10-Q
Q2--09-30false0001504619MDhttp://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxhttp://fasb.org/us-gaap/2023#UnrealizedGainLossInvestmentAndDerivativeOperatingBeforeTaxAug 31 20260001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc. (Revolver), Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.52%, Basis Point Spread Above Index 1M SOFR+7152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 10.65% Basis Point Spread Above Index SOFR+5152023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture, LLC - Term Loan, Maturity 03/31/2027, Industry Wholesale, Current Coupon 12.18% Basis Point Spread Above Index 1M SOFR+6852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/1/2027 Industry Distributors2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index SOFR+8432023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, New MPE Holdings, LLC (Marketplace Events, LLC), Industry Media: Diversified and Production2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OSP Embedded Aggregator, LP Industry Aerospace and Defense2023-10-012024-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+6252023-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024, Industry Business Services, Current Coupon 11.13%, Basis Point Spread Above Index 3M SOFR+5762022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Total2023-09-300001504619pflt:PennantParkTSOSeniorLoanFundLPMember2021-04-012021-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc, Maturity 12/8/2023/2027, Industry Trading Companies & Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+6152023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Bluebird Group LLC, Maturity 7/27/2026, Industry Professional Services, Current Coupon 12.79%, Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001504619pflt:HotelsRestaurantsAndLeisureMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TPC Holding Company, LP, Industry Food Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.60% Basis Point Spread Above Index 3M SOFR+7252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Output Services Group, Inc. Maturity 06/27/2026 Industry Business Services Current Coupon 0.00%2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sargent & Greenleaf Inc, Maturity 12/20/2024, Industry Wholesale, Current Coupon 12.92% (PIK 1.00%), Basis Point Spread Above Index SOFR+7602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC, Maturity 06/20/2025, Industry Healthcare Equipment and Supplies, Current Coupon 10.54%, Basis Point Spread Above Index 3M SOFR+5152022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, PennantPark Senior Secured Loan Fund I LLC, Maturity 05/06/2024, Industry Financial Services, Current Coupon 13.33%, Basis Point Spread Above Index 3M SOFR+8002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MBS Holdings, Inc. (Revolver) Maturity 4/16/2027 Industry Internet Software and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services One2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan, Maturity 06/15/2029, Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc (Revolver), Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Owl Acquisition, LLC Maturity 12/24/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spreads Above Index SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 1M SOFR+6352024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.64% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kinetic Purchaser, LLC, Industry Personal Products2022-10-012023-09-3000015046192023-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Infusion Co-invest, LP, Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inventus Power, Inc. Maturity 6/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+7612024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/1/2025 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.22% Basis Point Spread Above Index 1M SOFR+6102024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies2023-09-300001504619us-gaap:EquityMemberpflt:InvestmentsCostMember2024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateLoansMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Meadowlark Title, LLC, Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.22% Basis Point Spread Above Index 1M SOFR+6102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name CHA Holdings, Inc..Maturity 4/10/2025 Industry Construction and Engineering Current Coupon 10.15% Basis Point Spread Above Index SOFR+4762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% Subordinate Debt2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver), Maturity 06/15/2029, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+6752023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.72% Basis Point Spread Above Index SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002024-01-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Automotive Current Coupon 10.78% Basis Point Spread Above Index SOFR+5252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, A1 Garage Equity, LLC, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies2024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMembersrt:WeightedAverageMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 9/17/2026 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.72% Basis Point Spread Above Index SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services (PIK 5.60%)2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 12.97% Basis Point Spread Above Index SOFR+7652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+6752023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 9/30/2025 Industry Media: Diversified and Production2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.57% Basis Point Spread Above Index SOFR+5002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services2022-10-012023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC (Revolver) Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+5852024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Electro Rent Corporation Maturity 1/17/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.00% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC Maturity - 8/27/2026 Industry Insurance Current Coupon 11.48% Basis Point Spread Above Index SOFR+6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ECL Entertainment, LLC, Maturity 08/31/2030, Industry Hotels, Restaurants and Leisure, Current Coupon 10.14%, Basis Point Spread Above Index 3M SOFR+4752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rancho Health MSO, Inc. (Revolver), Maturity 11/18/2025, Industry Healthcare Equipment and Supplies, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7602023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 12.43% Basis Point Spread Above Index SOFR+6502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Output Services Group, Inc. - Last-out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+6682023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Owl Acquisition, LLC Maturity 12/24/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index 6M SOFR+7252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index SOFR+7602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TPC Holding Company, LP Industry Food Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Quad (U.S.) Co-Invest, L.P, Industry Professional Services2022-10-012023-09-300001504619pflt:IncentiveFeePaymentConditionOneMember2023-10-012024-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Eisner Advisory Group, LLC Maturity 2/23/2031 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+4002023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name DRS Holdings III, Inc.. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Urology Management Holdings, Inc, Maturity 6/15/2026, Industry Healthcare and Pharmaceuticals, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:SecondLienMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.44% Basis Point Spread Above Index SOFR+4002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 14.25% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.65% Basis Point Spread Above Index SOFR+5002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5752023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services One2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2024-03-310001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2024-03-310001504619Related Party PSSL Equity Securities - 3.9% - Issuer Name New MPE Holdings, LLC, Industry Media: Diversified and Production2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kinetic Purchaser, LLC, Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc., Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure, Current Coupon 12.43%, Basis Point Spread Above Index 1M SOFR+7102023-09-300001504619pflt:FirstLienMemberpflt:InvestmentsFairValueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.74% Basis Point Spread Above Index SOFR+6432022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services (Revolver), Maturity 07/21/2027, Industry Energy Equipment and Services2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtyOneAssetBackedDebtMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+5352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2024-03-310001504619pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.39% Basis Point Spread Above Index SOFR+6002023-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member2019-09-012019-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.47% Basis Point Spread Above Index 1M SOFR+6512023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.), Maturity 6/15/2029, Industry High Tech Industries, Current Coupon 11.52%, Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001504619pflt:PennantParkTSOSeniorLoanFundLPMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products2023-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. (Revolver) Maturity 3/28/2024 Industry Capital Equipment2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC LLC (Revolver), Maturity 12/22/2028, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% AG Investco LP Industry Software One2024-03-310001504619pflt:TextilesApparelAndLuxuryGoodsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7102023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.43% Basis Point Spread Above Index SOFR+6102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. (Revolver) Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 10.93% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.52%, Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC - Unfunded Term Loan Maturity 07/06/2028 Industry Professional Services2022-10-012023-09-300001504619pflt:SeniorSecuritiesMember2018-04-052018-04-050001504619pflt:TwoThousandAndTwentySixNotesTwoMember2020-12-152020-12-150001504619Related Party PSSL First Lien Secured Debt - 1,425.9%2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.70% Basis Point Spread Above Index SOFR+6252024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC, Maturity 09/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Imagine Topco, LP (Common), Industry Software2022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, Industry Healthcare Providers and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HPA SPQ Aggregator LP, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% IG Investments Holdings, LLC (Revolver) Maturity 9/22/2027 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.52%, Basis Point Spread Above Index 3M SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Neptune Flood Incorporated - Revolver Unfunded Maturity 05/09/2029 Industry Insurance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Marketplace Events, LLC2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SBI Holdings Investments LLC (Sales Benchmark Index LLC), Industry Professional Services2023-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateLoansMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619pflt:AerospaceAndDefenseMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LJ Avalon, LP, Industry Construction & Engineering2023-09-300001504619Related Party PSSL Equity Securities - 3.9% - Issuer Name New Walker Edison Furniture - Common Equity, Industry Wholesale2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5012023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name CHA Holdings, Inc..Maturity 4/10/2025 Industry Construction and Engineering Current Coupon 10.15% Basis Point Spread Above Index SOFR+4762022-10-012023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC - Unfunded Revolver Maturity 1/29/2026 Industry Leisure Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - Revolver Maturity 3/1/2030 Industry Professional Services Current Coupon 11.08% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniTek Global Services, Inc. (Warrants) Industry Telecommunications2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.94% Basis Point Spread Above Index 1M SOFR+4502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Schlesinger Coinvest LLC, Industry Professional Services2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3% Total2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC, Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+6262022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniVista Insurance Industry Insurance2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded, Maturity 3/31/2027, Industry Wholesale2023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.43% (PIK 350%) Basis Point Spread Above Index 3M SOFR+7102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, ORL Holdco, Inc, Industry Consumer Finance2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Mars Intermediate Holdings II, Inc. Industry Media2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.84% Basis Point Spread Above Index SOFR+6602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ox Two, LLC (Revolver) Maturity 5/18/2026 Industry Construction and Building2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9 Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.68% Basis Point Spread Above Index 1M SOFR+5352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.68% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+7352024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc.- Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Wildcat Buyerco, Inc, Maturity 2/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54%, Basis Point Spread Above Index SOFR+5152023-09-300001504619pflt:AdministratorMember2022-10-012023-03-310001504619Liabilities in Excess of Other Assets—(122.4)%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ox Two, LLC (Revolver) Maturity 5/18/2026 Industry Construction and Building2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc., Maturity 08/20/2026, Industry Media, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+6192022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name CF512, Inc.Maturity 8/20/2026 Industry Media Current Coupon 11.60% Basis Point Spread Above Index SOFR+6192022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+6202023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc, Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001504619pflt:SubordinateDebtMemberpflt:InvestmentsCostMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2023-10-012024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.69% Basis Point Spread Above Index 3M SOFR+6362024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, One, Industry Healthcare Providers and Services2023-09-300001504619pflt:InsuranceMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total Preferred Equity— 1.8%2023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests—8.4% New MPE Holdings, LLC (Marketplace Events, LLC) Industry Media: Diversified and Production2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.51% Basis Point Spread Above Index SOFR+7152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors2023-10-012024-03-310001504619pflt:TruistCreditFacilityMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-03-310001504619pflt:LeisureProductsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense One2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.68% Basis Point Spread Above Index SOFR+7352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%,First Lien Secured Debt—101.9%2023-09-300001504619pflt:EndOfPeriodMember2022-10-012023-03-310001504619pflt:PriorCreditFacilityMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 12.43% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. (Revolver) Maturity 8/16/2027 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 11.73% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.32% Basis Point Spread Above Index SOFR+6002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SP L2 Holdings, LLC (Ledge Lounger, Inc.), Industry Leisure Products2023-09-300001504619pflt:DiversifiedFinancialServicesMember2023-09-300001504619pflt:AdministratorMember2023-01-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.23% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, PennantPark Senior Secured Loan Fund I LLC, Industry Financial Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC Unfunded Revolver Maturity 8/31/2027 Industry Personal Products2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.72% Basis Point Spread Above Index SOFR+5352023-09-300001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2023-09-300001504619Related Party PSSL First Lien Secured Debt 1,425.9%- Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.68% Basis Point Spread Above Index SOFR+6602023-10-012024-03-310001504619pflt:TwoThousandThirtyTwoAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2023-09-300001504619pflt:MediaMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 13.50%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien SecuredDebt - 101.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC. (Revolver) Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.46% Basis Point Spread Above Index SOFR+6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment2023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:MeasurementInputOnDiscountForLackOfMarketabilityMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.90% Basis Point Spread Above Index SOFR+5602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology2024-03-310001504619us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152023-09-300001504619Related Party PSSL, Total Investments - 1,351.4%2023-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) Maturity 1/26/2029 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Loan Maturity 06/30/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC (Revolver) Maturity 6/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.73% Basis Point Spread Above Index 3M SOFR+5102023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.68% Basis Point Spread Above Index SOFR+5352024-03-310001504619srt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), IHS Parent Holdngs, L.P, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2024 Industry Financial Services Current Coupon 13.32% Basis Point Spread Above Index 3M SOFR+8002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Exigo, LLC Industry Software2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, PennantPark-TSO Senior Loan Fund, LP, Industry Financial Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OHCP V BC COI, L.P. Industry Distributors One2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.72% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-03-310001504619pflt:PriorCreditFacilityMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Secured Debt - 144.9% Keel Platform, LLC Maturity 1/19/2031 Industry Metals and Mining Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+6262022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% FedHC InvestCo LP Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 1/16/2026 Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% HPA SPQ Aggregator LP Industry Professional Service2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Seaway Buyer, LLC Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.46% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. (Revolver) Maturity 8/16/2027 Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% GMP Hills, L.P. Industry Distributors2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.06% Basis Point Spread Above Index SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. (Revolver) Maturity 3/28/2024 Industry Capital Equipment2023-10-012024-03-310001504619Related Party PSSL Investments and Cash Equivalents — 1,536.4%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Icon Partners V C, L.P. Industry Internet Software and Services One2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619pflt:HotelsRestaurantsAndLeisureMember2023-09-300001504619pflt:FirstLienSecuredDebtMembersrt:MinimumMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc., Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.07, Basis Point Spread Above Index 3M SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverside Assessments, LLC, Maturity 03/10/2025, Industry Professional Services, Current Coupon 11.29%, Basis Point Spread Above Index 3M SOFR+5902022-10-012023-09-300001504619pflt:AtTheMarketOfferingMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SV Aero Holdings, LLC Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Global Holdings InterCo LLC, Maturity 03/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index 3M SOFR+6602022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.54% Basis Point Spread Above Index SOFR + 6252023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.97% Basis Point Spread Above Index SOFR+5602024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC Maturity 02/18/2027 Industry Personal Products Current Coupon 11.88% Basis Point Spread Above Index 1M SOFR+6752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index SOFR+6362023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hills Distribution Inc Maturity 11/7/2029 Industry Distributors Current Coupon 11.32% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-03-310001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests—8.4% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Crane 1 Acquisition Parent Holdings, L.P, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 3/1/2029 Industry Wholesale2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.32% Basis Point Spread Above Index SOFR+4752024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.46% (PIK 2.25%) Basis Point Spread Above Index SOFR+7152024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 12.13% Basis Point Spread Above Index SOFR+6752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 10.50% Basis Point Spread Above Index SOFR+5152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SP L2 Holdings, LLC (Ledge Lounger, Inc.) Industry Leisure Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7612022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. – Unfunded Term Loan Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(C), Industry Telecommunications2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.09% Basis Point Spread Above Index SOFR+5762024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Kinetic Purchaser, LLC - (Revolver) Maturity - 11/10/2026 Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Challenger Performance Optimization, Inc. Maturity 8/31/2024 Industry Business Services Current Coupon 13.18% (PIK 2.00%) Basis Point Spread Above Index 3M SOFR+7752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.15% Basis Point Spread Above Index 3M SOFR+6752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services (Revolver), Maturity 07/21/2027, Industry Energy Equipment and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media2022-10-012023-09-300001504619pflt:PriorCreditFacilityMember2022-10-012023-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, eCommission Holding Corporation, Industry Banking, Finance, Insurance & Real Estate2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Hancock Claims Consultants Investors, LLC, Industry Insurance2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Vertex Companies, LLC, Maturity 8/31/2027, Industry Construction and Engineering, Current Coupon 11.72%, Basis Point Spread Above Index SOFR+6352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 12/16/2024 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan B, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+5502023-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 10.86% Basis Point Spread Above Index 3M SOFR+5002023-10-012024-03-310001504619Cash and Cash Equivalents2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Megawatt Acquisitionco, Inc. - (Revolver) Maturity 3/1/2030 Industry Electronic Equipment2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index 1M SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver), Maturity 05/23/2024, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Loving Tan, LP Industry Personal Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Mars Intermediate Holdings II, Inc, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC (Revolver) Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC - (Revolver) Maturity 9/30/2028 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Lightspeed Investment Holdco LLC, Industry Healthcare Technology2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.35% Basis Point Spread Above Index SOFR+5012023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% FedHC InvestCo LP Industry Aerospace and Defense One2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Icon Partners V C, L.P. Industry Internet Software and Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Bluebird Group LLC, Maturity 7/27/2026, Industry Professional Services, Current Coupon 12.79%, Basis Point Spread Above Index SOFR+7002023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619pflt:FoodProductsMember2023-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2022-12-152022-12-150001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc. (Revolver)), Maturity 11/03/2025, Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp. (Revolver), Maturity 08/04/2028, Industry Aerospace and Defense2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 11.62% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Zips Car Wash, LLC, Maturity 03/01/2024, Industry Automobiles, Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+7352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Recteq, LLC, Maturity 01/29/2026, Industry Leisure Products, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+7152023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ACP Avenu Buyer, LLC Maturity 10/1/2029 Industry Business Services Current Coupon 11.65% Basis Point Spread Above Index SOFR+6262023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SubordinateDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC Maturity - 2/18/2027 Industry Personal Products Current Coupon 13.23% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+8102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2023-10-012024-03-310001504619pflt:OtherRelatedPartyMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index 3M SOFR+5502023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.43% (PIK 350%) Basis Point Spread Above Index 3M SOFR+7102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 2/9/2026 Industry Diversified Financial Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Recteq, LLC (Revolver), Maturity 01/29/2026, Industry Leisure Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-03-310001504619pflt:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2023-10-012024-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:SecondLienMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Solutionreach, Inc, Maturity 7/17/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 12.37%, Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity 08/27/2026 Industry Insurance2023-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2021-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lucky Bucks, LLC (4) Maturity 7/20/2027 Industry Hotel, Gaming and Leisure Current Coupon 0.00% Basis Point Spread Above Index SOFR+10002022-10-012023-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.37% Basis Point Spread Above Index 3M SOFR+6882023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MSpark, LLC, Industry Media, Advertising, Printing and Publishing2023-09-300001504619Related Party PSSL Liabilities in Excess of Other Assets — (1,436.4)%2023-10-012024-03-310001504619pflt:AtTheMarketOfferingMember2024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtyOneAssetBackedDebtMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies — 118.1%, Common Equity/Warrants— 14.5%, Ad.net Holdings, Inc, Industry Media2023-09-300001504619srt:MaximumMember2022-10-012023-09-300001504619pflt:HealthcareTechnologyMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.31% Basis Point Spread Above Index 3M SOFR+7002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9 Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity - 11/17/2025 Industry Commercial Services & Supplies2024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.17% Basis Point Spread Above Index 3M SOFR+6852023-10-012024-03-310001504619pflt:ProfessionalServicesMember2024-03-310001504619pflt:TextilesApparelAndLuxuryGoodsMember2024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateLoansMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC (Revolver) Maturity 4/1/2026 Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% LEP Pequod Holdings, LP Industry Financial Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc. (Revolver), Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture, LLC - Term Loan, Maturity 03/31/2027, Industry Wholesale, Current Coupon 12.18% Basis Point Spread Above Index 1M SOFR+6852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+6262023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Schlesinger Global, Inc, Maturity 7/14/2025, Industry Business Services, Current Coupon 12.52% (PIK .50%), Basis Point Spread Above Index SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - Funded Revolver Maturity 2/7/2030 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619pflt:ClassBNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—111.8% First Lien Senior Secured Debt—101.9% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(C), Industry Telecommunications2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Big Top Holdings, LLC - (Revolver) Maturity 02/28/2030 Industry Construction & Engineering2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Questex, LLC Maturity 9/9/2024 Industry Media: Diversified and Production Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+4402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+6262022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests—8.4% New MPE Holdings, LLC (Marketplace Events, LLC) Industry Media Diversified and Production2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ITI Holdings, Inc. (Revolver) Maturity 3/3/2028 Industry IT Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 3/1/2029 Industry Wholesale2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.16% Basis Point Spread Above Index SOFR+6852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+4502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+7652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ETE Intermediate II, LLC (Revolver), Maturity 05/25/2029, Industry Diversified Consumer Services 2022-10-012023-09-300001504619us-gaap:EquityMemberpflt:InvestmentsCostMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC - DIP Maturity 10/20/2023 Industry Hotels, Restaurants and Leisure Current Coupon 15.30% Basis Point Spread Above Index 3M SOFR+10002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+4262024-03-3100015046192024-03-310001504619pflt:SeniorSecuritiesMember2018-04-062018-04-060001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) Maturity 06/10/2025 Industry Media Current Coupon 11.73% Basis Point Spread Above Index 3M SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Wildcat Parent, LP (Wildcat Buyerco, Inc.), Industry Electronic Equipment, Instruments, and Components2023-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.69% Basis Point Spread Above Index SOFR+5252023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt—33.4%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), IIN Group Holdings, LLC, Industry Consumer Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Ad.net Holdings, Inc. Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NEPRT Parent Holdings, LLC (Recteq, LLC) Industry Leisure Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.68% Basis Point Spread Above Index 3M SOFR+6602024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Exigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.43% Basis Point Spread Above Index SOFR+6102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Subordinate Debt - 0.0% Schlesinger Global, LLC - Promissory Note Maturity 7/26/2024 Industry Professional Services Current Coupon 12.31%2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+5512022-10-012023-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, Industry Distributors2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.95% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Meadowlark Title, LLC, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 148.9% IG Investments Holdings, LLC Maturity 9/22/2028 Industry Professional Services Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+6102024-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:SubordinateDebtMember2024-03-310001504619us-gaap:HealthcareSectorMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% PCS Parent, LP - Common Equity Industry Professional Services2023-10-012024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMembersrt:WeightedAverageMember2023-09-300001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2023-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2024-01-012024-03-310001504619Related Party PSSL Equity Securities2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.43% Basis Point Spread Above Index SOFR+6882023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. (Revolver), Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Neptune Flood Incorporated Maturity 5/29/2029 Industry Insurance Current Coupon 11.97% Basis Point Spread Above Index SOFR+6502023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:TwoThousandThirtyOneAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 13.50%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ETE Intermediate II, LLC (Revolver) Maturity 5/25/2029 Industry Diversified Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% AG Investco LP Industry Software2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, EDS Topco, LP, Industry Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+6262023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge ETE Blocker, LLC, Industry Diversified Consumer Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.68% Basis Point Spread Above Index 3M SOFR+6602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7002024-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:FirstLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver), Maturity 06/15/2029, Industry Professional Services2022-10-012023-09-300001504619pflt:PersonalProductsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OHCP V BC COI, L.P. Industry Distributors2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.20% Basis Point Spread Above Index SOFR+5652024-03-310001504619pflt:TwoThousandTwentyThreeNotesPayableMemberus-gaap:FairValueInputsLevel3Member2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.20% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.17% Basis Point Spread Above Index 3M SOFR+6852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Imagine Topco, LP (Common), Industry Software2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 10.96% Basis Point Spread Above Index SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. (Revolver), Maturity 09/17/2026, Industry Distributors, Current Coupon 13.75%, Basis Point Spread Above Index 3M SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Professional Services Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.04% Basis Point Spread Above Index 1M L+6652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. (Revolver) Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.68% Basis Point Spread Above Index SOFR+7352024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC (Revolver) Maturity 8/30/2027 Industry Construction & Engineering2023-10-012024-03-310001504619pflt:LongTermCreditFacilityMember2023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.63% Basis Point Spread Above Index SOFR+5002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Mars Intermediate Holdings II, Inc, Industry Media2022-10-012023-09-300001504619pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC Maturity 04/01/2028 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+4502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Mars Intermediate Holdings II, Inc. Industry Media2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Wildcat Buyerco, Inc, Maturity 2/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54%, Basis Point Spread Above Index SOFR+5152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% HW Holdco, LLC (Revolver) Maturity 5/10/2026 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.02%(PIK 5.50%) Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Output Services Group, Inc. Industry Business Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Solutionreach, Inc. (Revolver) Maturity 07/17/2025 Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SSC Dominion Holdings, LLC, Industry Capital Equipment2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 2.25% Basis Point Spread Above Index SOFR+7002023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.20% Basis Point Spread Above Index SOFR+6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 11.58% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6602023-09-300001504619Related Party PSSL Equity Securities - 3.9% - Total2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 Maturity 4/1/2024 Industry Diversified Consumer Services2024-03-310001504619Non-Affiliated Investments2023-09-300001504619pflt:LongTermCreditFacilityMember2022-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+6202024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry Professional Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC Maturity 10/02/2029 Industry IT Services Current Coupon 11.58% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Urology Partners Co., L.P. Industry Healthcare Providers and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense One2023-09-300001504619pflt:DistributorsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo II LP Industry Aerospace and Defense2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index SOFR+5252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan, Maturity 05/23/2024, Industry Media, Current Coupon 12.04%, Basis Point Spread Above Index 3M SOFR+6652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Megawatt Acquisitionco, Inc Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity 08/31/2025 Industry Insurance2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. - Unfunded Term Loan Maturity 12/02/2026 Industry Diversified Financial Services2023-09-300001504619pflt:AdministratorMember2024-01-012024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC - DDTL Unfunded Maturity 12/29/2026 Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ACP Big Top Holdings, L.P. - Common Equity Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Efficient Collaborative Retail Marketing Company, LLC Maturity 6/15/2024 Industry Media: Diversified and Production Current Coupon 14.44% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+9002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% (PIK 4.00%) Basis Point Spread Above Index SOFR+7102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% First Lien Senior Secured Debt - 144.9% ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 10.08% Basis Point Spread Above Index 1M SOFR+4752023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Member2022-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, BioDerm Holdings, LP, Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 133.2%2023-09-300001504619pflt:TwoThousandTwentyThreeNotesPayableMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. - DDTL B Unfunded Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, PennantPark Senior Secured Loan Fund I LLC, Industry Financial Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TCG 3.0 Jogger Co-Invest, LP Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC Maturity 9/30/2028 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PL Acquisitionco, LLC. Maturity 11/19/2027 Industry Textiles, Apparel and Luxury GoodsCurrent Coupon 4.00% Basis Point Spread Above Index SOFR+7102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Meadowlark Title, LLC Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.54% Basis Point Spread Above Index 1M SOFR+6252024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC, Maturity 3/31/2027, Industry Wholesale, Current Coupon 12.18%, Basis Point Spread Above Index SOFR+6852022-10-012023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:FirstLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.60% Basis Point Spread Above Index 3M SOFR+7252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Kinetic Purchaser, LLC Maturity - 11/10/2026 Industry Personal Products Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% LEP Pequod Holdings, LP Industry Financial Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Altamira Intermediate Company II, Inc, Industry IT Services2023-09-300001504619pflt:MetalsAndMiningMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7602024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Electro Rent Corporation Maturity 1/17/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.00% Basis Point Spread Above Index SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC - DIP Maturity 10/20/2023 Industry Hotels, Restaurants and Leisure Current Coupon 15.30% Basis Point Spread Above Index 3M SOFR+10002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.68% Basis Point Spread Above Index 3M SOFR+6352023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors 2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Zips Car Wash, LLC, Maturity 3/1/2024, Industry Automobiles, Current Coupon 12.67%, Basis Point Spread Above Index SOFR+7352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% Common Equity/Warrants— 16.7% Altamira Intermediate Company II, Inc. Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.73% Basis Point Spread Above Index 1M SOFR+6402024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ETE Intermediate II, LLC (Revolver) Maturity 5/25/2029 Industry Diversified Consumer Services2023-10-012024-03-310001504619pflt:SecondLienMemberpflt:InvestmentsCostMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Commercial Services & Supplies Current Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Meadowlark Title, LLC Industry Professional Services2023-10-012024-03-3100015046192024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ORL Acquisition, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 14.70% (PIK 2.00%) Basis Point Spread Above Index 3M SOFR+9402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inventus Power, Inc. (Revolver) Maturity 6/30/2025 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Senior Preferred Equity, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 19.00%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Connatix Parent, LLC, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Connatix Parent, LLC, Industry Media2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.43% Basis Point Spread Above Index SOFR+6882022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.76% Basis Point Spread Above Index 1M SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), One, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Mars Intermediate Holdings II, Inc. Industry Media2024-03-310001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMembersrt:WeightedAverageMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 9/17/2026 Industry Distributors Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+5252023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/26/2028 Industry Consumer Products Current Coupon 12.39% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% A1 Garage Equity, LLC Industry Commercial Services & Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PlayPower, Inc Maturity 5/8/2026 Industry Leisure Products Current Coupon 10.98% Basis Point Spread Above Index 1M SOFR+5652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index SOFR+4502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.90% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC- Unfunded Term Loan Maturity 11/01/2023 Industry Media2022-10-012023-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.63% Basis Point Spread Above Index SOFR+5002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class B Common Equity, Industry Automobiles2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.72% Basis Point Spread Above Index SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Lightspeed Investment Holdco LLC Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Second Lien Secured Debt—0.0% QuantiTech LLC Maturity 02/04/2027 Industry Aerospace and Defense Current Coupon 15.43% Basis Point Spread Above Index 3M SOFR+1,0102024-03-310001504619pflt:InvestmentsCostMember2023-09-300001504619pflt:ConsumerServicesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Kinetic Purchaser, LLC Maturity - 11/10/2026 Industry Personal Products Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR+6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:SecondLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% AG Investco LP Industry Software One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TPC Holding Company, LP, Industry Food Products2022-10-012023-09-300001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Automotive Current Coupon 10.78% Basis Point Spread Above Index SOFR+5252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Connatix Parent, LLC Industry Media2023-10-012024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateLoansMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 10.50% Basis Point Spread Above Index SOFR+5152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% A1 Garage Equity, LLC Industry Commercial Services & Supplies2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index SOFR+6362024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.70% Basis Point Spread Above Index SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, North Haven Saints Equity Holdings, LP, Industry Healthcare Technology2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Output Services Group, Inc. (4) Maturity 6/7/2026 Industry Business Services Current Coupon 0.00% 2022-10-012023-09-300001504619us-gaap:EquityMemberpflt:InvestmentsFairValueMember2024-03-310001504619pflt:SecondLienMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/29/2025 Industry Wholesale Current Coupon 10.65% Basis Point Spread Above Index SOFR+5002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies — 118.1%, Common Equity/Warrants— 14.5%, Ad.net Holdings, Inc, Industry Media2022-10-012023-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7612023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name DRS Holdings III, Inc.. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), Industry Media2023-09-300001504619pflt:InvestmentsCostMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% By Light Investco LP Industry High Tech Industries2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense2023-10-012024-03-310001504619Related Party PSSL Cash and Cash Equivalents2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6192024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.42% Basis Point Spread Above Index 1M SOFR+7102022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index SOFR+7402023-10-012024-03-310001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.90% Basis Point Spread Above Index SOFR+5602023-10-012024-03-310001504619Related Party PSSL Equity Securities - 6.9%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 13.68% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services2024-03-310001504619us-gaap:HealthcareSectorMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC, Maturity 08/31/2027, Industry Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services (PIK 5.60%)2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - (Revolver) Maturity 3/1/2030 Industry Professional Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index SOFR+6682023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 6M SOFR+5502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan Maturity 9/17/2026 Industry Distributors2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.53% Basis Point Spread Above Index SOFR+5762022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, EDS Topco, LP, Industry Electronic Equipment, Instruments, and Components2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+5752024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.68% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Lightspeed Investment Holdco LLC Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TWS Acquisition Corporation (Revolver) Maturity 6/16/2025 Industry Diversified Consumer Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+6362022-10-012023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Membersrt:MinimumMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MAG DS Corp Maturity 7/31/2028 IndustryAerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619INVESTMENTS IN NON-CONTROLLED, NON-AFFILIATED PORTFOLIO COMPANIES— 118.1%, SECOND LIEN SECURED DEBT—0.0%, MAILSOUTH INC, MATURITY 04/23/2025, INDUSTRY MEDI Advertising, Printing and Publishing2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services One2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc, Maturity 11/03/2025, Industry Chemicals, Plastics and Rubber, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Crane 1 Services, Inc. (Revolver) Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5012023-10-012024-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2023-09-300001504619srt:MinimumMemberpflt:IncentiveFeePaymentConditionThreeMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 5/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Total Investments in Controlled, Affiliated Portfolio Companies2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.35% Basis Point Spread Above Index SOFR+5012024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberus-gaap:SubordinatedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+8652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 High Tech Industries Current Coupon 12.37% Basis Point Spread Above Index SOFR+6882023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. – Unfunded Term Loan Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Output Services Group, Inc. Maturity 06/27/2026 Industry Business Services Current Coupon 0.00%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.77% Basis Point Spread Above Index SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 13.23% Basis Point Spread Above Index SOFR+7002024-03-310001504619pflt:FirstLienMemberpflt:InvestmentsCostMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture, LLC - Funded Junior Revolver Maturity 3/1/2029 Industry Wholesale2023-10-012024-03-310001504619pflt:InternetSoftwareAndServicesMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.90% Basis Point Spread Above Index 3M SOFR+7512023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.92% Basis Point Spread Above Index SOFR+5602022-10-012023-09-300001504619pflt:FirstLienMember2024-03-310001504619pflt:TwoThousandThirtySixNotesMember2022-10-012023-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2023-09-300001504619pflt:InsuranceMember2023-09-300001504619Investments in Non-Control, Non-Affiliate Portfolio Companies—118.1% Common Equity/Warrants— 14.5%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Total Investments and Cash Equivalents—178.6%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.92% Basis Point Spread Above Index SOFR+5602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. (Revolver) Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9%, Aeronix, Inc. (Revolver) Maturity 12/18/2028, Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, QuantiTech LLC, Maturity 02/04/2027, Industry Aerospace and Defense, Current Coupon 15.50% Basis Point Spread Above Index 3M SOFR+10102023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Peaquod Merger Sub, Inc. LLCC Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC - Unfunded Term Loan, Maturity 01/10/2029, Electronic Equipment, Instruments, and Components2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+6502022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 12.97% Basis Point Spread Above Index SOFR+7652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Imagine Topco, LP Industry Software Current Coupon 8.00%2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC Maturity - 8/27/2026 Industry Insurance Current Coupon 11.48% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Crane 1 Acquisition Parent Holdings, L.P. Industry Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+7402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Connatix Parent, LLC Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Hancock Claims Consultants Investors, LLC Industry Insurance2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Holdco Sands Intermediate, LLC, Maturity 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.32%, Basis Point Spread Above Index 6M SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HV Watterson Holdings, LLC, Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Carisk Parent, L.P. Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TAC LifePort Holdings, LLC Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - Revolver Maturity 3/1/2030 Industry Professional Services Current Coupon 11.08% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619srt:MaximumMemberpflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, ORL Holdco, Inc, Industry Consumer Finance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniTek Global Services, Inc. (C) Industry Telecommunications2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total First Lien Senior Secured Debt - 101.9%,2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 6M SOFR+6152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC, Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Gauge ETE Blocker, LLC - Promissory Note, Maturity 05/19/2029, Industry Diversified Consumer Services Current Coupon 12.56%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Pragmatic Institute, LLC Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+7602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Pink Lily Holdco, LLC (PL Acquisitions, LLC) Industry Textiles, Apparel and Luxury Goods2024-03-310001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Questex, LLC Maturity 9/9/2024 Industry Media: Diversified and Production Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+4402023-10-012024-03-310001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsCostMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Aegis Technologies Group, LLC, Maturity 10/31/2025, Industry Aerospace and Defense, Current Coupon 12.04%, Basis Point Spread Above Index SOFR+6652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index SOFR+5012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC - Super Priority First Lien Maturity 09/30/2025 Industry Media: Diversified and Production2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC (Revolver) Maturity - 8/16/2026 Industry Personal Products (PIK 5.10%)2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619pflt:EquityDistributionAgreementsMemberpflt:AtTheMarketOfferingMember2023-03-272023-03-270001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Magnolia Topco LP - Class A Common Equity Industry Automobiles2024-03-310001504619Pennant Park Senior Secured Member2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Confluent Health, LLC Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 10.86% Basis Point Spread Above Index 3M SOFR+5002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% IG Investments Holdings, LLC (Revolver) Maturity 9/22/2027 Industry Professional Services2024-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Secured Debt - 144.9% Keel Platform, LLC - Unfunded Term Loan Maturity 1/19/20231 Industry Metals and Mining2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverside Assessments, LLC, Maturity 03/10/2025, Industry Professional Services, Current Coupon 11.29%, Basis Point Spread Above Index 3M SOFR+5902023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.07% Basis Point Spread Above Index SOFR+4752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry Professional Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 09/09/2024 Industry media, Diversified and Production Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+4252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Five Star Parent Holdings, LLC, Industry Hotels, Restaurants and Leisure2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components2023-09-300001504619Related Party PSSL, Cash and Cash Equivalents - 133.2%, BlackRock Federal FD Institutional 302023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC - Unfunded Term Loan Maturity 07/17/2025 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% FedHC InvestCo LP Industry Aerospace and Defense One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Lash Coinvest LLC (Preferred), Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniTek Global Services, Inc. (C) Industry Telecommunications2023-10-012024-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 12/29/2025 Industry Diversified Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - Unfunded Term Loan Maturity 3/1/2026 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Infusion Co-invest, LP, Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan, Maturity 09/17/2026, Industry Distributors2023-09-300001504619pflt:SeniorSecuredRevolvingCreditFacilityMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2023-08-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TCG 3.0 Jogger Co-Invest, LP Industry Media2024-03-310001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Seaway Topco, LP, Industry Chemicals, Plastics and Rubber2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-03-310001504619pflt:HighTechIndustriesMember2023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc Maturity 3/1/2030 Industry Professional Services Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrated Data Services (Revolver) Maturity 08/01/2029 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. - Senior Preferred Equity Industry Telecommunications Current Coupon 19.00%2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.72% Basis Point Spread Above Index 1M SOFR+6402024-03-310001504619Investments in Non-Control, Non-Affiliate Portfolio Companies—133.9% Preferred Equity— 1.8%%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lucky Bucks, LLC - Last-out Term Loan Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+7652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.92% Basis Point Spread Above Index 1M SOFR+7602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity - 8/31/2025 Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% PL Acquisitionco, LLC (Preferred Equity) Industry Textiles, Apparel and Luxury Goods2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.87% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+6102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ORL Holdco, Inc. Industry Consumer Finance2023-10-012024-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2023-10-012023-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. (Revolver) Maturity 2/7/2025 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. (Revolver) Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Walker Edison Holdco LLC Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ITC Rumba, LLC (Cano Health, LLC) Industry Healthcare and Pharmaceuticals2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 3M SOFR + 5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.16% Basis Point Spread Above Index SOFR+6852024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 05/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.00% Basis Point Spread Above Index SOFR+6652024-03-310001504619pflt:ClassA2SeniorSecuredFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Construction & Engineering Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+5902023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.71% Basis Point Spread Above Index SOFR+6402024-03-3100015046192023-08-012023-08-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.98% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Wholesale Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index SOFR+7602023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index SOFR+7252024-03-310001504619Liabilities in Excess of Other Assets—(122.3)%2024-03-310001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services One2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2024-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Output Services Group, Inc. Industry Business Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC (Revolver), Maturity 12/10/2024, Industry Media2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.59% Basis Point Spread Above Index SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5432024-03-3100015046192022-10-012023-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-12-152021-12-150001504619Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Challenger Performance Optimization, Inc., Maturity 08/31/2024, Industry Business Services, Current Coupon 12.18%, Basis Point Spread Above Index 3M L+6752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc. (Revolver), Maturity 08/20/2026, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC - Unfunded Term Loan Maturity 12/1/2025 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants—16.8% StellPen Holdings, LLC (CF512, Inc.) Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+6262023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class B Preferred Equity, Industry Automobiles2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.73% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), IHS Parent Holdngs, L.P, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Senior Preferred Equity, UniTek Global Services, Inc, Industry Telecommunications, Current Coupon 19.00%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% By Light Professional IT Services, LLC (Revolver) Maturity 5/16/2025 Industry High Tech Industries2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC (Revolver) Maturity 3/1/2028 Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC), Maturity 05/23/2024, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Industry Aerospace and Defense Current Coupon 2.00% Basis Point Spread Above Index SOFR+6652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index SOFR+5252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Mars Intermediate Holdings II, Inc, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% First Lien Senior Secured Debt - 144.9% DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ITI Holdings, Inc Maturity 3/3/2028 Industry IT Services Current Coupon 11.06% Basis Point Spread Above Index SOFR+5602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hills Distribution Inc Unfunded Term Loan Maturity 11/7/2025 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Walker Edison Holdco LLC Industry Healthcare Providers and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+7762023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PL Acquisitionco, LLC. Maturity 11/19/2027 Industry Textiles, Apparel and Luxury GoodsCurrent Coupon 12.42% Basis Point Spread Above Index SOFR+7102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lightspeed Buyer Inc. (Revolver) Maturity 02/03/2026 Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC (Revolver), Maturity 08/31/2027, Industry Personal Products2023-09-300001504619Related Party PSSL First Lien Secured Debt 1,425.9%- Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.68% Basis Point Spread Above Index SOFR+6602024-03-310001504619Related Party PSSL, Equity - 100.0%2023-09-300001504619pflt:PennantParkCLOVILLCMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Unfunded Term Loan, Maturity 03/31/2027, Industry Wholesale2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Beta Plus Technologies, Inc, Maturity 07/01/2029, Industry Internet Software and Services, Current Coupon 11.14%, Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pink Lily Holdco, LLC (PL Acquisitions, LLC), Industry Textiles, Apparel and Luxury Goods2022-10-012023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Recteq, LLC (Revolver), Maturity 01/29/2026, Industry Leisure Products2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Consumer Products Current Coupon 11.61% Basis Point Spread Above Index SOFR+6262023-10-012024-03-310001504619pflt:SecondLienMemberpflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Schlesinger Coinvest LLC (Preferred Equity), Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Lash Coinvest LLC, Industry Personal Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pragmatic Institute, LLC (Revolver) Maturity 7/6/2028 Industry Professional Services Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.62% Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrated Data Services Maturity 8/1/2029 Industry Business Services Current Coupon 11.87% Basis Point Spread Above Index SOFR+6502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer NameExigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.17% Basis Point Spread Above Index SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Burgess Point Holdings, LP, Industry Auto Components2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index SOFR+7252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pragmatic Institute, LLC (Revolver) Maturity 7/6/2028 Industry Professional Services Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619pflt:FirstLienMemberpflt:InvestmentsCostMember2023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:EquityInterestsMember2024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests—8.4% PennantPark Senior Secured Loan Fund I LLC Industry Financial Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+6252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Schlesinger Coinvest LLC Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+5152023-09-300001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C, Maturity 12/31/2026, Industry Insurance, Current Coupon 10.93%, Basis Point Spread Above Index 3M SOFR+5602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC (Revolver) Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% HV Watterson Holdings, LLC Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 Maturity 12/29/2025 Industry Diversified Consumer Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc. (Revolver) Maturity 12/01/2029 Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo II LP, Industry Aerospace and Defense2023-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry IT Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP One, Industry Software2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502023-10-012024-03-3100015046192022-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2023-10-012024-03-310001504619pflt:IncentiveFeePaymentConditionTwoMember2023-10-012024-03-310001504619Related Party PSSL Equity - 100.0%2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Neptune Flood Incorporated Maturity 5/9/2029 Industry Insurance Current Coupon 11.72% Basis Point Spread Above Index SOFR+6502023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Zips Car Wash, LLC, Maturity 3/1/2024, Industry Automobiles, Current Coupon 12.67%, Basis Point Spread Above Index SOFR+7352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 11.62% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and RubberCurrent Coupon 11.32% Basis Point Spread Above Index SOFR+6002023-09-300001504619pflt:SubordinateDebtMemberus-gaap:FairValueInputsLevel2Member2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Neptune Flood Incorporated Maturity 5/9/2029 Industry Insurance Current Coupon 11.72% Basis Point Spread Above Index SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC (Revolver), Maturity 12/10/2024, Industry Media, Current Coupon 11.82%, Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Output Services Group, Inc. (4) Maturity 6/7/2026 Industry Business Services Current Coupon 0.00% 2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 09/09/2024 Industry media, Diversified and Production Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+4252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC (Revolver) Maturity - 8/16/2026 Industry Personal Products Current Coupon 13.27% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+8102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc, Maturity 02/09/2026, Industry Professional Services, Current Coupon 10.99%, Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PL Acquisitionco, LLC Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.42% Basis Point Spread Above Index 1M SOFR+7102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, North Haven Saints Equity Holdings, LP, Industry Healthcare Technology2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Magnolia Topco LP - Class B Common Equity Industry Automobiles2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan Maturity 12/10/2027 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5552023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Eisner Advisory Group, LLC Maturity 2/23/2031 Industry Professional Services Current Coupon 9.33% Basis Point Spread Above Index 3M SOFR+4002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.83%(PIK 5.50%) Basis Point Spread Above Index 1M SOFR+6432023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC (Revolver) Maturity 4/1/2026 Industry IT Services Current Coupon 10.99% Basis Point Spread Above Index 1M SOFR+5652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.49% Basis Point Spread Above Index SOFR+5002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Icon Partners V C, L.P. Industry Internet Software and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TAC LifePort Holdings, LLC Industry Aerospace and Defense2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MAG DS Corp Maturity 7/31/2028 IndustryAerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+5502023-09-300001504619pflt:SeniorSecuritiesMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% AFC Acquisitions, Inc. (Preferred) Industry Distributors2023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Imagine Topco, LP Industry Software Current Coupon 8.00%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 11.90% Basis Point Spread Above Index 3M SOFR+7002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Cartessa Aesthetics, LLC (Preferred) Industry Distributors2024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619us-gaap:SubsequentEventMember2024-04-090001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media2024-03-310001504619pflt:HighTechIndustriesMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 10.68% Basis Point Spread Above Index SOFR+5352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.98% Basis Point Spread Above Index 1M SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC (Revolver) Maturity 6/14/2028 Industry Distributors2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Aegis Technologies Group, LLC, Maturity 10/31/2025, Industry Aerospace and Defense, Current Coupon 12.04%, Basis Point Spread Above Index SOFR+6652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name By Light Professional IT Services, LLC Maturity 5/16/2025 High Tech Industries Current Coupon 12.37% Basis Point Spread Above Index SOFR+6882024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrative Nutrition, LLC Maturity - 1/31/2025 Industry Consumer Services Current Coupon 12.46% (PIK 2.25%) Basis Point Spread Above Index 3M SOFR+7152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.95% Basis Point Spread Above Index SOFR+5652024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 9/30/2028 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9 Lightspeed Buyer Inc. Maturity 02/03/2026 Industry Healthcare Technology Current Coupon 10.68% Basis Point Spread Above Index 1M SOFR+5352024-03-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, RFMG Parent, LP (Rancho Health MSO, Inc.), Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.49% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniVista Insurance, Industry Insurance2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% DRS Holdings III, Inc. (Revolver) Maturity 11/3/2025 Industry Personal Products2024-03-310001504619srt:MaximumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2023 Industry Commercial Services & Supplies2022-10-012023-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Productss Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 09/09/2024 Industry media, Diversified and Production2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 9/30/2025 Industry Media: Diversified and Production2023-09-300001504619Cash and Cash Equivalents—15.3%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Holdco Sands Intermediate, LLC (Revolver), Maturity 11/23/2027, Industry Aerospace and Defense2022-10-012023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.72% Basis Point Spread Above Index SOFR+6362023-10-012024-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2017-11-012017-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Quad (U.S.) Co-Invest, L.P. Industry Professional Services2023-10-012024-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-01-012024-03-310001504619srt:MaximumMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - (Revolver) Maturity 2/7/2030 Industry Professional Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.52% Basis Point Spread Above Index 3M SOFR+6192023-10-012024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC - Unfunded Revolver Maturity 1/29/2026 Industry Leisure Products2024-03-310001504619srt:MaximumMemberpflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Spendmend Holdings LLC, Maturity 3/1/2028, Industry Healthcare Technology, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index SOFR+4752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name CF512, Inc. Maturity 08/20/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6192023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 12.31% Basis Point Spread Above Index SOFR+7002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index SOFR+8432024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge TVC Coinvest, LLC (TVC Enterprises, LLC), Industry Professional Services2022-10-012023-09-300001504619Related Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MAG DS Corp Maturity 7/31/2028 IndustryAerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+550Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lucky Bucks,LLC - OpCo DIP Loans Maturity 9/30/2025 Industry Hotel, Gaming and Leisure Current Coupon 15.33% Basis Point Spread Above Index SOFR+10002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.08% Basis Point Spread Above Index SOFR+5902023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sales Benchmark Index LLC (Revolver) Maturity 01/03/2025 Industry Professional Services2024-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.94% Basis Point Spread Above Index SOFR+7612024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan Maturity 12/10/2027 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-03-310001504619pflt:LeisureProductsMember2023-09-300001504619pflt:TwoThousandTwentyThreeNotesPayableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC (Revolver) Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.95% Basis Point Spread Above Index 1M SOFR+6102024-01-012024-03-310001504619pflt:SecondLienMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan C, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.68%, Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp, Maturity 08/03/2029, Industry Aerospace and Defense, Current Coupon 11.62%, Basis Point Spread Above Index 1M SOFR+6252022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Ad.net Holdings, Inc. Industry Media2024-03-310001504619Related Party PSSL Liabilities in Excess of Other Assets — (1,436.4)%2024-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name DRS Holdings III, Inc. Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 11.71% Basis Point Spread Above Index SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% First Lien Senior Secured Debt - 144.9% ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotels, Restaurants and Leisure Current Coupon 10.08% Basis Point Spread Above Index 1M SOFR+4752024-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Crane 1 Acquisition Parent Holdings, L.P, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Amsive Holding Corporation (f/k/a Vision Purchaser Corporation), Maturity 06/10/2025, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6402024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Pragmatic Institute, LLC Industry Professional Services2023-10-012024-03-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-03-012021-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Seaway Topco, LP, Industry Chemicals, Plastics and Rubber2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Holdco Sands Intermediate, LLC, Maturity 11/23/2028, Industry Aerospace and Defense, Current Coupon 11.32%, Basis Point Spread Above Index 6M SOFR+5852023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name New Milani Group LLC Maturity 6/6/2024 Industry Consumer Goods: Non-Durable Current Coupon 10.92% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619pflt:ConsumerServicesMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352023-09-300001504619Related Party PSSL Equity - 100.0%2024-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Carisk Parent, L.P. Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - Funded Revolver Maturity 2/7/2030 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% PCS Parent, LP - Common Equity Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+4502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 2/7/2026 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC, Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC (Revolver) Maturity 6/20/2025 Industry Healthcare Equipment and Supplies2024-03-310001504619pflt:OtherRelatedPartyMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC (Revolver) Maturity 4/1/2026 Industry IT Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc. (Revolver) Maturity 04/16/2027 Industry Internet Software and Services2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% MDI Aggregator, LP Industry Commodity Chemicals2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Wildcat Buyerco, Inc. Maturity 2/27/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.06% Basis Point Spread Above Index SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Wildcat Parent, LP (Wildcat Buyerco, Inc.) Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity2024-03-310001504619pflt:HealthcareEquipmentAndSuppliesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% A1 Garage Merger Sub, LLC - Unfunded Term Loan Maturity 12/22/2028 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC - DDTL Unfunded Maturity 12/29/2026 Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Total Common Equity/Warrants— 14.5%2023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, PennantPark Senior Secured Loan Fund I LLC, Maturity 05/06/2024, Industry Financial Services, Current Coupon 13.33%, Basis Point Spread Above Index 3M SOFR+8002022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5762024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 3/3/2025 Industry Healthcare Technology2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Urology Management Holdings, Inc, Maturity 6/15/2026, Industry Healthcare and Pharmaceuticals, Current Coupon 11.79%, Basis Point Spread Above Index SOFR+5652023-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies, Current Coupon 12.00%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), StellPen Holdings, LLC (CF512, Inc.), Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Lash Coinvest LLC Industry Personal Products2024-03-310001504619pflt:OtherRelatedPartyMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+8652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—111.8% First Lien Senior Secured Debt—101.9% STV Group Incorporated Maturity 12/11/2026 Industry Construction & Engineering Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Broder Bros., Co., Maturity 12/04/2025, Industry Textiles, Apparel and Luxury Goods, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6262022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC Maturity 11/01/2026 Industry Media Current Coupon 11.17% Basis Point Spread Above Index 1M SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Teneo Holdings LLC Maturity 07/18/2025 Industry Diversified Financial Services Current Coupon 10.67% Basis Point Spread Above Index 1M SOFR+5352023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.32% Basis Point Spread Above Index SOFR+4002022-10-012023-09-300001504619pflt:AirFreightAndLogisticsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniVista Insurance Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Funded Junior Revolver, Maturity 03/31/2027, Industry Wholesale, Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+6352023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2023-09-300001504619pflt:AutoComponentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc (Revolver), Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.39% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Solutionreach, Inc, Maturity 7/17/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 12.37%, Basis Point Spread Above Index SOFR+7002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index SOFR+4502023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ox Two, LLCC Maturity 5/18/202 Industry Construction and Buildings Current Coupon 12.90% Basis Point Spread Above Index SOFR+7502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC (Revolver) Maturity 6/20/2025 Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.64% Basis Point Spread Above Index SOFR+6252023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded Maturity 3/1/2029 Industry Wholesale2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2023-10-012024-03-310001504619Marketplace Events, LLC2023-09-300001504619pflt:SeniorSecuritiesMember2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Challenger Performance Optimization, Inc. Maturity 8/31/2024 Industry Business Services Current Coupon 13.18% (PIK 2.00%) Basis Point Spread Above Index 3M SOFR+7752023-10-012024-03-310001504619Related Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MAG DS Corp Maturity 7/31/2028 IndustryAerospace and Defense Current Coupon 10.99% Basis Point Spread Above Index SOFR+550Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lucky Bucks,LLC - OpCo DIP Loans Maturity 9/30/2025 Industry Hotel, Gaming and Leisure Current Coupon 15.33% Basis Point Spread Above Index SOFR+10002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NBH Group LLC (Revolver) Maturity 8/19/2026 Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Business Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC - Unfunded Term Loan Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Affinion Group Holdings, Inc. (Warrants), Maturity 04/10/2024, Industry Consumer Goods: Durable2022-10-012023-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2022-10-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.94% Basis Point Spread Above Index SOFR+5652024-03-310001504619pflt:ClassCNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) Maturity 1/26/2029 Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Gauge ETE Blocker, LLC - Promissory Note Maturity 5/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-03-3100015046192021-10-012021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2023-10-012024-03-310001504619pflt:EquityDistributionAgreementsMember2023-08-112023-08-110001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8% Total2023-09-300001504619pflt:InternetSoftwareAndServicesMember2023-09-300001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Walker Edison Furniture - Common Equity Industry Wholesale2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 6/15/2029 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pragmatic Institute, LLC, Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services, Maturity 07/21/2027, Industry Energy Equipment and Services, Current Coupon 11.22%, Basis Point Spread Above Index 3M SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% Common Equity/Warrants— 16.7% Kinetic Purchaser, LLC Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC - Unfunded Term Loan, Maturity 12/22/2028, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% North Haven Saints Equity Holdings, LP Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pragmatic Institute, LLC, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NBH Group LLC (Revolver) Maturity 8/19/2026 Industry Healthcare Equipment and Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Beta Plus Technologies, Inc, Maturity 07/01/2029, Industry Internet Software and Services, Current Coupon 11.14%, Basis Point Spread Above Index 3M SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services2022-10-012023-09-300001504619Cash and Cash Equivalents—15.3%, Money Market - BlackRock Federal FD Institutional 302023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Industry Capital Equipment2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% BioDerm Holdings, LP Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC, Maturity 08/31/2027, Industry Personal Products, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC - Unfunded Term Loan Maturity 9/30/2028 Industry Professional Services2023-10-012024-03-310001504619pflt:LongTermCreditFacilityMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.94% Basis Point Spread Above Index 1M SOFR+4502023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 11.89% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index 1M SOFR+4502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 1M SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver Loan Maturity 06/30/2026 Industry Media2024-03-310001504619pflt:TwoThousandThirtySixNotesMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pragmatic Institute, LLC - Unfunded Term Loan Maturity 7/6/2028 Industry Professional Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 05/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.23% Basis Point Spread Above Index SOFR+5652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.44% Basis Point Spread Above Index SOFR+4002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Schlesinger Coinvest LLC (Preferred Equity), Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ITC Rumba, LLC (Cano Health, LLC) Industry Healthcare and Pharmaceuticals2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc. (Revolver) Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% PennantPark Senior Secured Loan Fund I LLC Maturity 05/06/2024 Industry Financial Services Current Coupon 13.32% Basis Point Spread Above Index 3M SOFR+8002024-03-310001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2022-10-012023-03-310001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2022-09-300001504619srt:MaximumMemberpflt:IncentiveFeePaymentConditionOneMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619pflt:AutomobilesIndustryMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Pragmatic Institute, LLC. Maturity 7/6/2028 Industry Education Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC - (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9%, Aeronix, Inc. (Revolver) Maturity 12/18/2028, Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.54% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Seaway Buyer, LLC, Maturity 6/13/2029, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+6152023-09-300001504619pflt:BusinessServicesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture Company, LLC - Unfunded Term Loan Maturity 3/1/2029 Industry Wholesale2023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Member2024-03-310001504619pflt:ConstructionAndBuildingMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% FedHC InvestCo LP Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index 3M SOFR+8432023-10-012024-03-310001504619pflt:FoodProductsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.94% Basis Point Spread Above Index SOFR+4502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CHA Holdings, Inc, Maturity 04/10/2025, Industry Environmental Industries, Current Coupon 10.15%, Basis Point Spread Above Index 3M SOFR+4762022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR + 5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC (Revolver) Maturity 6/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.73% Basis Point Spread Above Index 3M SOFR+5102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Magenta Buyer, LLC Maturity 7/31/2028 Industry Software Current Coupon 10.57% Basis Point Spread Above Index SOFR+5002024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 09/30/2025 Industry Media Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Questex, LLC (Revolver) Maturity 9/9/2024 Industry Media: Diversified and Production2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2022-10-012023-09-300001504619pflt:TruistCreditFacilityMember2024-03-310001504619pflt:DiversifiedConsumerServicesMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Any Hour Services Maturity 7/21/2027 Industry Professional Services Current Coupon 11.00% Basis Point Spread Above Index SOFR+5852023-10-012024-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5502023-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals2023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:EquityInterestsMember2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2022-10-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index SOFR+6852023-09-300001504619us-gaap:FairValueInputsLevel3Member2022-10-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.24% Basis Point Spread Above Index SOFR+5852024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ITI Holdings, Inc Maturity 3/3/2028 Industry IT Services Current Coupon 11.06% Basis Point Spread Above Index SOFR+5602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, By Light Investco LP, Industry High Tech Industries2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Skopima Consilio Parent, LLC Maturity 5/17/2028 Industry Business Services Current Coupon 9.94% Basis Point Spread Above Index SOFR+4502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6652024-03-310001504619Minimum Qualifying Assets2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services2022-10-012023-09-3000015046192023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 11.68% Basis Point Spread Above Index SOFR+6652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation (Revolver) Maturity 06/16/2025 Industry Diversified Consumer Services2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Inventus Power, Inc. Maturity 6/30/2025 Industry Consumer Goods: Durable Current Coupon 12.94% Basis Point Spread Above Index SOFR+7612023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.09% Basis Point Spread Above Index SOFR+5762023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.94% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC Maturity 07/20/2027 Industry Hotels, Restaurants and Leisure Current Coupon 0.00%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrative Nutrition, LLC Maturity - 1/31/2025 Industry Consumer Services Current Coupon 12.46% (PIK 2.25%) Basis Point Spread Above Index 3M SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ETE Intermediate II, LLC (Revolver), Maturity 05/25/2029, Industry Diversified Consumer Services 2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Fairbanks Morse Defense Maturity 6/23/2028 Industry Aerospace and Defense Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+5012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sargent & Greenleaf Inc, Maturity 12/20/2024, Industry Wholesale, Current Coupon 12.92% (PIK 1.00%), Basis Point Spread Above Index SOFR+7602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NORA Parent Holdings, LLC Industry Healthcare Providers and Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 10.93% Basis Point Spread Above Index SOFR+5252023-09-300001504619srt:MaximumMemberpflt:IncentiveFeePaymentConditionTwoMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PL Acquisitionco, LLC. Maturity 11/19/2027 Industry Textiles, Apparel and Luxury GoodsCurrent Coupon 12.42% Basis Point Spread Above Index SOFR+7102022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/9/2025 Industry Wholesale Current Coupon 10.68% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) Maturity 6/15/2029 Industry Professional Services2024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.69% Basis Point Spread Above Index 3M SOFR+6362023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5552022-10-012023-09-300001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Imagine Topco, LP, Industry Software, Current Coupon 8.00%2023-09-300001504619pflt:TruistCreditFacilityMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC (Revolver) Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 11.31% Basis Point Spread Above Index SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, ORL Holdco, Inc, Industry Consumer Finance2022-10-012023-09-300001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TruistCreditFacilityMember2023-10-012023-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2024-03-310001504619pflt:AirFreightAndLogisticsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kentucky Racing Holdco, LLC, Industry Hotels, Restaurants and Leisure2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.75% Basis Point Spread Above Index SOFR+7402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 1M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Athletico Holdings, LLC Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619pflt:SecondLienMemberpflt:InvestmentsFairValueMember2023-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-012024-02-290001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index SOFR+5502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Smile Brands Inc, Maturity 10/14/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 9.70%, Basis Point Spread Above Index SOFR+4502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+5902024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002022-10-012023-09-300001504619pflt:LongTermCreditFacilityMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PlayPower, Inc. Maturity 6/28/2026 Industry Consumer Goods: Durable Current Coupon 10.57% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, BioDerm Holdings, LP, Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 5/14/2026 Industry Media2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lightspeed Buyer Inc. Maturity 2/3/2026 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Lash Coinvest LLC Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. (Revolver) Maturity 2/7/2025 Industry Professional Services Current Coupon 10.87% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-03-310001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC, Maturity 12/22/2028, Industry Commercial Services & Supplies, Current Coupon 11.99%, Basis Point Spread Above Index 3M SOFR+6602022-10-012023-09-300001504619Minimum Qualifying Assets2024-03-310001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Productses Current Coupon 11.24% Basis Point Spread Above Index SOFR+5852022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+5902023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Output Services Group, Inc - Last-Out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index SOFR+6682024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+6202022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Tyto Athene, LLC, Maturity 4/1/2028, Industry IT Services, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture, LLC - Term Loan Maturity 3/1/2029 Industry Wholesale2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% TPC Holding Company, LP Industry Food Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% IG Investments Holdings, LLC (Revolver) Maturity 09/22/2027 Industry Professional Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR +6152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.24% Basis Point Spread Above Index SOFR+6002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC (Revolver) Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SSC Dominion Holdings, LLC, Industry Capital Equipment2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+6202023-10-012024-03-310001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsCostMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% CF512, Inc. (Revolver) Maturity 8/20/2026 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HPA SPQ Aggregator LP, Industry Professional Services2022-10-012023-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2023-10-012023-12-310001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsCostMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2022-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CHA Holdings, Inc, Maturity 04/10/2025, Industry Environmental Industries, Current Coupon 10.15%, Basis Point Spread Above Index 3M SOFR+4762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc, Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate, Current Coupon 10.43%, Basis Point Spread Above Index 3M SOFR+5102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software2023-09-300001504619Controlled Affiliated Investments Member2023-10-012024-03-310001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name STV Group Incorporated, Maturity 12/11/2026, Industry Construction and Building, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+5352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC (Revolver) Maturity 07/06/2028 Industry Professional Services Current Coupon 11.17% Basis Point Spread Above Index 3M SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Delta InvestCo LP (Sigma Defense Systems, LLC) Industry IT Services One2023-10-012024-03-310001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2023-01-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ITI Holdings, Inc. (Revolver) Maturity - 3/3/2028 Industry IT Services Current Coupon 11.90% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Kentucky Racing Holdco, LLC, Industry Hotels, Restaurants and Leisure2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Leisure Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan, Maturity 05/23/2024, Industry Media, Current Coupon 12.04%, Basis Point Spread Above Index 3M SOFR+6652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, eCommission Financial Services, Inc, Maturity 10/05/2023, Industry Banking, Finance, Insurance & Real Estate, Current Coupon 10.43%, Basis Point Spread Above Index 3M SOFR+5102022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% IIN Group Holdings, LLC (Integrative Nutrition, LLC) Industry Consumer Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.73% Basis Point Spread Above Index SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products2022-10-012023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - Unfunded Term Loan Maturity 3/1/2026 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Duraco Specialty Tapes LLC, Maturity 06/30/2024, Industry Containers and Packaging, Current Coupon 11.93%, Basis Point Spread Above Index 3M SOFR+6502022-10-012023-09-300001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2022-10-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Holdco Sands Intermediate, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.32% Basis Point Spread Above Index SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC - (Revolver) Maturity 9/30/2028 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ITC Infusion Co-invest, LP Industry Healthcare Equipment and Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5902024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 06/30/2026 Industry Media Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc. (Revolver), Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.52%, Basis Point Spread Above Index 1M SOFR+7152022-10-012023-09-300001504619srt:MinimumMemberpflt:IncentiveFeePaymentConditionTwoMember2023-10-012024-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), Industry Media2022-10-012023-09-300001504619pflt:CommercialServicesAndSuppliesMember2023-09-300001504619pflt:PriorCreditFacilityMember2024-01-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.64% Basis Point Spread Above Index SOFR+7252023-10-012024-03-310001504619us-gaap:FairValueInputsLevel2Member2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.16% Basis Point Spread Above Index SOFR+5762022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index SOFR+5252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Solutionreach, Inc. Maturity 07/17/2025 Industry Healthcare Technology Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc., Maturity 07/13/2027, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Municipal Emergency Services, Inc. Industry Distributors2023-10-012024-03-310001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 13.25%, Basis Point Spread Above Index 3M SOFR+4752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Subordinate Debt— 0.0%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP, Industry Software2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Any Hour Services (Revolver) Maturity 07/21/2027 Industry Energy Equipment and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LSF9 Atlantis Holdings, LLC Maturity 6/30/2029 Industry Specialty Retail Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Industry Consumer Goods Durable2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC (Revolver), Maturity 05/16/2025, Industry High Tech Industries 2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619pflt:TwoThousandThirtyTwoAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-03-310001504619Controlled Affiliated Investments Member2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.63% Basis Point Spread Above Index 3M SOFR+6402024-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2023-10-012024-03-310001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.05% Basis Point Spread Above Index 1M SOFR+5602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC, Maturity 05/16/2025, Industry High Tech Industries, Current Coupon 12.43%, Basis Point Spread Above Index 3M SOFR+6882023-09-300001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+5152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OSP Embedded Aggregator, LP Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Burgess Point Holdings, LP Industry Auto Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MSpark, LLC, Industry Media, Advertising, Printing and Publishing2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.46% Basis Point Spread Above Index SOFR+7002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Pink Lily Holdco, LLC (PL Acquisitions, LLC) Industry Textiles, Apparel and Luxury Goods2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name CF512, Inc.Maturity 8/20/2026 Industry Media Current Coupon 11.60% Basis Point Spread Above Index SOFR+6192023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. - Super Senior Preferred Equity Industry Telecommunications Current Coupon 20.00%2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Five Star Parent Holdings, LLC Industry Hotels, Restaurants and Leisure2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP), Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc., Industry Telecommunications, Current Coupon 20.00%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. Maturity 05/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrated Data Services Maturity 8/1/2029 Industry Business Services Current Coupon 11.87% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Magnolia Topco LP - Class B Common Equity Industry Automobiles2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% LJ Avalon, LP Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9 Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity - 11/17/2025 Industry Commercial Services & Supplies2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name New Milani Group LLC Maturity 6/6/2024 Industry Consumer Goods: Non-Durable Current Coupon 10.92% Basis Point Spread Above Index SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index 1M SOFR+4502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Exigo, LLC, Industry Software2022-10-012023-09-300001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-3100015046192024-05-080001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.50% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) Maturity 6/15/2029 Industry High Tech Industries Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% OSP Embedded Purchaser, LLC Maturity 12/15/2029 Industry Aerospace and Defense Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo II LP, Industry Aerospace and Defense2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.72% Basis Point Spread Above Index SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense One2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Challenger Performance Optimization, Inc.Maturity 8/31/2024 Industry Business Serviceg Current Coupon 12.18% Basis Point Spread Above Index SOFR+6752022-10-012023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMembersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Controlled Affiliated Investments Member2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+4752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ORL Acquisition, Inc. (Revolver) Maturity 9/3/2027 Industry Consumer Finance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC (Revolver), Maturity 05/16/2025, Industry High Tech Industries 2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC (Revolver) Maturity - 8/16/2026 Industry Personal Products Current Coupon 13.27% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+8102024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp. (Revolver), Maturity 08/04/2028, Industry Aerospace and Defense2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Loving Tan, LP, Industry Personal Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cadence Aerospace, LLC, Maturity 11/14/2023, Industry Aerospace and Defense, Current Coupon 12.07%, Basis Point Spread Above Index 3M SOFR+6652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. Maturity 07/14/2025 Industry Professional Services Current Coupon 13.68% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8252024-03-310001504619pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components (PIK 1.00%)2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smartronix, LLC - (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Mars Intermediate Holdings II, Inc. Industry Media2023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC Maturity 09/30/2026 Industry Media Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc., Maturity 07/13/2027, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. (Revolver) Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC (Revolver) Maturity 8/30/2027 Industry Construction & Engineering2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lash OpCo, LLC Maturity 2/18/2027 Industry Personal Products Current Coupon 13.23% Basis Point Spread Above Index SOFR+7002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% GMP Hills, L.P. Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo II LP Industry Aerospace and Defense2024-03-310001504619Non Controlled Affiliated Investments2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name One Stop Mailing, LLC Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index SOFR+6362022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 5/14/2026 Industry Media Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrative Nutrition, LLC Maturity 01/31/2025 Industry Consumer Services Current Coupon 12.54% Basis Point Spread Above Index 3M SOFR+7152023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.42% Basis Point Spread Above Index SOFR+6652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 11.33% Basis Point Spread Above Index SOFR+6002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lash OpCo, LLC (Revolver) Maturity 08/16/2026 Industry Personal Products Current Coupon 12.15% Basis Point Spread Above Index 3M SOFR+6752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services2023-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619pflt:TwoThousandThirtyFiveAssetBackedDebtMember2023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production2023-09-300001504619pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company (Revolver) Maturity 05/03/2024 Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PlayPower, Inc Maturity 5/8/2026 Industry Leisure Products Current Coupon 10.98% Basis Point Spread Above Index 1M SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.46% (PIK 2.25%) Basis Point Spread Above Index SOFR+7152023-10-012024-03-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Inventus Power, Inc Maturity 6/30/2025 Industry Consumer Goods Durable Current Coupon 12.93% Basis Point Spread Above Index SOFR+7612022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Holdco Sands Intermediate, LLC (Revolver), Maturity 11/23/2027, Industry Aerospace and Defense2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Construction and Engineering Current Coupon 11.42% Basis Point Spread Above Index SOFR+6102024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ACP Falcon Buyer, Inc. Maturity 8/1/2029 Industry Business Services Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. - Unfunded Term Loan Maturity 12/28/2023 Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OHCP V BC COI, L.P. Industry Distributors One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Efficient Collaborative Retail Marketing Company, LLC Maturity 6/15/2024 Industry Media: Diversified and Production Current Coupon 14.44% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+9002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Common Equity, Industry Automobiles2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Icon Partners V C, L.P. Industry Internet Software and Services One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 12.43% Basis Point Spread Above Index 3M SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Gauge ETE Blocker, LLC - Promissory Note, Maturity 05/19/2029, Industry Diversified Consumer Services Current Coupon 12.56%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.43% Basis Point Spread Above Index SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Any Hour Services (Revolver) Maturity 07/21/2027 Industry Energy Equipment and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC - Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Signature CR Intermediate Holdco, Inc, Industry Commercial Services & Supplies, Current Coupon 12.00%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% PennantPark-TSO Senior Loan Fund, LP Industry Financial Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Tyto Athene, LLC, Maturity 4/1/2028, Industry IT Services, Current Coupon 10.90%, Basis Point Spread Above Index SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Municipal Emergency Services, Inc. Maturity 9/28/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652023-09-300001504619pflt:SBADebenturesMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan II Maturity 12/10/2027 Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% New Medina Health, LLC Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Secured Debt - 144.9% Keel Platform, LLC - Unfunded Term Loan Maturity 1/19/20231 Industry Metals and Mining2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Mars Intermediate Holdings II, Inc, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C (Revolver), Maturity 12/31/2026, Industry Insurance, Current Coupon 10.92%, Basis Point Spread Above Index 1M SOFR+5602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.54% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Crane 1 Services, Inc. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.81% Basis Point Spread Above Index SOFR+5012023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.67% Basis Point Spread Above Index SOFR+6402023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Quantic Electronics, LLC Maturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Arcfield Acquisition Corp, Maturity 08/03/2029, Industry Aerospace and Defense, Current Coupon 11.62%, Basis Point Spread Above Index 1M SOFR+6252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Recteq, LLC (Revolver), Maturity 01/29/2026, Industry Leisure Products2023-12-152023-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC (Revolver) Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - (Revolver) Maturity 2/7/2030 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% IIN Group Holdings, LLC (Integrative Nutrition, LLC) Industry Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Exigo Intermediate II, LLC (Revolver) Maturity 3/15/2027 Industry Software2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc. (Revolver), Maturity 08/20/2026, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, BioDerm, Inc. (Revolver), Maturity 01/31/2028, Industry Healthcare Equipment and Supplies, Current Coupon 11.81%, Basis Point Spread Above Index 1M SOFR+6502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/26/2029 Industry Media Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+6502024-03-310001504619pflt:PersonalProductsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 3/3/2025 Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hills Distribution Inc Unfunded Term Loan Maturity 11/7/2025 Industry Distributors2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152024-03-310001504619pflt:LongTermCreditFacilityMember2022-10-012023-03-310001504619pflt:NonControlledNonAffiliatedInvestmentsMember2023-01-012023-03-310001504619us-gaap:EquityMethodInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. - DDTL B Unfunded, Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure2022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, CF512, Inc., Maturity 08/20/2026, Industry Media, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+6192023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies2023-10-012024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:SecondLienMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619pflt:ChemicalsPlasticsAndRubberMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Graffiti Buyer, Inc. Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.90% Basis Point Spread Above Index SOFR+5602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.86%, Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.24% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, KL Stockton Co-Invest LP (Any Hour Services), Industry Energy Equipment and Services2023-09-300001504619pflt:AerospaceAndDefenseMember2024-03-310001504619Related Party PSSL Cash and Cash Equivalents - 103.6% Issuer Name BlackRock Federal FD Institutional 302024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Preferred Equity, Industry Automobiles2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.22% Basis Point Spread Above Index SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. (Revolver) Maturity 9/17/2026 Industry Distributors Current Coupon 11.72% Basis Point Spread Above Index 3M SOFR+5252024-03-310001504619pflt:BeginningOfPeriodMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc. (Revolver)), Maturity 11/03/2025, Industry Personal Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Quantic Electronics, LLCMaturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index SOFR+6352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TPC Holding Company, LP, Industry Food Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC - Unfunded Term Loan Maturity 2/7/2026 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, PL Acquisitionco, LLC (Preferred Equity), Industry Textiles, Apparel and Luxury Goods2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Simplicity Financial Marketing Group Holdings, Inc Maturity 12/2/2026 Industry Business Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+7152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.51% Basis Point Spread Above Index SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc.- Unfunded Term Loan Maturity 12/01/2029 Industry Healthcare Technology2023-10-012024-03-310001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsFairValueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc., Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure, Current Coupon 12.43%, Basis Point Spread Above Index 1M SOFR+7102022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Goods: Durable Current Coupon 11.06% Basis Point Spread Above Index SOFR+5652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.72% Basis Point Spread Above Index SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc. - (Revolver) Maturity 1/16/2030 Industry Construction & Engineering2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo LP Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% PlayPower, Inc. Maturity 05/08/2026 Industry Leisure Products Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Second Lien Secured Debt—0.0% QuantiTech LLC Maturity 02/04/2027 Industry Aerospace and Defense Current Coupon 15.43% Basis Point Spread Above Index 3M SOFR+1,0102024-01-012024-03-310001504619us-gaap:FairValueInputsLevel1Member2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2023-09-300001504619Related Party PSSL Investments - 1,432.8%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Second Lien Secured Debt—0.0%, QuantiTech LLC, Maturity 02/04/2027, Industry Aerospace and Defense, Current Coupon 15.50% Basis Point Spread Above Index 3M SOFR+10102022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ACP Avenu Buyer, LLC Maturity 10/1/2029 Industry Business Services Current Coupon 11.65% Basis Point Spread Above Index SOFR+6262024-03-310001504619us-gaap:EquityMemberpflt:InvestmentsFairValueMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.24% Basis Point Spread Above Index SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% GCOM InvestCo LP Industry IT Services2024-03-310001504619pflt:LongTermCreditFacilityMember2023-01-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TWS Acquisition Corporation, Maturity 6/16/2025, Industry Diversified Consumer Services, Current Coupon 11.80%, Basis Point Spread Above Index SOFR+6252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. (Revolver) Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc, Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+5152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Neptune Flood Incorporated - Revolver Unfunded Maturity 05/09/2029 Industry Insurance2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+6852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC (Revolver) Maturity 4/1/2026 Industry IT Services Current Coupon 10.99% Basis Point Spread Above Index 1M SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Research Now Group, LLC and Dynata, LLC Maturity 12/20/2024 Industry Diversified Consumer Services Current Coupon 11.53% Basis Point Spread Above Index SOFR+5762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Exigo Intermediate II, LLC (Revolver) Maturity 3/15/2027 Industry Software2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% K2 Pure Solutions NoCal, L.P. (Revolver) Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Any Hour Services Maturity 07/21/2027 Industry Energy Equipment and Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Arcfield Acquisition Corp. (Revolver) Maturity 08/04/2028 Industry Aerospace and Defense2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.70% Basis Point Spread Above Index SOFR+6352023-10-012024-03-310001504619us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.56% Basis Point Spread Above Index SOFR+6252024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1% , Equity Interests—8.3%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Basis Point Spread Above Index SOFR+5902024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Super Senior Preferred Equity, UniTek Global Services, Inc., Industry Telecommunications, Current Coupon 20.00%2023-09-300001504619srt:MinimumMember2023-10-012024-03-310001504619Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, ECL Entertainment, LLC, Maturity 08/31/2030, Industry Hotels, Restaurants and Leisure, Current Coupon 10.14%, Basis Point Spread Above Index 3M SOFR+4752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Go Dawgs Capital III, LP, Industry Building Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. - (Revolver) Maturity 12/2/2026 Industry Diversified Financial Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity 08/27/2026 Industry Insurance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. Maturity 01/17/2024 Industry Healthcare Technology Current Coupon 12.37% Basis Point Spread Above Index 1M SOFR+7002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% By Light Professional IT Services, LLC (Revolver) Maturity 5/16/2025 Industry High Tech Industries2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) Maturity 06/30/2026 Industry Media Current Coupon 11.23% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 05/14/2026 Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors 2023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests2024-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.68% (PIK 0.50%) Basis Point Spread Above Index SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC (Revolver) Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.95% Basis Point Spread Above Index 1M SOFR+6102024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.16% Basis Point Spread Above Index SOFR+5762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC. (Revolver), Maturity 01/10/2029, Electronic Equipment, Instruments, and Components2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Imagine Topco, LP, Industry Software, Current Coupon 8.00%2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, By Light Investco LP, Industry High Tech Industries2023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1% , First Lien Secured Debt—36.8%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C, Maturity 12/31/2026, Industry Insurance, Current Coupon 10.93%, Basis Point Spread Above Index 3M SOFR+5602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrated Data Services (Revolver) Maturity 08/01/2029 Industry Professional Services2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 12.46% Basis Point Spread Above Index SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(W), Industry Telecommunications2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%,IG Investments Holdings, LLC , Maturity 09/22/2028, Industry Professional Services, Current Coupon 11.45%, Basis Point Spread Above Index 3M SOFR+6102022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Sales Benchmark Index LLC, Maturity 01/03/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+6202023-12-152023-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+4502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.86%, Basis Point Spread Above Index 3M SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MAG DS Corp. Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index 1M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), HV Watterson Holdings, LLC, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Broder Bros., Co., Maturity 12/04/2025, Industry Textiles, Apparel and Luxury Goods, Current Coupon 11.50%, Basis Point Spread Above Index 3M SOFR+6262023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Seaway Topco, LP Industry Chemicals, Plastics and Rubber2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Big Top Holdings, LLC - (Revolver) Maturity 02/28/2030 Industry Construction & Engineering2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.69% Basis Point Spread Above Index 1M SOFR+6402024-03-310001504619Related Party PSSL, Total Cash and Cash Equivalents2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, RFMG Parent, LP (Rancho Health MSO, Inc.), Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% Common Equity/Warrants— 16.7% Kinetic Purchaser, LLC Industry Personal Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+6252023-10-012024-03-310001504619pflt:ClassB2SeniorSecuredFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.08% Basis Point Spread Above Index SOFR+4752023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and RubberCurrent Coupon 11.32% Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ad.net Acquisition, LLC Maturity 05/07/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+6262024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Products Current Coupon 12.50% Basis Point Spread Above Index SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.22% Basis Point Spread Above Index 3M SOFR+5902024-03-310001504619pflt:DiversifiedFinancialServicesMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index SOFR+7512024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5762024-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:FirstLienMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Falcon Buyer, LLC (Revolver) Maturity 08/01/2029 Industry Professional Services2023-10-012024-03-310001504619pflt:MediaDiversifiedAndProductionMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Unfunded Term Loan), Maturity 12/29/2026, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC (Revolver), Maturity 12/10/2024, Industry Media2023-09-300001504619Net Assets—100.0%2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.74% Basis Point Spread Above Index SOFR+6432023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Spendmend Holdings LLC, Maturity 3/1/2028, Industry Healthcare Technology, Current Coupon 11.04%, Basis Point Spread Above Index SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC, Maturity 09/30/2026, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Municipal Emergency Services, Inc, Industry Distributors2022-10-012023-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Second Lien Secured Debt2024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MDI Aggregator, LP, Industry Commodity Chemicals2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Five Star Buyer, Inc. - DDTL B Unfunded Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+4502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan, Maturity 06/15/2029, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 6/15/2029 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PL Acquisitionco, LLC - (Revolver) Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, GCOM InvestCo LP, Industry IT Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP Ivyrehab QP CF Feeder, LP. - Unfunded Industry Healthcare Providers and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Neptune Flood Incorporated (Revolver) Maturity 5/9/2029 Industry Insurance2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc, Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components, Current Coupon 10.54% Basis Point Spread Above Index 3M SOFR+5152022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6262024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Hills Distribution, Inc Maturity 11/8/2029 Industry Business Services Current Coupon 11.32% Basis Point Spread Above Index SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Wildcat Buyerco, Inc. (Revolver), Maturity 02/27/2026, Industry Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352023-09-300001504619us-gaap:FairValueInputsLevel1Member2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Output Services Group, Inc. - First-out Term Loan Maturity 11/30/2028 Industry Business Services Current Coupon 13.82% Basis Point Spread Above Index 3M SOFR+8432024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inventus Power, Inc. Maturity 6/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.94% Basis Point Spread Above Index 3M SOFR+7612023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC - Unfunded Term Loan, Maturity 12/22/2028, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Related Party PSSL, Equity Securities - 3.9%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Industry Distributors2023-09-300001504619Controlled Affiliated Investments2024-03-310001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2024-03-310001504619pflt:FirstLienMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NORA Acquisition, LLC (Revolver) Maturity 8/31/2029 Industry Healthcare Providers and Services2023-10-012024-03-310001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Lucky Bucks, LLC Maturity 07/20/2027 Industry Hotels, Restaurants and Leisure Current Coupon 0.00%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 13.18% (PIK 1.00%) Basis Point Spread Above Index SOFR+7752024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan B Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% AFC Acquisitions, Inc. (Preferred) Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Cartessa Aesthetics, LLC (Preferred), Industry Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ITI Holdings, Inc. (Revolver) Maturity - 3/3/2028 Industry IT Services Current Coupon 11.90% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PL Acquisitionco, LLC Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 12.46% (PIK 4.00%) Basis Point Spread Above Index SOFR+7102024-03-310001504619pflt:ConstructionAndEngineeringMember2023-09-300001504619Affiliated Investments2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC Unfunded Revolver Maturity 8/31/2027 Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare and Pharmaceuticals2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Bluebird Group LLC (Revolver) Maturity 7/28/2026 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Imagine Topco, LP (Common) Industry Software2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Medina Health, LLC Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+6852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Duraco Specialty Tapes LLC, Maturity 06/30/2024, Industry Containers and Packaging, Current Coupon 11.93%, Basis Point Spread Above Index 3M SOFR+6502023-09-300001504619pflt:EquityInterestsInPSSLMemberpflt:InvestmentsCostMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Transgo, LLC Maturity 12/29/2028 Industry Automotive Current Coupon 11.33% Basis Point Spread Above Index SOFR+6002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.63% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-03-310001504619srt:MaximumMemberpflt:ControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SBI Holdings Investments LLC (Sales Benchmark Index LLC) Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+4752024-03-310001504619Pennant Park Senior Secured Member2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00% 2023-10-012024-03-310001504619Cash and Cash Equivalents—17.4% Money Market - BlackRock Federal FD Institutional 302024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Gauge Lash Coinvest LLC (Preferred), Industry Personal Products2022-10-012023-09-300001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, PennantPark-TSO Senior Loan Fund, LP, Industry Financial Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index 3M SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% HW Holdco, LLC (Revolver) Maturity 5/10/2026 Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9 System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Arcfield Acquisition Corp. Maturity 08/03/2029 Industry Aerospace and Defense Current Coupon 11.54% Basis Point Spread Above Index 1M SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Industry Aerospace and Defense Current Coupon 12.07% Basis Point Spread Above Index SOFR+6652022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC (Revolver) Maturity 4/1/2026 Industry IT Services Current Coupon 10.99% Basis Point Spread Above Index 1M SOFR+5652024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 169.5% First Lien Senior Secured Debt - 149.7% Spendmend Holdings LLC (Revolver) Maturity 03/01/2028 Industry Healthcare Technology2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC (Revolver), Maturity 06/20/2025, Industry Healthcare Equipment and Supplies, Current Coupon 10.42%, Basis Point Spread Above Index 3M SOFR+5102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2028 Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.83%(PIK 5.50%) Basis Point Spread Above Index 1M SOFR+6432022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge TVC Coinvest, LLC (TVC Enterprises, LLC), Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Big Top Holdings, LLC Maturity 02/28/2030 Industry Construction & Engineering Current Coupon 11.56% Basis Point Spread Above Index 1M SOFR+6252024-03-310001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. Maturity 10/1/2027 Industry Distributors Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+5152024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name The Bluebird Group LLC Maturity 7/27/2026 Industry Professional Services Current Coupon 11.96% Basis Point Spread Above Index SOFR+6652023-10-012024-03-310001504619pflt:BusinessServicesMember2024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.47% Basis Point Spread Above Index 1M SOFR+6512024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Unfunded Term Loan Maturity 07/31/2024 Industry Construction & Engineering2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC, Maturity 12/10/2024, Industry Media, Current Coupon 11.70%, Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) - Revolver Loan Maturity 06/30/2026 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% EDS Topco, LP Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%,IG Investments Holdings, LLC , Maturity 09/22/2028, Industry Professional Services, Current Coupon 11.45%, Basis Point Spread Above Index 3M SOFR+6102023-09-300001504619pflt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC Maturity 12/18/2027 Industry IT Services Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC (Revolver) Maturity - 8/16/2026 Industry Personal Products (PIK 5.10%)2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.73% Basis Point Spread Above Index 1M SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infolinks Media Buyco, LLC- Unfunded Term Loan Maturity 11/01/2023 Industry Media2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index SOFR+5652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 11.40% Basis Point Spread Above Index SOFR+4752023-09-300001504619Investments—205.1%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ORL Acquisition, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 14.70% (PIK 2.00%) Basis Point Spread Above Index 3M SOFR+9402024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Pragmatic Institute, LLC Maturity 7/6/2028 Industry Education Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. (Revolver) Maturity 01/17/2024 Industry Healthcare Technology2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC, Maturity 05/07/2026, Industry Media, Current Coupon 11.65%, Basis Point Spread Above Index 3M SOFR+6262023-09-300001504619pflt:MediaMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Five Star Parent Holdings, LLC, Industry Hotels, Restaurants and Leisure2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc, Maturity 09/17/2026, Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652024-03-310001504619Net Assets—100.0%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TWS Acquisition Corporation (Revolver) Maturity 6/16/2025 Industry Diversified Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%,Exigo Intermediate II, LLC (Revolver), Maturity 03/15/2027, Industry Software2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 10.96% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), IIN Group Holdings, LLC, Industry Consumer Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% ORL Holdco, Inc. Industry Consumer Finance2024-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2020-12-152020-12-150001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad Holdings Inc (fka MeritDirect) March 2023 Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TransGo, LLC Maturity 12/29/2028 Industry Auto Components Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+6002024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC (Revolver) Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infolinks Media Buyco, LLC Maturity 11/1/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index 3M SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industr2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Kinetic Purchaser, LLC - (Revolver) Maturity - 11/10/2026 Industry Personal Products2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services Current Coupon 12.46% Basis Point Spread Above Index 3M SOFR+7152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.93% Basis Point Spread Above Index 1M SOFR+4502022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer NameExigo Intermediate II, LLC Maturity 3/15/2027 Industry Software Current Coupon 11.17% Basis Point Spread Above Index SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc (Revolver), Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Neptune Flood Incorporated Maturity 5/29/2029 Industry Insurance Current Coupon 11.97% Basis Point Spread Above Index SOFR+6502022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Crane 1 Services, Inc.. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.90% Basis Point Spread Above Index SOFR+5512022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC (Revolver) Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.95% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Sigma Defense Systems, LLC Maturity 12/18/2027 Industry Aerospace and Defense Current Coupon 12.46% Basis Point Spread Above Index SOFR+7152024-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2023-10-012024-03-310001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.70% Basis Point Spread Above Index SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Any Hour Services, Maturity 07/21/2027, Industry Energy Equipment and Services, Current Coupon 11.22%, Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001504619Non-Qualifying Assets2024-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2021-12-152021-12-150001504619pflt:CapitalEquipmentMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Cadence Aerospace, LLC Maturity 11/14/2023 Industry Aerospace and Defense Current Coupon 12.07% Basis Point Spread Above Index SOFR+6652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024, Industry Business Services, Current Coupon 11.13%, Basis Point Spread Above Index 3M SOFR+5762021-10-012022-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.07% Basis Point Spread Above Index 3M SOFR+5762024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Cartessa Aesthetics, LLC (Preferred), Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, FedHC InvestCo LP, Industry Aerospace and Defense2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Icon Partners V C, L.P, Industry Internet Software and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Vertex Companies, LLC Maturity 8/30/2027 Industry Construction & Engineering Current Coupon 11.22% Basis Point Spread Above Index 1M SOFR+6102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% HV Watterson Holdings, LLC Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NORA Parent Holdings, LLC, Industry Healthcare Providers and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Hancock Claims Consultants Investors, LLC Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Output Services Group, Inc. - Last-out Term Loan Maturity 5/30/2028 Industry Business Services Current Coupon 12.07% Basis Point Spread Above Index 3M SOFR+6682024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC (Revolver) Maturity 07/28/2026 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Questex, LLC (Revolver) Maturity 9/9/2024 Industry Media: Diversified and Production2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Broder Bros., Co. Maturity 12/4/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6262024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NORA Acquisition, LLC (Revolver) Maturity 8/31/2029 Industry Healthcare Providers and Services2024-03-310001504619pflt:SubordinateDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC (Revolver), Maturity 12/10/2024, Industry Media, Current Coupon 11.82%, Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TransGo, LLC (Revolver) Maturity 12/29/2028 Industry Auto Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Fairbanks Morse Defense Maturity 6/23/2028 Industry Aerospace and Defense Current Coupon 10.32% Basis Point Spread Above Index 3M SOFR+5012023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Go Dawgs Capital III, LP, Industry Building Products2022-10-012023-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandThirtyOneAssetBackedDebtMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MBS Holdings, Inc. Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 11.23% Basis Point Spread Above Index SOFR+5852023-10-012024-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Urology Partners Co., L.P. Industry Healthcare Providers and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC (Revolver) Maturity 3/1/2028 Industry Healthcare Technology2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Zips Car Wash, LLC, Maturity 03/01/2024, Industry Automobiles, Current Coupon 12.67% Basis Point Spread Above Index 1M SOFR+7352023-09-300001504619pflt:AutomobilesIndustryMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carnegie Dartlet, LLC Maturity 2/7/2030 Industry Professional Services Current Coupon 10.83% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 11.08% Basis Point Spread Above Index SOFR+5902024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Ox Two, LLC Maturity 5/18/2026 Industry Construction and Building Current Coupon 12.86% Basis Point Spread Above Index SOFR+7512023-10-012024-03-310001504619pflt:SBADebenturesMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC - Unfunded Term Loan, Maturity 01/10/2029, Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, QuantiTech InvestCo LP, Industry Aerospace and Defense One2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TCG 3.0 Jogger Acquisitionco, Inc. Maturity 1/26/2029 Industry Media Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, Equity Interests—8.3%, New MPE Holdings, LLC (Marketplace Events, LLC), Industry Media: Diversified and Production2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C (Revolver), Maturity 12/31/2026, Industry Insurance, Current Coupon 10.92%, Basis Point Spread Above Index 1M SOFR+5602022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Reception Purchaser, LLC Maturity 2/28/2028 Industry Air Freight and Logistics Current Coupon 11.54% Basis Point Spread Above Index SOFR+6002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC - Unfunded Term Loan Maturity 03/01/2024 Industry Healthcare Technology2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC (Revolver), Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+6002023-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC (Revolver) Maturity 12/29/2029 Industry Diversified Consumer Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Ad.net Holdings, Inc. Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Athletico Holdings, LLC, Industry Healthcare Providers and Services2023-09-300001504619 Qualifying Assets2023-09-300001504619Total Controlled Affiliates2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.54% Basis Point Spread Above Index SOFR+6152022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%, First Lien Secured Debt—36.8%, Marketplace Events, LLC - Super Priority First Lien Term Loan, Maturity 09/30/2025, Industry Media: Diversified and Production, Current Coupon 10.94%, Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2023-03-310001504619Controlled Affiliated Investments2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2028 Industry IT Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Pragmatic Institute, LLC. Maturity 7/6/2028 Industry Education Current Coupon 11.17% Basis Point Spread Above Index SOFR+5752023-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2023-12-152023-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, One, Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. (Revolver) Maturity 7/25/2028 Industry Commodity Chemicals2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Integrity Marketing Acquisition, LLC Maturity 8/27/2026 Industry Insurance Current Coupon 11.49% Basis Point Spread Above Index SOFR+6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC (Revolver) Maturity 10/02/2029 Industry IT Services2023-10-012024-03-310001504619pflt:TruistCreditFacilityMember2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9 System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NXOF Holdings, Inc. (Tyto Athene, LLC), Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 8/16/2027 Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PL Acquisitionco, LLC - (Revolver) Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Magnolia Topco LP - Class A Preferred Equity Industry Automobiles2024-03-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC), Industry Aerospace and Defense2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility, Maturity 3/31/2027, Industry Wholesale, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+6352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Sales Benchmark Index LLC, Maturity 01/03/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+6202023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C (Revolver), Maturity 12/31/2026, Industry Insurance2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/31/2028 Industry Consumer Products Current Coupon 12.31% Basis Point Spread Above Index SOFR+7002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies, Current Coupon 13.25%, Basis Point Spread Above Index 3M SOFR+4752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ETE Intermediate II, LLC Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 11.84% Basis Point Spread Above Index SOFR+6502024-03-310001504619Related Party PSSL, Liabilities in Excess of Other Assets — (1,384.6)%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Lash Coinvest LLC, Industry Personal Products2023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2023-01-012023-03-310001504619pflt:FirstLienMemberpflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SSC Dominion Holdings, LLC Class B (US Dominion, Inc.) Industry Capital Equipment2023-10-012024-03-310001504619Non Controlled Affiliated Investments2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Confluent Health, LLC Maturity 10/28/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.32% Basis Point Spread Above Index SOFR+4002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% RFMG Parent, LP (Rancho Health MSO, Inc.) Industry Healthcare Equipment and Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% NORA Acquisition, LLC Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 11.68% Basis Point Spread Above Index 3M SOFR+6352024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Ad.net Holdings, Inc, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mars Acquisition Holdings Corp. Maturity 5/14/2026 Industry Media Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Sales Benchmark Index LLC (Revolver), Maturity 01/03/2025, Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Schlesinger Coinvest LLC Industry Professional Services2023-10-012024-03-310001504619us-gaap:EquityMethodInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Revolver), Maturity 12/29/2026, Industry Commercial Services & Supplies2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name BioDerm, Inc. Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.83% Basis Point Spread Above Index SOFR+6502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% New Medina Health, LLC Industry Healthcare Providers and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Seaway Buyer, LLC Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 11.46% Basis Point Spread Above Index 3M SOFR +6152024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.98% Basis Point Spread Above Index 1M SOFR+5652024-01-012024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Burgess Point Holdings, LP Industry Auto Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services2024-03-310001504619us-gaap:TechnologySectorMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% HPA SPQ Aggregator LP Industry Professional Service2024-03-310001504619pflt:FirstLienInPSSLMemberpflt:InvestmentsFairValueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Dr. Squatch, LLC (Revolver) Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index 3M SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC (Revolver) Maturity 05/18/2026 Industry Construction and Building2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Exigo, LLC, Industry Software2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 06/16/2023 Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LJ Avalon, LP, Industry Construction & Engineering2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC, Maturity 11/24/2025, Industry Consumer Goods: Non- Durable, Current Coupon 10.95%, Basis Point Spread Above Index SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Wildcat Parent, LP (Wildcat Buyerco, Inc.), Industry Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Preferred Equity, Industry Automobiles2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Municipal Emergency Services, Inc, Industry Distributors2023-09-300001504619us-gaap:FairValueInputsLevel2Member2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC. (Revolver) Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity 08/31/2025 Industry Insurance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MBS Holdings, Inc. (Revolver) Maturity 4/16/2027 Industry Internet Software and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, ITC Rumba, LLC (Cano Health, LLC), Industry Healthcare and Pharmaceuticals2023-09-300001504619Related Party PSSL Equity Securities - 6.9% Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rancho Health MSO, Inc. (Revolver), Maturity 11/18/2025, Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, One, Industry Distributors2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, Total Second Lien Secured Debt—0.0%2023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Peaquod Merger Sub, Inc. LLCC Maturity 12/2/2026 Industry Diversified Financial Services Current Coupon 11.79% Basis Point Spread Above Index SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Gauge ETE Blocker, LLC - Promissory Note Maturity 5/19/2029 Industry Diversified Consumer Services Current Coupon 12.56%2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC - Funded Revolver Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Productses Current Coupon 11.24% Basis Point Spread Above Index SOFR+5852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Cartessa Aesthetics, LLC (Preferred) Industry Distributors2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC (Revolver), Maturity 07/31/2025, Industr2023-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2023-10-012024-03-310001504619us-gaap:MoneyMarketFundsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Challenger Performance Optimization, Inc. Maturity 08/31/2024 Industry Business Services Current Coupon 13.18% (PIK 1.00%) Basis Point Spread Above Index SOFR+7752023-10-012024-03-3100015046192022-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Global Holdings InterCo LLC, Maturity 03/16/2026, Industry Diversified Financial Services, Current Coupon 11.96%, Basis Point Spread Above Index 3M SOFR+6602023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP, Industry Software2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc (Revolver), Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+5512023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2022-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Integrity Marketing Acquisition, LLC Maturity 08/27/2026 Industry Insurance Current Coupon 11.57% Basis Point Spread Above Index 3M SOFR+6152022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Watchtower Buyer, LLC Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 11.31% Basis Point Spread Above Index SOFR+6002023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% LJ Avalon, LP Industry Construction & Engineering2024-03-310001504619pflt:DistributorsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Loan Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index SOFR+5252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Commercial Services & Supplies2024-03-310001504619Related Party PSSL, Total Investments and Cash Equivalents —1,484.6%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, eCommission Holding Corporation, Industry Banking, Finance, Insurance & Real Estate2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Quad (U.S.) Co-Invest, L.P, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Graffiti Buyer, Inc Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.99% Basis Point Spread Above Index SOFR+5752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+5012023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% AG Investco LP Industry Software2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Signature Systems Holding Company Maturity 05/03/2024 Industry Commercial Services & Supplies Current Coupon 12.04% Basis Point Spread Above Index 1M L+6652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Research Now Group, Inc. and Dynata, LLC Maturity 12/20/2024 Industry Business Services Current Coupon 11.07% Basis Point Spread Above Index 3M SOFR+5762023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pacific Purchaser, LLC Maturity 9/30/2028 Industry Professional Services Current Coupon 11.43% Basis Point Spread Above Index 3M SOFR+6252023-10-012024-03-310001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Lucky Bucks, LLC Industry Hotel, Gaming and Leisure2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.20% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name PlayPower, Inc. Maturity 5/8/2026 Industry Consumer Goods: Durable Current Coupon 11.06% Basis Point Spread Above Index SOFR+5652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 148.9% IG Investments Holdings, LLC Maturity 9/22/2028 Industry Professional Services Current Coupon 11.41% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+7652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Megawatt Acquisition Partners, LLC - Common Equity Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, By Light Professional IT Services, LLC, Maturity 05/16/2025, Industry High Tech Industries, Current Coupon 12.43%, Basis Point Spread Above Index 3M SOFR+6882022-10-012023-09-300001504619us-gaap:FairValueInputsLevel3Member2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name TWS Acquisition Corporation Maturity 6/16/2025 Industry Diversified Consumer Services Current Coupon 11.73% Basis Point Spread Above Index SOFR+6402024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 12.97% Basis Point Spread Above Index SOFR+7652024-03-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:TwoThousandThirtyFiveAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% OSP Embedded Purchaser, LLC (Revolver) Maturity 12/15/2029 Industry Aerospace and Defense2024-03-310001504619Non-Qualifying Assets2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.98% Basis Point Spread Above Index 1M SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sales Benchmark Index LLC, Maturity 1/3/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index SOFR+6202023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Unfunded Term Loan, Maturity 03/31/2027, Industry Wholesale2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00% 2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ox Two, LLCC Maturity 5/18/202 Industry Construction and Buildings Current Coupon 12.90% Basis Point Spread Above Index SOFR+7502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC (Revolver) Maturity 6/14/2028 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Walker Edison Holdco LLC, Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LEP Pequod Holdings, LP, Industry Financial Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LSF9 Atlantis Holdings, LLC Maturity 6/30/2029 Industry Specialty Retail Current Coupon 11.83% Basis Point Spread Above Index 3M SOFR+6502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, LEP Pequod Holdings, LP, Industry Financial Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%,Exigo Intermediate II, LLC (Revolver), Maturity 03/15/2027, Industry Software2023-09-300001504619pflt:MetalsAndMiningMember2024-03-310001504619pflt:NonControlledAndControlledAffiliatedInvestmentsMember2024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc, Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+5512023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Affinion Group Holdings, Inc. (Warrants), Maturity 04/10/2024, Industry Consumer Goods: Durable2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index SOFR+5502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Business Services Basis Point Spread Above Index SOFR+5902023-10-012024-03-3100015046192023-12-310001504619us-gaap:FairValueInputsLevel3Member2023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture, LLC - Funded Junior Revolver Maturity 3/1/2029 Industry Wholesale2024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Riverpoint Medical, LLC Maturity 6/20/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+5152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TWS Acquisition Corporation, Maturity 6/16/2025, Industry Diversified Consumer Services, Current Coupon 11.80%, Basis Point Spread Above Index SOFR+6252023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Rancho Health MSO, Inc. Maturity 12/18/2025 Industry Healthcare Providers and Services Current Coupon 11.22% Basis Point Spread Above Index SOFR+5852023-09-300001504619pflt:TruistCreditFacilityMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name BlueHalo Financing Holdings, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 10.42% Basis Point Spread Above Index SOFR+6652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TWD Parent Holdings, LLC (The Vertex Companies, LLC), Industry Construction & Engineering2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC (Revolver) Maturity 12/10/2027 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan Maturity 2/9/2026 Industry Diversified Financial Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, DRS Holdings III, Inc, Maturity 11/03/2025, Industry Chemicals, Plastics and Rubber, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, HW Holdco, LLC, Maturity 12/10/2024, Industry Media, Current Coupon 11.70%, Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC Maturity 12/29/2029 Industry Diversified Consumer Services Current Coupon 10.80% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619pflt:TwoThousandTwentyThreeNotesMember2020-03-012020-03-310001504619pflt:TwoThousandTwentyThreeNotesPayableMember2023-09-300001504619pflt:NonControlledNonAffiliatedInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.45% Basis Point Spread Above Index SOFR+6102023-10-012024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% Equity Interests—8.4%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc, Maturity 02/09/2026, Industry Professional Services, Current Coupon 10.99%, Basis Point Spread Above Index 3M SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC - (Revolver) Maturity 11/10/2026 Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NORA Parent Holdings, LLC, Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Municipal Emergency Services, Inc. Maturity 10/01/2027 Industry Distributors Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. Maturity 01/17/2024 Industry Healthcare Technology Current Coupon 12.37% Basis Point Spread Above Index 1M SOFR+7002022-10-012023-09-300001504619Related Party PSSL Cash and Cash Equivalents - 103.61%2024-03-310001504619srt:MaximumMemberpflt:NonControlledAffiliatedInvestmentsMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2023-10-012024-03-310001504619INVESTMENTS IN NON-CONTROLLED, NON-AFFILIATED PORTFOLIO COMPANIES— 118.1%, SECOND LIEN SECURED DEBT—0.0%, MAILSOUTH INC, MATURITY 04/23/2025, INDUSTRY MEDI Advertising, Printing and Publishing2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5%2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Team Services Group, LLC Maturity 11/24/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.49% Basis Point Spread Above Index SOFR+5002023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt 1,425.9%- Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.43% Basis Point Spread Above Index SOFR+6002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sigma Defense Systems, LLC, Maturity 12/18/2025, Industry Aerospace and Defense, Current Coupon 14.04%, Basis Point Spread Above Index SOFR+8652023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Crane 1 Services, Inc.. Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.90% Basis Point Spread Above Index SOFR+5512023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—45.1%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ITI Holdings, Inc. (Revolver) Maturity 03/03/2028 Industry IT Services Current Coupon 12.05% Basis Point Spread Above Index 1M SOFR+5602022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. Maturity 2/9/2026 Industry Professional Services Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+5552024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Urology Partners Co., L.P, Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Imagine Acquisitionco, LLC (Revolver) Maturity 11/15/2027 Industry Software2022-10-012023-09-300001504619srt:MaximumMemberpflt:SecondLienSecuredDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC, Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+6002023-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMember2023-09-300001504619pflt:LongTermCreditFacilityMember2024-01-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name STV Group Incorporated, Maturity 12/11/2026, Industry Construction and Building, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+5352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Wildcat Buyerco, Inc. (Revolver) Maturity 2/26/2027 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, A1 Garage Equity, LLC, Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% TPC Holding Company, LP Industry Food Products2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.60% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Graffiti Buyer, Inc. (Revolver) Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.94% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Spendmend Holdings LLC Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 11.03% Basis Point Spread Above Index 3M SOFR + 5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Ad.net Acquisition, LLC (Revolver), Maturity 05/07/2026, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% IIHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% SV Aero Holdings, LLC Industry Aerospace and Defense2023-10-012024-03-310001504619Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Challenger Performance Optimization, Inc., Maturity 08/31/2024, Industry Business Services, Current Coupon 12.18%, Basis Point Spread Above Index 3M L+6752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Tyto Athene, LLC (Revolver) Maturity 04/01/2026 Industry IT Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% UniTek Global Services, Inc. (Warrants) Industry Telecommunications2024-03-310001504619pflt:AllOtherIndustriesMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3) Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619pflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sales Benchmark Index LLC Maturity 01/03/2025 Industry Professional Services Current Coupon 11.51% Basis Point Spread Above Index 3M SOFR+6202024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) Industry Media2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.52% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Amsive Holding Corporation (f/k/a Vision Purchaser Corporation), Maturity 06/10/2025, Industry Media, Current Coupon 11.79%, Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. Maturity 7/25/2028 Industry Commodity Chemicals Current Coupon 10.85% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% S101 Holdings, Inc. Maturity 12/29/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.48% Basis Point Spread Above Index 3M SOFR+6152023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Summit Behavioral Healthcare, LLC, Maturity 11/24/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 10.43%, Basis Point Spread Above Index SOFR+4752022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Beta Plus Technologies, Inc. Maturity 07/01/2029 Industry Internet Software and Services Current Coupon 11.10% Basis Point Spread Above Index 1M SOFR+5752023-10-012024-03-310001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% Common Equity/Warrants— 16.7% Altamira Intermediate Company II, Inc. Industry IT Services2023-10-012024-03-310001504619pflt:HealthcareEquipmentAndSuppliesMember2024-03-310001504619pflt:PennantParkCLOIILtdMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC (Revolver) Maturity 01/31/2030 Industry Construction & Engineering2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Subordinate Debt - 0.0% Schlesinger Global, LLC - Promissory Note Maturity 7/26/2024 Industry Professional Services Current Coupon 12.31%2024-03-310001504619us-gaap:FinancialServicesSectorMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Bluebird Group LLC (Revolver) Maturity 7/28/2026 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. Maturity 09/03/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index 6M SOFR+7252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hancock Roofing and Construction L.L.C. (Revolver) Maturity 12/31/2026 Industry Insurance Current Coupon 10.93% Basis Point Spread Above Index 3M SOFR+5602023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.68% Basis Point Spread Above Index SOFR+5252024-03-310001504619Related Party PSSL Equity Securities - 3.9% - Issuer Name New MPE Holdings, LLC, Industry Media: Diversified and Production2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Arcfield Acquisition Corp. Maturity 8/3/2029 Industry Aerospace and Defense Current Coupon 11.54% Basis Point Spread Above Index SOFR + 6252024-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.47% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Walker Edison Holdco LLC, Industry Healthcare Providers and Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Anteriad Holdings Inc (fka MeritDirect) March 2023 Maturity 5/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 12.04% Basis Point Spread Above Index SOFR+6502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lash OpCo, LLC Maturity - 2/18/2027 Industry Personal Products Current Coupon 13.23% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+8102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 14.25% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619us-gaap:FairValueInputsLevel1Memberus-gaap:EquityMethodInvestmentsMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Sigma Defense Systems, LLC, Maturity 12/18/2025, Industry Aerospace and Defense, Current Coupon 14.04%, Basis Point Spread Above Index SOFR+8652022-10-012023-09-300001504619pflt:OtherRelatedPartyMember2023-01-012023-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 10.72% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.10% Basis Point Spread Above Index SOFR + 5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Quantic Electronics, LLC (Revolver) Maturity 09/09/2024 Industry media, Diversified and Production2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Megawatt Acquisition Partners, LLC - Common Equity Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Loving Tan Intermediate II, Inc. Maturity 5/26/2028 Industry Consumer Products Current Coupon 12.39% Basis Point Spread Above Index SOFR+7002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Duraco Specialty Tapes LLC Maturity 6/30/2024 Industry Containers and Packaging Current Coupon 12.43% Basis Point Spread Above Index SOFR+6502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc, Maturity 08/10/2027, Industry Trading Companies & Distributors, Current Coupon 10.98%, Basis Point Spread Above Index 3M SOFR+5502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index SOFR+5752023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MAG DS Corp Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 10.90% Basis Point Spread Above Index SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 13.25% Basis Point Spread Above Index 3M SOFR+4752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan C, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 10.68%, Basis Point Spread Above Index 3M SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Athletico Holdings, LLC, Industry Healthcare Providers and Services2022-10-012023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMembersrt:MinimumMemberus-gaap:EquityMethodInvestmentsMember2024-03-3100015046192023-01-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Consumer Products Current Coupon 11.61% Basis Point Spread Above Index SOFR+6262024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Summit Behavioral Healthcare, LLC Maturity 11/24/2028 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index 1M SOFR+5012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.07% Basis Point Spread Above Index SOFR+4752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Hancock Roofing and Construction L.L.C. Maturity 12/31/2026 Industry Insurance Current Coupon 10.90% Basis Point Spread Above Index SOFR+5602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, TPC Holding Company, LP, Industry Food Products2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name K2 Pure Solutions NoCal, L.P.c Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index SOFR+8102023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% (PIK 1.00%) Basis Point Spread Above Index 1M SOFR+7602023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8%2024-03-310001504619pflt:CapitalEquipmentMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Fairbanks Morse Defense Maturity 6/17/2028 Industry Aerospace and Defense Current Coupon 10.32% Basis Point Spread Above Index SOFR+4752023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC), Maturity 8/16/2027, Industry Aerospace and Defense, Current Coupon 11.49%, Basis Point Spread Above Index SOFR+6002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Walker Edison Furniture, LLC - Term Loan Maturity 3/1/2029 Industry Wholesale2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge ETE Blocker, LLC Industry Diversified Consumer Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc. - (Revolver) Maturity 3/1/2030 Industry Professional Services2023-10-012024-03-310001504619pflt:AdministratorMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media2024-03-310001504619Pennant Park Senior Secured Member2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) Industry Media One2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Pacific Purchaser, LLC Maturity 9/30/2028 Industry Business Services Current Coupon 11.43% Basis Point Spread Above Index SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pequod Merger Sub, Inc. (Revolver) Maturity 12/02/2026 Industry Diversified Financial Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Quantic Electronics, LLCMaturity 11/19/2026 Industry Aerospace and Defense Current Coupon 11.74% Basis Point Spread Above Index SOFR+6352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Owl Acquisition, LLC Maturity 12/24/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spreads Above Index SOFR+5752022-10-012023-09-300001504619Related Party PSSL Equity Securities - 3.9% - Issuer Name New Walker Edison Furniture - Common Equity, Industry Wholesale2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc. - (Revolver) Maturity 1/16/2030 Industry Construction & Engineering2023-10-012024-03-3100015046192021-01-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Challenger Performance Optimization, Inc.Maturity 8/31/2024 Industry Business Serviceg Current Coupon 12.18% Basis Point Spread Above Index SOFR+6752023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LAV Gear Holdings, Inc. Maturity 10/31/2025 Industry Capital Equipment Current Coupon 11.76% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Team Services Group, LLC Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+5432023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Tyto Athene, LLC Maturity 4/1/2028 Industry IT Services Current Coupon 10.98% Basis Point Spread Above Index SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, MDI Aggregator, LP, Industry Commodity Chemicals2022-10-012023-09-3000015046192023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) Loan Maturity 06/30/2026 Industry Media Current Coupon 11.18% Basis Point Spread Above Index 3M SOFR+5602024-03-310001504619pflt:SubordinateDebtMemberpflt:InvestmentsCostMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Graffiti Buyer, Inc Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 10.99% Basis Point Spread Above Index SOFR+5752022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - DDTL - Unfunded, Maturity 3/31/2027, Industry Wholesale2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Kinetic Purchaser, LLC - (Revolver) Maturity 11/10/2026 Industry Personal Products2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PlayPower, Inc. Maturity 6/28/2026 Industry Consumer Goods: Durable Current Coupon 10.57% Basis Point Spread Above Index SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Recteq, LLC, Maturity 01/29/2026, Industry Leisure Products, Current Coupon 11.54%, Basis Point Spread Above Index 3M SOFR+7152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name NBH Group LLC Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 11.19% Basis Point Spread Above Index SOFR+5252024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.46% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619pflt:DiversifiedConsumerServicesMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniVista Insurance, Industry Insurance2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Infinity Home Services Holdco, Inc. Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.24% Basis Point Spread Above Index SOFR+6852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Secured Debt - 144.9% Keel Platform, LLC Maturity 1/19/2031 Industry Metals and Mining Current Coupon 10.55% Basis Point Spread Above Index 3M SOFR+5252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC (Revolver) Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ECL Entertainment, LLC Maturity 8/31/2030 Industry Hotel, Gaming and Leisure Current Coupon 10.08% Basis Point Spread Above Index SOFR+4752024-03-310001504619pflt:ClassA2SeniorSecuredFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.57% Basis Point Spread Above Index SOFR+6262023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Lightspeed Investment Holdco LLC, Industry Healthcare Technology2022-10-012023-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. (CAD) Maturity 12/28/2028 Commercial Services & Supplies Current Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Delta InvestCo LP (Sigma Defense Systems, LLC), Industry IT Services One2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smartronix, LLC - (Revolver) Maturity 11/23/2027 Industry Aerospace and Defense2024-03-310001504619pflt:HealthcareTechnologyMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ACP Avenu Buyer, LLC - Unfunded Term Loan Maturity 04/02/2025 Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TPC Holding Company, LP Industry Food Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan, Maturity 09/17/2026, Industry Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc Maturity 1/16/2030 Industry Construction & Engineering Current Coupon 11.06% Basis Point Spread Above Index 3M SOFR+5902024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.79% Basis Point Spread Above Index 3M SOFR+6402023-09-300001504619pflt:CommercialServicesAndSuppliesMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Lucky Bucks, LLC Industry Hotels, Restaurants and Leisure2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MOREGroup Holdings, Inc. - Unfunded Term Loan Maturity 1/16/2026 Industry Construction & Engineering2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 Maturity 4/1/2024 Industry Diversified Consumer Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Loving Tan, LP, Industry Personal Products2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Pragmatic Institute, LLC - Unfunded Term Loan Maturity 07/06/2028 Industry Professional Services2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Recteq, LLC Maturity 1/29/2026 Industry Leisure Productss Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC, Maturity 12/22/2028, Industry Commercial Services & Supplies, Current Coupon 11.99%, Basis Point Spread Above Index 3M SOFR+6602023-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% AFC Dell Holding Corp. Maturity 04/09/2027 Industry Distributors Current Coupon 11.74% Basis Point Spread Above Index 3M SOFR+6402024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Inventus Power, Inc. (Revolver) Maturity 6/30/2025 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ORL Holdco, Inc. Industry Consumer Finance2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Inventus Power, Inc Maturity 6/30/2025 Industry Consumer Goods Durable Current Coupon 12.93% Basis Point Spread Above Index SOFR+7612023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SBI Holdings Investments LLC (Sales Benchmark Index LLC), Industry Professional Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media Current Coupon 11.14% Basis Point Spread Above Index 3M SOFR+5762023-10-012024-03-310001504619pflt:TwoThousandTwentySixNotesPayableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Apex Service Partners, LLC Term Loan B, Maturity 07/31/2025, Industry Diversified Consumer Services, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+5502022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.05% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc., Maturity 07/13/2027, Industry Media, Current Coupon 11.16%, Basis Point Spread Above Index 3M SOFR+5762022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Ox Two, LLC Maturity 05/18/2026 Industry Construction and Building Current Coupon 12.90% Basis Point Spread Above Index 3M SOFR+7512022-10-012023-09-300001504619Related Party PSSL Investments and Cash Equivalents —1,536.4%2024-03-310001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% PCS Midco, Inc Maturity 3/1/2030 Industry Professional Services Current Coupon 11.09% Basis Point Spread Above Index 3M SOFR+5752023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Aeronix, Inc. Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619pflt:IncentiveFeePaymentConditionThreeMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% WCP IvyRehab QP CF Feeder, LP Industry Healthcare Providers and Services One2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity - 8/27/2026 Industry Insurance2023-10-012024-03-310001504619pflt:ChemicalsPlasticsAndRubberMember2024-03-310001504619Liabilities in Excess of Other Assets—(78.6)%2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 1M SOFR+6352023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Research Now Group, Inc. and Dynata, LLC, Maturity 12/20/2024, Industry Business Services, Current Coupon 11.13%, Basis Point Spread Above Index 3M SOFR+5762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% DRS Holdings III, Inc. (Revolver) Maturity 11/3/2025 Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Kentucky Racing Holdco, LLC (Warrants) Industry Hotels, Restaurants and Leisure2024-03-310001504619pflt:SubordinateDebtMemberpflt:InvestmentsFairValueMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Sales Benchmark Index LLC (Revolver), Maturity 01/03/2025, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Aegis Technologies Group, LLC Maturity 10/31/2025 Industry Aerospace and Defense Current Coupon 12.04% Basis Point Spread Above Index 3M SOFR+6652023-09-300001504619pflt:ConstructionAndBuildingMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. (Revolver)Maturity 03/28/2024 Industry Capital Equipment2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% EDS Buyer, LLC - Unfunded Term Loan Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Schlesinger Global, Inc, Maturity 7/14/2025, Industry Business Services, Current Coupon 12.52% (PIK .50%), Basis Point Spread Above Index SOFR+7152023-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:SubordinateDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002023-09-300001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Gauge Schlesinger Coinvest LLC (Preferred Equity) Industry Professional Services2024-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.66% Basis Point Spread Above Index 1M SOFR+6352024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Magnolia Topco LP - Class B Common Equity, Industry Automobiles2022-10-012023-09-300001504619us-gaap:FinancialServicesSectorMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% S101 Holdings, Inc. - Unfunded Term Loan 2 Maturity 12/15/2024 Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Second Lien Secured Debt—0.0%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+8652023-09-300001504619pflt:TwoThousandTwentyThreeNotesMember2017-11-300001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Beta Plus Technologies, Inc. Maturity 7/1/2029 Industry Business Services Current Coupon 11.14% Basis Point Spread Above Index SOFR+5752023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC, Maturity 3/31/2027, Industry Wholesale, Current Coupon 12.18%, Basis Point Spread Above Index SOFR+6852023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NORA Acquisition, LLC (Revolver) Maturity 08/31/2029 Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TTower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC), One, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Athletico Holdings, LLC Industry Healthcare Providers and Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ad.net Acquisition, LLC (Revolver) Maturity 05/07/2026 Industry Media2023-10-012024-03-310001504619Non-Affiliated Investments2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (American Insulated Glass, LLC), Hancock Claims Consultants Investors, LLC, Industry Insurance2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% LAV Gear Holdings, Inc. (Revolver) Maturity 10/31/2024 Industry Capital Equipment Current Coupon 11.02%(PIK 5.50%) Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Teneo Holdings LLC, Maturity 7/18/2025, Industry Business Services, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+5352023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Vertex Companies, LLC (Revolver) Maturity 08/30/2027 Industry Construction & Engineering Current Coupon 11.67% Basis Point Spread Above Index 1M SOFR+6352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name ORL Acquisitions, Inc. Maturity 9/3/2027 Industry Consumer Finance Current Coupon 12.84% Basis Point Spread Above Index SOFR+7252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), WCP IvyRehab QP CF Feeder, LP, Industry Healthcare Providers and Services2022-10-012023-09-300001504619Investments and Cash Equivalents—222.4%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Smile Brands Inc, Maturity 10/14/2025, Industry Healthcare and Pharmaceuticals, Current Coupon 9.70%, Basis Point Spread Above Index SOFR+4502022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.), Maturity 6/15/2029, Industry High Tech Industries, Current Coupon 11.52%, Basis Point Spread Above Index SOFR+6252023-09-300001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMembersrt:MinimumMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Blackhawk Industrial Distribution, Inc. (Revolver), Maturity 09/17/2026, Industry Distributors, Current Coupon 13.75%, Basis Point Spread Above Index 3M SOFR+5252022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Schlesinger Global, Inc. Maturity 7/14/2025 Industry Business Services Current Coupon 12.68% (PIK 0.50%) Basis Point Spread Above Index SOFR+7152023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Connatix Buyer, Inc., Maturity 07/13/2027, Industry Media, Current Coupon 11.16%, Basis Point Spread Above Index 3M SOFR+5762023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OHCP V BC COI, L.P. Industry Distributors2023-10-012024-03-310001504619pflt:ControlledAffiliatedInvestmentsMember2023-01-012023-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Marketplace Events, LLC - Super Priority First Lien Term Maturity 9/30/2025 Industry Media: Diversified and Production Current Coupon 10.94% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2027 Industry IT Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% HW Holdco, LLC Maturity 5/10/2026 Industry Media Current Coupon 11.69% Basis Point Spread Above Index 1M SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge Schlesinger Coinvest LLC, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc. (Revolver) Maturity 12/01/2029 Industry Healthcare Technology2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Crane 1 Services, Inc, Maturity 08/16/2027, Industry Commercial Services & Supplies, Current Coupon 10.90%, Basis Point Spread Above Index 3M SOFR+5512022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Total Investments - 1,432.8%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. LC (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.68% Basis Point Spread Above Index SOFR+5252023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Pink Lily Holdco, LLC (PL Acquisitions, LLC), Industry Textiles, Apparel and Luxury Goods2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Broder Bros., Co. Maturity 12/4/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 11.56% Basis Point Spread Above Index 3M SOFR+6262023-10-012024-03-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Simplicity Financial Marketing Group Holdings Inc. - (Revolver) Maturity 12/2/2026 Industry Diversified Financial Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Solutionreach, Inc. Maturity 7/17/2025 Industry Healthcare and Pharmaceuticals Current Coupon 12.46% Basis Point Spread Above Index SOFR+7002023-10-012024-03-310001504619pflt:InvestmentsFairValueMember2023-09-300001504619pflt:SecondLienMemberus-gaap:FairValueInputsLevel2Member2024-03-310001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-03-310001504619Cash and Cash Equivalents—17.4%2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Ironclad Holdco, LLC (Applied Technical Services, LLC) Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, (Applied Technical Services, LLC), Industry Commercial Services & Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sigma Defense Systems, LLC (Revolver) Maturity 12/18/2025 Industry IT Services Current Coupon 14.04% Basis Point Spread Above Index 3M L+8652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cadence Aerospace, LLC, Maturity 11/14/2023, Industry Aerospace and Defense, Current Coupon 12.07%, Basis Point Spread Above Index 3M SOFR+6652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% AFC Dell Holding Corp. - Unfunded Term Loan Maturity 04/09/2027 Industry Distributors2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name K2 Pure Solutions NoCal, L.P.c Maturity 12/20/2023 Industry Chemicals, Plastics and Rubber Current Coupon 13.42% Basis Point Spread Above Index SOFR+8102022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Sargent & Greenleaf Inc. (Revolver) Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components (PIK 1.00%)2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Megawatt Acquisitionco, Inc. - (Revolver) Maturity 3/1/2030 Industry Electronic Equipment2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Summit Behavioral Healthcare, LLC, Maturity 11/24/2028, Industry Healthcare and Pharmaceuticals, Current Coupon 10.43%, Basis Point Spread Above Index SOFR+4752023-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Ad.net Holdings, Inc, Industry Media2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Pragmatic Institute, LLC - Unfunded Term Loan Maturity 7/6/2028 Industry Professional Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Lucky Bucks, LLC (4) Maturity 7/20/2027 Industry Hotel, Gaming and Leisure Current Coupon 0.00% Basis Point Spread Above Index SOFR+10002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Urology Management Holdings, Inc. Maturity 6/15/2026 Industry Healthcare and Pharmaceuticals Current Coupon 11.68% Basis Point Spread Above Index SOFR+6652024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Kinetic Purchaser, LLC Maturity 11/10/2027 Industry Personal Products Current Coupon 11.46% Basis Point Spread Above Index SOFR+6152024-03-310001504619Affiliated Investments2023-09-300001504619pflt:SecondLienMemberpflt:InvestmentsCostMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Lucky Bucks, LLC - First-out Term Loan Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.97% Basis Point Spread Above Index 3M SOFR+7652024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment Current Coupon 10.65% Basis Point Spread Above Index SOFR+5152022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Lucky Bucks, LLC - First-Out Term Loan Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 12.97% Basis Point Spread Above Index SOFR+7652023-10-012024-03-310001504619pflt:PennantParkTSOSeniorLoanFundLPMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC (Revolver) Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Consello Pacific Aggregator, LLC Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Neptune Flood Incorporated (Revolver) Maturity 5/9/2029 Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Sales Benchmark Index LLC, Maturity 01/03/2025, Industry Professional Services, Current Coupon 11.59%, Basis Point Spread Above Index 3M SOFR+6202022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 10.11% Basis Point Spread Above Index 1M SOFR+4502023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Dr. Squatch, LLC Maturity 8/31/2027 Industry Personal Products Current Coupon 11.16% Basis Point Spread Above Index SOFR+5852023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC), Maturity 05/23/2024, Industry Media, Current Coupon 11.04%, Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ITI Holdings, Inc. (Revolver) Maturity 3/3/2028 Industry IT Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% KL Stockton Co-Invest LP (Any Hour Services) Industry Energy Equipment and Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9%, Walker Edison Furniture Company, LLC - Funded Junior Revolver, Maturity 03/31/2027, Industry Wholesale, Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+6352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Any Hour Services Maturity 07/21/2027 Industry Energy Equipment and Services Current Coupon 11.00% Basis Point Spread Above Index 3M SOFR+5852024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mars Acquisition Holdings Corp. (Revolver) Maturity 5/14/2026 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Aeronix, Inc. (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% LJ Avalon Holdings, LLC Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6402023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Applied Technical Services, LLC - (Revolver) Maturity 12/29/2026 Industry Commercial Services & Supplies2024-03-310001504619us-gaap:TechnologySectorMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TAC LifePort Holdings, LLC, Industry Aerospace and Defense2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC, Maturity 06/20/2025, Industry Healthcare Equipment and Supplies, Current Coupon 10.54%, Basis Point Spread Above Index 3M SOFR+5152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class B Preferred Equity, Industry Automobiles2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. (Revolver) Maturity 2/7/2025 Industry Professional Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility, Maturity 3/31/2027, Industry Wholesale, Current Coupon 11.68%, Basis Point Spread Above Index SOFR+6352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Municipal Emergency Services, Inc. Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, AG Investco LP One, Industry Software2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, A1 Garage Merger Sub, LLC LLC (Revolver), Maturity 12/22/2028, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver), Maturity 05/23/2024, Industry Media2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. Maturity 03/28/2024 Industry Capital Equipment2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Imagine Topco, LP (Common) Industry Software2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% TWS Acquisition Corporation Maturity 06/16/2025 Industry Diversified Consumer Services Current Coupon 11.81% Basis Point Spread Above Index 3M SOFR+6402022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name DRI Holding Inc. Maturity 12/21/2028 Industry Media Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Hancock Roofing and Construction L.L.C (Revolver), Maturity 12/31/2026, Industry Insurance2022-10-012023-09-300001504619Related Party PSSL Equity Securities - 6.9% Issuer Name New MPE Holdings, LLC Industry Media: Diversified and Production2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Team Services Group, LLC, Maturity 11/24/2024, Industry Healthcare and Pharmaceuticals, Current Coupon 10.75%, Basis Point Spread Above Index SOFR+5002022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Blackhawk Industrial Distribution, Inc. Maturity 9/17/2026 Industry Distributors Current Coupon 11.70% Basis Point Spread Above Index SOFR+6252023-10-012024-03-310001504619pflt:SubordinateDebtMemberpflt:InvestmentsFairValueMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Mission Critical Electronics, Inc. (Revolver)Maturity 03/28/2024 Industry Capital Equipment2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% NXOF Holdings, Inc. (Tyto Athene, LLC) Industry IT Services2024-03-310001504619pflt:ConstructionAndEngineeringMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Schlesinger Global, Inc. (Revolver) Maturity 07/14/2025 Industry Professional Services Current Coupon 13.68% (PIK 5.60%) Basis Point Spread Above Index 3M SOFR+8252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Wrench Group, LLC Maturity 10/30/2028 Industry Commercial Services & Supplies Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+4262023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.1% First Lien Senior Secured Debt - 144.9% DRS Holdings III, Inc. Maturity 11/3/2025 Industry Chemicals, Plastics and Rubber Current Coupon 11.71% Basis Point Spread Above Index 3M SOFR+6402024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Integrative Nutrition, LLC Maturity 1/31/2025 Industry Diversified Consumer Services Current Coupon 12.54% Basis Point Spread Above Index SOFR+7002023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name ITI Holdings, Inc. Maturity 3/3/2028 Industry IT Services Current Coupon 10.97% Basis Point Spread Above Index SOFR+5602023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services & Supplies Current Coupon 11.20% Basis Point Spread Above Index SOFR+6152023-10-012024-03-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtyOneAssetBackedDebtMember2024-03-3100015046192023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% MDI Buyer, Inc. (Revolver) Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+6002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, Magnolia Topco LP - Class A Common Equity, Industry Automobiles2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Hills Distribution Inc Maturity 11/7/2029 Industry Distributors Current Coupon 11.32% Basis Point Spread Above Index 3M SOFR+6002024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rancho Health MSO, Inc. (Revolver), Maturity 11/18/2025, Industry Healthcare Equipment and Supplies, Current Coupon 11.24%, Basis Point Spread Above Index 3M SOFR+5852022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC - Funded Revolver Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Smartronix, LLC Maturity 11/23/2028 Industry Aerospace and Defense Current Coupon 11.57% Basis Point Spread Above Index SOFR+6352024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Compex Legal Services, Inc. (Revolver), Maturity 02/07/2025, Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Carnegie HoldCo, LLC - Common Equity Industry Professional Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants—16.8% StellPen Holdings, LLC (CF512, Inc.) Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Applied Technical Services, LLC (Unfunded Term Loan), Maturity 12/29/2026, Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Second Lien Secured Debt—0.0% QuantiTech LLC Maturity 02/04/2027 Industry Aerospace and Defense Current Coupon 15.43% Basis Point Spread Above Index 3M SOFR+1,0102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Connatix Buyer, Inc. Maturity 7/13/2027 Industry Media2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Smile Brands Inc. (Revolver) Maturity 10/14/2025 Industry Healthcare and Pharmaceuticals Current Coupon 9.95% Basis Point Spread Above Index 1M SOFR+4502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PH Beauty Holdings III, Inc. Maturity 9/9/2025 Industry Wholesale Current Coupon 10.68% Basis Point Spread Above Index SOFR+5502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Gauge Loving Tan, LP Industry Personal Products2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rancho Health MSO, Inc. (Revolver) Maturity 12/18/2025 Industry Healthcare Equipment and Supplies Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5852024-03-3100015046192021-03-012021-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo LP Industry Aerospace and Defense One2024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:SecondLienMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt — 33.4% Marketplace Events, LLC - Super Priority First Lien Maturity 09/30/2025 Industry Media Diversified and Production2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Zips Car Wash, LLC Maturity 12/31/2024 Industry Automobiles Current Coupon 12.68% (PIK 1.50%) Basis Point Spread Above Index 3M SOFR+7352023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Teneo Holdings LLC, Maturity 7/18/2025, Industry Business Services, Current Coupon 10.67%, Basis Point Spread Above Index SOFR+5352022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,398.7% Issuer Name A1 Garage Merger Sub, LLC Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 11.84% Basis Point Spread Above Index SOFR+6602023-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. - Unfunded Term Loan B Maturity 12/16/2024 Industry Distributors2023-10-012024-03-310001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Output Services Group, Inc Industry Business Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC (Revolver), Maturity 06/20/2025, Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, SP L2 Holdings, LLC (Ledge Lounger, Inc.), Industry Leisure Products2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Dr. Squatch, LLC (Revolver), Maturity 08/31/2027, Industry Personal Products2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Skopima Consilio Parent, LLC, Maturity 5/17/2028, Industry Business Services, Current Coupon 9.93%, Basis Point Spread Above Index SOFR+4502023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC Maturity 12/10/2027 Industry Professional Services Current Coupon 11.04% Basis Point Spread Above Index 3M SOFR+5652022-10-012023-09-300001504619us-gaap:MoneyMarketFundsMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. (Revolver) Maturity 2/7/2025 Industry Professional Services Current Coupon 10.87% Basis Point Spread Above Index 3M SOFR+5552024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Altamira Intermediate Company II, Inc, Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Magnolia Topco LP - Class A Common Equity Industry Automobiles2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Carnegie HoldCo, LLC - Common Equity Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), TAC LifePort Holdings, LLC, Industry Aerospace and Defense2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% ORL Holdco, Inc. Industry Consumer Finance2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), UniTek Global Services, Inc.(W), Industry Telecommunications2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Owl Acquisition, LLC Maturity 2/4/2028 Industry Professional Services Current Coupon 10.68% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Imagine Acquisitionco, LLC Maturity 11/15/2027 Industry Software Current Coupon 10.43% Basis Point Spread Above Index SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1% First Lien Senior Secured Debt - 101.9% Sargent & Greenleaf Inc. Maturity 12/20/2024 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+7602022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC), Maturity 8/16/2027, Industry Aerospace and Defense, Current Coupon 11.49%, Basis Point Spread Above Index SOFR+6002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Affinion Group Holdings, Inc. (Warrants) Maturity 04/10/2024 Industry Consumer Goods Durable2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC - Unfunded Term Loan Maturity - 8/31/2025 Industry Insurance2023-10-012024-03-310001504619pflt:TwoThousandTwentyThreeNotesPayableMemberus-gaap:FairValueInputsLevel1Member2023-09-300001504619us-gaap:FairValueInputsLevel3Member2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo LP Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% BioDerm, Inc. (Revolver) Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 11.82% Basis Point Spread Above Index 1M SOFR+6502023-10-012024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Marketplace Events, LLC2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, KL Stockton Co-Invest LP (Any Hour Services), Industry Energy Equipment and Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan Maturity 6/15/2029 Industry Professional Services2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% One Stop Mailing, LLC Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 11.68% Basis Point Spread Above Index 1M SOFR+6362023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% Solutionreach, Inc. (Revolver) Maturity 01/17/2024 Industry Healthcare Technology2022-10-012023-09-300001504619Investments in Controlled, Affiliated Portfolio Companies—41.8% First Lien Secured Debt2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Magnolia Topco LP - Class B Preferred Equity Industry Automobiles2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% The Bluebird Group LLC Maturity 07/28/2026 Industry Professional Services Current Coupon 12.79% Basis Point Spread Above Index 3M SOFR+7402023-09-300001504619pflt:AllOtherIndustriesMember2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Walker Edison Furniture Company LLC - Junior Revolving Credit Facility Maturity 3/1/2029 Industry Wholesale Current Coupon 0.00%2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% By Light Investco LP Industry High Tech Industries2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Meadowlark Acquirer, LLC - Term Loan II Maturity 12/10/2027 Industry Professional Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% GCOM InvestCo LP Industry IT Services2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt – 144.9% Watchtower Intermediate, LLC - Funded Revolver Maturity 12/1/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.31% Basis Point Spread Above Index 3M SOFR+6002024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, OHCP V BC COI, L.P, One, Industry Distributors2022-10-012023-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Seaway Buyer, LLC, Maturity 6/13/2029, Industry Chemicals, Plastics and Rubber, Current Coupon 11.54%, Basis Point Spread Above Index SOFR+6152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% TWD Parent Holdings, LLC (The Vertex Companies, LLC) Industry Construction & Engineering2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name LJ Avalon Holdings, LLC Maturity 1/31/2030 Industry Environmental Industries Current Coupon 11.67% Basis Point Spread Above Index SOFR+6402024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Burgess Point Purchaser Corporation Maturity 9/26/2029 Industry Automotive Current Coupon 10.67% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, GCOM InvestCo LP, Industry IT Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% Ad.net Holdings, Inc. Industry Media2024-03-310001504619Related Party PSSL Equity Securities - 6.9% Issuer Name Output Services Group, Inc Industry Business Services2024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name The Vertex Companies, LLC, Maturity 8/31/2027, Industry Construction and Engineering, Current Coupon 11.72%, Basis Point Spread Above Index SOFR+6352022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien SecuredDebt - 101.9% Inception Fertility Ventures, LLC Maturity 12/31/2024 Industry Healthcare Providers and Services Current Coupon 12.50% Basis Point Spread Above Index 3M SOFR+7152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, EDS Buyer, LLC. (Revolver), Maturity 01/10/2029, Electronic Equipment, Instruments, and Components2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% ORL Acquisition, Inc. (Revolver) Maturity 09/03/2027 Industry Consumer Finance2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% The Bluebird Group LLC Maturity 7/28/2026 Industry Professional Services Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652024-01-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Exigo, LLC Industry Software2023-10-012024-03-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Member2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Efficient Collaborative Retail Marketing Company, LLC, Maturity 06/15/2024, Industry Media: Diversified and Production, Current Coupon 13.15%, Basis Point Spread Above Index 3M SOFR+7762022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Apex Service Partners, LLC Term Loan C Maturity 7/31/2025 Industry Diversified Consumer Services Current Coupon 10.69% Basis Point Spread Above Index SOFR+5252022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt 1,425.9%- Issuer Name Alpine Acquisition Corp II Maturity 11/30/2026 Industry Containers and Packaging Current Coupon 11.43% Basis Point Spread Above Index SOFR+6002023-10-012024-03-310001504619pflt:EnergyEquipmentAndServicesMember2024-03-310001504619pflt:EnergyEquipmentAndServicesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Global Holdings InterCo LLC Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 11.45% Basis Point Spread Above Index 3M SOFR+6102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. (Revolver), Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% ORL Acquisition, Inc. (Revolver) Maturity 9/3/2027 Industry Consumer Finance2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% CF512, Inc. Maturity 8/20/2026 Industry Media Current Coupon 11.52% Basis Point Spread Above Index 3M SOFR+6192024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Broder Bros., Co. Maturity 12/4/2025 Industry Consumer Products Current Coupon 11.50% Basis Point Spread Above Index SOFR+6262022-10-012023-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name HW Holdco, LLC Maturity 12/10/2024 Industry Media Current Coupon 11.75% Basis Point Spread Above Index SOFR+6402023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Quantic Electronics, LLC Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.66% Basis Point Spread Above Index 1M SOFR+6352023-10-012024-03-3100015046192022-10-012023-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, PL Acquisitionco, LLC (Preferred Equity), Industry Textiles, Apparel and Luxury Goods2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name The Vertex Companies, LLC Maturity 8/31/2027 Industry Construction and Engineering Current Coupon 11.42% Basis Point Spread Above Index SOFR+6102023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Gauge ETE Blocker, LLC, Industry Diversified Consumer Services2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Cartessa Aesthetics, LLC Maturity 6/14/2028 Industry Distributors Current Coupon 11.06% Basis Point Spread Above Index 1M SOFR+5752024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Medina Health, LLC Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.60% Basis Point Spread Above Index SOFR+6252024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name MDI Buyer, Inc. Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 10.87% Basis Point Spread Above Index SOFR+6252024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Aftermarket Drivetrain Products Holdings, LLC Industry Auto Components2024-03-310001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMembersrt:MinimumMemberpflt:ValuationTechniqueMarketComparableMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Consello Pacific Aggregator, LLC Industry Professional Services2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Maturity 05/23/2024 Industry Media: Advertising, Printing & Publishing Current Coupon 11.00% Basis Point Spread Above Index SOFR+6652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% NBH Group LLC (Revolver) Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% eCommission Holding Corporation Industry Banking, Finance, Insurance & Real Estate2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,425.9% Issuer Name Aeronix, Inc Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index SOFR+5502023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Cartessa Aesthetics, LLC, Maturity 06/14/2028, Industry Distributors, Current Coupon 11.39%, Basis Point Spread Above Index 3M SOFR+6002022-10-012023-09-300001504619pflt:AtTheMarketOfferingMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Rancho Health MSO, Inc. (Revolver), Maturity 11/18/2025, Industry Healthcare Equipment and Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Compex Legal Services, Inc. Maturity 2/9/2026 Industry Professional Services Current Coupon 10.92% Basis Point Spread Above Index 3M SOFR+5552023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. (Revolver) Maturity 10/1/2027 Industry Distributors2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Graffiti Buyer, Inc, Maturity 12/8/2023/2027, Industry Trading Companies & Distributors2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% MDI Buyer, Inc. (Revolver) Maturity 7/25/2028 Industry Commodity Chemicals2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, First Lien Senior Secured Debt - 101.9% , Schlesinger Global, Inc., Maturity 07/14/2025, Industry Professional Services, Instruments, and Components, Current Coupon 12.07, Basis Point Spread Above Index 3M SOFR+7152023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% QuantiTech InvestCo LP Industry Aerospace and Defense One2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Five Star Buyer, Inc. - DDTL B Unfunded, Maturity 02/23/2028, Industry Hotels, Restaurants and Leisure2023-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% System Planning and Analysis, Inc. - (Revolver) Maturity 08/16/2027 Industry Aerospace and Defense2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Loving Tan Intermediate II, Inc. (Revolver) Maturity 05/31/2028 Industry Personal Products Current Coupon 12.39% Basis Point Spread Above Index 3M SOFR+7002022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Preferred Equity— 1.8%, ORL Holdco, Inc, Industry Consumer Finance2023-09-300001504619Total Cash and Cash Equivalents2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% Watchtower Holdings, LLC Industry Electronic Equipment, Instruments, and Components2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC (Revolver), Maturity 06/20/2025, Industry Healthcare Equipment and Supplies, Current Coupon 10.42%, Basis Point Spread Above Index 3M SOFR+5102022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, (Integrative Nutrition, LLC), Ironclad Holdco, LLC, (Applied Technical Services, LLC), Industry Commercial Services & Supplies2022-10-012023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Ad.net Acquisition, LLC Maturity 5/7/2026 Industry Media Current Coupon 11.65% Basis Point Spread Above Index SOFR+6262023-09-300001504619pflt:MeasurementInputMarketYieldMemberus-gaap:FairValueInputsLevel3Memberpflt:FirstLienMembersrt:MinimumMemberpflt:ValuationTechniqueMarketComparableMember2024-03-310001504619us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueEnterpriseMarketValueMemberus-gaap:EquityMethodInvestmentsMembersrt:WeightedAverageMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) Industry Aerospace and Defense2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Municipal Emergency Services, Inc. - Unfunded Term Loan A Maturity 12/16/2024 Industry Distributors2023-10-012024-03-310001504619pflt:ProfessionalServicesMember2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Preferred Equity— 1.5% UniTek Global Services, Inc. Industry Telecommunications Current Coupon 13.50%2023-10-012024-03-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name TPC Canada Parent, Inc. and TPC US Parent, LLC, Maturity 11/24/2025, Industry Consumer Goods: Non- Durable, Current Coupon 10.95%, Basis Point Spread Above Index SOFR+5652023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Burgess Point Holdings, LP, Industry Auto Components2023-09-300001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Memberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-012024-02-290001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Skopima Consilio Parent, LLC, Maturity 5/17/2028, Industry Business Services, Current Coupon 9.93%, Basis Point Spread Above Index SOFR+4502022-10-012023-09-300001504619Total Investments—163.3%2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5%- Issuer Name Team Services Group, LLC, Maturity 11/24/2024, Industry Healthcare and Pharmaceuticals, Current Coupon 10.75%, Basis Point Spread Above Index SOFR+5002023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Carisk Buyer, Inc. Maturity 12/01/2029 Industry Healthcare Technology Current Coupon 11.10% Basis Point Spread Above Index 3M SOFR+5752024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Commercial Services & Supplies2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% TPC Canada Parent, Inc. and TPC US Parent, LLC Maturity 11/24/2025 Industry Food Products Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5652024-01-012024-03-310001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% IIHS Parent Holdngs, L.P. Industry Commercial Services & Supplies2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Integrity Marketing Acquisition, LLC (Revolver) Maturity - 8/27/2026 Industry Insurance2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% MDI Aggregator, LP Industry Commodity Chemicals2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% By Light Professional IT Services, LLC Maturity 5/16/2025 Industry High Tech Industries Current Coupon 12.37% Basis Point Spread Above Index 3M SOFR+6882024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, NEPRT Parent Holdings, LLC (Recteq, LLC), Industry Leisure Products2023-09-300001504619pflt:LongTermCreditFacilityMember2023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Ledge Lounger, Inc. (Revolver) Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.96% Basis Point Spread Above Index 3M SOFR+6652023-10-012024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% Common Equity/Warrants— 16.8% ACP Big Top Holdings, L.P. - Common Equity Industry Construction & Engineering2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% CF512, Inc. (Revolver) Maturity 8/20/2026 Industry Media2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1%, First Lien Secured Debt—101.9%, Riverpoint Medical, LLC (Revolver), Maturity 06/20/2025, Industry Healthcare Equipment and Supplies2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Spendmend Holdings LLC Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 10.95% Basis Point Spread Above Index 3M SOFR+5652023-10-012024-03-310001504619us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-08-012023-08-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Infinity Home Services Holdco, Inc. (Revolver) Maturity 12/28/2028 Industry Commercial Services & Supplies2022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), StellPen Holdings, LLC (CF512, Inc.), Industry Media2023-09-300001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Mission Critical Electronics, Inc. Maturity 3/28/2024 Industry Capital Equipment Current Coupon 11.29% Basis Point Spread Above Index SOFR+5152022-10-012023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 111.8% First Lien Senior Secured Debt - 101.9% System Planning and Analysis, Inc.(f/k/a Management Consulting & Research, LLC) Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 11.49% Basis Point Spread Above Index 6M SOFR+6152023-09-300001504619pflt:SeniorSecuredRevolvingCreditFacilityMember2023-08-310001504619Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Challenger Performance Optimization, Inc.Maturity 8/31/2024 Industry Business Serviceg Current Coupon 1.00% Basis Point Spread Above Index SOFR+6752023-09-300001504619pflt:MediaDiversifiedAndProductionMember2024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% First Lien Senior Secured Debt - 144.9% Aeronix, Inc. (Revolver) Maturity 12/18/2028 Industry Aerospace and Defense Current Coupon 10.81% Basis Point Spread Above Index 3M SOFR+5502024-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies— 118.1%, Common Equity/Warrants— 14.5%, Class B (US Dominion, Inc.), Urology Partners Co., L.P, Industry Healthcare Providers and Services2023-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% First Lien Secured Debt - 101.9% Owl Acquisition, LLC Maturity 02/04/2028 Industry Professional Services Current Coupon 10.80% Basis Point Spread Above Index 6M SOFR+5502022-10-012023-09-30xbrli:purepflt:Portfolioiso4217:USDxbrli:sharesxbrli:sharesiso4217:USD

 

res

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)r

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

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

OR

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

FOR THE TRANSITION PERIOD FROM TO

COMMISSION FILE NUMBER: 814-00891

PENNANTPARK FLOATING RATE CAPITAL LTD.

(Exact name of registrant as specified in its charter)

MARYLAND

27-3794690

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1691 Michigan Avenue

Miami Beach, Florida

33139

(Address of principal executive offices)

(Zip Code)

(786) 297-9500

(Registrant’s Telephone Number, Including Area Code)

 

None

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

 

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

 

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

Common Stock, par value $0.001 per share

PFLT

The New York Stock Exchange

 

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

 

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

 

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

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of May 8, 2024 was 66,728,138.

 

 

 


 

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2024

TABLE OF CONTENTS

PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

 

Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and September 30, 2023

4

Consolidated Statements of Operations for the three and six months ended March 31, 2024 and 2023 (unaudited)

5

Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2024 and 2023 (unaudited)

6

Consolidated Statements of Cash Flows for the six months ended March 31, 2024 and 2023 (unaudited)

7

Consolidated Schedules of Investments as of March 31, 2024 (unaudited) and September 30, 2023

8

Notes to Consolidated Financial Statements (unaudited)

21

 

 

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

41

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

43

Item 3. Quantitative and Qualitative Disclosures About Market Risk

58

Item 4. Controls and Procedures

58

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

59

Item 1A. Risk Factors

59

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

60

Item 3. Defaults Upon Senior Securities

60

Item 4. Mine Safety Disclosures

60

Item 5. Other Information

60

Item 6. Exhibits

61

SIGNATURES

62

 

2


 

PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to collectively our consolidated subsidiaries PFLT Investment Holdings II, LLC and PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” refer to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act; “Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. 2036 Securitization Issuer refers to PennantPark CLO VIII, LLC; “2036-Debt Securitization” refers to the $350.6 million term debt securitization completed by the "2036 Securitization Issuers"; “2036 Asset-Backed Debt” refers to the issuance of the AAA(sf) Class A-1 Notes, AAA(sf) Class A-2 Notes, AA(sf) Class B Notes, A(sf) Class C Notes, BBB-(sf) Class D Notes, and the borrowing issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes.) References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business include investments we make through our subsidiaries.

3


 

Item 1. Consolidated Financial Statements

 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except share and per share data)

 

 

 

March 31, 2024

 

 

September 30, 2023

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value

 

 

 

 

 

 

Non-controlled, non-affiliated investments (amortized cost— $1,164,243  and $768,240, respectively)

 

$

1,176,680

 

 

$

772,178

 

Controlled, affiliated investments (amortized cost— $325,436  and $324,639, respectively)

 

 

301,203

 

 

 

294,996

 

Total investments (amortized cost— $1,489,679 and $1,092,878, respectively)

 

 

1,477,883

 

 

 

1,067,174

 

Cash and cash equivalents (cost— $125,246 and $100,555, respectively)

 

 

125,252

 

 

 

100,555

 

Interest receivable

 

 

11,888

 

 

 

10,423

 

Distributions receivable

 

 

577

 

 

 

565

 

Due from affiliate

 

 

240

 

 

 

 

Prepaid expenses and other assets

 

 

 

 

 

894

 

Total assets

 

 

1,615,840

 

 

 

1,179,611

 

Liabilities

 

 

 

 

 

 

Credit Facility payable, at fair value (cost— $168,855 and $9,400, respectively)

 

 

168,878

 

 

 

9,400

 

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

 

 

283,816

 

 

 

 

2031 Asset-Backed Debt, net (par—$226,259 and $228,000, respectively)

 

 

225,333

 

 

 

226,759

 

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

 

 

183,443

 

 

 

183,054

 

Interest payable on debt

 

 

11,304

 

 

 

8,615

 

Distributions payable

 

 

6,481

 

 

 

6,020

 

Payable for investments purchased

 

 

3,917

 

 

 

4,905

 

Incentive fee payable

 

 

4,767

 

 

 

4,628

 

Base management fee payable

 

 

3,424

 

 

 

2,759

 

Deferred tax liability

 

 

1,564

 

 

 

1,794

 

Accounts payable and accrued expenses

 

 

2,098

 

 

 

1,287

 

Due to affiliates

 

 

104

 

 

 

566

 

2023 Notes payable, at fair value (par—$0 and $76,219, respectively)

 

 

 

 

 

76,219

 

Total liabilities

 

 

895,129

 

 

 

526,006

 

Commitments and contingencies (See Note 11)

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, 63,228,138 and 58,734,702 shares issued and outstanding, respectively
   Par value $
0.001 per share and 100,000,000 shares authorized

 

 

63

 

 

 

59

 

Paid-in capital in excess of par value

 

 

815,587

 

 

 

765,187

 

Accumulated deficit

 

 

(94,939

)

 

 

(111,641

)

Total net assets

 

$

720,711

 

 

$

653,605

 

Total liabilities and net assets

 

$

1,615,840

 

 

$

1,179,611

 

Net asset value per share

 

$

11.40

 

 

$

11.13

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

From non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

30,470

 

 

$

22,717

 

 

$

54,238

 

 

$

43,452

 

 

Dividend

 

 

577

 

 

 

635

 

 

 

1,085

 

 

 

1,212

 

 

Other income

 

 

1,268

 

 

 

586

 

 

 

3,031

 

 

 

727

 

 

From controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

8,320

 

 

 

7,641

 

 

 

16,754

 

 

 

14,550

 

 

Dividend

 

 

3,719

 

 

 

2,975

 

 

 

7,219

 

 

 

5,950

 

 

Total investment income

 

 

44,354

 

 

 

34,554

 

 

 

82,327

 

 

 

65,891

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expenses on debt

 

 

14,688

 

 

 

9,752

 

 

 

23,630

 

 

 

19,610

 

 

Performance-based incentive fee

 

 

4,767

 

 

 

4,186

 

 

 

9,630

 

 

 

7,619

 

 

Base management fee

 

 

3,424

 

 

 

2,873

 

 

 

6,375

 

 

 

5,804

 

 

General and administrative expenses

 

 

1,255

 

 

 

705

 

 

 

2,243

 

 

 

1,410

 

 

Administrative services expenses

 

 

585

 

 

 

144

 

 

 

1,211

 

 

 

288

 

 

Expenses before provision for taxes

 

 

24,719

 

 

 

17,660

 

 

 

43,089

 

 

 

34,731

 

 

Provision for taxes on net investment income

 

 

547

 

 

 

150

 

 

 

701

 

 

 

684

 

 

Total expenses

 

 

25,266

 

 

 

17,810

 

 

 

43,790

 

 

 

35,415

 

 

Net investment income

 

 

19,088

 

 

 

16,744

 

 

 

38,537

 

 

 

30,476

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

4,010

 

 

 

(7,518

)

 

 

921

 

 

 

(7,455

)

 

Non-controlled and controlled, affiliated investments

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for taxes on realized gain on investments

 

 

 

 

 

(300

)

 

 

 

 

 

(300

)

 

Net realized gain (loss) on investments

 

 

4,010

 

 

 

(7,818

)

 

 

921

 

 

 

(7,755

)

 

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

3,278

 

 

 

(2,561

)

 

 

8,506

 

 

 

(15,254

)

 

Controlled and non-controlled, affiliated investments

 

 

4,466

 

 

 

(1,618

)

 

 

5,408

 

 

 

(5,682

)

 

Provision for taxes on unrealized appreciation (depreciation) on investments

 

 

230

 

 

 

3,654

 

 

 

230

 

 

 

2,929

 

 

Debt (appreciation) depreciation

 

 

39

 

 

 

(1,158

)

 

 

(23

)

 

 

909

 

 

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

 

 

8,013

 

 

 

(1,683

)

 

 

14,121

 

 

 

(17,098

)

 

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

 

 

12,023

 

 

 

(9,501

)

 

 

15,042

 

 

 

(24,853

)

 

Net increase (decrease) in net assets resulting from operations

 

$

31,111

 

 

$

7,243

 

 

$

53,579

 

 

$

5,623

 

 

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

 

$

0.51

 

 

$

0.15

 

 

$

0.89

 

 

$

0.12

 

 

Net investment income per common share

 

$

0.31

 

 

$

0.35

 

 

$

0.64

 

 

$

0.65

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(in thousands, except share issue data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net increase (decrease) in net assets from operations:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

19,088

 

 

$

16,744

 

 

$

38,537

 

 

$

30,476

 

Net realized gain (loss) on investments

 

 

4,010

 

 

 

(7,518

)

 

 

921

 

 

 

(7,455

)

Net change in unrealized appreciation (depreciation) on investments

 

 

7,744

 

 

 

(4,179

)

 

 

13,914

 

 

 

(20,936

)

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

 

 

230

 

 

 

3,654

 

 

 

230

 

 

 

2,929

 

Net provision for taxes on realized loss on investments

 

 

 

 

 

(300

)

 

 

 

 

 

(300

)

Net change in unrealized depreciation (appreciation) on debt

 

 

39

 

 

 

(1,158

)

 

 

(23

)

 

 

909

 

Net increase (decrease) in net assets resulting from operations

 

 

31,111

 

 

 

7,243

 

 

 

53,579

 

 

 

5,623

 

Distributions to stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Distribution of net investment income

 

 

(18,818

)

 

 

(14,014

)

 

 

(36,878

)

 

 

(26,945

)

Total distributions to stockholders

 

 

(18,818

)

 

 

(14,014

)

 

 

(36,878

)

 

 

(26,945

)

Capital transactions

 

 

 

 

 

 

 

 

 

 

 

 

Public offering

 

 

51,391

 

 

 

48,159

 

 

 

51,391

 

 

 

49,154

 

Offering costs

 

 

(986

)

 

 

(250

)

 

 

(986

)

 

 

(255

)

Net increase in net assets resulting from capital transactions

 

 

50,405

 

 

 

47,909

 

 

 

50,405

 

 

 

48,899

 

Net increase (decrease) in net assets

 

 

62,698

 

 

 

41,138

 

 

 

67,106

 

 

 

27,577

 

Net assets:

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

658,013

 

 

 

513,531

 

 

 

653,605

 

 

 

527,092

 

End of period

 

$

720,711

 

 

$

554,669

 

 

$

720,711

 

 

$

554,669

 

Capital share activity:

 

 

 

 

 

 

 

 

 

 

 

 

Shares issued from public offering

 

 

4,493,436

 

 

 

4,300,000

 

 

 

4,493,436

 

 

 

4,386,177

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6


 

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

 

 

Six months ended March 31,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

53,579

 

 

$

5,623

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash
   provided by (used in) operating activities:

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) on investments

 

 

(13,914

)

 

 

20,936

 

Net change in unrealized (appreciation) depreciation on debt

 

 

23

 

 

 

(909

)

Net realized (gain) loss on investments

 

 

(921

)

 

 

7,455

 

Net accretion of discount and amortization of premium

 

 

(2,074

)

 

 

(2,612

)

Purchases of investments

 

 

(640,899

)

 

 

(151,024

)

Payment-in-kind interest

 

 

(1,624

)

 

 

(193

)

Proceeds from dispositions of investments

 

 

248,718

 

 

 

125,646

 

Amortization of deferred financing costs

 

 

761

 

 

 

704

 

(Increase) decrease in:

 

 

 

 

 

 

Interest receivable

 

 

(1,465

)

 

 

(1,282

)

Distribution receivable

 

 

(12

)

 

 

(635

)

Receivable for investments sold

 

 

 

 

 

3,441

 

Prepaid expenses and other assets

 

 

894

 

 

 

(43

)

Due from affiliate

 

 

(240

)

 

 

 

Increase (decrease) in:

 

 

 

 

 

 

Payable for investments purchased

 

 

(988

)

 

 

13,289

 

Interest payable on debt

 

 

2,689

 

 

 

488

 

Base management fee payable

 

 

665

 

 

 

(154

)

Incentive fee payable

 

 

139

 

 

 

1,022

 

Deferred tax liability

 

 

(230

)

 

 

(2,928

)

Due to affiliates

 

 

(462

)

 

 

(3,120

)

Account payable and accrued expenses

 

 

811

 

 

 

(395

)

Net cash provided by (used in) operating activities

 

 

(354,550

)

 

 

15,309

 

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from public offering

 

 

51,391

 

 

 

49,154

 

Offering costs

 

 

(986

)

 

 

(265

)

Issuance of 2036 Asset-Back Debt

 

 

287,000

 

 

 

 

Capitalized borrowing costs

 

 

(3,241

)

 

 

 

Distributions paid to stockholders

 

 

(36,418

)

 

 

(26,280

)

Repayment of 2023 notes payable

 

 

(76,219

)

 

 

(20,787

)

Repayment of 2031 Asset-Backed Debt

 

 

(1,741

)

 

 

 

Borrowings under Credit Facility

 

 

331,455

 

 

 

30,000

 

Repayments under Credit Facility

 

 

(172,000

)

 

 

(48,000

)

Net cash provided by (used in) financing activities

 

 

379,241

 

 

 

(16,178

)

Net increase (decrease) in cash and cash equivalents

 

 

24,691

 

 

 

(869

)

Effect of exchange rate changes on cash

 

 

6

 

 

 

24

 

Cash and cash equivalents, beginning of period

 

 

100,555

 

 

 

51,488

 

Cash and cash equivalents, end of period

 

$

125,252

 

 

$

50,643

 

Supplemental disclosures:

 

 

 

 

 

 

Interest paid

 

$

20,180

 

 

$

18,418

 

Taxes paid

 

$

1,060

 

 

$

5

 

Non-cash exchanges and conversions

 

$

5,067

 

 

$

3,393

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

7


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—163.3% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—144.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.68

%

 

3M SOFR+660

 

 

 

1,512

 

 

$

1,493

 

 

$

1,512

 

A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9)

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

748

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC - Unfunded Term Loan(9)

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

528

 

 

 

 

 

 

8

 

ACP Avenu Buyer, LLC

 

10/02/2029

 

 

IT Services

 

 

11.58

%

 

3M SOFR+625

 

 

 

14,182

 

 

 

13,948

 

 

 

13,828

 

ACP Avenu Buyer, LLC (Revolver) (7), (9)

 

10/02/2029

 

 

IT Services

 

 

 

 

 

 

 

 

3,807

 

 

 

 

 

 

(95

)

ACP Avenu Buyer, LLC - Unfunded Term Loan(9)

 

04/02/2025

 

 

IT Services

 

 

 

 

 

 

 

 

5,621

 

 

 

 

 

 

(63

)

ACP Falcon Buyer, LLC (Revolver) (7), (9)

 

08/01/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

3,096

 

 

 

 

 

 

 

Ad.net Acquisition, LLC

 

05/07/2026

 

 

Media

 

 

11.57

%

 

3M SOFR+626

 

 

 

4,863

 

 

 

4,828

 

 

 

4,863

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/07/2026

 

 

Media

 

 

 

 

 

 

 

 

1,244

 

 

 

 

 

 

 

Aeronix, Inc.

 

12/18/2028

 

 

Aerospace and Defense

 

 

10.81

%

 

3M SOFR+550

 

 

 

32,918

 

 

 

32,448

 

 

 

32,588

 

Aeronix, Inc. (Revolver)

 

12/18/2028

 

 

Aerospace and Defense

 

 

10.81

%

 

3M SOFR+550

 

 

 

1,830

 

 

 

1,830

 

 

 

1,811

 

Aeronix, Inc. - (Revolver) (9)

 

12/18/2028

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

4,269

 

 

 

 

 

 

(43

)

AFC Dell Holding Corp.

 

04/09/2027

 

 

Distributors

 

 

11.74

%

 

3M SOFR+640

 

 

 

12,405

 

 

 

12,355

 

 

 

12,281

 

AFC Dell Holding Corp. - Unfunded Term Loan(9)

 

04/09/2027

 

 

Distributors

 

 

 

 

 

 

 

 

13,948

 

 

 

 

 

 

(139

)

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/2025

 

 

Media

 

 

11.73

%

 

3M SOFR+640

 

 

 

13,886

 

 

 

13,812

 

 

 

13,712

 

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

 

06/30/2026

 

 

Media

 

 

11.23

%

 

3M SOFR+575

 

 

 

13,396

 

 

 

13,225

 

 

 

13,329

 

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

 

06/30/2026

 

 

Media

 

 

11.23

%

 

3M SOFR+575

 

 

 

2,155

 

 

 

2,141

 

 

 

2,144

 

Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7)

 

06/30/2026

 

 

Media

 

 

11.18

%

 

3M SOFR+560

 

 

 

1,230

 

 

 

1,230

 

 

 

1,224

 

Anteriad, LLC (f/k/a MeritDirect, LLC) - (Revolver) (9)

 

06/30/2026

 

 

Media

 

 

 

 

 

 

 

 

1,640

 

 

 

 

 

 

(8

)

Any Hour Services

 

07/21/2027

 

 

Energy Equipment and Services

 

 

11.00

%

 

3M SOFR+585

 

 

 

6,362

 

 

 

6,293

 

 

 

6,298

 

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,147

 

 

 

-

 

 

 

(11

)

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.22

%

 

3M SOFR+590

 

 

 

12,662

 

 

 

12,526

 

 

 

12,414

 

Applied Technical Services, LLC - Unfunded Term Loan(9)

 

07/17/2025

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

3,990

 

 

 

-

 

 

 

(40

)

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

13.25

%

 

3M SOFR+475

 

 

 

328

 

 

 

328

 

 

 

321

 

Applied Technical Services, LLC - (Revolver) (9)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,966

 

 

 

 

 

 

(39

)

Arcfield Acquisition Corp.

 

08/03/2029

 

 

Aerospace and Defense

 

 

11.54

%

 

1M SOFR+625

 

 

 

5,981

 

 

 

5,897

 

 

 

5,921

 

Arcfield Acquisition Corp. (Revolver) (9)

 

08/04/2028

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,379

 

 

 

 

 

 

(14

)

Beta Plus Technologies, Inc.

 

07/01/2029

 

 

Internet Software and Services

 

 

11.10

%

 

1M SOFR+575

 

 

 

11,907

 

 

 

11,461

 

 

 

11,580

 

Big Top Holdings, LLC

 

02/28/2030

 

 

Construction & Engineering

 

 

11.56

%

 

1M SOFR+625

 

 

 

46,529

 

 

 

45,718

 

 

 

45,714

 

Big Top Holdings, LLC - (Revolver) (9)

 

02/28/2030

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

4,479

 

 

 

 

 

 

(78

)

BioDerm, Inc. (Revolver) (7)

 

01/31/2028

 

 

Healthcare Equipment and Supplies

 

 

11.82

%

 

1M SOFR+650

 

 

 

589

 

 

 

589

 

 

 

583

 

BioDerm, Inc. (Revolver) (9)

 

01/31/2028

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

482

 

 

 

 

 

 

(5

)

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

 

Distributors

 

 

11.47

%

 

3M SOFR+565

 

 

 

5,304

 

 

 

5,262

 

 

 

5,247

 

Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan (9)

 

09/17/2026

 

 

Distributors

 

 

 

 

 

 

 

 

2,337

 

 

 

 

 

 

(23

)

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2026

 

 

Distributors

 

 

11.72

%

 

3M SOFR+525

 

 

 

1,097

 

 

 

1,097

 

 

 

1,092

 

Blackhawk Industrial Distribution, Inc. (9)

 

09/17/2026

 

 

Distributors

 

 

 

 

 

 

 

 

1,646

 

 

 

 

 

 

(8

)

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.42

%

 

3M SOFR+475

 

 

 

6,495

 

 

 

6,441

 

 

 

6,397

 

Broder Bros., Co.

 

12/04/2025

 

 

Textiles, Apparel and Luxury Goods

 

 

11.56

%

 

3M SOFR+626

 

 

 

3,262

 

 

 

3,262

 

 

 

3,262

 

By Light Professional IT Services, LLC

 

05/16/2025

 

 

High Tech Industries

 

 

12.37

%

 

3M SOFR+688

 

 

 

24,866

 

 

 

24,736

 

 

 

24,618

 

By Light Professional IT Services, LLC (Revolver) (7)(9)

 

05/16/2025

 

 

High Tech Industries

 

 

 

 

 

 

 

 

3,507

 

 

 

-

 

 

 

(35

)

Carisk Buyer, Inc.

 

12/01/2029

 

 

Healthcare Technology

 

 

11.10

%

 

3M SOFR+575

 

 

 

5,500

 

 

 

5,420

 

 

 

5,445

 

Carisk Buyer, Inc. - Unfunded Term Loan (9)

 

12/01/2029

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

4,813

 

 

 

 

 

 

 

Carisk Buyer, Inc. (Revolver) (7)(9)

 

12/01/2029

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

1,750

 

 

 

 

 

 

(18

)

Carnegie Dartlet, LLC

 

2/7/2030

 

 

Professional Services

 

 

10.83

%

 

3M SOFR+550

 

 

 

45,320

 

 

 

44,646

 

 

 

44,640

 

Carnegie Dartlet, LLC - Unfunded Term Loan (9)

 

2/7/2026

 

 

Professional Services

 

 

 

 

 

 

 

 

16,214

 

 

 

 

 

 

(81

)

Carnegie Dartlet, LLC - Funded Revolver

 

2/7/2030

 

 

Professional Services

 

 

10.80

%

 

3M SOFR+550

 

 

 

1,081

 

 

 

1,081

 

 

 

1,065

 

Carnegie Dartlet, LLC - (Revolver) (9)

 

2/7/2030

 

 

Professional Services

 

 

 

 

 

 

 

 

4,324

 

 

 

 

 

 

(65

)

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

11.06

%

 

1M SOFR+575

 

 

 

13,010

 

 

 

12,855

 

 

 

13,010

 

Cartessa Aesthetics, LLC (Revolver) (7)

 

6/14/2028

 

 

Distributors

 

 

11.06

%

 

1M SOFR+575

 

 

 

511

 

 

 

511

 

 

 

511

 

Cartessa Aesthetics, LLC (Revolver) (7)(9)

 

6/14/2028

 

 

Distributors

 

 

 

 

 

 

 

 

927

 

 

 

 

 

 

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

11.52

%

 

3M SOFR+619

 

 

 

5,949

 

 

 

5,912

 

 

 

5,860

 

CF512, Inc. (Revolver) (7), (9)

 

8/20/2026

 

 

Media

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

(14

)

Challenger Performance Optimization, Inc.

 

8/31/2024

 

 

Business Services

 

 

13.18

%

 

3M SOFR+775

 

 

 

236

 

 

 

236

 

 

 

227

 

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Compex Legal Services, Inc.

 

2/9/2026

 

 

Professional Services

 

 

10.92

%

 

3M SOFR+555

 

 

 

8,879

 

 

 

8,856

 

 

 

8,879

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Compex Legal Services, Inc. (Revolver) (7)

 

2/7/2025

 

 

Professional Services

 

 

10.87

%

 

3M SOFR+555

 

 

 

281

 

 

$

281

 

 

$

281

 

Compex Legal Services, Inc. (Revolver) (7), (9)

 

2/7/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

1,125

 

 

 

 

 

 

 

Confluent Health, LLC

 

11/30/2028

 

 

Healthcare Providers and Services

 

 

10.86

%

 

3M SOFR+500

 

 

 

7,000

 

 

 

6,791

 

 

 

6,948

 

Connatix Buyer, Inc.

 

7/13/2027

 

 

Media

 

 

11.14

%

 

3M SOFR+576

 

 

 

3,795

 

 

 

3,748

 

 

 

3,643

 

Connatix Buyer, Inc. (7), (9)

 

7/13/2027

 

 

Media

 

 

 

 

 

 

 

 

1,234

 

 

 

 

 

 

(49

)

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.81

%

 

3M SOFR+501

 

 

 

878

 

 

 

867

 

 

 

878

 

Crane 1 Services, Inc. (Revolver) (7)

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.81

%

 

3M SOFR+501

 

 

 

135

 

 

 

135

 

 

 

135

 

Crane 1 Services, Inc. (Revolver) (7)

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

202

 

 

 

 

 

 

-

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

11.16

%

 

3M SOFR+585

 

 

 

4,361

 

 

 

4,313

 

 

 

4,361

 

Dr. Squatch, LLC (Revolver) (7)

 

8/31/2027

 

 

Personal Products

 

 

11.16

%

 

3M SOFR+585

 

 

 

2,236

 

 

 

2,236

 

 

 

2,236

 

Dr. Squatch, LLC - (Revolver) (9)

 

8/31/2027

 

 

Personal Products

 

 

 

 

 

 

 

 

1,118

 

 

 

 

 

 

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Chemicals, Plastics and Rubber

 

 

11.71

%

 

3M SOFR+640

 

 

 

15,949

 

 

 

15,852

 

 

 

15,821

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/3/2025

 

 

Personal Products

 

 

 

 

 

 

 

 

1,426

 

 

 

 

 

 

(11

)

Duraco Specialty Tapes LLC

 

6/30/2024

 

 

Containers and Packaging

 

 

12.43

%

 

3M SOFR+650

 

 

 

3,428

 

 

 

3,415

 

 

 

3,417

 

ECL Entertainment, LLC

 

8/31/2030

 

 

Hotels, Restaurants and Leisure

 

 

10.08

%

 

1M SOFR+475

 

 

 

4,975

 

 

 

4,903

 

 

 

4,989

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.05

%

 

3M SOFR+575

 

 

 

3,977

 

 

 

3,917

 

 

 

3,897

 

EDS Buyer, LLC - Unfunded Term Loan (9)

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

6,750

 

 

 

 

 

 

(51

)

EDS Buyer, LLC. (Revolver) (7), (9)

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,298

 

 

 

 

 

 

(46

)

Efficient Collaborative Retail Marketing Company, LLC

 

6/15/2024

 

 

Media: Diversified and Production

 

 

14.44

%

 

3M SOFR+900

 

 

 

8,152

 

 

 

8,170

 

 

 

5,706

 

 

 

 

 

 

 

 

(PIK 1.50%)

 

 

 

 

 

 

 

 

 

-

 

 

 

 

Eisner Advisory Group, LLC

 

2/23/2031

 

 

Professional Services

 

 

9.33

%

 

3M SOFR+400

 

 

 

7,000

 

 

 

6,930

 

 

 

7,018

 

ETE Intermediate II, LLC (Revolver) (9)

 

5/25/2029

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,656

 

 

 

 

 

 

 

Exigo Intermediate II, LLC (Revolver) (9)

 

3/15/2027

 

 

Software

 

 

 

 

 

 

 

 

689

 

 

 

 

 

 

(14

)

Fairbanks Morse Defense

 

6/23/2028

 

 

Aerospace and Defense

 

 

10.32

%

 

3M SOFR+501

 

 

 

997

 

 

 

993

 

 

 

997

 

Five Star Buyer, Inc.

 

2/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

12.46

%

 

3M SOFR+710

 

 

 

4,503

 

 

 

4,430

 

 

 

4,435

 

Five Star Buyer, Inc. - DDTL B Unfunded (9)

 

2/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

837

 

 

 

-

 

 

 

(13

)

Five Star Buyer, Inc. (Revolver) (9)

 

2/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

741

 

 

 

-

 

 

 

(11

)

Gauge ETE Blocker, LLC - Promissory Note

 

5/19/2029

 

 

Diversified Consumer Services

 

 

12.56

%

 

 

 

 

 

215

 

 

 

215

 

 

 

215

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

11.45

%

 

3M SOFR+610

 

 

 

5,012

 

 

 

4,938

 

 

 

4,761

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

10.94

%

 

3M SOFR+560

 

 

 

1,066

 

 

 

1,057

 

 

 

1,055

 

Graffiti Buyer, Inc. (Revolver) (7)

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

11.62

%

 

3M SOFR+560

 

 

 

601

 

 

 

601

 

 

 

595

 

Graffiti Buyer, Inc. (Revolver) (7), (9)

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

264

 

 

 

 

 

 

(3

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.90

%

 

3M SOFR+560

 

 

 

3,993

 

 

 

3,942

 

 

 

3,753

 

Hancock Roofing and Construction L.L.C. (Revolver) (7)

 

12/31/2026

 

 

Insurance

 

 

10.93

%

 

3M SOFR+560

 

 

 

585

 

 

 

585

 

 

 

550

 

Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)

 

12/31/2026

 

 

Insurance

 

 

 

 

 

 

 

 

165

 

 

 

 

 

 

(10

)

Hills Distribution Inc.

 

11/7/2029

 

 

Distributors

 

 

11.32

%

 

3M SOFR+600

 

 

 

7,981

 

 

 

7,867

 

 

 

7,861

 

Hills Distribution Inc. - Unfunded Term Loan (9)

 

11/7/2025

 

 

Distributors

 

 

 

 

 

 

 

 

10,812

 

 

 

 

 

 

(54

)

HW Holdco, LLC

 

5/10/2026

 

 

Media

 

 

11.69

%

 

1M SOFR+640

 

 

 

10,492

 

 

 

10,454

 

 

 

10,334

 

HW Holdco, LLC (Revolver) (7), (9)

 

5/10/2026

 

 

Media

 

 

 

 

 

 

 

 

1,452

 

 

 

 

 

 

(22

)

IG Investments Holdings, LLC (7)

 

9/22/2028

 

 

Professional Services

 

 

11.41

%

 

3M SOFR+610

 

 

 

4,405

 

 

 

4,342

 

 

 

4,317

 

IG Investments Holdings, LLC (Revolver) (7), (9)

 

9/22/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

477

 

 

 

 

 

 

(10

)

Imagine Acquisitionco, LLC (Revolver) (9)

 

11/15/2027

 

 

Software

 

 

 

 

 

 

 

 

1,193

 

 

 

 

 

 

(12

)

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.60

%

 

3M SOFR+725

 

 

 

23,538

 

 

 

23,358

 

 

 

23,538

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.17

%

 

3M SOFR+685

 

 

 

2,964

 

 

 

2,964

 

 

 

2,964

 

Infinity Home Services Holdco, Inc. (CAD)

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

11.31

%

 

3M SOFR+675

 

 

 

1,446

 

 

 

1,041

 

 

 

1,047

 

Infinity Home Services Holdco, Inc. - Unfunded Term Loan (9)

 

11/17/2025

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

6,122

 

 

 

 

 

 

(46

)

Infinity Home Services Holdco, Inc. - 1st Amendment Unfunded Term Loan (9)

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

14.25

%

 

3M SOFR+575

 

 

 

226

 

 

 

226

 

 

 

226

 

Infinity Home Services Holdco, Inc. (Revolver) (9)

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,066

 

 

 

 

 

 

 

Infolinks Media Buyco, LLC

 

11/1/2026

 

 

Media

 

 

11.18

%

 

3M SOFR+585

 

 

 

2,908

 

 

 

2,877

 

 

 

2,908

 

Integrative Nutrition, LLC

 

1/31/2025

 

 

Consumer Services

 

 

12.46

%

 

3M SOFR+715

 

 

 

15,592

 

 

 

15,561

 

 

 

14,500

 

 

 

 

 

 

 

 

(PIK 2.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

Insurance

 

 

11.48

%

 

3M SOFR+615

 

 

 

16,141

 

 

 

16,039

 

 

 

15,980

 

Integrity Marketing Acquisition, LLC - Unfunded Term Loan (9)

 

8/31/2025

 

 

Insurance

 

 

 

 

 

 

 

 

7,440

 

 

 

 

 

 

(37

)

Integrity Marketing Acquisition, LLC (Revolver) (7), (9)

 

8/27/2026

 

 

Insurance

 

 

 

 

 

 

 

 

511

 

 

 

 

 

 

 

ITI Holdings, Inc. (Revolver)

 

3/3/2028

 

 

IT Services

 

 

11.90

%

 

3M SOFR+560

 

 

 

579

 

 

 

579

 

 

 

574

 

ITI Holdings, Inc. (Revolver) (9)

 

3/3/2028

 

 

IT Services

 

 

 

 

 

 

 

 

85

 

 

 

 

 

 

(1

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

9


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Inventus Power, Inc.

 

6/30/2025

 

 

Electronic Equipment, Instruments, and Components

 

 

12.94

%

 

3M SOFR+761

 

 

 

4,963

 

 

$

4,893

 

 

$

4,863

 

Inventus Power, Inc. (Revolver) (7), (9)

 

6/30/2025

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

(35

)

Keel Platform, LLC

 

1/19/2031

 

 

Metals and Mining

 

 

10.55

%

 

3M SOFR+525

 

 

 

10,842

 

 

 

10,682

 

 

 

10,734

 

Keel Platform, LLC - Unfunded Term Loan (9)

 

1/19/2031

 

 

Metals and Mining

 

 

 

 

 

 

 

 

3,158

 

 

 

 

 

 

(8

)

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.46

%

 

3M SOFR+615

 

 

 

17,167

 

 

 

16,940

 

 

 

17,167

 

Kinetic Purchaser, LLC - (Revolver) (9)

 

11/10/2026

 

 

Personal Products

 

 

 

 

 

 

 

 

3,435

 

 

 

 

 

 

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

13.23

%

 

1M SOFR+810

 

 

 

10,513

 

 

 

10,397

 

 

 

10,408

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC (Revolver) (7)

 

8/16/2026

 

 

Personal Products

 

 

13.27

%

 

1M SOFR+810

 

 

 

2,765

 

 

 

2,765

 

 

 

2,738

 

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Lash OpCo, LLC (Revolver) (7), (9)

 

8/16/2026

 

 

Personal Products

 

 

 

 

 

 

 

 

335

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

(PIK 5.10%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc.

 

10/31/2025

 

 

Capital Equipment

 

 

11.76

%

 

1M SOFR+640

 

 

 

13,081

 

 

 

13,077

 

 

 

12,898

 

LAV Gear Holdings, Inc. (Revolver) (7)

 

10/31/2025

 

 

Capital Equipment

 

 

11.72

%

 

1M SOFR+640

 

 

 

1,721

 

 

 

1,721

 

 

 

1,697

 

Ledge Lounger, Inc.

 

11/09/2026

 

 

Leisure Products

 

 

11.96

%

 

3M SOFR+665

 

 

 

3,690

 

 

 

3,674

 

 

 

3,635

 

Ledge Lounger, Inc. (Revolver)

 

11/09/2026

 

 

Leisure Products

 

 

11.96

%

 

3M SOFR+665

 

 

 

658

 

 

 

658

 

 

 

648

 

Ledge Lounger, Inc. (Revolver) (9)

 

11/09/2026

 

 

Leisure Products

 

 

 

 

 

 

 

 

132

 

 

 

 

 

 

(2

)

Lightspeed Buyer Inc.

 

02/03/2026

 

 

Healthcare Technology

 

 

10.68

%

 

1M SOFR+535

 

 

 

22,426

 

 

 

22,216

 

 

 

22,426

 

Lightspeed Buyer Inc. (Revolver) (7) (9)

 

02/03/2026

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

2,499

 

 

 

 

 

 

 

LJ Avalon Holdings, LLC

 

02/01/2030

 

 

Construction & Engineering

 

 

11.71

%

 

3M SOFR+640

 

 

 

1,098

 

 

 

1,091

 

 

 

1,087

 

LJ Avalon Holdings, LLC - Unfunded Term Loan (9)

 

07/31/2024

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,721

 

 

 

 

 

 

9

 

LJ Avalon Holdings, LLC (Revolver) (9)

 

01/31/2030

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,130

 

 

 

 

 

 

(11

)

Loving Tan Intermediate II, Inc.

 

05/31/2028

 

 

Personal Products

 

 

12.31

%

 

3M SOFR+700

 

 

 

19,166

 

 

 

18,824

 

 

 

18,783

 

Loving Tan Intermediate II, Inc. (Revolver)

 

05/31/2028

 

 

Personal Products

 

 

12.31

%

 

3M SOFR+700

 

 

 

1,861

 

 

 

1,861

 

 

 

1,824

 

Loving Tan Intermediate II, Inc. (Revolver)(7)(9)

 

05/31/2028

 

 

Personal Products

 

 

 

 

 

 

 

 

1,523

 

 

 

 

 

 

(30

)

LSF9 Atlantis Holdings, LLC

 

6/30/2029

 

 

Specialty Retail

 

 

11.83

%

 

3M SOFR+650

 

 

 

5,550

 

 

 

5,550

 

 

 

5,581

 

Lucky Bucks, LLC - First-out Term Loan

 

10/02/2028

 

 

Hotels, Restaurants and Leisure

 

 

12.97

%

 

3M SOFR+765

 

 

 

260

 

 

 

260

 

 

 

260

 

Lucky Bucks, LLC - Last-out Term Loan

 

10/02/2029

 

 

Hotels, Restaurants and Leisure

 

 

12.97

%

 

3M SOFR+765

 

 

 

521

 

 

 

521

 

 

 

521

 

MAG DS Corp.

 

04/01/2027

 

 

Aerospace and Defense

 

 

10.90

%

 

1M SOFR+550

 

 

 

3,654

 

 

 

3,558

 

 

 

3,485

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

 

Media

 

 

10.96

%

 

3M SOFR+565

 

 

 

8,683

 

 

 

8,591

 

 

 

8,683

 

Mars Acquisition Holdings Corp. (Revolver)(7)(9)

 

5/14/2026

 

 

Media

 

 

 

 

 

 

 

 

2,435

 

 

 

 

 

 

 

MBS Holdings, Inc. (Revolver)(7)(9)

 

4/16/2027

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

1,157

 

 

 

 

 

 

(17

)

MDI Buyer, Inc.

 

7/25/2028

 

 

Commodity Chemicals

 

 

10.85

%

 

3M SOFR+550

 

 

 

2,031

 

 

 

1,996

 

 

 

2,002

 

MDI Buyer, inc. (Revolver) (7)

 

7/25/2028

 

 

Commodity Chemicals

 

 

11.76

%

 

3M SOFR+600

 

 

 

402

 

 

 

402

 

 

 

396

 

MDI Buyer, inc. (Revolver) (9)

 

7/25/2028

 

 

Commodity Chemicals

 

 

 

 

 

 

 

 

371

 

 

 

 

 

 

(2

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.20

%

 

3M SOFR+565

 

 

 

1,968

 

 

 

1,946

 

 

 

1,929

 

Meadowlark Acquirer, LLC (Revolver) (9)

 

12/10/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

1,693

 

 

 

 

 

 

(34

)

Medina Health, LLC

 

10/20/2028

 

 

Healthcare Providers and Services

 

 

11.56

%

 

3M SOFR+625

 

 

 

17,910

 

 

 

17,614

 

 

 

17,730

 

Medina Health, LLC (Revolver) (7)

 

10/20/2028

 

 

Healthcare Providers and Services

 

 

11.56

%

 

3M SOFR+625

 

 

 

778

 

 

 

778

 

 

 

770

 

Medina Health, LLC (Revolver) (9)

 

10/20/2028

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

4,409

 

 

 

 

 

 

(44

)

Megawatt Acquisitionco, Inc.

 

3/1/2030

 

 

Electronic Equipment, Instruments, and Components

 

 

10.58

%

 

3M SOFR +525

 

 

 

22,750

 

 

 

22,412

 

 

 

22,409

 

Megawatt Acquisitionco, Inc. - (Revolver) (9)

 

3/1/2030

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

3,250

 

 

 

 

 

 

 

Mission Critical Electronics, Inc.

 

3/31/2025

 

 

Capital Equipment

 

 

11.23

%

 

3M SOFR +625

 

 

 

3,199

 

 

 

3,184

 

 

 

3,199

 

Mission Critical Electronics, Inc. (9)

 

5/31/2024

 

 

Capital Equipment

 

 

 

 

 

 

 

 

707

 

 

 

 

 

 

3

 

Mission Critical Electronics, Inc. (Revolver) (7), (9)

 

3/31/2025

 

 

Capital Equipment

 

 

 

 

 

 

 

 

1,325

 

 

 

 

 

 

 

MOREGroup Holdings, Inc.

 

1/16/2030

 

 

Construction & Engineering

 

 

11.06

%

 

3M SOFR +590

 

 

 

32,000

 

 

 

31,534

 

 

 

31,680

 

MOREGroup Holdings, Inc. - Unfunded Term Loan (9)

 

1/16/2026

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

11,056

 

 

 

 

 

 

 

MOREGroup Holdings, Inc. - (Revolver) (9)

 

1/16/2030

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

6,634

 

 

 

 

 

 

(66

)

Municipal Emergency Services, Inc.

 

10/1/2027

 

 

Distributors

 

 

10.46

%

 

3M SOFR+515

 

 

 

1,175

 

 

 

1,142

 

 

 

1,175

 

Municipal Emergency Services, Inc. - Unfunded Term Loan A (9)

 

12/16/2024

 

 

Distributors

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

 

Municipal Emergency Services, Inc. - Unfunded Term Loan B (9)

 

12/16/2024

 

 

Distributors

 

 

 

 

 

 

 

 

1,264

 

 

 

 

 

 

 

Municipal Emergency Services, Inc. (Revolver) (7), (9)

 

10/1/2027

 

 

Distributors

 

 

 

 

 

 

 

 

947

 

 

 

 

 

 

 

NBH Group LLC (Revolver) (7), (9)

 

8/19/2026

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,677

 

 

 

 

 

 

(75

)

Neptune Flood Incorporated (Revolver) (9)

 

5/9/2029

 

 

Insurance

 

 

 

 

 

 

 

 

541

 

 

 

 

 

 

 

NORA Acquisition, LLC

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

11.68

%

 

3M SOFR+635

 

 

 

19,900

 

 

 

19,525

 

 

 

19,900

 

NORA Acquisition, LLC (Revolver) (7), (9)

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

5,479

 

 

 

 

 

 

 

Omnia Exterior Solutions, LLC

 

12/29/2029

 

 

Diversified Consumer Services

 

 

10.80

%

 

3M SOFR+550

 

 

 

11,050

 

 

 

10,956

 

 

 

10,884

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan 1 (9)

 

4/1/2024

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

650

 

 

 

 

 

 

(10

)

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Omnia Exterior Solutions, LLC - Unfunded Term Loan 2 (9)

 

12/29/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

9,100

 

 

$

-

 

 

$

(46

)

Omnia Exterior Solutions, LLC (Revolver) (7), (9)

 

12/29/2029

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,600

 

 

 

 

 

 

(39

)

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

11.69

%

 

3M SOFR+636

 

 

 

8,471

 

 

 

8,366

 

 

 

8,471

 

ORL Acquisition, Inc. (7)

 

9/3/2027

 

 

Consumer Finance

 

 

14.70

%

 

3M SOFR+940

 

 

 

4,577

 

 

 

4,517

 

 

 

3,570

 

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

 

ORL Acquisition, Inc. (Revolver) (7), (9)

 

9/3/2027

 

 

Consumer Finance

 

 

 

 

 

 

 

 

215

 

 

 

 

 

 

(47

)

OSP Embedded Purchaser, LLC

 

12/15/2029

 

 

Aerospace and Defense

 

 

11.16

%

 

3M SOFR+585

 

 

 

12,868

 

 

 

12,648

 

 

 

12,765

 

OSP Embedded Purchaser, LLC (Revolver) (9)

 

12/15/2029

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

2,932

 

 

 

 

 

 

(23

)

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

 

11/30/2028

 

 

Business Services

 

 

13.82

%

 

3M SOFR+843

 

 

 

521

 

 

 

521

 

 

 

521

 

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

 

5/30/2028

 

 

Business Services

 

 

12.07

%

 

3M SOFR+668

 

 

 

1,058

 

 

 

1,058

 

 

 

1,058

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

10.68

%

 

3M SOFR+550

 

 

 

3,893

 

 

 

3,807

 

 

 

3,834

 

Ox Two, LLC

 

5/18/2026

 

 

Construction and Building

 

 

12.47

%

 

1M SOFR+651

 

 

 

22,736

 

 

 

22,550

 

 

 

22,736

 

Ox Two, LLC (Revolver) (9)

 

5/18/2026

 

 

Construction and Building

 

 

 

 

 

 

 

 

3,387

 

 

 

 

 

 

 

Pacific Purchaser, LLC

 

9/30/2028

 

 

Professional Services

 

 

11.43

%

 

3M SOFR+625

 

 

 

4,988

 

 

 

4,894

 

 

 

4,988

 

Pacific Purchaser, LLC - Unfunded Term Loan

 

9/30/2028

 

 

Professional Services

 

 

 

 

 

 

 

 

3,598

 

 

 

 

 

 

54

 

Pacific Purchaser, LLC - (Revolver) (9)

 

9/30/2028

 

 

Professional Services

 

 

 

 

 

 

 

 

1,799

 

 

 

 

 

 

 

PCS Midco, Inc.

 

3/1/2030

 

 

Professional Services

 

 

11.09

%

 

3M SOFR+575

 

 

 

11,362

 

 

 

11,195

 

 

 

11,194

 

PCS Midco, Inc. - Revolver

 

3/1/2030

 

 

Professional Services

 

 

11.08

%

 

3M SOFR+575

 

 

 

89

 

 

 

89

 

 

 

89

 

PCS Midco, Inc. - (Revolver) (9)

 

3/1/2030

 

 

Professional Services

 

 

 

 

 

 

 

 

1,682

 

 

 

 

 

 

 

PCS Midco, Inc. - Unfunded Term Loan

 

3/1/2026

 

 

Professional Services

 

 

 

 

 

 

 

 

3,974

 

 

 

 

 

 

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.43

%

 

3M SOFR+710

 

 

 

5,712

 

 

 

5,645

 

 

 

5,055

 

 

 

 

 

 

 

 

(PIK 3.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PL Acquisitionco, LLC - (Revolver) (9)

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

2,290

 

 

 

 

 

 

(263

)

PlayPower, Inc.

 

5/8/2026

 

 

Leisure Products

 

 

10.98

%

 

1M SOFR+565

 

 

 

3,382

 

 

 

3,369

 

 

 

3,314

 

Pragmatic Institute, LLC - Unfunded Term Loan (9)

 

7/6/2028

 

 

Professional Services

 

 

 

 

 

 

 

 

2,290

 

 

 

 

 

 

(309

)

Pragmatic Institute, LLC (Revolver)

 

7/6/2028

 

 

Professional Services

 

 

11.09

%

 

3M SOFR+575

 

 

 

1,526

 

 

 

1,526

 

 

 

1,305

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

11.66

%

 

1M SOFR+635

 

 

 

6,613

 

 

 

6,555

 

 

 

6,481

 

Quantic Electronics, LLC (Revolver) (7)

 

11/19/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

670

 

 

 

 

 

 

(13

)

Questex, LLC

 

9/9/2024

 

 

Media: Diversified and Production

 

 

9.72

%

 

3M SOFR+440

 

 

 

6,731

 

 

 

6,719

 

 

 

6,731

 

Questex, LLC (Revolver) (7), (9)

 

9/9/2024

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

1,197

 

 

 

 

 

 

 

Rancho Health MSO, Inc. (Revolver) (7)

 

12/18/2025

 

 

Healthcare Equipment and Supplies

 

 

10.95

%

 

3M SOFR+585

 

 

 

210

 

 

 

210

 

 

 

210

 

Rancho Health MSO, Inc. (Revolver) (7), (9)

 

12/18/2025

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

315

 

 

 

 

 

 

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

12.46

%

 

3M SOFR+715

 

 

 

1,455

 

 

 

1,443

 

 

 

1,419

 

Recteq, LLC (Revolver) (7)

 

1/29/2026

 

 

Leisure Products

 

 

11.90

%

 

3M SOFR+700

 

 

 

288

 

 

 

288

 

 

 

281

 

Recteq, LLC - Unfunded Revolver

 

1/29/2026

 

 

Leisure Products

 

 

 

 

 

 

 

 

1,008

 

 

 

 

 

 

(25

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

 

Business Services

 

 

11.07

%

 

3M SOFR+576

 

 

 

16,872

 

 

 

16,820

 

 

 

14,341

 

Riverpoint Medical, LLC

 

6/20/2025

 

 

Healthcare Equipment and Supplies

 

 

10.97

%

 

3M SOFR+515

 

 

 

9,887

 

 

 

9,838

 

 

 

9,895

 

Riverpoint Medical, LLC (Revolver) (7)

 

6/20/2025

 

 

Healthcare Equipment and Supplies

 

 

10.73

%

 

3M SOFR+510

 

 

 

227

 

 

 

227

 

 

 

227

 

Riverpoint Medical, LLC (Revolver) (7), (9)

 

6/20/2025

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

682

 

 

 

 

 

 

 

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

 

6/15/2029

 

 

Professional Services

 

 

11.56

%

 

3M SOFR+625

 

 

 

287

 

 

 

282

 

 

 

282

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan (9)

 

6/15/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

860

 

 

 

 

 

 

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9)

 

6/15/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

860

 

 

 

 

 

 

(13

)

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

11.51

%

 

3M SOFR+620

 

 

 

2,527

 

 

 

2,518

 

 

 

2,527

 

Sales Benchmark Index LLC (Revolver) (7), (9)

 

1/3/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

1,293

 

 

 

 

 

 

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

12.93

%

 

1M SOFR+760

 

 

 

3,381

 

 

 

3,372

 

 

 

3,381

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

12.93

%

 

1M SOFR+760

 

 

 

731

 

 

 

731

 

 

 

731

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Sargent & Greenleaf Inc. (Revolver) (9)

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

352

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Professional Services

 

 

13.68

%

 

3M SOFR + 825

 

 

 

14,829

 

 

 

14,783

 

 

 

14,533

 

 

 

 

 

 

 

 

(PIK 5.60%)

 

 

 

 

 

 

 

 

 

-

 

 

 

 

Schlesinger Global, Inc. (Revolver)

 

7/14/2025

 

 

Professional Services

 

 

13.68

%

 

3M SOFR + 825

 

 

 

1,534

 

 

 

1,534

 

 

 

1,503

 

 

 

 

 

 

 

 

(PIK 5.60%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc. (Revolver) (7), (9)

 

7/14/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

394

 

 

 

 

 

 

(8

)

 

 

 

 

 

 

 

(PIK 5.60%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.46

%

 

3M SOFR+615

 

 

 

1,911

 

 

 

1,887

 

 

 

1,854

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Sigma Defense Systems, LLC

 

12/18/2027

 

 

IT Services

 

 

12.46

%

 

3M SOFR+715

 

 

 

20,894

 

 

$

20,606

 

 

$

20,685

 

Sigma Defense Systems, LLC (Revolver) (7)

 

12/18/2027

 

 

IT Services

 

 

12.46

%

 

3M SOFR+715

 

 

 

1,572

 

 

 

1,572

 

 

 

1,557

 

Sigma Defense Systems, LLC (Revolver) (7), (9)

 

12/18/2027

 

 

IT Services

 

 

 

 

 

 

 

 

1,048

 

 

 

 

 

 

(10

)

Simplicity Financial Marketing Group Holdings Inc.

 

12/2/2026

 

 

Diversified Financial Services

 

 

11.63

%

 

3M SOFR+640

 

 

 

3,428

 

 

 

3,422

 

 

 

3,388

 

Simplicity Financial Marketing Group Holdings Inc. - Unfunded Term Loan (9)

 

2/9/2026

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

5,310

 

 

 

 

 

 

(53

)

Simplicity Financial Marketing Group Holdings Inc. - (Revolver) (9)

 

12/2/2026

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

1,043

 

 

 

 

 

 

(10

)

Skopima Consilio Parent, LLC

 

5/17/2028

 

 

Business Services

 

 

9.94

%

 

1M SOFR+450

 

 

 

599

 

 

 

587

 

 

 

595

 

Smartronix, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.49

%

 

1M SOFR+635

 

 

 

13,589

 

 

 

13,374

 

 

 

13,589

 

Smartronix, LLC - (Revolver) (9)

 

11/23/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,791

 

 

 

 

 

 

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.91

%

 

1M SOFR+450

 

 

 

2,425

 

 

 

2,425

 

 

 

2,163

 

Smile Brands Inc. (Revolver)

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.95

%

 

1M SOFR+450

 

 

 

588

 

 

 

588

 

 

 

524

 

Smile Brands Inc. (Revolver) (7), (9)

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

928

 

 

 

 

 

 

(100

)

Smile Brands Inc. LC (Revolver) (7), (9)

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

(11

)

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare Technology

 

 

12.46

%

 

3M SOFR+700

 

 

 

4,657

 

 

 

4,635

 

 

 

4,652

 

Solutionreach, Inc. (Revolver) (7), (9)

 

7/17/2025

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

833

 

 

 

 

 

 

(1

)

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

10.95

%

 

3M SOFR + 565

 

 

 

2,170

 

 

 

2,146

 

 

 

2,170

 

Spendmend Holdings LLC - Unfunded Term Loan (9)

 

3/3/2025

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

1,588

 

 

 

 

 

 

12

 

Spendmend Holdings LLC (Revolver)

 

3/1/2028

 

 

Healthcare Technology

 

 

10.97

%

 

3M SOFR+565

 

 

 

357

 

 

 

357

 

 

 

357

 

Spendmend Holdings LLC (Revolver) (9)

 

3/1/2028

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

535

 

 

 

 

 

 

-

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare Providers and Services

 

 

10.35

%

 

1M SOFR+501

 

 

 

1,990

 

 

 

1,976

 

 

 

1,990

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

11.10

%

 

3M SOFR+590

 

 

 

20,566

 

 

 

20,316

 

 

 

20,546

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

12,537

 

 

 

 

 

 

81

 

System Planning and Analysis, Inc. - (Revolver) (9)

 

8/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,188

 

 

 

 

 

 

(5

)

S101 Holdings, Inc.

 

12/29/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

11.48

%

 

3M SOFR+615

 

 

 

12,502

 

 

 

12,349

 

 

 

12,377

 

S101 Holdings, Inc. - Unfunded Term Loan 2 (9)

 

12/15/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

9,036

 

 

 

 

 

 

 

TCG 3.0 Jogger Acquisitionco, Inc.

 

1/26/2029

 

 

Media

 

 

11.81

%

 

3M SOFR+650

 

 

 

26,725

 

 

 

26,271

 

 

 

26,257

 

TCG 3.0 Jogger Acquisitionco, Inc. - (Revolver) (9)

 

1/26/2029

 

 

Media

 

 

 

 

 

 

 

 

2,426

 

 

 

 

 

 

(42

)

Team Services Group, LLC

 

12/20/2027

 

 

Healthcare Providers and Services

 

 

10.58

%

 

3M SOFR+543

 

 

 

1,995

 

 

 

1,985

 

 

 

1,990

 

The Bluebird Group LLC

 

7/28/2026

 

 

Professional Services

 

 

11.96

%

 

3M SOFR+665

 

 

 

2,576

 

 

 

2,541

 

 

 

2,576

 

The Bluebird Group LLC (Revolver) (7), (9)

 

7/28/2026

 

 

Professional Services

 

 

 

 

 

 

 

 

862

 

 

 

 

 

 

 

The Vertex Companies, LLC (7)

 

8/30/2027

 

 

Construction & Engineering

 

 

11.22

%

 

1M SOFR+610

 

 

 

3,394

 

 

 

3,345

 

 

 

3,394

 

The Vertex Companies, LLC (Revolver)

 

8/30/2027

 

 

Construction & Engineering

 

 

11.95

%

 

1M SOFR+610

 

 

 

408

 

 

 

408

 

 

 

408

 

The Vertex Companies, LLC (Revolver) (7), (9)

 

8/30/2027

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

503

 

 

 

 

 

 

 

TPC US Parent, LLC

 

11/24/2025

 

 

Food Products

 

 

10.95

%

 

3M SOFR+565

 

 

 

11,949

 

 

 

11,836

 

 

 

11,937

 

TransGo, LLC

 

12/29/2028

 

 

Auto Components

 

 

11.33

%

 

3M SOFR+600

 

 

 

12,861

 

 

 

12,676

 

 

 

12,732

 

TransGo, LLC (Revolver) (7), (9)

 

12/29/2028

 

 

Auto Components

 

 

 

 

 

 

 

 

4,440

 

 

 

-

 

 

 

(44

)

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.73

%

 

1M SOFR+640

 

 

 

3,657

 

 

 

3,634

 

 

 

3,657

 

TWS Acquisition Corporation (Revolver) (7), (9)

 

6/16/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,628

 

 

 

 

 

 

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

10.98

%

 

1M SOFR+565

 

 

 

11,928

 

 

 

11,814

 

 

 

11,177

 

Tyto Athene, LLC (Revolver) (7)

 

4/1/2026

 

 

IT Services

 

 

10.99

%

 

1M SOFR+565

 

 

 

832

 

 

 

832

 

 

 

779

 

Tyto Athene, LLC (Revolver) (7), (9)

 

4/1/2026

 

 

IT Services

 

 

 

 

 

 

 

 

208

 

 

 

 

 

 

(13

)

Walker Edison Furniture, LLC - Term Loan (6)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

4,645

 

 

 

4,465

 

 

 

3,437

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan (6), (9)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

604

 

 

 

 

 

 

(157

)

Walker Edison Furniture Company, LLC - Funded Junior Revolver (6)

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Watchtower Intermediate, LLC

 

12/1/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.31

%

 

3M SOFR+600

 

 

 

9,100

 

 

 

8,967

 

 

 

9,027

 

Watchtower Intermediate, LLC - Unfunded Term Loan (9)

 

12/1/2025

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,100

 

 

 

 

 

 

7

 

Watchtower Intermediate, LLC - Funded Revolver

 

12/1/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.31

%

 

3M SOFR+600

 

 

 

1,260

 

 

 

1,260

 

 

 

1,250

 

Watchtower Intermediate, LLC (Revolver) (9)

 

12/1/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

5,040

 

 

 

 

 

 

(40

)

Wildcat Buyerco, Inc.

 

2/26/2027

 

 

Electronic Equipment, Instruments, and Components

 

 

11.06

%

 

3M SOFR+575

 

 

 

12,657

 

 

 

12,538

 

 

 

12,593

 

Wildcat Buyerco, Inc. - Unfunded Term Loan (9)

 

2/26/2027

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

3,281

 

 

 

 

 

 

16

 

Wildcat Buyerco, Inc. (Revolver) (9)

 

2/26/2027

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

534

 

 

 

 

 

 

(3

)

Wrench Group, LLC

 

10/30/2028

 

 

Commercial Services & Supplies

 

 

9.57

%

 

3M SOFR+426

 

 

 

3,500

 

 

 

3,491

 

 

 

3,509

 

Zips Car Wash, LLC

 

12/31/2024

 

 

Automobiles

 

 

12.68

%

 

3M SOFR+735

 

 

 

13,258

 

 

 

13,189

 

 

 

12,960

 

 

 

 

 

 

 

 

(PIK 1.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

12


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,055,496

 

 

 

1,044,476

 

Second Lien Secured Debt—0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

15.43

%

 

3M SOFR+1,010

 

 

 

150

 

 

 

148

 

 

 

150

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148

 

 

 

150

 

Subordinate Debt - 0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, LLC - Promissory Note

 

7/26/2024

 

 

Professional Services

 

 

12.31

%

 

 

 

 

 

18

 

 

 

18

 

 

 

18

 

Total Subordinate Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

18

 

Preferred Equity— 1.5% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

6,720

 

 

 

672

 

 

 

828

 

AFC Acquisitions, Inc. (Preferred) (8)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

825

 

 

 

1,262

 

 

 

1,324

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,018

 

 

 

2,018

 

 

 

2,063

 

Cartessa Aesthetics, LLC (Preferred) (8)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,438

 

 

 

2,267

 

Gauge Schlesinger Coinvest LLC (Preferred Equity)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64

 

 

 

64

 

 

 

45

 

Imagine Topco, LP

 

 

 

 

Software

 

 

8.00

%

 

 

 

 

 

1,236,027

 

 

 

1,224

 

 

 

1,378

 

Magnolia Topco LP - Class A Preferred Equity(8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

47

 

 

 

47

 

 

 

50

 

Magnolia Topco LP - Class B Preferred Equity(8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

31

 

 

 

20

 

 

 

21

 

Mars Intermediate Holdings II, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

835

 

 

 

835

 

 

 

1,178

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

733

 

 

 

733

 

 

 

749

 

ORL Holdco, Inc. (7)

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,327

 

 

 

133

 

 

 

 

PL Acquisitionco, LLC (Preferred Equity)

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

61

 

 

 

61

 

 

 

73

 

TPC Holding Company, LP (5), (7)

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

409

 

 

 

409

 

 

 

629

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

37

 

 

 

35

 

 

 

44

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,414

 

 

 

10,649

 

Common Equity/Warrants— 16.8% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC (8)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

647,943

 

 

 

648

 

 

 

750

 

ACP Big Top Holdings, L.P. - Common Equity

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

3,000,500

 

 

 

3,001

 

 

 

3,001

 

Ad.net Holdings, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

7,467

 

 

 

75

 

 

 

7

 

Aftermarket Drivetrain Products Holdings, LLC

 

 

 

 

Auto Components

 

 

 

 

 

 

 

 

2,632

 

 

 

2,632

 

 

 

2,881

 

AG Investco LP (7), (8)

 

 

 

 

Software

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,131

 

AG Investco LP (7), (8), (9)

 

 

 

 

Software

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

Altamira Intermediate Company II, Inc. (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,438

 

 

 

1,679

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,018

 

 

 

 

 

 

 

Athletico Holdings, LLC (8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

4,678

 

 

 

5,000

 

 

 

4,048

 

BioDerm Holdings, LP

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,313

 

 

 

1,313

 

 

 

1,288

 

Burgess Point Holdings, LP

 

 

 

 

Auto Components

 

 

 

 

 

 

 

 

100

 

 

 

100

 

 

 

96

 

By Light Investco LP (7), (8)

 

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

22,789

 

 

 

849

 

 

 

15,422

 

Carisk Parent, L.P.

 

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

169,231

 

 

 

169

 

 

 

172

 

Carnegie HoldCo, LLC - Common Equity (8)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

2,719,600

 

 

 

2,720

 

 

 

2,720

 

Connatix Parent, LLC (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

38,278

 

 

 

421

 

 

 

176

 

Consello Pacific Aggregator, LLC(8)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

1,025,476

 

 

 

1,025

 

 

 

974

 

Crane 1 Acquisition Parent Holdings, L.P. (7)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

130

 

 

 

120

 

 

 

216

 

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

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

760,273

 

 

 

747

 

 

 

1,355

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

244,597

 

 

 

 

 

 

 

eCommission Holding Corporation (7), (10)

 

 

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

20

 

 

 

251

 

 

 

596

 

EDS Topco, LP

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,125,000

 

 

 

1,125

 

 

 

1,152

 

Exigo, LLC

 

 

 

 

Software

 

 

 

 

 

 

 

 

541,667

 

 

 

542

 

 

 

601

 

FedHC InvestCo LP (7),(8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

21,665

 

 

 

727

 

 

 

1,985

 

FedHC InvestCo LP (7),(8),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

7,566

 

 

 

 

 

 

 

Five Star Parent Holdings, LLC

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

655,714

 

 

 

656

 

 

 

649

 

Gauge ETE Blocker, LLC

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

374,444

 

 

 

374

 

 

 

386

 

Gauge Lash Coinvest LLC (7)

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,658,738

 

 

 

1,088

 

 

 

7,898

 

Gauge Loving Tan, LP

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

2,481,781

 

 

 

2,482

 

 

 

1,545

 

Gauge Schlesinger Coinvest LLC (7)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

465

 

 

 

476

 

 

 

329

 

GCOM InvestCo LP (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

19,184

 

 

 

3,342

 

 

 

4,557

 

GMP Hills, L.P.

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

4,430,843

 

 

 

4,431

 

 

 

4,652

 

Hancock Claims Consultants Investors, LLC (7), (8)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

448

 

 

 

45

 

HPA SPQ Aggregator LP

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

750,399

 

 

 

750

 

 

 

746

 

HV Watterson Holdings, LLC

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

100,000

 

 

 

100

 

 

 

84

 

Icon Partners V C, L.P.

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

1,870,915

 

 

 

1,871

 

 

 

1,767

 

Icon Partners V C, L.P. (7), (9)

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

629,085

 

 

 

 

 

 

(35

)

IIN Group Holdings, LLC

 

 

 

 

Consumer Services

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000

 

 

 

 

(Integrative Nutrition, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Imagine Topco, LP (Common)

 

 

 

 

Software

 

 

 

 

 

 

 

 

1,236,027

 

 

 

 

 

 

 

IHS Parent Holdngs, L.P.

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,643

 

Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

6,184

 

 

 

641

 

 

 

1,197

 

ITC Infusion Co-invest, LP (8)

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

116,032

 

 

 

1,175

 

 

 

1,651

 

ITC Rumba, LLC (Cano Health, LLC) (7),(8)

 

 

 

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

46,763

 

 

 

117

 

 

 

 

Kinetic Purchaser, LLC

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,734,775

 

 

 

1,735

 

 

 

2,568

 

KL Stockton Co-Invest LP (Any Hour Services) (7),(8)

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

382,353

 

 

 

385

 

 

 

798

 

LEP Pequod Holdings, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

350

 

 

 

865

 

 

 

1,006

 

Lightspeed Investment Holdco LLC (7)

 

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

585,587

 

 

 

586

 

 

 

1,842

 

LJ Avalon, LP

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,638,043

 

 

 

1,638

 

 

 

1,917

 

Lucky Bucks, LLC

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

73,870

 

 

 

2,062

 

 

 

2,104

 

Magnolia Topco LP - Class A Common Equity(8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

46,974

 

 

 

 

 

 

 

Magnolia Topco LP - Class B Common Equity(8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

30,926

 

 

 

 

 

 

 

Mars Intermediate Holdings II, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

835

 

 

 

 

 

 

352

 

MDI Aggregator, LP

 

 

 

 

Commodity Chemicals

 

 

 

 

 

 

 

 

10,761

 

 

 

1,078

 

 

 

1,306

 

Meadowlark Title, LLC (8)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

819,231

 

 

 

806

 

 

 

 

Megawatt Acquisition Partners, LLC - Common Equity

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,040,000

 

 

 

1,040

 

 

 

1,040

 

Municipal Emergency Services, Inc. (7)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,973,370

 

 

 

2,005

 

 

 

2,921

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

13


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8)

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

1,494

 

 

$

1,438

 

 

$

84

 

New Medina Health, LLC(8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,672,646

 

 

 

2,673

 

 

 

3,015

 

NORA Parent Holdings, LLC (8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,544

 

 

 

2,525

 

 

 

2,841

 

North Haven Saints Equity Holdings, LP (8)

 

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

223,602

 

 

 

224

 

 

 

266

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

14,960

 

 

 

15

 

 

 

 

OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

173,638

 

 

 

1,736

 

 

 

1,736

 

OHCP V BC COI, L.P.

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,152,777

 

 

 

1,153

 

 

 

1,003

 

OHCP V BC COI, L.P. (9)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

97,224

 

 

 

 

 

 

(13

)

ORL Holdco, Inc. (7)

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,474

 

 

 

15

 

 

 

 

OSP Embedded Aggregator, LP

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,727,679

 

 

 

1,728

 

 

 

1,745

 

Output Services Group, Inc.

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

80,170

 

 

 

642

 

 

 

674

 

PCS Parent, LP - Common Equity

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

423,247

 

 

 

423

 

 

 

423

 

PennantPark-TSO Senior Loan Fund, LP (7), (10)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

11,167,847

 

 

 

11,168

 

 

 

9,705

 

Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8)

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

1,735

 

 

 

1,735

 

 

 

14

 

Pragmatic Institute, LLC

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

610,583

 

 

 

611

 

 

 

 

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

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

266,864

 

 

 

267

 

 

 

321

 

QuantiTech InvestCo LP (7), (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

453

 

QuantiTech InvestCo LP (7), (8), (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (7), (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

24

 

 

 

27

 

RFMG Parent, LP (Rancho Health MSO, Inc.) (7)

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,271

 

SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64,634

 

 

 

646

 

 

 

590

 

Seaway Topco, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

296

 

 

 

296

 

 

 

224

 

SP L2 Holdings, LLC (Ledge Lounger, Inc.)

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

360,103

 

 

 

360

 

 

 

187

 

SSC Dominion Holdings, LLC

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

24

 

 

 

24

 

 

 

1,001

 

Class B (US Dominion, Inc.) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC (CF512, Inc.) (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

161,538

 

 

 

162

 

 

 

145

 

SV Aero Holdings, LLC (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

61

 

 

 

605

 

 

 

639

 

TAC LifePort Holdings, LLC (7),(8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

533,833

 

 

 

524

 

 

 

897

 

TCG 3.0 Jogger Co-Invest, LP

 

 

 

 

Media

 

 

 

 

 

 

 

 

9,108

 

 

 

1,760

 

 

 

1,679

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

220,720

 

 

 

207

 

 

 

413

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

144,887

 

 

 

 

 

 

 

TPC Holding Company, LP (5), (7)

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

21,527

 

 

 

22

 

 

 

287

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

749

 

 

 

1

 

 

 

11

 

UniTek Global Services, Inc.(C)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

213,739

 

 

 

 

 

 

 

UniVista Insurance (7), (8)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

400

 

 

 

357

 

 

 

701

 

Urology Partners Co., L.P.

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

694,444

 

 

 

694

 

 

 

660

 

Walker Edison Holdco LLC

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

36,458

 

 

 

3,393

 

 

 

 

Watchtower Holdings, LLC (8)

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,241,935

 

 

 

1,242

 

 

 

1,286

 

WCP IvyRehab Coinvestment, LP (8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

208

 

 

 

208

 

 

 

221

 

WCP IvyRehab QP CF Feeder, LP (8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

3,715

 

 

 

3,754

 

 

 

3,952

 

WCP Ivyrehab QP CF Feeder, LP. - Unfunded (9)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

285

 

 

 

 

 

 

 

Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7)

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,240

 

 

 

95

 

 

 

771

 

Affinion Group Holdings, Inc. (Warrants)

 

4/10/2024

 

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

8,893

 

 

 

245

 

 

 

 

Kentucky Racing Holdco, LLC (Warrants) (8)

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

87,345

 

 

 

 

 

 

940

 

UniTek Global Services, Inc. (Warrants)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

23,889

 

 

 

 

 

 

 

Total Common Equity/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98,167

 

 

 

121,387

 

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

 

 

 

 

 

 

 

 

 

 

 

1,164,243

 

 

 

1,176,680

 

Investments in Controlled, Affiliated Portfolio Companies—41.8% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—33.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC - Super Priority First Lien Term Loan (7)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

10.72

%

 

3M SOFR+550

 

 

 

3,582

 

 

 

3,582

 

 

 

3,582

 

Marketplace Events, LLC - Super Priority First Lien (7), (9)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

3,261

 

 

 

 

 

 

 

Marketplace Events, LLC

 

09/30/2026

 

 

Media: Diversified and Production

 

 

10.72

%

 

3M SOFR+550

 

 

 

26,771

 

 

 

21,728

 

 

 

26,771

 

PennantPark Senior Secured Loan Fund I LLC (7), (10)

 

05/06/2024

 

 

Financial Services

 

 

13.32

%

 

3M SOFR+800

 

 

 

210,088

 

 

 

210,088

 

 

 

210,088

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

235,398

 

 

 

240,441

 

Equity Interests—8.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8)

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

349

 

 

 

 

 

 

7,650

 

PennantPark Senior Secured Loan Fund I LLC (7), (10)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

90,038

 

 

 

90,038

 

 

 

53,112

 

Total Equity Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,038

 

 

 

60,762

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

325,436

 

 

 

301,203

 

Total Investments—205.1%

 

 

 

 

 

 

 

 

 

 

 

1,489,679

 

 

 

1,477,883

 

Cash and Cash Equivalents—17.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market - BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125,246

 

 

 

125,252

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

125,246

 

 

 

125,252

 

Total Investments and Cash Equivalents—222.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,614,925

 

 

$

1,603,135

 

Liabilities in Excess of Other Assets—(122.4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(882,424

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

720,711

 

—————

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on our accounting policy. The value of all securities was determined using significant unobservable inputs.
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-U.S. company or principal place of business outside the United States.
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2031 Asset-Backed Debt and held through PennantPark CLO I, Ltd.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

14


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)

MARCH 31, 2024

(in thousands, except share data)

(Unaudited)

 

(8)
Investment is held through our Taxable Subsidiary.
(9)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(10)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2024, qualifying assets represent 83% of our total assets and non-qualifying assets represent 17% of our total assets.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2023

(in thousands, except share data)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—101.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.99

%

 

3M SOFR+660

 

 

 

1,520

 

 

$

1,499

 

 

$

1,512

 

A1 Garage Merger Sub, LLC - Unfunded Term Loan

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

528

 

 

 

 

 

 

5

 

A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9)

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

748

 

 

 

 

 

 

(4

)

Ad.net Acquisition, LLC

 

05/07/2026

 

 

Media

 

 

11.65

%

 

3M SOFR+626

 

 

 

4,888

 

 

 

4,846

 

 

 

4,863

 

Ad.net Acquisition, LLC (Revolver) (7)

 

05/07/2026

 

 

Media

 

 

11.65

%

 

3M SOFR+626

 

 

 

622

 

 

 

622

 

 

 

619

 

Ad.net Acquisition, LLC (Revolver) (7), (9)

 

05/07/2026

 

 

Media

 

 

 

 

 

 

 

 

622

 

 

 

 

 

 

(3

)

Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)

 

06/10/2025

 

 

Media

 

 

11.79

%

 

3M SOFR+640

 

 

 

13,958

 

 

 

13,859

 

 

 

13,749

 

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

 

05/23/2024

 

 

Media

 

 

11.04

%

 

3M SOFR+565

 

 

 

13,786

 

 

 

13,755

 

 

 

13,545

 

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

 

05/23/2024

 

 

Media

 

 

12.04

%

 

3M SOFR+665

 

 

 

2,212

 

 

 

2,186

 

 

 

2,184

 

Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9)

 

05/23/2024

 

 

Media

 

 

 

 

 

 

 

 

2,869

 

 

 

 

 

 

(50

)

Any Hour Services

 

07/21/2027

 

 

Energy Equipment and Services

 

 

11.22

%

 

3M SOFR+585

 

 

 

6,395

 

 

 

6,326

 

 

 

6,267

 

Any Hour Services (Revolver) (7), (9)

 

07/21/2027

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

1,147

 

 

 

 

 

 

(23

)

Apex Service Partners, LLC

 

07/31/2025

 

 

Diversified Consumer Services

 

 

10.52

%

 

3M SOFR+525

 

 

 

6,160

 

 

 

6,132

 

 

 

6,145

 

Apex Service Partners, LLC Term Loan B

 

07/31/2025

 

 

Diversified Consumer Services

 

 

11.04

%

 

3M SOFR+550

 

 

 

294

 

 

 

294

 

 

 

294

 

Apex Service Partners, LLC Term Loan C

 

07/31/2025

 

 

Diversified Consumer Services

 

 

10.68

%

 

3M SOFR+525

 

 

 

12,826

 

 

 

12,732

 

 

 

12,793

 

Apex Service Partners, LLC (Revolver) (7)

 

07/31/2025

 

 

Diversified Consumer Services

 

 

10.86

%

 

3M SOFR+525

 

 

 

1,153

 

 

 

1,153

 

 

 

1,150

 

Apex Service Partners, LLC (Revolver) (7), (9)

 

07/31/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

692

 

 

 

 

 

 

(2

)

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.54

%

 

3M SOFR+615

 

 

 

8,891

 

 

 

8,784

 

 

 

8,714

 

Applied Technical Services, LLC (Unfunded Term Loan)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

582

 

 

 

 

 

 

(6

)

Applied Technical Services, LLC (Revolver) (7)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

13.25

%

 

3M SOFR+475

 

 

 

509

 

 

 

509

 

 

 

499

 

Applied Technical Services, LLC (Revolver) (7), (9)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

764

 

 

 

 

 

 

(15

)

Arcfield Acquisition Corp.

 

08/03/2029

 

 

Aerospace and Defense

 

 

11.62

%

 

1M SOFR+625

 

 

 

6,526

 

 

 

6,429

 

 

 

6,461

 

Arcfield Acquisition Corp. (Revolver) (9)

 

08/04/2028

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,379

 

 

 

 

 

 

(14

)

Beta Plus Technologies, Inc.

 

07/01/2029

 

 

Internet Software and Services

 

 

11.14

%

 

3M SOFR+575

 

 

 

4,950

 

 

 

4,862

 

 

 

4,604

 

BioDerm, Inc. (Revolver) (7)

 

01/31/2028

 

 

Healthcare Equipment and Supplies

 

 

11.81

%

 

1M SOFR+650

 

 

 

107

 

 

 

107

 

 

 

107

 

BioDerm, Inc. (Revolver) (9)

 

01/31/2028

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

964

 

 

 

 

 

 

(5

)

Blackhawk Industrial Distribution, Inc.

 

09/17/2026

 

 

Distributors

 

 

11.79

%

 

3M SOFR+640

 

 

 

631

 

 

 

628

 

 

 

622

 

Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan

 

09/17/2026

 

 

Distributors

 

 

 

 

 

 

 

 

2,624

 

 

 

 

 

 

(26

)

Blackhawk Industrial Distribution, Inc. (Revolver) (7)

 

09/17/2026

 

 

Distributors

 

 

13.75

%

 

3M SOFR+525

 

 

 

274

 

 

 

274

 

 

 

270

 

Blackhawk Industrial Distribution, Inc. (9)

 

09/17/2026

 

 

Distributors

 

 

 

 

 

 

 

 

2,469

 

 

 

 

 

 

(37

)

Broder Bros., Co.

 

12/04/2025

 

 

Textiles, Apparel and Luxury Goods

 

 

11.50

%

 

3M SOFR+626

 

 

 

3,324

 

 

 

3,324

 

 

 

3,324

 

By Light Professional IT Services, LLC

 

05/16/2025

 

 

High Tech Industries

 

 

12.43

%

 

3M SOFR+688

 

 

 

25,674

 

 

 

25,499

 

 

 

25,224

 

By Light Professional IT Services, LLC (Revolver) (7)(9)

 

05/16/2025

 

 

High Tech Industries

 

 

 

 

 

 

 

 

3,507

 

 

 

 

 

 

(61

)

Cadence Aerospace, LLC (7)

 

11/14/2023

 

 

Aerospace and Defense

 

 

12.07

%

 

3M SOFR+665

 

 

 

980

 

 

 

980

 

 

 

980

 

 

 

 

 

 

 

 

(PIK 9.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cartessa Aesthetics, LLC

 

06/14/2028

 

 

Distributors

 

 

11.39

%

 

3M SOFR+600

 

 

 

13,076

 

 

 

12,907

 

 

 

13,076

 

Cartessa Aesthetics, LLC (Revolver) (7)

 

06/14/2028

 

 

Distributors

 

 

11.39

%

 

3M SOFR+600

 

 

 

511

 

 

 

511

 

 

 

511

 

Cartessa Aesthetics, LLC (Revolver) (7)(9)

 

06/14/2028

 

 

Distributors

 

 

 

 

 

 

 

 

927

 

 

 

 

 

 

-

 

CF512, Inc.

 

08/20/2026

 

 

Media

 

 

11.59

%

 

3M SOFR+619

 

 

 

5,980

 

 

 

5,930

 

 

 

5,860

 

CF512, Inc. (Revolver) (7), (9)

 

08/20/2026

 

 

Media

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

(19

)

CHA Holdings, Inc.

 

04/10/2025

 

 

Environmental Industries

 

 

10.15

%

 

3M SOFR+476

 

 

 

1,564

 

 

 

1,562

 

 

 

1,564

 

Challenger Performance Optimization, Inc.

 

08/31/2024

 

 

Business Services

 

 

12.18

%

 

3M L+675

 

 

 

237

 

 

 

237

 

 

 

230

 

Compex Legal Services, Inc.

 

02/09/2026

 

 

Professional Services

 

 

10.99

%

 

3M SOFR+525

 

 

 

8,925

 

 

 

8,891

 

 

 

8,925

 

Compex Legal Services, Inc. (Revolver) (7)

 

02/07/2025

 

 

Professional Services

 

 

10.94

%

 

3M SOFR+555

 

 

 

141

 

 

 

141

 

 

 

141

 

Compex Legal Services, Inc. (Revolver) (7), (9)

 

02/07/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

1,265

 

 

 

 

 

 

 

Connatix Buyer, Inc.

 

07/13/2027

 

 

Media

 

 

11.16

%

 

1M SOFR+576

 

 

 

3,814

 

 

 

3,761

 

 

 

3,681

 

Connatix Buyer, Inc. (7), (9)

 

07/13/2027

 

 

Media

 

 

 

 

 

 

 

 

1,234

 

 

 

 

 

 

(43

)

Crane 1 Services, Inc.

 

08/16/2027

 

 

Commercial Services & Supplies

 

 

10.90

%

 

3M SOFR+551

 

 

 

882

 

 

 

871

 

 

 

878

 

Crane 1 Services, Inc. (Revolver) (7)

 

08/16/2027

 

 

Commercial Services & Supplies

 

 

10.90

%

 

3M SOFR+551

 

 

 

135

 

 

 

135

 

 

 

134

 

Crane 1 Services, Inc. (Revolver) (7)

 

08/16/2027

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

202

 

 

 

 

 

 

(1

)

Dr. Squatch, LLC

 

08/31/2027

 

 

Personal Products

 

 

11.24

%

 

3M SOFR+585

 

 

 

4,383

 

 

 

4,328

 

 

 

4,383

 

Dr. Squatch, LLC (Revolver) (7), (9)

 

08/31/2027

 

 

Personal Products

 

 

 

 

 

 

 

 

3,353

 

 

 

 

 

 

 

DRS Holdings III, Inc.

 

11/03/2025

 

 

Chemicals, Plastics and Rubber

 

 

11.79

%

 

3M SOFR+640

 

 

 

16,266

 

 

 

16,142

 

 

 

16,070

 

DRS Holdings III, Inc. (Revolver) (7), (9)

 

11/03/2025

 

 

Personal Products

 

 

 

 

 

 

 

 

1,426

 

 

 

 

 

 

(17

)

Duraco Specialty Tapes LLC

 

06/30/2024

 

 

Containers and Packaging

 

 

11.93

%

 

1M SOFR+650

 

 

 

3,445

 

 

 

3,407

 

 

 

3,393

 

ECL Entertainment, LLC

 

08/31/2030

 

 

Hotels, Restaurants and Leisure

 

 

10.14

%

 

1M SOFR+475

 

 

 

5,000

 

 

 

4,900

 

 

 

4,985

 

eCommission Financial Services, Inc. (10)

 

10/05/2023

 

 

Banking, Finance, Insurance & Real Estate

 

 

10.43

%

 

1M SOFR+510

 

 

 

4,599

 

 

 

4,599

 

 

 

4,599

 

eCommission Financial Services, Inc. (Revolver) (7), (9), (10)

 

10/05/2023

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

EDS Buyer, LLC - Unfunded Term Loan

 

01/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

6,750

 

 

 

 

 

 

(17

)

EDS Buyer, LLC. (Revolver) (7), (9)

 

01/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,025

 

 

 

 

 

 

(30

)

Efficient Collaborative Retail Marketing Company, LLC

 

06/15/2024

 

 

Media: Diversified and Production

 

 

13.15

%

 

3M SOFR+776

 

 

 

7,645

 

 

 

7,651

 

 

 

5,352

 

ETE Intermediate II, LLC (Revolver) (9)

 

05/25/2029

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

1,656

 

 

 

 

 

 

(28

)

Exigo Intermediate II, LLC (Revolver) (9)

 

03/15/2027

 

 

Software

 

 

 

 

 

 

 

 

689

 

 

 

 

 

 

(14

)

Five Star Buyer, Inc.

 

02/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

12.43

%

 

1M SOFR+710

 

 

 

4,569

 

 

 

4,488

 

 

 

4,500

 

Five Star Buyer, Inc. - DDTL B Unfunded

 

02/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

837

 

 

 

-

 

 

 

(13

)

Five Star Buyer, Inc. (Revolver) (9)

 

02/23/2028

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

741

 

 

 

-

 

 

 

(11

)

Gauge ETE Blocker, LLC - Promissory Note

 

05/19/2029

 

 

Diversified Consumer Services

 

 

12.56

%

 

 

 

 

 

215

 

 

 

215

 

 

 

215

 

Global Holdings InterCo LLC

 

03/16/2026

 

 

Diversified Financial Services

 

 

11.96

%

 

3M SOFR+660

 

 

 

3,279

 

 

 

3,252

 

 

 

3,115

 

Graffiti Buyer, Inc.

 

08/10/2027

 

 

Trading Companies & Distributors

 

 

10.98

%

 

3M SOFR+550

 

 

 

736

 

 

 

729

 

 

 

729

 

Graffiti Buyer, Inc. (7), (9)

 

12/8/2023

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

332

 

 

 

 

 

 

 

Graffiti Buyer, Inc. (Revolver) (7)

 

08/10/2027

 

 

Trading Companies & Distributors

 

 

10.98

%

 

3M SOFR+575

 

 

 

269

 

 

 

269

 

 

 

266

 

Graffiti Buyer, Inc. (Revolver) (7), (9)

 

08/10/2027

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

596

 

 

 

 

 

 

(6

)

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.93

%

 

3M SOFR+560

 

 

 

4,172

 

 

 

4,112

 

 

 

4,068

 

Hancock Roofing and Construction L.L.C. (Revolver) (7)

 

12/31/2026

 

 

Insurance

 

 

10.92

%

 

1M SOFR+560

 

 

 

335

 

 

 

335

 

 

 

327

 

Hancock Roofing and Construction L.L.C. (Revolver) (7), (9)

 

12/31/2026

 

 

Insurance

 

 

 

 

 

 

 

 

415

 

 

 

 

 

 

(10

)

Holdco Sands Intermediate, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.32

%

 

6M SOFR+585

 

 

 

4,913

 

 

 

4,835

 

 

 

4,913

 

Holdco Sands Intermediate, LLC (Revolver) (9)

 

11/23/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

1,791

 

 

 

 

 

 

 

HW Holdco, LLC

 

12/10/2024

 

 

Media

 

 

11.70

%

 

3M SOFR+640

 

 

 

9,000

 

 

 

8,973

 

 

 

8,865

 

HW Holdco, LLC (Revolver)

 

12/10/2024

 

 

Media

 

 

11.82

%

 

3M SOFR+640

 

 

 

116

 

 

 

116

 

 

 

114

 

HW Holdco, LLC (Revolver) (7), (9)

 

12/10/2024

 

 

Media

 

 

 

 

 

 

 

 

1,335

 

 

 

 

 

 

(20

)

IG Investments Holdings, LLC (7)

 

09/22/2028

 

 

Professional Services

 

 

11.45

%

 

3M SOFR+610

 

 

 

4,428

 

 

 

4,356

 

 

 

4,362

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

16


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2023

(in thousands, except share data)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

IG Investments Holdings, LLC (Revolver) (7), (9)

 

09/22/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

477

 

 

$

-

 

 

$

(7

)

Imagine Acquisitionco, LLC (9)

 

11/15/2027

 

 

Software

 

 

 

 

 

 

 

 

1,657

 

 

 

 

 

 

(8

)

Imagine Acquisitionco, LLC (Revolver) (9)

 

11/15/2027

 

 

Software

 

 

 

 

 

 

 

 

1,193

 

 

 

 

 

 

(18

)

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.50

%

 

3M SOFR+715

 

 

 

14,803

 

 

 

14,656

 

 

 

14,803

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.24

%

 

3M SOFR+685

 

 

 

2,089

 

 

 

2,089

 

 

 

2,089

 

Infinity Home Services Holdco, Inc. - Unfunded Term Loan

 

12/28/2023

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,135

 

 

 

 

 

 

 

Infinity Home Services Holdco, Inc. (Revolver) (9)

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,292

 

 

 

 

 

 

 

Infolinks Media Buyco, LLC

 

11/01/2026

 

 

Media

 

 

11.17

%

 

1M SOFR+585

 

 

 

3,178

 

 

 

3,143

 

 

 

3,178

 

Infolinks Media Buyco, LLC- Unfunded Term Loan

 

11/01/2023

 

 

Media

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

4

 

Integrated Data Services (Revolver) (9)

 

08/01/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

3,096

 

 

 

 

 

 

(72

)

Integrative Nutrition, LLC

 

01/31/2025

 

 

Consumer Services

 

 

12.54

%

 

3M SOFR+715

 

 

 

15,521

 

 

 

15,457

 

 

 

14,590

 

Integrity Marketing Acquisition, LLC

 

08/27/2026

 

 

Insurance

 

 

11.57

%

 

3M SOFR+615

 

 

 

15,666

 

 

 

15,553

 

 

 

15,509

 

Integrity Marketing Acquisition, LLC - Unfunded Term Loan

 

08/31/2025

 

 

Insurance

 

 

 

 

 

 

 

 

8,000

 

 

 

-

 

 

 

(40

)

Integrity Marketing Acquisition, LLC (Revolver) (7), (9)

 

08/27/2026

 

 

Insurance

 

 

 

 

 

 

 

 

511

 

 

 

-

 

 

 

-

 

ITI Holdings, Inc. (Revolver)

 

03/03/2028

 

 

IT Services

 

 

12.05

%

 

1M SOFR+560

 

 

 

500

 

 

 

500

 

 

 

490

 

ITI Holdings, Inc. (Revolver) (9)

 

03/03/2028

 

 

IT Services

 

 

 

 

 

 

 

 

165

 

 

 

 

 

 

(3

)

Inventus Power, Inc.

 

06/30/2025

 

 

Electronic Equipment, Instruments, and Components

 

 

12.93

%

 

1M SOFR+761

 

 

 

4,988

 

 

 

4,894

 

 

 

4,888

 

Inventus Power, Inc. (Revolver) (7), (9)

 

06/30/2025

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,729

 

 

 

 

 

 

(35

)

K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9)

 

12/20/2023

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

1,429

 

 

 

 

 

 

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.54

%

 

3M SOFR+615

 

 

 

17,253

 

 

 

16,999

 

 

 

16,995

 

Kinetic Purchaser, LLC - (Revolver) (9)

 

11/10/2026

 

 

Personal Products

 

 

 

 

 

 

 

 

3,435

 

 

 

 

 

 

(52

)

Lash OpCo, LLC

 

02/18/2027

 

 

Personal Products

 

 

11.88

%

 

1M SOFR+675

 

 

 

10,404

 

 

 

10,264

 

 

 

10,300

 

Lash OpCo, LLC (Revolver) (7)

 

08/16/2026

 

 

Personal Products

 

 

12.15

%

 

3M SOFR+675

 

 

 

2,086

 

 

 

2,086

 

 

 

2,065

 

Lash OpCo, LLC (Revolver) (7), (9)

 

08/16/2026

 

 

Personal Products

 

 

 

 

 

 

 

 

986

 

 

 

 

 

 

(10

)

LAV Gear Holdings, Inc.

 

10/31/2024

 

 

Capital Equipment

 

 

11.83

%

 

1M SOFR+643

 

 

 

7,544

 

 

 

7,537

 

 

 

7,454

 

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

LAV Gear Holdings, Inc. (Revolver) (7)

 

10/31/2024

 

 

Capital Equipment

 

 

11.02

%

 

3M SOFR+565

 

 

 

1,721

 

 

 

1,721

 

 

 

1,700

 

 

 

 

 

 

 

 

(PIK 5.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Ledge Lounger, Inc.

 

11/09/2026

 

 

Leisure Products

 

 

11.79

%

 

3M SOFR+640

 

 

 

3,709

 

 

 

3,677

 

 

 

3,663

 

Ledge Lounger, Inc. (Revolver) (9)

 

11/09/2026

 

 

Leisure Products

 

 

 

 

 

 

 

 

789

 

 

 

 

 

 

(10

)

Lightspeed Buyer Inc.

 

02/03/2026

 

 

Healthcare Technology

 

 

10.67

%

 

1M SOFR+535

 

 

 

22,543

 

 

 

22,282

 

 

 

22,317

 

Lightspeed Buyer Inc. (Revolver) (7) (9)

 

02/03/2026

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

2,499

 

 

 

 

 

 

(25

)

LJ Avalon Holdings, LLC

 

02/01/2030

 

 

Construction & Engineering

 

 

11.79

%

 

3M SOFR+640

 

 

 

400

 

 

 

394

 

 

 

392

 

LJ Avalon Holdings, LLC - Unfunded Term Loan

 

07/31/2024

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

2,424

 

 

 

 

 

 

(12

)

LJ Avalon Holdings, LLC (Revolver) (9)

 

01/31/2030

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,130

 

 

 

 

 

 

(23

)

Loving Tan Intermediate II, Inc.

 

05/31/2028

 

 

Personal Products

 

 

12.39

%

 

3M SOFR+700

 

 

 

19,263

 

 

 

18,894

 

 

 

18,974

 

Loving Tan Intermediate II, Inc. (Revolver)

 

05/31/2028

 

 

Personal Products

 

 

12.39

%

 

3M SOFR+700

 

 

 

1,861

 

 

 

1,861

 

 

 

1,833

 

Loving Tan Intermediate II, Inc. (Revolver)(7)(9)

 

05/31/2028

 

 

Personal Products

 

 

 

 

 

 

 

 

1,523

 

 

 

 

 

 

(23

)

Lucky Bucks, LLC (6)

 

07/20/2027

 

 

Hotels, Restaurants and Leisure

 

 

0.00

%

 

 

 

 

 

4,489

 

 

 

4,210

 

 

 

1,182

 

Lucky Bucks, LLC - DIP

 

10/20/2023

 

 

Hotels, Restaurants and Leisure

 

 

15.30

%

 

3M SOFR+1000

 

 

 

160

 

 

 

158

 

 

 

160

 

MAG DS Corp.

 

04/01/2027

 

 

Aerospace and Defense

 

 

10.99

%

 

3M SOFR+550

 

 

 

3,674

 

 

 

3,564

 

 

 

3,481

 

Mars Acquisition Holdings Corp.

 

05/14/2026

 

 

Media

 

 

11.04

%

 

3M SOFR+565

 

 

 

8,728

 

 

 

8,616

 

 

 

8,640

 

Mars Acquisition Holdings Corp. (Revolver)(7)(9)

 

05/14/2026

 

 

Media

 

 

 

 

 

 

 

 

2,435

 

 

 

 

 

 

(24

)

MBS Holdings, Inc. (Revolver)

 

04/16/2027

 

 

Internet Software and Services

 

 

11.17

%

 

1M SOFR+585

 

 

 

185

 

 

 

185

 

 

 

182

 

MBS Holdings, Inc. (Revolver)(7)(9)

 

04/16/2027

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

972

 

 

 

 

 

 

(15

)

MDI Buyer, Inc.

 

07/25/2028

 

 

Commodity Chemicals

 

 

11.09

%

 

3M SOFR+625

 

 

 

2,041

 

 

 

2,003

 

 

 

1,997

 

MDI Buyer, inc. (Revolver) (7)

 

07/25/2028

 

 

Commodity Chemicals

 

 

10.91

%

 

3M SOFR+600

 

 

 

361

 

 

 

361

 

 

 

353

 

MDI Buyer, inc. (Revolver) (9)

 

07/25/2028

 

 

Commodity Chemicals

 

 

 

 

 

 

 

 

412

 

 

 

 

 

 

(5

)

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.04

%

 

3M SOFR+565

 

 

 

1,978

 

 

 

1,954

 

 

 

1,929

 

Meadowlark Acquirer, LLC - Term Loan I (9)

 

12/10/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

1,103

 

 

 

 

 

 

(17

)

Meadowlark Acquirer, LLC - Term Loan II (9)

 

12/10/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

9,483

 

 

 

 

 

 

(142

)

Meadowlark Acquirer, LLC (Revolver) (9)

 

12/10/2027

 

 

Professional Services

 

 

 

 

 

 

 

 

1,693

 

 

 

 

 

 

(42

)

Mission Critical Electronics, Inc.

 

03/28/2024

 

 

Capital Equipment

 

 

10.65

%

 

SOFR +515

 

 

 

3,571

 

 

 

3,560

 

 

 

3,553

 

Mission Critical Electronics, Inc. (9)

 

03/28/2024

 

 

Capital Equipment

 

 

 

 

 

 

 

 

707

 

 

 

 

 

 

(1

)

Mission Critical Electronics, Inc. (Revolver) (7), (9)

 

03/28/2024

 

 

Capital Equipment

 

 

 

 

 

 

 

 

1,325

 

 

 

 

 

 

(6

)

Municipal Emergency Services, Inc.

 

10/01/2027

 

 

Distributors

 

 

11.04

%

 

3M SOFR+565

 

 

 

1,181

 

 

 

1,144

 

 

 

1,155

 

Municipal Emergency Services, Inc. - Unfunded Term Loan A

 

06/16/2023

 

 

Distributors

 

 

 

 

 

 

 

 

387

 

 

 

 

 

 

(9

)

Municipal Emergency Services, Inc. - Unfunded Term Loan B

 

12/16/2024

 

 

Distributors

 

 

 

 

 

 

 

 

1,264

 

 

 

 

 

 

(28

)

Municipal Emergency Services, Inc. (Revolver) (7)

 

10/01/2027

 

 

Distributors

 

 

11.04

%

 

3M SOFR+565

 

 

 

379

 

 

 

379

 

 

 

370

 

Municipal Emergency Services, Inc. (Revolver) (7), (9)

 

10/01/2027

 

 

Distributors

 

 

 

 

 

 

 

 

568

 

 

 

 

 

 

(12

)

Neptune Flood Incorporated - Revolver Unfunded

 

05/09/2029

 

 

Insurance

 

 

 

 

 

 

 

 

541

 

 

 

 

 

 

 

NBH Group LLC (Revolver) (7), (9)

 

08/19/2026

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,677

 

 

 

 

 

 

(34

)

NORA Acquisition, LLC

 

08/31/2029

 

 

Healthcare Providers and Services

 

 

11.74

%

 

3M SOFR+635

 

 

 

41,489

 

 

 

40,662

 

 

 

40,659

 

NORA Acquisition, LLC (Revolver) (7), (9)

 

08/31/2029

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

5,479

 

 

 

 

 

 

(110

)

One Stop Mailing, LLC

 

05/07/2027

 

 

Air Freight and Logistics

 

 

11.68

%

 

1M SOFR+636

 

 

 

8,516

 

 

 

8,397

 

 

 

8,516

 

ORL Acquisition, Inc. (7)

 

09/03/2027

 

 

Consumer Finance

 

 

12.84

%

 

6M SOFR+725

 

 

 

4,900

 

 

 

4,828

 

 

 

4,459

 

ORL Acquisition, Inc. (Revolver) (7), (9)

 

09/03/2027

 

 

Consumer Finance

 

 

 

 

 

 

 

 

861

 

 

 

 

 

 

(77

)

Output Services Group, Inc. (6)

 

06/27/2026

 

 

Business Services

 

 

0.00

%

 

 

 

 

 

4,923

 

 

 

4,469

 

 

 

960

 

Owl Acquisition, LLC

 

02/04/2028

 

 

Professional Services

 

 

10.80

%

 

6M SOFR+550

 

 

 

3,893

 

 

 

3,797

 

 

 

3,834

 

Ox Two, LLC

 

05/18/2026

 

 

Construction and Building

 

 

12.90

%

 

3M SOFR+751

 

 

 

22,736

 

 

 

22,513

 

 

 

22,338

 

Ox Two, LLC (Revolver) (9)

 

05/18/2026

 

 

Construction and Building

 

 

 

 

 

 

 

 

3,387

 

 

 

 

 

 

(59

)

Pequod Merger Sub, Inc. - Unfunded Term Loan

 

12/02/2026

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

2,847

 

 

 

 

 

 

(57

)

Pequod Merger Sub, Inc (Revolver) (9)

 

12/02/2026

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

(15

)

PL Acquisitionco, LLC

 

11/09/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.42

%

 

1M SOFR+710

 

 

 

5,612

 

 

 

5,538

 

 

 

5,050

 

PL Acquisitionco, LLC - (Revolver) (9)

 

11/09/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

2,290

 

 

 

 

 

 

(229

)

PlayPower, Inc.

 

05/08/2026

 

 

Leisure Products

 

 

10.92

%

 

3M SOFR+565

 

 

 

3,401

 

 

 

3,386

 

 

 

3,248

 

Pragmatic Institute, LLC - Unfunded Term Loan

 

07/06/2028

 

 

Professional Services

 

 

 

 

 

 

 

 

2,290

 

 

 

 

 

 

(80

)

Pragmatic Institute, LLC (Revolver)

 

07/06/2028

 

 

Professional Services

 

 

11.17

%

 

3M SOFR+575

 

 

 

1,526

 

 

 

1,526

 

 

 

1,458

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

11.74

%

 

3M SOFR+635

 

 

 

6,647

 

 

 

6,578

 

 

 

6,547

 

Quantic Electronics, LLC (Revolver) (7)

 

11/19/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

11.74

%

 

3M SOFR+635

 

 

 

670

 

 

 

670

 

 

 

660

 

Questex, LLC

 

09/09/2024

 

 

Media: Diversified and Production

 

 

9.81

%

 

3M SOFR+425

 

 

 

6,731

 

 

 

6,706

 

 

 

6,731

 

Questex, LLC (Revolver) (7), (9)

 

09/09/2024

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

1,197

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

17


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2023

(in thousands, except share data)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

Rancho Health MSO, Inc. (Revolver) (7)

 

12/18/2025

 

 

Healthcare Equipment and Supplies

 

 

11.24

%

 

3M SOFR+585

 

 

 

210

 

 

$

210

 

 

$

210

 

Rancho Health MSO, Inc. (Revolver) (7), (9)

 

12/18/2025

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

315

 

 

 

 

 

 

 

Recteq, LLC

 

01/29/2026

 

 

Leisure Products

 

 

12.54

%

 

3M SOFR+715

 

 

 

1,463

 

 

 

1,448

 

 

 

1,419

 

Recteq, LLC (Revolver) (7), (9)

 

01/29/2026

 

 

Leisure Products

 

 

 

 

 

 

 

 

1,296

 

 

 

 

 

 

(39

)

Research Now Group, Inc. and Dynata, LLC

 

12/20/2024

 

 

Business Services

 

 

11.13

%

 

3M SOFR+576

 

 

 

16,962

 

 

 

16,875

 

 

 

14,842

 

Riverpoint Medical, LLC

 

06/20/2025

 

 

Healthcare Equipment and Supplies

 

 

10.54

%

 

3M SOFR+515

 

 

 

7,939

 

 

 

7,903

 

 

 

7,828

 

Riverpoint Medical, LLC (Revolver) (7)

 

06/20/2025

 

 

Healthcare Equipment and Supplies

 

 

10.42

%

 

1M SOFR+510

 

 

 

114

 

 

 

114

 

 

 

112

 

Riverpoint Medical, LLC (Revolver) (7), (9)

 

06/20/2025

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

795

 

 

 

 

 

 

(11

)

Riverside Assessments, LLC

 

03/10/2025

 

 

Professional Services

 

 

11.29

%

 

3M SOFR+590

 

 

 

15,199

 

 

 

15,075

 

 

 

15,047

 

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

 

06/15/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

1,146

 

 

 

 

 

 

 

Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9)

 

06/15/2029

 

 

Professional Services

 

 

 

 

 

 

 

 

860

 

 

 

 

 

 

(13

)

Sales Benchmark Index LLC

 

01/03/2025

 

 

Professional Services

 

 

11.59

%

 

3M SOFR+620

 

 

 

2,596

 

 

 

2,581

 

 

 

2,583

 

Sales Benchmark Index LLC (Revolver) (7), (9)

 

01/03/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

1,293

 

 

 

 

 

 

(7

)

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

12.93

%

 

1M SOFR+760

 

 

 

3,439

 

 

 

3,425

 

 

 

3,405

 

Sargent & Greenleaf Inc. (Revolver)

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

12.92

%

 

1M SOFR+760

 

 

 

280

 

 

 

280

 

 

 

277

 

Sargent & Greenleaf Inc. (Revolver) (9)

 

12/20/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

801

 

 

 

 

 

 

(8

)

Schlesinger Global, Inc.

 

07/14/2025

 

 

Professional Services

 

 

12.07

%

 

3M SOFR+715

 

 

 

14,490

 

 

 

14,428

 

 

 

14,019

 

Schlesinger Global, Inc. (Revolver)

 

07/14/2025

 

 

Professional Services

 

 

12.52

%

 

3M SOFR+715

 

 

 

1,495

 

 

 

1,495

 

 

 

1,446

 

Schlesinger Global, Inc. (Revolver) (7), (9)

 

07/14/2025

 

 

Professional Services

 

 

 

 

 

 

 

 

375

 

 

 

 

 

 

(12

)

Seaway Buyer, LLC

 

06/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

3M SOFR+615

 

 

 

1,921

 

 

 

1,895

 

 

 

1,863

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

IT Services

 

 

14.04

%

 

3M SOFR+865

 

 

 

10,277

 

 

 

10,123

 

 

 

10,123

 

Sigma Defense Systems, LLC (Revolver) (7)

 

12/18/2025

 

 

IT Services

 

 

14.04

%

 

3M SOFR+865

 

 

 

1,835

 

 

 

1,835

 

 

 

1,807

 

Sigma Defense Systems, LLC (Revolver) (7), (9)

 

12/18/2025

 

 

IT Services

 

 

 

 

 

 

 

 

786

 

 

 

 

 

 

(12

)

Signature Systems Holding Company

 

05/03/2024

 

 

Commercial Services & Supplies

 

 

12.04

%

 

1M L+665

 

 

 

9,708

 

 

 

9,688

 

 

 

9,708

 

Signature Systems Holding Company (Revolver) (9)

 

05/03/2024

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,747

 

 

 

 

 

 

 

Skopima Consilio Parent, LLC

 

05/17/2028

 

 

Business Services

 

 

9.93

%

 

1M SOFR+450

 

 

 

600

 

 

 

588

 

 

 

587

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.97

%

 

3M SOFR+450

 

 

 

2,437

 

 

 

2,437

 

 

 

2,190

 

Smile Brands Inc. (Revolver)

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

10.11

%

 

1M SOFR+450

 

 

 

1,508

 

 

 

1,508

 

 

 

1,355

 

Smile Brands Inc. LC (Revolver) (7), (9)

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

108

 

 

 

 

 

 

(11

)

Solutionreach, Inc.

 

01/17/2024

 

 

Healthcare Technology

 

 

12.37

%

 

1M SOFR+700

 

 

 

4,657

 

 

 

4,650

 

 

 

4,638

 

Solutionreach, Inc. (Revolver) (7), (9)

 

01/17/2024

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

833

 

 

 

 

 

 

(3

)

Spendmend Holdings LLC

 

03/01/2028

 

 

Healthcare Technology

 

 

11.03

%

 

3M SOFR+565

 

 

 

2,061

 

 

 

2,037

 

 

 

2,016

 

Spendmend Holdings LLC - Unfunded Term Loan

 

03/01/2024

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

1,707

 

 

 

 

 

 

(25

)

Spendmend Holdings LLC (Revolver)

 

03/01/2028

 

 

Healthcare Technology

 

 

11.03

%

 

1M SOFR+565

 

 

 

357

 

 

 

357

 

 

 

349

 

Spendmend Holdings LLC (Revolver) (9)

 

03/01/2028

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

535

 

 

 

 

 

 

(12

)

STV Group Incorporated

 

12/11/2026

 

 

Construction & Engineering

 

 

10.67

%

 

1M SOFR+535

 

 

 

4,752

 

 

 

4,724

 

 

 

4,657

 

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

 

08/16/2027

 

 

Aerospace and Defense

 

 

11.49

%

 

6M SOFR+615

 

 

 

18,373

 

 

 

18,109

 

 

 

18,171

 

System Planning and Analysis, Inc. (Revolver) (9)
   (f/k/a Management Consulting & Research, LLC)

 

08/16/2027

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

5,188

 

 

 

 

 

 

(57

)

Teneo Holdings LLC

 

07/18/2025

 

 

Diversified Financial Services

 

 

10.67

%

 

1M SOFR+535

 

 

 

5,733

 

 

 

5,683

 

 

 

5,725

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

12.04

%

 

3M SOFR+665

 

 

 

5,421

 

 

 

5,374

 

 

 

5,340

 

The Bluebird Group LLC

 

07/28/2026

 

 

Professional Services

 

 

12.79

%

 

3M SOFR+740

 

 

 

2,368

 

 

 

2,331

 

 

 

2,359

 

The Bluebird Group LLC (Revolver) (7), (9)

 

07/28/2026

 

 

Professional Services

 

 

 

 

 

 

 

 

862

 

 

 

 

 

 

(3

)

The Vertex Companies, LLC (7)

 

08/30/2027

 

 

Construction & Engineering

 

 

11.67

%

 

1M SOFR+635

 

 

 

1,979

 

 

 

1,949

 

 

 

1,961

 

The Vertex Companies, LLC (Revolver)

 

08/30/2027

 

 

Construction & Engineering

 

 

11.67

%

 

1M SOFR+635

 

 

 

305

 

 

 

305

 

 

 

303

 

The Vertex Companies, LLC (Revolver) (7), (9)

 

08/30/2027

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

606

 

 

 

 

 

 

(5

)

TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10)

 

11/24/2025

 

 

Food Products

 

 

10.90

%

 

3M SOFR+565

 

 

 

4,813

 

 

 

4,793

 

 

 

4,813

 

TWS Acquisition Corporation

 

06/16/2025

 

 

Diversified Consumer Services

 

 

11.81

%

 

3M SOFR+640

 

 

 

4,316

 

 

 

4,280

 

 

 

4,316

 

TWS Acquisition Corporation (Revolver) (7), (9)

 

06/16/2025

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

2,628

 

 

 

 

 

 

 

Tyto Athene, LLC

 

04/01/2028

 

 

IT Services

 

 

10.90

%

 

3M SOFR+565

 

 

 

11,928

 

 

 

11,803

 

 

 

10,879

 

Tyto Athene, LLC (Revolver) (7), (9)

 

04/01/2026

 

 

IT Services

 

 

 

 

 

 

 

 

1,040

 

 

 

 

 

 

(94

)

Walker Edison Furniture, LLC - Term Loan

 

03/31/2027

 

 

Wholesale

 

 

12.18

%

 

1M SOFR+685

 

 

 

3,521

 

 

 

3,521

 

 

 

3,521

 

Walker Edison Furniture Company, LLC - Funded Junior Revolver

 

03/31/2027

 

 

Wholesale

 

 

11.68

%

 

1M SOFR+635

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Walker Edison Furniture Company, LLC - Unfunded Term Loan

 

03/31/2027

 

 

Wholesale

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

 

Wildcat Buyerco, Inc.

 

02/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

10.54

%

 

3M SOFR+515

 

 

 

7,646

 

 

 

7,579

 

 

 

7,570

 

Wildcat Buyerco, Inc. (Revolver) (9)

 

02/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

534

 

 

 

 

 

 

(5

)

Zips Car Wash, LLC

 

03/01/2024

 

 

Automobiles

 

 

12.67

%

 

1M SOFR+735

 

 

 

13,249

 

 

 

13,206

 

 

 

12,818

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

683,940

 

 

 

665,725

 

Second Lien Secured Debt—0.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mailsouth Inc. (7)

 

04/23/2025

 

 

Media: Advertising, Printing and Publishing

 

 

 

(6)

 

 

 

 

1,161

 

 

 

965

 

 

 

-

 

QuantiTech LLC

 

02/04/2027

 

 

Aerospace and Defense

 

 

15.50

%

 

3M SOFR+1,010

 

 

 

150

 

 

 

148

 

 

 

149

 

Total Second Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,113

 

 

 

149

 

Preferred Equity— 1.8% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ad.net Holdings, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

6,720

 

 

 

672

 

 

 

757

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,018

 

 

 

2,018

 

 

 

1,633

 

Cartessa Aesthetics, LLC (Preferred) (8)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,438

 

 

 

2,007

 

Gauge Lash Coinvest LLC (Preferred)

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

108,546

 

 

 

586

 

 

 

1,319

 

Gauge Schlesinger Coinvest LLC (Preferred Equity)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64

 

 

 

64

 

 

 

47

 

Imagine Topco, LP

 

 

 

 

Software

 

 

8.00

%

 

 

 

 

 

1,236,027

 

 

 

1,236

 

 

 

1,246

 

Magnolia Topco LP - Class A Preferred Equity (8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

5

 

 

 

5

 

 

 

6

 

Magnolia Topco LP - Class B Preferred Equity (8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

28

 

 

 

17

 

 

 

24

 

Mars Intermediate Holdings II, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

835

 

 

 

835

 

 

 

1,112

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

733

 

 

 

733

 

 

 

489

 

ORL Holdco, Inc. (7)

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,327

 

 

 

133

 

 

 

-

 

PL Acquisitionco, LLC (Preferred Equity)

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

61

 

 

 

61

 

 

 

66

 

Signature CR Intermediate Holdco, Inc. (7)

 

 

 

 

Commercial Services & Supplies

 

 

12.00

%

 

 

 

 

 

1,323

 

 

 

1,323

 

 

 

2,158

 

TPC Holding Company, LP (5), (7), (8), (10)

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

409

 

 

 

409

 

 

 

598

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

18


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2023

(in thousands, except share data)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

37

 

 

$

35

 

 

$

45

 

UniTek Global Services, Inc. -

 

 

 

 

Telecommunications

 

 

20.00

%

 

 

 

 

 

343,861

 

 

 

344

 

 

 

64

 

Super Senior Preferred Equity (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UniTek Global Services, Inc. - Senior Preferred Equity (7)

 

 

 

 

Telecommunications

 

 

19.00

%

 

 

 

 

 

448,851

 

 

 

449

 

 

 

 

UniTek Global Services, Inc. (7)

 

 

 

 

Telecommunications

 

 

13.50

%

 

 

 

 

 

1,047,317

 

 

 

670

 

 

 

 

Total Preferred Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,028

 

 

 

11,571

 

Common Equity/Warrants— 14.5% (6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Equity, LLC(8)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

647,943

 

 

 

648

 

 

 

691

 

Ad.net Holdings, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

7,467

 

 

 

75

 

 

 

 

Affinion Group Holdings, Inc. (Warrants)

 

04/10/2024

 

 

Consumer Goods: Durable

 

 

 

 

 

 

 

 

8,893

 

 

 

245

 

 

 

 

AG Investco LP (7), (8)

 

 

 

 

Software

 

 

 

 

 

 

 

 

805,164

 

 

 

805

 

 

 

1,074

 

AG Investco LP (7), (8), (9)

 

 

 

 

Software

 

 

 

 

 

 

 

 

194,836

 

 

 

 

 

 

 

Altamira Intermediate Company II, Inc. (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

1,437,500

 

 

 

1,437

 

 

 

1,456

 

Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

2,018

 

 

 

 

 

 

 

Athletico Holdings, LLC (8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

4,678

 

 

 

5,000

 

 

 

4,516

 

BioDerm Holdings, LP

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,313

 

 

 

1,313

 

 

 

1,514

 

Burgess Point Holdings, LP

 

 

 

 

Auto Components

 

 

 

 

 

 

 

 

100

 

 

 

100

 

 

 

109

 

By Light Investco LP (7), (8)

 

 

 

 

High Tech Industries

 

 

 

 

 

 

 

 

22,789

 

 

 

849

 

 

 

11,610

 

Connatix Parent, LLC (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

38,278

 

 

 

421

 

 

 

222

 

Crane 1 Acquisition Parent Holdings, L.P. (7)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

130

 

 

 

120

 

 

 

199

 

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

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

760,273

 

 

 

747

 

 

 

1,358

 

Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

244,597

 

 

 

 

 

 

 

eCommission Holding Corporation (7), (10)

 

 

 

 

Banking, Finance, Insurance & Real Estate

 

 

 

 

 

 

 

 

20

 

 

 

251

 

 

 

463

 

EDS Topco, LP

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

1,125,000

 

 

 

1,125

 

 

 

1,062

 

Exigo, LLC

 

 

 

 

Software

 

 

 

 

 

 

 

 

541,667

 

 

 

542

 

 

 

612

 

FedHC InvestCo LP (7),(8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

21,665

 

 

 

727

 

 

 

3,062

 

FedHC InvestCo LP (7),(8),(9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

7,566

 

 

 

 

 

 

 

Five Star Parent Holdings, LLC

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

655,714

 

 

 

656

 

 

 

800

 

Gauge ETE Blocker, LLC

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

374,444

 

 

 

374

 

 

 

371

 

Gauge Lash Coinvest LLC (7)

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,485,953

 

 

 

227

 

 

 

6,810

 

Gauge Loving Tan, LP

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

2,481,781

 

 

 

2,482

 

 

 

2,088

 

Gauge Schlesinger Coinvest LLC (7)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

465

 

 

 

476

 

 

 

344

 

Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

391,144

 

 

 

 

 

 

1,153

 

GCOM InvestCo LP (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

19,184

 

 

 

3,342

 

 

 

3,165

 

Go Dawgs Capital III, LP

 

 

 

 

Building Products

 

 

 

 

 

 

 

 

324,675

 

 

 

325

 

 

 

711

 

(American Insulated Glass, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hancock Claims Consultants Investors, LLC (7), (8)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

450,000

 

 

 

448

 

 

 

338

 

HPA SPQ Aggregator LP

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

750,399

 

 

 

750

 

 

 

751

 

HV Watterson Holdings, LLC

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

100,000

 

 

 

100

 

 

 

111

 

Icon Partners V C, L.P.

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

1,863,863

 

 

 

1,864

 

 

 

1,671

 

Icon Partners V C, L.P. (7), (9)

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

636,137

 

 

 

 

 

 

(66

)

IIN Group Holdings, LLC

 

 

 

 

Consumer Services

 

 

 

 

 

 

 

 

1,000

 

 

 

1,000

 

 

 

 

(Integrative Nutrition, LLC) (7), (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Imagine Topco, LP (Common)

 

 

 

 

Software

 

 

 

 

 

 

 

 

1,236,027

 

 

 

 

 

 

 

IHS Parent Holdngs, L.P.

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

1,218,045

 

 

 

1,218

 

 

 

1,642

 

Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

5,811

 

 

 

573

 

 

 

844

 

ITC Infusion Co-invest, LP (8)

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

116,032

 

 

 

1,160

 

 

 

1,268

 

ITC Rumba, LLC (Cano Health, LLC) (7),(8)

 

 

 

 

Healthcare and Pharmaceuticals

 

 

 

 

 

 

 

 

46,763

 

 

 

117

 

 

 

144

 

Kentucky Racing Holdco, LLC (8)

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

87,345

 

 

 

 

 

 

883

 

Kinetic Purchaser, LLC

 

 

 

 

Personal Products

 

 

 

 

 

 

 

 

1,734,775

 

 

 

1,735

 

 

 

2,508

 

KL Stockton Co-Invest LP (Any Hour Services) (7),(8)

 

 

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

382,353

 

 

 

382

 

 

 

775

 

Lightspeed Investment Holdco LLC (7)

 

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

585,587

 

 

 

586

 

 

 

1,588

 

LJ Avalon, LP

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

1,638,043

 

 

 

1,638

 

 

 

1,736

 

Magnolia Topco LP - Class A Common Equity (8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

5,144

 

 

 

 

 

 

 

Magnolia Topco LP - Class B Common Equity (8)

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

28,231

 

 

 

 

 

 

 

Mars Intermediate Holdings II, Inc. (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

835

 

 

 

 

 

 

468

 

MDI Aggregator, LP

 

 

 

 

Commodity Chemicals

 

 

 

 

 

 

 

 

10,761

 

 

 

1,077

 

 

 

1,155

 

Meadowlark Title, LLC (8)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

819,231

 

 

 

805

 

 

 

 

MSpark, LLC

 

 

 

 

Media: Advertising, Printing and Publishing

 

 

 

 

 

 

 

 

3,988

 

 

 

1,287

 

 

 

 

Municipal Emergency Services, Inc. (7)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

1,973,370

 

 

 

2,005

 

 

 

2,230

 

NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8)

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

1,494

 

 

 

1,448

 

 

 

101

 

NORA Parent Holdings, LLC

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

2,544

 

 

 

2,544

 

 

 

2,544

 

North Haven Saints Equity Holdings, LP (8)

 

 

 

 

Healthcare Technology

 

 

 

 

 

 

 

 

223,602

 

 

 

224

 

 

 

223

 

NXOF Holdings, Inc. (Tyto Athene, LLC) (7)

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

14,960

 

 

 

15

 

 

 

 

OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

173,638

 

 

 

1,614

 

 

 

3,768

 

OHCP V BC COI, L.P.

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

743,750

 

 

 

744

 

 

 

650

 

OHCP V BC COI, L.P. (9)

 

 

 

 

Distributors

 

 

 

 

 

 

 

 

506,250

 

 

 

 

 

 

(64

)

ORL Holdco, Inc. (7)

 

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

1,474

 

 

 

15

 

 

 

 

PennantPark-TSO Senior Loan Fund, LP (7)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

11,167,847

 

 

 

11,168

 

 

 

9,345

 

LEP Pequod Holdings, LP

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

350

 

 

 

865

 

 

 

1,006

 

Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8)

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

1,735

 

 

 

1,735

 

 

 

55

 

Pragmatic Institute, LLC

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

610,583

 

 

 

611

 

 

 

238

 

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

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

266,864

 

 

 

267

 

 

 

312

 

QuantiTech InvestCo LP (7), (8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

712

 

 

 

68

 

 

 

446

 

QuantiTech InvestCo LP (7), (8), (9)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

955

 

 

 

 

 

 

 

QuantiTech InvestCo II LP (7), (8),

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

40

 

 

 

24

 

 

 

26

 

RFMG Parent, LP (Rancho Health MSO, Inc.) (7)

 

 

 

 

Healthcare Equipment and Supplies

 

 

 

 

 

 

 

 

1,050,000

 

 

 

1,050

 

 

 

1,052

 

SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7)

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

64,634

 

 

 

646

 

 

 

515

 

Seaway Topco, LP

 

 

 

 

Chemicals, Plastics and Rubber

 

 

 

 

 

 

 

 

296

 

 

 

296

 

 

 

235

 

Signature CR Intermediate Holdco, Inc. (7)

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

70

 

 

 

70

 

 

 

1,784

 

SP L2 Holdings, LLC (Ledge Lounger, Inc.)

 

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

360,103

 

 

 

360

 

 

 

247

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS - (Continued)

SEPTEMBER 30, 2023

(in thousands, except share data)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
 Spread
 Above
 Index
(1)

 

 

Par /
 Shares

 

 

Cost

 

 

Fair Value (2)

 

SSC Dominion Holdings, LLC

 

 

 

 

Capital Equipment

 

 

 

 

 

 

 

 

24

 

 

$

23

 

 

$

1,098

 

Class B (US Dominion, Inc.) (7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StellPen Holdings, LLC (CF512, Inc.) (7)

 

 

 

 

Media

 

 

 

 

 

 

 

 

161,538

 

 

 

161

 

 

 

178

 

TAC LifePort Holdings, LLC (7),(8)

 

 

 

 

Aerospace and Defense

 

 

 

 

 

 

 

 

533,833

 

 

 

524

 

 

 

850

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8)

 

 

 

 

Media

 

 

 

 

 

 

 

 

219,056

 

 

 

206

 

 

 

388

 

Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9)

 

 

 

 

Media

 

 

 

 

 

 

 

 

146,550

 

 

 

 

 

 

 

TPC Holding Company, LP (5), (7), (8), (10)

 

 

 

 

Food Products

 

 

 

 

 

 

 

 

21,527

 

 

 

21

 

 

 

212

 

TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7)

 

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

749

 

 

 

1

 

 

 

1

 

UniTek Global Services, Inc.(C)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

213,739

 

 

 

 

 

 

 

UniTek Global Services, Inc. (W)

 

 

 

 

Telecommunications

 

 

 

 

 

 

 

 

23,889

 

 

 

 

 

 

 

UniVista Insurance (7),(8)

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

400

 

 

 

362

 

 

 

555

 

Urology Partners Co., L.P.

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

694,444

 

 

 

694

 

 

 

653

 

Walker Edison Holdco LLC

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

36,458

 

 

 

3,393

 

 

 

1,766

 

WCP IvyRehab QP CF Feeder, LP(8)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

3,715,012

 

 

 

3,754

 

 

 

4,319

 

WCP IvyRehab QP CF Feeder, LP (8), (9)

 

 

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

284,988

 

 

 

 

 

 

 

Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7)

 

 

 

 

Electronic Equipment, Instruments, and Components

 

 

 

 

 

 

 

 

2,240

 

 

 

224

 

 

 

794

 

Total Common Equity/Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,159

 

 

 

94,733

 

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

 

 

 

 

 

 

 

 

 

 

 

768,240

 

 

 

772,178

 

Investments in Controlled, Affiliated Portfolio Companies—45.1% (3), (4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Secured Debt—36.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC - Super Priority First Lien Term Loan (7)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

10.94

%

 

3M SOFR+550

 

 

 

3,582

 

 

 

3,582

 

 

 

3,582

 

Marketplace Events, LLC - Super Priority First Lien (7), (9)

 

09/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

3,261

 

 

 

 

 

 

 

Marketplace Events, LLC

 

09/30/2026

 

 

Media: Diversified and Production

 

 

10.94

%

 

3M SOFR+550

 

 

 

26,771

 

 

 

20,931

 

 

 

26,770

 

PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)

 

05/06/2024

 

 

Financial Services

 

 

13.33

%

 

3M SOFR+800

 

 

 

210,088

 

 

 

210,088

 

 

 

210,088

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

234,601

 

 

 

240,440

 

Equity Interests—8.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8)

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

349

 

 

 

 

 

 

3,675

 

PennantPark Senior Secured Loan Fund I LLC (7), (9), (10)

 

 

 

 

Financial Services

 

 

 

 

 

 

 

 

90,038

 

 

 

90,038

 

 

 

50,881

 

Total Equity Interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90,038

 

 

 

54,556

 

Total Investments in Controlled, Affiliated Portfolio Companies

 

 

 

 

 

 

 

 

 

 

 

324,639

 

 

 

294,996

 

Total Investments—163.3%

 

 

 

 

 

 

 

 

 

 

 

1,092,878

 

 

 

1,067,174

 

Cash and Cash Equivalents—15.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market - BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,555

 

 

 

100,555

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,555

 

 

 

100,555

 

Total Investments and Cash Equivalents—178.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,193,433

 

 

$

1,167,729

 

Liabilities in Excess of Other Assets—(78.6)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(514,124

)

Net Assets—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

653,605

 

 

(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or “P, or
Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting
period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans
with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on our accounting policy. The value of all securities was determined using significant unobservable inputs.
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be
“non-controlled” when we own
25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed
as “non-affiliated” when we own less than
5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-U.S. company or principal place of business outside the United States.
(6)
Non-income producing securities.
(7)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2031 Asset-Backed Debt and held through
PennantPark CLO I, Ltd.
(8)
Investment is held through our Taxable Subsidiary.
(9)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is
unfunded.
(10)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 76% of our total assets and non-qualifying assets represent 24% of our total assets.

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

20


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

1. ORGANIZATION

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

In April 2021, we formed PennantPark-TSO Senior Loan Fund LP ("PTSF"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $81.4 million in investments to a wholly-owned subsidiary of PTSF in exchange for cash in the amount of $69.5 million and an $11.9 million equity interest in PTSF representing 23.08% of the total outstanding Class A Units of PTSF. We recognized $0.4 million of realized gain upon the formation of PTSF. As of March 31, 2024, our capital commitment of $15.3 million is fully funded and we hold 23.08% of the total outstanding Class A Units of PTSF and a 4.99% voting interest in the general partner which manages PTSF.

 

 

21


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

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

 

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

2. SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

Restatement of Previously Issued Financial Statements

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSSL and PTSF in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at March 31, 2023, and the impact of the error correction is reflected on the consolidated statement of cash flows for the six months ended March 31, 2023 as an increase to cash and cash equivalents, beginning of period totaling $3.6 million, an increase to cash and cash equivalents, end of period totaling $0.5 million, and decrease in due to affiliates of $3.1 million.

There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of March 31, 2023. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended March 31, 2024.

 

Our significant accounting policies consistently applied are as follows:

 

 

(a) Investment Valuations

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary

22


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

 

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

 

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

 

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

 

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of March 31, 2024, we had one portfolio company on non-accrual, representing 0.4% and 0.3% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% of our overall portfolio on a cost and fair value basis, respectively.

 

(c) Income Taxes

 

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes, or ASC 740. Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material U.S. federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of a federal excise tax, or we may incur taxes through our taxable subsidiaries, including the Taxable Subsidiary. For the three and six months ended March 31, 2024, we recorded a provision for taxes on net investment income of $0.5 million and $0.7 million, respectively, pertaining to federal excise tax. For three and six months ended March 31, 2023, we recorded a provision for taxes on net investment income of $0.2 million and $0.7 million, respectively, pertaining to federal excise tax.

 

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

 

Holdings II, is subject to U.S. federal, state and local corporate income taxes. The income tax expense and related tax liabilities of the Taxable Subsidiary are reflected in the Company’s consolidated financial statements.

 

For the three and six months ended March 31, 2024, the Company recognized a provision for taxes of $0.2 million and $0.2 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2023, the Company recognized a provision reduction for taxes of $3.7 million and $2.9 million, respectively, on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of March 31, 2024 and September 30, 2023, $1.6 million and $1.8 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. As of March 31, 2024 and September 30, 2023, zero and $0.3 million, respectively, was accrued as a provision for taxes on the Consolidated Statements of Operations relating to realized gain on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2024, the Company paid zero and zero, respectively, in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2024 and March 31, 2023, the Company did not make any tax payments related to realized gains on the sale of investments held by the Taxable Subsidiary.

 

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

 

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

 

23


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

(d) Distributions and Capital Transactions

 

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

 

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

 

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

 

During the three and six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the ATM Program at an average price of $11.35 per share, raising $51.0 million of net proceeds after commissions to the sales agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.6 million of deferred offering costs incurred related to establishing the ATM Program to additional paid in capital.

 

(e) Foreign Currency Translation

 

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

 

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

 

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

 

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

 

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

 

(f) Consolidation

 

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, PennantPark Floating Rate Capital Ltd. will generally not consolidate its investment in a company other than an investment company wholly-owned subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our taxable subsidiaries, including the Taxable Subsidiary, Funding I, Securitization Issuer, and the 2036-Securitization Issuer in our Consolidated Financial Statements. We do not consolidate our non-controlling interest in PSSL or PTSF. See further description of our investment in PSSL in Note 4.

 

(g) Asset Transfers and Servicing

 

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

 

(h) Recent Accounting Pronouncements

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

 

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

 

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which changed the fair value measurement disclosure requirements of ASC Topic 820, Fair Value Measurements and Disclosures, or ASC 820.

24


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods therein. Early application is permitted. The Company is currently evaluating the impact the adoption of this new accounting standard will have on its consolidated financial statements, but the impact of the adoption is not expected to be material.

 

3. AGREEMENTS AND RELATED PARTY TRANSACTIONS

 

(a) Investment Management Agreement

 

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

 

Base Management Fee

 

The base management fee is calculated at an annual rate of 1.00% of our “average adjusted gross assets,” which equals our gross assets (net of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three and six months ended March 31, 2024, the Investment Adviser earned a base management fee of $3.4 million and $6.4 million respectively, from us. For the three and six months ended March 31, 2023, the Investment Adviser earned a base management fee of $2.9 million and $5.8 million respectively, from us.

 

Incentive Fee

 

The incentive fee has two parts, as follows:

 

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 50% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.9167% in any calendar quarter (11.67% annualized) (we refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 2.9167%) as the “catch-up,” which is meant to provide our Investment Adviser with 20% of our Pre-Incentive Fee Net Investment Income, as if a hurdle did not apply, if this net investment income exceeds 2.9167% in any calendar quarter), and (3) 20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.9167% in any calendar quarter. These calculations are pro-rated for any share issuances or repurchases during the relevant quarter, if applicable. For the three and six months ended March 31, 2024, the Investment Adviser earned $4.8 million and $9.6 million, respectively, in incentive fees on net investment income from us. For the three and six months ended March 31, 2023, the Investment Adviser earned $4.2 million and $7.6 million, respectively, in incentive fees on net investment income from us.

 

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the three and six months ended March 31, 2024 and 2023, the Investment Adviser did not accrue an incentive fee on capital gains, as calculated under the Investment Management Agreement (as described above).

 

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. The incentive fee accrued for, but not payable, under GAAP on our unrealized and realized capital gains for the three and six months ended March 31, 2024 and 2023, was zero, respectively.

 

 

25


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

(b) Administration Agreement

 

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of the directors who are not interested persons of us, in May 2024. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSSL. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three and six months ended March 31, 2024, we recorded administrative expenses of approximately $0.6 million and $1.2 million, respectively, including expenses the Administrator incurred for services described above. For the three and six months ended March 31, 2023, we recorded administrative expenses of approximately $0.2 million and $0.3 million, respectively, including expenses the Administrator incurred for services described above.

 

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

 

(c) Other Related Party Transactions

 

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three and six months ended March 31, 2024 and 2023.

 

For the three and six months ended March 31, 2024, we sold $77.2 million and $139.9 million in investments to PSSL at fair value, respectively, and recognized zero and zero of net realized gains (losses), respectively. For the three and six months ended March 31, 2023, we sold $27.1 million and $45.9 million in investments to PSSL at fair value, respectively, and recognized less than $(0.1) million and less than $(0.1) million of net realized losses, respectively, for the same period.

 

For the three and six months ended March 31, 2024 and 2023, we sold no investments to PTSF.

 

As of March 31, 2024 and September 30, 2023, PFLT had a payable to PSSL and PTSF of $0.1 million and $0.6 million, respectively, presented as a Due to Affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSSL and PTSF from PFLT in connection with trades between the funds.

 

As of March 31, 2024 and September 30, 2023, PFLT had a receivable from the Administrator of $0.2 million and zero, respectively, presented as Due from Affiliate on the consolidated statements of assets and liabilities. This amount relates to agency fees collected on behalf of the Company.

 

4. INVESTMENTS

 

For the three and six months ended March 31, 2024, purchases of investments, including PIK interest totaled $339.1 million and $642.5 million, respectively. For the same periods in the prior year, purchases of investments, including PIK interest, totaled $85.6 million and $151.2 million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2024 totaled $144.8 million and $248.7 million, respectively. For the three and six months ended March 31, 2023, sales and repayments of investments totaled $62.6 million and $125.6 million, respectively.

Investments and cash and cash equivalents consisted of the following:

 

($ in thousands)

 

March 31, 2024

 

 

September 30, 2023

 

Investment Classification

 

Cost

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

First lien

 

$

1,080,800

 

 

$

1,074,820

 

 

$

708,452

 

 

$

696,078

 

First lien in PSSL

 

 

210,088

 

 

 

210,088

 

 

 

210,088

 

 

 

210,088

 

Second lien

 

 

148

 

 

 

150

 

 

 

1,113

 

 

 

149

 

Subordinate debt

 

 

18

 

 

 

18

 

 

 

 

 

 

 

Equity

 

 

108,587

 

 

 

139,695

 

 

 

83,188

 

 

 

109,978

 

Equity interests in PSSL

 

 

90,038

 

 

 

53,112

 

 

 

90,038

 

 

 

50,881

 

Total investments

 

 

1,489,679

 

 

 

1,477,883

 

 

 

1,092,878

 

 

 

1,067,174

 

Cash and cash equivalents

 

 

125,246

 

 

 

125,252

 

 

 

100,555

 

 

 

100,555

 

Total investments and cash and cash equivalents

 

$

1,614,925

 

 

$

1,603,135

 

 

$

1,193,433

 

 

$

1,167,729

 

 

26


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

 

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

 

Industry Classification

 

March 31, 2024 (1)

 

 

September 30, 2023 (1)

 

Professional Services

 

 

10

 

%

 

7

 

Aerospace and Defense

 

 

9

 

 

 

6

 

Media

 

 

8

 

 

 

9

 

Healthcare Providers and Services

 

 

7

 

 

 

9

 

Electronic Equipment, Instruments, and Components

 

 

7

 

 

 

3

 

Construction & Engineering

 

 

7

 

 

 

1

 

Personal Products

 

 

6

 

 

 

8

 

IT Services

 

 

5

 

 

 

4

 

Distributors

 

 

4

 

 

 

3

 

Media: Diversified and Production

 

 

4

 

 

 

6

 

Healthcare Technology

 

 

3

 

 

 

4

 

High Tech Industries

 

 

3

 

 

 

5

 

Commercial Services & Supplies

 

 

2

 

 

 

4

 

Construction and Building

 

 

2

 

 

 

3

 

Insurance

 

 

2

 

 

 

3

 

Capital Equipment

 

 

2

 

 

 

2

 

Air Freight and Logistics

 

 

1

 

 

 

1

 

Auto Components

 

 

1

 

 

 

 

Automobiles

 

 

1

 

 

 

2

 

Business Services

 

 

1

 

 

 

2

 

Chemicals, Plastics and Rubber

 

 

1

 

 

 

2

 

Consumer Services

 

 

1

 

 

 

2

 

Diversified Consumer Services

 

 

1

 

 

 

3

 

Diversified Financial Services

 

 

1

 

 

 

1

 

Energy Equipment and Services

 

 

1

 

 

 

1

 

Financial Services

 

 

1

 

 

 

1

 

Food Products

 

 

1

 

 

 

1

 

Healthcare Equipment and Supplies

 

 

1

 

 

 

1

 

Hotels, Restaurants and Leisure

 

 

1

 

 

 

2

 

Internet Software and Services

 

 

1

 

 

 

1

 

Leisure Products

 

 

1

 

 

 

1

 

Metals and Mining

 

 

1

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

1

 

 

 

1

 

All Other

 

 

2

 

 

 

1

 

Total

 

 

100

%

 

 

100

%

 

(1)
Excludes investments in PSSL.

 

 

 

27


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

PennantPark Senior Secured Loan Fund I LLC

 

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of March 31, 2024 and September 30, 2023, PSSL had total assets of $941.0 million and $869.4 million, respectively, and its investment portfolio consisted of investments in 106 and 105 portfolio companies, respectively. As of March 31, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.4 million and the five largest investments totaled $95.6 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $18.5 million and the five largest investments totaled $83.4 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

 

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of March 31, 2024 and September 30, 2023, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $210.1 million (additional $27.6 million unfunded) and $210.1 million (additional $27.6 million unfunded), respectively, and equity interests of $90.0 million (additional $11.8 million unfunded) and $90.0 million (additional $11.8 million unfunded), respectively.

 

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

 

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

 

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

 

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

 

 

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

 

($ in thousands)

 

March 31, 2024

 

 

September 30, 2023

 

Total investments

 

$

869,684

 

 

$

785,859

 

Weighted average cost yield on income producing investments

 

 

12.0

%

 

 

12.1

%

Number of portfolio companies in PSSL

 

 

106

 

 

 

105

 

Largest portfolio company investment

 

$

21,381

 

 

$

18,463

 

Total of five largest portfolio company investments

 

$

95,589

 

 

$

83,365

 

 

28


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

Below is a listing of PSSL’s individual investments as of March 31, 2024 (Par and $ in thousands):

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,425.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.68

%

 

SOFR+660

 

 

 

2,925

 

 

$

2,875

 

 

$

2,925

 

ACP Avenu Buyer, LLC

 

10/2/2029

 

 

Business Services

 

 

11.65

%

 

SOFR+625

 

 

 

9,975

 

 

 

9,810

 

 

 

9,726

 

ACP Falcon Buyer, Inc.

 

8/1/2029

 

 

Business Services

 

 

11.83

%

 

SOFR+650

 

 

 

18,856

 

 

 

18,509

 

 

 

18,875

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

11.57

%

 

SOFR+626

 

 

 

8,753

 

 

 

8,695

 

 

 

8,753

 

Aeronix, Inc

 

12/18/2028

 

 

Aerospace and Defense

 

 

10.81

%

 

SOFR+550

 

 

 

15,960

 

 

 

15,731

 

 

 

15,800

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

11.43

%

 

SOFR+600

 

 

 

12,787

 

 

 

12,508

 

 

 

12,276

 

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

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

11.23

%

 

SOFR+575

 

 

 

4,859

 

 

 

4,837

 

 

 

4,835

 

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

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

11.00

%

 

SOFR+575

 

 

 

4,750

 

 

 

4,708

 

 

 

4,726

 

Any Hour Services

 

7/21/2027

 

 

Professional Services

 

 

11.00

%

 

SOFR+585

 

 

 

7,472

 

 

 

7,328

 

 

 

7,397

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.20

%

 

SOFR+615

 

 

 

11,213

 

 

 

11,104

 

 

 

10,990

 

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

11.54

%

 

SOFR+625

 

 

 

11,171

 

 

 

11,021

 

 

 

11,060

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

11.10

%

 

SOFR+575

 

 

 

4,925

 

 

 

4,847

 

 

 

4,790

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.83

%

 

SOFR+650

 

 

 

8,933

 

 

 

8,837

 

 

 

8,843

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

11.70

%

 

SOFR+625

 

 

 

15,053

 

 

 

14,854

 

 

 

14,978

 

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.42

%

 

SOFR+490

 

 

 

5,575

 

 

 

5,545

 

 

 

5,491

 

Broder Bros., Co.

 

12/4/2025

 

 

Consumer Products

 

 

11.61

%

 

SOFR+626

 

 

 

2,305

 

 

 

2,305

 

 

 

2,305

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

 

Automotive

 

 

10.68

%

 

SOFR+525

 

 

 

444

 

 

 

417

 

 

 

423

 

By Light Professional IT Services, LLC

 

5/16/2025

 

 

High Tech Industries

 

 

12.37

%

 

SOFR+688

 

 

 

13,387

 

 

 

13,350

 

 

 

13,253

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

11.06

%

 

SOFR+575

 

 

 

9,587

 

 

 

9,470

 

 

 

9,587

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

11.53

%

 

SOFR+619

 

 

 

6,785

 

 

 

6,704

 

 

 

6,684

 

Challenger Performance Optimization, Inc.

 

8/31/2024

 

 

Business Services

 

 

13.18

%

 

SOFR+775

 

 

 

9,119

 

 

 

9,109

 

 

 

8,800

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Confluent Health, LLC

 

10/28/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.44

%

 

SOFR+400

 

 

 

6,743

 

 

 

6,522

 

 

 

6,659

 

Connatix Buyer, Inc.

 

7/13/2027

 

 

Media

 

 

11.09

%

 

SOFR+576

 

 

 

3,795

 

 

 

3,749

 

 

 

3,643

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.81

%

 

SOFR+525

 

 

 

2,078

 

 

 

2,059

 

 

 

2,078

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

11.16

%

 

SOFR+585

 

 

 

14,637

 

 

 

14,455

 

 

 

14,637

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

10.68

%

 

SOFR+525

 

 

 

2,614

 

 

 

2,419

 

 

 

2,442

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

11.71

%

 

SOFR+640

 

 

 

14,149

 

 

 

14,114

 

 

 

14,036

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

 

Containers and Packaging

 

 

12.43

%

 

SOFR+710

 

 

 

10,849

 

 

 

10,821

 

 

 

10,816

 

ECL Entertainment, LLC

 

8/31/2030

 

 

Hotel, Gaming and Leisure

 

 

10.08

%

 

SOFR+475

 

 

 

4,975

 

 

 

4,894

 

 

 

4,989

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.56

%

 

SOFR+625

 

 

 

8,910

 

 

 

8,801

 

 

 

8,732

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

11.43

%

 

SOFR+610

 

 

 

12,611

 

 

 

12,463

 

 

 

12,358

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

11.84

%

 

SOFR+650

 

 

 

12,342

 

 

 

12,113

 

 

 

12,465

 

Fairbanks Morse Defense

 

6/17/2028

 

 

Aerospace and Defense

 

 

10.32

%

 

SOFR+475

 

 

 

10,143

 

 

 

10,094

 

 

 

10,143

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

11.45

%

 

SOFR+610

 

 

 

3,716

 

 

 

3,707

 

 

 

3,530

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

10.90

%

 

SOFR+560

 

 

 

2,333

 

 

 

2,310

 

 

 

2,310

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.90

%

 

SOFR+560

 

 

 

2,153

 

 

 

2,126

 

 

 

2,024

 

Hills Distribution, Inc

 

11/8/2029

 

 

Business Services

 

 

11.32

%

 

SOFR+600

 

 

 

9,002

 

 

 

8,875

 

 

 

8,867

 

HW Holdco, LLC

 

5/10/2026

 

 

Media

 

 

11.72

%

 

SOFR+640

 

 

 

3,513

 

 

 

3,491

 

 

 

3,460

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

10.43

%

 

SOFR+510

 

 

 

9,201

 

 

 

9,052

 

 

 

9,109

 

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.64

%

 

SOFR+725

 

 

 

16,370

 

 

 

16,196

 

 

 

16,370

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.16

%

 

SOFR+685

 

 

 

6,060

 

 

 

5,958

 

 

 

6,060

 

Integrative Nutrition, LLC

 

1/31/2025

 

 

Diversified Consumer Services

 

 

12.46

%

 

SOFR+715

 

 

 

11,156

 

 

 

11,144

 

 

 

10,375

 

 

 

 

 

 

 

 

(PIK 2.25%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

Insurance

 

 

11.49

%

 

SOFR+615

 

 

 

5,880

 

 

 

5,840

 

 

 

5,821

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

12.94

%

 

SOFR+761

 

 

 

8,205

 

 

 

8,094

 

 

 

8,041

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

10.97

%

 

SOFR+560

 

 

 

3,920

 

 

 

3,869

 

 

 

3,881

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.46

%

 

SOFR+615

 

 

 

16,578

 

 

 

16,303

 

 

 

16,578

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

13.23

%

 

SOFR+775

 

 

 

14,359

 

 

 

14,175

 

 

 

14,215

 

LAV Gear Holdings, Inc.

 

10/31/2025

 

 

Capital Equipment

 

 

11.72

%

 

SOFR+640

 

 

 

14,970

 

 

 

14,950

 

 

 

14,760

 

Lightspeed Buyer Inc.

 

2/3/2026

 

 

Healthcare Providers and Services

 

 

10.68

%

 

SOFR+535

 

 

 

11,375

 

 

 

11,280

 

 

 

11,375

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

11.67

%

 

SOFR+640

 

 

 

2,572

 

 

 

2,528

 

 

 

2,547

 

Loving Tan Intermediate II, Inc.

 

5/31/2028

 

 

Consumer Products

 

 

12.31

%

 

SOFR+700

 

 

 

7,444

 

 

 

7,316

 

 

 

7,295

 

Lucky Bucks, LLC - First-Out Term Loan

 

10/2/2028

 

 

Hotel, Gaming and Leisure

 

 

12.97

%

 

SOFR+765

 

 

 

261

 

 

 

261

 

 

 

261

 

Lucky Bucks, LLC - Last-Out Term Loan

 

10/2/2029

 

 

Hotel, Gaming and Leisure

 

 

12.97

%

 

SOFR+765

 

 

 

522

 

 

 

522

 

 

 

522

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

10.90

%

 

SOFR+550

 

 

 

2,079

 

 

 

2,001

 

 

 

1,983

 

Magenta Buyer, LLC

 

7/31/2028

 

 

Software

 

 

10.57

%

 

SOFR+500

 

 

 

2,991

 

 

 

2,844

 

 

 

1,759

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

 

Media: Diversified and Production

 

 

10.72

%

 

SOFR+525

 

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)

 

9/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

 

Media: Diversified and Production

 

 

10.72

%

 

SOFR+525

 

 

 

4,837

 

 

 

3,921

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

 

Media

 

 

10.96

%

 

SOFR+565

 

 

 

11,529

 

 

 

11,443

 

 

 

11,529

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

11.23

%

 

SOFR+585

 

 

 

8,373

 

 

 

8,274

 

 

 

8,261

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

10.87

%

 

SOFR+550

 

 

 

6,348

 

 

 

6,250

 

 

 

6,260

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.20

%

 

SOFR+565

 

 

 

2,360

 

 

 

2,328

 

 

 

2,312

 

Medina Health, LLC

 

10/20/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.56

%

 

SOFR+625

 

 

 

19,296

 

 

 

18,985

 

 

 

19,103

 

Mission Critical Electronics, Inc.

 

3/31/2025

 

 

Capital Equipment

 

 

11.20

%

 

SOFR+590

 

 

 

5,739

 

 

 

5,736

 

 

 

5,739

 

MOREGroup Holdings, Inc

 

1/16/2030

 

 

Business Services

 

 

11.08

%

 

SOFR+590

 

 

 

13,132

 

 

 

12,946

 

 

 

13,001

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

 

Distributors

 

 

10.45

%

 

SOFR+515

 

 

 

3,413

 

 

 

3,368

 

 

 

3,413

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

11.18

%

 

SOFR+575

 

 

 

10,657

 

 

 

10,538

 

 

 

10,177

 

Neptune Flood Incorporated

 

5/9/2029

 

 

Insurance

 

 

11.40

%

 

SOFR+600

 

 

 

4,809

 

 

 

4,747

 

 

 

4,809

 

NORA Acquisition, LLC

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

11.68

%

 

SOFR+635

 

 

 

21,381

 

 

 

21,001

 

 

 

21,381

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

11.69

%

 

SOFR+636

 

 

 

15,765

 

 

 

15,535

 

 

 

15,765

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

14.75

%

 

SOFR+940

 

 

 

2,076

 

 

 

2,058

 

 

 

1,619

 

Output Services Group, Inc - First-Out Term Loan

 

11/30/2028

 

 

Business Services

 

 

13.82

%

 

SOFR+843

 

 

 

821

 

 

 

821

 

 

 

821

 

Output Services Group, Inc - Last-Out Term Loan

 

5/30/2028

 

 

Business Services

 

 

12.07

%

 

SOFR+668

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

10.68

%

 

SOFR+550

 

 

 

3,893

 

 

 

3,839

 

 

 

3,834

 

Ox Two, LLC

 

5/18/2026

 

 

Construction and Building

 

 

12.82

%

 

SOFR+751

 

 

 

4,345

 

 

 

4,315

 

 

 

4,345

 

Pacific Purchaser, LLC

 

9/30/2028

 

 

Business Services

 

 

11.43

%

 

SOFR+625

 

 

 

11,998

 

 

 

11,792

 

 

 

11,998

 

29


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

 

Wholesale

 

 

10.72

%

 

SOFR+500

 

 

 

9,443

 

 

$

9,293

 

 

$

9,254

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.43

%

 

SOFR+710

 

 

 

7,700

 

 

 

7,612

 

 

 

6,815

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

PlayPower, Inc.

 

5/8/2026

 

 

Consumer Goods: Durable

 

 

10.98

%

 

SOFR+565

 

 

 

2,544

 

 

 

2,495

 

 

 

2,493

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

11.09

%

 

SOFR+575

 

 

 

11,081

 

 

 

10,956

 

 

 

9,474

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Aerospace and Defense

 

 

11.66

%

 

SOFR+635

 

 

 

2,789

 

 

 

2,770

 

 

 

2,733

 

Rancho Health MSO, Inc.

 

12/18/2025

 

 

Healthcare Providers and Services

 

 

10.92

%

 

SOFR+585

 

 

 

1,024

 

 

 

1,024

 

 

 

1,024

 

Reception Purchaser, LLC

 

2/28/2028

 

 

Air Freight and Logistics

 

 

11.45

%

 

SOFR+615

 

 

 

4,913

 

 

 

4,860

 

 

 

4,176

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

12.46

%

 

SOFR+715

 

 

 

4,850

 

 

 

4,812

 

 

 

4,729

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

 

Diversified Consumer Services

 

 

11.07

%

 

SOFR+576

 

 

 

12,366

 

 

 

12,304

 

 

 

10,511

 

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

 

6/15/2029

 

 

High Tech Industries

 

 

11.43

%

 

SOFR+625

 

 

 

3,730

 

 

 

3,662

 

 

 

3,674

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

11.51

%

 

SOFR+620

 

 

 

9,268

 

 

 

9,243

 

 

 

9,268

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

12.93

%

 

SOFR+760

 

 

 

5,079

 

 

 

5,066

 

 

 

5,079

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.68

%

 

SOFR+715

 

 

 

11,830

 

 

 

11,825

 

 

 

11,594

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.46

%

 

SOFR+615

 

 

 

4,925

 

 

 

4,863

 

 

 

4,777

 

Sigma Defense Systems, LLC

 

12/18/2027

 

 

Aerospace and Defense

 

 

12.46

%

 

SOFR+715

 

 

 

12,573

 

 

 

12,402

 

 

 

12,447

 

Simplicity Financial Marketing Group Holdings, Inc

 

12/2/2026

 

 

Diversified Financial Services

 

 

11.70

%

 

SOFR+640

 

 

 

11,416

 

 

 

11,237

 

 

 

11,302

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

 

Business Services

 

 

9.94

%

 

SOFR+450

 

 

 

1,297

 

 

 

1,273

 

 

 

1,289

 

Smartronix, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.57

%

 

SOFR+635

 

 

 

4,888

 

 

 

4,821

 

 

 

4,888

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.91

%

 

SOFR+450

 

 

 

11,736

 

 

 

11,707

 

 

 

10,468

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

12.46

%

 

SOFR+700

 

 

 

4,582

 

 

 

4,554

 

 

 

4,577

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

10.95

%

 

SOFR+565

 

 

 

4,091

 

 

 

4,032

 

 

 

4,091

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.35

%

 

SOFR+501

 

 

 

1,777

 

 

 

1,694

 

 

 

1,777

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

11.08

%

 

SOFR+590

 

 

 

14,663

 

 

 

14,495

 

 

 

14,648

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.49

%

 

SOFR+500

 

 

 

345

 

 

 

333

 

 

 

344

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

11.96

%

 

SOFR+665

 

 

 

8,553

 

 

 

8,449

 

 

 

8,553

 

The Vertex Companies, LLC

 

8/31/2027

 

 

Construction and Engineering

 

 

11.42

%

 

SOFR+610

 

 

 

7,676

 

 

 

7,565

 

 

 

7,676

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.94

%

 

SOFR+565

 

 

 

16,617

 

 

 

16,434

 

 

 

16,601

 

Transgo, LLC

 

12/29/2028

 

 

Automotive

 

 

11.33

%

 

SOFR+600

 

 

 

19,826

 

 

 

19,547

 

 

 

19,628

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.73

%

 

SOFR+640

 

 

 

3,418

 

 

 

3,417

 

 

 

3,418

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

10.98

%

 

SOFR+565

 

 

 

14,670

 

 

 

14,579

 

 

 

13,745

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

11.68

%

 

SOFR+665

 

 

 

6,858

 

 

 

6,757

 

 

 

6,775

 

Walker Edison Furniture Company LLC (4)

 

3/1/2029

 

 

Wholesale

 

 

0.00

%

 

 

 

 

 

4,645

 

 

 

4,465

 

 

 

3,437

 

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

 

3/1/2029

 

 

Wholesale

 

 

0.00

%

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

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

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

604

 

 

 

-

 

 

 

(157

)

Watchtower Buyer, LLC

 

12/3/2029

 

 

Diversified Consumer Services

 

 

11.31

%

 

SOFR+600

 

 

 

12,250

 

 

 

12,057

 

 

 

12,152

 

Wildcat Buyerco, Inc.

 

2/27/2027

 

 

Electronic Equipment, Instruments, and Components

 

 

11.06

%

 

SOFR+575

 

 

 

16,097

 

 

 

15,971

 

 

 

16,016

 

Zips Car Wash, LLC

 

12/31/2024

 

 

Automobiles

 

 

12.68

%

 

SOFR+735

 

 

 

16,743

 

 

 

16,699

 

 

 

16,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

873,061

 

 

 

865,487

 

Equity Securities - 6.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucky Bucks, LLC

 

 

 

 

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

74

 

 

 

2,062

 

 

 

2,104

 

New MPE Holdings, LLC

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

1,030

 

Output Services Group, Inc

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

126

 

 

 

1,012

 

 

 

1,063

 

Walker Edison Furniture - Common Equity

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36

 

 

 

3,393

 

 

 

-

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,467

 

 

 

4,197

 

Total Investments - 1,432.8%

 

 

 

 

 

 

 

 

 

 

 

879,528

 

 

 

869,684

 

Cash and Cash Equivalents - 103.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,892

 

 

 

62,892

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,892

 

 

 

62,892

 

Total Investments and Cash Equivalents —1,536.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

942,420

 

 

$

932,576

 

Liabilities in Excess of Other Assets — (1,436.4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(871,877

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

60,699

 

 

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

 

30


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

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

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,347.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.84

%

 

SOFR+660

 

 

 

2,940

 

 

$

2,886

 

 

$

2,925

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

11.65

%

 

SOFR+626

 

 

 

8,798

 

 

 

8,723

 

 

 

8,754

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

11.24

%

 

SOFR+600

 

 

 

12,852

 

 

 

12,535

 

 

 

12,338

 

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

 

5/23/2024

 

 

Media: Advertising, Printing & Publishing

 

 

11.04

%

 

SOFR+550

 

 

 

5,001

 

 

 

4,971

 

 

 

4,913

 

Anteriad Holdings Inc (fka MeritDirect) March 2023

 

5/23/2024

 

 

Media: Advertising, Printing & Publishing

 

 

12.04

%

 

SOFR+650

 

 

 

4,875

 

 

 

4,817

 

 

 

4,814

 

Any Hour Services

 

7/21/2027

 

 

Professional Services

 

 

11.59

%

 

SOFR+585

 

 

 

7,510

 

 

 

7,348

 

 

 

7,360

 

Apex Service Partners, LLC

 

7/31/2025

 

 

Diversified Consumer Services

 

 

10.52

%

 

SOFR+525

 

 

 

1,002

 

 

 

1,002

 

 

 

1,000

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

 

Diversified Consumer Services

 

 

11.04

%

 

SOFR+550

 

 

 

2,187

 

 

 

2,187

 

 

 

2,181

 

Apex Service Partners, LLC Term Loan C

 

7/31/2025

 

 

Diversified Consumer Services

 

 

10.69

%

 

SOFR+525

 

 

 

11,013

 

 

 

10,972

 

 

 

10,985

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.54

%

 

SOFR+615

 

 

 

9,579

 

 

 

9,475

 

 

 

9,387

 

Applied Technical Services, LLC - DDTL Unfunded (3)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

194

 

 

 

-

 

 

 

(2

)

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

 

9,218

 

 

 

9,093

 

 

 

9,126

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

11.14

%

 

SOFR+575

 

 

 

4,950

 

 

 

4,863

 

 

 

4,604

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.83

%

 

SOFR+650

 

 

 

8,978

 

 

 

8,874

 

 

 

8,933

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

11.79

%

 

SOFR+640

 

 

 

15,132

 

 

 

14,928

 

 

 

14,905

 

Broder Bros., Co.

 

12/4/2025

 

 

Consumer Products

 

 

11.50

%

 

SOFR+626

 

 

 

2,349

 

 

 

2,349

 

 

 

2,349

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

 

Automotive

 

 

10.67

%

 

SOFR+525

 

 

 

447

 

 

 

418

 

 

 

420

 

By Light Professional IT Services, LLC

 

5/16/2025

 

 

High Tech Industries

 

 

12.43

%

 

SOFR+688

 

 

 

13,821

 

 

 

13,778

 

 

 

13,579

 

Cadence Aerospace, LLC

 

11/14/2023

 

 

Aerospace and Defense

 

 

12.07

%

 

SOFR+665

 

 

 

4,011

 

 

 

4,010

 

 

 

4,011

 

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

11.39

%

 

SOFR+600

 

 

 

9,636

 

 

 

9,509

 

 

 

9,636

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

11.60

%

 

SOFR+619

 

 

 

6,820

 

 

 

6,722

 

 

 

6,684

 

CHA Holdings, Inc.

 

4/10/2025

 

 

Construction and Engineering

 

 

10.15

%

 

SOFR+476

 

 

 

5,499

 

 

 

5,455

 

 

 

5,499

 

Challenger Performance Optimization, Inc.

 

8/31/2024

 

 

Business Services

 

 

12.18

%

 

SOFR+675

 

 

 

9,232

 

 

 

9,201

 

 

 

8,955

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Confluent Health, LLC

 

10/28/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.32

%

 

SOFR+400

 

 

 

6,797

 

 

 

6,559

 

 

 

6,445

 

Connatix Buyer, Inc.

 

7/13/2027

 

 

Media

 

 

11.16

%

 

SOFR+576

 

 

 

3,815

 

 

 

3,762

 

 

 

3,681

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.90

%

 

SOFR+551

 

 

 

2,089

 

 

 

2,067

 

 

 

2,079

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

11.24

%

 

SOFR+585

 

 

 

14,712

 

 

 

14,511

 

 

 

14,712

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

10.67

%

 

SOFR+525

 

 

 

2,627

 

 

 

2,418

 

 

 

2,394

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

11.79

%

 

SOFR+640

 

 

 

14,429

 

 

 

14,376

 

 

 

14,256

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

 

Containers and Packaging

 

 

11.89

%

 

SOFR+650

 

 

 

10,904

 

 

 

10,838

 

 

 

10,740

 

ECL Entertainment, LLC

 

8/31/2030

 

 

Hotel, Gaming and Leisure

 

 

10.07

%

 

SOFR+475

 

 

 

5,000

 

 

 

4,900

 

 

 

4,985

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.64

%

 

SOFR+625

 

 

 

8,955

 

 

 

8,833

 

 

 

8,821

 

Electro Rent Corporation

 

1/17/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

11.00

%

 

SOFR+550

 

 

 

2,219

 

 

 

2,200

 

 

 

2,171

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

11.17

%

 

SOFR+585

 

 

 

12,675

 

 

 

12,505

 

 

 

12,422

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

11.89

%

 

SOFR+650

 

 

 

12,404

 

 

 

12,154

 

 

 

12,193

 

Fairbanks Morse Defense

 

6/17/2028

 

 

Aerospace and Defense

 

 

10.40

%

 

SOFR+475

 

 

 

10,195

 

 

 

10,143

 

 

 

10,114

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

11.96

%

 

SOFR+660

 

 

 

3,736

 

 

 

3,724

 

 

 

3,549

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

10.99

%

 

SOFR+575

 

 

 

2,345

 

 

 

2,316

 

 

 

2,322

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.92

%

 

SOFR+560

 

 

 

2,250

 

 

 

2,217

 

 

 

2,194

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.32

%

 

SOFR+585

 

 

 

4,913

 

 

 

4,838

 

 

 

4,913

 

HW Holdco, LLC

 

12/10/2024

 

 

Media

 

 

11.75

%

 

SOFR+640

 

 

 

3,014

 

 

 

2,988

 

 

 

2,968

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

10.72

%

 

SOFR+535

 

 

 

9,248

 

 

 

9,075

 

 

 

9,110

 

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.51

%

 

SOFR+715

 

 

 

16,453

 

 

 

16,257

 

 

 

16,453

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.24

%

 

SOFR+685

 

 

 

6,090

 

 

 

5,979

 

 

 

6,090

 

Integrated Data Services

 

8/1/2029

 

 

Business Services

 

 

11.87

%

 

SOFR+650

 

 

 

18,904

 

 

 

18,532

 

 

 

18,463

 

Integrative Nutrition, LLC

 

1/31/2025

 

 

Diversified Consumer Services

 

 

12.54

%

 

SOFR+700

 

 

 

11,105

 

 

 

11,083

 

 

 

10,439

 

 

 

 

 

 

 

 

(PIK 2.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

Insurance

 

 

11.57

%

 

SOFR+575

 

 

 

5,906

 

 

 

5,851

 

 

 

5,847

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

12.93

%

 

SOFR+761

 

 

 

8,246

 

 

 

8,104

 

 

 

8,080

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

11.06

%

 

SOFR+560

 

 

 

3,940

 

 

 

3,886

 

 

 

3,861

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

 

Chemicals, Plastics and Rubber

 

 

13.42

%

 

SOFR+810

 

 

 

15,509

 

 

 

15,487

 

 

 

15,509

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.54

%

 

SOFR+615

 

 

 

16,662

 

 

 

16,346

 

 

 

16,412

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

12.13

%

 

SOFR+675

 

 

 

14,210

 

 

 

13,989

 

 

 

14,068

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

 

Capital Equipment

 

 

11.74

%

 

SOFR+643

 

 

 

15,042

 

 

 

14,997

 

 

 

14,862

 

Lightspeed Buyer Inc.

 

2/3/2026

 

 

Healthcare Providers and Services

 

 

10.70

%

 

SOFR+535

 

 

 

12,056

 

 

 

11,911

 

 

 

11,935

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

11.77

%

 

SOFR+640

 

 

 

2,585

 

 

 

2,537

 

 

 

2,534

 

Loving Tan Intermediate II, Inc.

 

5/26/2028

 

 

Consumer Products

 

 

12.39

%

 

SOFR+700

 

 

 

7,481

 

 

 

7,337

 

 

 

7,369

 

Lucky Bucks, LLC (4)

 

7/20/2027

 

 

Hotel, Gaming and Leisure

 

 

0.00

%

 

 

 

 

 

4,489

 

 

 

4,207

 

 

 

1,182

 

Lucky Bucks. LLC - OpCo DIP Loans

 

9/30/2025

 

 

Hotel, Gaming and Leisure

 

 

15.33

%

 

SOFR+1000

 

 

 

160

 

 

 

158

 

 

 

160

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

10.99

%

 

SOFR+550

 

 

 

2,097

 

 

 

2,007

 

 

 

1,986

 

Magenta Buyer, LLC

 

7/31/2028

 

 

Software

 

 

10.63

%

 

SOFR+500

 

 

 

3,006

 

 

 

2,845

 

 

 

2,228

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

 

Media: Diversified and Production

 

 

10.94

%

 

SOFR+525

 

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)

 

9/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

 

Media: Diversified and Production

 

 

10.94

%

 

SOFR+525

 

 

 

4,837

 

 

 

3,782

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

 

Media

 

 

11.04

%

 

SOFR+565

 

 

 

11,588

 

 

 

11,476

 

 

 

11,472

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

11.17

%

 

SOFR+585

 

 

 

7,859

 

 

 

7,758

 

 

 

7,749

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

11.32

%

 

SOFR+600

 

 

 

6,380

 

 

 

6,271

 

 

 

6,244

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.04

%

 

SOFR+565

 

 

 

2,372

 

 

 

2,336

 

 

 

2,312

 

Mission Critical Electronics, Inc.

 

3/28/2024

 

 

Capital Equipment

 

 

11.29

%

 

SOFR+515

 

 

 

5,769

 

 

 

5,763

 

 

 

5,740

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

 

Distributors

 

 

11.04

%

 

SOFR+565

 

 

 

3,430

 

 

 

3,380

 

 

 

3,355

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

10.93

%

 

SOFR+525

 

 

 

10,711

 

 

 

10,572

 

 

 

10,497

 

Neptune Flood Incorporated

 

5/9/2029

 

 

Insurance

 

 

11.97

%

 

SOFR+650

 

 

 

5,042

 

 

 

4,970

 

 

 

5,042

 

New Milani Group LLC

 

6/6/2024

 

 

Consumer Goods: Non-Durable

 

 

10.92

%

 

SOFR+550

 

 

 

14,213

 

 

 

14,194

 

 

 

14,213

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

11.68

%

 

SOFR+636

 

 

 

15,849

 

 

 

15,588

 

 

 

15,849

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

12.84

%

 

SOFR+725

 

 

 

2,223

 

 

 

2,202

 

 

 

2,023

 

Output Services Group, Inc. (4)

 

6/27/2026

 

 

Business Services

 

 

0.00

%

 

 

 

 

 

7,759

 

 

 

7,689

 

 

 

1,513

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

10.80

%

 

SOFR+575

 

 

 

3,893

 

 

 

3,832

 

 

 

3,834

 

Ox Two, LLC

 

5/18/2026

 

 

Construction and Building

 

 

12.90

%

 

SOFR+751

 

 

 

4,345

 

 

 

4,306

 

 

 

4,269

 

Peaquod Merger Sub, Inc.

 

12/2/2026

 

 

Diversified Financial Services

 

 

11.79

%

 

SOFR+640

 

 

 

11,474

 

 

 

11,267

 

 

 

11,244

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

 

Wholesale

 

 

10.68

%

 

SOFR+500

 

 

 

9,493

 

 

 

9,282

 

 

 

7,974

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.42

%

 

SOFR+710

 

 

 

7,565

 

 

 

7,467

 

 

 

6,809

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PlayPower, Inc.

 

5/8/2026

 

 

Consumer Goods: Durable

 

 

10.57

%

 

SOFR+565

 

 

 

2,551

 

 

 

2,491

 

 

 

2,436

 

31


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

11.17

%

 

SOFR+575

 

 

 

11,138

 

 

$

10,999

 

 

$

10,636

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Aerospace and Defense

 

 

11.74

%

 

SOFR+635

 

 

 

2,803

 

 

 

2,776

 

 

 

2,761

 

Rancho Health MSO, Inc.

 

12/18/2025

 

 

Healthcare Providers and Services

 

 

11.22

%

 

SOFR+585

 

 

 

1,029

 

 

 

1,029

 

 

 

1,029

 

Reception Purchaser, LLC

 

2/28/2028

 

 

Air Freight and Logistics

 

 

11.54

%

 

SOFR+600

 

 

 

4,938

 

 

 

4,876

 

 

 

4,740

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

12.54

%

 

SOFR+700

 

 

 

4,875

 

 

 

4,825

 

 

 

4,729

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

 

Diversified Consumer Services

 

 

11.13

%

 

SOFR+576

 

 

 

12,432

 

 

 

12,322

 

 

 

10,878

 

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

 

6/15/2029

 

 

High Tech Industries

 

 

11.52

%

 

SOFR+625

 

 

 

3,749

 

 

 

3,676

 

 

 

3,692

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

11.59

%

 

SOFR+620

 

 

 

9,522

 

 

 

9,474

 

 

 

9,475

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

12.92

%

 

SOFR+760

 

 

 

5,167

 

 

 

5,148

 

 

 

5,116

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.52

%

 

SOFR+715

 

 

 

11,791

 

 

 

11,777

 

 

 

11,407

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

SOFR+615

 

 

 

4,950

 

 

 

4,884

 

 

 

4,802

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Aerospace and Defense

 

 

14.04

%

 

SOFR+865

 

 

 

13,787

 

 

 

13,579

 

 

 

13,580

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

 

Business Services

 

 

9.93

%

 

SOFR+450

 

 

 

1,300

 

 

 

1,274

 

 

 

1,272

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.70

%

 

SOFR+450

 

 

 

11,796

 

 

 

11,739

 

 

 

10,598

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

12.37

%

 

SOFR+700

 

 

 

4,582

 

 

 

4,577

 

 

 

4,563

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

11.04

%

 

SOFR+565

 

 

 

4,112

 

 

 

4,047

 

 

 

4,022

 

STV Group Incorporated

 

12/11/2026

 

 

Construction and Building

 

 

10.67

%

 

SOFR+535

 

 

 

9,075

 

 

 

9,025

 

 

 

8,894

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.43

%

 

SOFR+475

 

 

 

1,786

 

 

 

1,696

 

 

 

1,779

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

11.49

%

 

SOFR+600

 

 

 

14,738

 

 

 

14,540

 

 

 

14,575

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.75

%

 

SOFR+500

 

 

 

346

 

 

 

333

 

 

 

339

 

Teneo Holdings LLC

 

7/18/2025

 

 

Business Services

 

 

10.67

%

 

SOFR+535

 

 

 

2,262

 

 

 

2,261

 

 

 

2,259

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

12.04

%

 

SOFR+665

 

 

 

5,602

 

 

 

5,560

 

 

 

5,518

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

12.79

%

 

SOFR+700

 

 

 

5,403

 

 

 

5,336

 

 

 

5,382

 

The Vertex Companies, LLC

 

8/31/2027

 

 

Construction and Engineering

 

 

11.72

%

 

SOFR+635

 

 

 

7,716

 

 

 

7,591

 

 

 

7,656

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.95

%

 

SOFR+565

 

 

 

8,654

 

 

 

8,556

 

 

 

8,654

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.80

%

 

SOFR+625

 

 

 

4,316

 

 

 

4,310

 

 

 

4,316

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

10.90

%

 

SOFR+550

 

 

 

14,670

 

 

 

14,565

 

 

 

13,379

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

11.79

%

 

SOFR+665

 

 

 

6,892

 

 

 

6,775

 

 

 

6,749

 

Walker Edison Furniture Company LLC

 

3/31/2027

 

 

Wholesale

 

 

12.18

%

 

SOFR+685

 

 

 

3,521

 

 

 

3,521

 

 

 

3,521

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility

 

3/31/2027

 

 

Wholesale

 

 

11.68

%

 

SOFR+635

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

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

 

3/31/2027

 

 

Wholesale

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

10.54

%

 

SOFR+515

 

 

 

10,565

 

 

 

10,491

 

 

 

10,460

 

Zips Car Wash, LLC

 

3/1/2024

 

 

Automobiles

 

 

12.67

%

 

SOFR+735

 

 

 

16,732

 

 

 

16,660

 

 

 

16,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801,215

 

 

 

783,598

 

Equity Securities - 3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

495

 

Walker Edison Furniture - Common Equity

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36

 

 

 

3,393

 

 

 

1,766

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,393

 

 

 

2,261

 

Total Investments - 1,351.4%

 

 

 

 

 

 

 

 

 

 

 

804,608

 

 

 

785,859

 

Cash and Cash Equivalents - 133.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,446

 

 

 

77,446

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,446

 

 

 

77,446

 

Total Investments and Cash Equivalents —1,484.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

882,054

 

 

$

863,305

 

Liabilities in Excess of Other Assets — (1,384.6)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,155

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

58,150

 

 

 

 

 

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

 

 

 

32


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

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

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

September 30, 2023

 

Assets

 

 

 

 

 

 

 

Investments at fair value (amortized cost—$879,528 and $804,608, respectively)

$

 

869,684

 

 

$

 

785,859

 

Cash and cash equivalents (cost—$62,892 and $77,446, respectively)

 

 

62,892

 

 

 

 

77,446

 

Interest receivable

 

 

6,303

 

 

 

 

5,179

 

Due from affiliate

 

 

104

 

 

 

 

436

 

Prepaid expenses and other assets

 

 

1,983

 

 

 

 

490

 

Total assets

 

 

940,966

 

 

 

 

869,410

 

Liabilities

 

 

 

 

 

 

 

Credit facility payable

 

 

135,600

 

 

 

 

48,600

 

2032 Asset-backed debt, net (par—$246,000)

 

 

244,277

 

 

 

 

243,973

 

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

 

 

243,708

 

 

 

 

243,483

 

Notes payable to members

 

 

240,100

 

 

 

 

240,100

 

Interest payable on Credit facility and asset backed debt

 

 

9,406

 

 

 

 

14,291

 

Payable for investments purchased

 

 

 

 

 

 

13,466

 

Interest payable on notes to members

 

 

6,395

 

 

 

 

6,488

 

Accrued expenses

 

 

781

 

 

 

 

859

 

Total liabilities

 

 

880,267

 

 

 

 

811,260

 

Commitments and contingencies(1)

 

 

 

 

 

 

 

Members' equity

 

 

60,699

 

 

 

 

58,150

 

Total liabilities and members' equity

$

 

940,966

 

 

$

 

869,410

 

 

(1)
As of March 31, 2024 and September 30, 2023, PSSL had unfunded commitments to fund investments of $1.2 million and $1.1 million, respectively.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2024

 

 

 

2023

 

 

2024

 

 

2023

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

26,916

 

 

 

$

21,292

 

 

$

52,964

 

 

$

40,908

 

Other income

 

 

388

 

 

 

 

447

 

 

 

565

 

 

 

557

 

Total investment income

 

 

27,304

 

 

 

 

21,739

 

 

 

53,529

 

 

 

41,465

 

Expenses(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expense on credit facility and asset-backed debt

 

 

13,784

 

 

 

 

9,678

 

 

 

27,181

 

 

 

18,319

 

Interest expense on notes to members

 

 

8,095

 

 

 

 

7,363

 

 

 

16,316

 

 

 

14,173

 

Administration fees

 

 

577

 

 

 

 

516

 

 

 

1,135

 

 

 

1,024

 

General and administrative expenses

 

 

231

 

 

 

 

280

 

 

 

493

 

 

 

580

 

Total expenses

 

 

22,687

 

 

 

 

17,837

 

 

 

45,125

 

 

 

34,096

 

Net investment income

 

 

4,617

 

 

 

 

3,902

 

 

 

8,404

 

 

 

7,369

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

(90

)

 

 

 

(5,886

)

 

 

(6,510

)

 

 

(5,956

)

Net change in unrealized appreciation (depreciation) on investments

 

 

847

 

 

 

 

3,934

 

 

 

8,905

 

 

 

(1,865

)

Net realized and unrealized gain (loss) on investments

 

 

757

 

 

 

 

(1,952

)

 

 

2,395

 

 

 

(7,821

)

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

 

$

5,374

 

 

 

$

1,950

 

 

$

10,799

 

 

$

(452

)

 

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

 

5. FAIR VALUE OF FINANCIAL INSTRUMENTS

 

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

 

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

 

Level 1:

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

 

Level 2:

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

 

Level 3:

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

 

33


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2023 Notes and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

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

 

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

 

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

 

In addition to using the above inputs to value cash equivalents, investments, our 2023 Notes, our 2026 Notes, our 2031 Asset-Backed Debt, our 2036 Asset-Backed Debt and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

 

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

 

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

 

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

 

Asset Category

 

Fair value at March 31, 2024

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

51,970

 

 

Market Comparable

 

Broker/Dealer bids or quotes

 

N/A

First lien

 

 

1,227,231

 

 

Market Comparable

 

Market yield

 

8.4% - 24.0% (11.2%)

First lien

 

 

5,706

 

 

Enterprise Market Value

 

EBITDA multiple

 

9.3x

Second lien

 

 

150

 

 

Market Comparable

 

Market yield

 

14.5%

Subordinated debt

 

 

18

 

 

Market Comparable

 

Market yield

 

15.1%

Equity

 

 

129,991

 

 

Enterprise Market Value

 

EBITDA multiple

 

3.5x - 18.3x (12.2x)

Total Level 3 investments

 

$

1,415,066

 

 

 

 

 

 

 

Long-Term Credit Facility

 

$

168,878

 

 

Market Comparable

 

Market yield

 

2.1%

____________________________________________

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

 

34


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

Asset Category

 

Fair value at September 30, 2023

 

 

Valuation Technique

 

Unobservable Input

 

Range of Input
(Weighted Average)
(1)

First lien

 

$

25,521

 

 

Market Comparable

 

Broker/Dealer bids
or quotes

 

N/A

First lien

 

 

875,133

 

 

Market Comparable

 

Market Yield

 

10.0% - 25.0% (12.6%)

First lien

 

 

5,512

 

 

Enterprise Market Value

 

EBITDA multiple

 

2.8x - 7.5x (7.4x)

Second lien

 

 

149

 

 

Market Comparable

 

Market Yield

 

14.8%

Second lien

 

 

 

 

Enterprise Market Value

 

EBITDA multiple

 

6.0x

Equity

 

 

100,489

 

 

Enterprise Market Value

 

EBITDA multiple

 

3.4x - 17.7x (12.1x)

Equity

 

 

144

 

 

Enterprise Market Value

 

DLOM(2)

 

27.9%

Total Level 3 investments

 

$

1,006,948

 

 

 

 

 

 

 

Long-Term Credit Facility and 2023 Notes

 

$

85,619

 

 

Market Comparable

 

Market Yield

 

2.3%

 

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

 

Our investments, cash and cash equivalents, Credit Facility, 2023 Notes, 2026 Notes, 2031 Asset-Backed Debt, and 2036 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

 

 

 

Fair Value at March 31, 2024

 

Description

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net
Asset Value
(1)

 

First lien

 

$

1,284,908

 

 

$

 

 

$

 

 

$

1,284,908

 

 

$

 

Second lien

 

 

150

 

 

 

 

 

 

 

 

 

150

 

 

 

 

Subordinate debt

 

 

18

 

 

 

 

 

 

 

 

 

18

 

 

 

 

Equity

 

 

192,807

 

 

 

 

 

 

 

 

 

129,990

 

 

 

62,817

 

Total investments

 

 

1,477,883

 

 

 

 

 

 

 

 

 

1,415,066

 

 

 

62,817

 

Cash and cash equivalents

 

 

125,252

 

 

 

125,252

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,603,135

 

 

$

125,252

 

 

$

 

 

$

1,415,066

 

 

$

62,817

 

Credit Facility payable

 

$

168,878

 

 

$

 

 

$

 

 

$

168,878

 

 

$

 

2026 Notes payable(2)

 

 

183,443

 

 

 

 

 

 

183,443

 

 

 

 

 

 

 

2031 Asset-Backed Debt(2)

 

 

225,333

 

 

 

 

 

 

 

 

 

225,333

 

 

 

 

2036 Asset-Backed Debt(2)

 

 

283,816

 

 

 

 

 

 

 

 

 

283,816

 

 

 

 

Total debt

 

$

861,470

 

 

$

 

 

$

183,443

 

 

$

678,027

 

 

$

 

 

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

 

 

 

Fair Value at September 30, 2023

 

Description

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Measured at Net
Asset Value
(1)

 

First lien

 

$

906,166

 

 

$

 

 

$

 

 

$

906,166

 

 

$

 

Second lien

 

 

149

 

 

 

 

 

 

 

 

 

149

 

 

 

 

Equity

 

 

160,859

 

 

 

 

 

 

 

 

 

100,633

 

 

 

60,226

 

Total investments

 

 

1,067,174

 

 

 

 

 

 

 

 

 

1,006,948

 

 

 

60,226

 

Cash and cash equivalents

 

 

100,555

 

 

 

100,555

 

 

 

 

 

 

 

 

 

 

Total investments and cash and cash equivalents

 

$

1,167,729

 

 

$

100,555

 

 

$

 

 

$

1,006,948

 

 

$

60,226

 

Credit Facility payable

 

$

9,400

 

 

$

 

 

$

 

 

$

9,400

 

 

$

 

2023 Notes payable

 

 

76,219

 

 

 

 

 

 

 

 

 

76,219

 

 

 

 

2026 Notes payable(2)

 

 

183,054

 

 

 

 

 

 

183,054

 

 

 

 

 

 

 

2031 Asset-Backed Debt(2)

 

 

226,759

 

 

 

 

 

 

 

 

 

226,759

 

 

 

 

Total debt

 

$

495,432

 

 

$

 

 

$

183,054

 

 

$

312,378

 

 

$

 

 

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

35


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

 

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

($ in thousands):

 

 

 

Six Months Ended March 31, 2024

 

Description

 

First Lien

 

 

Second lien,
subordinated
debt and equity
investments

 

 

Totals

 

Beginning balance

 

$

906,166

 

 

$

100,782

 

 

$

1,006,948

 

Net realized gain (loss)

 

 

(4,920

)

 

 

5,841

 

 

 

921

 

Net change in unrealized appreciation (depreciation)

 

 

6,393

 

 

 

4,924

 

 

 

11,317

 

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

 

 

617,010

 

 

 

30,293

 

 

 

647,303

 

Sales, repayments and non-cash exchanges

 

 

(206,608

)

 

 

(44,815

)

 

 

(251,423

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

1,318,041

 

 

$

97,025

 

 

$

1,415,066

 

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

 

$

(340

)

 

$

7,492

 

 

$

7,152

 

 

 

 

Six Months Ended March 31, 2023

 

Description

 

First Lien

 

 

Second lien,
subordinated
debt and equity
investments

 

 

Totals

 

Beginning balance

 

$

1,009,642

 

 

$

95,285

 

 

$

1,104,927

 

Net realized gain (loss)

 

 

(6,935

)

 

 

(520

)

 

 

(7,455

)

Net change in unrealized appreciation (depreciation)

 

 

(3,837

)

 

 

(9,916

)

 

 

(13,753

)

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

 

 

131,949

 

 

 

13,346

 

 

 

145,295

 

Sales, repayments and non-cash exchanges

 

 

(124,123

)

 

 

(1,523

)

 

 

(125,646

)

Transfers in and/or out of Level 3

 

 

 

 

 

 

 

 

 

Ending balance

 

$

1,006,696

 

 

$

96,672

 

 

$

1,103,368

 

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

 

$

(6,796,228

)

 

$

(9,855,855

)

 

$

(16,652,083

)

 

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

 

 

 

Six months ended March 31,

 

Long-Term Credit Facility and 2023 Notes

 

2024

 

 

2023

 

Beginning balance (cost – $85,619 and $169,654, respectively)

 

$

85,619

 

 

$

167,563

 

Net change in unrealized (depreciation) appreciation included in earnings

 

 

23

 

 

 

(1,865

)

Borrowings

 

 

331,455

 

 

 

30,000

 

Repayments

 

 

(248,219

)

 

 

(48,000

)

Net realized (gain) loss

 

 

 

 

 

 

Transfers in and/or out of Level 3

 

 

 

 

 

 

Ending balance (cost – $168,855 and $151,654, respectively)

 

$

168,878

 

 

$

147,698

 

 

As of March 31, 2024, we had outstanding non-U.S. dollar borrowings on our Credit Facility. Net change in fair value from currency translation on outstanding borrowings is listed below ($ in thousands):

Foreign Currency

 

Amount
Borrowed

 

 

Borrowing Cost

 

 

Current Value

 

 

Reset Date

 

Change in Fair
Value

 

Canadian Dollar

 

$

2,000

 

 

$

1,455

 

 

 

1,478

 

 

4/1/2024

 

 

23

 

 

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

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility and the 2023 Notes. We elected to use the fair value option for the Credit Facility and the 2023 Notes to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Credit Facility during both the three and six months ended March 31, 2024 and 2023. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility and the 2023 Notes are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including our 2026 Notes, 2031 Asset-Backed Debt, and the 2036 Asset-Backed Debt.

 

For the three and six months ended March 31, 2024, the Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) of less than $(0.1) million and $0.1 million, respectively. For the three and six months ended March 31, 2023, the Credit Facility and the 2023 Notes had a net change in unrealized (depreciation)

36


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

appreciation of $(1.2) million and $0.9 million, respectively. As of March 31, 2024 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility and the 2023 Notes totaled zero and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments. Our 2023 Notes traded on the TASE and were fully paid off during the quarter.

 

6. TRANSACTIONS WITH AFFILIATED COMPANIES

 

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but less than 25% of its voting securities and a controlled affiliate generally when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the six months ended March 31, 2024 were as follows ($ in thousands):

 

Name of Investment

 

Fair Value at September 30, 2023

 

Gross Additions

 

Sale of/ Distribution from Affiliates

 

Net Change in
Unrealized
Appreciation
(Depreciation)

 

Fair Value at March 31, 2024

 

Interest Income

 

Dividend/
Other
 Income

 

Net Realized
Gains (Losses)

Controlled Affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketplace Events, LLC

 

$34,027

 

$798

 

$—

 

$3,178

 

$38,003

 

$2,478

 

$—

 

$—

PennantPark Senior Secured

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan Fund I LLC *

 

260,969

 

 

 

2,230

 

263,199

 

14,276

 

7,219

 

Total Controlled Affiliates

 

$294,996

 

$798

 

$—

 

$5,408

 

$301,202

 

$16,754

 

$7,219

 

$—

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

 

7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE

 

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

($ in thousands, except per share data):

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Numerator for net increase in net assets resulting from operations

 

$

31,111

 

 

$

7,243

 

 

$

53,579

 

 

$

5,623

 

Denominator for basic and diluted weighted average shares

 

 

61,151,898

 

 

 

48,529,037

 

 

 

59,936,696

 

 

 

46,931,577

 

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

 

$

0.51

 

 

$

0.15

 

 

$

0.89

 

 

$

0.12

 

 

8. CASH AND CASH EQUIVALENTS

 

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which is dependent upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser’s management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of March 31, 2024 and September 30, 2023, cash and cash equivalents consisted of money market funds in the amounts of $125.3 million and $100.6 million at fair value, respectively.

 

37


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

9. FINANCIAL HIGHLIGHTS

 

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

 

 

 

Six Months Ended March 31,

 

 

 

2024

 

 

2023

 

Per Share Data:

 

 

 

 

 

 

Net asset value, beginning of period

 

$

11.13

 

 

$

11.62

 

Net investment income (1)

 

 

0.64

 

 

 

0.65

 

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

 

 

0.25

 

 

 

(0.53

)

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

 

 

0.89

 

 

 

0.12

 

Distributions to stockholders (1), (2)

 

 

(0.62

)

 

 

(0.57

)

Accretive effect of common stock issuance

 

 

 

 

 

(0.02

)

Net asset value, end of period

 

$

11.40

 

 

$

11.15

 

Per share market value, end of period

 

$

11.38

 

 

$

10.61

 

Total return *(3)

 

 

12.76

%

 

16.41%

 

Shares outstanding at end of period

 

 

63,228,138

 

 

 

49,731,815

 

Ratios** / Supplemental Data:

 

 

 

 

 

 

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

 

 

5.97

%

 

 

5.87

%

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

 

 

7.00

%

 

 

7.28

%

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

 

 

12.97

%

 

 

13.15

%

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

 

 

11.42

%

 

 

11.32

%

Net assets at end of period

 

$

720,711

 

 

$

554,669

 

Weighted average debt outstanding

 

$

667,111

 

 

$

672,046

 

Weighted average debt per share (1)

 

$

11.13

 

 

$

14.32

 

Asset coverage per unit (6)

 

$

1,825

 

 

$

1,856

 

Portfolio turnover rate*

 

 

17.58

%

 

 

7.93

%

 

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

 

* Not annualized for periods less than one year.

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

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

 

10. DEBT

 

The annualized weighted average cost of debt for the six months ended March 31, 2024 and 2023, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 7.1% and 5.8%, respectively.

 

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of March 31, 2024 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act, was 183% and 230%, respectively.

 

Credit Facility

 

Funding I’s multi-currency Credit Facility with affiliates of Truist Bank, or the Lenders, was $386.0 million as of March 31, 2024, subject to satisfaction of certain conditions and the regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 236 basis points, a maturity date of August 2026 and a revolving period that ends in August 2024. As of March 31, 2024 and September 30, 2023, Funding I had $168.9 million and $9.4 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 7.7% and 7.7%, exclusive of the fee on undrawn commitments as of March 31, 2024 and September 30, 2023, respectively. As of March 31, 2024 and September 30, 2023, we had $217.1 million and $376.6 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

 

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

 

The Credit Facility contains covenants, including, but not limited to, restrictions of loan size, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a minimum equity investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of March 31, 2024, we were in compliance with the covenants relating to the Credit Facility.

 

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

38


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

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

2023 Notes

 

In November 2017, we issued $138.6 million aggregate principal amount of our 2023 Notes that matured on December 15, 2023. The 2023 Notes were issued pursuant to a deed of trust between the Company and Mishmeret Trust Company, Ltd., as trustee, in November 2017. In connection with this offering, we have dual listed our common stock on the TASE. On February 7, 2024, the Company filed a notice with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd (the “TASE”) voluntarily requesting to delist the Company’s common stock from trading on the TASE. The last day of trading on the TASE was May 6, 2024 and the delisting of the Company’s common stock from the TASE took effect on May 8, 2024.

 

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

2026 Notes

 

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

 

2031 Asset-Backed Debt

 

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

 

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

 

The 2031 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Class D Secured Deferrable Floating Rate Notes and the Preferred Shares of the Securitization Issuer were eliminated in consolidation. As of March 31, 2024 and September 30, 2023, the Company had $226.3 million and $228.0 million of 2031 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1% and 7.1%, respectively. As of March 31, 2024 and September 30, 2023, the unamortized fees on the 2031 Asset-Backed Debt were $0.9 million and $1.2 million, respectively.

 

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

 

2036 Asset-Backed Debt

 

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

 

39


PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(Unaudited)

 

The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Subordinated Notes of the 2036-Securitization Issuer were eliminated in consolidation. As of March 31, 2024, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 8.1%. As of March 31, 2024, the unamortized fees on the 2036 Asset-Backed Debt were $3.2 million.

 

Our Investment Adviser serves as collateral manager to the 2036-Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

 

11. COMMITMENTS AND CONTINGENCIES

 

From time to time, we may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. As of March 31, 2024 and September 30, 2023, we had $300.2 million and $155.5 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $39.4 million and $39.4 million to PSSL as of March 31, 2024 and September 30, 2023, respectively, that may be contributed primarily for the purpose of funding new investments approved by the PSSL board of directors or investment committee.

 

 

12. SUBSEQUENT EVENTS

 

On April 9, 2024, Funding I’s multi-currency Credit Facility size was increased by $50.0 million resulting in total commitments of $436.0 million.

40


 

Report of Independent Registered Public Accounting Firm

 

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

Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Floating Rate Capital Ltd. and its Subsidiaries (the Company), including the consolidated schedule of investments, as of March 31, 2024, the related consolidated statements of operations and changes in net assets for the three and six months ended March 31, 2024 and 2023 and cash flows for the six months ended March 31, 2024 and 2023, and the related notes to the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial information for them to be in conformity with accounting principles generally accepted in the United States of America.
 

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

 

Emphasis of Matter

As discussed in Note 2 of the consolidated financial statements, the consolidated statements of cash flows for the six months ended March 31, 2023 has been restated to reclassify certain amounts presented within.


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

/s/ RSM US LLP

New York, New York

May 8, 2024
 

 

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

41


 

 

Awareness Letter of Independent Registered Public Accounting Firm

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

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Floating Rate Capital Ltd. and its Subsidiaries for the periods ended March 31, 2024 and 2023, as indicated in our report dated May 8, 2024; because we did not perform an audit, we expressed no opinion on that information.

 

We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, is incorporated by reference in Registration Statement No.333-268813 on Form N-2.

 

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

/s/ RSM US LLP

New York, New York

May 8, 2024

42


 

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

 

FORWARD-LOOKING STATEMENTS

 

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

 

our future operating results;

 

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

 

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

 

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

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

 

the impact of investments that we expect to make;

 

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

 

our contractual arrangements and relationships with third parties;

 

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

 

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

 

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

 

the adequacy of our cash resources and working capital;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Overview

 

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

 

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

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

 

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

 

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

 

Organization and Structure of PennantPark Floating Rate Capital Ltd.

 

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

 

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

 

Revenues

 

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

 

Expenses

 

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

 

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

 

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

 

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

 

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

 

transfer agent and custodial fees;

 

fees and expenses associated with marketing efforts;

 

federal and state registration fees and any exchange listing fees;

 

federal, state, local and foreign taxes;

 

independent directors’ fees and expenses;

 

brokerage commissions;

 

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

 

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

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

 

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

 

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

 

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

 

Restatement of Previously Issued Financial Statements

As noted in the Annual Report on Form 10-K for the year ended September 30, 2023, during the preparation of the financial statements as of and for the year ended September 30, 2023, Management identified an error in the classification and presentation of cash pertaining to the Company’s affiliates – PSSL and PTSF in the September 30, 2022 financial statements. The Company recorded cash activity and due to affiliates pertaining to their investments as a reduction of the cash account instead of presenting the related cash and cash equivalents as an asset and a due to affiliates as a liability. This misclassification also existed at March 31, 2023, and the impact of the error correction is reflected on the consolidated statement of cash flows for the six months ended March 31, 2023 as an increase to cash and cash equivalents, beginning of period totaling $3.6 million, an increase to cash and cash equivalents, end of period totaling $0.5 million, and decrease in due to affiliates of $3.1 million.

There was no impact from the error correction to total net assets and net asset value per share as reported on the consolidated statement of assets and liabilities as of March 31, 2023. The corrections related to the prior year comparative cash flow statement amounts were reported in the quarter ended March 31, 2024.

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

 

PORTFOLIO AND INVESTMENT ACTIVITY

PennantPark Floating Rate Capital Ltd.

As of March 31, 2024, our portfolio totaled $1,477.9 million, and consisted of $1,284.9 million of first lien secured debt (including $210.1 million in PSSL), $0.2 million of second lien secured debt and subordinated debt and $192.8 million of preferred and common equity (including $53.1 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of March 31, 2024, we had one portfolio company on non-accrual, representing 0.4% and 0.3% of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2024, the portfolio had net unrealized depreciation of $11.8 million. Our overall portfolio consisted of 146 companies with an average investment size of $10.1 million and had a weighted average yield on debt investments of 12.3%, and was invested 87% in first lien secured debt (including 14% in PSSL), less than 1% in second lien secured debt and subordinate debt and 13% in preferred and common equity (including 6% in PSSL). As of March 31, 2024, approximately 100% of the investments held by PSSL were first lien secured debt.

As of September 30, 2023, our portfolio totaled $1,067.2 million and consisted of $906.2 million of first lien secured debt (including $210.1 million in PSSL), $0.1 million of second lien secured debt and $160.9 million of preferred and common equity (including $50.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, the portfolio had net unrealized depreciation of $25.7 million. Our overall portfolio consisted of 131 companies with an average investment size of $8.1 million, had a weighted average yield on debt investments of 12.6%, and was invested 85% in first lien secured debt (including 20% in PSSL), less than 1% in second lien secured debt and 15% in preferred and common equity (including 5% in PSSL). As of September 30, 2023, 99% of the investments held by PSSL were first lien secured debt.

 

For the three months ended March 31, 2024, we invested $338.3 million in 11 new and 48 existing portfolio companies at a weighted average yield on debt investments of 11.6%. For the three months ended March 31, 2024, sales and repayments of investments totaled $144.9 million, including $77.2 million of sales to PSSL. For the six months ended March 31, 2024, we invested $640.9 million in 24 new and 64 existing portfolio companies at a weighted average yield on debt investments of 11.8%. For the six months ended March 31, 2024, sales and repayments of investments totaled $248.7 million, including $139.9 million of sales to PSSL.

 

For the three months ended March 31, 2023, we invested $85.4 million in five new and 38 existing portfolio companies at a weighted average yield on debt investments of 12.2%. For the three months ended March 31, 2023, sales and repayments of investments totaled $62.6 million. For the six months ended March 31, 2023, we invested $151.0 million in nine new and 67 existing portfolio companies at a weighted average yield on debt investments of 11.8%. For the six months ended March 31, 2023, sales and repayments of investments totaled $125.6 million.

 

PennantPark Senior Secured Loan Fund I LLC

 

As of March 31, 2024, PSSL’s portfolio totaled $869.7 million and consisted of 106 companies with an average investment size of $8.2 million and at a weighted average yield on debt investments of 12.0%. As of September 30, 2023, PSSL’s portfolio totaled $785.9 million, consisted of 105 companies with an average investment size of $7.5 million and at a weighted average yield on debt investments of 12.1%.

 

For the three months ended March 31, 2024, PSSL invested $80.1 million (including $77.2 million purchased from the Company) in six new and four existing portfolio companies at a weighted average yield on debt investments of 11.6%. Sales and repayments of investments for the three months ended March 31, 2024 totaled $49.5 million. For the six months ended March 31, 2024, PSSL invested $155.9 million (including $139.9 million purchased from the Company) in 10 new and 11 existing portfolio companies at a weighted average yield on debt investments of 11.9%. Sales and repayments of investments for the six months ended March 31, 2024 totaled $77.2 million.

 

 

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For the three months ended March 31, 2023, PSSL invested $31.0 million (including $27.1 million purchased from the Company) in four new and two existing portfolio companies at a weighted average yield on debt investments of 11.5%. For the three months ended March 31, 2023, sales and repayments of investments totaled $9.2 million. For the six months ended March 31, 2023, PSSL invested $60.6 million (including $45.9 million purchased from the Company) in 11 new and nine existing portfolio companies at a weighted average yield on debt investments of 11.3%. For the six months ended March 31, 2023, sales and repayments of investments totaled $38.0 million.

 

At-the-Market Offering

 

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

 

During the three and six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the ATM Program at an average price of $11.35 per share, raising $51.0 million of net proceeds after commissions to the sales agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.6 million of deferred offering costs incurred related to establishing the ATM Program to additional paid in capital.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

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

 

Investment Valuations

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our 2031 Asset-Backed Debt, 2036 Asset-Backed Debt, 2023 Notes and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

 

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

 

In addition to using the above inputs to value cash equivalents, investments, our 2023 Notes, our 2026 Notes, our 2031 Asset-Backed Debt, our 2036 Asset-Backed Debt and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

 

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility and the 2023 Notes. We elected to use the fair value option for the Credit Facility and the 2023 Notes to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we did not incur any expenses relating to amendment costs on the Credit Facility and debt issuance costs on the 2023 Notes during the three and six months ended March 31, 2024 and 2023, respectively. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility and the 2023 Notes are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, 2031 Asset-Backed Debt, and the 2036 Asset-Backed Debt.

 

For the three and six months ended March 31, 2024, the Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) of less than $(0.1) million and $0.1 million, respectively. For the three and six months ended March 31, 2023, the Credit Facility and the 2023 Notes had a net change in unrealized (depreciation) appreciation of $(1.2) million and $0.9 million, respectively. As of March 31, 2024 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility as applicable, and the 2023 Notes totaled zero and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments. Our 2023 Notes traded on the TASE and were fully paid off during the quarter.

 

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

 

Revenue Recognition

 

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

 

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

 

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

 

 

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Foreign Currency Translation

 

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

 

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

 

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

 

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

 

Payment -in-kind, or PIK Interest

 

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

 

Federal Income Taxes

 

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

 

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

 

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

 

For the three and six months ended March 31, 2024, we recorded a provision for taxes on net investment income of $0.5 million and $0.7 million, respectively, pertaining to federal excise tax. For the three and six months ended March 31, 2023, we recorded a provision for taxes on net investment income of $0.2 million and $0.7 million, respectively, pertaining to federal excise tax.

 

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

 

For the three and six months ended March 31, 2024, the Company recognized a provision for taxes of $0.2 million and $0.2 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2023, the Company recognized a provision reduction for taxes of $3.7 million and $2.9 million, respectively, on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of March 31, 2024 and September 30, 2023, $1.6 million and $1.8 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. As of March 31, 2024 and September 30, 2023, zero and $0.3 million, respectively, was accrued as a provision for taxes on the Consolidated Statements of Operations relating to realized gain on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2024, the Company paid zero and zero, respectively, in taxes on realized gains on the sale of investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2024 and March 31, 2023, the Company did not make any tax payments related to realized gains on the sale of investments held by the Taxable Subsidiary.

 

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

 

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

 

 

48


 

RESULTS OF OPERATIONS

 

Set forth below are the results of operations for the three and six months ended March 31, 2024 and 2023.

 

Investment Income

 

For the three and six months ended March 31, 2024, investment income was $44.4 million and $82.3 million, respectively, which was attributable to $39.0 million and $72.2 million from first lien secured debt and $5.4 million and $10.1 million from other investments, respectively. For the three and six months ended March 31, 2023, investment income was $34.6 million and $65.9 million, respectively, which was attributable to $30.6 million and $58.2 million from first lien secured debt and $4.0 million and $7.7 million from other investments. The increase in investment income compared to the same period in the prior year was primarily due to the increase in the size and cost yield of our debt portfolio.

 

Expenses

 

For the three and six months ended March 31, 2024, expenses totaled $25.3 million and $43.8 million, respectively and were comprised of: $14.7 million and $23.6 million of debt related interest and expenses, $3.4 million and $6.4 million of base management fees, $4.8 million and $9.6 million of performance-based incentive fees, $1.8 million and $3.5 million of general and administrative expenses and $0.5 million and $0.7 million of taxes. For the three and six months ended March 31, 2023, expenses totaled $17.8 million and $35.4 million, respectively and were comprised of; $9.8 million and $19.6 million of debt related interest and expenses, $2.9 million and $5.8 million of base management fee, $4.2 million and $7.6 million of performance-based incentive fee, $0.8 million and $1.7 million of general and administrative expenses and $0.2 million and $0.7 million of taxes. The increase in expenses compared to the same period in the prior year was primarily due to the increase in interest expense from increased borrowings and performance-based incentive fees as a result of higher pre-incentive fee net investment income.

 

Net Investment Income

 

For the three and six months ended March 31, 2024, net investment income totaled $19.1 million or $0.31 per share, and $38.5 million or $0.64 per share, respectively. For the three and six months ended March 31, 2023, net investment income totaled $16.7 million or $0.35 per share, and $30.5 million or $0.65 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses compared to the same period in the prior year.

 

Net Realized Gains or Losses

 

For the three and six months ended March 31, 2024, net realized gains totaled $4.0 million and $0.9 million, respectively. For the three and six months ended March 31, 2023, net realized (losses) totaled $(7.5) million and $(7.5) million, respectively. The change in net realized gains (losses) compared to the same period in the prior year was primarily due to changes in the market conditions of our investments and the values at which they were realized.

 

Unrealized Appreciation or Depreciation on Investments and Debt


For the three and six months ended March 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $7.7 million and $13.9 million, respectively. For the three and six months ended March 31, 2023, we reported net change in unrealized appreciation (depreciation) on investments of $(4.2) million and $(20.9) million, respectively. As of March 31, 2024 and September 30, 2023, our net unrealized appreciation (depreciation) on investments totaled $(11.8) million and $(25.7) million, respectively. The net change in unrealized appreciation (depreciation) on our investments compared to the same period in the prior year was primarily due to the operating performance of the portfolio companies within our portfolio and changes in the capital market conditions of our investments.

 

For the three and six months ended March 31, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $(0.1) million and less than $0.1 million, respectively. For the three and six months ended March 31, 2023, our Credit Facility and the 2023 Notes had a net change in unrealized appreciation (depreciation) of $1.2 million and $(0.9) million, respectively. As of March 31, 2024 and September 30, 2023, the net unrealized appreciation (depreciation) on the Credit Facility and the 2023 Notes totaled less than $0.1 million and zero, respectively. The net change in net unrealized appreciation or (depreciation) compared to the same period in the prior year was primarily due to changes in the capital markets.
 

Net Change in Net Assets Resulting from Operations

 

For the three and six months ended March 31, 2024, net increase (decrease) in net assets resulting from operations totaled $31.1 million or $0.51 per share and $53.6 million, or $0.89 per share, respectively. For the three and six months ended March 31, 2023, net increase (decrease) in net assets resulting from operations totaled $7.2 million or $0.15 per share and $5.6 million, or $0.12 per share, respectively. The net increase or (decrease) from operations compared to the same period in the prior year was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.
 

LIQUIDITY AND CAPITAL RESOURCES

 

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of March 31, 2024, in accordance with the 1940 Act, with certain limited exceptions, we are only allowed to borrow amounts such that we are in compliance with a 150% asset coverage ratio requirement after such borrowing.

 

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of March 31, 2024 and September 30, 2023, our asset coverage ratio, as computed in accordance with the 1940 Act, was 183% and 230%, respectively.

 

 

49


 

For the six months ended March 31, 2024 and 2023, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 7.1% and 5.8%, respectively. As of March 31, 2024 and September 30, 2023, we had $217.1 million and $376.6 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

 

Funding I’s multi-currency Credit Facility with the Lenders was $386.0 million as of March 31, 2024 subject to satisfaction of certain conditions and regulatory restrictions that the 1940 Act imposes on us as a BDC, has an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 236 basis points, a maturity date of August 2026 and a revolving period that ends in August 2024. As of March 31, 2024 and September 30, 2023, PennantPark Floating Rate Funding I, LLC, our wholly-owned subsidiary, borrowed $168.9 million and $9.4 million under the Credit Facility, respectively, and the weighted average interest rate, exclusive of the fee on undrawn commitments, was of 7.7% and 7.7%, respectively, exclusive of the fee on undrawn commitments.

 

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

 

The Credit Facility contains covenants, including but not limited to, restrictions of loan size, currency types and amounts, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a minimum equity investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of March 31, 2024, we were in compliance with the covenants relating to our Credit Facility.

 

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

 

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

 

In November 2017, we issued $138.6 million of our 2023 Notes. The 2023 Notes were issued pursuant to a deed of trust between the Company and Mishmeret Trust Company, Ltd., as trustee, of which zero and $76.2 million was outstanding as of March 31, 2024 and September 30, 2023, respectively.

 

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

 

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

 

In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Notes maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C‑1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A‑1 Senior Secured Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031. As of March 31, 2024 and September 30, 2023, the Company had $226.3 million and $228.0 million of 2031 Asset-Backed Debt outstanding with a weighted average interest rate of 7.1% and 7.1%, respectively.

 

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

 

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

 

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

 

 

50


 

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

 

The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Preferred Shares of the 2036-Securitization Issuer were eliminated in consolidation. As of March 31, 2024, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 8.1%. As of March 31, 2024, the unamortized fees on the 2036 Asset-Backed Debt were $3.2 million.

 

Our Investment Adviser serves as collateral manager to the 2036-Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

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

 

During the three and six months ended March 31, 2024, we issued 4,493,436 shares of common stock through the ATM Program at an average price of $11.35 per share, raising $51.0 million of net proceeds after commissions to the sales agents and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV. In connection with the share issuance, we expensed $0.6 million of deferred offering costs incurred related to establishing the ATM Program to additional paid in capital.

 

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

 

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

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

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

As of March 31, 2024 and September 30, 2023, we had cash and cash equivalents of $125.3 million and $100.6 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

 

For the six months ended March 31, 2024, our operating activities used cash of $354.5 million and our financing activities provided cash of $379.2 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under our Credit Facility and proceeds from the 2036 Asset-Backed Debt partially offset by the repayment of the 2023 Notes.

 

For the six months ended March 31, 2023, our operating activities provided cash of $15.3 million and our financing activities used cash of $16.2 million. Our operating activities provided cash primarily realized from our investment activities and our financing activities used cash primarily due to repayments under our Credit Facility and principal repayment of our 2023 Notes partially offset by proceeds from our equity offering.

 

 

51


 

PennantPark Senior Secured Loan Fund I LLC

 

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of March 31, 2024 and September 30, 2023, PSSL had total assets of $941.0 million and $869.4 million, respectively, and its investment portfolio consisted of investments in 106 and 105 portfolio companies, respectively. As of March 31, 2024, at fair value, the largest investment in a single portfolio company in PSSL was $21.4 million and the five largest investments totaled $95.6 million. As of September 30, 2023, at fair value, the largest investment in a single portfolio company in PSSL was $18.5 million and the five largest investments totaled $83.4 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

 

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of March 31, 2024 and September 30, 2023, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $210.1 million (additional $27.6 million unfunded) and $210.1 million (additional $27.6 million unfunded), respectively, and equity interests of $90.0 million (additional $11.8 million unfunded) and $90.0 million (additional $11.8 million unfunded), respectively.

 

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

 

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

 

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

 

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

 

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

 

($ in thousands)

 

March 31, 2024

 

 

September 30, 2023

 

Total investments

 

$

869,684

 

 

$

785,859

 

Weighted average cost yield on income producing investments

 

 

12.0

%

 

 

12.1

%

Number of portfolio companies in PSSL

 

 

106

 

 

 

105

 

Largest portfolio company investment

 

$

21,381

 

 

$

18,463

 

Total of five largest portfolio company investments

 

$

95,589

 

 

$

83,365

 

 

 

52


 

Below is a listing of PSSL’s individual investments as of March 31, 2024 (Par and $ in thousands):

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,425.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.68

%

 

SOFR+660

 

 

 

2,925

 

 

$

2,875

 

 

$

2,925

 

ACP Avenu Buyer, LLC

 

10/2/2029

 

 

Business Services

 

 

11.65

%

 

SOFR+625

 

 

 

9,975

 

 

 

9,810

 

 

 

9,726

 

ACP Falcon Buyer, Inc.

 

8/1/2029

 

 

Business Services

 

 

11.83

%

 

SOFR+650

 

 

 

18,856

 

 

 

18,509

 

 

 

18,875

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

11.57

%

 

SOFR+626

 

 

 

8,753

 

 

 

8,695

 

 

 

8,753

 

Aeronix, Inc

 

12/18/2028

 

 

Aerospace and Defense

 

 

10.81

%

 

SOFR+550

 

 

 

15,960

 

 

 

15,731

 

 

 

15,800

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

11.43

%

 

SOFR+600

 

 

 

12,787

 

 

 

12,508

 

 

 

12,276

 

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

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

11.23

%

 

SOFR+575

 

 

 

4,859

 

 

 

4,837

 

 

 

4,835

 

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

 

6/30/2026

 

 

Media: Advertising, Printing & Publishing

 

 

11.00

%

 

SOFR+575

 

 

 

4,750

 

 

 

4,708

 

 

 

4,726

 

Any Hour Services

 

7/21/2027

 

 

Professional Services

 

 

11.00

%

 

SOFR+585

 

 

 

7,472

 

 

 

7,328

 

 

 

7,397

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.20

%

 

SOFR+615

 

 

 

11,213

 

 

 

11,104

 

 

 

10,990

 

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

11.54

%

 

SOFR+625

 

 

 

11,171

 

 

 

11,021

 

 

 

11,060

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

11.10

%

 

SOFR+575

 

 

 

4,925

 

 

 

4,847

 

 

 

4,790

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.83

%

 

SOFR+650

 

 

 

8,933

 

 

 

8,837

 

 

 

8,843

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

11.70

%

 

SOFR+625

 

 

 

15,053

 

 

 

14,854

 

 

 

14,978

 

BlueHalo Financing Holdings, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

10.42

%

 

SOFR+490

 

 

 

5,575

 

 

 

5,545

 

 

 

5,491

 

Broder Bros., Co.

 

12/4/2025

 

 

Consumer Products

 

 

11.61

%

 

SOFR+626

 

 

 

2,305

 

 

 

2,305

 

 

 

2,305

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

 

Automotive

 

 

10.68

%

 

SOFR+525

 

 

 

444

 

 

 

417

 

 

 

423

 

By Light Professional IT Services, LLC

 

5/16/2025

 

 

High Tech Industries

 

 

12.37

%

 

SOFR+688

 

 

 

13,387

 

 

 

13,350

 

 

 

13,253

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

11.06

%

 

SOFR+575

 

 

 

9,587

 

 

 

9,470

 

 

 

9,587

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

11.53

%

 

SOFR+619

 

 

 

6,785

 

 

 

6,704

 

 

 

6,684

 

Challenger Performance Optimization, Inc.

 

8/31/2024

 

 

Business Services

 

 

13.18

%

 

SOFR+775

 

 

 

9,119

 

 

 

9,109

 

 

 

8,800

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Confluent Health, LLC

 

10/28/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.44

%

 

SOFR+400

 

 

 

6,743

 

 

 

6,522

 

 

 

6,659

 

Connatix Buyer, Inc.

 

7/13/2027

 

 

Media

 

 

11.09

%

 

SOFR+576

 

 

 

3,795

 

 

 

3,749

 

 

 

3,643

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.81

%

 

SOFR+525

 

 

 

2,078

 

 

 

2,059

 

 

 

2,078

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

11.16

%

 

SOFR+585

 

 

 

14,637

 

 

 

14,455

 

 

 

14,637

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

10.68

%

 

SOFR+525

 

 

 

2,614

 

 

 

2,419

 

 

 

2,442

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

11.71

%

 

SOFR+640

 

 

 

14,149

 

 

 

14,114

 

 

 

14,036

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

 

Containers and Packaging

 

 

12.43

%

 

SOFR+710

 

 

 

10,849

 

 

 

10,821

 

 

 

10,816

 

ECL Entertainment, LLC

 

8/31/2030

 

 

Hotel, Gaming and Leisure

 

 

10.08

%

 

SOFR+475

 

 

 

4,975

 

 

 

4,894

 

 

 

4,989

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.56

%

 

SOFR+625

 

 

 

8,910

 

 

 

8,801

 

 

 

8,732

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

11.43

%

 

SOFR+610

 

 

 

12,611

 

 

 

12,463

 

 

 

12,358

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

11.84

%

 

SOFR+650

 

 

 

12,342

 

 

 

12,113

 

 

 

12,465

 

Fairbanks Morse Defense

 

6/17/2028

 

 

Aerospace and Defense

 

 

10.32

%

 

SOFR+475

 

 

 

10,143

 

 

 

10,094

 

 

 

10,143

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

11.45

%

 

SOFR+610

 

 

 

3,716

 

 

 

3,707

 

 

 

3,530

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

10.90

%

 

SOFR+560

 

 

 

2,333

 

 

 

2,310

 

 

 

2,310

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.90

%

 

SOFR+560

 

 

 

2,153

 

 

 

2,126

 

 

 

2,024

 

Hills Distribution, Inc

 

11/8/2029

 

 

Business Services

 

 

11.32

%

 

SOFR+600

 

 

 

9,002

 

 

 

8,875

 

 

 

8,867

 

HW Holdco, LLC

 

5/10/2026

 

 

Media

 

 

11.72

%

 

SOFR+640

 

 

 

3,513

 

 

 

3,491

 

 

 

3,460

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

10.43

%

 

SOFR+510

 

 

 

9,201

 

 

 

9,052

 

 

 

9,109

 

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.64

%

 

SOFR+725

 

 

 

16,370

 

 

 

16,196

 

 

 

16,370

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.16

%

 

SOFR+685

 

 

 

6,060

 

 

 

5,958

 

 

 

6,060

 

Integrative Nutrition, LLC

 

1/31/2025

 

 

Diversified Consumer Services

 

 

12.46

%

 

SOFR+715

 

 

 

11,156

 

 

 

11,144

 

 

 

10,375

 

 

 

 

 

 

 

 

(PIK 2.25%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

Insurance

 

 

11.49

%

 

SOFR+615

 

 

 

5,880

 

 

 

5,840

 

 

 

5,821

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

12.94

%

 

SOFR+761

 

 

 

8,205

 

 

 

8,094

 

 

 

8,041

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

10.97

%

 

SOFR+560

 

 

 

3,920

 

 

 

3,869

 

 

 

3,881

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.46

%

 

SOFR+615

 

 

 

16,578

 

 

 

16,303

 

 

 

16,578

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

13.23

%

 

SOFR+775

 

 

 

14,359

 

 

 

14,175

 

 

 

14,215

 

LAV Gear Holdings, Inc.

 

10/31/2025

 

 

Capital Equipment

 

 

11.72

%

 

SOFR+640

 

 

 

14,970

 

 

 

14,950

 

 

 

14,760

 

Lightspeed Buyer Inc.

 

2/3/2026

 

 

Healthcare Providers and Services

 

 

10.68

%

 

SOFR+535

 

 

 

11,375

 

 

 

11,280

 

 

 

11,375

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

11.67

%

 

SOFR+640

 

 

 

2,572

 

 

 

2,528

 

 

 

2,547

 

Loving Tan Intermediate II, Inc.

 

5/31/2028

 

 

Consumer Products

 

 

12.31

%

 

SOFR+700

 

 

 

7,444

 

 

 

7,316

 

 

 

7,295

 

Lucky Bucks, LLC - First-Out Term Loan

 

10/2/2028

 

 

Hotel, Gaming and Leisure

 

 

12.97

%

 

SOFR+765

 

 

 

261

 

 

 

261

 

 

 

261

 

Lucky Bucks, LLC - Last-Out Term Loan

 

10/2/2029

 

 

Hotel, Gaming and Leisure

 

 

12.97

%

 

SOFR+765

 

 

 

522

 

 

 

522

 

 

 

522

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

10.90

%

 

SOFR+550

 

 

 

2,079

 

 

 

2,001

 

 

 

1,983

 

Magenta Buyer, LLC

 

7/31/2028

 

 

Software

 

 

10.57

%

 

SOFR+500

 

 

 

2,991

 

 

 

2,844

 

 

 

1,759

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

 

Media: Diversified and Production

 

 

10.72

%

 

SOFR+525

 

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)

 

9/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

 

Media: Diversified and Production

 

 

10.72

%

 

SOFR+525

 

 

 

4,837

 

 

 

3,921

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

 

Media

 

 

10.96

%

 

SOFR+565

 

 

 

11,529

 

 

 

11,443

 

 

 

11,529

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

11.23

%

 

SOFR+585

 

 

 

8,373

 

 

 

8,274

 

 

 

8,261

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

10.87

%

 

SOFR+550

 

 

 

6,348

 

 

 

6,250

 

 

 

6,260

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.20

%

 

SOFR+565

 

 

 

2,360

 

 

 

2,328

 

 

 

2,312

 

Medina Health, LLC

 

10/20/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.56

%

 

SOFR+625

 

 

 

19,296

 

 

 

18,985

 

 

 

19,103

 

Mission Critical Electronics, Inc.

 

3/31/2025

 

 

Capital Equipment

 

 

11.20

%

 

SOFR+590

 

 

 

5,739

 

 

 

5,736

 

 

 

5,739

 

MOREGroup Holdings, Inc

 

1/16/2030

 

 

Business Services

 

 

11.08

%

 

SOFR+590

 

 

 

13,132

 

 

 

12,946

 

 

 

13,001

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

 

Distributors

 

 

10.45

%

 

SOFR+515

 

 

 

3,413

 

 

 

3,368

 

 

 

3,413

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

11.18

%

 

SOFR+575

 

 

 

10,657

 

 

 

10,538

 

 

 

10,177

 

Neptune Flood Incorporated

 

5/9/2029

 

 

Insurance

 

 

11.40

%

 

SOFR+600

 

 

 

4,809

 

 

 

4,747

 

 

 

4,809

 

NORA Acquisition, LLC

 

8/31/2029

 

 

Healthcare Providers and Services

 

 

11.68

%

 

SOFR+635

 

 

 

21,381

 

 

 

21,001

 

 

 

21,381

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

11.69

%

 

SOFR+636

 

 

 

15,765

 

 

 

15,535

 

 

 

15,765

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

14.75

%

 

SOFR+940

 

 

 

2,076

 

 

 

2,058

 

 

 

1,619

 

Output Services Group, Inc - First-Out Term Loan

 

11/30/2028

 

 

Business Services

 

 

13.82

%

 

SOFR+843

 

 

 

821

 

 

 

821

 

 

 

821

 

Output Services Group, Inc - Last-Out Term Loan

 

5/30/2028

 

 

Business Services

 

 

12.07

%

 

SOFR+668

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

10.68

%

 

SOFR+550

 

 

 

3,893

 

 

 

3,839

 

 

 

3,834

 

Ox Two, LLC

 

5/18/2026

 

 

Construction and Building

 

 

12.82

%

 

SOFR+751

 

 

 

4,345

 

 

 

4,315

 

 

 

4,345

 

Pacific Purchaser, LLC

 

9/30/2028

 

 

Business Services

 

 

11.43

%

 

SOFR+625

 

 

 

11,998

 

 

 

11,792

 

 

 

11,998

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

 

Wholesale

 

 

10.72

%

 

SOFR+500

 

 

 

9,443

 

 

$

9,293

 

 

$

9,254

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.43

%

 

SOFR+710

 

 

 

7,700

 

 

 

7,612

 

 

 

6,815

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

PlayPower, Inc.

 

5/8/2026

 

 

Consumer Goods: Durable

 

 

10.98

%

 

SOFR+565

 

 

 

2,544

 

 

 

2,495

 

 

 

2,493

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

11.09

%

 

SOFR+575

 

 

 

11,081

 

 

 

10,956

 

 

 

9,474

 

53


 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Aerospace and Defense

 

 

11.66

%

 

SOFR+635

 

 

 

2,789

 

 

 

2,770

 

 

 

2,733

 

Rancho Health MSO, Inc.

 

12/18/2025

 

 

Healthcare Providers and Services

 

 

10.92

%

 

SOFR+585

 

 

 

1,024

 

 

 

1,024

 

 

 

1,024

 

Reception Purchaser, LLC

 

2/28/2028

 

 

Air Freight and Logistics

 

 

11.45

%

 

SOFR+615

 

 

 

4,913

 

 

 

4,860

 

 

 

4,176

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

12.46

%

 

SOFR+715

 

 

 

4,850

 

 

 

4,812

 

 

 

4,729

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

 

Diversified Consumer Services

 

 

11.07

%

 

SOFR+576

 

 

 

12,366

 

 

 

12,304

 

 

 

10,511

 

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

 

6/15/2029

 

 

High Tech Industries

 

 

11.43

%

 

SOFR+625

 

 

 

3,730

 

 

 

3,662

 

 

 

3,674

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

11.51

%

 

SOFR+620

 

 

 

9,268

 

 

 

9,243

 

 

 

9,268

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

12.93

%

 

SOFR+760

 

 

 

5,079

 

 

 

5,066

 

 

 

5,079

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.68

%

 

SOFR+715

 

 

 

11,830

 

 

 

11,825

 

 

 

11,594

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

-

 

 

 

-

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.46

%

 

SOFR+615

 

 

 

4,925

 

 

 

4,863

 

 

 

4,777

 

Sigma Defense Systems, LLC

 

12/18/2027

 

 

Aerospace and Defense

 

 

12.46

%

 

SOFR+715

 

 

 

12,573

 

 

 

12,402

 

 

 

12,447

 

Simplicity Financial Marketing Group Holdings, Inc

 

12/2/2026

 

 

Diversified Financial Services

 

 

11.70

%

 

SOFR+640

 

 

 

11,416

 

 

 

11,237

 

 

 

11,302

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

 

Business Services

 

 

9.94

%

 

SOFR+450

 

 

 

1,297

 

 

 

1,273

 

 

 

1,289

 

Smartronix, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.57

%

 

SOFR+635

 

 

 

4,888

 

 

 

4,821

 

 

 

4,888

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.91

%

 

SOFR+450

 

 

 

11,736

 

 

 

11,707

 

 

 

10,468

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

12.46

%

 

SOFR+700

 

 

 

4,582

 

 

 

4,554

 

 

 

4,577

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

10.95

%

 

SOFR+565

 

 

 

4,091

 

 

 

4,032

 

 

 

4,091

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.35

%

 

SOFR+501

 

 

 

1,777

 

 

 

1,694

 

 

 

1,777

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

11.08

%

 

SOFR+590

 

 

 

14,663

 

 

 

14,495

 

 

 

14,648

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.49

%

 

SOFR+500

 

 

 

345

 

 

 

333

 

 

 

344

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

11.96

%

 

SOFR+665

 

 

 

8,553

 

 

 

8,449

 

 

 

8,553

 

The Vertex Companies, LLC

 

8/31/2027

 

 

Construction and Engineering

 

 

11.42

%

 

SOFR+610

 

 

 

7,676

 

 

 

7,565

 

 

 

7,676

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.94

%

 

SOFR+565

 

 

 

16,617

 

 

 

16,434

 

 

 

16,601

 

Transgo, LLC

 

12/29/2028

 

 

Automotive

 

 

11.33

%

 

SOFR+600

 

 

 

19,826

 

 

 

19,547

 

 

 

19,628

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.73

%

 

SOFR+640

 

 

 

3,418

 

 

 

3,417

 

 

 

3,418

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

10.98

%

 

SOFR+565

 

 

 

14,670

 

 

 

14,579

 

 

 

13,745

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

11.68

%

 

SOFR+665

 

 

 

6,858

 

 

 

6,757

 

 

 

6,775

 

Walker Edison Furniture Company LLC (4)

 

3/1/2029

 

 

Wholesale

 

 

0.00

%

 

 

 

 

 

4,645

 

 

 

4,465

 

 

 

3,437

 

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

 

3/1/2029

 

 

Wholesale

 

 

0.00

%

 

 

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

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

 

3/1/2029

 

 

Wholesale

 

 

 

 

 

 

 

 

604

 

 

 

-

 

 

 

(157

)

Watchtower Buyer, LLC

 

12/3/2029

 

 

Diversified Consumer Services

 

 

11.31

%

 

SOFR+600

 

 

 

12,250

 

 

 

12,057

 

 

 

12,152

 

Wildcat Buyerco, Inc.

 

2/27/2027

 

 

Electronic Equipment, Instruments, and Components

 

 

11.06

%

 

SOFR+575

 

 

 

16,097

 

 

 

15,971

 

 

 

16,016

 

Zips Car Wash, LLC

 

12/31/2024

 

 

Automobiles

 

 

12.68

%

 

SOFR+735

 

 

 

16,743

 

 

 

16,699

 

 

 

16,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

873,061

 

 

 

865,487

 

Equity Securities - 6.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucky Bucks, LLC

 

 

 

 

Hotel, Gaming and Leisure

 

 

 

 

 

 

 

 

74

 

 

 

2,062

 

 

 

2,104

 

New MPE Holdings, LLC

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

1,030

 

Output Services Group, Inc

 

 

 

 

Business Services

 

 

 

 

 

 

 

 

126

 

 

 

1,012

 

 

 

1,063

 

Walker Edison Furniture - Common Equity

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36

 

 

 

3,393

 

 

 

-

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,467

 

 

 

4,197

 

Total Investments - 1,432.8%

 

 

 

 

 

 

 

 

 

 

 

879,528

 

 

 

869,684

 

Cash and Cash Equivalents - 103.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,892

 

 

 

62,892

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,892

 

 

 

62,892

 

Total Investments and Cash Equivalents —1,536.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

942,420

 

 

$

932,576

 

Liabilities in Excess of Other Assets — (1,436.4)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(871,877

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

60,699

 

 

 

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

 

 

54


 

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

 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

First Lien Secured Debt - 1,347.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A1 Garage Merger Sub, LLC

 

12/22/2028

 

 

Commercial Services & Supplies

 

 

11.84

%

 

SOFR+660

 

 

 

2,940

 

 

$

2,886

 

 

$

2,925

 

Ad.net Acquisition, LLC

 

5/7/2026

 

 

Media

 

 

11.65

%

 

SOFR+626

 

 

 

8,798

 

 

 

8,723

 

 

 

8,754

 

Alpine Acquisition Corp II

 

11/30/2026

 

 

Containers and Packaging

 

 

11.24

%

 

SOFR+600

 

 

 

12,852

 

 

 

12,535

 

 

 

12,338

 

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

 

5/23/2024

 

 

Media: Advertising, Printing & Publishing

 

 

11.04

%

 

SOFR+550

 

 

 

5,001

 

 

 

4,971

 

 

 

4,913

 

Anteriad Holdings Inc (fka MeritDirect) March 2023

 

5/23/2024

 

 

Media: Advertising, Printing & Publishing

 

 

12.04

%

 

SOFR+650

 

 

 

4,875

 

 

 

4,817

 

 

 

4,814

 

Any Hour Services

 

7/21/2027

 

 

Professional Services

 

 

11.59

%

 

SOFR+585

 

 

 

7,510

 

 

 

7,348

 

 

 

7,360

 

Apex Service Partners, LLC

 

7/31/2025

 

 

Diversified Consumer Services

 

 

10.52

%

 

SOFR+525

 

 

 

1,002

 

 

 

1,002

 

 

 

1,000

 

Apex Service Partners, LLC Term Loan B

 

7/31/2025

 

 

Diversified Consumer Services

 

 

11.04

%

 

SOFR+550

 

 

 

2,187

 

 

 

2,187

 

 

 

2,181

 

Apex Service Partners, LLC Term Loan C

 

7/31/2025

 

 

Diversified Consumer Services

 

 

10.69

%

 

SOFR+525

 

 

 

11,013

 

 

 

10,972

 

 

 

10,985

 

Applied Technical Services, LLC

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

11.54

%

 

SOFR+615

 

 

 

9,579

 

 

 

9,475

 

 

 

9,387

 

Applied Technical Services, LLC - DDTL Unfunded (3)

 

12/29/2026

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

194

 

 

 

-

 

 

 

(2

)

Arcfield Acquisition Corp.

 

8/3/2029

 

 

Aerospace and Defense

 

 

11.62

%

 

SOFR+625

 

 

 

9,218

 

 

 

9,093

 

 

 

9,126

 

Beta Plus Technologies, Inc.

 

7/1/2029

 

 

Business Services

 

 

11.14

%

 

SOFR+575

 

 

 

4,950

 

 

 

4,863

 

 

 

4,604

 

BioDerm, Inc.

 

1/31/2028

 

 

Healthcare and Pharmaceuticals

 

 

11.83

%

 

SOFR+650

 

 

 

8,978

 

 

 

8,874

 

 

 

8,933

 

Blackhawk Industrial Distribution, Inc.

 

9/17/2026

 

 

Distributors

 

 

11.79

%

 

SOFR+640

 

 

 

15,132

 

 

 

14,928

 

 

 

14,905

 

Broder Bros., Co.

 

12/4/2025

 

 

Consumer Products

 

 

11.50

%

 

SOFR+626

 

 

 

2,349

 

 

 

2,349

 

 

 

2,349

 

Burgess Point Purchaser Corporation

 

9/26/2029

 

 

Automotive

 

 

10.67

%

 

SOFR+525

 

 

 

447

 

 

 

418

 

 

 

420

 

By Light Professional IT Services, LLC

 

5/16/2025

 

 

High Tech Industries

 

 

12.43

%

 

SOFR+688

 

 

 

13,821

 

 

 

13,778

 

 

 

13,579

 

Cadence Aerospace, LLC

 

11/14/2023

 

 

Aerospace and Defense

 

 

12.07

%

 

SOFR+665

 

 

 

4,011

 

 

 

4,010

 

 

 

4,011

 

 

 

 

 

 

 

 

(PIK 2.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cartessa Aesthetics, LLC

 

6/14/2028

 

 

Distributors

 

 

11.39

%

 

SOFR+600

 

 

 

9,636

 

 

 

9,509

 

 

 

9,636

 

CF512, Inc.

 

8/20/2026

 

 

Media

 

 

11.60

%

 

SOFR+619

 

 

 

6,820

 

 

 

6,722

 

 

 

6,684

 

CHA Holdings, Inc.

 

4/10/2025

 

 

Construction and Engineering

 

 

10.15

%

 

SOFR+476

 

 

 

5,499

 

 

 

5,455

 

 

 

5,499

 

Challenger Performance Optimization, Inc.

 

8/31/2024

 

 

Business Services

 

 

12.18

%

 

SOFR+675

 

 

 

9,232

 

 

 

9,201

 

 

 

8,955

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Confluent Health, LLC

 

10/28/2028

 

 

Healthcare and Pharmaceuticals

 

 

9.32

%

 

SOFR+400

 

 

 

6,797

 

 

 

6,559

 

 

 

6,445

 

Connatix Buyer, Inc.

 

7/13/2027

 

 

Media

 

 

11.16

%

 

SOFR+576

 

 

 

3,815

 

 

 

3,762

 

 

 

3,681

 

Crane 1 Services, Inc.

 

8/16/2027

 

 

Commercial Services & Supplies

 

 

10.90

%

 

SOFR+551

 

 

 

2,089

 

 

 

2,067

 

 

 

2,079

 

Dr. Squatch, LLC

 

8/31/2027

 

 

Personal Products

 

 

11.24

%

 

SOFR+585

 

 

 

14,712

 

 

 

14,511

 

 

 

14,712

 

DRI Holding Inc.

 

12/21/2028

 

 

Media

 

 

10.67

%

 

SOFR+525

 

 

 

2,627

 

 

 

2,418

 

 

 

2,394

 

DRS Holdings III, Inc.

 

11/3/2025

 

 

Consumer Goods: Durable

 

 

11.79

%

 

SOFR+640

 

 

 

14,429

 

 

 

14,376

 

 

 

14,256

 

Duraco Specialty Tapes LLC

 

6/30/2024

 

 

Containers and Packaging

 

 

11.89

%

 

SOFR+650

 

 

 

10,904

 

 

 

10,838

 

 

 

10,740

 

ECL Entertainment, LLC

 

8/31/2030

 

 

Hotel, Gaming and Leisure

 

 

10.07

%

 

SOFR+475

 

 

 

5,000

 

 

 

4,900

 

 

 

4,985

 

EDS Buyer, LLC

 

1/10/2029

 

 

Electronic Equipment, Instruments, and Components

 

 

11.64

%

 

SOFR+625

 

 

 

8,955

 

 

 

8,833

 

 

 

8,821

 

Electro Rent Corporation

 

1/17/2024

 

 

Electronic Equipment, Instruments, and Components

 

 

11.00

%

 

SOFR+550

 

 

 

2,219

 

 

 

2,200

 

 

 

2,171

 

Exigo Intermediate II, LLC

 

3/15/2027

 

 

Software

 

 

11.17

%

 

SOFR+585

 

 

 

12,675

 

 

 

12,505

 

 

 

12,422

 

ETE Intermediate II, LLC

 

5/29/2029

 

 

Diversified Consumer Services

 

 

11.89

%

 

SOFR+650

 

 

 

12,404

 

 

 

12,154

 

 

 

12,193

 

Fairbanks Morse Defense

 

6/17/2028

 

 

Aerospace and Defense

 

 

10.40

%

 

SOFR+475

 

 

 

10,195

 

 

 

10,143

 

 

 

10,114

 

Global Holdings InterCo LLC

 

3/16/2026

 

 

Diversified Financial Services

 

 

11.96

%

 

SOFR+660

 

 

 

3,736

 

 

 

3,724

 

 

 

3,549

 

Graffiti Buyer, Inc.

 

8/10/2027

 

 

Trading Companies & Distributors

 

 

10.99

%

 

SOFR+575

 

 

 

2,345

 

 

 

2,316

 

 

 

2,322

 

Hancock Roofing and Construction L.L.C.

 

12/31/2026

 

 

Insurance

 

 

10.92

%

 

SOFR+560

 

 

 

2,250

 

 

 

2,217

 

 

 

2,194

 

Holdco Sands Intermediate, LLC

 

11/23/2028

 

 

Aerospace and Defense

 

 

11.32

%

 

SOFR+585

 

 

 

4,913

 

 

 

4,838

 

 

 

4,913

 

HW Holdco, LLC

 

12/10/2024

 

 

Media

 

 

11.75

%

 

SOFR+640

 

 

 

3,014

 

 

 

2,988

 

 

 

2,968

 

Imagine Acquisitionco, LLC

 

11/15/2027

 

 

Software

 

 

10.72

%

 

SOFR+535

 

 

 

9,248

 

 

 

9,075

 

 

 

9,110

 

Inception Fertility Ventures, LLC

 

12/31/2024

 

 

Healthcare Providers and Services

 

 

12.51

%

 

SOFR+715

 

 

 

16,453

 

 

 

16,257

 

 

 

16,453

 

Infinity Home Services Holdco, Inc.

 

12/28/2028

 

 

Commercial Services & Supplies

 

 

12.24

%

 

SOFR+685

 

 

 

6,090

 

 

 

5,979

 

 

 

6,090

 

Integrated Data Services

 

8/1/2029

 

 

Business Services

 

 

11.87

%

 

SOFR+650

 

 

 

18,904

 

 

 

18,532

 

 

 

18,463

 

Integrative Nutrition, LLC

 

1/31/2025

 

 

Diversified Consumer Services

 

 

12.54

%

 

SOFR+700

 

 

 

11,105

 

 

 

11,083

 

 

 

10,439

 

 

 

 

 

 

 

 

(PIK 2.25%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Marketing Acquisition, LLC

 

8/27/2026

 

 

Insurance

 

 

11.57

%

 

SOFR+575

 

 

 

5,906

 

 

 

5,851

 

 

 

5,847

 

Inventus Power, Inc.

 

6/30/2025

 

 

Consumer Goods: Durable

 

 

12.93

%

 

SOFR+761

 

 

 

8,246

 

 

 

8,104

 

 

 

8,080

 

ITI Holdings, Inc.

 

3/3/2028

 

 

IT Services

 

 

11.06

%

 

SOFR+560

 

 

 

3,940

 

 

 

3,886

 

 

 

3,861

 

K2 Pure Solutions NoCal, L.P.

 

12/20/2023

 

 

Chemicals, Plastics and Rubber

 

 

13.42

%

 

SOFR+810

 

 

 

15,509

 

 

 

15,487

 

 

 

15,509

 

Kinetic Purchaser, LLC

 

11/10/2027

 

 

Personal Products

 

 

11.54

%

 

SOFR+615

 

 

 

16,662

 

 

 

16,346

 

 

 

16,412

 

Lash OpCo, LLC

 

2/18/2027

 

 

Personal Products

 

 

12.13

%

 

SOFR+675

 

 

 

14,210

 

 

 

13,989

 

 

 

14,068

 

LAV Gear Holdings, Inc.

 

10/31/2024

 

 

Capital Equipment

 

 

11.74

%

 

SOFR+643

 

 

 

15,042

 

 

 

14,997

 

 

 

14,862

 

Lightspeed Buyer Inc.

 

2/3/2026

 

 

Healthcare Providers and Services

 

 

10.70

%

 

SOFR+535

 

 

 

12,056

 

 

 

11,911

 

 

 

11,935

 

LJ Avalon Holdings, LLC

 

1/31/2030

 

 

Environmental Industries

 

 

11.77

%

 

SOFR+640

 

 

 

2,585

 

 

 

2,537

 

 

 

2,534

 

Loving Tan Intermediate II, Inc.

 

5/26/2028

 

 

Consumer Products

 

 

12.39

%

 

SOFR+700

 

 

 

7,481

 

 

 

7,337

 

 

 

7,369

 

Lucky Bucks, LLC (4)

 

7/20/2027

 

 

Hotel, Gaming and Leisure

 

 

0.00

%

 

 

 

 

 

4,489

 

 

 

4,207

 

 

 

1,182

 

Lucky Bucks. LLC - OpCo DIP Loans

 

9/30/2025

 

 

Hotel, Gaming and Leisure

 

 

15.33

%

 

SOFR+1000

 

 

 

160

 

 

 

158

 

 

 

160

 

MAG DS Corp

 

4/1/2027

 

 

Aerospace and Defense

 

 

10.99

%

 

SOFR+550

 

 

 

2,097

 

 

 

2,007

 

 

 

1,986

 

Magenta Buyer, LLC

 

7/31/2028

 

 

Software

 

 

10.63

%

 

SOFR+500

 

 

 

3,006

 

 

 

2,845

 

 

 

2,228

 

Marketplace Events, LLC - Super Priority First Lien Term Loan

 

9/30/2025

 

 

Media: Diversified and Production

 

 

10.94

%

 

SOFR+525

 

 

 

647

 

 

 

647

 

 

 

647

 

Marketplace Events, LLC - Super Priority First Lien Unfunded Term Loan (3)

 

9/30/2025

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

589

 

 

 

-

 

 

 

-

 

Marketplace Events, LLC

 

9/30/2026

 

 

Media: Diversified and Production

 

 

10.94

%

 

SOFR+525

 

 

 

4,837

 

 

 

3,782

 

 

 

4,837

 

Mars Acquisition Holdings Corp.

 

5/14/2026

 

 

Media

 

 

11.04

%

 

SOFR+565

 

 

 

11,588

 

 

 

11,476

 

 

 

11,472

 

MBS Holdings, Inc.

 

4/16/2027

 

 

Internet Software and Services

 

 

11.17

%

 

SOFR+585

 

 

 

7,859

 

 

 

7,758

 

 

 

7,749

 

MDI Buyer, Inc.

 

7/25/2028

 

 

Chemicals, Plastics and Rubber

 

 

11.32

%

 

SOFR+600

 

 

 

6,380

 

 

 

6,271

 

 

 

6,244

 

Meadowlark Acquirer, LLC

 

12/10/2027

 

 

Professional Services

 

 

11.04

%

 

SOFR+565

 

 

 

2,372

 

 

 

2,336

 

 

 

2,312

 

Mission Critical Electronics, Inc.

 

3/28/2024

 

 

Capital Equipment

 

 

11.29

%

 

SOFR+515

 

 

 

5,769

 

 

 

5,763

 

 

 

5,740

 

Municipal Emergency Services, Inc.

 

9/28/2027

 

 

Distributors

 

 

11.04

%

 

SOFR+565

 

 

 

3,430

 

 

 

3,380

 

 

 

3,355

 

NBH Group LLC

 

8/19/2026

 

 

Healthcare, Education & Childcare

 

 

10.93

%

 

SOFR+525

 

 

 

10,711

 

 

 

10,572

 

 

 

10,497

 

Neptune Flood Incorporated

 

5/9/2029

 

 

Insurance

 

 

11.97

%

 

SOFR+650

 

 

 

5,042

 

 

 

4,970

 

 

 

5,042

 

New Milani Group LLC

 

6/6/2024

 

 

Consumer Goods: Non-Durable

 

 

10.92

%

 

SOFR+550

 

 

 

14,213

 

 

 

14,194

 

 

 

14,213

 

One Stop Mailing, LLC

 

5/7/2027

 

 

Air Freight and Logistics

 

 

11.68

%

 

SOFR+636

 

 

 

15,849

 

 

 

15,588

 

 

 

15,849

 

ORL Acquisitions, Inc.

 

9/3/2027

 

 

Consumer Finance

 

 

12.84

%

 

SOFR+725

 

 

 

2,223

 

 

 

2,202

 

 

 

2,023

 

Output Services Group, Inc. (4)

 

6/27/2026

 

 

Business Services

 

 

0.00

%

 

 

 

 

 

7,759

 

 

 

7,689

 

 

 

1,513

 

Owl Acquisition, LLC

 

2/4/2028

 

 

Professional Services

 

 

10.80

%

 

SOFR+575

 

 

 

3,893

 

 

 

3,832

 

 

 

3,834

 

Ox Two, LLC

 

5/18/2026

 

 

Construction and Building

 

 

12.90

%

 

SOFR+751

 

 

 

4,345

 

 

 

4,306

 

 

 

4,269

 

Peaquod Merger Sub, Inc.

 

12/2/2026

 

 

Diversified Financial Services

 

 

11.79

%

 

SOFR+640

 

 

 

11,474

 

 

 

11,267

 

 

 

11,244

 

PH Beauty Holdings III, Inc.

 

9/29/2025

 

 

Wholesale

 

 

10.68

%

 

SOFR+500

 

 

 

9,493

 

 

 

9,282

 

 

 

7,974

 

PL Acquisitionco, LLC

 

11/9/2027

 

 

Textiles, Apparel and Luxury Goods

 

 

12.42

%

 

SOFR+710

 

 

 

7,565

 

 

 

7,467

 

 

 

6,809

 

 

 

 

 

 

 

 

(PIK 4.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

PlayPower, Inc.

 

5/8/2026

 

 

Consumer Goods: Durable

 

 

10.57

%

 

SOFR+565

 

 

 

2,551

 

 

 

2,491

 

 

 

2,436

 

Pragmatic Institute, LLC

 

7/6/2028

 

 

Education

 

 

11.17

%

 

SOFR+575

 

 

 

11,138

 

 

$

10,999

 

 

$

10,636

 

Quantic Electronics, LLC

 

11/19/2026

 

 

Aerospace and Defense

 

 

11.74

%

 

SOFR+635

 

 

 

2,803

 

 

 

2,776

 

 

 

2,761

 

Rancho Health MSO, Inc.

 

12/18/2025

 

 

Healthcare Providers and Services

 

 

11.22

%

 

SOFR+585

 

 

 

1,029

 

 

 

1,029

 

 

 

1,029

 

Reception Purchaser, LLC

 

2/28/2028

 

 

Air Freight and Logistics

 

 

11.54

%

 

SOFR+600

 

 

 

4,938

 

 

 

4,876

 

 

 

4,740

 

55


 

Issuer Name

 

Maturity

 

 

Industry

 

Current
 Coupon

 

 

Basis Point
Spread Above
Index
(1)

 

 

Par

 

 

Cost

 

 

Fair Value (2)

 

Recteq, LLC

 

1/29/2026

 

 

Leisure Products

 

 

12.54

%

 

SOFR+700

 

 

 

4,875

 

 

 

4,825

 

 

 

4,729

 

Research Now Group, LLC and Dynata, LLC

 

12/20/2024

 

 

Diversified Consumer Services

 

 

11.13

%

 

SOFR+576

 

 

 

12,432

 

 

 

12,322

 

 

 

10,878

 

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

 

6/15/2029

 

 

High Tech Industries

 

 

11.52

%

 

SOFR+625

 

 

 

3,749

 

 

 

3,676

 

 

 

3,692

 

Sales Benchmark Index LLC

 

1/3/2025

 

 

Professional Services

 

 

11.59

%

 

SOFR+620

 

 

 

9,522

 

 

 

9,474

 

 

 

9,475

 

Sargent & Greenleaf Inc.

 

12/20/2024

 

 

Wholesale

 

 

12.92

%

 

SOFR+760

 

 

 

5,167

 

 

 

5,148

 

 

 

5,116

 

 

 

 

 

 

 

 

(PIK 1.00%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Schlesinger Global, Inc.

 

7/14/2025

 

 

Business Services

 

 

12.52

%

 

SOFR+715

 

 

 

11,791

 

 

 

11,777

 

 

 

11,407

 

 

 

 

 

 

 

 

(PIK 0.50%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaway Buyer, LLC

 

6/13/2029

 

 

Chemicals, Plastics and Rubber

 

 

11.54

%

 

SOFR+615

 

 

 

4,950

 

 

 

4,884

 

 

 

4,802

 

Sigma Defense Systems, LLC

 

12/18/2025

 

 

Aerospace and Defense

 

 

14.04

%

 

SOFR+865

 

 

 

13,787

 

 

 

13,579

 

 

 

13,580

 

Skopima Consilio Parent, LLC

 

5/17/2028

 

 

Business Services

 

 

9.93

%

 

SOFR+450

 

 

 

1,300

 

 

 

1,274

 

 

 

1,272

 

Smile Brands Inc.

 

10/14/2025

 

 

Healthcare and Pharmaceuticals

 

 

9.70

%

 

SOFR+450

 

 

 

11,796

 

 

 

11,739

 

 

 

10,598

 

Solutionreach, Inc.

 

7/17/2025

 

 

Healthcare and Pharmaceuticals

 

 

12.37

%

 

SOFR+700

 

 

 

4,582

 

 

 

4,577

 

 

 

4,563

 

Spendmend Holdings LLC

 

3/1/2028

 

 

Healthcare Technology

 

 

11.04

%

 

SOFR+565

 

 

 

4,112

 

 

 

4,047

 

 

 

4,022

 

STV Group Incorporated

 

12/11/2026

 

 

Construction and Building

 

 

10.67

%

 

SOFR+535

 

 

 

9,075

 

 

 

9,025

 

 

 

8,894

 

Summit Behavioral Healthcare, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.43

%

 

SOFR+475

 

 

 

1,786

 

 

 

1,696

 

 

 

1,779

 

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

 

8/16/2027

 

 

Aerospace and Defense

 

 

11.49

%

 

SOFR+600

 

 

 

14,738

 

 

 

14,540

 

 

 

14,575

 

Team Services Group, LLC

 

11/24/2028

 

 

Healthcare and Pharmaceuticals

 

 

10.75

%

 

SOFR+500

 

 

 

346

 

 

 

333

 

 

 

339

 

Teneo Holdings LLC

 

7/18/2025

 

 

Business Services

 

 

10.67

%

 

SOFR+535

 

 

 

2,262

 

 

 

2,261

 

 

 

2,259

 

The Aegis Technologies Group, LLC

 

10/31/2025

 

 

Aerospace and Defense

 

 

12.04

%

 

SOFR+665

 

 

 

5,602

 

 

 

5,560

 

 

 

5,518

 

The Bluebird Group LLC

 

7/27/2026

 

 

Professional Services

 

 

12.79

%

 

SOFR+700

 

 

 

5,403

 

 

 

5,336

 

 

 

5,382

 

The Vertex Companies, LLC

 

8/31/2027

 

 

Construction and Engineering

 

 

11.72

%

 

SOFR+635

 

 

 

7,716

 

 

 

7,591

 

 

 

7,656

 

TPC Canada Parent, Inc. and TPC US Parent, LLC

 

11/24/2025

 

 

Consumer Goods: Non-Durable

 

 

10.95

%

 

SOFR+565

 

 

 

8,654

 

 

 

8,556

 

 

 

8,654

 

TWS Acquisition Corporation

 

6/16/2025

 

 

Diversified Consumer Services

 

 

11.80

%

 

SOFR+625

 

 

 

4,316

 

 

 

4,310

 

 

 

4,316

 

Tyto Athene, LLC

 

4/1/2028

 

 

IT Services

 

 

10.90

%

 

SOFR+550

 

 

 

14,670

 

 

 

14,565

 

 

 

13,379

 

Urology Management Holdings, Inc.

 

6/15/2026

 

 

Healthcare and Pharmaceuticals

 

 

11.79

%

 

SOFR+665

 

 

 

6,892

 

 

 

6,775

 

 

 

6,749

 

Walker Edison Furniture Company LLC

 

3/31/2027

 

 

Wholesale

 

 

12.18

%

 

SOFR+685

 

 

 

3,521

 

 

 

3,521

 

 

 

3,521

 

Walker Edison Furniture Company LLC - Junior Revolving Credit Facility

 

3/31/2027

 

 

Wholesale

 

 

11.68

%

 

SOFR+635

 

 

 

1,667

 

 

 

1,667

 

 

 

1,667

 

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

 

3/31/2027

 

 

Wholesale

 

 

 

 

 

 

 

 

333

 

 

 

 

 

 

 

Wildcat Buyerco, Inc.

 

2/27/2026

 

 

Electronic Equipment, Instruments, and Components

 

 

10.54

%

 

SOFR+515

 

 

 

10,565

 

 

 

10,491

 

 

 

10,460

 

Zips Car Wash, LLC

 

3/1/2024

 

 

Automobiles

 

 

12.67

%

 

SOFR+735

 

 

 

16,732

 

 

 

16,660

 

 

 

16,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total First Lien Secured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

801,215

 

 

 

783,598

 

Equity Securities - 3.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New MPE Holdings, LLC

 

 

 

 

Media: Diversified and Production

 

 

 

 

 

 

 

 

-

 

 

 

-

 

 

 

495

 

Walker Edison Furniture - Common Equity

 

 

 

 

Wholesale

 

 

 

 

 

 

 

 

36

 

 

 

3,393

 

 

 

1,766

 

Total Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,393

 

 

 

2,261

 

Total Investments - 1,351.4%

 

 

 

 

 

 

 

 

 

 

 

804,608

 

 

 

785,859

 

Cash and Cash Equivalents - 133.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Federal FD Institutional 30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,446

 

 

 

77,446

 

Total Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,446

 

 

 

77,446

 

Total Investments and Cash Equivalents —1,484.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

882,054

 

 

$

863,305

 

Liabilities in Excess of Other Assets — (1,384.6)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(805,155

)

Members' Equity—100.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

58,150

 

 

 

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

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

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

 

 

 

 

 

 

(Unaudited)

 

 

 

September 30, 2023

 

Assets

 

 

 

 

 

 

 

Investments at fair value (amortized cost—$879,528 and $804,608, respectively)

$

 

869,684

 

 

$

 

785,859

 

Cash and cash equivalents (cost—$62,892 and $77,446, respectively)

 

 

62,892

 

 

 

 

77,446

 

Interest receivable

 

 

6,303

 

 

 

 

5,179

 

Due from affiliate

 

 

104

 

 

 

 

436

 

Prepaid expenses and other assets

 

 

1,983

 

 

 

 

490

 

Total assets

 

 

940,966

 

 

 

 

869,410

 

Liabilities

 

 

 

 

 

 

 

Credit facility payable

 

 

135,600

 

 

 

 

48,600

 

2032 Asset-backed debt, net (par—$246,000)

 

 

244,277

 

 

 

 

243,973

 

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

 

 

243,708

 

 

 

 

243,483

 

Notes payable to members

 

 

240,100

 

 

 

 

240,100

 

Interest payable on Credit facility and asset backed debt

 

 

9,406

 

 

 

 

14,291

 

Payable for investments purchased

 

 

 

 

 

 

13,466

 

Interest payable on notes to members

 

 

6,395

 

 

 

 

6,488

 

Accrued expenses

 

 

781

 

 

 

 

859

 

Total liabilities

 

 

880,267

 

 

 

 

811,260

 

Commitments and contingencies(1)

 

 

 

 

 

 

 

Members' equity

 

 

60,699

 

 

 

 

58,150

 

Total liabilities and members' equity

$

 

940,966

 

 

$

 

869,410

 

(1) As of March 31, 2024 and September 30, 2023, PSSL had unfunded commitments to fund investments of $1.2 million and $1.1 million, respectively.

 

 

56


 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2024

 

 

 

2023

 

 

2024

 

 

2023

 

Investment income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

26,916

 

 

 

$

21,292

 

 

$

52,964

 

 

$

40,908

 

Other income

 

 

388

 

 

 

 

447

 

 

 

565

 

 

 

557

 

Total investment income

 

 

27,304

 

 

 

 

21,739

 

 

 

53,529

 

 

 

41,465

 

Expenses(1):

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and expense on credit facility and asset-backed debt

 

 

13,784

 

 

 

 

9,678

 

 

 

27,181

 

 

 

18,319

 

Interest expense on notes to members

 

 

8,095

 

 

 

 

7,363

 

 

 

16,316

 

 

 

14,173

 

Administration fees

 

 

577

 

 

 

 

516

 

 

 

1,135

 

 

 

1,024

 

General and administrative expenses

 

 

231

 

 

 

 

280

 

 

 

493

 

 

 

580

 

Total expenses

 

 

22,687

 

 

 

 

17,837

 

 

 

45,125

 

 

 

34,096

 

Net investment income

 

 

4,617

 

 

 

 

3,902

 

 

 

8,404

 

 

 

7,369

 

Realized and unrealized gain (loss) on investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on investments

 

 

(90

)

 

 

 

(5,886

)

 

 

(6,510

)

 

 

(5,956

)

Net change in unrealized appreciation (depreciation) on investments

 

 

847

 

 

 

 

3,934

 

 

 

8,905

 

 

 

(1,865

)

Net realized and unrealized gain (loss) on investments

 

 

757

 

 

 

 

(1,952

)

 

 

2,395

 

 

 

(7,821

)

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

 

$

5,374

 

 

 

$

1,950

 

 

$

10,799

 

 

$

(452

)

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

 

Off-Balance Sheet Arrangements

 

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

 

Distributions

 

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

 

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

 

During the three and six months ended March 31, 2024, we declared distributions of $0.3075 and $0.615 per share for total distributions of $18.8 million and $36.9 million, respectively. During the three and six months ended March 31, 2023, we declared distributions of $0.29 and $0.575 per share for total distributions of $14.0 million and $26.9 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.

 

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

 

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

 

Recent Accounting Pronouncements

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

 

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

 

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

57


 

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

We are subject to financial market risks, including changes in interest rates. As of March 31, 2024, our debt portfolio consisted of approximately 100.0% variable-rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months, after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

 

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

 

Change in Interest Rates

 

Change in Interest Income,
Net of Interest Expense
(in thousands)

 

 

Change in Interest Income,
Net of Interest
Expense Per Share

 

Down 1%

 

$

(6,571

)

 

$

(0.10

)

Up 1%

 

 

6,571

 

 

 

0.10

 

Up 2%

 

 

13,142

 

 

 

0.21

 

Up 3%

 

 

19,713

 

 

 

0.31

 

Up 4%

 

 

26,294

 

 

 

0.42

 

 

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

 

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

 

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

Item 4. Controls and Procedures

 

As of the period ended March 31, 2024, we, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, a material weakness was previously identified in connection with our internal control over financial reporting relating to the review of quarterly cash and investment reconciliations. Additionally, a material weakness was identified in the operation of our internal controls over financial reporting relating to our review of interest income and non-accrual classification of investments. We have taken steps to remediate these material weaknesses, which steps have included (i) enhancing existing controls to ensure the appropriate review of the quarterly cash and investment reconciliation and that it is adequately documented so as to provide evidence that the controls are operating effectively, (ii) enhancing existing controls to ensure that our internal controls over financial reporting relating to our analysis of interest income and assessment of investments for classification as non-accrual investments are operating effectively and (iii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the period ended March 31, 2024 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Other than disclosed in this Item 4, there have been no changes in our internal control over financial reporting that occurred during the period ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

58


 

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

 

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

Item 1A. Risk Factors

 

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

 

 

 

 

59


 

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

 

None.

Item 3. Defaults Upon Senior Securities

 

None.

Item 4. Mine Safety Disclosures

 

Not applicable.

Item 5. Other Information

 

10b5-1 Disclosure

 

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

 

 

 

 

60


 

Item 6. Exhibits

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

 

  3.1

Articles of Amendment and Restatement of the Registrant (Incorporated by reference to Exhibit 99(A) to the Registrant's Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-170243), filed on March 29, 2011).

 

 

  3.2

Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00891), filed on May 11, 2020).

 

 

  4.1

Form of Share Certificate (Incorporated by reference to Exhibit 99(D) to the Registrant's Pre-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-170243), filed on April 5, 2011).

 

 

10.1

Indenture, dated as of February 22, 2024, by and between PennantPark CLO VIII, LLC, as issuer, and Wilmington Trust, National Association, as trustee and as collateral agent (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-00891) filed on February 27, 2024).

 

 

10.2

Credit Agreement, dated as of February 22, 2024, by and among PennantPark CLO VIII, LLC, as borrower, the various financial institutions party thereto from time to time, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K (File No. 814-00891) filed on February 27, 2024).

 

 

10.3

Collateral Management Agreement, dated as of February 22, 2024, between PennantPark CLO VIII, LLC, as issuer, and PennantPark Investment Advisers, LLC, as collateral manager (Incorporated by reference to Exhibit 10.3 to the Registrant's Current Report on Form 8-K (File No. 814-00891) filed on February 27, 2024).

 

 

10.4

Master Loan Sale Agreement, dated as of February 22, 2024, among PennantPark Floating Rate Capital Ltd., as seller, PennantPark CLO VIII, LLC, as buyer, and PennantPark Floating Rate Funding I, LLC as the financing subsidiary (Incorporated by reference to Exhibit 10.4 to the Registrant's Current Report on Form 8-K (File No. 814-00891) filed on February 27, 2024).

 

 

31.1*

Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

31.2*

Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.

 

 

32.1*

Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.

 

 

32.2*

Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.

 

 

99.1

Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant’s Annual Report on Form 10-K (File No. 814-00891), filed on November 17, 2011).

 

 

101.INS*

Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

 

 

101.SCH*

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

 

 

101.CAL*

Inline XBRL Taxonomy Extension Calculation Linkbase Document

 

 

101.DEF*

Inline XBRL Taxonomy Extension Definition Linkbase Document

 

 

101.LAB*

Inline XBRL Taxonomy Extension Label Linkbase Document

 

 

101.PRE*

Inline XBRL Taxonomy Extension Presentation Linkbase Document

 

 

104

Cover Page formatted as Inline XBRL and contained in Exhibit 101

 

* Filed herewith.

 

61


 

SIGNATURES

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

 

PENNANTPARK FLOATING RATE CAPITAL LTD.

 

 

Date: May 8, 2024

 

By:

/s/ Arthur H. Penn

Arthur H. Penn

 

Chief Executive Officer and Chairman of the Board of Directors

(Principal Executive Officer)

Date: May 8, 2024

By:

/s/ Richard T. Allorto, Jr.

 

Richard T. Allorto, Jr.

 

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

62


EX-31.1

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO SECTION 302

CHIEF EXECUTIVE OFFICER CERTIFICATION

 

I, Arthur H. Penn, Chief Executive Officer of PennantPark Floating Rate Capital, Ltd., certify that:

 

1. I have reviewed this Report on Form 10-Q of PennantPark Floating Rate Capital, Ltd.;

 

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: May 8, 2024

 

/s/ Arthur H. Penn

Name:

Arthur H. Penn

Title:

Chief Executive Officer

 

 


EX-31.2

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO SECTION 302

CHIEF FINANCIAL OFFICER CERTIFICATION

 

I, Richard T. Allorto, Jr., Chief Financial Officer of PennantPark Floating Rate Capital, Ltd., certify that:

 

1. I have reviewed this Report on Form 10-Q of PennantPark Floating Rate Capital, Ltd.;

 

2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

 

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

 

d) Disclosed in this Report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: May 8, 2024

 

/s/ Richard T. Allorto, Jr.

Name:

Richard T. Allorto, Jr.

Title:

Chief Financial Officer

 

 


EX-32.1

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

 

In connection with this Report on Form 10-Q for the three and six months ended March 31, 2024 (the “Report”) of PennantPark Floating Rate Capital, Ltd. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Arthur H. Penn, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

/s/ Arthur H. Penn

Name:

 

Arthur H. Penn

Title:

 

Chief Executive Officer

Date:

 

May 8, 2024

 

 


EX-32.2

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)

 

In connection with this Report on Form 10-Q for the three and six months ended March 31, 2024 (the “Report”) of PennantPark Floating Rate Capital, Ltd. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Richard T. Allorto, Jr., Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

/s/ Richard T. Allorto, Jr.

Name:

 

Richard T. Allorto, Jr.

Title:

 

Chief Financial Officer

Date:

 

May 8, 2024