 

 

 

 

 

Provision for taxes on realized gain (loss) on investments

 

 

(21

)

 

 

 

 

 

(94

)

 

 

 

 

Net realized gain (loss) on investments

 

 

(3,498

)

 

 

4,010

 

 

 

23,103

 

 

 

921

 

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(9,630

)

 

 

3,278

 

 

 

(6,688

)

 

 

8,506

 

 

Controlled and non-controlled, affiliated investments

 

 

(11,146

)

 

 

4,466

 

 

 

(43,050

)

 

 

5,408

 

 

Provision for taxes on unrealized appreciation (depreciation) on investments

 

 

468

 

 

 

230

 

 

 

1,100

 

 

 

230

 

 

Debt appreciation (depreciation)

 

 

1

 

 

 

39

 

 

 

91

 

 

 

(23

)

 

Net change in unrealized appreciation (depreciation) on investments and debt

 

 

(20,307

)

 

 

8,013

 

 

 

(48,547

)

 

 

14,121

 

 

Net realized and unrealized gain (loss) from investments and debt

 

 

(23,805

)

 

 

12,023

 

 

 

(25,444

)

 

 

15,042

 

 

Net increase (decrease) in net assets resulting from operations

 

$

1,225

 

 

$

31,111

 

 

$

29,553

 

 

$

53,579

 

 

Net increase (decrease) in net assets resulting from operations per common share (See Note 7)

 

$

0.01

 

 

$

0.51

 

 

$

0.34

 

 

$

0.89

 

 

Net investment income per common share

 

$

0.28

 

 

$

0.31

 

 

$

0.64

 

 

$

0.64

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Net increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

25,030

 

 

$

19,088

 

 

$

54,997

 

 

$

38,537

 

 

Net realized gain (loss) on investments

 

 

(3,477

)

 

 

4,010

 

 

 

23,197

 

 

 

921

 

 

Net change in unrealized appreciation (depreciation) on investments

 

 

(20,776

)

 

 

7,744

 

 

 

(49,738

)

 

 

13,914

 

 

Net change in provision for taxes on realized and unrealized appreciation (depreciation) on investments

 

 

447

 

 

 

230

 

 

 

1,006

 

 

 

230

 

 

Net change in unrealized appreciation (depreciation) on debt

 

 

1

 

 

 

39

 

 

 

91

 

 

 

(23

)

 

Net increase (decrease) in net assets resulting from operations

 

 

1,225

 

 

 

31,111

 

 

 

29,553

 

 

 

53,579

 

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of net investment income

 

 

(27,699

)

 

 

(18,818

)

 

 

(52,879

)

 

 

(36,878

)

 

Total distributions to stockholders

 

 

(27,699

)

 

 

(18,818

)

 

 

(52,879

)

 

 

(36,878

)

 

Capital transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

Public offering

 

 

131,103

 

 

 

51,391

 

 

 

213,811

 

 

 

51,391

 

 

Offering costs

 

 

(149

)

 

 

(986

)

 

 

(648

)

 

 

(986

)

 

Net increase in net assets resulting from capital transactions

 

 

130,954

 

 

 

50,405

 

 

 

213,163

 

 

 

50,405

 

 

Net increase (decrease) in net assets

 

 

104,480

 

 

 

62,698

 

 

 

189,837

 

 

 

67,106

 

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

962,651

 

 

 

658,013

 

 

 

877,294

 

 

 

653,605

 

 

End of period

 

$

1,067,131

 

 

$

720,711

 

 

$

1,067,131

 

 

$

720,711

 

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

11,562,000

 

 

 

4,493,436

 

 

 

18,838,000

 

 

 

4,493,436

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

29,553

 

 

$

53,579

 

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

 

 

49,738

 

 

 

(13,914

)

Net change in unrealized appreciation (depreciation) on debt

 

 

(91

)

 

 

23

 

Net realized (gain) loss on investments

 

 

(23,197

)

 

 

(921

)

Net accretion of discount and amortization of premium

 

 

(7,430

)

 

 

(2,074

)

Purchases of investments

 

 

(900,239

)

 

 

(640,899

)

Payment-in-kind interest

 

 

(3,076

)

 

 

(1,624

)

Proceeds from dispositions of investments

 

 

523,668

 

 

 

248,718

 

Amortization of deferred financing costs

 

 

779

 

 

 

761

 

(Increase) decrease in:

 

 

 

 

 

 

Interest receivable

 

 

1,073

 

 

 

(1,465

)

Distribution receivable

 

 

(311

)

 

 

(12

)

Receivable for investments sold

 

 

(2,048

)

 

 

 

Prepaid expenses and other assets

 

 

(2,070

)

 

 

894

 

Due from affiliate

 

 

209

 

 

 

(240

)

Increase (decrease) in:

 

 

 

 

 

 

Payable for investments purchased

 

 

(20,363

)

 

 

(988

)

Interest payable on debt

 

 

557

 

 

 

2,689

 

Base management fee payable

 

 

1,016

 

 

 

665

 

Incentive fee payable

 

 

3,069

 

 

 

139

 

Deferred tax liability

 

 

(1,100

)

 

 

(230

)

Due to affiliates

 

 

 

 

 

(462

)

Account payable and accrued expenses

 

 

(523

)

 

 

811

 

Net cash provided by (used in) operating activities

 

 

(350,786

)

 

 

(354,550

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

213,811

 

 

 

51,391

 

Offering costs

 

 

(648

)

 

 

(986

)

Issuance of 2036 Asset-Back Debt

 

 

 

 

 

287,000

 

Issuance of 2037 Asset-Backed Debt

 

 

361,000

 

 

 

 

Capitalized borrowing costs

 

 

(2,971

)

 

 

(3,241

)

Distributions paid to stockholders

 

 

(51,086

)

 

 

(36,418

)

Repayment of 2023 notes payable

 

 

 

 

 

(76,219

)

Repayment of 2031 Asset-Backed Debt

 

 

 

 

 

(1,741

)

Borrowings under Credit Facility

 

 

235,001

 

 

 

331,455

 

Repayments under Credit Facility

 

 

(405,000

)

 

 

(172,000

)

Net cash provided by (used in) financing activities

 

 

350,107

 

 

 

379,241

 

Net increase (decrease) in cash and cash equivalents

 

 

(679

)

 

 

24,691

 

Effect of exchange rate changes on cash

 

 

(13

)

 

 

6

 

Cash and cash equivalents, beginning of period

 

 

112,050

 

 

 

100,555

 

Cash and cash equivalents, end of period

 

$

111,358

 

 

$

125,252

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

43,554

 

 

$

20,180

 

Taxes paid

 

$

900

 

 

$

1,060

 

Non-cash exchanges and conversions

 

$

551

 

 

$

5,067

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 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 - 191.8% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 174.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

Commercial Services & Supplies

 

 

9.07

%

 

3M SOFR+ 475

 

 

 

1,571

 

 

$

1,553

 

 

$

1,571

 

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

 

 

9.56

%

 

3M SOFR+ 525

 

 

 

14,050

 

 

 

13,853

 

 

 

13,664

 

ACP Avenu Buyer, LLC - Unfunded Term Loan (8)

 

04/21/2027

 

IT Services

 

 

 

 

 

 

 

 

5,621

 

 

 

 

 

 

(77

)

ACP Avenu Buyer, LLC - Funded Revolver

 

10/02/2029

 

IT Services

 

 

9.56

%

 

3M SOFR+ 525

 

 

 

847

 

 

 

847

 

 

 

824

 

ACP Avenu Buyer, LLC - Unfunded Revolver (6), (8)

 

10/02/2029

 

IT Services

 

 

 

 

 

 

 

 

2,960

 

 

 

 

 

 

(81

)

ACP Falcon Buyer, LLC - Unfunded Revolver (6), (8)

 

08/01/2029

 

Professional Services

 

 

 

 

 

 

 

 

3,096

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/07/2026

 

Media

 

 

10.59

%

 

3M SOFR+ 626

 

 

 

4,813

 

 

 

4,793

 

 

 

4,813

 

Ad.net Acquisition, LLC - Funded Revolver

 

05/07/2026

 

Media

 

 

10.55

%

 

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

 

 

11.82

%

 

1M SOFR+ 750

 

 

 

25,600

 

 

 

25,368

 

 

 

25,600

 

Aechelon Technology, Inc. - Unfunded Revolver (8)

 

08/16/2029

 

Aerospace and Defense

 

 

 

 

 

 

 

 

4,719

 

 

 

 

 

 

 

AFC Dell Holding Corp.

 

04/09/2027

 

Distributors

 

 

9.82

%

 

3M SOFR+ 550

 

 

 

27,410

 

 

 

27,350

 

 

 

27,273

 

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

 

 

10.67

%

 

3M SOFR+ 650

 

 

 

13,846

 

 

 

13,830

 

 

 

13,707

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

06/30/2026

 

Media

 

 

10.20

%

 

3M SOFR+ 590

 

 

 

12,614

 

 

 

12,493

 

 

 

12,614

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan

 

06/30/2026

 

Media

 

 

10.20

%

 

3M SOFR+ 590

 

 

 

2,041

 

 

 

2,030

 

 

 

2,041

 

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

 

 

 

 

 

 

 

Applied Technical Services, LLC

 

12/29/2026

 

Commercial Services & Supplies

 

 

10.20

%

 

3M SOFR+ 590

 

 

 

12,533

 

 

 

12,450

 

 

 

12,533

 

Applied Technical Services, LLC - Unfunded Term Loan (8)

 

07/17/2025

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

3,990

 

 

 

 

 

 

40

 

Applied Technical Services, LLC - Funded Revolver

 

12/29/2026

 

Commercial Services & Supplies

 

 

12.75

%

 

3M SOFR+ 475

 

 

 

2,293

 

 

 

2,293

 

 

 

2,293

 

Applied Technical Services, LLC - Unfunded Revolver (6), (8)

 

12/29/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arcfield Acquisition Corp.

 

10/28/2031

 

Aerospace and Defense

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

19,491

 

 

 

19,472

 

 

 

19,393

 

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

 

 

 

29,109

 

 

 

28,845

 

 

 

29,109

 

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

 

 

 

25,639

 

 

 

25,415

 

 

 

25,331

 

ARGANO, LLC - Unfunded Term Loan (8)

 

03/13/2026

 

Business Services

 

 

 

 

 

 

 

 

8,907

 

 

 

 

 

 

(18

)

ARGANO, LLC – Unfunded Revolver (8)

 

09/13/2029

 

Business Services

 

 

 

 

 

 

 

 

1,421

 

 

 

 

 

 

(17

)

Azureon, LLC

 

06/26/2029

 

Diversified Consumer Services

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

11,907

 

 

 

11,761

 

 

 

11,621

 

Azureon, LLC - Unfunded Term Loan (8)

 

06/26/2026

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

10,032

 

 

 

 

 

 

(140

)

Azureon, LLC - Funded Revolver

 

06/26/2029

 

Diversified Consumer Services

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

568

 

 

 

568

 

 

 

554

 

Azureon, LLC - Unfunded Revolver (8)

 

06/26/2029

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,013

 

 

 

 

 

 

(48

)

Beacon Behavioral Support Service, LLC

 

06/21/2029

 

Healthcare Providers and Services

 

 

9.80

%

 

3M SOFR+ 550

 

 

 

37,115

 

 

 

36,694

 

 

 

36,744

 

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

 

 

 

64,117

 

 

 

63,229

 

 

 

63,316

 

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

 

 

 

19,705

 

 

 

19,166

 

 

 

19,163

 

Big Top Holdings, LLC

 

03/01/2030

 

Construction & Engineering

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

29,525

 

 

 

29,065

 

 

 

29,525

 

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

 

 

10.81

%

 

1M SOFR+ 650

 

 

 

1,071

 

 

 

1,071

 

 

 

1,061

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

Distributors

 

 

9.70

%

 

3M SOFR+ 540

 

 

 

8,166

 

 

 

8,121

 

 

 

8,023

 

Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (8)

 

09/17/2026

 

Distributors

 

 

 

 

 

 

 

 

1,893

 

 

 

 

 

 

(14

)

Blackhawk Industrial Distribution, Inc. - Funded Revolver (6)

 

09/17/2026

 

Distributors

 

 

9.70

%

 

3M SOFR+ 540

 

 

 

1,650

 

 

 

1,650

 

 

 

1,621

 

Blackhawk Industrial Distribution, Inc. - Unfunded Revolver (8)

 

09/17/2026

 

Distributors

 

 

 

 

 

 

 

 

2,233

 

 

 

 

 

 

(39

)

BLC Holding Company, Inc.

 

11/20/2030

 

Business Services

 

 

9.05

%

 

3M SOFR+ 475

 

 

 

24,965

 

 

 

24,798

 

 

 

24,840

 

BLC Holding Company, Inc. - Unfunded Term Loan (8)

 

11/20/2026

 

Business Services

 

 

 

 

 

 

 

 

14,293

 

 

 

 

 

 

36

 

BLC Holding Company, Inc. - Unfunded Revolver (8)

 

11/20/2030

 

Business Services

 

 

 

 

 

 

 

 

4,398

 

 

 

 

 

 

(22

)

Boss Industries, LLC

 

12/27/2030

 

Independent Power and Renewable Electricity Producers

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

23,042

 

 

 

22,885

 

 

 

22,697

 

Boss Industries, LLC - Funded Revolver

 

12/27/2030

 

Independent Power and Renewable Electricity Producers

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

549

 

 

 

549

 

 

 

540

 

Boss Industries, LLC - Unfunded Revolver (8)

 

12/27/2030

 

Independent Power and Renewable Electricity Producers

 

 

 

 

 

 

 

 

2,195

 

 

 

 

 

 

(33

)

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

Aerospace and Defense

 

 

10.30

%

 

3M SOFR+ 600

 

 

 

9,531

 

 

 

9,510

 

 

 

9,484

 

Burgess Point Purchaser Corporation

 

07/25/2029

 

Auto Components

 

 

9.68

%

 

3M SOFR+ 535

 

 

 

14,886

 

 

 

14,202

 

 

 

13,190

 

By Light Professional IT Services, LLC

 

11/16/2026

 

High Tech Industries

 

 

10.79

%

 

1M SOFR+ 647

 

 

 

49,623

 

 

 

49,581

 

 

 

49,623

 

By Light Professional IT Services, LLC - Unfunded Revolver (6), (8)

 

05/16/2025

 

High Tech Industries

 

 

 

 

 

 

 

 

5,831

 

 

 

 

 

 

 

Carisk Buyer, Inc.

 

12/03/2029

 

Healthcare Technology

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

7,434

 

 

 

7,354

 

 

 

7,360

 

Carisk Buyer, Inc. - Unfunded Term Loan (8)

 

12/03/2029

 

Healthcare Technology

 

 

 

 

 

 

 

 

7,868

 

 

 

 

 

 

(8

)

Carisk Buyer, Inc. - Unfunded Revolver (6), (8)

 

12/03/2029

 

Healthcare Technology

 

 

 

 

 

 

 

 

1,750

 

 

 

 

 

 

(18

)

Carnegie Dartlet, LLC

 

02/07/2030

 

Professional Services

 

 

9.82

%

 

3M SOFR+ 550

 

 

 

29,700

 

 

 

29,297

 

 

 

29,403

 

Carnegie Dartlet, LLC - Unfunded Term Loan (8)

 

02/09/2026

 

Professional Services

 

 

 

 

 

 

 

 

16,214

 

 

 

 

 

 

 

Carnegie Dartlet, LLC - Funded Revolver

 

02/07/2030

 

Professional Services

 

 

9.82

%

 

3M SOFR+ 550

 

 

 

4,243

 

 

 

4,243

 

 

 

4,200

 

Carnegie Dartlet, LLC - Unfunded Revolver (8)

 

02/07/2030

 

Professional Services

 

 

 

 

 

 

 

 

1,162

 

 

 

 

 

 

(12

)

Cartessa Aesthetics, LLC

 

06/14/2028

 

Distributors

 

 

10.07

%

 

3M SOFR+ 575

 

 

 

12,878

 

 

 

12,754

 

 

 

12,878

 

Cartessa Aesthetics, LLC - Funded Revolver (6)

 

06/14/2028

 

Distributors

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

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

 

 

 

18,725

 

 

 

18,580

 

 

 

18,613

 

Case Works, LLC - Unfunded Term Loan (8)

 

10/01/2025

 

Professional Services

 

 

 

 

 

 

 

 

1,854

 

 

 

 

 

 

5

 

Case Works - Funded Revolver

 

10/01/2029

 

Professional Services

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

1,643

 

 

 

1,643

 

 

 

1,633

 

Case Works - Unfunded Revolver (8)

 

10/01/2029

 

Professional Services

 

 

 

 

 

 

 

 

2,465

 

 

 

 

 

 

(15

)

CF512, Inc.

 

08/20/2026

 

Media

 

 

10.51

%

 

3M SOFR+ 619

 

 

 

5,713

 

 

 

5,692

 

 

 

5,628

 

CF512, Inc. - Funded Revolver

 

08/20/2026

 

Media

 

 

10.34

%

 

3M SOFR+ 602

 

 

 

86

 

 

 

86

 

 

 

85

 

CF512, Inc. - Unfunded Revolver (6), (8)

 

08/20/2026

 

Media

 

 

 

 

 

 

 

 

869

 

 

 

 

 

 

(13

)

CJX Borrower, LLC

 

07/13/2027

 

Media

 

 

10.07

%

 

3M SOFR+ 576

 

 

 

4,615

 

 

 

4,555

 

 

 

4,615

 

CJX Borrower , LLC - Unfunded Term Loan (8)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

556

 

 

 

 

 

 

103

 

CJX Borrower, LLC - Funded Revolver

 

07/13/2027

 

Media

 

 

10.07

%

 

3M SOFR+ 576

 

 

 

247

 

 

 

247

 

 

 

247

 

CJX Borrower , LLC - Unfunded Revolver (8)

 

07/13/2027

 

Media

 

 

 

 

 

 

 

 

988

 

 

 

 

 

 

 

Commercial Fire Protection Holdings, LLC

 

09/23/2030

 

Commercial Services & Supplies

 

 

9.05

%

 

3M SOFR+ 475

 

 

 

43,534

 

 

 

43,231

 

 

 

43,208

 

Commercial Fire Protection Holdings, LLC - Unfunded Term Loan (8)

 

09/23/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

13,370

 

 

 

 

 

 

 

Commercial Fire Protection Holdings, LLC - Unfunded Revolver (8)

 

09/23/2030

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

5,014

 

 

 

 

 

 

(38

)

Compex Legal Services, Inc.

 

02/07/2026

 

Professional Services

 

 

9.83

%

 

3M SOFR+ 555

 

 

 

8,787

 

 

 

8,778

 

 

 

8,787

 

Compex Legal Services, Inc. - Funded Revolver

 

02/07/2026

 

Professional Services

 

 

9.83

%

 

3M SOFR+ 555

 

 

 

703

 

 

 

703

 

 

 

703

 

Compex Legal Services, Inc. - Unfunded Revolver (6), (8)

 

02/07/2026

 

Professional Services

 

 

 

 

 

 

 

 

703

 

 

 

 

 

 

 

Confluent Health, LLC

 

11/30/2028

 

Healthcare Providers and Services

 

 

9.32

%

 

1M SOFR+ 500

 

 

 

6,930

 

 

 

6,757

 

 

 

6,584

 

Crane 1 Services, Inc.

 

08/16/2027

 

Commercial Services & Supplies

 

 

9.69

%

 

3M SOFR+ 536

 

 

 

4,253

 

 

 

4,212

 

 

 

4,221

 

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

 

 

 

28,855

 

 

 

28,473

 

 

 

28,855

 

C5MI Holdco, LLC. - Funded Revolver

 

07/31/2029

 

IT Services

 

 

10.30

%

 

3M SOFR+ 600

 

 

 

3,334

 

 

 

3,334

 

 

 

3,334

 

C5MI Holdco, LLC. - Unfunded Revolver (8)

 

07/31/2029

 

IT Services

 

 

 

 

 

 

 

 

5,759

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

DRI Holding Inc.

 

12/21/2028

 

Media

 

 

9.67

%

 

1M SOFR+ 535

 

 

 

6,092

 

 

 

5,931

 

 

 

6,035

 

Dr. Squatch, LLC

 

08/31/2027

 

Personal Products

 

 

9.65

%

 

3M SOFR+ 535

 

 

 

16,785

 

 

 

16,654

 

 

 

16,785

 

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

 

 

 

5,241

 

 

 

5,230

 

 

 

5,230

 

DRS Holdings III, Inc. - Unfunded Revolver (6), (8)

 

11/03/2025

 

Personal Products

 

 

 

 

 

 

 

 

1,426

 

 

 

 

 

 

(3

)

Duggal Acquisition, LLC

 

09/30/2030

 

Marketing Services

 

 

9.05

%

 

3M SOFR+ 475

 

 

 

10,269

 

 

 

10,176

 

 

 

10,218

 

Duggal Acquisition, LLC - Unfunded Term Loan (8)

 

09/30/2026

 

Marketing Services

 

 

 

 

 

 

 

 

4,470

 

 

 

 

 

 

22

 

Duggal Acquisition, LLC - Unfunded Revolver (8)

 

09/30/2030

 

Marketing Services

 

 

 

 

 

 

 

 

5,605

 

 

 

 

 

 

(28

)

Dynata, LLC - First-Out Term Loan

 

07/17/2028

 

Business Services

 

 

9.58

%

 

3M SOFR+ 526

 

 

 

1,847

 

 

 

1,731

 

 

 

1,838

 

Dynata, LLC - Last-Out Term Loan

 

10/16/2028

 

Business Services

 

 

10.08

%

 

3M SOFR+ 576

 

 

 

11,457

 

 

 

11,457

 

 

 

10,590

 

Emergency Care Partners, LLC

 

10/18/2027

 

Healthcare Providers and Services

 

 

9.80

%

 

3M SOFR+ 550

 

 

 

13,701

 

 

 

13,616

 

 

 

13,701

 

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

 

 

10.08

%

 

3M SOFR+ 575

 

 

 

10,619

 

 

 

10,505

 

 

 

10,619

 

EDS Buyer, LLC. - Unfunded Revolver (6), (8)

 

01/10/2029

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,298

 

 

 

 

 

 

 

Efficient Collaborative Retail Marketing Company, LLC

 

12/31/2025

 

Media: Diversified and Production

 

 

14.06

%

 

3M SOFR+ 976

 

 

 

8,264

 

 

 

8,286

 

 

 

6,611

 

 

 

 

 

 

 

(PIK 3.75%)

 

 

 

 

 

 

 

 

 

 

 

 

 

ETE Intermediate II,LLC

 

05/25/2029

 

Diversified Consumer Services

 

 

10.82

%

 

3M SOFR+ 650

 

 

 

1,664

 

 

 

1,653

 

 

 

1,664

 

ETE Intermediate II, LLC - Funded Revolver

 

05/25/2029

 

Diversified Consumer Services

 

 

10.82

%

 

3M SOFR+ 650

 

 

 

386

 

 

 

386

 

 

 

386

 

ETE Intermediate II, LLC - Unfunded Revolver (8)

 

05/25/2029

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,043

 

 

 

 

 

 

 

Eval Home Health Solutions Intermediate, LLC

 

05/10/2030

 

Healthcare, Education and Childcare

 

 

10.06

%

 

1M SOFR+ 575

 

 

 

14,142

 

 

 

13,941

 

 

 

14,142

 

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

 

 

 

 

 

 

 

Fairbanks Morse Defense

 

06/23/2028

 

Aerospace and Defense

 

 

8.80

%

 

3M SOFR+ 450

 

 

 

990

 

 

 

986

 

 

 

983

 

Five Star Buyer, Inc.

 

02/23/2028

 

Hotels, Restaurants and Leisure

 

 

11.67

%

 

3M SOFR+ 715

 

 

 

4,377

 

 

 

4,325

 

 

 

4,345

 

Five Star Buyer, Inc. - Unfunded Revolver (8)

 

02/23/2028

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

370

 

 

 

 

 

 

(3

)

Gauge ETE Blocker, LLC - Promissory Note

 

05/21/2029

 

Diversified Consumer Services

 

 

12.56

%

 

 

 

 

 

268

 

 

 

268

 

 

 

268

 

GGG MIDCO, LLC

 

09/27/2030

 

Diversified Consumer Services

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

40,064

 

 

 

39,689

 

 

 

39,662

 

GGG Midco, LLC - Unfunded Term Loan (8)

 

09/27/2026

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

12,646

 

 

 

 

 

 

 

GGG MIDCO, LLC – Unfunded Revolver (8)

 

09/27/2030

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,311

 

 

 

 

 

 

(13

)

Global Holdings InterCo LLC

 

03/16/2026

 

Diversified Financial Services

 

 

9.92

%

 

1M SOFR+ 560

 

 

 

4,740

 

 

 

4,704

 

 

 

4,550

 

Graffiti Buyer, Inc.

 

08/10/2027

 

Trading Companies & Distributors

 

 

9.92

%

 

3M SOFR+ 560

 

 

 

1,344

 

 

 

1,336

 

 

 

1,321

 

Graffiti Buyer, Inc. - Unfunded Term Loan (8)

 

08/10/2027

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

984

 

 

 

 

 

 

(10

)

Graffiti Buyer, Inc. - Funded Revolver

 

08/10/2027

 

Trading Companies & Distributors

 

 

9.92

%

 

3M SOFR+ 560

 

 

 

288

 

 

 

288

 

 

 

283

 

Graffiti Buyer, Inc. - Unfunded Revolver (6), (8)

 

08/10/2027

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

576

 

 

 

 

 

 

(10

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

Insurance

 

 

9.93

%

 

3M SOFR+ 560

 

 

 

3,993

 

 

 

3,957

 

 

 

3,973

 

Hancock Roofing and Construction L.L.C. - Funded Revolver (6)

 

12/31/2026

 

Insurance

 

 

9.92

%

 

3M SOFR+ 560

 

 

 

750

 

 

 

750

 

 

 

746

 

Halo Buyer, Inc.

 

08/07/2029

 

Consumer products

 

 

10.32

%

 

1M SOFR+ 600

 

 

 

17,152

 

 

 

16,988

 

 

 

16,702

 

Halo Buyer, Inc. - Funded Revolver

 

08/07/2029

 

Consumer products

 

 

10.32

%

 

1M SOFR+ 600

 

 

 

136

 

 

 

136

 

 

 

128

 

Halo Buyer, Inc. - Unfunded Revolver (8)

 

08/07/2029

 

Consumer products

 

 

 

 

 

 

 

 

2,586

 

 

 

 

 

 

(149

)

Harris & Co. LLC

 

08/09/2030

 

Professional Services

 

 

9.32

%

 

3M SOFR+ 500

 

 

 

58,164

 

 

 

57,689

 

 

 

58,164

 

Harris & Co. LLC. - Unfunded Term Loan B (8)

 

02/09/2026

 

Professional Services

 

 

 

 

 

 

 

 

43,321

 

 

 

 

 

 

379

 

Harris & Co. LLC - Funded Revolver

 

08/09/2030

 

Professional Services

 

 

9.32

%

 

3M SOFR+ 500

 

 

 

3,700

 

 

 

3,700

 

 

 

3,700

 

Harris & Co. LLC - Unfunded Revolver (8)

 

08/09/2030

 

Professional Services

 

 

 

 

 

 

 

 

3,700

 

 

 

 

 

 

 

HEC Purchaser Corp.

 

06/18/2029

 

Healthcare, Education and Childcare

 

 

9.75

%

 

3M SOFR+ 550

 

 

 

9,602

 

 

 

9,498

 

 

 

9,602

 

Hills Distribution Inc.

 

11/08/2029

 

Distributors

 

 

10.32

%

 

1M SOFR+ 600

 

 

 

17,176

 

 

 

16,989

 

 

 

17,004

 

Hills Distribution Inc. - Unfunded Term Loan (8)

 

11/07/2025

 

Distributors

 

 

 

 

 

 

 

 

1,514

 

 

 

 

 

 

 

HW Holdco, LLC

 

05/11/2026

 

Media

 

 

10.23

%

 

3M SOFR+ 590

 

 

 

10,098

 

 

 

10,073

 

 

 

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

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

4,476

 

 

 

4,426

 

 

 

4,432

 

IG Investments Holdings, LLC - Unfunded Revolver (6), (8)

 

09/22/2028

 

Professional Services

 

 

 

 

 

 

 

 

722

 

 

 

 

 

 

(7

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Imagine Acquisitionco, LLC - Funded Revolver

 

11/16/2027

 

Software

 

 

9.40

%

 

3M SOFR+ 510

 

 

 

21

 

 

 

21

 

 

 

21

 

Imagine Acquisitionco, LLC - Unfunded Revolver (8)

 

11/16/2027

 

Software

 

 

 

 

 

 

 

 

1,172

 

 

 

 

 

 

(3

)

Impact Advisors, LLC

 

03/19/2032

 

Business Services

 

 

9.06

%

 

3M SOFR+ 475

 

 

 

16,600

 

 

 

16,517

 

 

 

16,517

 

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

 

 

 

 

 

 

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

Commercial Services & Supplies

 

 

9.76

%

 

3M SOFR+ 550

 

 

 

14,808

 

 

 

14,714

 

 

 

14,748

 

Infinity Home Services Holdco, Inc. (CAD)

 

12/28/2028

 

Commercial Services & Supplies

 

 

9.80

%

 

3M SOFR+ 550

 

 

 

CAD 1,713

 

 

 

1,236

 

 

 

1,190

 

Infinity Home Services Holdco, Inc. - 3rd Amendment Unfunded Term Loan (8)

 

10/30/2026

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

7,190

 

 

 

-

 

 

 

(36

)

Infinity Home Services Holdco, Inc. - Funded Revolver

 

12/28/2028

 

Commercial Services & Supplies

 

 

12.00

%

 

3M SOFR+ 450

 

 

 

484

 

 

 

484

 

 

 

484

 

Infinity Home Services Holdco, Inc. - Unfunded Revolver (8)

 

12/28/2028

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

807

 

 

 

 

 

 

 

Inovex Information Systems Incorporated

 

12/17/2030

 

Software

 

 

9.57

%

 

3M SOFR+ 525

 

 

 

7,980

 

 

 

7,923

 

 

 

7,920

 

Inovex Information Systems Incorporated - Unfunded Term Loan (8)

 

12/17/2026

 

Software

 

 

 

 

 

 

 

 

2,800

 

 

 

 

 

 

(21

)

Inovex Information Systems Incorporated - Funded Revolver

 

12/17/2030

 

Software

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

1,470

 

 

 

1,470

 

 

 

1,459

 

Inovex Information Systems Incorporated - Unfunded Revolver (8)

 

12/17/2030

 

Software

 

 

 

 

 

 

 

 

2,030

 

 

 

 

 

 

(15

)

Infolinks Media Buyco, LLC

 

11/02/2026

 

Media

 

 

9.83

%

 

3M SOFR+ 550

 

 

 

5,330

 

 

 

5,290

 

 

 

5,330

 

Integrative Nutrition, LLC (10)

 

04/30/2026

 

Consumer Services

 

 

 

 

 

 

 

 

16,663

 

 

 

16,248

 

 

 

5,832

 

ITI Holdings, Inc. - Funded Revolver

 

03/03/2028

 

IT Services

 

 

12.00

%

 

3M SOFR+ 450

 

 

 

447

 

 

 

447

 

 

 

447

 

ITI Holdings, Inc. - Unfunded Revolver (6), (8)

 

03/03/2028

 

IT Services

 

 

 

 

 

 

 

 

218

 

 

 

 

 

 

 

Inventus Power, Inc.

 

06/30/2025

 

Electronic Equipment, Instruments, and Components

 

 

11.93

%

 

3M SOFR+ 761

 

 

 

4,913

 

 

 

4,897

 

 

 

4,913

 

Inventus Power, Inc. - Unfunded Revolver (8)

 

06/30/2025

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

 

Keel Platform, LLC

 

01/20/2031

 

Metals and Mining

 

 

9.05

%

 

3M SOFR+ 475

 

 

 

10,759

 

 

 

10,623

 

 

 

10,759

 

Keel Platform, LLC - Unfunded Term Loan (8)

 

01/20/2031

 

Metals and Mining

 

 

 

 

 

 

 

 

2,402

 

 

 

 

 

 

18

 

Kinetic Purchaser, LLC

 

11/10/2027

 

Personal Products

 

 

10.45

%

 

3M SOFR+ 615

 

 

 

13,971

 

 

 

13,831

 

 

 

13,307

 

Kinetic Purchaser, LLC - Funded Revolver

 

11/10/2026

 

Personal Products

 

 

10.45

%

 

3M SOFR+ 615

 

 

 

1,717

 

 

 

1,717

 

 

 

1,636

 

Kinetic Purchaser, LLC - Unfunded Revolver (6), (8)

 

11/10/2026

 

Personal Products

 

 

 

 

 

 

 

 

1,717

 

 

 

 

 

 

(82

)

Lash OpCo, LLC

 

02/18/2027

 

Personal Products

 

 

12.14

%

 

1M SOFR+ 785

 

 

 

11,069

 

 

 

10,998

 

 

 

10,848

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Funded Revolver (6)

 

08/16/2026

 

Personal Products

 

 

12.14

%

 

1M SOFR+ 775

 

 

 

2,908

 

 

 

2,908

 

 

 

2,850

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC - Unfunded Revolver (6), (8)

 

08/16/2026

 

Personal Products

 

 

 

 

 

 

 

 

335

 

 

 

 

 

 

(7

)

LAV Gear Holdings, Inc. (10)

 

10/31/2025

 

Capital Equipment

 

 

 

 

 

 

 

 

13,653

 

 

 

13,415

 

 

 

10,144

 

LAV Gear Holdings, Inc. - Incremental TL

 

10/31/2025

 

Capital Equipment

 

(PIK 10.00%)

 

 

 

 

 

 

416

 

 

 

387

 

 

 

520

 

LAV Gear Holdings, Inc. - Funded Revolver (6) (10)

 

10/31/2025

 

Capital Equipment

 

 

 

 

 

 

 

 

1,771

 

 

 

1,750

 

 

 

1,316

 

Ledge Lounger, Inc.

 

11/09/2026

 

Leisure Products

 

 

11.95

%

 

3M SOFR+ 765

 

 

 

3,674

 

 

 

3,665

 

 

 

3,463

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc. - Funded Revolver

 

11/09/2026

 

Leisure Products

 

 

11.95

%

 

3M SOFR+ 765

 

 

 

660

 

 

 

660

 

 

 

622

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lightspeed Buyer Inc.

 

02/03/2027

 

Healthcare Technology

 

 

9.05

%

 

3M SOFR+ 475

 

 

 

28,046

 

 

 

27,917

 

 

 

28,046

 

Lightspeed Buyer Inc. - Unfunded Term Loan (8)

 

06/02/2025

 

Healthcare Technology

 

 

 

 

 

 

 

 

864

 

 

 

 

 

 

 

Lightspeed Buyer Inc. - Unfunded Revolver (6), (8)

 

02/03/2027

 

Healthcare Technology

 

 

 

 

 

 

 

 

2,499

 

 

 

 

 

 

 

LJ Avalon Holdings, LLC

 

01/31/2030

 

Construction & Engineering

 

 

9.07

%

 

3M SOFR+ 475

 

 

 

2,795

 

 

 

2,762

 

 

 

2,795

 

LJ Avalon Holdings, LLC - Unfunded Term Loan (8)

 

10/01/2025

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,892

 

 

 

 

 

 

9

 

LJ Avalon Holdings, LLC - Unfunded Revolver (6), (8)

 

01/31/2030

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,130

 

 

 

 

 

 

 

Loving Tan Intermediate II, Inc.

 

05/31/2028

 

Personal Products

 

 

10.30

%

 

3M SOFR+ 600

 

 

 

44,839

 

 

 

44,253

 

 

 

44,839

 

Loving Tan Intermediate II, Inc. - Unfunded Term Loan (8)

 

07/14/2025

 

Personal Products

 

 

 

 

 

 

 

 

23,464

 

 

 

 

 

 

235

 

Loving Tan Intermediate II, Inc. - Funded Revolver

 

05/31/2028

 

Personal Products

 

 

10.30

%

 

3M SOFR+ 600

 

 

 

2,492

 

 

 

2,492

 

 

 

2,492

 

Loving Tan Intermediate II, Inc. - Unfunded Revolver (8)

 

05/31/2028

 

Personal Products

 

 

 

 

 

 

 

 

2,847

 

 

 

 

 

 

 

LSF9 Atlantis Holdings, LLC

 

07/02/2029

 

Specialty Retail

 

 

8.55

%

 

3M SOFR+ 425

 

 

 

6,291

 

 

 

6,291

 

 

 

6,263

 

Lucky Bucks, LLC - First-out Term Loan

 

10/02/2028

 

Hotels, Restaurants and Leisure

 

 

11.97

%

 

1M SOFR+ 765

 

 

 

258

 

 

 

258

 

 

 

258

 

Lucky Bucks, LLC - Last-out Term Loan

 

10/02/2029

 

Hotels, Restaurants and Leisure

 

 

11.97

%

 

1M SOFR+ 765

 

 

 

520

 

 

 

520

 

 

 

520

 

MAG DS Corp.

 

04/01/2027

 

Aerospace and Defense

 

 

9.93

%

 

3M SOFR+ 560

 

 

 

7,249

 

 

 

7,019

 

 

 

6,742

 

Marketplace Events Acquisition, LLC

 

12/19/2030

 

Media

 

 

9.47

%

 

3M SOFR+ 525

 

 

 

55,438

 

 

 

54,925

 

 

 

54,884

 

Marketplace Events Acquisition, LLC - Unfunded Term Loan (8)

 

06/19/2026

 

Media

 

 

 

 

 

 

 

 

9,754

 

 

 

 

 

 

 

Marketplace Events Acquisition, LLC - Unfunded Revolver (8)

 

12/19/2030

 

Media

 

 

 

 

 

 

 

 

6,096

 

 

 

 

 

 

(61

)

MBS Holdings, Inc. - Unfunded Revolver (6), (8)

 

04/16/2027

 

Internet Software and Services

 

 

 

 

 

 

 

 

1,157

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

MDI Buyer, Inc.

 

07/25/2028

 

Commodity Chemicals

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

5,091

 

 

 

5,041

 

 

 

5,015

 

MDI Buyer, Inc. - Unfunded Term Loan (8)

 

07/25/2028

 

Commodity Chemicals

 

 

 

 

 

 

 

 

4,416

 

 

 

 

 

 

(33

)

MDI Buyer, Inc. - Funded Revolver

 

07/25/2028

 

Commodity Chemicals

 

 

11.50

%

 

3M SOFR+ 400

 

 

 

1,186

 

 

 

1,186

 

 

 

1,169

 

MDI Buyer, Inc. - Unfunded Revolver (6), (8)

 

07/25/2028

 

Commodity Chemicals

 

 

 

 

 

 

 

 

691

 

 

 

 

 

 

(10

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

Professional Services

 

 

9.95

%

 

3M SOFR+ 565

 

 

 

1,948

 

 

 

1,931

 

 

 

1,919

 

Meadowlark Acquirer, LLC - Funded Revolver

 

12/10/2027

 

Professional Services

 

 

9.95

%

 

3M SOFR+ 565

 

 

 

451

 

 

 

451

 

 

 

445

 

Meadowlark Acquirer, LLC - Unfunded Revolver (8)

 

12/10/2027

 

Professional Services

 

 

 

 

 

 

 

 

1,241

 

 

 

 

 

 

(19

)

Medina Health, LLC

 

10/20/2028

 

Healthcare Providers and Services

 

 

10.58

%

 

3M SOFR+ 625

 

 

 

17,730

 

 

 

17,495

 

 

 

17,819

 

Medina Health, LLC - Unfunded Revolver (8)

 

10/20/2028

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

5,187

 

 

 

 

 

 

26

 

Megawatt Acquisitionco, Inc.

 

03/01/2030

 

Electronic Equipment, Instruments, and Components

 

 

9.83

%

 

3M SOFR+ 550

 

 

 

6,930

 

 

 

6,842

 

 

 

6,177

 

Megawatt Acquisitionco, Inc. - Funded Revolver

 

03/01/2030

 

Electronic Equipment, Instruments, and Components

 

 

9.82

%

 

3M SOFR+ 550

 

 

 

926

 

 

 

926

 

 

 

826

 

Megawatt Acquisitionco, Inc. - Unfunded Revolver (8)

 

03/01/2030

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,324

 

 

 

 

 

 

(252

)

MOREGroup Holdings, Inc.

 

01/16/2030

 

Construction & Engineering

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

31,680

 

 

 

31,288

 

 

 

31,680

 

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

 

 

9.48

%

 

3M SOFR+ 515

 

 

 

3,283

 

 

 

3,255

 

 

 

3,283

 

Municipal Emergency Services, Inc. - Unfunded Term Loan (8)

 

09/28/2027

 

Distributors

 

 

 

 

 

 

 

 

909

 

 

 

 

 

 

9

 

Municipal Emergency Services, Inc. - Funded Revolver

 

10/01/2027

 

Distributors

 

 

11.50

%

 

3M SOFR+ 400

 

 

 

47

 

 

 

47

 

 

 

47

 

Municipal Emergency Services, Inc. - Unfunded Revolver (6), (8)

 

10/01/2027

 

Distributors

 

 

 

 

 

 

 

 

899

 

 

 

 

 

 

 

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

 

 

10.68

%

 

3M SOFR+ 635

 

 

 

19,700

 

 

 

19,380

 

 

 

19,700

 

NORA Acquisition, LLC - Funded Revolver

 

08/31/2029

 

Healthcare Providers and Services

 

 

10.65

%

 

3M SOFR+ 635

 

 

 

822

 

 

 

822

 

 

 

822

 

NORA Acquisition, LLC - Unfunded Revolver (6), (8)

 

08/31/2029

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

4,657

 

 

 

-

 

 

 

-

 

Omnia Exterior Solutions, LLC

 

12/31/2029

 

Diversified Consumer Services

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

23,635

 

 

 

23,455

 

 

 

23,458

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan (8)

 

09/30/2026

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

12,802

 

 

 

 

 

 

16

 

Omnia Exterior Solutions, LLC - Unfunded Revolver (6), (8)

 

12/31/2029

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

4,200

 

 

 

 

 

 

(32

)

One Stop Mailing, LLC

 

05/07/2027

 

Air Freight and Logistics

 

 

10.69

%

 

3M SOFR+ 636

 

 

 

8,381

 

 

 

8,305

 

 

 

8,381

 

ORL Acquisition, Inc. (6)

 

09/03/2027

 

Consumer Finance

 

 

13.70

%

 

3M SOFR+ 940

 

 

 

4,850

 

 

 

4,807

 

 

 

4,292

 

 

 

 

 

 

 

(PIK 7.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

ORL Acquisition, Inc. - Unfunded Revolver (6), (8)

 

09/03/2027

 

Consumer Finance

 

 

 

 

 

 

 

 

215

 

 

 

 

 

 

(25

)

OSP Embedded Purchaser, LLC

 

12/17/2029

 

Aerospace and Defense

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

40,540

 

 

 

40,133

 

 

 

39,932

 

OSP Embedded Purchaser, LLC - Unfunded Revolver (8)

 

12/17/2029

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,932

 

 

 

 

 

 

(44

)

Output Services Group, Inc. - First-out Term Loan

 

11/30/2028

 

Business Services

 

 

12.86

%

 

3M SOFR+ 843

 

 

 

521

 

 

 

521

 

 

 

521

 

Output Services Group, Inc. - Last-out Term Loan

 

05/30/2028

 

Business Services

 

 

11.11

%

 

3M SOFR+ 667

 

 

 

1,058

 

 

 

1,058

 

 

 

1,058

 

Owl Acquisition, LLC

 

02/04/2028

 

Professional Services

 

 

9.67

%

 

3M SOFR+ 535

 

 

 

3,890

 

 

 

3,821

 

 

 

3,832

 

Pacific Purchaser, LLC

 

10/02/2028

 

Professional Services

 

 

10.54

%

 

3M SOFR+ 625

 

 

 

6,014

 

 

 

5,923

 

 

 

6,038

 

Pacific Purchaser, LLC - Unfunded Term Loan (8)

 

10/02/2028

 

Professional Services

 

 

 

 

 

 

 

 

2,518

 

 

 

 

 

 

48

 

Pacific Purchaser, LLC - Unfunded Revolver (8)

 

10/02/2028

 

Professional Services

 

 

 

 

 

 

 

 

1,799

 

 

 

 

 

 

7

 

PAR Excellence Holdings, Inc.

 

09/03/2030

 

Healthcare Technology

 

 

9.32

%

 

3M SOFR+ 500

 

 

 

27,569

 

 

 

27,310

 

 

 

27,293

 

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

 

 

 

9,112

 

 

 

9,005

 

 

 

9,158

 

PCS Midco, Inc. - Unfunded Term Loan (8)

 

03/02/2026

 

Professional Services

 

 

 

 

 

 

 

 

2,249

 

 

 

 

 

 

34

 

PCS Midco, Inc. - Revolver

 

03/01/2030

 

Professional Services

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

310

 

 

 

310

 

 

 

311

 

PCS Midco, Inc. - Unfunded Revolver (8)

 

03/01/2030

 

Professional Services

 

 

 

 

 

 

 

 

1,461

 

 

 

 

 

 

7

 

PL Acquisitionco, LLC

 

11/09/2027

 

Textiles, Apparel and Luxury Goods

 

 

11.50

%

 

3M SOFR+ 725

 

 

 

5,986

 

 

 

5,934

 

 

 

4,190

 

 

 

 

 

 

 

(PIK 7.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PL Acquisitionco, LLC - Unfunded Revolver (8)

 

11/09/2027

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

1,145

 

 

 

 

 

 

(343

)

PlayPower, Inc.

 

08/28/2030

 

Leisure Products

 

 

9.30

%

 

1M SOFR+ 500

 

 

 

32,248

 

 

 

32,046

 

 

 

31,926

 

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

 

 

 

18,454

 

 

 

18,283

 

 

 

18,177

 

Project Granite Buyer, Inc. - Unfunded Term Loan (8)

 

12/31/2026

 

Professional Services

 

 

 

 

 

 

 

 

1,708

 

 

 

 

 

 

(9

)

Project Granite Buyer,Inc. - Unfunded Revolver (8)

 

12/31/2030

 

Professional Services

 

 

 

 

 

 

 

 

2,846

 

 

 

 

 

 

(43

)

Pragmatic Institute, LLC

 

03/28/2030

 

Professional Services

 

 

9.80

%

 

 

 

 

 

550

 

 

 

550

 

 

 

550

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Rancho Health MSO, Inc.

 

06/20/2029

 

Healthcare Equipment and Supplies

 

 

9.56

%

 

3M SOFR+ 525

 

 

 

4,298

 

 

 

4,279

 

 

 

4,298

 

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

 

 

9.60

%

 

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

 

 

11.45

%

 

3M SOFR+ 715

 

 

 

1,440

 

 

 

1,435

 

 

 

1,433

 

Recteq, LLC - Funded Revolver

 

01/29/2026

 

Leisure Products

 

 

11.24

%

 

3M SOFR+ 700

 

 

 

648

 

 

 

648

 

 

 

645

 

Recteq, LLC - Unfunded Revolver (6), (8)

 

01/29/2026

 

Leisure Products

 

 

 

 

 

 

 

 

648

 

 

 

 

 

 

(3

)

Riverpoint Medical, LLC

 

06/21/2027

 

Healthcare Equipment and Supplies

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

9,778

 

 

 

9,767

 

 

 

9,778

 

Riverpoint Medical, LLC - Funded Revolver (6)

 

06/21/2027

 

Healthcare Equipment and Supplies

 

 

9.32

%

 

3M SOFR+ 500

 

 

 

104

 

 

 

104

 

 

 

104

 

Riverpoint Medical, LLC - Unfunded Revolver (6), (8)

 

06/21/2027

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

805

 

 

 

 

 

 

 

Ro Health, LLC

 

01/17/2031

 

Healthcare Providers and Services

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

16,476

 

 

 

16,360

 

 

 

16,312

 

Ro Health, LLC - Funded Revolver

 

01/17/2031

 

Healthcare Providers and Services

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

1,941

 

 

 

1,941

 

 

 

1,922

 

Ro Health, LLC - Unfunded Revolver (8)

 

01/17/2031

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

5,824

 

 

 

 

 

 

(58

)

RRA Corporate, LLC

 

08/15/2029

 

Diversified Consumer Services

 

 

9.54

%

 

3M SOFR+ 525

 

 

 

14,129

 

 

 

14,003

 

 

 

13,776

 

RRA Corporate, LLC - Unfunded Term Loan 2 (8)

 

08/17/2026

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

21,719

 

 

 

 

 

 

(326

)

RRA Corporate, LLC - Funded Revolver

 

08/15/2029

 

Diversified Consumer Services

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

1,948

 

 

 

1,948

 

 

 

1,899

 

RRA Corporate, LLC - Unfunded Revolver (8)

 

08/15/2029

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

4,769

 

 

 

 

 

 

(119

)

RTIC Subsidiary Holdings, LLC

 

05/03/2029

 

Leisure Products

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

41,784

 

 

 

41,230

 

 

 

40,844

 

RTIC Subsidiary Holdings, LLC - Funded Revolver

 

05/03/2029

 

Leisure Products

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

4,708

 

 

 

4,708

 

 

 

4,602

 

RTIC Subsidiary Holdings, LLC - Unfunded Revolver (8)

 

05/03/2029

 

Leisure Products

 

 

 

 

 

 

 

 

4,708

 

 

 

 

 

 

(106

)

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

06/15/2029

 

Professional Services

 

 

10.08

%

 

3M SOFR+ 575

 

 

 

1,135

 

 

 

1,120

 

 

 

1,112

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (8)

 

06/26/2026

 

Professional Services

 

 

 

 

 

 

 

 

1,146

 

 

 

 

 

 

(17

)

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Funded Revolver

 

06/15/2029

 

Professional Services

 

 

10.05

%

 

3M SOFR+ 575

 

 

 

201

 

 

 

201

 

 

 

197

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Revolver (6), (8)

 

06/15/2029

 

Professional Services

 

 

 

 

 

 

 

 

659

 

 

 

 

 

 

(13

)

Sabel Systems Technology Solutions, LLC

 

10/31/2030

 

Government Services

 

 

10.55

%

 

3M SOFR+ 625

 

 

 

26,783

 

 

 

26,537

 

 

 

26,783

 

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

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

13,489

 

 

 

13,310

 

 

 

13,489

 

Safe Haven Defense US LLC - Unfunded Revolver (8)

 

05/23/2029

 

Building Products

 

 

 

 

 

 

 

 

2,920

 

 

 

 

 

 

 

Sales Benchmark Index LLC

 

07/07/2026

 

Professional Services

 

 

10.53

%

 

3M SOFR+ 620

 

 

 

2,519

 

 

 

2,514

 

 

 

2,519

 

Sales Benchmark Index LLC - Funded Revolver

 

07/07/2026

 

Professional Services

 

 

9.50

%

 

3M SOFR+ 520

 

 

 

431

 

 

 

431

 

 

 

431

 

Sales Benchmark Index LLC - Unfunded Revolver (6), (8)

 

07/07/2026

 

Professional Services

 

 

 

 

 

 

 

 

646

 

 

 

 

 

 

 

Sath Industries, LLC

 

12/17/2029

 

Event Services

 

 

10.04

%

 

3M SOFR+ 575

 

 

 

11,352

 

 

 

11,249

 

 

 

11,238

 

Sath Industries, LLC- Unfunded Term Loan B (8)

 

12/17/2026

 

Event Services

 

 

 

 

 

 

 

 

9,865

 

 

 

 

 

 

 

Sath Industries, LLC - Unfunded Revolver (8)

 

12/17/2029

 

Event Services

 

 

 

 

 

 

 

 

2,466

 

 

 

 

 

 

(25

)

Schlesinger Global, Inc.

 

07/14/2025

 

Professional Services

 

 

12.92

%

 

3M SOFR+ 860

 

 

 

15,680

 

 

 

15,667

 

 

 

14,896

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Funded Revolver

 

07/14/2025

 

Professional Services

 

 

12.92

%

 

3M SOFR+ 860

 

 

 

1,626

 

 

 

1,626

 

 

 

1,544

 

 

 

 

 

 

 

(PIK 5.85%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. - Unfunded Revolver (6), (8)

 

07/14/2025

 

Professional Services

 

 

 

 

 

 

 

 

401

 

 

 

 

 

 

(20

)

Seacoast Service Partners, LLC

 

12/20/2029

 

Diversified Consumer Services

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

9,148

 

 

 

9,075

 

 

 

8,956

 

Seacoast Service Partners, LLC - Unfunded Term Loan (8)

 

12/21/2026

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

7,155

 

 

 

-

 

 

 

(88

)

Seacoast Service Partners, LLC - Funded Revolver

 

12/20/2029

 

Diversified Consumer Services

 

 

9.30

%

 

3M SOFR+ 500

 

 

 

361

 

 

 

361

 

 

 

353

 

Seacoast Service Partners, LLC - Unfunded Revolver (8)

 

12/20/2029

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,762

 

 

 

 

 

 

(37

)

Seaway Buyer, LLC

 

06/13/2029

 

Chemicals, Plastics and Rubber

 

 

10.47

%

 

3M SOFR+ 615

 

 

 

1,892

 

 

 

1,872

 

 

 

1,783

 

Sigma Defense Systems, LLC

 

12/20/2027

 

IT Services

 

 

11.20

%

 

3M SOFR+ 690

 

 

 

20,522

 

 

 

20,302

 

 

 

20,522

 

Sigma Defense Systems, LLC - Funded Revolver

 

12/20/2027

 

IT Services

 

 

11.20

%

 

3M SOFR+ 690

 

 

 

2,547

 

 

 

2,547

 

 

 

2,547

 

Sigma Defense Systems, LLC - Unfunded Revolver (6), (8)

 

12/20/2027

 

IT Services

 

 

 

 

 

 

 

 

3,007

 

 

 

 

 

 

 

Smartronix, LLC

 

02/06/2032

 

Aerospace and Defense

 

 

8.80

%

 

1M SOFR+ 450

 

 

 

6,000

 

 

 

5,941

 

 

 

5,980

 

Smile Brands Inc.

 

10/12/2027

 

Healthcare and Pharmaceuticals

 

 

10.43

%

 

1M SOFR+ 610

 

 

 

2,495

 

 

 

2,495

 

 

 

2,208

 

 

 

 

 

 

 

(PIK 1.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Smile Brands Inc. - Funded Revolver

 

10/12/2027

 

Healthcare and Pharmaceuticals

 

 

10.43

%

 

1M SOFR+ 610

 

 

 

694

 

 

 

694

 

 

 

614

 

Smile Brands Inc. - Unfunded Revolver (6), (8)

 

10/12/2027

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

855

 

 

 

 

 

 

(98

)

Smile Brands Inc. LC - Unfunded Revolver (6), (8)

 

10/12/2027

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

(12

)

Solutionreach, Inc.

 

07/17/2025

 

Healthcare Technology

 

 

11.44

%

 

3M SOFR+ 715

 

 

 

4,657

 

 

 

4,651

 

 

 

4,643

 

Solutionreach, Inc. - Funded Revolver

 

07/17/2025

 

Healthcare Technology

 

 

11.45

%

 

3M SOFR+ 715

 

 

 

833

 

 

 

833

 

 

 

830

 

Spendmend Holdings LLC

 

03/01/2028

 

Healthcare Technology

 

 

9.47

%

 

3M SOFR+ 515

 

 

 

2,625

 

 

 

2,604

 

 

 

2,625

 

Spendmend Holdings LLC - Unfunded Term Loan (8)

 

11/25/2026

 

Healthcare Technology

 

 

 

 

 

 

 

 

3,261

 

 

 

 

 

 

16

 

Spendmend Holdings LLC - Unfunded Revolver (8)

 

03/01/2028

 

Healthcare Technology

 

 

 

 

 

 

 

 

891

 

 

 

 

 

 

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

Healthcare Providers and Services

 

 

8.55

%

 

3M SOFR+ 425

 

 

 

1,980

 

 

 

1,968

 

 

 

1,633

 

SV-Aero Holdings, LLC - Term Loan

 

11/01/2030

 

Aerospace and Defense

 

 

9.55

%

 

3M SOFR+ 525

 

 

 

15,470

 

 

 

15,402

 

 

 

15,470

 

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

 

 

9.28

%

 

3M SOFR+ 500

 

 

 

31,708

 

 

 

31,441

 

 

 

31,834

 

System Planning and Analysis, Inc. - Funded Revolver

 

08/16/2027

 

Aerospace and Defense

 

 

9.26

%

 

3M SOFR+ 500

 

 

 

774

 

 

 

774

 

 

 

774

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) - Unfunded Term Loan (8)

 

08/16/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,186

 

 

 

 

 

 

14

 

System Planning and Analysis, Inc. - Unfunded Revolver (8)

 

08/16/2027

 

Aerospace and Defense

 

 

 

 

 

 

 

 

7,590

 

 

 

 

 

 

 

S101 Holdings, Inc.

 

12/29/2026

 

Electronic Equipment, Instruments, and Components

 

 

9.96

%

 

3M SOFR+ 565

 

 

 

12,376

 

 

 

12,268

 

 

 

12,376

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

01/23/2029

 

Media

 

 

10.82

%

 

3M SOFR+ 650

 

 

 

6,930

 

 

 

6,834

 

 

 

6,930

 

TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver

 

01/23/2029

 

Media

 

 

13.00

%

 

3M SOFR+ 550

 

 

 

243

 

 

 

243

 

 

 

243

 

TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver (8)

 

01/23/2029

 

Media

 

 

 

 

 

 

 

 

2,184

 

 

 

 

 

 

 

Team Services Group, LLC

 

12/20/2027

 

Healthcare Providers and Services

 

 

9.54

%

 

3M SOFR+ 525

 

 

 

15,373

 

 

 

15,156

 

 

 

14,927

 

The Bluebird Group LLC

 

07/28/2026

 

Professional Services

 

 

10.98

%

 

3M SOFR+ 665

 

 

 

8,532

 

 

 

8,469

 

 

 

8,532

 

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

 

 

 

8,935

 

 

 

8,865

 

 

 

8,872

 

The Vertex Companies, LLC - Unfunded Term Loan (8)

 

11/04/2026

 

Construction & Engineering

 

 

 

 

 

 

 

 

9,122

 

 

 

 

 

 

5

 

The Vertex Companies, LLC - Unfunded Revolver (6), (8)

 

08/31/2028

 

Construction & Engineering

 

 

 

 

 

 

 

 

5,472

 

 

 

 

 

 

(38

)

TPC US Parent, LLC

 

11/24/2025

 

Food Products

 

 

10.21

%

 

3M SOFR+ 590

 

 

 

11,827

 

 

 

11,782

 

 

 

11,827

 

TransGo, LLC

 

12/29/2028

 

Auto Components

 

 

10.07

%

 

3M SOFR+ 575

 

 

 

11,248

 

 

 

11,107

 

 

 

11,304

 

TransGo, LLC - Unfunded Revolver (6), (8)

 

12/29/2028

 

Auto Components

 

 

 

 

 

 

 

 

4,440

 

 

 

 

 

 

22

 

Tyto Athene, LLC

 

04/03/2028

 

IT Services

 

 

9.21

%

 

3M SOFR+ 490

 

 

 

11,928

 

 

 

11,836

 

 

 

11,785

 

US Fertility Enterprises, LLC - Unfunded Term Loan (8)

 

10/07/2026

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

54

 

 

 

 

 

 

 

Urology Management Holdings, Inc.

 

06/15/2027

 

Healthcare Providers and Services

 

 

9.83

%

 

1M SOFR+ 550

 

 

 

3,588

 

 

 

3,573

 

 

 

3,581

 

Urology Management Holdings, Inc. - Unfunded Term Loan (8)

 

09/03/2026

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,400

 

 

 

 

 

 

7

 

VRS Buyer, Inc.

 

11/22/2030

 

Road and Rail

 

 

9.08

%

 

3M SOFR+ 475

 

 

 

8,000

 

 

 

7,944

 

 

 

7,940

 

VRS Buyer, Inc. - Unfunded Term Loan (8)

 

11/23/2026

 

Road and Rail

 

 

 

 

 

 

 

 

7,644

 

 

 

 

 

 

 

VRS Buyer, Inc. - Unfunded Revolver (8)

 

11/22/2030

 

Road and Rail

 

 

 

 

 

 

 

 

3,822

 

 

 

 

 

 

(29

)

Walker Edison Furniture, LLC - Term Loan (10)

 

03/01/2029

 

Wholesale

 

 

 

 

 

 

 

 

7,139

 

 

 

6,276

 

 

 

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan (8), (10)

 

03/01/2029

 

Wholesale

 

 

 

 

 

 

 

 

583

 

 

 

 

 

 

(583

)

Walker Edison Furniture Company, LLC - Funded Junior Revolver (10)

 

03/01/2029

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,150

 

Watchtower Intermediate, LLC

 

12/03/2029

 

Electronic Equipment, Instruments, and Components

 

 

10.33

%

 

3M SOFR+ 600

 

 

 

11,114

 

 

 

10,977

 

 

 

11,070

 

Watchtower Intermediate, LLC - Unfunded Revolver (8)

 

12/03/2029

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

6,300

 

 

 

 

 

 

(25

)

Wrench Group, LLC

 

10/30/2028

 

Commercial Services & Supplies

 

 

8.59

%

 

3M SOFR+ 426

 

 

 

3,465

 

 

 

3,460

 

 

 

3,283

 

Zips Car Wash, LLC (10)

 

03/31/2028

 

Automobiles

 

 

 

 

 

 

 

 

12,905

 

 

 

12,549

 

 

 

10,034

 

Zips Car Wash, LLC - DIP

 

10/31/2025

 

Automobiles

 

 

11.70

%

 

3M SOFR+ 740

 

 

 

592

 

 

 

592

 

 

 

592

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,893,825

 

 

$

1,862,523

 

Subordinate Debt - 0.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beacon Behavioral Holdings LLC

 

06/21/2030

 

Healthcare Providers and Services

 

 

15.00

%

 

 

 

 

 

1,123

 

 

 

1,109

 

 

 

1,111

 

ORL Holdco, Inc. - Convertible Notes

 

03/08/2028

 

Consumer Finance

 

 

18.00

%

 

 

 

 

 

13

 

 

 

13

 

 

 

11

 

ORL Holdco, Inc. - Unfunded Convertible Notes (8)

 

03/08/2028

 

Consumer Finance

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

(2

)

OSP Embedded Aggregator, LP - Convertible Note

 

05/08/2030

 

Aerospace and Defense

 

 

12.00

%

 

 

 

 

 

47

 

 

 

471

 

 

 

504

 

Schlesinger Global, LLC - Promissory Note

 

01/08/2026

 

Professional Services

 

 

12.31

%

 

3M SOFR+ 700

 

 

 

66

 

 

 

66

 

 

 

136

 

StoicLane, Inc. - Convertible Notes

 

08/16/2027

 

Healthcare Technology

 

 

12.00

%

 

 

 

 

 

2,288

 

 

 

2,288

 

 

 

2,540

 

StoicLane, Inc. - Unfunded Convertible Notes (8)

 

08/16/2027

 

Healthcare Technology

 

 

 

 

 

 

 

 

763

 

 

 

 

 

 

84

 

Total Subordinate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,947

 

 

$

4,384

 

Preferred Equity - 1.8% (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounting Platform Blocker, Inc

 

 

 

Professional Services

 

 

 

 

 

 

 

 

1,075,900

 

 

 

1,076

 

 

 

1,076

 

Ad.net Holdings, Inc.

 

 

 

Media

 

 

 

 

 

 

 

 

6,720

 

 

 

672

 

 

 

839

 

AFC Acquisitions, Inc. (7)

 

 

 

Distributors

 

 

 

 

 

 

 

 

854

 

 

 

1,314

 

 

 

1,289

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (6), (7)

 

 

 

Media

 

 

 

 

 

 

 

 

2,018

 

 

 

2,018

 

 

 

1,878

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

BioDerm Holdings, LP

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,313

 

 

 

1,313

 

 

 

1,426

 

Cartessa Aesthetics, LLC (7)

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,438

 

 

 

2,890

 

Connatix Parent, LLC

 

 

 

Media

 

 

 

 

 

 

 

 

5,311

 

 

 

5

 

 

 

5

 

C5MI Holdco, LLC. (7)

 

 

 

IT Services

 

 

 

 

 

 

 

 

228,900

 

 

 

223

 

 

 

250

 

EvAL Home Health Solutions, LLC (7)

 

 

 

Healthcare, Education and Childcare

 

 

 

 

 

 

 

 

876,386

 

 

 

1,455

 

 

 

1,392

 

Gauge Schlesinger Coinvest LLC

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64

 

 

 

64

 

 

 

23

 

Hancock Claims Consultants Investors, LLC (7)

 

 

 

Insurance

 

 

 

 

 

 

 

 

116,588

 

 

 

76

 

 

 

167

 

Imagine Topco, LP

 

 

 

Software

 

 

8.00

%

 

 

 

 

 

1,236,027

 

 

 

1,236

 

 

 

1,564

 

Magnolia Topco LP - Class A (7)

 

 

 

Automobiles

 

 

 

 

 

 

 

 

47

 

 

 

47

 

 

 

34

 

Magnolia Topco LP - Class B (7)

 

 

 

Automobiles

 

 

 

 

 

 

 

 

31

 

 

 

20

 

 

 

 

Megawatt Acquisition Partners, LLC

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

9,360

 

 

 

936

 

 

 

481

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (6)

 

 

 

IT Services

 

 

 

 

 

 

 

 

1,935

 

 

 

1,935

 

 

 

2,690

 

ORL Holdco, Inc. (6)

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,327

 

 

 

133

 

 

 

21

 

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

 

 

 

1,585

 

RTIC Parent Holdings, LLC - Class D (7)

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

19,584

 

 

 

196

 

 

 

240

 

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

 

 

 

581

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (6)

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

37

 

 

 

35

 

 

 

49

 

UniTek Global Services, Inc. - Super Senior Preferred Equity (6)

 

 

 

Telecommunications

 

 

20.00

%

 

 

 

 

 

320,711

 

 

 

321

 

 

 

646

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,420

 

 

$

19,112

 

Common Equity/Warrants - 15.1% (5)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (7)

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

647,943

 

 

 

648

 

 

 

1,016

 

ACP Big Top Holdings, L.P.

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

3,000,500

 

 

 

2,883

 

 

 

3,366

 

Ad.net Holdings, Inc. (6)

 

 

 

Media

 

 

 

 

 

 

 

 

7,467

 

 

 

75

 

 

 

 

Aechelon InvestCo, LP

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

29,917

 

 

 

2,992

 

 

 

10,012

 

Aechelon InvestCo, LP - Unfunded (8)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

33,433

 

 

 

 

 

 

 

Aftermarket Drivetrain Products Holdings, LLC

 

 

 

Auto Components

 

 

 

 

 

 

 

 

2,632

 

 

 

2,632

 

 

 

3,705

 

AG Investco LP (6), (7)

 

 

 

Software

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

189

 

AG Investco LP (6), (7), (8)

 

 

 

Software

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

(149

)

Altamira Intermediate Company II, Inc. (6)

 

 

 

IT Services

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,438

 

 

 

1,648

 

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

 

 

 

3,097

 

Azureon Holdings, LLC (7)

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,130,707

 

 

 

1,131

 

 

 

780

 

BioDerm Holdings, LP

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,313

 

 

 

 

 

 

 

Burgess Point Holdings, LP

 

 

 

Auto Components

 

 

 

 

 

 

 

 

112

 

 

 

114

 

 

 

118

 

By Light Investco LP (6), (7)

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

22,789

 

 

 

687

 

 

 

21,472

 

Carisk Parent, L.P.

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

239,680

 

 

 

240

 

 

 

232

 

Carnegie HoldCo, LLC (7)

 

 

 

Professional Services

 

 

 

 

 

 

 

 

2,719,600

 

 

 

2,646

 

 

 

2,203

 

Connatix Parent, LLC (6)

 

 

 

Media

 

 

 

 

 

 

 

 

38,278

 

 

 

421

 

 

 

47

 

Consello Pacific Aggregator, LLC (7)

 

 

 

Professional Services

 

 

 

 

 

 

 

 

1,025,476

 

 

 

973

 

 

 

805

 

Crane 1 Acquisition Parent Holdings, L.P. (6)

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

130

 

 

 

120

 

 

 

244

 

C5MI Holdco, LLC. (7)

 

 

 

IT Services

 

 

 

 

 

 

 

 

1,659,050

 

 

 

1,659

 

 

 

1,421

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (6), (7)

 

 

 

IT Services

 

 

 

 

 

 

 

 

804,615

 

 

 

763

 

 

 

1,336

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (6), (7), (8)

 

 

 

IT Services

 

 

 

 

 

 

 

 

200,255

 

 

 

 

 

 

 

DUGGAL EQUITY, LP

 

 

 

Marketing Services

 

 

 

 

 

 

 

 

686

 

 

 

686

 

 

 

657

 

eCommission Holding Corporation (6), (9)

 

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

20

 

 

 

226

 

 

 

590

 

EDS Topco, LP

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,125,000

 

 

 

1,125

 

 

 

1,625

 

Events TopCo, LP

 

 

 

Event Services

 

 

 

 

 

 

 

 

1,016,800

 

 

 

1,017

 

 

 

1,017

 

Exigo, LLC

 

 

 

Software

 

 

 

 

 

 

 

 

541,667

 

 

 

542

 

 

 

637

 

FedHC InvestCo LP (6), (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

22,671

 

 

 

810

 

 

 

3,010

 

FedHC InvestCo LP (6), (7), (8)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

3,721

 

 

 

 

 

 

 

Five Star Parent Holdings, LLC

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

655,714

 

 

 

656

 

 

 

392

 

Gauge ETE Blocker, LLC

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

374,444

 

 

 

374

 

 

 

332

 

Gauge Lash Coinvest LLC (6)

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,840,021

 

 

 

1,393

 

 

 

4,401

 

Gauge Loving Tan, LP

 

 

 

Personal Products

 

 

 

 

 

 

 

 

2,914,701

 

 

 

2,915

 

 

 

3,490

 

Gauge Schlesinger Coinvest LLC (6)

 

 

 

Professional Services

 

 

 

 

 

 

 

 

465

 

 

 

476

 

 

 

167

 

GCP Boss Holdco, LLC

 

 

 

Independent Power and Renewable Electricity Producers

 

 

 

 

 

 

 

 

2,194,800

 

 

 

2,195

 

 

 

2,305

 

GCOM InvestCo LP (6)

 

 

 

IT Services

 

 

 

 

 

 

 

 

19,184

 

 

 

3,342

 

 

 

4,675

 

GGG Topco, LLC (7)

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,759,800

 

 

 

2,760

 

 

 

2,752

 

GMP Hills, L.P.

 

 

 

Distributors

 

 

 

 

 

 

 

 

4,430,843

 

 

 

4,431

 

 

 

4,387

 

Hancock Claims Consultants Investors, LLC (6), (7)

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

448

 

 

 

333

 

HPA SPQ Aggregator LP

 

 

 

Professional Services

 

 

 

 

 

 

 

 

750,399

 

 

 

750

 

 

 

548

 

HV Watterson Holdings, LLC

 

 

 

Professional Services

 

 

 

 

 

 

 

 

100,000

 

 

 

100

 

 

 

 

Icon Partners V C, L.P.

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

1,885,663

 

 

 

1,886

 

 

 

1,844

 

Icon Partners V C, L.P. (6), (8)

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

614,337

 

 

 

 

 

 

(13

)

IIN Group Holdings, LLC (7)

 

 

 

Consumer Services

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000

 

 

 

 

Imagine Topco, LP

 

 

 

Software

 

 

 

 

 

 

 

 

1,236,027

 

 

 

 

 

 

 

IHS Parent Holdngs, L.P.

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,850

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Ironclad Holdco, LLC (Applied Technical Services, LLC) (6)

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

6,355

 

 

 

668

 

 

 

987

 

ITC Infusion Co-invest, LP (7)

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

116,032

 

 

 

1,195

 

 

 

2,353

 

Kinetic Purchaser, LLC

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,734,775

 

 

 

1,735

 

 

 

410

 

KL Stockton Co-Invest LP (Any Hour Services) (6), (7)

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

382,353

 

 

 

385

 

 

 

649

 

Lightspeed Investment Holdco LLC (6)

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

585,587

 

 

 

586

 

 

 

2,204

 

LJ Avalon, LP

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,638,043

 

 

 

1,638

 

 

 

2,424

 

Lucky Bucks, LLC

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

73,870

 

 

 

2,062

 

 

 

589

 

Marketplace Events Holdings, LP

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

40,990

 

 

 

4,099

 

 

 

4,118

 

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

 

 

 

1,119

 

 

 

1,140

 

Meadowlark Title, LLC (7)

 

 

 

Professional Services

 

 

 

 

 

 

 

 

819,231

 

 

 

806

 

 

 

 

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

 

 

 

3,592

 

NEPRT Parent Holdings, LLC (Recteq, LLC) (6), (7)

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

1,494

 

 

 

1,438

 

 

 

130

 

New Insight Holdings, Inc.

 

 

 

Business Services

 

 

 

 

 

 

 

 

158,348

 

 

 

2,771

 

 

 

3,495

 

New Medina Health, LLC (7)

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,672,646

 

 

 

2,673

 

 

 

3,129

 

NFS - CFP Holdings LLC

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,337,017

 

 

 

1,337

 

 

 

1,368

 

NORA Parent Holdings, LLC (7)

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,544

 

 

 

2,525

 

 

 

1,494

 

North Haven Saints Equity Holdings, LP (7)

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

223,602

 

 

 

224

 

 

 

235

 

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

 

 

 

2,431

 

OES Co-Invest, LP - Class A

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,560

 

 

 

1,574

 

 

 

2,215

 

OHCP V BC COI, L.P.

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,166,407

 

 

 

1,166

 

 

 

758

 

OHCP V BC COI, L.P. (8)

 

 

 

Distributors

 

 

 

 

 

 

 

 

83,593

 

 

 

 

 

 

(29

)

ORL Holdco, Inc. (6)

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,327

 

 

 

15

 

 

 

 

OSP Embedded Aggregator, LP

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,728

 

 

 

1,728

 

 

 

1,849

 

Output Services Group, Inc.

 

 

 

Business Services

 

 

 

 

 

 

 

 

80,170

 

 

 

642

 

 

 

882

 

PAR Excellence Holdings, Inc.

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

1,902

 

 

 

1,902

 

 

 

2,242

 

PCS Parent, LP

 

 

 

Professional Services

 

 

 

 

 

 

 

 

423,247

 

 

 

423

 

 

 

444

 

PennantPark-TSO Senior Loan Fund, LP (6), (9)

 

 

 

Financial Services

 

 

 

 

 

 

 

 

11,167,847

 

 

 

11,168

 

 

 

8,624

 

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

 

 

 

1,142

 

Quad (U.S.) Co-Invest, L.P.

 

 

 

Professional Services

 

 

 

 

 

 

 

 

266,864

 

 

 

267

 

 

 

350

 

QuantiTech InvestCo LP (6), (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

700

 

 

 

 

 

 

172

 

QuantiTech InvestCo LP (6), (7) (8)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (6), (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

14

 

 

 

12

 

RFMG Parent, LP (Rancho Health MSO, Inc.) (6)

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,318

 

Ro Health Holdings, Inc.

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

536,400

 

 

 

536

 

 

 

536

 

Safe Haven Defense MidCo, LLC (7)

 

 

 

Building Products

 

 

 

 

 

 

 

 

596

 

 

 

596

 

 

 

700

 

SBI Holdings Investments LLC (Sales Benchmark Index LLC) (6)

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64,634

 

 

 

646

 

 

 

785

 

Sabel InvestCo, LP (7)

 

 

 

Government Services

 

 

 

 

 

 

 

 

87,524

 

 

 

2,271

 

 

 

2,866

 

Sabel InvestCo, LP - Unfunded (7), (8)

 

 

 

Government Services

 

 

 

 

 

 

 

 

131,286

 

 

 

 

 

 

 

Seaway Topco, LP

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

296

 

 

 

296

 

 

 

62

 

Seacoast Service Partners, LLC - Equity Co-Invest

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

372

 

 

 

439

 

 

 

427

 

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

 

 

 

1,447

 

StellPen Holdings, LLC (CF512, Inc.) (6)

 

 

 

Media

 

 

 

 

 

 

 

 

161,538

 

 

 

162

 

 

 

118

 

SV Aero Holdings, LLC (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

61

 

 

 

529

 

 

 

1,401

 

TAC LifePort Holdings, LLC (6), (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

533,833

 

 

 

502

 

 

 

902

 

TCG 3.0 Jogger Co-Invest, LP

 

 

 

Media

 

 

 

 

 

 

 

 

9,108

 

 

 

1,760

 

 

 

1,181

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) (7)

 

 

 

Media

 

 

 

 

 

 

 

 

223,137

 

 

 

103

 

 

 

398

 

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

 

 

 

4

 

Tinicum Space Coast Co-Invest, LLC (7)

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

466

 

 

 

4,702

 

 

 

4,961

 

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

 

 

 

1,167

 

Walker Edison Holdco LLC

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

36,458

 

 

 

3,393

 

 

 

 

Watchtower Holdings, LLC (7)

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

12,419

 

 

 

1,242

 

 

 

1,227

 

WCP IvyRehab Coinvestment, LP (7)

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

208

 

 

 

208

 

 

 

222

 

WCP IvyRehab QP CF Feeder, LP (7)

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

3,754

 

 

 

3,793

 

 

 

4,007

 

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

 

 

 

 

 

 

951

 

Total Common Equity/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

128,652

 

 

$

160,743

 

Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,043,844

 

 

$

2,046,762

 

Investments in Controlled, Affiliated Portfolio Companies - 27.9% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt - 22.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 - 5.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PennantPark Senior Secured Loan Fund I LLC (6), (9)

 

 

 

Financial Services

 

 

 

 

 

 

 

 

123,725

 

 

 

123,725

 

 

 

59,640

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

March 31, 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)

 

Total Equity Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

123,725

 

 

$

59,640

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

361,375

 

 

 

297,290

 

Total Investments - 219.7%(11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,405,219

 

 

$

2,344,052

 

Cash and Cash Equivalents - 10.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market - BlackRock Federal FD Institutional 30

 

 

 

 

 

 

4.43

%

 

 

 

 

 

 

 

$

39,820

 

 

$

39,820

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

71,548

 

 

 

71,538

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

111,368

 

 

$

111,358

 

Total Investments and Cash Equivalents - 230.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,516,587

 

 

$

2,455,410

 

Liabilities in Excess of Other Assets - (130.1)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,388,279

)

Net Assets - 100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,067,131

 

—————

(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.
(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 March 31, 2025, qualifying assets represent 88% of our total assets and non-qualifying assets represent 12% of our total assets.
(10)
Non-accrual security.
(11)
All investments are in U.S. companies unless noted otherwise.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17


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

18


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

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)

 

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

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)

 

 

 

 

 

 

 

(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

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)

 

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

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)

 

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

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)

 

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%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market - 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

24


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

25


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

1. ORGANIZATION

 

PennantPark Floating Rate Capital Ltd. ("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 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.

26


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

In March 2021 and October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5% respectively. Interest on the 2026 Notes is paid semi-annually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and 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 March 31, 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 six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 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 six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the 2022 ATM Program at an average price of $11.35 per share, raising $51.0 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 six months ended March 31, 2025, in connection with the share issuance, we incurred $0.2 million and $0.2 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and six months ended March 31, 2024, we incurred $0.6 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 credit worthiness of our portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to the Financial Accounting Standards Board’s ("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.

 

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;

 

27


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

(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 March 31, 2025, we had four portfolio companies on non-accrual status, representing 2.2% and 1.2% 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 six months ended March 31, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million, respectively, pertaining to federal excise tax. For the three and six months ended March 31, 2024, we recorded a provision for taxes on net investment income of $0.5 million and $0.7 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.

 

For the three and six months ended March 31, 2025, the Company recorded a provision for taxes of $0.5 million and $1.1 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2024, the Company recorded a provision for taxes of $0.2 million 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 March 31, 2025, and September 30, 2024, $0.6 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 six months ended March 31, 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 six months ended March 31, 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 six

28


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

months ended March 31, 2025, the Company paid zero in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and six months ended March 31, 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 six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 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 six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the 2022 ATM Program at an average price of $11.35 per share, raising $51.0 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 six months ended March 31, 2025, in connection with the share issuance, we incurred $0.2 million and $0.2 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and six months ended March 31, 2024, we incurred $0.6 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.

 

(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

29


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

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 six months ended March 31, 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 quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three and six months ended March 31, 2025 we recorded a base management fee of $5.6 million and $10.9 million, respectively, from us. For the three and six months ended March 31, 2024, we recorded a base management of $3.4 million and $6.4 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 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 six months ended March 31, 2025 we recorded $6.3 million and $13.8 million, respectively, related to incentive fees on net investment income. For the three and six months ended March 31, 2024, we recoreded $4.8 million and $9.6 million, respectively, related to incentive fees on net investment income.

30


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

 

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 six months ended March 31, 2025 and 2024, the Investment Adviser did not 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 six months ended March 31, 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 six months ended March 31, 2025 we recorded administrative expenses of approximately $0.5 million and $0.9 million, related to expenses the Administrator incurred for services described above, respectively. For the three and six months ended March 31, 2024, we recorded administrative expenses of approximately $0.5 million and $0.8 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 six months ended March 31, 2025 and 2024.

 

For the three and six months ended March 31, 2025, we sold $52.9 million and $240.6 million in investments to PSSL at fair value, respectively, and recognized zero and $(0.1) million of net realized gain (losses). For the three and six months ended March 31, 2024, we sold $77.2 million and $139.9 million in investments to PSSL at fair value, respectively, and recognized zero of net realized gains (losses), respectively.

 

For the three and six months ended March 31, 2025 and 2024, we sold no investments to PTSF.

 

As of March 31, 2025 and September 30, 2024, PFLT had a receivable from the Administrator less than $0.1 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.

31


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

 

4. INVESTMENTS

 

For the three and six months ended March 31, 2025, purchases of investments, including payment-in-kind ("PIK") interest totaled $295.0 million and $903.3 million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2025 totaled $122.4 million and $523.7 million, respectively. For the three and six months ended March 31, 2024, purchases of investments, including payment-in-kind ("PIK") interest totaled $339.1 million and $642.5 million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2024, totaled $144.8 million and $248.7 million, respectively.

Investments and cash and cash equivalents consisted of the following:

 

($ in thousands)

 

March 31, 2025

 

 

September 30, 2024

 

Investment Classification

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

1,893,825

 

 

$

1,862,523

 

 

$

1,521,496

 

 

$

1,509,048

 

First lien in PSSL

 

 

237,650

 

 

 

237,650

 

 

 

237,650

 

 

 

237,650

 

Subordinate debt

 

 

3,947

 

 

 

4,384

 

 

 

2,632

 

 

 

2,693

 

Equity

 

 

146,072

 

 

 

179,855

 

 

 

131,312

 

 

 

177,635

 

Equity interests in PSSL

 

 

123,725

 

 

 

59,640

 

 

 

101,850

 

 

 

56,478

 

Total investments

 

 

2,405,219

 

 

 

2,344,052

 

 

 

1,994,940

 

 

 

1,983,504

 

Cash and cash equivalents

 

 

111,368

 

 

 

111,358

 

 

 

112,046

 

 

 

112,050

 

Total investments and cash and cash equivalents

 

$

2,516,587

 

 

$

2,455,410

 

 

$

2,106,986

 

 

$

2,095,554

 

 

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

 

Industry Classification

 

March 31, 2025 (1)

 

September 30, 2024 (1)

 

Aerospace and Defense

 

 

12

%

 

7

%

Professional Services

 

 

10

 

 

8

 

 Healthcare Providers and Services

 

 

7

 

 

6

 

 Media

 

 

7

 

 

5

 

 Diversified Consumer Services

 

 

5

 

 

5

 

 Healthcare Technology

 

 

5

 

 

5

 

 Personal Products

 

 

5

 

 

6

 

 IT Services

 

 

5

 

 

6

 

 Commercial Services & Supplies

 

 

4

 

 

4

 

 Leisure Products

 

 

4

 

 

4

 

 Business Services

 

 

4

 

 

3

 

 Distributors

 

 

4

 

 

4

 

 Construction & Engineering

 

 

4

 

 

4

 

 High Tech Industries

 

 

3

 

 

4

 

 Electronic Equipment, Instruments, and Components

 

 

2

 

 

4

 

 Government Services

 

 

1

 

 

 

 Auto Components

 

 

1

 

 

2

 

 Independent Power and Renewable Electricity Producers

 

 

1

 

 

 

 Healthcare, Education and Childcare

 

 

1

 

 

2

 

 Healthcare Equipment and Supplies

 

 

1

 

 

1

 

 Internet Software and Services

 

 

1

 

 

1

 

 Consumer products

 

 

1

 

 

 

 Building Products

 

 

1

 

 

1

 

 Capital Equipment

 

 

1

 

 

1

 

 Food Products

 

 

1

 

 

1

 

 Event Services

 

 

1

 

 

 

 Software

 

 

1

 

 

 

 Marketing Services

 

 

1

 

 

1

 

 Metals and Mining

 

 

1

 

 

1

 

 Media: Diversified and Production

 

 

1

 

 

4

 

 Automobiles

 

 

1

 

 

1

 

 All Other

 

 

3

 

 

9

 

Total

 

 

100

%

 

100

%

 

(1) Excludes investments in PSSL

 

32


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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 March 31, 2025 and September 30, 2024, PSSL had total assets of $1,116.1 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 118 and 109 portfolio companies, respectively. As of March 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $21.2 million and the five largest investments totaled $98.7 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 March 31, 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 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. 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 Sub 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 term debt securitization is expected to be approximately 100% funded at close. The proceeds from the debt will be used to repay a portion of PSSL's $325 million secured credit facility.

 

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

 

($ in thousands)

 

March 31, 2025

 

 

September 30, 2024

 

Total investments

 

$

1,060,161

 

 

$

913,281

 

Weighted average cost yield on income producing investments

 

 

10.5

%

 

 

11.4

%

Number of portfolio companies in PSSL

 

 

118

 

 

 

109

 

Largest portfolio company investment

 

$

21,167

 

 

$

21,274

 

Total of five largest portfolio company investments

 

$

98,701

 

 

$

97,292

 

 

33


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

Below is a listing of PSSL’s individual investments as of March 31, 2025 (Par and $ in thousands):

Issuer Name (6)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

First Lien Secured Debt - 1,548.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

9.07

%

 

SOFR+475

 

 

 

2,888

 

 

$

2,846

 

 

$

2,888

 

ACP Avenu Buyer, LLC

 

10/2/2029

 

 

Business Services

 

 

9.56

%

 

SOFR+525

 

 

 

9,875

 

 

 

9,735

 

 

 

9,603

 

ACP Falcon Buyer, Inc.

 

8/1/2029

 

 

Business Services

 

 

9.81

%

 

SOFR+550

 

 

 

18,667

 

 

 

18,375

 

 

 

18,854

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

10.56

%

 

SOFR+626

 

 

 

8,663

 

 

 

8,630

 

 

 

8,663

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

10.42

%

 

SOFR+610

 

 

 

12,970

 

 

 

12,787

 

 

 

10,376

 

 

 

 

 

 

 

 

(PIK 7.92%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

10.20

%

 

SOFR+590

 

 

 

4,576

 

 

 

4,498

 

 

 

4,576

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

10.20

%

 

SOFR+590

 

 

 

4,500

 

 

 

4,468

 

 

 

4,500

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

10.20

%

 

SOFR+590

 

 

 

11,098

 

 

 

11,024

 

 

 

11,098

 

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

9.30

%

 

SOFR+500

 

 

 

5,985

 

 

 

5,976

 

 

 

5,955

 

Archer Lewis, LLC

 

8/28/2029

 

 

Commercial Services & Supplies

 

 

10.06

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,863

 

 

 

9,950

 

ARGANO, LLC

 

9/13/2029

 

 

Business Services

 

 

10.07

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,863

 

 

 

9,831

 

Beacon Behavioral Services, LLC

 

6/21/2029

 

 

Healthcare and Pharmaceuticals

 

 

9.80

%

 

SOFR+550

 

 

 

12,812

 

 

 

12,649

 

 

 

12,684

 

Best Practice Associates, LLC

 

11/8/2029

 

 

Aerospace and Defense

 

 

11.05

%

 

SOFR+675

 

 

 

9,975

 

 

 

9,898

 

 

 

9,850

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

10.05

%

 

SOFR+575

 

 

 

4,875

 

 

 

4,812

 

 

 

4,741

 

Big Top Holdings, LLC

 

2/28/2030

 

 

Business Services

 

 

10.05

%

 

SOFR+575

 

 

 

14,749

 

 

 

14,520

 

 

 

14,749

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.82

%

 

SOFR+650

 

 

 

8,843

 

 

 

8,764

 

 

 

8,754

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

9.70

%

 

SOFR+540

 

 

 

14,895

 

 

 

14,734

 

 

 

14,634

 

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.31

%

 

SOFR+600

 

 

 

8,651

 

 

 

8,639

 

 

 

8,608

 

Burgess Point Purchaser Corporation

 

7/25/2029

 

 

Automotive

 

 

9.65

%

 

SOFR+535

 

 

 

440

 

 

 

416

 

 

 

390

 

By Light Professional IT Services, LLC

 

11/16/2026

 

 

High Tech Industries

 

 

10.79

%

 

SOFR+647

 

 

 

12,781

 

 

 

12,777

 

 

 

12,781

 

C5MI Holdco, LLC

 

7/31/2029

 

 

IT Services

 

 

10.30

%

 

SOFR+600

 

 

 

14,925

 

 

 

14,729

 

 

 

14,925

 

Carisk Buyer, Inc - Amendment No.1 Term Loan

 

12/1/2029

 

 

Healthcare Technology

 

 

9.55

%

 

SOFR+525

 

 

 

9,975

 

 

 

9,908

 

 

 

9,875

 

Carnegie Dartlet, LLC

 

2/7/2030

 

 

Media: Advertising, Printing & Publishing

 

 

9.82

%

 

SOFR+550

 

 

 

15,167

 

 

 

14,963

 

 

 

15,015

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

10.05

%

 

SOFR+575

 

 

 

9,490

 

 

 

9,395

 

 

 

9,490

 

Case Works, LLC

 

10/1/2029

 

 

Professional Services

 

 

9.55

%

 

SOFR+525

 

 

 

14,963

 

 

 

14,849

 

 

 

14,873

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

10.51

%

 

SOFR+619

 

 

 

6,516

 

 

 

6,468

 

 

 

6,419

 

Commercial Fire Protection Holdings, LLC

 

9/23/2030

 

 

Commercial Services & Supplies

 

 

9.05

%

 

SOFR+475

 

 

 

14,925

 

 

 

14,829

 

 

 

14,813

 

Confluent Health, LLC

 

11/30/2028

 

 

Healthcare and Pharmaceuticals

 

 

8.44

%

 

SOFR+400

 

 

 

6,673

 

 

 

6,493

 

 

 

6,272

 

CJX Borrower, LLC

 

7/13/2027

 

 

Media

 

 

10.05

%

 

SOFR+561

 

 

 

3,755

 

 

 

3,721

 

 

 

3,755

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

9.69

%

 

SOFR+536

 

 

 

2,057

 

 

 

2,043

 

 

 

2,042

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

9.65

%

 

SOFR+535

 

 

 

14,487

 

 

 

14,342

 

 

 

14,487

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

9.67

%

 

SOFR+535

 

 

 

2,587

 

 

 

2,424

 

 

 

2,563

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

9.58

%

 

SOFR+525

 

 

 

4,650

 

 

 

4,647

 

 

 

4,641

 

Duggal Acquisition, LLC

 

9/30/2030

 

 

Marketing Services

 

 

9.05

%

 

SOFR+475

 

 

 

4,975

 

 

 

4,931

 

 

 

4,950

 

Dynata, LLC - First Out Term Loan (5)

 

7/17/2028

 

 

Diversified Consumer Services

 

 

9.58

%

 

SOFR+526

 

 

 

1,354

 

 

 

1,269

 

 

 

1,347

 

Dynata, LLC - Last Out Term Loan

 

10/16/2028

 

 

Diversified Consumer Services

 

 

10.08

%

 

SOFR+576

 

 

 

8,397

 

 

 

8,397

 

 

 

7,762

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

10.05

%

 

SOFR+575

 

 

 

8,820

 

 

 

8,730

 

 

 

8,820

 

Emergency Care Partners, LLC

 

10/18/2027

 

 

Healthcare Providers and Services

 

 

9.80

%

 

SOFR+550

 

 

 

5,970

 

 

 

5,935

 

 

 

5,970

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

10.67

%

 

SOFR+635

 

 

 

12,481

 

 

 

12,378

 

 

 

12,481

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

10.81

%

 

SOFR+650

 

 

 

12,187

 

 

 

11,993

 

 

 

12,187

 

Eval Home Solutions Intermediate, LLC

 

5/10/2030

 

 

Healthcare and Pharmaceuticals

 

 

10.06

%

 

SOFR+575

 

 

 

9,045

 

 

 

8,920

 

 

 

9,045

 

Fairbanks Morse Defense

 

6/23/2028

 

 

Aerospace and Defense

 

 

8.80

%

 

SOFR+450

 

 

 

10,041

 

 

 

10,004

 

 

 

9,976

 

GGG MIDCO, LLC

 

9/27/2030

 

 

Diversified Consumer Services

 

 

9.31

%

 

SOFR+500

 

 

 

9,950

 

 

 

9,864

 

 

 

9,851

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

9.92

%

 

SOFR+560

 

 

 

3,514

 

 

 

3,511

 

 

 

3,374

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

9.92

%

 

SOFR+560

 

 

 

3,704

 

 

 

3,674

 

 

 

3,639

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

9.90

%

 

SOFR+560

 

 

 

2,153

 

 

 

2,136

 

 

 

2,143

 

Harris & Co. LLC

 

8/9/2030

 

 

Professional Services

 

 

9.32

%

 

SOFR+500

 

 

 

19,900

 

 

 

19,747

 

 

 

19,900

 

HEC Purchaser Corp

 

6/17/2029

 

 

Healthcare and Pharmaceuticals

 

 

9.72

%

 

SOFR+550

 

 

 

3,672

 

 

 

3,634

 

 

 

3,672

 

Hills Distribution, Inc

 

11/8/2029

 

 

Business Services

 

 

10.32

%

 

SOFR+600

 

 

 

8,912

 

 

 

8,800

 

 

 

8,823

 

HW Holdco, LLC

 

5/10/2026

 

 

Media

 

 

10.23

%

 

SOFR+590

 

 

 

3,441

 

 

 

3,421

 

 

 

3,441

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

9.42

%

 

SOFR+510

 

 

 

9,107

 

 

 

8,994

 

 

 

9,084

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

9.80

%

 

SOFR+550

 

 

 

5,998

 

 

 

5,912

 

 

 

5,998

 

Inovex Information Systems Incorporated

 

 

 

 

 

 

 

9.55

%

 

SOFR+525

 

 

 

8,184

 

 

 

8,126

 

 

 

8,123

 

Integrative Nutrition, LLC(4)

 

1/31/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

11,922

 

 

 

11,633

 

 

 

4,173

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

11.94

%

 

SOFR+761

 

 

 

8,122

 

 

 

8,099

 

 

 

8,122

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

9.94

%

 

SOFR+565

 

 

 

3,880

 

 

 

3,841

 

 

 

3,880

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

10.45

%

 

SOFR+615

 

 

 

13,492

 

 

 

13,321

 

 

 

12,851

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

12.14

%

 

SOFR+785

 

 

 

15,118

 

 

 

14,971

 

 

 

14,816

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc. (4)(5)

 

10/31/2025

 

 

Capital Equipment

 

 

 

 

 

 

 

 

15,789

 

 

 

15,466

 

 

 

11,732

 

LAV Gear Holdings, Inc. - Incremental Term Loan

 

10/31/2025

 

 

Capital Equipment

 

 

10.00

%

 

 

 

 

 

424

 

 

 

394

 

 

 

530

 

Lightspeed Buyer Inc.

 

2/3/2027

 

 

Healthcare Providers and Services

 

 

9.05

%

 

SOFR+475

 

 

 

11,301

 

 

 

11,250

 

 

 

11,301

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

9.07

%

 

SOFR+475

 

 

 

2,546

 

 

 

2,507

 

 

 

2,546

 

Loving Tan Intermediate II, Inc.

 

5/31/2028

 

 

Consumer Products

 

 

10.30

%

 

SOFR+600

 

 

 

7,372

 

 

 

7,269

 

 

 

7,372

 

Lucky Bucks, LLC - First-Out Term Loan (5)

 

10/2/2028

 

 

Hotel, Gaming and Leisure

 

 

11.97

%

 

SOFR+765

 

 

 

258

 

 

 

258

 

 

 

258

 

34


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

Issuer Name (6)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

Lucky Bucks, LLC - Last-Out Term Loan

 

10/2/2029

 

 

Hotel, Gaming and Leisure

 

 

11.97

%

 

SOFR+765

 

 

 

520

 

 

 

520

 

 

 

520

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

9.90

%

 

SOFR+560

 

 

 

2,205

 

 

 

2,145

 

 

 

2,051

 

Magenta Buyer, LLC - First-Out Term Loan

 

7/31/2028

 

 

Software

 

 

11.30

%

 

SOFR+701

 

 

 

357

 

 

 

357

 

 

 

322

 

Magenta Buyer, LLC - Second-Out Term Loan

 

7/31/2028

 

 

Software

 

 

12.30

%

 

SOFR+801

 

 

 

466

 

 

 

466

 

 

 

236

 

 

 

 

 

 

 

 

(PIK 6.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Magenta Buyer, LLC - Third-Out Term Loan

 

7/31/2028

 

 

Software

 

 

11.55

%

 

SOFR+726

 

 

 

1,719

 

 

 

1,719

 

 

 

468

 

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events Acquisitions, LLC

 

12/19/2030

 

 

Media

 

 

9.47

%

 

SOFR+525

 

 

 

17,000

 

 

 

16,846

 

 

 

16,830

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

10.18

%

 

SOFR+585

 

 

 

8,287

 

 

 

8,216

 

 

 

8,287

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

9.31

%

 

SOFR+500

 

 

 

6,284

 

 

 

6,204

 

 

 

6,189

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

9.95

%

 

SOFR+565

 

 

 

2,336

 

 

 

2,311

 

 

 

2,300

 

Medina Health, LLC

 

10/20/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.55

%

 

SOFR+625

 

 

 

19,102

 

 

 

18,848

 

 

 

19,198

 

Megawatt Acquisitionco, Inc

 

3/1/2030

 

 

Electronic Equipment, Instruments, and Components

 

 

9.80

%

 

SOFR+550

 

 

 

15,593

 

 

 

15,392

 

 

 

13,899

 

MOREGroup Holdings, Inc

 

1/16/2030

 

 

Business Services

 

 

9.55

%

 

SOFR+525

 

 

 

13,001

 

 

 

12,841

 

 

 

13,001

 

Municipal Emergency Services, Inc.

 

10/1/2027

 

 

Distributors

 

 

9.45

%

 

SOFR+515

 

 

 

3,378

 

 

 

3,344

 

 

 

3,378

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

9.92

%

 

SOFR+585

 

 

 

10,548

 

 

 

10,475

 

 

 

10,548

 

NORA Acquisition, LLC

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

10.65

%

 

SOFR+635

 

 

 

21,167

 

 

 

20,839

 

 

 

21,167

 

Omnia Exterior Solutions, LLC - Second Amendment Term Loan

 

12/29/2029

 

 

Healthcare Providers and Services

 

 

9.55

%

 

SOFR+525

 

 

 

12,936

 

 

 

12,838

 

 

 

12,839

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

10.69

%

 

SOFR+636

 

 

 

15,598

 

 

 

15,433

 

 

 

15,598

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

13.70

%

 

SOFR+940

 

 

 

2,200

 

 

 

2,187

 

 

 

1,947

 

 

 

 

 

 

 

 

(PIK 7.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

OSP Embedded Purchaser, LLC

 

12/15/2029

 

 

Aerospace and Defense

 

 

10.05

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,815

 

 

 

9,801

 

Output Services Group, Inc - First-Out Term Loan

 

11/30/2028

 

 

Business Services

 

 

12.86

%

 

SOFR+843

 

 

 

821

 

 

 

821

 

 

 

821

 

Output Services Group, Inc - Last-Out Term Loan

 

5/30/2028

 

 

Business Services

 

 

11.11

%

 

SOFR+668

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

9.67

%

 

SOFR+535

 

 

 

3,890

 

 

 

3,846

 

 

 

3,832

 

Pacific Purchaser, LLC

 

10/2/2028

 

 

Business Services

 

 

10.53

%

 

SOFR+625

 

 

 

11,878

 

 

 

11,705

 

 

 

11,925

 

PAR Excellence Holdings, Inc

 

9/3/2030

 

 

Healthcare Technology

 

 

9.17

%

 

SOFR+500

 

 

 

10,988

 

 

 

10,885

 

 

 

10,878

 

PCS Midco, Inc

 

3/1/2030

 

 

Diversified Consumer Services

 

 

10.05

%

 

SOFR+575

 

 

 

3,852

 

 

 

3,803

 

 

 

3,871

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

11.50

%

 

SOFR+725

 

 

 

8,071

 

 

 

8,002

 

 

 

5,649

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

9.80

%

 

SOFR+550

 

 

 

4,018

 

 

 

4,018

 

 

 

4,018

 

Rancho Health MSO, Inc.

 

6/20/2029

 

 

Healthcare Providers and Services

 

 

9.56

%

 

SOFR+525

 

 

 

18,908

 

 

 

18,841

 

 

 

18,908

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

11.45

%

 

SOFR+715

 

 

 

4,800

 

 

 

4,783

 

 

 

4,776

 

Ro Health, LLC

 

1/17/2031

 

 

Healthcare Providers and Services

 

 

9.30

%

 

SOFR+500

 

 

 

11,300

 

 

 

11,220

 

 

 

11,187

 

RRA Corporate, LLC

 

8/15/2029

 

 

Diversified Consumer Services

 

 

9.54

%

 

SOFR+525

 

 

 

4,975

 

 

 

4,933

 

 

 

4,850

 

RTIC Subsidiary Holdings, LLC

 

5/3/2029

 

 

Consumer Goods: Durable

 

 

10.05

%

 

SOFR+575

 

 

 

9,925

 

 

 

9,798

 

 

 

9,701

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

6/15/2029

 

 

High Tech Industries

 

 

10.03

%

 

SOFR+575

 

 

 

4,314

 

 

 

4,250

 

 

 

4,227

 

S101 Acquisition, Inc

 

12/29/2026

 

 

Government Services

 

 

9.96

%

 

SOFR+565

 

 

 

5,642

 

 

 

5,594

 

 

 

5,642

 

Sabel Systems Technology Solutions, LLC

 

10/31/2030

 

 

Construction and Building

 

 

10.55

%

 

SOFR+625

 

 

 

5,985

 

 

 

5,932

 

 

 

5,985

 

Safe Haven Defense US, LLC

 

5/23/2029

 

 

Construction and Building

 

 

9.30

%

 

SOFR+500

 

 

 

9,919

 

 

 

9,790

 

 

 

9,918

 

Sales Benchmark Index LLC

 

7/7/2026

 

 

Professional Services

 

 

10.50

%

 

SOFR+620

 

 

 

9,241

 

 

 

9,220

 

 

 

9,241

 

Sath Industries, LLC

 

12/17/2029

 

 

Event Services

 

 

10.08

%

 

SOFR+575

 

 

 

10,358

 

 

 

10,259

 

 

 

10,254

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.92

%

 

SOFR+860

 

 

 

12,759

 

 

 

12,758

 

 

 

12,120

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

10.45

%

 

SOFR+615

 

 

 

4,875

 

 

 

4,822

 

 

 

4,595

 

Sigma Defense Systems, LLC

 

12/20/2027

 

 

Aerospace and Defense

 

 

11.20

%

 

SOFR+690

 

 

 

18,453

 

 

 

18,238

 

 

 

18,452

 

Smile Brands Inc.

 

10/12/2027

 

 

Healthcare and Pharmaceuticals

 

 

10.40

%

 

SOFR+600

 

 

 

12,046

 

 

 

12,033

 

 

 

10,661

 

 

 

 

 

 

 

 

(PIK 1.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

11.44

%

 

SOFR+715

 

 

 

4,582

 

 

 

4,575

 

 

 

4,568

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

9.45

%

 

SOFR+515

 

 

 

4,050

 

 

 

4,004

 

 

 

4,050

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

8.55

%

 

SOFR+425

 

 

 

1,768

 

 

 

1,700

 

 

 

1,459

 

SV-Aero Holdings, LLC

 

11/1/2030

 

 

Aerospace and Defense

 

 

9.55

%

 

SOFR+525

 

 

 

14,906

 

 

 

14,840

 

 

 

14,906

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

 

Aerospace and Defense

 

 

9.28

%

 

SOFR+500

 

 

 

14,513

 

 

 

14,397

 

 

 

14,570

 

STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans

 

10/3/2029

 

 

Air Freight and Logistics

 

 

12.67

%

 

SOFR+835

 

 

 

1,888

 

 

 

1,790

 

 

 

1,869

 

 

 

 

 

 

 

 

(PIK 7.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans

 

10/3/2029

 

 

Air Freight and Logistics

 

 

11.92

%

 

SOFR+760

 

 

 

4,383

 

 

 

2,430

 

 

 

2,192

 

 

 

 

 

 

 

 

(PIK 6.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

TCG 3.0 Jogger Acquisitionco

 

1/23/2029

 

 

Media

 

 

10.80

%

 

SOFR+650

 

 

 

19,528

 

 

 

19,247

 

 

 

19,527

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.44

%

 

SOFR+515

 

 

 

341

 

 

 

332

 

 

 

331

 

Teneo Holdings, LLC

 

3/13/2031

 

 

Business Services

 

 

9.07

%

 

SOFR+475

 

 

 

5,445

 

 

 

5,392

 

 

 

5,445

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

10.95

%

 

SOFR+665

 

 

 

8,488

 

 

 

8,418

 

 

 

8,488

 

The Vertex Companies, LLC

 

8/31/2028

 

 

Construction and Engineering

 

 

9.42

%

 

SOFR+510

 

 

 

17,572

 

 

 

17,361

 

 

 

17,449

 

35


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

Issuer Name (6)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.21

%

 

SOFR+590

 

 

 

16,439

 

 

 

16,365

 

 

 

16,438

 

Transgo, LLC

 

12/29/2028

 

 

Automotive

 

 

10.07

%

 

SOFR+575

 

 

 

17,340

 

 

 

17,120

 

 

 

17,426

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

9.21

%

 

SOFR+490

 

 

 

14,670

 

 

 

14,593

 

 

 

14,494

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

9.80

%

 

SOFR+550

 

 

 

6,788

 

 

 

6,730

 

 

 

6,775

 

VRS Buyer, Inc

 

11/22/2030

 

 

Road and Rail

 

 

9.08

%

 

SOFR+475

 

 

 

6,454

 

 

 

6,409

 

 

 

6,406

 

Walker Edison Furniture Company LLC (4)(5)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

5,964

 

 

 

5,069

 

 

 

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,150

 

Watchtower Buyer, LLC

 

12/3/2029

 

 

Diversified Consumer Services

 

 

10.30

%

 

SOFR+600

 

 

 

12,128

 

 

 

11,962

 

 

 

12,079

 

Zips Car Wash, LLC(4)

 

3/31/2028

 

 

Automobiles

 

 

 

 

 

 

 

 

16,298

 

 

 

15,874

 

 

 

12,672

 

Zips Car Wash, LLC - DIP (5)

 

10/31/2025

 

 

Automobiles

 

 

11.70

%

 

SOFR+740

 

 

 

748

 

 

 

748

 

 

 

748

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,082,507

 

 

$

1,055,621

 

Equity Securities - 7.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48Forty Intermediate Holdings, Inc.

 

 

 

 

Containers and Packaging

 

 

 

 

 

 

 

 

1,722

 

 

 

 

 

 

 

New Insight Holdings, Inc.

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

116,055

 

 

 

2,031

 

 

 

2,561

 

Lucky Bucks, LLC

 

 

 

 

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

73,870

 

 

 

2,062

 

 

 

589

 

Output Services Group, Inc

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

126,324

 

 

 

1,012

 

 

 

1,390

 

Pragmatic Holdco, Inc.

 

 

 

 

Education

 

 

 

 

 

 

 

 

134.0

 

 

 

 

 

 

 

Walker Edison Furniture

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36,458

 

 

 

3,393

 

 

 

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,498

 

 

$

4,540

 

Total Investments - 1,555.50%

 

 

 

 

 

 

 

 

 

 

$

1,091,005

 

 

$

1,060,161

 

Cash and Cash Equivalents - 71.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

4.22

%

 

 

 

 

 

 

 

 

7,200

 

 

 

7,200

 

Blackrock Liquidity Fed Fund Inst

 

 

 

 

 

 

 

4.24

%

 

 

 

 

 

 

 

 

18,670

 

 

 

18,670

 

JP Morgan USD Liquidity Inst

 

 

 

 

 

 

 

4.24

%

 

 

 

 

 

 

 

 

9,225

 

 

 

9,225

 

JP Morgan US Government Fund

 

 

 

 

 

 

 

4.16

%

 

 

 

 

 

 

 

 

8,482

 

 

 

8,482

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,047

 

 

 

5,047

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,624

 

 

 

48,624

 

Total Investments and Cash Equivalents —1,971.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,139,629

 

 

$

1,108,785

 

Liabilities in Excess of Other Assets — (1,871.0)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,040,625

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

68,160

 

 

(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 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.
(6)
All investments are in U.S. companies unless noted otherwise.

36


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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/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

 

 

 

 

 

 

 

 

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

 

37


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

Issuer Name (7)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

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

 

 

 

 

 

 

 

 

5,441

 

 

 

4,986

 

 

 

490

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6)

 

03/01/29

 

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6)

 

03/01/29

 

 

Wholesale

 

 

 

 

 

 

 

 

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

 

38


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

Issuer Name (7)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

Total Investments - 1,415.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

928,983

 

 

$

913,281

 

Cash and Cash Equivalents - 106.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

5.03

%

 

 

 

 

 

 

 

 

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.

 

39


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

 

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

 

 

March 31, 2025

 

 

 

 

 

 

 

(Unaudited)

 

 

 

September 30, 2024

 

Assets

 

 

 

 

 

 

 

Investments at fair value (amortized cost—$1,091,005 and $928,983, respectively)

$

 

1,060,161

 

 

$

 

913,281

 

Cash and cash equivalents (cost—$48,624 and $68,429, respectively)

 

 

48,624

 

 

 

 

68,429

 

Interest receivable

 

 

4,486

 

 

 

 

4,722

 

Due from affiliate

 

 

46

 

 

 

 

48

 

Prepaid expenses and other assets

 

 

2,822

 

 

 

 

1,642

 

Total assets

 

 

1,116,139

 

 

 

 

988,122

 

Liabilities

 

 

 

 

 

 

 

Credit facility payable

 

 

271,100

 

 

 

 

146,100

 

2035 Asset-backed debt, net (par—$246,000 and $246,000, respectively)

 

 

244,159

 

 

 

 

243,934

 

2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively)

 

 

244,515

 

 

 

 

244,372

 

Notes payable to members

 

 

271,600

 

 

 

 

271,600

 

Interest payable on credit facility and asset-backed debt

 

 

8,751

 

 

 

 

9,281

 

Payable for investments purchased

 

 

 

 

 

 

86

 

Interest payable on notes to members

 

 

6,585

 

 

 

 

7,315

 

Accrued expenses

 

 

1,177

 

 

 

 

822

 

Due to affiliate

 

 

92

 

 

 

 

65

 

Total liabilities

 

 

1,047,979

 

 

 

 

923,575

 

Commitments and contingencies(1)

 

 

 

 

 

 

 

Members' equity

 

 

68,160

 

 

 

 

64,547

 

Total liabilities and members' equity

$

 

1,116,139

 

 

$

 

988,122

 

 

(1)
As of March 31, 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 March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

27,350

 

 

 

$

26,916

 

 

$

56,776

 

 

$

52,964

 

Other income

 

 

205

 

 

 

 

388

 

 

 

788

 

 

 

565

 

Total investment income

 

 

27,555

 

 

 

 

27,304

 

 

 

57,564

 

 

 

53,529

 

Expenses:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expense on credit facility and asset-backed debt

 

 

13,731

 

 

 

 

13,784

 

 

 

27,816

 

 

 

27,181

 

Interest expense on notes to members

 

 

8,393

 

 

 

 

8,095

 

 

 

17,247

 

 

 

16,316

 

Administration fees

 

 

717

 

 

 

 

577

 

 

 

1,385

 

 

 

1,135

 

General and administrative expenses

 

 

414

 

 

 

 

231

 

 

 

906

 

 

 

493

 

Total expenses

 

 

23,255

 

 

 

 

22,687

 

 

 

47,354

 

 

 

45,125

 

Net investment income

 

 

4,300

 

 

 

 

4,617

 

 

 

10,210

 

 

 

8,404

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

(7,788

)

 

 

 

(90

)

 

 

(6,455

)

 

 

(6,510

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(4,252

)

 

 

 

847

 

 

 

(15,142

)

 

 

8,905

 

Net realized and unrealized gain (loss) on investments

 

 

(12,040

)

 

 

 

757

 

 

 

(21,597

)

 

 

2,395

 

Net increase (decrease) in members' equity resulting from operations

 

$

(7,740

)

 

 

$

5,374

 

 

$

(11,387

)

 

$

10,799

 

 

(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.

 

40


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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.

41


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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 March 31, 2025

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

112,768

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

1,948,508

 

 

Market Comparable

 

Market yield

 

8.5% - 21.1% (10.2%)

First lien

 

 

29,218

 

 

Enterprise Market Value

 

EBITDA multiple

 

6.0x - 10.5x (8.4x)

First lien

 

 

9,679

 

 

Enterprise Market Value

 

Revenue multiple

 

0.3x - 1.0.x (0.6x)

Subordinated debt

 

 

3,880

 

 

Market Comparable

 

Market yield

 

6.3% - 23.2% (20.7%)

Subordinated debt

 

 

504

 

 

Enterprise Market Value

 

EBITDA multiple

 

14.5x

Equity

 

 

171,231

 

 

Enterprise Market Value

 

EBITDA multiple

 

1.5x - 16.3x (11.3x)

Total Level 3 investments

 

$

2,275,788

 

 

 

 

 

 

 

Long-Term Credit Facility

 

$

273,790

 

 

Market Comparable

 

Market yield

 

5.8%

____________________________________________

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

 

Asset Category

 

Fair value at September 30, 2024

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

132,197

 

 

Market Comparable

 

Broker/Dealer bids
or quotes

 

N/A

First lien

 

 

1,589,437

 

 

Market Comparable

 

Market Yield

 

7.9% - 21.1% (9.1%)

First lien

 

 

25,063

 

 

Enterprise Market Value

 

EBITDA multiple

 

0.8x - 9.8x (3.4x)

Subordinated debt

 

 

2,688

 

 

Market Comparable

 

Market Yield

 

11.8% - 16.5% (14.0%)

Subordinated debt

 

 

4

 

 

Enterprise Market Value

 

EBITDA multiple

 

5x

Equity

 

 

168,450

 

 

Enterprise Market Value

 

EBITDA multiple

 

0.4x - 18.8x (11.0x)

Total Level 3 investments

 

$

1,917,839

 

 

 

 

 

 

 

Long-Term Credit Facility

 

$

443,880

 

 

Market Comparable

 

Market Yield

 

5.4%

 

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

 

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

 

 

 

Fair Value at March 31, 2025

 

Description

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net
Asset Value
(1)

 

First lien

 

$

2,100,173

 

 

$

 

 

$

 

 

$

2,100,173

 

 

$

 

Subordinate debt

 

 

4,384

 

 

 

 

 

 

 

 

 

4,384

 

 

 

 

Equity

 

 

239,495

 

 

 

 

 

 

 

 

 

171,231

 

 

 

68,264

 

Total investments

 

 

2,344,052

 

 

 

 

 

 

 

 

 

2,275,788

 

 

 

68,264

 

Cash and cash equivalents

 

 

111,358

 

 

 

111,358

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

2,455,410

 

 

$

111,358

 

 

$

 

 

$

2,275,788

 

 

$

68,264

 

Long Term Credit Facility payable

 

$

273,790

 

 

$

 

 

$

 

 

$

273,790

 

 

$

 

2026 Notes payable(2)

 

 

184,220

 

 

 

 

 

 

184,220

 

 

 

 

 

 

 

2036 Asset-Backed Debt(2)

 

 

284,357

 

 

 

 

 

 

 

 

 

284,357

 

 

 

 

2036-R Asset-Backed Debt(2)

 

 

265,300

 

 

 

 

 

 

 

 

 

265,300

 

 

 

 

2037 Asset-Backed Debt (2)

 

 

358,083

 

 

 

 

 

 

 

 

 

358,083

 

 

 

 

Total debt

 

$

1,365,750

 

 

$

 

 

$

184,220

 

 

$

1,181,530

 

 

$

 

 

(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investment in PSSL and PTSF are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.
(2)
We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes, 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2037 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

 

42


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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):

 

 

 

Six Months Ended March 31, 2025

 

Description

 

First Lien

 

 

Second lien,
subordinated
debt and equity
investments

 

 

Totals

 

Beginning balance

 

$

1,746,697

 

 

$

171,142

 

 

$

1,917,839

 

Net realized gain (loss)

 

 

879

 

 

 

22,318

 

 

 

23,197

 

Net change in unrealized appreciation (depreciation)

 

 

(18,852

)

 

 

(11,597

)

 

 

(30,449

)

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

870,397

 

 

 

18,472

 

 

 

888,869

 

Sales, repayments and non-cash exchanges

 

 

(498,948

)

 

 

(24,720

)

 

 

(523,668

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

2,100,173

 

 

$

175,615

 

 

$

2,275,788

 

Net change in unrealized appreciation (depreciation) reported within the net change in unrealized
appreciation (depreciation) on investments in our consolidated statements of operations
attributable to our Level 3 assets still held at the reporting date.

 

$

(14,454

)

 

$

7,798

 

 

$

(6,656

)

 

 

 

Six Months Ended March 31, 2024

 

Description

 

First Lien

 

 

Second lien,
subordinated
debt and equity
investments

 

 

Totals

 

Beginning balance

 

$

906,166

 

 

$

100,782

 

 

$

1,006,948

 

Net realized gain (loss)

 

 

(4,920

)

 

 

5,841

 

 

 

921

 

Net change in unrealized appreciation (depreciation)

 

 

6,393

 

 

 

4,924

 

 

 

11,317

 

Purchases, PIK interest, net discount accretion and non-cash exchanges

 

 

617,010

 

 

 

30,293

 

 

 

647,303

 

Sales, repayments and non-cash exchanges

 

 

(206,608

)

 

 

(44,815

)

 

 

(251,423

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

1,318,041

 

 

$

97,025

 

 

$

1,415,066

 

Net change in unrealized depreciation reported within the net change in unrealized
depreciation on investments in our consolidated statements of operations
attributable to our Level 3 assets still held at the reporting date.

 

$

(340

)

 

$

7,492

 

 

$

7,152

 

 

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

 

 

 

Six months ended March 31,

 

Long-Term Credit Facility and 2023 Notes

 

2025

 

 

2024

 

Beginning balance (cost – $443,855 and $85,619, respectively)

 

$

443,880

 

 

$

85,619

 

Net change in unrealized (depreciation) appreciation included in earnings

 

 

(91

)

 

 

23

 

Borrowings

 

 

235,001

 

 

 

331,455

 

Repayments

 

 

(405,000

)

 

 

(248,219

)

Ending balance (cost – $273,855 and $168,855 respectively)

 

$

273,790

 

 

$

168,878

 

 

43


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

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

 

Foreign Currency

 

Amount
Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Unrealized appreciation (depreciation)

 

Canadian Dollar

 

 

CAD 2,000

 

 

$

1,455

 

 

 

1,390

 

 

4/1/2025

 

 

65

 

 

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

 

Foreign Currency

 

Amount
Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Unrealized appreciation (depreciation)

 

Canadian Dollar

 

 

CAD 2,000

 

 

$

1,455

 

 

$

1,481

 

 

10/1/2024

 

 

(26

)

 

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 GAAP, we incurred $0.4 million of expenses relating to amendment costs on the Credit Facility for the three and six months ended March 31, 2025 and did not incur any expenses relating to amendment costs on the Credit Facility during the three and six months ended March 31, 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 six months ended March 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively. For the three and six months ended March 31, 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 March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $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 six months ended March 31, 2025 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 March 31, 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

 

 

(18,713)

 

297,290

 

15,091

 

8,750

 

Total Controlled Affiliates

 

$351,235

 

$26,089

 

$(36,984)

 

$(43,050)

 

$297,290

 

$20,153

 

$9,056

 

$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.

 

44


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 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 March 31, 2024

 

 

Interest Income

 

 

Dividend/
Other
 Income

 

 

Net Realized
Gains (Losses)

 

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC

 

$

34,027

 

 

$

798

 

 

$

 

 

$

3,178

 

 

$

38,003

 

 

$

2,478

 

 

$

 

 

$

 

PennantPark Senior Secured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fund I LLC *

 

 

260,969

 

 

 

 

 

 

 

 

 

2,230

 

 

 

263,199

 

 

 

14,276

 

 

 

7,219

 

 

 

 

Total Controlled Affiliates

 

$

294,996

 

 

$

798

 

 

$

 

 

$

5,408

 

 

$

301,202

 

 

$

16,754

 

 

$

7,219

 

 

$

 

* 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 March 31,

 

 

Six Months Ended March 31,

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Numerator for net increase in net assets resulting from operations

 

$

1,225

 

 

$

31,111

 

 

$

29,553

 

 

$

53,579

 

 

Denominator for basic and diluted weighted average shares

 

 

90,086,785

 

 

 

61,151,898

 

 

 

85,828,775

 

 

 

59,936,696

 

 

Basic and diluted net increase in net assets per share resulting from operations

 

$

0.01

 

 

$

0.51

 

 

$

0.34

 

 

$

0.89

 

 

 

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 March 31, 2025, cash and cash equivalents consisted of money market funds and non-money market fund the amount of $39.8 million and $71.5 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.

 

45


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

9. FINANCIAL HIGHLIGHTS

 

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

 

 

 

Six Months Ended March 31,

 

 

 

2025

 

 

2024

 

Per Share Data:

 

 

 

 

 

 

Net asset value, beginning of period

 

$

11.31

 

 

$

11.13

 

Net investment income (1)

 

 

0.64

 

 

 

0.64

 

Net change in realized and unrealized gain (loss) (1)

 

 

(0.30

)

 

 

0.25

 

Net increase (decrease) in net assets resulting from operations (1)

 

 

0.34

 

 

 

0.89

 

Distributions to stockholders (1), (2)

 

 

(0.62

)

 

 

(0.62

)

Accretive effect of common stock issuance

 

 

0.04

 

 

 

 

Net asset value, end of period

 

$

11.07

 

 

$

11.40

 

Per share market value, end of period

 

$

11.19

 

 

$

11.38

 

Total return *(3)

 

 

2.20

%

 

 

12.76

%

Shares outstanding at end of period

 

 

96,417,896

 

 

 

63,228,138

 

Ratios** / Supplemental Data:

 

 

 

 

 

 

Ratio of operating expenses to average net assets** (4)

 

 

5.88

%

 

 

5.97

%

Ratio of debt related expenses to average net assets** (5)

 

 

9.26

%

 

 

7.00

%

Ratio of total expenses to average net assets** (5)

 

 

15.14

%

 

 

12.97

%

Ratio of net investment income to average net assets** (5)

 

 

11.34

%

 

 

11.42

%

Net assets at end of period

 

$

1,067,131

 

 

$

720,711

 

Weighted average debt outstanding

 

$

1,330,975

 

 

$

667,111

 

Weighted average debt per share (1)

 

$

15.51

 

 

$

11.13

 

Asset coverage per unit (6)

 

$

1,777

 

 

$

1,825

 

Portfolio turnover rate*

 

 

21.14

%

 

 

17.58

%

 

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 six months ended March 31, 2025 and 2024, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.8% and 7.1%, 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 March 31, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 178% and 174%, respectively.

 

Credit Facility

 

Funding I’s multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was upsized during the quarter ended December 31, 2024 to $736.0 million (increased from $636 million in December 2024). As of March 31, 2025, the Credit Facility has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 225 basis points, a maturity date of August 2029 and a revolving period that ends in August 2027. As of March 31, 2025 and September 30, 2024, Funding I had $273.9 million and $443.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 6.6% and 7.5%, exclusive of the fee on undrawn commitments as of March 31, 2025 and September 30, 2024, respectively. As of March 31, 2025 and September 30, 2024, we had $462.1 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.

 

During the revolving period, the Credit Facility bears interest at SOFR (or an alternative risk-free floating interest rate index) plus 225 basis points and, after the revolving period, the rate will reset to Base Rate (or an alternative risk-free floating interest rate index) plus 250 basis points for the remaining two years, maturing in August 2029. In April 2025, the credit facility was amended and the Company SOFR rate decreased to 200 basis points. The Credit Facility is secured by all of the assets of Funding I. Both, we and Funding I have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

 

In April 2025, PennantPark Floating Rate Capital Ltd. amended its credit facility agreement led by Truist Bank. As part of the amendment, PennantPark Floating Rate Capital Ltd. decreased pricing to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028, extended the maturity date one year to August 2030, and increased the maximum first lien advance rate to 72.5% from 70.0%. As part of this amendment, commitments decreased from $736 million to $718 million.

 

46


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

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 March 31, 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.

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

 

2031 Asset-Backed Debt / 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 March 31, 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 March 31, 2025 and September 30, 2024, the unamortized fees on the 2036-R Asset-Backed Debt were $0.7 million and $0.8 million, respectively.

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PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

march 31, 2025

(Unaudited)

 

 

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

 

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 March 31, 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 March 31, 2025 and September 30, 2024, the unamortized fees on the 2036 Asset-Backed Debt were $2.6 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 March 31, 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 March 31, 2025 and September 30, 2024, the unamortized fees on the 2037 Asset-Backed Debt were $2.9 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 March 31, 2025 and September 30, 2024, we had $596.3 million and $632.2 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $65.7 million and zero to PSSL as of March 31, 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 Registered 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 March 31, 2025, the related consolidated statements of operations and changes in net assets for the three and six month periods ended March 31, 2025 and 2024, and cash flows for the six month periods ended March 31, 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

May 12, 2025
 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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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 March 31, 2025 and 2024, as indicated in our report dated May 12, 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 March 31, 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

May 12, 2025

50


 

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;

 

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;

 

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

 

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

 

the adequacy of our cash resources and working capital;

 

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;

 

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.

 

51


 

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:

 

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

 

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

 

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;

 

independent directors’ fees and expenses;

 

brokerage commissions;

 

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;

 

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 March 31, 2025, our portfolio totaled $2,344.1 million, and consisted of $2,100.2 million of first lien secured debt (including $237.7 million in PSSL), $4.4 million of subordinated debt and $239.5 million of preferred and common equity (including $59.6 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of March 31, 2025, we had four portfolio companies on non-accrual, representing 2.2% and 1.2% of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2025, the portfolio had net unrealized depreciation of $61.2 million. Our overall portfolio consisted of 159 companies with an average investment size of $14.7 million and had a weighted average yield on debt investments of 10.5%, and was invested 90% 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 3% in PSSL). As of March 31, 2025, approximately 100% 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 March 31, 2025, we invested $293.3 million in three new and 54 existing portfolio companies at a weighted average yield on debt investments of 9.9%. For the three months ended March 31, 2025, sales and repayments of investments totaled $122.4 million, including $52.9 million of sales to PSSL. For the six months ended March 31, 2025, we invested $900.2 million in 14 new and 96 existing portfolio companies at a weighted average yield on debt investments of 10.2%. For the six months ended March 31, 2025, sales and repayments of investments totaled $523.7 million, including $240.6 million of sales to PSSL.

 

For the three months ended March 31, 2024, we invested $338.3 million in 11 new and 48 existing portfolio companies at a weighted average yield on debt investments of 11.6%. For the three months ended March 31, 2024, sales and repayments of investments totaled $144.8 million, including $77.2 million of sales to PSSL. For the six months ended March 31, 2024, we invested $640.9 million in 24 new and 64 existing portfolio companies at a weighted average yield on debt investments of 11.8%. For the six months ended March 31, 2024, sales and repayments of investments totaled $248.7 million, including $139.9 million of sales to PSSL.

 

PennantPark Senior Secured Loan Fund I LLC

 

As of March 31, 2025, PSSL’s portfolio totaled $1,060.2 million and consisted of 118 companies with an average investment size of $9.0 million and at a weighted average yield on debt investments of 10.5%. 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 March 31, 2025, PSSL invested $60.0 million (including $52.9 million purchased from the Company) in four new and five existing portfolio companies at a weighted average yield on debt investments of 9.8%. Sales and repayments of investments for the three months ended March 31, 2025 totaled $36.8 million. For the six months ended March 31, 2025, PSSL invested $284.9 million (including $240.6 million purchased from the Company) in 21 new and 12 existing portfolio companies at a weighted average yield on debt investments of 10.2%. PSSL's sales and repayments for the same period totaled $123.4 million.

 

For the three months ended March 31, 2024, PSSL invested $80.1 million (including $77.2 million purchased from the Company) in six new and four existing portfolio companies at a weighted average yield on debt investments of 11.6%. For the three months ended March 31, 2024, sales and repayments of investments totaled $49.5. million For the six months ended March 31, 2024, PSSL invested $155.9 million (including $139.9 million from the Company) in 10 new and 11 existing portfolio companies at a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the six months ended March 31, 2024, totaled $77.2 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 six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 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 six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the 2022 ATM Program at an average price of $11.35 per share, raising $51.0 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 six months ended March 31, 2025, in connection with the share issuance, we incurred $0.2 million and $0.2 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and six months ended March 31, 2024, we incurred $0.6 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 three 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 at this time, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

 

In addition to using the above inputs to value cash equivalents, investments, our 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 $0.4 million of expenses relating to amendment costs on the Credit Facility during the three and six months ended March 31, 2025 and did not incur any expenses relating to amendment costs on the Credit Facility during the three and six months ended, March 31, 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 six months ended March 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively . For the three and six months ended March 31, 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 March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $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 sum 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 six months ended March 31, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million, respectively, pertaining to federal excise tax. For the three and six months ended March 31, 2024, we recorded a provision for taxes on net investment income of $0.5 million and $0.7 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 six months ended March 31, 2025, the Company recorded a provision for taxes of $0.5 million and $1.1 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2024, the Company recorded a provision for taxes of $0.2 million 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 March 31, 2025, and September 30, 2024, $0.6 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 six months ended March 31, 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 six months ended March 31, 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 six months ended March 31, 2025, the Company paid zero in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and six months ended March 31, 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 six months ended March 31, 2025 and 2024.

 

Investment Income

 

For the three and six months ended March 31, 2025, investment income was $61.9 million and $128.9 million, respectively, which was attributable to $56.2 million and $117.2 million from first lien secured debt and $5.7 million and $11.7 million from other investments, respectively. For the three and six months ended March 31, 2024, investment income was $44.4 million and $82.3 million, respectively, which was attributable to $39.0 million and $72.2 million from first lien secured debt and $5.4 million and $10.1 million from other investments, respectively. The increase in investment income for the three and six months ended March 31, 2025, was primarily due to the increase in the size of our debt portfolio.

 

Expenses

 

For the three and six months ended March 31, 2025, expenses totaled $36.9 million and $74.0 million, respectively and were comprised of: $22.5 million and $44.9 million of debt related interest and expenses, $5.6 million and $10.9 million of base management fees, $6.3 million and $13.8 million of performance-based incentive fees, and $1.9 million and $3.6 million of general and administrative expenses, $0.2 million and $0.5 million of taxes and $0.4 million and $0.4 million in Credit Facility amendment costs. For the three and six months ended March 31, 2024, expenses totaled $25.3 million and $43.8 million, respectively and were comprised of; $14.7 million and $23.6 million of debt related interest and expenses, $3.4 million and $6.4 million of base management fee, $4.8 million and $9.6 million of performance-based incentive fee, $1.8 million and $3.5 million of general and administrative expenses and $0.5 million and $0.7 million of taxes. The increase in expenses for the three and six months ended March 31, 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 six months ended March 31, 2025, net investment income totaled $25.0 million or $0.28 per share, and $55.0 million or $0.64 per share, respectively. For the three and six months ended March 31, 2024, net investment income totaled $19.1 million or $0.31 per share, and $38.5 million or $0.64 per share, respectively. The increase in net investment income for the three and six months ended March 31, 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 six months ended March 31, 2025, net realized gains (losses) totaled $(3.5) million and $23.1 million, respectively. For the three and six months ended March 31, 2024, net realized gains (losses) totaled $4.0 million and $0.9 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 six months ended March 31, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $(20.8) million and $(49.7) million, respectively. For the three and six months ended March 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $7.7 million and $13.9 million, respectively. As of March 31, 2025 and September 30, 2024, our net unrealized appreciation (depreciation) on investments totaled $(61.2) 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 six months ended March 31, 2025, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively. For the three and six months ended March 31, 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 March 31, 2025 and September 30, 2024, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately $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 six months ended March 31, 2025, net increase (decrease) in net assets resulting from operations totaled $1.2 million or $0.01 per share and $29.6 million or $0.34 per share, respectively. For the three and six months ended March 31, 2024, net increase (decrease) in net assets resulting from operations totaled $31.1 million or $0.51 per share and $53.6 million, or $0.89 per share, respectively. The net increase or (decrease) from operations for the three and six months ended March 31, 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 March 31, 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 March 31, 2025 and September 30, 2024, our asset coverage ratio, as computed in accordance with the 1940 Act, was 178% and 174%, respectively.

 

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For the six months ended March 31, 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 6.8% and 7.1%, respectively. As of March 31, 2025 and September 30, 2024, we had $462.1 million and $192.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

 

Funding I’s multi-currency Credit Facility with the Lenders was $736.0 million (increased from $636 million in December 2024) as of March 31, 2025 subject to satisfaction of certain conditions and regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 225 basis points, a maturity date of August 2029 and a revolving period that ends in August 2027. As of March 31, 2025 and September 30, 2024, PennantPark Floating Rate Funding I, LLC, our wholly-owned subsidiary, borrowed $273.9 million and $443.9 million under the Credit Facility, respectively, and the weighted average interest rate, exclusive of the fee on undrawn commitments, was 6.6% and 7.5%, respectively, exclusive of the fee on undrawn commitments.

 

During the revolving period, the Credit Facility bears interest at SOFR (or an alternative risk-free floating interest rate index) plus 225 basis points and, after the revolving period, the rate will reset to Base Rate (or an alternative risk-free floating interest rate index) plus 250 basis points for the remaining two years, maturing in August 2029. The Credit Facility is secured by all of the assets of Funding I. Both PennantPark Floating Rate Capital Ltd. and Funding I have made customary representations and warranties and are required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities.

 

In April 2025, PennantPark Floating Rate Capital Ltd. amended its credit facility agreement led by Truist Bank. As part of the amendment, PennantPark Floating Rate Capital Ltd. decreased pricing to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028, extended the maturity date one year to August 2030, and increased the maximum first lien advance rate to 72.5% from 70.0%. As part of this amendment, commitments decreased from $736 million to $718 million.

 

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 March 31, 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 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 March 31, 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 March 31, 2025 and September 30, 2024, the Company had $266.0 million of 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 6.2% and 7.2%, respectively. As of March 31, 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

58


 

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.

 

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 March 31, 2025 and September 30, 2024, the Company had $287 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1% and 8.1%, respectively. As of March 31, 2025, and September 30, 2024 the unamortized fees on the 2036 Asset-Backed Debt were $2.6 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 March 31, 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 March 31, 2025 and September 30, 2024, the unamortized fees on the 2037 Asset-Backed Debt were $2.9 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 InvestmentAdviser 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 six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock through the 2024 ATM Program, respectively at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 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 six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the 2022 ATM Program at an average price of $11.35 per share, raising $51.0 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 six months ended March 31, 2025, in connection with the share issuance, we incurred $0.2 million and $0.2 million of deferred offering costs incurred related to establishing the 2024 ATM Program to additional paid in capital, respectively. During the three and six months ended March 31, 2024, we incurred $0.6 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

59


 

be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs.
 

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

As of March 31, 2025 and September 30, 2024, we had cash and cash equivalents of $111.4 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 six months ended March 31, 2025, our operating activities used cash of $350.8 million and our financing activities provided cash of $350.1 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 2037 Asset-Backed debt and proceeds from public offerings under our 2024 ATM Program.

 

For the six months ended March 31, 2024, our operating activities used cash of $354.5 million and our financing activities provided cash of $379.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under our Credit Facility 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 March 31, 2025 and September 30, 2024, PSSL had total assets of $1,116.1 million and $988.1 million, respectively, and its investment portfolio consisted of investments in 118 and 109 portfolio companies, respectively. As of March 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $21.2 million and the five largest investments totaled $98.7 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 March 31, 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 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. 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 Sub 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 term debt securitization is expected to be approximately 100% funded at close. The proceeds from the debt will be used to repay a portion of PSSL's $325 million secured credit facility.

 

 

 

 

 

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

 

60


 

($ in thousands)

 

March 31, 2025

 

 

September 30, 2024

 

Total investments

 

$

1,060,161

 

 

$

913,281

 

Weighted average cost yield on income producing investments

 

 

10.5

%

 

 

11.4

%

Number of portfolio companies in PSSL

 

 

118

 

 

 

109

 

Largest portfolio company investment

 

$

21,167

 

 

$

21,274

 

Total of five largest portfolio company investments

 

$

98,701

 

 

$

97,292

 

 

61


 

Below is a listing of PSSL’s individual investments as of March 31, 2025 (Par and $ in thousands):

Issuer Name (6)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

First Lien Secured Debt - 1,548.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

9.07

%

 

SOFR+475

 

 

 

2,888

 

 

$

2,846

 

 

$

2,888

 

ACP Avenu Buyer, LLC

 

10/2/2029

 

 

Business Services

 

 

9.56

%

 

SOFR+525

 

 

 

9,875

 

 

 

9,735

 

 

 

9,603

 

ACP Falcon Buyer, Inc.

 

8/1/2029

 

 

Business Services

 

 

9.81

%

 

SOFR+550

 

 

 

18,667

 

 

 

18,375

 

 

 

18,854

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

10.56

%

 

SOFR+626

 

 

 

8,663

 

 

 

8,630

 

 

 

8,663

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

10.42

%

 

SOFR+610

 

 

 

12,970

 

 

 

12,787

 

 

 

10,376

 

 

 

 

 

 

 

 

(PIK 7.92%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Anteriad, LLC (f/k/a MeritDirect, LLC)

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

10.20

%

 

SOFR+590

 

 

 

4,576

 

 

 

4,498

 

 

 

4,576

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

10.20

%

 

SOFR+590

 

 

 

4,500

 

 

 

4,468

 

 

 

4,500

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

10.20

%

 

SOFR+590

 

 

 

11,098

 

 

 

11,024

 

 

 

11,098

 

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

9.30

%

 

SOFR+500

 

 

 

5,985

 

 

 

5,976

 

 

 

5,955

 

Archer Lewis, LLC

 

8/28/2029

 

 

Commercial Services & Supplies

 

 

10.06

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,863

 

 

 

9,950

 

ARGANO, LLC

 

9/13/2029

 

 

Business Services

 

 

10.07

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,863

 

 

 

9,831

 

Beacon Behavioral Services, LLC

 

6/21/2029

 

 

Healthcare and Pharmaceuticals

 

 

9.80

%

 

SOFR+550

 

 

 

12,812

 

 

 

12,649

 

 

 

12,684

 

Best Practice Associates, LLC

 

11/8/2029

 

 

Aerospace and Defense

 

 

11.05

%

 

SOFR+675

 

 

 

9,975

 

 

 

9,898

 

 

 

9,850

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

10.05

%

 

SOFR+575

 

 

 

4,875

 

 

 

4,812

 

 

 

4,741

 

Big Top Holdings, LLC

 

2/28/2030

 

 

Business Services

 

 

10.05

%

 

SOFR+575

 

 

 

14,749

 

 

 

14,520

 

 

 

14,749

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.82

%

 

SOFR+650

 

 

 

8,843

 

 

 

8,764

 

 

 

8,754

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

9.70

%

 

SOFR+540

 

 

 

14,895

 

 

 

14,734

 

 

 

14,634

 

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.31

%

 

SOFR+600

 

 

 

8,651

 

 

 

8,639

 

 

 

8,608

 

Burgess Point Purchaser Corporation

 

7/25/2029

 

 

Automotive

 

 

9.65

%

 

SOFR+535

 

 

 

440

 

 

 

416

 

 

 

390

 

By Light Professional IT Services, LLC

 

11/16/2026

 

 

High Tech Industries

 

 

10.79

%

 

SOFR+647

 

 

 

12,781

 

 

 

12,777

 

 

 

12,781

 

C5MI Holdco, LLC

 

7/31/2029

 

 

IT Services

 

 

10.30

%

 

SOFR+600

 

 

 

14,925

 

 

 

14,729

 

 

 

14,925

 

Carisk Buyer, Inc - Amendment No.1 Term Loan

 

12/1/2029

 

 

Healthcare Technology

 

 

9.55

%

 

SOFR+525

 

 

 

9,975

 

 

 

9,908

 

 

 

9,875

 

Carnegie Dartlet, LLC

 

2/7/2030

 

 

Media: Advertising, Printing & Publishing

 

 

9.82

%

 

SOFR+550

 

 

 

15,167

 

 

 

14,963

 

 

 

15,015

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

10.05

%

 

SOFR+575

 

 

 

9,490

 

 

 

9,395

 

 

 

9,490

 

Case Works, LLC

 

10/1/2029

 

 

Professional Services

 

 

9.55

%

 

SOFR+525

 

 

 

14,963

 

 

 

14,849

 

 

 

14,873

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

10.51

%

 

SOFR+619

 

 

 

6,516

 

 

 

6,468

 

 

 

6,419

 

Commercial Fire Protection Holdings, LLC

 

9/23/2030

 

 

Commercial Services & Supplies

 

 

9.05

%

 

SOFR+475

 

 

 

14,925

 

 

 

14,829

 

 

 

14,813

 

Confluent Health, LLC

 

11/30/2028

 

 

Healthcare and Pharmaceuticals

 

 

8.44

%

 

SOFR+400

 

 

 

6,673

 

 

 

6,493

 

 

 

6,272

 

CJX Borrower, LLC

 

7/13/2027

 

 

Media

 

 

10.05

%

 

SOFR+561

 

 

 

3,755

 

 

 

3,721

 

 

 

3,755

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

9.69

%

 

SOFR+536

 

 

 

2,057

 

 

 

2,043

 

 

 

2,042

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

9.65

%

 

SOFR+535

 

 

 

14,487

 

 

 

14,342

 

 

 

14,487

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

9.67

%

 

SOFR+535

 

 

 

2,587

 

 

 

2,424

 

 

 

2,563

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

9.58

%

 

SOFR+525

 

 

 

4,650

 

 

 

4,647

 

 

 

4,641

 

Duggal Acquisition, LLC

 

9/30/2030

 

 

Marketing Services

 

 

9.05

%

 

SOFR+475

 

 

 

4,975

 

 

 

4,931

 

 

 

4,950

 

Dynata, LLC - First Out Term Loan (5)

 

7/17/2028

 

 

Diversified Consumer Services

 

 

9.58

%

 

SOFR+526

 

 

 

1,354

 

 

 

1,269

 

 

 

1,347

 

Dynata, LLC - Last Out Term Loan

 

10/16/2028

 

 

Diversified Consumer Services

 

 

10.08

%

 

SOFR+576

 

 

 

8,397

 

 

 

8,397

 

 

 

7,762

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

10.05

%

 

SOFR+575

 

 

 

8,820

 

 

 

8,730

 

 

 

8,820

 

Emergency Care Partners, LLC

 

10/18/2027

 

 

Healthcare Providers and Services

 

 

9.80

%

 

SOFR+550

 

 

 

5,970

 

 

 

5,935

 

 

 

5,970

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

10.67

%

 

SOFR+635

 

 

 

12,481

 

 

 

12,378

 

 

 

12,481

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

10.81

%

 

SOFR+650

 

 

 

12,187

 

 

 

11,993

 

 

 

12,187

 

Eval Home Solutions Intermediate, LLC

 

5/10/2030

 

 

Healthcare and Pharmaceuticals

 

 

10.06

%

 

SOFR+575

 

 

 

9,045

 

 

 

8,920

 

 

 

9,045

 

Fairbanks Morse Defense

 

6/23/2028

 

 

Aerospace and Defense

 

 

8.80

%

 

SOFR+450

 

 

 

10,041

 

 

 

10,004

 

 

 

9,976

 

GGG MIDCO, LLC

 

9/27/2030

 

 

Diversified Consumer Services

 

 

9.31

%

 

SOFR+500

 

 

 

9,950

 

 

 

9,864

 

 

 

9,851

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

9.92

%

 

SOFR+560

 

 

 

3,514

 

 

 

3,511

 

 

 

3,374

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

9.92

%

 

SOFR+560

 

 

 

3,704

 

 

 

3,674

 

 

 

3,639

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

9.90

%

 

SOFR+560

 

 

 

2,153

 

 

 

2,136

 

 

 

2,143

 

Harris & Co. LLC

 

8/9/2030

 

 

Professional Services

 

 

9.32

%

 

SOFR+500

 

 

 

19,900

 

 

 

19,747

 

 

 

19,900

 

HEC Purchaser Corp

 

6/17/2029

 

 

Healthcare and Pharmaceuticals

 

 

9.72

%

 

SOFR+550

 

 

 

3,672

 

 

 

3,634

 

 

 

3,672

 

Hills Distribution, Inc

 

11/8/2029

 

 

Business Services

 

 

10.32

%

 

SOFR+600

 

 

 

8,912

 

 

 

8,800

 

 

 

8,823

 

HW Holdco, LLC

 

5/10/2026

 

 

Media

 

 

10.23

%

 

SOFR+590

 

 

 

3,441

 

 

 

3,421

 

 

 

3,441

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

9.42

%

 

SOFR+510

 

 

 

9,107

 

 

 

8,994

 

 

 

9,084

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

9.80

%

 

SOFR+550

 

 

 

5,998

 

 

 

5,912

 

 

 

5,998

 

Inovex Information Systems Incorporated

 

 

 

 

 

 

 

9.55

%

 

SOFR+525

 

 

 

8,184

 

 

 

8,126

 

 

 

8,123

 

Integrative Nutrition, LLC(4)

 

1/31/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

11,922

 

 

 

11,633

 

 

 

4,173

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

11.94

%

 

SOFR+761

 

 

 

8,122

 

 

 

8,099

 

 

 

8,122

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

9.94

%

 

SOFR+565

 

 

 

3,880

 

 

 

3,841

 

 

 

3,880

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

10.45

%

 

SOFR+615

 

 

 

13,492

 

 

 

13,321

 

 

 

12,851

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

12.14

%

 

SOFR+785

 

 

 

15,118

 

 

 

14,971

 

 

 

14,816

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc. (4)(5)

 

10/31/2025

 

 

Capital Equipment

 

 

 

 

 

 

 

 

15,789

 

 

 

15,466

 

 

 

11,732

 

LAV Gear Holdings, Inc. - Incremental Term Loan

 

10/31/2025

 

 

Capital Equipment

 

 

10.00

%

 

 

 

 

 

424

 

 

 

394

 

 

 

530

 

Lightspeed Buyer Inc.

 

2/3/2027

 

 

Healthcare Providers and Services

 

 

9.05

%

 

SOFR+475

 

 

 

11,301

 

 

 

11,250

 

 

 

11,301

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

9.07

%

 

SOFR+475

 

 

 

2,546

 

 

 

2,507

 

 

 

2,546

 

Loving Tan Intermediate II, Inc.

 

5/31/2028

 

 

Consumer Products

 

 

10.30

%

 

SOFR+600

 

 

 

7,372

 

 

 

7,269

 

 

 

7,372

 

Lucky Bucks, LLC - First-Out Term Loan (5)

 

10/2/2028

 

 

Hotel, Gaming and Leisure

 

 

11.97

%

 

SOFR+765

 

 

 

258

 

 

 

258

 

 

 

258

 

Lucky Bucks, LLC - Last-Out Term Loan

 

10/2/2029

 

 

Hotel, Gaming and Leisure

 

 

11.97

%

 

SOFR+765

 

 

 

520

 

 

 

520

 

 

 

520

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

9.90

%

 

SOFR+560

 

 

 

2,205

 

 

 

2,145

 

 

 

2,051

 

Magenta Buyer, LLC - First-Out Term Loan

 

7/31/2028

 

 

Software

 

 

11.30

%

 

SOFR+701

 

 

 

357

 

 

 

357

 

 

 

322

 

Magenta Buyer, LLC - Second-Out Term Loan

 

7/31/2028

 

 

Software

 

 

12.30

%

 

SOFR+801

 

 

 

466

 

 

 

466

 

 

 

236

 

 

 

 

 

 

 

 

(PIK 6.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Magenta Buyer, LLC - Third-Out Term Loan

 

7/31/2028

 

 

Software

 

 

11.55

%

 

SOFR+726

 

 

 

1,719

 

 

 

1,719

 

 

 

468

 

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events Acquisitions, LLC

 

12/19/2030

 

 

Media

 

 

9.47

%

 

SOFR+525

 

 

 

17,000

 

 

 

16,846

 

 

 

16,830

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

10.18

%

 

SOFR+585

 

 

 

8,287

 

 

 

8,216

 

 

 

8,287

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

9.31

%

 

SOFR+500

 

 

 

6,284

 

 

 

6,204

 

 

 

6,189

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

9.95

%

 

SOFR+565

 

 

 

2,336

 

 

 

2,311

 

 

 

2,300

 

Medina Health, LLC

 

10/20/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.55

%

 

SOFR+625

 

 

 

19,102

 

 

 

18,848

 

 

 

19,198

 

Megawatt Acquisitionco, Inc

 

3/1/2030

 

 

Electronic Equipment, Instruments, and Components

 

 

9.80

%

 

SOFR+550

 

 

 

15,593

 

 

 

15,392

 

 

 

13,899

 

62


 

Issuer Name (6)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/Shares

 

 

Cost

 

 

Fair Value(2)

 

MOREGroup Holdings, Inc

 

1/16/2030

 

 

Business Services

 

 

9.55

%

 

SOFR+525

 

 

 

13,001

 

 

 

12,841

 

 

 

13,001

 

Municipal Emergency Services, Inc.

 

10/1/2027

 

 

Distributors

 

 

9.45

%

 

SOFR+515

 

 

 

3,378

 

 

 

3,344

 

 

 

3,378

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

9.92

%

 

SOFR+585

 

 

 

10,548

 

 

 

10,475

 

 

 

10,548

 

NORA Acquisition, LLC

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

10.65

%

 

SOFR+635

 

 

 

21,167

 

 

 

20,839

 

 

 

21,167

 

Omnia Exterior Solutions, LLC - Second Amendment Term Loan

 

12/29/2029

 

 

Healthcare Providers and Services

 

 

9.55

%

 

SOFR+525

 

 

 

12,936

 

 

 

12,838

 

 

 

12,839

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

10.69

%

 

SOFR+636

 

 

 

15,598

 

 

 

15,433

 

 

 

15,598

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

13.70

%

 

SOFR+940

 

 

 

2,200

 

 

 

2,187

 

 

 

1,947

 

 

 

 

 

 

 

 

(PIK 7.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

OSP Embedded Purchaser, LLC

 

12/15/2029

 

 

Aerospace and Defense

 

 

10.05

%

 

SOFR+575

 

 

 

9,950

 

 

 

9,815

 

 

 

9,801

 

Output Services Group, Inc - First-Out Term Loan

 

11/30/2028

 

 

Business Services

 

 

12.86

%

 

SOFR+843

 

 

 

821

 

 

 

821

 

 

 

821

 

Output Services Group, Inc - Last-Out Term Loan

 

5/30/2028

 

 

Business Services

 

 

11.11

%

 

SOFR+668

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

9.67

%

 

SOFR+535

 

 

 

3,890

 

 

 

3,846

 

 

 

3,832

 

Pacific Purchaser, LLC

 

10/2/2028

 

 

Business Services

 

 

10.53

%

 

SOFR+625

 

 

 

11,878

 

 

 

11,705

 

 

 

11,925

 

PAR Excellence Holdings, Inc

 

9/3/2030

 

 

Healthcare Technology

 

 

9.17

%

 

SOFR+500

 

 

 

10,988

 

 

 

10,885

 

 

 

10,878

 

PCS Midco, Inc

 

3/1/2030

 

 

Diversified Consumer Services

 

 

10.05

%

 

SOFR+575

 

 

 

3,852

 

 

 

3,803

 

 

 

3,871

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

11.50

%

 

SOFR+725

 

 

 

8,071

 

 

 

8,002

 

 

 

5,649

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

9.80

%

 

SOFR+550

 

 

 

4,018

 

 

 

4,018

 

 

 

4,018

 

Rancho Health MSO, Inc.

 

6/20/2029

 

 

Healthcare Providers and Services

 

 

9.56

%

 

SOFR+525

 

 

 

18,908

 

 

 

18,841

 

 

 

18,908

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

11.45

%

 

SOFR+715

 

 

 

4,800

 

 

 

4,783

 

 

 

4,776

 

Ro Health, LLC

 

1/17/2031

 

 

Healthcare Providers and Services

 

 

9.30

%

 

SOFR+500

 

 

 

11,300

 

 

 

11,220

 

 

 

11,187

 

RRA Corporate, LLC

 

8/15/2029

 

 

Diversified Consumer Services

 

 

9.54

%

 

SOFR+525

 

 

 

4,975

 

 

 

4,933

 

 

 

4,850

 

RTIC Subsidiary Holdings, LLC

 

5/3/2029

 

 

Consumer Goods: Durable

 

 

10.05

%

 

SOFR+575

 

 

 

9,925

 

 

 

9,798

 

 

 

9,701

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.)

 

6/15/2029

 

 

High Tech Industries

 

 

10.03

%

 

SOFR+575

 

 

 

4,314

 

 

 

4,250

 

 

 

4,227

 

S101 Acquisition, Inc

 

12/29/2026

 

 

Government Services

 

 

9.96

%

 

SOFR+565

 

 

 

5,642

 

 

 

5,594

 

 

 

5,642

 

Sabel Systems Technology Solutions, LLC

 

10/31/2030

 

 

Construction and Building

 

 

10.55

%

 

SOFR+625

 

 

 

5,985

 

 

 

5,932

 

 

 

5,985

 

Safe Haven Defense US, LLC

 

5/23/2029

 

 

Construction and Building

 

 

9.30

%

 

SOFR+500

 

 

 

9,919

 

 

 

9,790

 

 

 

9,918

 

Sales Benchmark Index LLC

 

7/7/2026

 

 

Professional Services

 

 

10.50

%

 

SOFR+620

 

 

 

9,241

 

 

 

9,220

 

 

 

9,241

 

Sath Industries, LLC

 

12/17/2029

 

 

Event Services

 

 

10.08

%

 

SOFR+575

 

 

 

10,358

 

 

 

10,259

 

 

 

10,254

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.92

%

 

SOFR+860

 

 

 

12,759

 

 

 

12,758

 

 

 

12,120

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

10.45

%

 

SOFR+615

 

 

 

4,875

 

 

 

4,822

 

 

 

4,595

 

Sigma Defense Systems, LLC

 

12/20/2027

 

 

Aerospace and Defense

 

 

11.20

%

 

SOFR+690

 

 

 

18,453

 

 

 

18,238

 

 

 

18,452

 

Smile Brands Inc.

 

10/12/2027

 

 

Healthcare and Pharmaceuticals

 

 

10.40

%

 

SOFR+600

 

 

 

12,046

 

 

 

12,033

 

 

 

10,661

 

 

 

 

 

 

 

 

(PIK 1.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

11.44

%

 

SOFR+715

 

 

 

4,582

 

 

 

4,575

 

 

 

4,568

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

9.45

%

 

SOFR+515

 

 

 

4,050

 

 

 

4,004

 

 

 

4,050

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

8.55

%

 

SOFR+425

 

 

 

1,768

 

 

 

1,700

 

 

 

1,459

 

SV-Aero Holdings, LLC

 

11/1/2030

 

 

Aerospace and Defense

 

 

9.55

%

 

SOFR+525

 

 

 

14,906

 

 

 

14,840

 

 

 

14,906

 

System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)

 

8/16/2027

 

 

Aerospace and Defense

 

 

9.28

%

 

SOFR+500

 

 

 

14,513

 

 

 

14,397

 

 

 

14,570

 

STG Distribution, LLC (fka Reception Purchaser) - First Out New Money Term Loans

 

10/3/2029

 

 

Air Freight and Logistics

 

 

12.67

%

 

SOFR+835

 

 

 

1,888

 

 

 

1,790

 

 

 

1,869

 

 

 

 

 

 

 

 

(PIK 7.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

STG Distribution, LLC (fka Reception Purchaser) - Second Out Term Loans

 

10/3/2029

 

 

Air Freight and Logistics

 

 

11.92

%

 

SOFR+760

 

 

 

4,383

 

 

 

2,430

 

 

 

2,192

 

 

 

 

 

 

 

 

(PIK 6.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

TCG 3.0 Jogger Acquisitionco

 

1/23/2029

 

 

Media

 

 

10.80

%

 

SOFR+650

 

 

 

19,528

 

 

 

19,247

 

 

 

19,527

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.44

%

 

SOFR+515

 

 

 

341

 

 

 

332

 

 

 

331

 

Teneo Holdings, LLC

 

3/13/2031

 

 

Business Services

 

 

9.07

%

 

SOFR+475

 

 

 

5,445

 

 

 

5,392

 

 

 

5,445

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

10.95

%

 

SOFR+665

 

 

 

8,488

 

 

 

8,418

 

 

 

8,488

 

The Vertex Companies, LLC

 

8/31/2028

 

 

Construction and Engineering

 

 

9.42

%

 

SOFR+510

 

 

 

17,572

 

 

 

17,361

 

 

 

17,449

 

TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.21

%

 

SOFR+590

 

 

 

16,439

 

 

 

16,365

 

 

 

16,438

 

Transgo, LLC

 

12/29/2028

 

 

Automotive

 

 

10.07

%

 

SOFR+575

 

 

 

17,340

 

 

 

17,120

 

 

 

17,426

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

9.21

%

 

SOFR+490

 

 

 

14,670

 

 

 

14,593

 

 

 

14,494

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

9.80

%

 

SOFR+550

 

 

 

6,788

 

 

 

6,730

 

 

 

6,775

 

VRS Buyer, Inc

 

11/22/2030

 

 

Road and Rail

 

 

9.08

%

 

SOFR+475

 

 

 

6,454

 

 

 

6,409

 

 

 

6,406

 

Walker Edison Furniture Company LLC (4)(5)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

5,964

 

 

 

5,069

 

 

 

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(5)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,150

 

Watchtower Buyer, LLC

 

12/3/2029

 

 

Diversified Consumer Services

 

 

10.30

%

 

SOFR+600

 

 

 

12,128

 

 

 

11,962

 

 

 

12,079

 

Zips Car Wash, LLC(4)

 

3/31/2028

 

 

Automobiles

 

 

 

 

 

 

 

 

16,298

 

 

 

15,874

 

 

 

12,672

 

Zips Car Wash, LLC - DIP (5)

 

10/31/2025

 

 

Automobiles

 

 

11.70

%

 

SOFR+740

 

 

 

748

 

 

 

748

 

 

 

748

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,082,507

 

 

$

1,055,621

 

Equity Securities - 7.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48Forty Intermediate Holdings, Inc.

 

 

 

 

Containers and Packaging

 

 

 

 

 

 

 

 

1,722

 

 

 

 

 

 

 

New Insight Holdings, Inc.

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

116,055

 

 

 

2,031

 

 

 

2,561

 

Lucky Bucks, LLC

 

 

 

 

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

73,870

 

 

 

2,062

 

 

 

589

 

Output Services Group, Inc

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

126,324

 

 

 

1,012

 

 

 

1,390

 

Pragmatic Holdco, Inc.

 

 

 

 

Education

 

 

 

 

 

 

 

 

134.0

 

 

 

 

 

 

 

Walker Edison Furniture

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36,458

 

 

 

3,393

 

 

 

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,498

 

 

$

4,540

 

Total Investments - 1,555.50%

 

 

 

 

 

 

 

 

 

 

$

1,091,005

 

 

$

1,060,161

 

Cash and Cash Equivalents - 71.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

4.22

%

 

 

 

 

 

 

 

 

7,200

 

 

 

7,200

 

Blackrock Liquidity Fed Fund Inst

 

 

 

 

 

 

 

4.24

%

 

 

 

 

 

 

 

 

18,670

 

 

 

18,670

 

JP Morgan USD Liquidity Inst

 

 

 

 

 

 

 

4.24

%

 

 

 

 

 

 

 

 

9,225

 

 

 

9,225

 

JP Morgan US Government Fund

 

 

 

 

 

 

 

4.16

%

 

 

 

 

 

 

 

 

8,482

 

 

 

8,482

 

Non-Money Market Cash

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,047

 

 

 

5,047

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,624

 

 

 

48,624

 

Total Investments and Cash Equivalents —1,971.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,139,629

 

 

$

1,108,785

 

Liabilities in Excess of Other Assets — (1,871.0)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,040,625

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

68,160

 

63


 

 

(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 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.
(6)
All investments are in U.S. companies unless noted otherwise.

64


 

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/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

 

 

 

 

 

 

 

 

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

 

65


 

Issuer Name (7)

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par/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

 

 

 

 

 

 

 

 

5,441

 

 

 

4,986

 

 

 

490

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility (4)(6)

 

03/01/29

 

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Walker Edison Furniture Company LLC - DDTL - Unfunded (3)(4)(6)

 

03/01/29

 

 

Wholesale

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.03

%

 

 

 

 

 

 

 

 

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.

66


 

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

 

 

March 31, 2025

 

 

 

 

 

 

 

(Unaudited)

 

 

 

September 30, 2024

 

Assets

 

 

 

 

 

 

 

Investments at fair value (amortized cost—$1,091,005 and $928,983, respectively)

$

 

1,060,161

 

 

$

 

913,281

 

Cash and cash equivalents (cost—$48,624 and $68,429, respectively)

 

 

48,624

 

 

 

 

68,429

 

Interest receivable

 

 

4,486

 

 

 

 

4,722

 

Due from affiliate

 

 

46

 

 

 

 

48

 

Prepaid expenses and other assets

 

 

2,822

 

 

 

 

1,642

 

Total assets

 

 

1,116,139

 

 

 

 

988,122

 

Liabilities

 

 

 

 

 

 

 

Credit facility payable

 

 

271,100

 

 

 

 

146,100

 

2035 Asset-backed debt, net (par—$246,000 and $246,000, respectively)

 

 

244,159

 

 

 

 

243,934

 

2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively)

 

 

244,515

 

 

 

 

244,372

 

Notes payable to members

 

 

271,600

 

 

 

 

271,600

 

Interest payable on credit facility and asset-backed debt

 

 

8,751

 

 

 

 

9,281

 

Payable for investments purchased

 

 

 

 

 

 

86

 

Interest payable on notes to members

 

 

6,585

 

 

 

 

7,315

 

Accrued expenses

 

 

1,177

 

 

 

 

822

 

Due to affiliate

 

 

92

 

 

 

 

65

 

Total liabilities

 

 

1,047,979

 

 

 

 

923,575

 

Commitments and contingencies(1)

 

 

 

 

 

 

 

Members' equity

 

 

68,160

 

 

 

 

64,547

 

Total liabilities and members' equity

$

 

1,116,139

 

 

$

 

988,122

 

(1) As of March 31, 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 March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

27,350

 

 

 

$

26,916

 

 

$

56,776

 

 

$

52,964

 

Other income

 

 

205

 

 

 

 

388

 

 

 

788

 

 

 

565

 

Total investment income

 

 

27,555

 

 

 

 

27,304

 

 

 

57,564

 

 

 

53,529

 

Expenses:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expense on credit facility and asset-backed debt

 

 

13,731

 

 

 

 

13,784

 

 

 

27,816

 

 

 

27,181

 

Interest expense on notes to members

 

 

8,393

 

 

 

 

8,095

 

 

 

17,247

 

 

 

16,316

 

Administration fees

 

 

717

 

 

 

 

577

 

 

 

1,385

 

 

 

1,135

 

General and administrative expenses

 

 

414

 

 

 

 

231

 

 

 

906

 

 

 

493

 

Total expenses

 

 

23,255

 

 

 

 

22,687

 

 

 

47,354

 

 

 

45,125

 

Net investment income

 

 

4,300

 

 

 

 

4,617

 

 

 

10,210

 

 

 

8,404

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

(7,788

)

 

 

 

(90

)

 

 

(6,455

)

 

 

(6,510

)

Net change in unrealized appreciation (depreciation) on investments

 

 

(4,252

)

 

 

 

847

 

 

 

(15,142

)

 

 

8,905

 

Net realized and unrealized gain (loss) on investments

 

 

(12,040

)

 

 

 

757

 

 

 

(21,597

)

 

 

2,395

 

Net increase (decrease) in members' equity resulting from operations

 

$

(7,740

)

 

 

$

5,374

 

 

$

(11,387

)

 

$

10,799

 

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

 

Off-Balance Sheet Arrangements

 

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

 

Distributions

 

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

 

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

 

During the three and six months ended March 31, 2025, we declared distributions of $0.3075 and $0.615 per share for total distributions of $27.7 million and $52.9 million, respectively. During the three and six months ended March 31, 2024, we declared distributions of $0.3075 and $0.615 per share for total distributions of $18.8 million and $36.9 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.

 

67


 

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 six months ended March 31, 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 Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. As of March 31, 2025, our debt portfolio consisted of approximately 100% 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%

 

$

(9,036

)

 

$

(0.09

)

Up 1%

 

 

9,036

 

 

 

0.09

 

Up 2%

 

 

18,072

 

 

 

0.19

 

Up 3%

 

 

27,108

 

 

 

0.28

 

Up 4%

 

 

36,170

 

 

 

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 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.

 

68


 

Item 4. Controls and Procedures

 

As of the period ended March 31, 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 March 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

PART II – OTHER 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. Risk 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.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

Item 3. Defaults Upon Senior Securities

 

None.

Item 4. Mine Safety 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.

 

 

 

69


 

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).

 

 

4.2

Indenture, dated as of February 20, 2025, by and between PennantPark CLO 11, LLC, as issuer, and Western Alliance Trust Company, National Association, as trustee and collateral agent (Incorporated by reference to Exhibit 99.1 to the Registrants's Current Report on Form 8-K (File No. 814-00891), filed on February 24, 2025).

 

 

10.1

Class A-1L-A Credit Agreement, dated as of February 20, 2025, by and among PennantPark CLO 11, LLC, as borrower, the various financial institutions party thereto from time to time, as lenders, and Western Alliance Trust Company, National Association, as collateral agent and as loan agent, (Incorporated by reference to Exhibit 99.2 to the Registrant’s Current Report on Form 8-K (File No. 814-00891), filed on February 24, 2025).

 

 

10.2

Class A-1L-B Credit Agreement, dated as of February 20, 2025, by and among PennantPark CLO 11, LLC, as borrower, the various financial institutions party thereto from time to time, as lenders, and Western Alliance Trust Company, National Association, as collateral agent and as loan agent, (Incorporated by reference to Exhibit 99.3 to the Registrant’s Current Report on Form 8-K (File No. 814-00891), filed on February 24, 2025).

 

 

10.3

Collateral Management Agreement, dated as of February 20, 2025, by and between PennantPark CLO 11, LLC as issuer, and PennantPark Investment Advisers, LLC, as collateral manager. (Incorporated by reference to Exhibit 99.4 to the Registrant’s Current Report on Form 8-K (File No. 814-00891), filed on February 24, 2025).

 

 

10.4

Master Loan Sale Agreement, dated as of February 20, 2025, by and between PennantPark Floating Rate Capital Ltd., as seller, and PennantPark CLO 11, LLC, as buyer (Incorporated by reference to Exhibit 99.5 to the Registrant's Current Report on Form 8-K (File No. 814-00891), filed on February 24, 2025).

 

 

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.

 

70


 

SIGNATURES

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: May 12, 2025

 

By:

/s/ Arthur H. Penn

Arthur H. Penn

 

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 12, 2025

By:

/s/ Richard T. Allorto, Jr.

 

Richard T. Allorto, Jr.

 

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

71