SEC Filing | PennantPark

View:

8-K

                                                                                                                 
UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the
 Securities Exchange Act of 1934

Date of Report: November 16, 2022
 (Date of earliest event reported)
 

PennantPark Floating Rate Capital Ltd.
 (Exact name of registrant as specified in its charter)

Maryland
(State or Other Jurisdiction of Incorporation)

814-00891
(Commission File Number)

27-3794690
(IRS Employer Identification Number)

1691 Michigan Avenue
Miami, Florida 
(Address of Principal Executive Offices)

33139
(Zip Code)

(786) 297-9500

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).

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. ☐

Item 2.02. Results of Operations and Financial Condition
 
On November 16, 2022, PennantPark Floating Rate Capital Ltd., or the Company, issued a press release announcing its financial results for the fourth fiscal quarter ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD. A copy of the Company's schedule of investments as of September 30, 2022 and 2021 are furnished as Exhibit 99.2 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD. 
 
The information in this report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of such section. The information in this report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Act, or under the Exchange Act, except as shall be expressly set forth by specific reference in such filing. 
 
Forward-Looking Statements
 
This report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 the Company files under the Exchange Act. All statements other than statements of historical facts included in this report on Form 8-K are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. The Company undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
 
The Company may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations.
 
Item 9.01. Financial Statements and Exhibits
 
(a) Financial statements:
             None
(b) Pro forma financial information:
             None
(c) Shell company transactions:
             None
(d) Exhibits
             99.1      Press Release of PennantPark Floating Rate Capital Ltd. dated November 16, 2022
   99.2      Schedule of Investments as of September 30, 2022 and 2021
    104      Cover Page Interactive Data File (embedded within the Inline XBRL document)
       
SIGNATURE
 
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 16, 2022
 

PENNANTPARK FLOATING RATE CAPITAL LTD. 
 
By:  /s/ Richard T. Allorto, Jr.                    
      Richard T. Allorto, Jr.
      Chief Financial Officer & Treasurer
 

EX-99.1

EXHIBIT 99.1

PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2022

Miami, FL — (GLOBE NEWSWIRE — November 16, 2022) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT) announced today financial results for the fourth quarter and fiscal year ended September 30, 2022.

HIGHLIGHTS

Quarter ended September 30, 2022

($ in millions, except per share amounts)


Assets and Liabilities:
Investment portfolio (1)			$	1,164.3
Net assets			$	527.1
GAAP net asset value per share			$	11.62
Quarterly decrease in GAAP net asset value per share				(4.8	)%
Adjusted net asset value per share (2)			$	11.59
Quarterly decrease in adjusted net asset value per share (2)				(3.6	)%


Credit Facility			$	167.6
2023 Notes			$	96.8
2026 Notes			$	182.3
2031 Asset-Backed Debt			$	226.1
Regulatory Debt to Equity			1.29x
GAAP Net Debt to Equity (3)			1.19x
Weighted average yield on debt investments at quarter-end				10.0	%

	Quarter Ended		Year Ended
	September 30, 2022		September 30, 2022

Operating Results:
Net investment income	$	12.7	$	48.6
Net investment income per share (GAAP)	$	0.29	$	1.18
Credit facility amendment costs per share	$	0.01	$	0.01
Core net investment income per share (4)	$	0.30	$	1.18
Distributions declared per share	$	0.285	$	1.14

Portfolio Activity:
Purchases of investments	$	54.7	$	607.8
Sales and repayments of investments	$	98.0	$	495.2

PSSL Portfolio data:
PSSL investment portfolio			$	754.7
Purchases of investments	$	50.2	$	278.8
Sales and repayments of investments	$	33.2	$	102.4

(1)

Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $239.6 million, at fair value.

(2)

This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the $1.5 million unrealized loss on our multi-currency senior secured revolving credit facility, as amended and restated, with Truist Bank (formerly SunTrust Bank) and other lenders, or the Credit Facility, and our 4.3% Series A notes due 2023, or the 2023 Notes. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

(3)

This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance including the impact of the $1.5 million unrealized loss on the Credit Facility and the 2023 Notes net of $47.9 million of cash and cash equivalents. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

(4)

Core net investment income is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company’s financial performance excluding a one-time expense of $0.4 million associated with the upsized value of our multi-currency senior secured revolving credit facility with Truist Bank and other lenders on September 15, 2022 and the associated incentive fee reduction of $0.1 million. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.

CONFERENCE CALL AT 9:00 A.M. ET ON NOVEMBER 17, 2022

PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or the “Company”) will also host a conference call at 9:00 a.m. (Eastern Time) on Thursday November 17, 2022 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 394-8218 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #7682895 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available through December 1, 2022 on a webcast link located on the home page of the Investor section of PennantPark’s website.

PORTFOLIO AND INVESTMENT ACTIVITY

“We are pleased with the underlying credit performance of our portfolio this quarter. With our primary focus on lower risk, first lien senior secured floating rate loans to U.S. companies, we are positioned to preserve capital and protect against rising inflation and interest rates,” said Art Penn, Chairman and CEO. “We believe that the combination of rising base rates, higher spreads on new loan originations, and a growing PSSL joint venture create multiple pathways for income growth. We are looking forward to investing in the late 2022 and 2023 vintage of new loans that should benefit from more conservative structures at higher yields.”

As of September 30, 2022, our portfolio totaled $1,164.3 million and consisted of $1,009.6 million of first lien secured debt (including $190.2 million in PSSL), $0.1million of second lien secured debt and $154.5 million of preferred and common equity (including $49.4 million in PSSL). Our debt portfolio consisted of 100% variable-rate investments. As of September 30, 2022, we had two portfolio companies on non-accrual, representing 0.9% and zero percent of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $8.7 million. Our overall portfolio consisted of 125 companies with an average investment size of $9.3 million, had a weighted average yield on debt investments of 10.0%.

As of September 30, 2021, our portfolio totaled $1,081.6 million, and consisted of $934.4 million of first lien secured debt (including $140.9 million in PSSL), $8.9 million of second lien secured debt and $138.3 million of preferred and common equity (including $44.9 million in PSSL). Our debt portfolio consisted of 99% variable-rate investments. As of September 30, 2021, we had two portfolio companies on non-accrual, representing 2.7% and 2.6% of our overall portfolio on a cost and fair value basis, respectively. Overall, the portfolio had net unrealized depreciation of $11.0 million. Our overall portfolio consisted of 110 companies with an average investment size of $9.8 million, had a weighted average yield on debt investments of 7.4%.

For the three months ended September 30, 2022, we invested $54.7 million in five new and 25 existing portfolio companies with a weighted average yield on debt investments of 8.9%. Sales and repayments of investments for the same period totaled $98.0 million. This compares to the three months ended September 30, 2021, in which we invested $185.7 million in 16 new and 18 existing portfolio companies with a weighted average yield on debt investments of 7.3%. Sales and repayments of investments for the same period totaled $136.6 million.

For the year ended September 30, 2022, we invested $607.8 million in 34 new and 129 existing portfolio companies with a weighted average yield on debt investments of 7.8%. Sales and repayments of investments for the same period totaled $495.2 million.

For the year ended September 30, 2021, we invested $661.1 million in 35 new and 68 existing portfolio companies with a weighted average yield on debt investments of 7.4%. Sales and repayments of investments for the same period totaled $702.1 million.

PennantPark Senior Secured Loan Fund I LLC

As of September 30, 2022, PSSL’s portfolio totaled $754.7 million, consisted of 95 companies with an average investment size of $8.0 million and had a weighted average yield on debt investments of 9.6%. As of September 30, 2021, PSSL’s portfolio totaled $564.8 million, consisted of 74 companies with an average investment size of $7.6 million and had a weighted average yield on debt investments of 7.1%.

For the three months ended September 30, 2022, PSSL invested $50.2 million in nine new and five existing portfolio companies with a weighted average yield on debt investments of 8.8%. PSSL’s sales and repayments of investments for the same period totaled $33.2 million. For the three months ended September 30, 2021, PSSL invested $76.6 million in 12 new and three existing portfolio companies with a weighted average yield on debt investments of 7.3%. PSSL’s sales and repayments of investments for the same period totaled $36.7 million.

For the year ended September 30, 2022, PSSL invested $278.8 million (of which $270.6 million was purchased from the Company) in 34 new and 20 existing portfolio companies with a weighted average yield on debt investments of 8.1 %. PSSL’s sales and repayments of investments for the same period totaled $102.4 million.

For the year ended September 30, 2021, PSSL invested $354.4 million (of which $285.7 million was purchased from the Company) in

42 new and 29 existing portfolio companies with a weighted average yield on debt investments of 7.2%. PSSL’s sales and repayments of investments for the same period totaled $185.7 million.

RESULTS OF OPERATIONS

Set forth below are the results of operations for the three months and years ended September 30, 2022 and 2021.

Investment Income

Investment income for the three months ended September 30, 2022 and 2021 was $28.8 million and $21.6 million, respectively, and was attributable to $25.1 million and $18.6 million from first lien secured debt and $3.7 million and $3.0 million from other investments, respectively.

Investment income for the year ended September 30, 2022 was $105.5 million and was attributable to $89.1 million from first lien secured debt and $16.4 million from other investments. Investment income for the year ended September 30, 2021 was $82.7 million and was attributable to $72.1 million from first lien secured debt and $10.6 million from other investments. The increase in investment income compared to the same periods in the prior year was primarily due to an increase in LIBOR and SOFR base rates and an increase in the size of our interest bearing portfolio.

Expenses

Expenses for the three months ended September 30, 2022 and 2021 totaled $16.1 million and $12.3 million, respectively. Base management fee totaled $3.0 million and $2.7 million, incentive fee totaled $3.2 million and $0.6 million, debt related interest and expenses totaled $9.0 million (including $0.4 million attributable to fees associated with the upsizing of the credit facility) and $8.5 million (including $2.9 million attributable to fees associated with entering into the new credit facility), general and administrative expenses totaled $0.9 million and $0.4 million and provision for taxes totaled $0.1 million and $0.1 million, respectively, for the same periods.

Expenses for the year ended September 30, 2022 and 2021 totaled $56.9 million and $43.1 million, respectively. Base management fee for the same period totaled $11.9 million and $10.7 million, incentive fee totaled $11.6 million and $5.3 million, debt related interest and expenses totaled $29.8 million (including $0.4 million attributable to fees associated with the upsizing of the credit facility) and $24.5 million (including $2.9 million attributable to fees associated with entering into the new credit facility amendment fees), general and administrative expenses totaled $3.2 million and $2.1 million, and provision for taxes totaled $0.4 million and $0.4 million, respectively, for the same periods. The increase in expenses compared to the prior year was primarily due to an increase in base management fees under our Investment Management Agreement with the Investment Advisor and debt related interest and expenses.

Net Investment Income

Net investment income totaled $12.7 million, or $0.28 per share, and $9.3 million, or $0.24 per share, for the three months ended September 30, 2022 and 2021, respectively.

Net investment income totaled $48.6 million, or $1.18 per share, and $39.6 million, or $1.02 per share, for the years ended September 30, 2022 and 2021, respectively. The increase in net investment income compared to the prior year was primarily due to an increase in the size of our portfolio as well as the increase in LIBOR and SOFR base interest rates.

Net Realized Gains or Losses

Net realized gains (losses) on sales and repayments of investments totaled $0.5 million and $2.5 million, respectively for the three months ended September 30, 2022 and 2021.

Net realized gains (losses) on sales and repayments of investments totaled $(11.1) million and $12.8 million, respectively for the years ended September 30, 2022 and 2021. The change in realized gains (losses) was primarily due to changes in market conditions of our investments and the values at which they were realized, caused by the fluctuations in the market and in the economy.

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

For the three months ended September 30, 2022 and 2021, we reported a net change in unrealized appreciation (depreciation) appreciation on investments of $(20.9) million and $(7.5) million, respectively.

For the years ended September 30, 2022 and 2021, we reported net change in unrealized appreciation (depreciation) on investments of $(24.5) million and $41.3 million, respectively. As of September 30, 2022 and 2021, our net unrealized appreciation (depreciation) on investments totaled $(13.1) million and $11.0 million, respectively. The net change in unrealized appreciation/depreciation on our investments for the year ended September 30, 2022 compared to the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized, caused by the fluctuations in the market and in the economy.

For the three months ended September 30, 2022 and 2021, our Credit Facility and 2023 Notes had a net change in unrealized (appreciation) depreciation of $(6.2) million and $(0.3) million, respectively.

For the year ended September 30, 2022 and 2021, the Credit Facility or Prior Credit Facility, as applicable, and the 2023 Notes had a net change in unrealized (appreciation) depreciation of $(4.9) million and $(11.6) million and, respectively. As of September 30, 2022 and 2021, our net unrealized depreciation on the Credit Facility or our Prior Credit Facility, as applicable, and the 2023 Notes totaled $2.3 million and $7.2 million, respectively. The net change in unrealized depreciation for the year ended September 30, 2022 compared to the prior year was primarily due to changes in the capital markets, with the economic instability negatively affecting the value.

Net Change in Net Assets Resulting from Operations

Net change in net assets resulting from operations totaled $(13.1) million, or $(0.34) per share, and $4.0 million, or $0.10 per share, for the three months ended September 30, 2022 and 2021, respectively.

Net change in net assets resulting from operations totaled $3.5 million, or $0.08 per share, and $56.5 million, or $1.46 per share, for the years ended September 30, 2022 and 2021, respectively. The decrease in net assets from operations for the year ended September 30, 2022 compared to the prior year was primarily due to depreciation of the portfolio primarily driven by changes in market conditions.

LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. 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 the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

The annualized weighted average cost of debt for the years ended September 30, 2022 and 2021, inclusive of the fee on the undrawn commitment on the Credit Facility or Prior Credit Facility, as applicable, amendment costs and debt issuance costs, was 4.5% and 3.9%, respectively. As of September 30, 2022, we maintained a $366 million Credit Facility, which was recently increased from $300 million during September 2022, and matures in August 2026. As of September 30, 2022 and 2021, we had $197.2 million and $80.6 million of unused borrowing capacity under the Credit Facility or our Prior Credit Facility, as applicable, respectively, subject to leverage and borrowing base restrictions.

As of September 30, 2022 and 2021, our wholly owned subsidiary, PennantPark Floating Rate Funding I, LLC, borrowed $168.8 million and $219.4 million under the Credit Facility or Prior Credit Facility, as applicable, respectively. The Credit Facility had a weighted average interest rate of 4.9% and 2.3%, exclusive of the fee on undrawn commitments as of September 30, 2022 and 2021, respectively.

As of September 30, 2022 and 2021, we had cash equivalents of $47.9 million and $49.8 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to efficiently operate the business.

Our operating activities used cash of $50.0 million for the year ended September 30, 2022, and our financing activities provided cash of $47.7 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities used cash primarily for paying down the Credit Facility and paying distributions to stockholders.

Our operating activities provided cash of $49.6 million for the year ended September 30, 2021, and our financing activities used cash of $56.3 million for the same period. Our operating activities used cash primarily for our investment activities and our financing activities used cash primarily for paying down the Credit Facility and paying distributions to stockholders.

DISTRIBUTIONS

During the three months and year ended September 30, 2022, we declared distributions of $0.285 and $1.14 per share, respectively, for total distributions of $12.6 and $46.7 million, respectively. During the three months and year ended September 30, 2021, we declared distributions of $0.285 and $1.14 per share, respectively, for total distributions of $11.0 and $44.2 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.

AVAILABLE INFORMATION

The Company makes available on its website its Quarterly Report on Form 10-K filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)



	September 30, 2022			September 30, 2021
Assets
Investments at fair value
Non-controlled, non-affiliated investments (cost—$882,570 and $824,542, respectively)	$	893,249		$	856,806
Non-controlled, affiliated investments (cost— zero and $22,380, respectively)		—			7,433
Controlled, affiliated investments (cost— $294,787 and $223,714, respectively)		271,005			217,380
Total of investments (cost—$1,177,357 and $1,070,636, respectively)		1,164,254			1,081,619
Cash and cash equivalents (cost—$47,917 and $49,826, respectively)		47,880			49,826
Interest receivable		7,543			5,446
Receivable for investments sold		3,441			33,965
Prepaid expenses and other assets		748			—
Total assets		1,223,866			1,170,856
Liabilities
Distributions payable		4,308			3,690
Payable for investments purchased		—			13,546
Credit Facility payable, at fair value (cost—$168,830 and $219,400, respectively)		167,563			218,851
2023 Notes payable, at fair value (par—$97,006 and $117,793, respectively)		96,812			111,114
2026 Notes payable, net (par—$185,000 and $100,000, respectively)		182,276			97,171
2031 Asset-Backed Debt, net (par—$228,000)		226,128			225,497
Interest payable on debt		8,163			5,455
Base management fee payable		3,027			2,707
Performance-based incentive fee payable		3,164			624
Accrued other expenses		765			1,590
Deferred tax liability		4,568			—
Total liabilities		696,774			680,245
Commitments and contingencies
Net assets
Common stock, 45,345,638 and 38,880,728 shares issued and outstanding, respectively Par value $0.001 per share and 100,000,000 shares authorized		45			39
Paid-in capital in excess of par value		618,028			538,814
Accumulated deficit		(90,981	)		(48,242	)
Total net assets	$	527,092		$	490,611
Total liabilities and net assets	$	1,223,866		$	1,170,856
Net asset value per share	$	11.62		$	12.62

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)


	Three Months Ended September 30,						Year Ended September 30,
	2022			2021			2022			2021
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	18,660		$	13,357		$	68,413		$	56,878
Dividend		577			—			2,308			—
Other income		483			1,619			4,278			4,153
From non-controlled, affiliated investments:
Interest		—			1,029		112			1309
Other income		—			1			—			123
From controlled, affiliated investments:
Interest		6,091			2,988			16,724			11,241
Dividend		2,975			2,625			13,650			8,794
Other Income		—			1			—			196
Total investment income		28,786			21,620			105,485			82,694
Expenses:
Base management fee		3,026			2,706			11,930			10,678
Performance-based incentive fee		3,164			625			11,625			5,341
Interest and expenses on debt		9,042			5,625			29,755			21,650
Administrative services expenses		144			150			575			900
Other general and administrative expenses		654			201			2,618			1,201
Expenses before provision for taxes		16,030			9,307			56,503			39,770
Credit Facility amendment costs and debt issuance costs		—			2,898			—			2,898
Provision for taxes		100			100			400			400
Net expenses		16,130			12,305			56,903			43,068
Net investment income		12,656			9,315			48,582			39,626
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments and debt:
Non-controlled, non-affiliated investments		515			18,233			11,209			24,613
Non-controlled and controlled, affiliated investments		—			(15,769	)		(22,315	)		(37,409	)
Net realized gain (loss) on investments and debt		515			2,464			(11,106	)		(12,796	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(9,766	)		2,474			(22,009	)		30,881
Non-controlled and controlled, affiliated investments		(11,100	)		(9,956	)		(2,503	)		10,414
Provision for taxes on unrealized appreciation on investments		772			—			(4,568	)		—
Debt (appreciation) depreciation		(6,216	)		(292	)		(4,943	)		(11,609	)
Net change in unrealized appreciation (depreciation) on investments and debt		(26,310	)		(7,774	)		(34,023	)		29,686
Net realized and unrealized gain (loss) from investments and debt		(25,795	)		(5,310	)		(45,129	)		16,890
Net increase (decrease) in net assets resulting from operations		(13,139	)		4,005		$	3,453			56,516
Net increase (decrease) in net assets resulting from operations per common share	$	(0.34	)	$	0.10		$	0.08		$	1.46
Net investment income per common share	$	0.29		$	0.24		$	1.18		$	1.02

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $6.4 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, and Los Angeles.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or 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. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission as well as changes in the economy and risks associated with possible disruption in the Company’s operations or the economy generally due to terrorism, natural disasters or pandemics such as COVID-19. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.


CONTACT:	Richard T. Allorto, Jr.
	PennantPark Floating Rate Capital Ltd.
	(212) 905-1000
	www.pennantpark.com

EX-99.2

EXHIBIT 99.2

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2022

(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—169.5% (3), (4)
First Lien Secured Debt—149.7%
Ad.net Acquisition, LLC	05/06/2026	Media		9.67	%		3M L+600			4,938	$	4,882	$	4,900
Ad.net Acquisition, LLC (Revolver) (7), (9)	05/06/2026	Media		—				—		1,244		—		(9	)
Altamira Technologies, LLC	07/24/2025	IT Services		10.81	%		3M L+800			4,794		4,756		4,626
Altamira Technologies, LLC (Revolver) (7)	07/24/2025	IT Services		11.67	%		3M L+800			575		575		555
Altamira Technologies, LLC (Revolver) (7), (9)	07/24/2025	IT Services		—				—		1,581		—		(55	)
American Insulated Glass, LLC	12/21/2023	Building Products		7.79	%		3M L+550			7,601		7,559		7,601
American Teleconferencing Services, Ltd.(7)	06/08/2023	Telecommunications	0.00%			(6)		—		7,986		7,915		90
American Teleconferencing Services, Ltd. (Revolver) (7)	12/08/2022	Telecommunications	0.00%			(6)		—		1,656		1,642		17
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/2025	Media		9.85	%		3M L+625			14,104		13,951		13,892
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/2024	Media		9.17	%		3M L+550			14,568		14,486		14,568
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9)	05/23/2024	Media		—				—		2,869		—		—
Any Hour Services	07/21/2027	Energy Equipment and Services		7.43	%		3M L+525			10,536		10,432		10,326
Any Hour Services (Revolver) (7), (9)	07/21/2027	Energy Equipment and Services		—				—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Diversified Consumer Services		6.72	%		1M L+525			6,208		6,166		6,177
Apex Service Partners, LLC Term Loan B	07/31/2025	Diversified Consumer Services		9.67	%		1M L+550			296		296		295
Apex Service Partners, LLC Term Loan C	07/31/2025	Diversified Consumer Services		7.75	%		1M L+525			12,906		12,814		12,841
Apex Service Partners, LLC (Revolver) (7), (9)	07/31/2025	Diversified Consumer Services		—				—		1,845		—		(9	)
API Holding III Corp.	05/11/2026	Electronic Equipment, Instruments, and Components		7.92	%		1M L+425			5,805		5,785		5,050
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		9.42	%		3M L+575			7,147		7,040		6,968
Applied Technical Services, LLC (Unfunded Term Loan)	04/21/2023	Commercial Services & Supplies		—				—		2,298		—		(32	)
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Commercial Services & Supplies		10.25	%		3M L+475			255		255		248
Applied Technical Services, LLC (Revolver) (7), (9)	12/29/2026	Commercial Services & Supplies		—				—		1,018		—		(25	)
Arcfield Acquisition Corp. (Revolver) (9)	03/07/2028	Aerospace and Defense		—				—		887		—		(18	)
Beta Plus Technologies, Inc.	07/01/2029	Internet Software and Services		7.76	%		1M L+525			5,000		4,901		4,900
Blackhawk Industrial Distribution, Inc.	09/17/2024	Distributors		8.33	%		3M L+500			25		25		25
Blackhawk Industrial Distribution, Inc. (7),(9)	09/17/2024	Distributors		—				—		3,232		—		(40	)
Blackhawk Industrial Distribution, Inc. (Revolver) (7)	09/17/2024	Distributors		8.87	%		3M L+500			549		549		533
Blackhawk Industrial Distribution, Inc. (9)	09/17/2024	Distributors		—				—		2,195		—		(62	)
Broder Bros., Co.	12/02/2022	Textiles, Apparel and Luxury Goods		7.39	%		3M L+600			3,405		3,405		3,405
By Light Professional IT Services, LLC	05/16/2024	High Tech Industries		9.26	%		3M L+625			27,533		27,331		27,257
By Light Professional IT Services, LLC (Revolver)	05/16/2024	High Tech Industries		9.75	%		3M L+663			877		877		868
By Light Professional IT Services, LLC (Revolver) (9)	05/16/2024	High Tech Industries		—				—		3,189		—		(32	)
Cadence Aerospace, LLC (7)	11/14/2023	Aerospace and Defense		11.31	%		3M L+850			3,033		3,024		3,003
			(PIK 9.50%)
Cartessa Aesthetics, LLC	05/13/2028	Distributors		9.55	%		1M L+600			16,459		16,143		16,212
Cartessa Aesthetics, LLC (Revolver) (7)	05/13/2028	Distributors		9.55	%		1M L+600			511		511		503
Cartessa Aesthetics, LLC (Revolver) (7)(9)	05/13/2028	Distributors		—						927		-		(14	)
CF512, Inc.	08/20/2026	Media		9.28	%		3M L+600			8,098		7,988		7,976
CF512, Inc. (7), (9)	08/20/2026	Media		—				—		191		—		(1	)
CF512, Inc. (Revolver) (7), (9)	08/20/2026	Media		—				—		955		—		(14	)
CHA Holdings, Inc.	04/10/2025	Environmental Industries		8.17	%		3M L+450			1,581		1,577		1,581
Challenger Performance Optimization, Inc. (Revolver) (7), (9)	08/31/2023	Business Services		9.27	%		1M L+675			357		357		346
Challenger Performance Optimization, Inc. (Revolver) (7), (9)	08/31/2023	Business Services		—				—		356		—		(11	)
Compex Legal Services, Inc.	02/09/2026	Professional Services		8.83	%		3M L+525			8,038		8,010		8,038
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Professional Services		8.92	%		3M L+525			773		773		773
Compex Legal Services, Inc. (Revolver) (7), (9)	02/07/2025	Professional Services		—				—		633		—		—
Connatix Buyer, Inc.	07/13/2027	Media		8.42	%		3M L+550			3,907		3,841		3,810
Connatix Buyer, Inc. (7), (9)	01/13/2023	Media		—				—		2,105		—		(32	)
Connatix Buyer, Inc. (7), (9)	07/13/2027	Media		—				—		1,234		—		(30	)
Crane 1 Services, Inc.	08/16/2027	Commercial Services & Supplies		9.39	%		3M L+575			891		885		882
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Commercial Services & Supplies		8.87	%		3M L+575			224		224		222
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Commercial Services & Supplies		—				—		112		—		(1	)
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		8.87	%		3M L+575			6,477		6,476		6,477
Douglas Products and Packaging Company LLC (Revolver)	10/19/2022	Chemicals, Plastics and Rubber		11.00	%		P+475			2,627		2,627		2,627
Douglas Products and Packaging Company LLC (Revolver) (9)	10/19/2022	Chemicals, Plastics and Rubber		—				—		3,425		—		—
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		8.87	%		3M L+575			3,920		3,920		3,920
Dr. Squatch, LLC	08/31/2027	Personal Products		9.42	%		3M L+600			4,428		4,356		4,362
Dr. Squatch, LLC (Revolver) (7)	08/31/2027	Personal Products		8.95	%		3M L+600			1,118		1,118		1,101
Dr. Squatch, LLC (Revolver) (7), (9)	08/31/2027	Personal Products		—				—		2,236		—		(34	)
DRS Holdings III, Inc.	11/03/2025	Personal Products		8.87	%		3M L+575			17,111		16,993		16,564
DRS Holdings III, Inc. (Revolver) (7), (9)	11/03/2025	Personal Products		—				—		1,426		—		(46	)
Duraco Specialty Tapes LLC	06/30/2024	Containers and Packaging		8.62	%		3M L+550			3,247		3,208		3,169
ECL Entertainment, LLC	05/01/2028	Hotels, Restaurants and Leisure		10.62	%		1M L+750			5,203		5,158		5,125
ECM Industries, LLC (Revolver)	12/23/2025	Electronic Equipment, Instruments, and Components		8.00	%		1M L+475			514		514		490
ECM Industries, LLC (Revolver) (9)	12/23/2025	Electronic Equipment, Instruments, and Components		—				—		400		—		(19	)
eCommission Financial Services, Inc. (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		7.63	%		1M L+500			5,837		5,837		5,837
eCommission Financial Services, Inc. (Revolver) (7), (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		7.63	%		1M L+500			2,500		2,500		2,500
eCommission Financial Services, Inc. (Revolver) (7), (9), (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		—				—		2,500		—		—
Efficient Collaborative Retail Marketing Company, LLC	06/15/2024	Media: Diversified and Production		10.42	%		3M L+675			7,150		7,123		6,936
Exigo Intermediate II, LLC (9)	03/15/2024	Software		—				—		2,758		—		(41	)
Exigo Intermediate II, LLC (Revolver)	03/15/2027	Software		8.87	%		3M L+575			138		138		135
Exigo Intermediate II, LLC (Revolver) (9)	03/15/2027	Software		—				—		552		—		(12	)
Findex Group Limited (5)(10)(11)	05/31/2024	Diversified Financial Services		7.17	%		3M L+450			AUD 10,000		7,399		6,430
Gantech Acquisition Corp.	05/14/2026	IT Services		9.37	%		1M L+625			21,982		21,632		21,322
Gantech Acquisition Corp. (Revolver) (7)	05/14/2026	IT Services		9.37	%		1M L+625			249		249		241
Gantech Acquisition Corp. (Revolver) (7), (9)	05/14/2026	IT Services		—				—		3,484		—		(105	)
Global Holdings InterCo LLC	03/16/2026	Diversified Financial Services		8.74	%		3M L+600			3,427		3,388		3,273

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(in thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Graffiti Buyer, Inc. (7), (9)	08/10/2023	Trading Companies & Distributors		—			—		1,071	$	-	$	(24	)
Graffiti Buyer, Inc. (Revolver) (7)	08/10/2027	Trading Companies & Distributors		8.92	%	3M L+575			418		418		401
Graffiti Buyer, Inc. (Revolver) (7), (9)	08/10/2027	Trading Companies & Distributors		—			—		447		—		(18	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		8.67	%	3M L+500			4,441		4,378		4,374
Hancock Roofing and Construction L.L.C. (7), (9)	12/31/2022	Insurance		—			—		400		—		(6	)
Hancock Roofing and Construction L.L.C. (Revolver) (7)	12/31/2026	Insurance		7.82	%	3M L+500			270		270		266
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)	12/31/2026	Insurance		—					480		—		(7	)
Holdco Sands Intermediate, LLC	11/23/2028	Aerospace and Defense		10.17	%	3M L+600			4,963		4,872		4,863
Holdco Sands Intermediate, LLC (Revolver) (9)	11/23/2027	Aerospace and Defense		—			—		1,791		—		(36	)
HW Holdco, LLC	12/10/2024	Media		6.00	%	1M L+500			8,457		8,416		8,352
HW Holdco, LLC (9)	12/10/2024	Media		—			—		1,686		—		(4	)
HW Holdco, LLC (Revolver) (7), (9)	12/10/2024	Media		—			—		1,452		—		(18	)
IDC Infusion Services, Inc.	12/30/2026	Healthcare Equipment and Supplies		10.44	%	3M L+700			5,723		5,616		5,506
IDC Infusion Services, Inc. (Revolver) (9)	12/30/2026	Healthcare Equipment and Supplies		—			—		4,167		—		(188	)
IG Investments Holdings, LLC (7)	09/22/2028	Professional Services		9.45	%	3M L+600			4,473		4,390		4,429
IG Investments Holdings, LLC (Revolver) (7), (9)	09/22/2027	Professional Services		—			—		477		—		(5	)
Imagine Acquisitionco, LLC	11/15/2027	Software		8.42	%	3M L+550			3,979		3,909		3,879
Imagine Acquisitionco, LLC (9)	11/15/2027	Software		—			—		1,657		—		(25	)
Imagine Acquisitionco, LLC (Revolver) (9)	11/15/2027	Software		—			—		1,193		—		(30	)
Inception Fertility Ventures, LLC	12/07/2023	Healthcare Providers and Services		10.13	%	3M L+715			14,954		14,711		14,804
Infolinks Media Buyco, LLC	11/01/2026	Media		9.42	%	3M L+575			2,625		2,581		2,625
Infolinks Media Buyco, LLC (9)	11/01/2023	Media		—			—		969		—		10
Integrative Nutrition, LLC	09/29/2023	Consumer Services		8.42	%	3M L+450			15,636		15,600		15,323
Integrative Nutrition, LLC (Revolver) (7), (9)	09/29/2023	Consumer Services		—			—		5,000		—		—
Integrity Marketing Acquisition, LLC (7)	08/27/2025	Insurance		7.58	%	SOFR+550			15,825		15,697		15,667
ITI Holdings, Inc. (Revolver)	03/03/2028	IT Services		8.25	%	3M L+550			133		133		130
ITI Holdings, Inc. (Revolver) (9)	03/03/2028	IT Services		—			—		532		—		(11	)
K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9)	12/20/2023	Chemicals, Plastics and Rubber		—			—		1,429		—		—
Kinetic Purchaser, LLC	11/10/2027	Personal Products		9.67	%	3M L+600			17,428		17,120		17,079
Kinetic Purchaser, LLC - (Revolver) (9)	11/10/2026	Personal Products		9.67	%	3M L+600			3,435		3,435		3,366
Lash OpCo, LLC	02/18/2027	Personal Products		11.17	%	1M L+700			10,511		10,323		10,300
Lash OpCo, LLC (Revolver) (7)	08/16/2026	Personal Products		9.38	%	1M L+700			599		599		587
Lash OpCo, LLC (Revolver) (7), (9)	08/16/2026	Personal Products		—					1,321		—		(26	)
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		9.95	%	1M L+750			9,565		9,542		9,345
			(PIK 5.50%)
LAV Gear Holdings, Inc. (Revolver) (7)	10/31/2024	Capital Equipment		9.95	%	1M L+750			1,721		1,721		1,681
			(PIK 5.50%)
Ledge Lounger, Inc.	11/09/2026	Leisure Products		9.92	%	3M L+625			3,747		3,683		3,691
Ledge Lounger, Inc. (Revolver) (9)	11/09/2026	Leisure Products		—			—		789		—		(12	)
Lightspeed Buyer Inc.	02/03/2026	Healthcare Technology		8.87	%	1M L+575			24,357		24,065		23,566
Lightspeed Buyer Inc. (Revolver) (7)	02/03/2026	Healthcare Technology		8.87	%	1M L+575			1,083		1,083		1,048
Lightspeed Buyer Inc. (Revolver) (7) (9)	02/03/2026	Healthcare Technology		—			—		1,416		—		(46	)
Lucky Bucks, LLC	07/20/2027	Hotels, Restaurants and Leisure		8.31	%	3M L+550			4,331		4,258		3,183
MAG DS Corp.	04/01/2027	Aerospace and Defense		9.17	%	1M L+550			3,714		3,576		3,379
Mars Acquisition Holdings Corp.	05/14/2026	Media		8.62	%	3M L+550			6,052		5,958		6,022
Mars Acquisition Holdings Corp. (Revolver)(7)(9)	05/14/2026	Media		—			—		1,624		—		(8	)
MBS Holdings, Inc. (Revolver)(7)(9)	04/16/2027	Internet Software and Services		—			—		1,157		—		(12	)
MDI Buyer, Inc. - Unfunded Term Loan	07/25/2028	Commodity Chemicals		—			—		1,804		—		(18	)
MDI Buyer, inc. (Revolver) (9)	07/25/2028	Commodity Chemicals		—			—		773		—		(8	)
Meadowlark Acquirer, LLC	12/10/2027	Professional Services		9.17	%	3M L+550			1,319		1,306		1,305
Meadowlark Acquirer, LLC - Term Loan I (9)	12/10/2027	Professional Services		—			—		1,782		—		—
Meadowlark Acquirer, LLC - Term Loan II (9)	12/10/2027	Professional Services		—			—		9,483		—		—
Meadowlark Acquirer, LLC (Revolver) (9)	12/10/2027	Professional Services		—			—		1,693		—		(17	)
Mission Critical Electronics, Inc.	03/28/2024	Capital Equipment		8.03	%	SOFR +500			3,430		3,395		3,389
Mission Critical Electronics, Inc. (9)	03/28/2024	Capital Equipment		—			—		883		—		(7	)
Mission Critical Electronics, Inc. (Revolver) (7)	03/28/2024	Capital Equipment		6.67	%	1M L+500			557		557		550
Mission Critical Electronics, Inc. (Revolver) (7), (9)	03/28/2024	Capital Equipment		—			—		769		—		(9	)
Municipal Emergency Services, Inc. (7)	09/28/2027	Distributors		8.67	%	3M L+500			354		351		334
Municipal Emergency Services, Inc. (7), (9)	09/28/2027	Distributors		—			—		592		—		(29	)
Municipal Emergency Services, Inc. (Revolver) (7)	09/28/2027	Distributors		8.67	%	3M L+500			142		142		134
Municipal Emergency Services, Inc. (Revolver) (7), (9)	09/28/2027	Distributors		—			—		805		—		(47	)
NBH Group LLC (Revolver) (7), (9)	08/19/2026	Healthcare Equipment and Supplies		—			—		1,677		—		—
OIS Management Services, LLC	07/09/2026	Healthcare Equipment and Supplies		9.45	%	SOFR + 575			1,975		1,951		1,975
OIS Management Services, LLC (Revolver) (7), (9)	07/09/2026	Healthcare Equipment and Supplies		—			—		444		—		—
One Stop Mailing, LLC	05/07/2027	Air Freight and Logistics		9.37	%	3M L+625			8,759		8,612		8,496
ORL Acquisition, Inc. (7)	09/03/2027	Consumer Finance		8.92	%	3M L+525			7,195		7,069		7,195
ORL Acquisition, Inc. (Revolver) (7), (9)	09/03/2027	Consumer Finance		—			—		861		—		—
Output Services Group, Inc.	03/27/2024	Business Services		9.80	%	1M L+675			4,874		4,592		3,704
Owl Acquisition, LLC	02/04/2028	Professional Services		8.41	%	3M L+575			3,990		3,874		3,890
Ox Two, LLC	05/18/2026	Construction and Building		9.81	%	1M L+700			25,772		25,440		25,257
Ox Two, LLC (Revolver) (7)	05/18/2026	Construction and Building		9.81	%	1M L+700			2,484		2,484		2,434
Ox Two, LLC (Revolver) (9)	05/18/2026	Construction and Building		—			—		903		—		(18	)
PL Acquisitionco, LLC	11/09/2027	Textiles, Apparel and Luxury Goods		9.62	%	3M L+650			6,110		6,015		5,958
PL Acquisitionco, LLC - (Revolver) (9)	11/09/2027	Textiles, Apparel and Luxury Goods		—			—		2,290		—		(57	)
Plant Health Intermediate, Inc.	10/19/2022	Chemicals, Plastics and Rubber		8.87	%	3M L+575			637		637		637
PlayPower, Inc.	05/08/2026	Leisure Products		9.17	%	1M L+550			3,440		3,419		3,078

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(in thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon				Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
PRA Events, Inc.	08/07/2025	Business Services		14.17	%		1M L+1,050			3,323	$	2,903	$	3,323
			(PIK 10.50%)
Pragmatic Institute, LLC - Unfunded Term Loan	07/06/2028	Professional Services		—				—		2,290		—		—
Pragmatic Institute, LLC (Revolver)	07/06/2028	Professional Services		9.30	%		3M L+575			305		305		302
Pragmatic Institute, LLC (Revolver) (9)	07/06/2028	Professional Services		—				—		1,221		—		(12	)
Quantic Electronics, LLC	11/19/2026	Electronic Equipment, Instruments, and Components		9.92	%		1M L+600			4,706		4,632		4,612
Quantic Electronics, LLC (Revolver) (7)	11/19/2026	Electronic Equipment, Instruments, and Components		9.51	%		1M L+600			268		268		263
Quantic Electronics, LLC (Revolver) (7), (9)	11/19/2026	Electronic Equipment, Instruments, and Components		—				—		402		—		(8	)
Questex, LLC	09/09/2024	Media: Diversified and Production		7.45	%		3M L+500			7,200		7,146		7,056
Questex, LLC (Revolver) (7), (9)	09/09/2024	Media: Diversified and Production		—				—		1,197		—		(24	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare Equipment and Supplies		7.75	%		3M L+550			1,040		1,040		1,040
Rancho Health MSO, Inc. (Revolver) (7), (9)	12/18/2025	Healthcare Equipment and Supplies		—				—		525		—		—
Recteq, LLC	01/29/2026	Leisure Products		9.92	%		3M L+600			1,478		1,457		1,426
Recteq, LLC (Revolver) (7)	01/29/2026	Leisure Products		9.92	%		3M L+600			360		360		347
Recteq, LLC (Revolver) (7), (9)	01/29/2026	Leisure Products		—						936		—		(33	)
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		8.84	%		3M L+550			17,142		16,985		15,406
Riverpoint Medical, LLC	06/20/2025	Healthcare Equipment and Supplies		8.65	%		3M L+575			7,980		7,924		7,781
Riverpoint Medical, LLC (Revolver) (7), (9)	06/20/2025	Healthcare Equipment and Supplies		—				—		909		—		(23	)
Riverside Assessments, LLC	03/10/2025	Professional Services		9.95	%		3M L+625			15,356		15,201		15,049
Sales Benchmark Index LLC	01/03/2025	Professional Services		9.67	%		3M L+600			7,105		7,034		7,034
Sales Benchmark Index LLC (Revolver) (7), (9)	01/03/2025	Professional Services	—					—		1,293		—		(13	)
Sargent & Greenleaf Inc.	12/20/2024	Electronic Equipment, Instruments, and Components		8.62	%		1M L+550			3,487		3,462		3,452
Sargent & Greenleaf Inc. (Revolver)	12/20/2024	Electronic Equipment, Instruments, and Components		8.28	%		1M L+550			1,048		1,048		1,037
Sargent & Greenleaf Inc. (Revolver) (9)	12/20/2024	Electronic Equipment, Instruments, and Components		—				—		9		—		—
Schlesinger Global, Inc.	07/14/2025	Professional Services		10.27	%		SOFR + 700			14,560		14,467		14,196
Schlesinger Global, Inc. (Revolver)	07/14/2025	Professional Services		10.14	%		1M L+600			1,487		1,487		1,450
Schlesinger Global, Inc. (Revolver) (7), (9)	07/14/2025	Professional Services		—				—		385		—		(10	)
Seaway Buyer, LLC	06/13/2029	Chemicals, Plastics and Rubber		9.41	%		3M L+575			6,940		6,836		6,836
Sigma Defense Systems, LLC	12/18/2025	IT Services		12.17	%		3M L+850			10,969		10,742		10,750
Sigma Defense Systems, LLC (Revolver) (7)	12/18/2025	IT Services		12.17	%		3M L+850			996		996		976
Sigma Defense Systems, LLC (Revolver) (7), (9)	12/18/2025	IT Services		—						1,625		—		(32	)
Signature Systems Holding Company	05/03/2024	Commercial Services & Supplies		10.17	%		1M L+650			10,358		10,301		10,280
Signature Systems Holding Company (Revolver) (9)	05/03/2024	Commercial Services & Supplies		—				—		1,747		—		(13	)
Smile Brands Inc.	10/14/2025	Healthcare and Pharmaceuticals		7.42	%		1M L+450			2,462		2,462		2,370
Smile Brands Inc. (Revolver) (7), (9)	10/14/2025	Healthcare and Pharmaceuticals		—				—		1,508		—		(57	)
Smile Brands Inc. LC (Revolver) (7), (9)	10/14/2025	Healthcare and Pharmaceuticals		—				—		108		—		(4	)
Solutionreach, Inc.	01/17/2024	Healthcare Technology		8.87	%		3M L+575			5,740		5,705		5,602
Solutionreach, Inc. (Revolver) (7), (9)	01/17/2024	Healthcare Technology	—					—		1,665		—		(40	)
Spear Education, LLC	02/26/2025	Professional Services		9.42	%		3M L+575			14,747		14,642		14,747
Spendmend Holdings LLC	03/01/2028	Healthcare Technology		8.63	%		SOFR + 575			3,216		3,179		3,126
Spendmend Holdings LLC (9)	03/01/2023	Healthcare Technology	—					—		1,771		—		(36	)
Spendmend Holdings LLC (Revolver)	03/01/2028	Healthcare Technology		8.63	%		3M L+575			119		119		116
Spendmend Holdings LLC (Revolver) (9)	03/01/2028	Healthcare Technology	—					—		772		—		(22	)
STV Group Incorporated	12/11/2026	Construction & Engineering		8.37	%		1M L+525			4,752		4,718		4,704
System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC)	08/16/2027	Aerospace and Defense		8.73	%		SOFR+600			18,560		18,237		18,263
System Planning and Analysis, Inc. (Revolver) (f/k/a Management Consulting & Research, LLC)	08/16/2027	Aerospace and Defense	—				—			5,188		—		(83	)
Teneo Holdings LLC	07/18/2025	Diversified Financial Services		8.38	%		1M L+525			5,793		5,718		5,455
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		9.55	%		3M L+600			4,921		4,868		4,872
The Bluebird Group LLC	07/27/2026	Professional Services		10.67	%		3M L+700			6,265		6,162		6,328
The Bluebird Group LLC (Revolver) (7), (9)	07/27/2026	Professional Services	—				—			862		—		9
The Infosoft Group, LLC	09/16/2024	Media: Broadcasting and Subscription		8.51	%		3M L+575			15,229		15,120		15,115
The Vertex Companies, LLC (7)	08/30/2027	Construction & Engineering		8.18	%		1M L+550			2,159		2,122		2,148
The Vertex Companies, LLC (7), (9)	08/30/2027	Construction & Engineering		—				—		573		—		3
The Vertex Companies, LLC (Revolver)	08/30/2027	Construction & Engineering		8.26	%		1M L+550			182		182		181
The Vertex Companies, LLC (Revolver) (7), (9)	08/30/2027	Construction & Engineering		—				—		729		—		(4	)
TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10)	11/24/2025	Food Products		7.78	%		3M L+550			4,863		4,834		4,717
TVC Enterprises, LLC	03/26/2026	Commercial Services & Supplies		8.87	%		1M L+600			24,721		24,378		24,103
TVC Enterprises, LLC (Revolver) (7), (9)	03/26/2026	Commercial Services & Supplies		—				—		661		—		(17	)
TWS Acquisition Corporation	06/16/2025	Diversified Consumer Services		8.76	%		1M L+625			5,468		5,398		5,441
TWS Acquisition Corporation (Revolver) (7), (9)	06/16/2025	Diversified Consumer Services		—				—		2,628		—		(13	)
Tyto Athene, LLC	04/01/2028	IT Services		7.76	%		1M L+550			12,644		12,487		11,746
Tyto Athene, LLC (Revolver) (7), (9)	04/01/2026	IT Services		—				—		1,040		—		(74	)
UBEO, LLC	04/03/2024	Capital Equipment		7.60	%		3M L+450			17,926		17,860		17,657
UBEO, LLC (Revolver)	04/03/2024	Capital Equipment		9.00	%		3M L+275			587		587		578
UBEO, LLC (Revolver) (9)	04/03/2024	Capital Equipment		—				—		2,347		—		(35	)
Unique Indoor Comfort, LLC	05/24/2027	Diversified Consumer Services		8.95	%		3M L + 525			9,217		9,126		9,014
Unique Indoor Comfort, LLC Term Loan (7)	05/24/2027	Diversified Consumer Services		—				—		10,760		—		(129	)
Unique Indoor Comfort, LLC (Revolver) (7), (9)	05/24/2027	Diversified Consumer Services		—				—		2,000		—		(44	)
Walker Edison Furniture Company LLC	03/31/2027	Wholesale		12.42	%		1M L+875			12,684		12,434		8,474
Wildcat Buyerco, Inc.	02/27/2026	Electronic Equipment, Instruments, and Components		9.38	%		3M L+575			9,853		9,717		9,532
Wildcat Buyerco, Inc. (Revolver) (9)	02/27/2026	Electronic Equipment, Instruments, and Components		—				—		534		—		(34	)
Zips Car Wash, LLC	03/01/2024	Automobiles		10.30	%		3M L+725			13,428		13,284		13,092
Total First Lien Secured Debt												815,742		789,107
Second Lien Secured Debt—0%
Mailsouth Inc. (7)	04/23/2025	Media: Advertising, Printing and Publishing		0.00	%	(6)		—		1,001		965		-
			(PIK 15.00%)
QuantiTech LLC	02/04/2027	Aerospace and Defense		12.68	%		3M L+1,000			150		148		147
Total Second Lien Secured Debt												1,113		147

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2022

(in thousands, except share data)


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Preferred Equity— 1.6% (6)
Ad.net Holdings, Inc. (7),(8)		—	Media		—			—		6,720	$	672	$	747
Imagine Topco, LP		—	Software		8.00	%		—		1,236,027		1,236		1,170
Mars Intermediate Holdings II, Inc. (7)		—	Media		—			—		835		835		976
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)		—	Media		—			—		2,018		2,018		2,537
NXOF Holdings, Inc. (Tyto Athene, LLC) (7)		—	IT Services		—			—		733		733		1,042
ORL Holdco, Inc. (7)		—	Consumer Finance		—			—		1,327		133		144
Signature CR Intermediate Holdco, Inc. (7)		—	Commercial Services & Supplies		12.00	%		—		1,323		1,323		1,674
TPC Holding Company, LP (5), (7), (10)		—	Food Products		—			—		409		409		116
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)		—	Construction & Engineering		—			—		37		37		40
UniTek Global Services, Inc. -		—	Telecommunications		20.00	%		—		343,861		344		—
Super Senior Preferred Equity (7)
UniTek Global Services, Inc. - Senior Preferred Equity (7)		—	Telecommunications		19.00	%		—		448,851		449		—
UniTek Global Services, Inc. (7)		—	Telecommunications		13.50	%		—		1,047,317		670		—
Total Preferred Equity												8,859		8,446
Common Equity/Warrants— 18.1% (6)
Ad.net Holdings, Inc. (7),(8)		—	Media		—			—		7,467		75		98
Affinion Group Holdings, Inc. (Warrants)(7)	04/10/2024		Consumer Goods: Durable		—			—		8,893		245		—
AG Investco LP (7), (8)		—	Software		—			—		805,164		805		1,127
AG Investco LP (7), (8), (9)		—	Software		—			—		194,836		—		—
Altamira Intermediate Company II, Inc. (7)		—	IT Services		—			—		1,437,500		1,438		906
Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)		—	Media		—			—		2,018		—		480
Athletico Holdings, LLC		—	Healthcare Providers and Services		—			—		4,678		5,000		4,758
Burgess Point Holdings, LP		—	Auto Components		—			—		100		100		101
By Light Investco LP (7), (8)		—	High Tech Industries		—			—		22,090		193		18,085
By Light Investco LP (7), (8), (9)		—	High Tech Industries		—			—		3,223		—		—
Cartessa Aesthetics, LLC		—	Distributors		—			—		1,437,500		1,438		1,499
CI (Allied) Investment Holdings, LLC		—	Business Services		—			—		120,962		1,243		1,651
(PRA Events, Inc.) (7), (8)
Connatix Parent, LLC (7)		—	Media		—			—		38,278		421		459
Crane 1 Acquisition Parent Holdings, L.P. (7)		—	Commercial Services & Supplies		—			—		130		120		140
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8)		—	IT Services		—			—		615,484		602		1,255
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9)		—	IT Services		—			—		389,386		—		—
ECM Investors, LLC (7), (8)		—	Electronic Equipment, Instruments, and Components		—			—		295,982		65		633
eCommission Holding Corporation (7), (10)		—	Banking, Finance, Insurance & Real Estate		—			—		20		251		348
Exigo, LLC		—	Software		—			—		541,667		542		478
Express Wash Topco, LLC		—	Automobiles		—			—		20,000		100		102
FedHC InvestCo LP (7),(8)		—	Aerospace and Defense		—			—		21,083		711		2,142
FedHC InvestCo LP (7),(8),(9)		—	Aerospace and Defense		—			—		9,488		—		—
Gauge InfosoftCoInvest, LLC		—	Media: Broadcasting and Subscription		—			—		500		144		2,471
(The Infosoft Group, LLC) (7)
Gauge Lash Coinvest LLC (7)		—	Personal Products		—			—		1,485,953		227		7,030
Gauge Schlesinger Coinvest LLC (7)		—	Professional Services		—			—		465		476		496
Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7)		—	Professional Services		—			—		391,144		—		1,558
GCOM InvestCo LP (7),(8)		—	IT Services		—			—		19,184		3,342		4,626
Go Dawgs Capital III, LP		—	Building Products		—			—		324,675		325		377
(American Insulated Glass, LLC) (7), (8)
Hancock Claims Consultants Investors, LLC (7), (8)		—	Insurance		—			—		450,000		450		477
HV Watterson Holdings, LLC		—	Professional Services		—			—		100,000		100		87
Icon Partners V C, L.P.		—	Internet Software and Services		—			—		1,851,852		1,852		1,989
Icon Partners V C, L.P. (7), (9)		—	Internet Software and Services		—			—		648,148		—		—
IIN Group Holdings, LLC		—	Consumer Services		—			—		1,000		1,000		54
(Integrative Nutrition, LLC) (7), (8)
Imagine Topco, LP (Common)		—	Software		—			—		1,236,027		—		—
Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8)		—	Commercial Services & Supplies		—			—		5,811		573		754
ITC Infusion Co-invest, LP		—	Healthcare Equipment and Supplies		—			—		81,313		813		857
ITC Rumba, LLC (Cano Health, LLC) (7),(8)		—	Healthcare and Pharmaceuticals		—			—		46,763		117		5,232
JWC-WE Holdings, L.P.		—	Wholesale		—			—		1,948		568		—
(Walker Edison Furniture Company LLC) (7), (8)
Kinetic Purchaser, LLC		—	Personal Products		—			—		1,734,775		1,735		2,458
KL Stockton Co-Invest LP (Any Hour Services) (7),(8)		—	Energy Equipment and Services		—			—		382,353		382		643
Kentucky Racing Holdco, LLC (Warrants) (7), (8)		—	Hotels, Restaurants and Leisure		—			—		87,345		—		961
Lightspeed Investment Holdco LLC (7)		—	Healthcare Technology		—			—		585,587		586		800
Mars Intermediate Holdings II, Inc. (7)		—	Media		—			—		835		—		255
MDI Aggregator, LP		—	Commodity Chemicals		—			—		668,747		670		669
Meadowlark Title, LLC		—	Professional Services		—			—		819,231		819		901
MSpark, LLC		—	Media: Advertising, Printing and Publishing		—			—		3,988		1,288		—
Municipal Emergency Services, Inc. (7)		—	Distributors		—			—		1,973,370		2,005		1,505
NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8)		—	Leisure Products		—			—		1,494		1,450		279
North Haven Saints Equity Holdings, LP		—	Healthcare Technology		—			—		223,602		224		237
NXOF Holdings, Inc. (Tyto Athene, LLC) (7)		—	IT Services		—			—		14,960		15		310
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8)		—	Aerospace and Defense		—			—		173,638		1,729		2,917
OHCP V BC COI, L.P.		—	Distributors		—			—		743,750		744		636
OHCP V BC COI, L.P. (8) (9)		—	Distributors		—			—		506,250		—		(73	)
Oral Surgery (ITC) Holdings, LLC (7),(8)		—	Healthcare Equipment and Supplies		—			—		3,872		83		231
ORL Holdco, Inc. (7)		—	Consumer Finance		—			—		1,474		15		261
PennantPark-TSO Senior Loan Fund, LP (7)		—	Financial Services		—			—		11,167,847		11,168		9,892
Pink Lily Holdco, LLC (PL Acquisitions, LLC)		—	Textiles, Apparel and Luxury Goods		—			—		1,735		1,735		914

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

September 30, 2022

(in thousands, except share data)


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Pragmatic Institute, LLC (		—	Professional Services		—			—		610,583	$	611	$	611
QuantiTech InvestCo LP (7), (8)		—	Aerospace and Defense		—			—		712		68		352
QuantiTech InvestCo LP (7), (8), (9)		—	Aerospace and Defense		—			—		955		—		—
QuantiTech InvestCo II LP (7), (8),		—	Aerospace and Defense		—			—		40		25		24
RFMG Parent, LP (Rancho Health MSO, Inc.) (7)		—	Healthcare Equipment and Supplies		—			—		1,050,000		1,050		1,091
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8)		—	Professional Services		—			—		64,634		646		634
Seaway Topco, LP			Chemicals, Plastics and Rubber		—			—		296		296		296
Signature CR Intermediate Holdco, Inc. (7)		—	Commercial Services & Supplies		—			—		70		70		—
SP L2 Holdings, LLC (Ledge Lounger, Inc.)		—	Leisure Products		—			—		360,103		360		373
SSC Dominion Holdings, LLC		—	Capital Equipment		—			—		500		500		680
Class A (US Dominion, Inc.) (7)
SSC Dominion Holdings, LLC		—	Capital Equipment		—			—		500		—		1,463
Class B (US Dominion, Inc.) (7)
StellPen Holdings, LLC (CF512, Inc.) (7)		—	Media		—			—		161,538		162		160
TAC LifePort Holdings, LLC (7),(8)		—	Aerospace and Defense		—			—		488,372		488		621
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)		—	Media		—			—		216,925		209		366
Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9)		—	Media		—			—		148,681		—		—
TPC Holding Company, LP (5), (7), (10)		—	Food Products		—			—		21,527		22		—
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)		—	Construction & Engineering		—			—		749		1		—
UniTek Global Services, Inc. (7)		—	Telecommunications		—			—		213,739		—		—
UniTek Global Services, Inc. (Warrants) (7)		—	Telecommunications		—			—		23,889		—		—
UniVista Insurance (7),(8)		—	Insurance		—			—		400		378		454
WCP IvyRehab QP CF Feeder, LP		—	Healthcare Providers and Services		—			—		3,762,257		3,762		3,762
WCP IvyRehab QP CF Feeder, LP (9)		—	Healthcare Providers and Services		—			—		237,743		—		—
Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8)		—	Electronic Equipment, Instruments, and Components		—			—		2,240		224		596
Total Common Equity/Warrants												56,856		95,549
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												882,570		893,249
Investments in Controlled, Affiliated Portfolio Companies—51.4% (3), (4)
First Lien Secured Debt—41.8%
Marketplace Events, LLC - Super Priority First Lien Term Loan (7)	09/30/2025		Media: Diversified and Production		8.19	%	3M L+525			3,582		3,582		3,582
				(PIK 5.25%)
Marketplace Events, LLC - Super Priority First Lien (7), (9)	09/30/2025		Media: Diversified and Production		—			—		3,261		—		—
Marketplace Events, LLC	09/30/2026		Media: Diversified and Production		8.19	%	3M L+525			26,771		19,518		26,771
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)	05/06/2024		Financial Services		10.71	%	3M L+800			190,181		190,181		190,182
Total First Lien Secured Debt												213,281		220,535
Equity Interests—9.6%
New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8)		—	Media: Diversified and Production		—			—		349		—		1,036
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)		—	Financial Services		—			—		81,506		81,506		49,434
Total Equity Interests												81,506		50,470
Total Investments in Controlled, Affiliated Portfolio Companies												294,787		271,005
Total Investments—220.9%												1,177,357		1,164,254
Cash and Cash Equivalents—9.1%
BlackRock Federal FD Institutional 30												38,209		38,209
BNY Mellon Cash												9,707		9,671
Total Cash and Cash Equivalents												47,916		47,880
Total Investments and Cash Equivalents—230.0%											$	1,225,273	$	1,212,134
Liabilities in Excess of Other Assets—(130.0)%														(685,042	)
Net Assets—100.0%													$	527,092

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable LIBOR or “L” or Prime rate, or “P.” 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. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR 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.

(5)

Non-U.S. company or principal place of business outside the United States.

(6)

Non-income producing securities.

(7)

The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2031 Asset-Backed Debt (See Note 11) and held through PennantPark CLO I, Ltd.

(8)

Investment is held through our Taxable Subsidiary (See Note 1).

(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, 2022, qualifying assets represent 81% of our total assets and non-qualifying assets represent 19% of our total assets.

(11)

Par amount is denominated in Canadian Dollars (C$) as denoted.

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2021

(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—174.6% (3), (4)
First Lien Secured Debt—155.8%
18 Freemont Street Acquisition, LLC	08/11/2025	Hotels, Restaurants and Leisure		9.50	%		1M L+800			5,996	$	5,910	$	6,101
Ad.net Acquisition, LLC	05/06/2026	Media		7.00	%		3M L+600			4,988		4,917		4,913
Ad.net Acquisition, LLC (Revolver) (7)	05/06/2026	Media		7.00	%		3M L+600			212		212		208
Ad.net Acquisition, LLC (Revolver) (7), (9)	05/06/2026	Media		—				—		1,033		—		(15	)
Altamira Technologies, LLC	07/24/2025	IT Services		8.00	%		3M L+700			5,069		5,016		4,752
Altamira Technologies, LLC (Revolver) (7)	07/24/2025	IT Services		8.00	%		3M L+700			575		575		539
Altamira Technologies, LLC (Revolver) (7), (9)	07/24/2025	IT Services		—				—		1,581		—		(99	)
American Insulated Glass, LLC	12/21/2023	Building Products		6.50	%		3M L+550			8,905		8,818		8,816
American Teleconferencing Services, Ltd.(7)	09/09/2021	Telecommunications	0.00%			(6)		—		7,986		7,915		1,278
American Teleconferencing Services, Ltd. (Revolver) (7)	12/08/2022	Telecommunications	0.00%			(6)		—		1,656		1,642		1,656
Any Hour Services	07/21/2027	Energy Equipment and Services		6.75	%		3M L+575			6,500		6,373		6,370
Any Hour Services (7), (9)	07/21/2027	Energy Equipment and Services		—				—		3,824		—		(38	)
Any Hour Services (Revolver) (7), (9)	07/21/2027	Energy Equipment and Services		—				—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Diversified Consumer Services		6.25	%		1M L+525			6,272		6,216		6,209
Apex Service Partners, LLC Term Loan B	07/31/2025	Diversified Consumer Services		6.50	%		1M L+550			300		300		297
Apex Service Partners, LLC Term Loan C	07/31/2025	Diversified Consumer Services		6.25	%		1M L+525			6,897		6,802		6,828
Apex Service Partners, LLC Term Loan C (7),(9)	01/31/2022	Diversified Consumer Services		—				—		13,179		—		(16	)
Apex Service Partners, LLC (Revolver) (7)	07/29/2024	Diversified Consumer Services		6.25	%		1M L+525			473		473		465
Apex Service Partners, LLC (Revolver) (7), (9)	07/29/2024	Diversified Consumer Services		—				—		1,372		—		(24	)
API Technologies Corp.	05/11/2026	Electronic Equipment, Instruments, and Components		4.33	%		1M L+425			5,865		5,841		5,689
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		6.75	%		3M L+575			4,963		4,863		4,863
Applied Technical Services, LLC (7), (9)	06/29/2022	Commercial Services & Supplies		—				—		8,567		—		(75	)
Applied Technical Services, LLC (Revolver) (7), (9)	12/29/2026	Commercial Services & Supplies		—				—		1,273		—		(25	)
By Light Professional IT Services, LLC	05/16/2022	High Tech Industries		7.25	%		3M L+625			22,681		22,627		22,681
By Light Professional IT Services, LLC (Revolver) (9)	05/16/2022	High Tech Industries		—				—		3,063		—		—
Cadence Aerospace, LLC (7)	11/14/2023	Aerospace and Defense		9.50	%		3M L+850			3,002		2,985		2,928
			(PIK 9.50%)
Cano Health, LLC	11/23/2027	Healthcare and Pharmaceuticals		5.25	%		1M L+450			2,653		2,647		2,654
CF512, Inc.	08/20/2026	Media		7.00	%		3M L+600			10,500		10,293		10,290
CF512, Inc. (7), (9)	08/20/2026	Media		—				—		2,864		—		(29	)
CF512, Inc. (Revolver) (7), (9)	08/20/2026	Media		—				—		955		—		(19	)
CHA Holdings, Inc.	04/10/2025	Environmental Industries		5.50	%		3M L+450			1,597		1,593		1,573
Challenger Performance Optimization, Inc. (Revolver) (7), (9)	08/31/2023	Business Services		—				—		711		—		(21	)
Compex Legal Services, Inc.	02/09/2026	Professional Services		6.75	%		3M L+575			7,653		7,530		7,566
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Professional Services		6.75	%		3M L+575			984		984		973
Compex Legal Services, Inc. (Revolver) (7), (9)	02/07/2025	Professional Services		—				—		422		—		(5	)
Confluent Health, LLC	06/24/2026	Health Providers and Services		5.08	%		1M L+500			3,910		3,879		3,910
Connatix Buyer, Inc.	07/13/2027	Media		6.25	%		3M L+550			4,000		3,921		3,920
Connatix Buyer, Inc. (7), (9)	01/13/2023	Media		—				—		2,105		—		(21	)
Connatix Buyer, Inc. (Revolver) (7)	07/13/2027	Media		6.25	%		3M L+550			123		123		121
Connatix Buyer, Inc. (Revolver) (7), (9)	07/13/2027	Media		—				—		1,111		—		(22	)
CoolSys, Inc.	08/04/2028	Commercial Services & Supplies		5.50	%		3M L+475			1,909		1,890		1,914
CoolSys, Inc. (7), (9)	08/04/2028	Commercial Services & Supplies		—				—		848		—		2
Crane 1 Services, Inc. (7), (9)	08/16/2023	Commercial Services & Supplies		—				—		897		—		(2	)
Crane 1 Services, Inc. (Revolver) (7), (9)	08/16/2027	Commercial Services & Supplies		—				—		336		—		(3	)
Crash Champions, LLC	08/05/2025	Automobiles		5.85	%		3M L+500			13,078		12,889		12,817
Crash Champions, LLC (7)(9)	05/14/2022	Automobiles		—				—		12,912		—		(129	)
Digital Room Holdings, Inc.	05/22/2026	Media: Advertising, Printing and Publishing		5.08	%		1M L+500			6,547		6,468		6,462
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%		3M L+575			6,545		6,514		6,545
Douglas Products and Packaging Company LLC (Revolver)	10/19/2022	Chemicals, Plastics and Rubber		8.00	%		P+475			2,927		2,927		2,927
Douglas Products and Packaging Company LLC (Revolver) (9)	10/19/2022	Chemicals, Plastics and Rubber		—				—		1,464		—		—
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%		3M L+575			3,961		3,942		3,961
Dr. Squatch, LLC	08/27/2026	Personal Products		7.00	%		3M L+600			9,485		9,297		9,296
Dr. Squatch, LLC (Revolver) (7)	08/27/2026	Personal Products		7.00	%		3M L+600			2,459		2,459		2,410
Dr. Squatch, LLC (Revolver) (7), (9)	08/27/2026	Personal Products		—				—		894		—		(18	)
DRS Holdings III, Inc.	11/03/2025	Personal Products		7.25	%		3M L+625			17,671		17,515		17,547
DRS Holdings III, Inc. (Revolver) (7), (9)	11/03/2025	Personal Products		—				—		1,426		—		(10	)
East Valley Tourist Development Authority	03/07/2022	Hotel, Gaming and Leisure		9.00	%		3M L+800			13,217		13,191		13,019
			(PIK 3.50%)
ECL Entertainment, LLC	03/31/2028	Hotels, Restaurants and Leisure		8.25	%		1M L+750			5,256		5,205		5,374
ECM Industries, LLC (Revolver) (9)	12/23/2025	Electronic Equipment, Instruments, and Components		—				—		914		—		(5	)
eCommission Financial Services, Inc. (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		6.00	%		1M L+500			6,951		6,951		6,951
eCommission Financial Services, Inc. (Revolver) (7), (9), (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		—				—		5,000		—		—
Efficient Collaborative Retail Marketing Company, LLC	06/15/2022	Media: Diversified and Production		7.75	%		3M L+675			7,189		7,180		7,153
Findex Group Limited (5)(10)(11)	05/31/2024	Diversified Financial Services		5.07	%		3M L+500			AUD 10,000		7,323		7,151
Gantech Acquisition Corp.	05/14/2026	IT Services		7.25	%		1M L+625			17,413		17,082		17,064
Gantech Acquisition Corp. (Revolver) (7)	05/14/2026	IT Services		7.25	%		1M L+625			933		933		915
Gantech Acquisition Corp. (Revolver) (7), (9)	05/14/2026	IT Services		—				—		2,800		—		(56	)
Global Holdings InterCo LLC	03/16/2026	Diversified Financial Services		7.00	%		3M L+600			3,483		3,435		3,465
Graffiti Buyer, Inc. (7), (9)	08/10/2023	Trading Companies & Distributors		—				—		1,071		—		(5	)
Graffiti Buyer, Inc. (Revolver) (7), (9)	08/10/2027	Trading Companies & Distributors		—				—		865		—		(20	)
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		6.00	%		3M L+500			3,474		3,397		3,439
Hancock Roofing and Construction L.L.C. (7), (9)	12/31/2022	Insurance		—				—		1,500		—		(15	)
Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)	12/31/2026	Insurance		—				—		750		—		(8	)
Holdco Sands Intermediate, LLC	12/19/2025	Aerospace and Defense		7.50	%		3M L+600			2,983		2,941		2,968
HW Holdco, LLC	12/10/2024	Media		5.50	%		1M L+450			7,341		7,296		7,267
HW Holdco, LLC (Revolver) (7)	12/10/2024	Media		5.50	%		1M L+450			523		523		517
HW Holdco, LLC (Revolver) (7), (9)	12/10/2024	Media		—				—		929		—		(9	)


IG Investments Holdings, LLC (7)	09/22/2028	Professional Services	6.75	%	3M L+600		4,518	4,428	4,428
IG Investments Holdings, LLC (Revolver) (7), (9)	09/22/2027	Professional Services	—			—	477	—	—

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(in thousands, except share data)


Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
IMIA Holdings, Inc.	04/09/2027	Aerospace and Defense		6.75	%	3M L+600			13,144	$	12,904	$	12,881
IMIA Holdings, Inc. (Revolver) (7), (9)	04/09/2027	Aerospace and Defense		—			—		2,343		—		(47	)
Innova Medical Ophthalmics Inc. (5), (10)	04/13/2023	Capital Equipment		7.25	%	3M L+625			3,253		3,234		3,253
Innova Medical Ophthalmics Inc. (Revolver) (5), (7), (10)	04/13/2023	Capital Equipment		7.25	%	3M L+625			534		534		534
Integrative Nutrition, LLC	09/29/2023	Consumer Services		5.50	%	3M L+450			16,167		16,095		16,167
Integrative Nutrition, LLC (Revolver) (7), (9)	09/29/2023	Consumer Services		—			—		5,000		—		—
Integrity Marketing Acquisition, LLC (7)	08/27/2025	Insurance		6.25	%	3M L+550			3,170		3,147		3,154
Integrity Marketing Acquisition, LLC (7), (9)	07/09/2023	Insurance		—			—		18,822		—		47
K2 Pure Solutions NoCal, L.P. (Revolver) (7)	12/20/2023	Chemicals, Plastics and Rubber		8.00	%	1M L+700			643		643		626
K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9)	12/20/2023	Chemicals, Plastics and Rubber		—			—		786		—		(21	)
Lash OpCo, LLC	02/18/2027	Personal Products		8.00	%	1M L+700			31,662		30,960		31,029
Lash OpCo, LLC (Revolver) (7)	08/16/2026	Personal Products		8.00	%	1M L+700			307		307		301
Lash OpCo, LLC (Revolver) (7), (9)	08/16/2026	Personal Products		—			—		1,613		—		(32	)
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		8.50	%	1M L+750			9,487		9,453		8,892
			(PIK 5.00%)
LAV Gear Holdings, Inc. (Revolver) (7)	10/31/2024	Capital Equipment		8.50	%	1M L+750			1,691		1,691		1,585
			(PIK 5.00%)
Lightspeed Buyer Inc.	02/03/2026	Healthcare Technology		6.75	%	1M L+575			29,607		29,160		29,607
Lightspeed Buyer Inc. (Revolver) (7), (9)	02/03/2026	Healthcare Technology		—			—		2,499		—		—
Lombart Brothers, Inc.	04/13/2023	Capital Equipment		7.25	%	3M L+625			14,285		14,208		14,285
Lombart Brothers, Inc. (Revolver) (7)	04/13/2023	Capital Equipment		7.25	%	3M L+625			516		516		516
Lucky Bucks, LLC	07/20/2027	Hotels, Restaurants and Leisure		6.25	%	3M L+550			4,500		4,411		4,424
MAG DS Corp.	04/01/2027	Aerospace and Defense		6.50	%	1M L+550			3,891		3,721		3,502
Magenta Buyer, LLC	07/31/2028	Software		5.75	%	3M L+500			10,000		9,901		9,997
Mars Acquisition Holdings Corp.	05/14/2026	Media		6.50	%	3M L+550			6,113		5,998		6,052
Mars Acquisition Holdings Corp. (Revolver)(7)(9)	05/14/2026	Media		—			—		1,624		—		(16	)
MBS Holdings, Inc. (Revolver)(7)(9)	04/16/2027	Internet Software and Services		—			—		1,157		—		(23	)
MeritDirect, LLC	05/23/2024	Media		6.50	%	3M L+550			25,250		25,029		24,997
MeritDirect, LLC (Revolver) (7), (9)	05/23/2024	Media		—			—		4,482		—		(45	)
Mission Critical Electronics, Inc.	09/28/2022	Capital Equipment		6.00	%	1M L+500			606		604		606
Mission Critical Electronics, Inc. (Revolver) (7)	09/28/2022	Capital Equipment		6.00	%	1M L+500			468		468		468
Mission Critical Electronics, Inc. (Revolver) (7), (9)	09/28/2022	Capital Equipment		—			—		857		—		—
Municipal Emergency Services, Inc. (7)	09/28/2027	Distributors		6.00	%	3M L+500			3,500		3,430		3,430
Municipal Emergency Services, Inc. (7), (9)	09/28/2027	Distributors		—			—		947		—		—
Municipal Emergency Services, Inc. (Revolver) (7), (9)	09/28/2027	Distributors		—			—		947		—		—
NBH Group LLC (Revolver) (7), (9)	08/19/2026	Healthcare Equipment and Supplies		—			—		1,677		—		(34	)
OIS Management Services, LLC	07/09/2026	Healthcare Equipment and Supplies		5.75	%	3M L+475			3,195		3,156		3,147
OIS Management Services, LLC (7), (9)	07/09/2023	Healthcare Equipment and Supplies		—			—		1,911		—		(14	)
OIS Management Services, LLC (Revolver) (7), (9)	07/09/2026	Healthcare Equipment and Supplies		—			—		444		—		(7	)
One Stop Mailing, LLC	05/07/2027	Air Freight and Logistics		7.25	%	3M L+625			8,952		8,779		8,795
ORL Acquisition, Inc. (7)	09/03/2027	Consumer Finance		6.25	%	3M L+525			7,268		7,124		7,123
ORL Acquisition, Inc. (Revolver) (7), (9)	09/03/2027	Consumer Finance		—			—		861		—		—
Output Services Group, Inc.	03/27/2024	Business Services		5.50	%	1M L+450			4,900		4,448		4,459
Ox Two, LLC	05/18/2026	Construction and Building		7.00	%	1M L+600			22,636		22,296		22,184
Ox Two, LLC (Revolver) (7)	05/18/2026	Construction and Building		7.00	%	1M L+600			903		903		885
Ox Two, LLC (Revolver) (7), (9)	05/18/2026	Construction and Building		—			—		2,484		—		(50	)
Plant Health Intermediate, Inc.	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575			644		642		644
PlayPower, Inc.	05/08/2026	Leisure Products		5.70	%	1M L+550			5,074		5,037		4,981
PRA Events, Inc.	08/07/2025	Business Services		11.50	%	1M L+1,050			3,158		2,724		2,985
			(PIK 11.50%)
Quantic Electronics, LLC	11/19/2026	Electronic Equipment, Instruments, and Components		7.25	%	1M L+625			8,716		8,583		8,542
Quantic Electronics, LLC (7), (9)	11/19/2026	Electronic Equipment, Instruments, and Components		—			—		2,810		—		(28	)
Quantic Electronics, LLC (Revolver) (7), (9)	11/19/2026	Electronic Equipment, Instruments, and Components		—			—		670		—		(13	)
Questex, LLC	09/09/2024	Media: Diversified and Production		6.00	%	3M L+500			7,275		7,195		6,839
Questex, LLC (Revolver)	09/09/2024	Media: Diversified and Production		6.00	%	3M L+500			718		718		675
Questex, LLC (Revolver) (7), (9)	09/09/2024	Media: Diversified and Production		—			—		479		—		(29	)
Rancho Health MSO, Inc. (7)	12/18/2025	Healthcare Equipment and Supplies		6.75	%	3M L+575			1,050		1,050		1,050
Rancho Health MSO, Inc. (Revolver) (7), (9)	12/18/2025	Healthcare Equipment and Supplies		—			—		525		—		—
Recteq, LLC	01/29/2026	Leisure Products		7.00	%	3M L+600			1,493		1,466		1,478
Recteq, LLC (Revolver) (7), (9)	01/29/2026	Leisure Products		—			—		1,296		—		(13	)
Research Horizons, LLC	06/28/2022	Media: Advertising, Printing and Publishing		7.25	%	3M L+625			6,719		6,694		6,652
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		6.50	%	3M L+550			17,322		17,099		17,102
Riverpoint Medical, LLC	06/20/2025	Healthcare Equipment and Supplies		6.00	%	3M L+450			8,115		8,039		8,015
Riverpoint Medical, LLC (Revolver) (7), (9)	06/20/2025	Healthcare Equipment and Supplies		—			—		909		—		(11	)
Riverside Assessments, LLC	03/10/2025	Professional Services		6.75	%	3M L+575			16,174		15,950		15,769
Sales Benchmark Index LLC	01/03/2025	Professional Services		7.75	%	3M L+600			7,906		7,796		7,708
Sales Benchmark Index LLC (Revolver) (7), (9)	01/03/2025	Professional Services	—				—		1,293		—		(32	)
Sargent & Greenleaf Inc.	12/20/2024	Electronic Equipment, Instruments, and Components		7.00	%	1M L+550			3,694		3,656		3,694
Sargent & Greenleaf Inc. (Revolver)	12/20/2024	Electronic Equipment, Instruments, and Components		7.00	%	1M L+550			528		528		528
Sargent & Greenleaf Inc. (Revolver) (7),(9)	12/20/2024	Electronic Equipment, Instruments, and Components	—				—		528		—		—
Schlesinger Global, Inc.	07/14/2025	Professional Services		8.00	%	1M L+700			13,377		13,275		12,775
Schlesinger Global, Inc. (Revolver)	07/14/2025	Professional Services		8.00	%	1M L+700			1,181		1,181		1,128
Schlesinger Global, Inc. (Revolver) (7), (9)	07/14/2025	Professional Services		—			—		691		—		(31	)
Sigma Defense Systems, LLC	12/18/2025	IT Services		9.75	%	3M L+875			805		787		791
Sigma Defense Systems, LLC (Revolver) (7), (9)	12/18/2025	IT Services		—			—		837		—		(15	)
Signature Systems Holding Company	05/03/2024	Commercial Services & Supplies		8.50	%	1M L+750			11,700		11,598		11,583
Signature Systems Holding Company (Revolver) (7)	05/03/2024	Commercial Services & Supplies		8.50	%	1M L+750			419		419		415
Signature Systems Holding Company (Revolver) (9)	05/03/2024	Commercial Services & Supplies		—			—		1,328		—		(13	)
Signature Systems Holding Company - Term Loan II	12/31/2021	Commercial Services & Supplies		8.50	%	1M L+750			699		695		692

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(in thousands, except share data)


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Smile Brands Inc.	10/14/2024		Healthcare and Pharmaceuticals		5.27	%	1M L+450			1,962	$	1,962	$	1,942
Smile Brands Inc. (Revolver) (7), (9)	10/14/2024		Healthcare and Pharmaceuticals		—			—		1,616		—		(16	)
Snak Club, LLC (Revolver) (7)	07/19/2021		Beverage, Food and Tobacco		7.00	%	3M L+600			67		67		67
Snak Club, LLC (Revolver) (7), (9)	07/19/2021		Beverage, Food and Tobacco		—			—		428		—		—
Solutionreach, Inc.	01/17/2024		Healthcare Technology		6.75	%	3M L+575			5,989		5,928		5,989
Solutionreach, Inc. (Revolver) (7), (9)	01/17/2024		Healthcare Technology	—				—		1,665		—		—
Spear Education, LLC	02/26/2025		Professional Services		6.00	%	3M L+500			14,898		14,752		14,898
Spear Education, LLC (7), (9)	02/26/2022		Professional Services	—				—		6,875		—		—
Spectacle Gary Holdings, LLC	12/23/2025		Hotels, Restaurants and Leisure		11.00	%	1M L+900			4,988		4,871		5,415
STV Group Incorporated	12/11/2026		Construction & Engineering		5.33	%	1M L+525			4,752		4,712		4,728
TAC LifePort Purchaser, LLC	03/01/2026		Aerospace and Defense		7.00	%	3M L+600			531		521		531
TAC LifePort Purchaser, LLC (Revolver) (7), (9)	03/01/2026		Aerospace and Defense	—			—			1,302		—		(0	)
TeleGuam Holdings, LLC	11/20/2025		Wireless Telecommunication Services		5.50	%	1M L+450			3,127		3,103		3,096
Teneo Holdings LLC	07/18/2025		Diversified Financial Services		6.25	%	1M L+525			5,853		5,754		5,821
The Aegis Technologies Group, LLC	10/31/2025		Aerospace and Defense		7.00	%	3M L+600			4,968		4,900		4,919
The Bluebird Group LLC	07/27/2026		Professional Services		8.00	%	3M L+700			4,844		4,750		4,814
The Bluebird Group LLC (Revolver) (7), (9)	07/27/2026		Professional Services	—			—			862		—		(5	)
The Infosoft Group, LLC	09/16/2024		Media: Broadcasting and Subscription		6.75	%	3M L+575			15,725		15,633		15,725
The Vertex Companies, LLC (7), (9)	08/30/2027		Construction & Engineering		—			—		2,734		—		(24	)
The Vertex Companies, LLC (Revolver) (7), (9)	08/30/2027		Construction & Engineering		—			—		911		—		(17	)
TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10)	11/24/2025		Food Products		6.25	%	3M L+525			4,913		4,876		4,765
TVC Enterprises, LLC	03/26/2026		Commercial Services & Supplies		6.75	%	1M L+575			24,987		24,663		24,987
TVC Enterprises, LLC (Revolver) (7), (9)	03/26/2026		Commercial Services & Supplies		—			—		1,304		—		—
TWS Acquisition Corporation	06/16/2025		Diversified Consumer Services		7.25	%	1M L+625			6,636		6,524		6,636
TWS Acquisition Corporation (Revolver) (7), (9)	06/16/2025		Diversified Consumer Services		—			—		2,628		—		—
Tyto Athene, LLC	04/01/2028		IT Services		6.25	%	1M L+550			12,036		11,861		12,036
Tyto Athene, LLC (Revolver) (7), (9)	04/01/2026		IT Services		—			—		1,040		—		—
UBEO, LLC	04/03/2024		Capital Equipment		5.50	%	3M L+450			18,112		18,015		18,022
UBEO, LLC (Revolver)	04/03/2024		Capital Equipment		5.50	%	3M L+450			1,467		1,467		1,459
UBEO, LLC (Revolver) (9)	04/03/2024		Capital Equipment		—			—		1,467		—		(7	)
Urology Management Associates, LLC	08/30/2024		Healthcare Providers and Services		5.50	%	3M L+450			4,776		4,721		4,752
Vision Purchaser Corporation	06/10/2025		Media		7.75	%	1M L+675			14,249		14,045		14,035
Walker Edison Furniture Company LLC	03/31/2027		Wholesale		6.75	%	1M L+575			12,438		12,147		11,971
Wildcat Buyerco, Inc.	02/27/2026		Electronic Equipment, Instruments, and Components		6.00	%	3M L+500			3,057		3,039		3,042
Wildcat Buyerco, Inc. (7), (9)	02/27/2022		Electronic Equipment, Instruments, and Components	—				—		2,491		—		16
Wildcat Buyerco, Inc. (Revolver) (7), (9)	02/27/2026		Electronic Equipment, Instruments, and Components	—				—		534		—		(7	)
Total First Lien Secured Debt												772,799		764,584
Second Lien Secured Debt—0.7%
Mailsouth Inc. (7)	04/23/2025		Media: Advertising, Printing and Publishing		15.00	%		—		864		864		864
										-		-		-
				(PIK 15.00%)
PT Network Intermediate Holdings, LLC (7)	11/30/2024		Healthcare and Pharmaceuticals		11.00	%	3M L+1,000			2,343		2,331		2,343
				(PIK 11.00%)
QuantiTech LLC	02/04/2027		Aerospace and Defense		11.00	%	3M L+1,000			150		147		147
Total Second Lien Secured Debt												3,343		3,355
Preferred Equity— 1.3% (6)
Ad.net Holdings, Inc. (7),(8)		—	Media		—			—		6,720		672		672
CI (PTN) Investment Holdings II, LLC		—	Healthcare and Pharmaceuticals		—			—		1,458		22		—
(PT Network, LLC) (7), (8)
Mars Intermediate Holdings II, Inc. (7)		—	Media		—			—		835		835		872
MeritDirect Holdings, LP (7), (8)		—	Media		—			—		960		960		1,232
NXOF Holdings, Inc. (Tyto Athene, LLC) (7)		—	IT Services		—			—		733		733		926
ORL Holdco, Inc. (7)		—	Consumer Finance		—			—		1,327		133		133
PT Network Intermediate Holdings, LLC (7),(8)		—	Healthcare and Pharmaceuticals		11.00	%	3M L+1,000			33		429		536
Signature CR Intermediate Holdco, Inc. (7)		—	Commercial Services & Supplies		12.00	%		—		1,323		1,323		1,628
TPC Holding Company, LP (5), (7), (10)		—	Food Products		—			—		409		409		490
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)		—	Construction & Engineering		—			—		37		37		37
UniTek Global Services, Inc. -		—	Telecommunications		20.00	%		—		343,861		344		—
Super Senior Preferred Equity (7)
UniTek Global Services, Inc. - Senior Preferred Equity (7)		—	Telecommunications		19.00	%		—		448,851		449		—
UniTek Global Services, Inc. (7)		—	Telecommunications		13.50	%		—		1,047,317		670		—
Total Preferred Equity												7,016		6,525
Common Equity/Warrants— 16.8% (6)
Ad.net Holdings, Inc. (7),(8)		—	Media		—			—		7,467		75		137
Affinion Group Holdings, Inc. (Warrants)(7)	04/10/2024		Consumer Goods: Durable		—			—		8,893		245		—
AG Investco LP (7), (8)		—	Software		—			—		805,164		805		1,192
AG Investco LP (7), (8), (9)		—	Software		—			—		194,836		—		—
Altamira Intermediate Company II, Inc. (7)		—	IT Services		—			—		1,437,500		1,438		378
By Light Investco LP (7), (8)		—	High Tech Industries		—			—		21,908		2,100		12,799
By Light Investco LP (7), (8), (9)		—	High Tech Industries		—			—		7,401		—		—
CI (Allied) Investment Holdings, LLC		—	Business Services		—			—		120,962		1,243		475
(PRA Events, Inc.) (7), (8)
CI (PTN) Investment Holdings II, LLC		—	Healthcare and Pharmaceuticals		—			—		13,333		200		—
(PT Network, LLC) (7), (8)
Connatix Parent, LLC (7)		—	Media		—			—		38,278		421		423
Crane 1 Acquisition Parent Holdings, L.P. (7)		—	Commercial Services & Supplies		—			—		130		120		120
Crash Champions Holdings, LLC (7),(8)		—	Automobiles		—			—		75		678		764

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(in thousands, except share data)


Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8)		—	IT Services		—			—		502,435	$	502	$	430
Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9)		—	IT Services		—			—		502,435		—		(73	)
ECM Investors, LLC (7), (8)		—	Electronic Equipment, Instruments, and Components		—			—		295,982		72		997
eCommission Holding Corporation (7), (10)		—	Banking, Finance, Insurance & Real Estate		—			—		20		251		288
FedHC InvestCo LP (7),(8)		—	Aerospace and Defense		—			—		4,951		495		504
FedHC InvestCo LP (7),(8),(9)		—	Aerospace and Defense		—			—		6,051		—		—
Gauge InfosoftCoInvest, LLC		—	Media: Broadcasting and Subscription		—			—		500		144		2,217
(The Infosoft Group, LLC) (7)
Gauge Lash Coinvest LLC (7)		—	Personal Products		—			—		1,485,953		227		5,944
Gauge Schlesinger Coinvest LLC (7)		—	Professional Services		—			—		437		437		440
Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7)		—	Professional Services		—			—		391,144		—		1,285
GCOM InvestCo LP (7),(8)		—	IT Services		—			—		17,951		2,930		3,404
GCOM InvestCo LP (7), (8), (9)		—	IT Services		—			—		2,398		—		—
Go Dawgs Capital III, LP		—	Building Products		—			—		324,675		325		406
(American Insulated Glass, LLC) (7), (8)
Hancock Claims Consultants Investors, LLC (7), (8)		—	Insurance		—			—		450,000		450		613
IIN Group Holdings, LLC		—	Consumer Services		—			—		1,000		1,000		1,950
(Integrative Nutrition, LLC) (7), (8)
Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8)		—	Commercial Services & Supplies		—			—		5,040		496		552
ITC Rumba, LLC (Cano Health, LLC) (7),(8)		—	Healthcare and Pharmaceuticals		—			—		46,763		110		7,569
JWC/UMA Holdings, L.P. (Urology Management Associates, LLC) (7)		—	Healthcare and Pharmaceuticals		—			—		1,000		1,000		1,667
JWC-WE Holdings, L.P.		—	Wholesale		—			—		1,381,741		—		4,795
(Walker Edison Furniture Company LLC) (7), (8)
KL Stockton Co-Invest LP (Any Hour Services) (7),(8)		—	Energy Equipment and Services		—			—		382,353		382		382
Kentucky Racing Holdco, LLC (Warrants) (7), (8)		—	Hotels, Restaurants and Leisure		—			—		87,345		—		621
Lightspeed Investment Holdco LLC (7)		—	Healthcare Technology		—			—		585,587		586		674
Mars Intermediate Holdings II, Inc. (7)		—	Media		—			—		835		—		341
MeritDirect Holdings, LP (7), (8)		—	Media		—			—		960		—		224
MSpark, LLC (Mailsouth Inc.)		—	Media: Advertising, Printing and Publishing		—			—		3,988		1,288		859
Municipal Emergency Services, Inc. (7)		—	Distributors		—			—		802,162		802		802
NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8)		—	Leisure Products		—			—		1,494		1,452		1,767
NXOF Holdings, Inc. (Tyto Athene, LLC) (7)		—	IT Services		—			—		14,960		15		855
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8)		—	Aerospace and Defense		—			—		173,638		1,729		2,870
Oral Surgery (ITC) Holdings, LLC (OIS Management Services, LLC) (7),(8)		—	Healthcare Equipment and Supplies		—			—		3,872		83		83
ORL Holdco, Inc. (7)		—	Consumer Finance		—			—		1,474		15		15
PennantPark-TSO Senior Loan Fund, LP (7)		—	Financial Services		—			—		15,321,693		15,322		15,574
PT Network Intermediate Holdings, LLC (7),(8)		—	Healthcare and Pharmaceuticals							25		295		2,485
QuantiTech InvestCo LP (7), (8)		—	Aerospace and Defense		—			—		700		66		365
QuantiTech InvestCo LP (7), (8), (9)		—	Aerospace and Defense		—			—		967		—		—
QuantiTech InvestCo II LP (7), (8),		—	Aerospace and Defense		—			—		40		24		21
RFMG Parent, LP (Rancho Health MSO, Inc.) (7)		—	Healthcare Equipment and Supplies		—			—		1,050,000		1,050		1,253
SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8)		—	Professional Services		—			—		64,634		646		492
Signature CR Intermediate Holdco, Inc. (7)		—	Commercial Services & Supplies		—			—		70		70		—
SSC Dominion Holdings, LLC		—	Capital Equipment		—			—		500		500		630
Class A (US Dominion, Inc.) (7)
SSC Dominion Holdings, LLC		—	Capital Equipment		—			—		500		—		1,178
Class B (US Dominion, Inc.) (7)
StellPen Holdings, LLC (CF512, Inc.) (7)		—	Media		—			—		161,538		162		162
TAC LifePort Holdings, LLC (7),(8)		—	Aerospace and Defense		—			—		488,372		488		545
TPC Holding Company, LP (5), (7), (10)		—	Food Products		—			—		21,527		22		62
TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)		—	Construction & Engineering		—			—		749		1		1
UniTek Global Services, Inc. (7)		—	Telecommunications		—			—		213,739		—		—
UniTek Global Services, Inc. (Warrants) (7)		—	Telecommunications		—			—		23,889		—		—
UniVista Insurance (7),(8)		—	Insurance		—			—		400		400		405
Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8)		—	Electronic Equipment, Instruments, and Components		—			—		2,240		224		398
Total Common Equity/Warrants												41,384		82,342
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies												824,542		856,806
Investments in Non-Controlled, Affiliated Portfolio Companies—1.5% (3), (4)
Second Lien Secured Debt—1.1%
DBI Holdings, LLC, Term Loan B	02/02/2026		Business Services		11.00	%		—		3,405		3,405		3,405
				(PIK 3.00%)
DBI Holding, LLC - 1.5 Lien Term Loan (7)	05/01/2023		Business Services		14.00	%		—		2,190		2,190		2,190
				(PIK 14.00%)
Total Second Lien Secured Debt												5,594		5,594
Preferred Equity— 0.4% (6)
DBI Intermediate HoldCo LLC, Series A-1 (8)		—	Business Services		14.00	%		—		9,488		7,041		-
DBI Intermediate HoldCo LLC, Series AA (8)		—	Business Services		—			—		9,800		9,414		1,839
Total Preferred Equity												16,455		1,839
Common Equity— 0.0% (6)
DBI Intermediate HoldCo LLC, Series B (8)		—	Business Services		—			—		1,489,508		331		—
Total Common Equity												331		—
Total Investments in Non-Controlled, Affiliated Portfolio Companies												22,380		7,433

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2021

(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 Controlled, Affiliated Portfolio Companies—44.3% (3), (4)
First Lien Secured Debt—34.6%
Marketplace Events, LLC - Super Priority First Lien Term Loan (7)	09/30/2025		Media: Diversified and Production		6.25	%		3M L+525			3,417	$	3,417	$	3,417
				(PIK 6.25%)
Marketplace Events, LLC - Super Priority First Lien (7), (9)	09/30/2025		Media: Diversified and Production		—				—		3,261		—		—
Marketplace Events, LLC	09/30/2026		Media: Diversified and Production		0.00	%	(6)		—		25,542		19,047		25,542
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)	05/06/2024		Financial Services		8.13	%		3M L+800			140,875		140,875		140,875
Total First Lien Secured Debt													163,339		169,834
Equity Interests—9.7%
New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8)		—	Media: Diversified and Production		—				—		349		—		2,690
PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)		—	Financial Services		—				—		60,375		60,375		44,856
Total Equity Interests													60,375		47,546
Total Investments in Controlled, Affiliated Portfolio Companies													223,714		217,380
Total Investments—220.5%													1,070,636		1,081,619
Cash and Cash Equivalents—10.2%
BlackRock Federal FD Institutional 30													7,433		7,433
BNY Mellon Cash													42,392		42,392
Total Cash and Cash Equivalents													49,825		49,825
Total Investments and Cash Equivalents—230.6%												$	1,120,461	$	1,131,444
Liabilities in Excess of Other Assets—(130.6)%															(640,833	)
Net Assets—100.0%														$	490,611

(1)

(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)

(4)

(5)

Non-U.S. company or principal place of business outside the United States.

(6)

Non-income producing securities.

(7)

(8)

Investment is held through our Taxable Subsidiary (See Note 1).

(9)

(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, 2021, qualifying assets represent 81% of our total assets and non-qualifying assets represent 19% of our total assets.

Par amount is denominated in Canadian Dollars (C$) as denoted.