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20282030-08-31OneOne0001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MinimumMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP - Common Equity Acquisition 2/25/2022 Industry Healthcare Technology2025-10-012025-12-310001504619country:US2025-12-310001504619Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Automobiles2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Unfunded Revolver Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Acquisition 11/23/2021 Maturity 9/22/2028 Industry Professional Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/3/2022 Maturity 7/25/2029 Industry Automotive Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC Acquisition 8/4/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Unitek Global Services, Inc. - Warrants Acquisition 1/13/2015 Industry Telecommunications2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 6/14/2028 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC - Unfunded Revolver Acquisition 7/26/2023 Maturity 08/01/2029 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Acquisition 8/09/2024 Maturity 08/09/2030 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Term Loan Acquisition 6/13/2025 Maturity 6/13/2027 Industry Healthcare Providers and Services2025-10-012025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassCNotesMemberpflt:SecuredOvernightFinancingRateMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 3/15/2022 Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001504619pflt:TwoThousandThirtySevenRAsset-BackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco. LP - Common Equity Acquisition 11/4/2021 Industry Software2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/19/2024 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Acquisition 10/24/2019 Maturity 10/24/2025 Industry Professional Services Current Coupon 12.76% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class D Acquisition 5/3/2024 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Acquisition 2/6/2025 Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.66% Basis Point Spread Above Index 1M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Acquisition 10/2/2023 Maturity 10/2/2028 Industry Professional Services Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+ 6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Marketplace Events Acquisition, LLC - Common Equity Acquisition 12/19/2024 Industry Media: Diversified and Production2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. - Unfunded Revolver Acquisition 8/28/2024 Maturity 8/28/2030 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, LP - Common Equity Acquisition 2/29/2024 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Funded Revolver Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index 1M SOFR+ 5002025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMembersrt:MinimumMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Professional Services2025-12-310001504619us-gaap:RevolvingCreditFacilityMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-11-012025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Term Loan Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) - Common Equity Acquisition 10/1/2025 Industry Media2025-10-012025-12-310001504619pflt:MetalsAndMiningMember2025-09-300001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/18/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco. LP - Common Equity Acquisition 11/4/2021 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandTwentySixNotesPayableMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC Acquisition 9/9/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.81%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 11/30/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.35%2025-09-300001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Acquisition 12/1/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.16% Basis Point Spread Above Index SOFR+8422025-10-012025-12-310001504619First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.90% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619pflt:SoftwareMember2025-09-300001504619Subordinate Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 7/30/2028 Industry Automobiles Current Coupon 12.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. - Common Equity Acquisition 11/30/2023 Industry Business Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 11/18/2025 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:JPMorganUSDLiquidityInstMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HPA SPQ Aggregator, LP - Common Equity Acquisition 6/8/2023 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 19.00%2025-10-012025-12-310001504619pflt:CapitalEquipmentMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. - Unfunded Revolver Acquisition 12/19/2022 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Five Star Parent Holdings, LLC - Preferred (Class P) Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo, LLC Acquisition 03/11/2021 Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.74% Basis Point Spread Above Index 1M SOFR+ 5602024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 11/18/2025 Maturity 10/2/2028 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5602025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holdings Corporation Acquisition 3/2/2020 Maturity 12/10/2026 Industry Media Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holdings Corporation Acquisition 3/2/2020 Maturity 12/10/2026 Industry Media Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+ 6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 9/23/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Unfunded Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Common Equity Acquisition 5/23/2024 Industry Government Services2025-12-310001504619First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 4/10/2025 Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001504619First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 9/27/2023 Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001504619pflt:SBADebenturesMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Unfunded Common Equity Acquisition 12/23/2019 Industry Government Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Revolver Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants By Light Investco LP - Common Equity Acquisition 5/15/2017 Industry High Tech Industries2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. Acquisition 7/1/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP - Common Equity Acquisition 12/19/2022 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 5/22/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619pflt:BlackrockLiquidityFedFundInstMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Pink Lily Holdco, LLC - Preferred Equity - Class A-1 Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/6/2023 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+ 6022025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 6/14/2028 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Term Loan C Acquisition 8/9/2024 Maturity 8/18/2027 Industry Professional Services2025-10-012025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC – Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Term Loan Acquisitions 8/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 11/18/2025 Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 8.82% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Acquisition 1/18/2023 Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Acquisition 6/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619pflt:ClassA1RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 3/15/2022 Maturity 11/15/2027 Industry Software Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001504619pflt:ClassA-1NotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Connatix Parent, LLC - Common Equity Acquisition 7/8/2021 Industry Media2025-09-300001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/19/2024 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.90% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 1/18/2023 Maturity 02/01/2029 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC - Common Equity Acquisition 9/13/2024 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Podean Intermediate II, LLC - Common Equity Acquisition 8/4/2025 Industry Marketing Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 11/21/2022 Maturity 3/15/2027 Industry Software Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Coolsys, Inc. Acquisition 8/27/2025 Maturity 8/11/2028 Industry Commercial Services & Supplies Current Coupon 8.63% Basis Point Spread Above Index 3M SOFR+ 5012025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Revolver Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC Acquisition 5/24/2023 Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:ClassDNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-12-310001504619pflt:CashAndCashEquivalentMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 9.56%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Common Equity Acquisition 8/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC - Common Equity Acquisition 6/14/2021 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619pflt:GoldmanSachsFinancialSquareGovernmentFundOneMember2025-12-310001504619us-gaap:GovernmentMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Term Loan Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media2025-09-300001504619First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 4/11/2023 Maturity 6/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP - Common Equity Acquisition 5/25/2023 Industry Personal Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - First Out New Money Term Loans Acquisition 8/27/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP - Common Equity Acquisition 5/25/2023 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC- Funded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.36% Basis Point Spread Above Index 1M SOFR+ 6502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Acquisition 5/13/2025 Maturity 5/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 11/11/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.36% Basis Point Spread Above Index 1M SOFR+ 6502025-10-012025-12-310001504619pflt:AtTheMarketOfferingMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC - Common Equity Acquisition 11/29/2023 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 7/10/2024 Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001504619First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/27/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC - Common Equity Acquisition 12/9/2021 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. - Common Equity Acquisition 9/25/2018 Industry IT Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity HPA SPQ Aggregator, LP - Preferred Equity Acquisition 6/8/2023 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Acquisition 8/9/2024 Maturity 2/9/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Marketplace Events Acquisition, LLC - Common Equity Acquisition 12/19/2024 Industry Media: Diversified and Production2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP - Common Equity Acquisition 7/21/2022 Industry Auto Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services2025-09-300001504619pflt:PersonalProductsMember2025-12-310001504619First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 7/29/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 4/11/2023 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Consello Pacific Aggregator, LLC - Preferred Equity Acquisition 10/2/2023 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC - Common Equity Acquisition 10/16/2023 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 12/2/2025 Maturity 11/8/2029 Industry Distributors Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Independent Power and Renewable Electricity Producers2025-09-300001504619pflt:BlackrockLiqFedfundGovCLInstMember2025-09-300001504619vInvestments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+ 6262024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 4/10/2025 Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components2025-09-300001504619pflt:JPMorganUSDLiquidityInstMember2025-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 1/13/2025 Maturity 12/19/2030 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2025-12-310001504619First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 5/22/2025 Maturity 8/7/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC Lifeport Holdings, LLC - Common Equity Acquisition 2/24/2021 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/18/2025 Maturity 11/20/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:LongTermCreditFacilityMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP - Common Equity Acquisition 10/27/2021 Industry Food Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. Acquisition 8/28/2024 Maturity 8/28/2030 Industry Leisure Products Current Coupon 9.25% Basis Point Spread Above Index 1M SOFR+ 5252025-09-300001504619us-gaap:CashAndCashEquivalentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.66% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC - Common Equity Acquisition 12/23/2020 Industry Commercial Services & Supplies2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 11/1/2024 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index 1M SOFR+ 5952025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Holdings, Inc. - Preferred Equity - Series A Acquisition 8/9/2024 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Acquisition 11/8/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 6152025-12-310001504619First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 1/29/2022 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest, LLC - Common Equity Acquisition 4/22/2020 Industry Professional Services2025-12-310001504619First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 9/15/2022 Maturity 12/21/2028 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Unfunded Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Events TopCo, LP - Common Equity Acquisition 12/17/2024 Industry Event Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5652025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.41% Basis Point Spread Above Index 3M SOFR+ 6352024-10-012025-09-300001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Term Loan Acquisition 7/17/2025 Maturity 07/16/2027 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco, LLC - Common Equity Acquisition 1/21/2020 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+ 6352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class AA Acquisition 11/8/2021 Industry Personal Products2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:SecondLienMembersrt:MaximumMember2025-09-300001504619First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 11/30/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Team Services Group, LLC - 2nd Lien Acquisition 2/25/2024 Maturity 12/18/2028 Industry Healthcare Providers and Services Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+ 9262025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, LP - Common Equity Acquisition 2/29/2024 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC Acquisition 2/7/2024 Industry Professional Services2025-12-310001504619First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 3/7/2025 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Funded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Acquisition 1/18/2023 Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC - Common Equity Acquisition 2/4/2022 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, LP - Common Equity Acquisition 11/2/2023 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Funded Revolver Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+ 5202025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Unfunded Common Equity Acquisition 10/3/2022 Industry Aerospace and Defense2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/30/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402024-10-012025-09-300001504619pflt:SecondLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HPA SPQ Aggregator, LP - Common Equity Acquisition 6/8/2023 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products Current Coupon 9.72% Basis Point Spread Above Index 1M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Acquisition 7/25/2024 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+ 6152024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/3/2022 Maturity 7/25/2029 Industry Automotive Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class A Acquisition 11/8/2021 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Products Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services2025-12-310001504619First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 10/2/2023 Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Consello Pacific Aggregator, LLC - Preferred Equity Acquisition 10/2/2023 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, LP - Common Equity Acquisition 11/27/2023 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest, LP - Common Equity Acquisition 7/16/2021 Industry Energy Equipment and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services Current Coupon 8.41% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/30/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index SOFR+5402025-09-300001504619First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 3/22/2024 Maturity 1/16/2030 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc. - Common Equity Acquisition 1/13/2015 Industry Telecommunications2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC - Common Equity Acquisition 3/10/2022 Industry Software2024-10-012025-09-300001504619pflt:LongTermCreditFacilityMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Acquisition 11/30/2023 Maturity 05/30/2028 Industry Business Services Current Coupon 10.41% Basis Point Spread Above Index 3M SOFR+ 6682025-12-310001504619pflt:PriorCreditFacilityMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+ 5752025-09-3000015046192024-12-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Purchaser, LP - Convertible Note Acquisition 11/6/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-10-012025-12-310001504619pflt:CapitalEquipmentMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 5/5/2021 Maturity 4/3/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902025-09-300001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2033 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2025-09-300001504619First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 4/10/2025 Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 12/20/2024 Maturity 6/30/2026 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 4/10/2025 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 11/11/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC - Common Equity Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 02/09/2026 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP - Preferred Equity Acquisition 12/4/2019 Industry Food Products2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 4/11/2023 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619pflt:PersonalProductsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Acquisition 4/7/2025 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5102024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. - Preferred Equity Acquisition 9/25/2018 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Azureon Holdings, LLC Acquisition 6/26/2024 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pragmatic Institute, LLC Acquisition 7/5/2022 Maturity 3/28/2030 Industry Professional Services Current Coupon 9.50%2024-10-012025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2025-09-300001504619First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 4/11/2023 Maturity 02/01/2030 Industry Environmental Industries Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619pflt:PennantParkCLOVILLCMember2025-05-310001504619pflt:CashThirtyPointTwoPercentOfNetAssetsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/11/2022 Maturity 11/30/2026 Industry Containers and Packaging2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 2/7/2030 Industry Professional Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619pflt:AdministratorMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.Net Holdings, Inc. - Common Equity Acquisition 5/4/2021 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Acquisition 11/30/2023 Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+ 6682024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Unitek Global Services, Inc. - Warrants Acquisition 1/13/2015 Industry Telecommunications2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP - Common Equity Acquisition 7/21/2022 Industry Auto Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services2025-09-300001504619pflt:ConsumerProductsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 5/24/2023 Maturity 07/12/2026 Industry Personal Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Common Equity Acquisition 8/16/2024 Industry Aerospace and Defense2025-12-310001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/22/2024 Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 4/10/2025 Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 9/30/2021 Maturity 10/24/2025 Industry Business Services Current Coupon 12.76% Basis Point Spread Above Index SOFR+8602025-09-300001504619Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Acquisition 2/21/2024 Maturity 09/30/2027 Industry Professional Services Current Coupon 12.56% Basis Point Spread Above Index 3M SOFR+ 8602025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Revolver Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Term Loan C Acquisition 8/9/2024 Maturity 8/18/2027 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. - Preferred Equity Acquisition 9/25/2018 Industry IT Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 8.82% Basis Point Spread Above Index 1M SOFR+ 5102025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Acquisition 5/20/2024 Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.66% Basis Point Spread Above Index SOFR+7652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Connatix Parent, LLC Acquisition 7/8/2021 Industry Media2025-09-300001504619First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 11/18/2025 Maturity 10/2/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC Lifeport Holdings, LLC - Common Equity Acquisition 8/17/2021 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+ 6022024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP - Common Equity Acquisition 2/25/2022 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/4/2021 Maturity 11/16/2027 Industry Software2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 5/22/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 13.50%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HPA SPQ Aggregator, LP - Common Equity Acquisition 6/8/2023 Industry Professional Services2025-12-310001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 4/10/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 4/11/2023 Maturity 05/11/2026 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare Technology2025-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMemberpflt:FirstLienSecuredDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC – Unfunded Revolver Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Common Equity Acquisition 12/16/2020 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products Current Coupon 9.72% Basis Point Spread Above Index 1M SOFR+ 6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5552024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo, LLC Acquisition 03/11/2021 Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.74% Basis Point Spread Above Index 1M SOFR+ 5602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Funded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+ 7612025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Unfunded Revolver Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services2025-12-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products Current Coupon 10.16% Basis Point Spread Above Index 1M SOFR+ 6002025-09-300001504619First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 1/27/2021 Maturity 12/31/2026 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Unfunded Revolver Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Automobiles2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2025-09-300001504619us-gaap:FairValueInputsLevel3Member2025-12-310001504619pflt:ConstructionAndEngineeringMember2025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassC1SecuredDeferrableFloatingRateNotesDue2036Member2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC - Common Equity Acquisition 3/10/2022 Industry Software2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Argano, LLC Acquisition 1/9/2025 Maturity 9/13/2029 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Acquisition 3/25/2024 Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 7.83% Basis Point Spread Above Index 1M SOFR+ 4002025-12-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. - Unfunded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/6/2023 Maturity 10/2/2029 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Common Equity Acquisition 11/5/2018 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants First Medical Holdings, LLC - Common Equity Acquisition 6/13/2025 Industry Healthcare Providers and Services2025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMemberpflt:FirstLienSecuredDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 4/10/2025 Maturity 06/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC - Preferred Equity Acquisition 6/1/2022 Industry Distributors2025-12-310001504619First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 3/15/2022 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class A Acquisition 5/3/2024 Industry Leisure Products2024-10-012025-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Acquisition 5/26/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 6362025-10-012025-12-310001504619First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 4/10/2025 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 11/8/2021 Maturity 11/10/2026 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo, LP - Common Equity Acquisition 6/22/2021 Industry IT Services2025-09-300001504619pflt:AutoComponentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 07/01/2027 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassCNotesMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.50%2025-09-300001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Acquisition 12/1/2023 Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+6682024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Unitek Global Services, Inc. - Warrants Acquisition 6/27/2022 Industry Telecommunications2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/22/2025 Industry Healthcare Providers and Services2025-09-300001504619srt:MaximumMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP - Common Equity Acquisition 7/19/2022 Industry Commodity Chemicals2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Funded Revolver Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5552024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, Inc. Acquisition 8/27/2025 Maturity 08/01/2029 Industry Professional Services Current Coupon 9.79% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 4/11/2023 Maturity 08/31/2028 Industry Construction and Engineering Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Diversified Consumer Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 4/10/2025 Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Funded Revolver Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/18/2025 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:InvestmentsAndCashEquivalentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 10.10% (PIK 3.44%)2025-09-300001504619First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 10/2/2023 Maturity 8/31/2029 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #2 Acquisition 4/17/2025 Maturity 04/15/2033 Industry Consumer Services2025-12-310001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 1/19/2024 Maturity 12/29/2028 Industry Automotive Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 9/23/2024 Maturity 09/23/2026 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Revolver Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Acquisition 12/20/2024 Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Common Equity Acquisition 5/23/2024 Industry Government Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Common Equity Acquisition 11/5/2018 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Acquisition 7/25/2024 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+ 6152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Acquisition 9/30/2024 Maturity 09/30/2030 Industry Marketing Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Acquisition 10/2/2023 Maturity 10/02/2028 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+ 6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services Current Coupon 9.82% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 6102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smartronix, LLC Acquisition 2/6/2025 Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.66% Basis Point Spread Above Index 1M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Acquisition 5/3/2024 Maturity 05/03/2029 Industry Leisure Products Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619pflt:MetalsAndMiningMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 8/27/2025 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 8/27/2025 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Software2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Aphix Buyer, Inc. Acquisition 9/3/2025 Maturity 7/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index SOFR+4752025-09-300001504619First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 5/24/2021 Maturity 5/7/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Acquisitions 10/24/2019 Maturity 10/24/2025 Industry Professional Services Current Coupon 12.76% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 8602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 8/2/2024 Maturity 03/8/2028 Industry Consumer Finance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest, LLC - Preferred Equity Acquisition 4/22/2020 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Funded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products Current Coupon 12.16% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 7852025-09-300001504619First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 4/26/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Funded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 6102024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class C Acquisition 5/3/2024 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - Second Out Term Loans Acquisition 8/27/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Acquisition 2/29/2024 Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 5752025-12-310001504619pflt:TwoThousandTwentySixNotesPayableMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Acquisition 8/11/2021 Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.03% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pragmatic Institute, LLC Acquisition 7/5/2022 Maturity 3/28/2030 Industry Professional Services Current Coupon 9.50%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 07/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 3M SOFR+ 5262025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants APT Holdings, LLC - Common Equity Acquisition 9/29/2025 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Revolver Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 11/21/2025 Maturity 8/29/2031 Industry Road and Rail Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services2025-09-300001504619us-gaap:CashMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.71% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Software2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/22/2025 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 1/27/2021 Maturity 7/7/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Acquisition 11/15/2019 Maturity 02/23/2026 Industry Food Products Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012024-12-310001504619First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 9.96% Basis Point Spread Above Index SOFR+5762025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC Acquisition 8/12/2025 Maturity 1/21/2031 Industry Healthcare Providers and Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:MediaDiversifiedAndProductionMember2025-09-300001504619pflt:EquityInterestsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name BioDerm, Inc. Acquisition 2/28/2023 Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC Acquisition 9/27/2024 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services Current Coupon 9.25%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - First Out New Money Term Loans Acquisition 8/27/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 4/11/2023 Maturity 2/1/2030 Industry Environmental Industries Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Term Loan Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Smile Brands, Inc. Acquisition 1/27/2021 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.10% Basis Point Spread Above Index SOFR+6102025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Funded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 3/15/2022 Maturity 11/15/2027 Industry Software Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001504619pflt:ConsumerServicesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 1/18/2023 Maturity 02/08/2027 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Acquisitions 5/26/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+ 6362024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC - Preferred Equity Acquisition 7/31/2024 Industry IT Services2024-10-012025-09-300001504619pflt:ClassCNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC Acquisition 2/7/2024 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 6/8/2021 Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+5602025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Acquisition 11/30/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+ 8432024-10-012025-09-300001504619Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 7/15/2024 Industry Diversified Consumer Services2025-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMemberpflt:EquityInterestsMember2025-12-310001504619pflt:IndependentPowerAndRenewableElectricityProducersMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, LP - Common Equity Acquisition 10/3/2022 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 8/2/2024 Maturity 03/8/2028 Industry Consumer Finance2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 4/11/2023 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Acquisition 12/19/2022 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/27/2021 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 3/15/2022 Maturity 11/15/2027 Industry Software Current Coupon 8.98% Basis Point Spread Above Index SOFR+5102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services Current Coupon 9.82% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 6102025-12-310001504619pflt:CommonEquityWarrantsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 4/10/2025 Maturity 3/1/2030 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619pflt:GoldmanSachsFinancialSquareGovernmentFundMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals2024-10-012025-09-300001504619us-gaap:CashAndCashEquivalentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Unfunded Common Equity Acquisition 12/23/2019 Industry Government Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Acquisition 9/30/2024 Maturity 9/30/2030 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Project Granite Holdings, LLC Acquisition 8/4/2025 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP - Common Equity Acquisition 1/18/2023 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP Acquisition 3/1/2024 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pink Lily Holdco, LLC - Common Equity Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Unfunded Revolver Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 12/23/2024 Maturity 4/9/2027 Industry Distributors Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 4/11/2023 Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media2025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series F-2 Acquisition 12/7/2023 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seacoast Service Partners, LLC - Common Equity Acquisition 12/20/2024 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class C Acquisition 5/3/2024 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense Holdco, LLC - Common Equity Acquisition 5/23/2024 Industry Building Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Acquisition 9/30/2024 Maturity 9/30/2030 Industry Marketing Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Five Star Parent Holdings, LLC - Preferred (Class P) Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-12-310001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 1/19/2024 Maturity 12/29/2028 Industry Automotive Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants First Medical Holdings, LLC - Common Equity Acquisition 6/13/2025 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 07/28/2026 Industry Professional Services2025-12-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2020-12-152020-12-150001504619First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 4/11/2023 Maturity 5/11/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 11/08/2021 Maturity 11/10/2026 Industry Personal Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Term Loan Acquisition 3/21/2025 Maturity 03/21/2027 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 10/9/2024 Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001504619pflt:PennantParkTSOSeniorLoanFundLPMember2021-04-012021-04-300001504619First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 7/10/2024 Maturity 05/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001504619pflt:InvestmentsAndCashEquivalentsMember2025-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Azureon Holdings, LLC Acquisition 6/26/2024 Industry Diversified Consumer Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 1/12/2024 Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502025-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2019-09-012019-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver - LC Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity Acquisition 5/21/2019 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Funded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products Current Coupon 12.16% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 7852024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Acquisition 10/29/2019 Maturity 11/1/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619us-gaap:FairValueInputsLevel1Member2025-09-300001504619First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 9/15/2022 Maturity 12/21/2028 Industry Media Current Coupon 9.07% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.71% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC - Common Equity Acquisition 1/27/2021 Industry Leisure Products2024-10-012025-09-300001504619pflt:SBADebenturesMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DX Electric Company, LLC Acquisition 10/1/2025 Maturity 10/1/2031 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest, LLC - Common Equity Acquisition 4/22/2020 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Unfunded Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Funded Revolver Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619pflt:TwoThousandTwentySixNotesPayableMember2025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP PAR Aggregator, LP - Common Equity Acquisition 9/3/2024 Industry Healthcare Technology2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/6/2023 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.25% Basis Point Spread Above Index SOFR+6252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, Inc. Acquisition 8/27/2025 Maturity 08/01/2029 Industry Professional Services Current Coupon 9.79% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619pflt:MediaMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+ 5402025-09-300001504619First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 10/25/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Revolver Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Acquisition 10/23/2018 Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 11.01% (PIK 3.75%) Basis Point Spread Above Index 3M SOFR+ 6752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity Acquisition 5/21/2019 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity BioDerm Holdings, LP - Preferred Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 4/10/2025 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Software2024-10-012025-09-300001504619pflt:EquityInterestsInPSSLMember2025-12-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC - Common Equity Acquisition 12/19/2022 Industry Commercial Services & Supplies2025-12-310001504619First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 10/25/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 7/21/2022 Maturity 7/2/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 7/10/2024 Maturity 5/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619pflt:TwoThousandThirtySixAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class AA Acquisition 11/8/2021 Industry Personal Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Common Equity - Class A Acquisition 5/31/2024 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Diversified Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 9/29/2025 Maturity 9/30/2031 Industry Healthcare Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:TruistCreditFacilityMember2025-04-012025-04-300001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 11/18/2025 Maturity 5/29/2029 Industry Auto Components Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:SecondLienMembersrt:MinimumMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - First Out New Money Term Loans Acquisition 8/27/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.57% Basis Point Spread Above Index 1M SOFR+ 8352024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Capital Equipment2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 03/28/2030 Industry Education2025-12-310001504619First Lien Secured Debt Issuer Name North American Rail Solutions Acquisition 11/21/2025 Maturity 8/29/2031 Industry Road and Rail Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments, LLC - Common Equity Acquisition 12/23/2019 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 4/11/2023 Maturity 10/01/2027 Industry Distributors Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC Acquisition 7/22/2021 Maturity 07/28/2026 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619First Lien Secured Debt Issuer Name BioDerm, Inc. Acquisition 2/28/2023 Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants First Medical Holdings, LLC - Common Equity Acquisition 6/13/2025 Industry Healthcare Providers and Services2025-12-310001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 4/10/2025 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.90% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and DefenseInvestments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lucky Bucks Holdco, LLC - Common Equity Acquisition 10/2/2023 Industry Hotels, Restaurants and Leisure2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 9/19/2024 Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest, LLC - Preferred Equity Acquisition 4/22/2020 Industry Professional Services2024-10-012025-09-300001504619pflt:CashEquivalentsFivePointThreePercentOfNetAssetsMember2025-12-310001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 5/5/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - Second Out Term Loans Acquisition 8/27/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.32%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Unfunded Common Equity Acquisition 12/13/2021 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Acquisition 8/12/2024 Maturity 07/25/2029 Industry Auto Components Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5352025-09-300001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance2025-12-310001504619First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 8/28/2025 Maturity 7/1/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity HPA SPQ Aggregator, LP - Preferred Equity Acquisition 6/8/2023 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 2/7/2030 Industry Professional Services2025-10-012025-12-310001504619pflt:BlackrockLiqFedfundGovCLInstMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Revolver Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Term Loan Acquisition 1/9/2024 Maturity 01/16/2026 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2025-09-300001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 11/18/2025 Maturity 7/28/2026 Industry Professional Services Current Coupon 9.57%Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 3/3/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest, LLC - Common Equity Acquisition 12/4/2019 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 6262025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 9/6/2023 Maturity 06/15/2029 Industry High Tech Industries Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products2025-10-012025-12-310001504619pflt:TwoThousandTwentySixNotesPayableMember2021-10-310001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 4/10/2025 Maturity 03/01/2030 Industry Diversified Consumer Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2024-10-012024-12-310001504619Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/5/2024 Industry Containers and Packaging2025-10-012025-12-3100015046192023-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo, LP - Common Equity Acquisition 6/22/2021 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Team Services Group, LLC - 2nd Lien Acquisition 2/25/2024 Maturity 12/18/2028 Industry Healthcare Providers and Services Current Coupon 13.57% Basis Point Spread Above Index 3M SOFR+ 9262024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/2/2023 Maturity 12/05/2027 Industry Distributors2025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I, LLC Acquisition 8/10/2020 Maturity 05/07/2029 Industry Financial Services Current Coupon 11.88% Basis Point Spread Above Index 3M SOFR+ 8002025-12-3100015046192024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMembersrt:WeightedAverageMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Coolsys, Inc. Acquisition 8/27/2025 Maturity 08/11/2028 Industry Commercial Services & Supplies Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5012025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMemberpflt:TotalFirstLienSecuredDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC - Preferred Equity Acquisition 8/25/2021 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 9/23/2024 Maturity 09/23/2026 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seaway Topco, LP - Common Equity Acquisition 6/8/2022 Industry Chemicals, Plastics and Rubber2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Acquisition 11/08/2021 Maturity 11/10/2026 Industry Personal Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+ 6152025-09-300001504619First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 9/19/2024 Maturity 05/23/2029 Industry Construction and Building Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC Acquisition 04/10/2025 Maturity 04/10/2031 Industry Automobiles Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+ 6252025-09-300001504619pflt:DiversifiedConsumerServicesMember2025-09-300001504619pflt:FirstLienInPSSLMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. - Unfunded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors2025-12-310001504619pflt:IncentiveFeePaymentConditionOneMember2024-10-012025-06-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Acquisition 2/23/2024 Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 0.00% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+ 6252025-12-310001504619pflt:DebtSecuritizationMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Acquisition 12/1/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index SOFR+8432025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 12/20/2024 Maturity 06/30/2026 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC – Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ro Health Holdings, Inc. - Common Equity Acquisition 1/16/2025 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. - Unfunded Revolver Acquisition 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC Lifeport Holdings, LLC - Common Equity Acquisition 2/24/2021 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC - Common Equity Acquisition 5/24/2023 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Unfunded Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2025-09-300001504619pflt:TruistCreditFacilityMemberpflt:SecuredOvernightFinancingRateMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Acquisition 2/21/2024 Maturity 09/30/2027 Industry Professional Services Current Coupon 12.56% Basis Point Spread Above Index 3M SOFR+ 8602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 2/7/2030 Industry Professional Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+ 5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc. - Common Equity Acquisition 9/1/2021 Industry Consumer Finance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 3/1/2022 Maturity 11/25/2026 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619pflt:GamingMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. - Unfunded Revolver Acquisition 8/11/2021 Maturity 8/16/2027 Industry Commercial Services & Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media Current Coupon 9.74% Basis Point Spread Above Index 3M SOFR+ 6022025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 07/01/2027 Industry Business Services2025-10-012025-12-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Duggal Equity, LP - Common Equity Acquisition 9/30/2024 Industry Marketing Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Acquisition 2/29/2024 Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619pflt:TruistCreditFacilityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 7/8/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC Acquisition 8/12/2025 Maturity 01/21/2031 Industry Healthcare Providers and Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 03/28/2030 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services2024-10-012025-09-300001504619pflt:InternetSoftwareAndServicesMember2025-12-310001504619pflt:PennantParkFloatingRateCapitalLtdMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Term Loan Acquisition 3/21/2025 Maturity 03/21/2027 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Purchaser, LP - Convertible Note Acquisition 11/6/2024 Maturity 05/8/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class A Acquisition 11/8/2021 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 8.82% Basis Point Spread Above Index 1M SOFR+ 5102025-10-012025-12-310001504619pflt:HighTechIndustriesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 9/3/2024 Maturity 09/03/2026 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC - Common Equity Acquisition 8/22/2023 Industry Healthcare Providers and Services2025-09-300001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 11/18/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Acquisition 9/23/2024 Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Acquisition 8/16/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 8.82% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 5102025-10-012025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 4/10/2025 Maturity 12/17/2029 Industry Event Services Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Smile Brands, Inc. Acquisition 1/27/2021 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants APT Holdings, LLC - Common Equity Acquisition 9/29/2025 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Acquisition 1/9/2019 Maturity 5/11/2026 Industry Media Current Coupon 9.62% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Acquisition 11/08/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 6152025-09-300001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 8/22/2023 Maturity 8/1/2029 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 2/9/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Acquisition 2/29/2024 Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 9.42% Basis Point Spread Above Index 1M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note Acquisition 4/17/2025 Maturity 04/15/2033 Industry Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC - Unfunded Revolver Acquisition 8/4/2025 Maturity 08/04/2031 Industry Marketing Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 3/3/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001504619pflt:PriorCreditFacilityMember2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 4/10/2025 Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP - Common Equity Acquisition 5/25/2023 Industry Personal Products2025-09-300001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 4/10/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2024-02-290001504619First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 03/28/2030 Industry Education2025-10-012025-12-310001504619us-gaap:EquityMember2025-09-300001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 11/18/2025 Maturity 10/2/2028 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pink Lily Holdco, LLC - Common Equity Acquisition 6/16/2017 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 4/11/2023 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity Acquisition 5/21/2019 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Holdco, Inc. - Common Equity Acquisition 11/5/2021 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.40% Basis Point Spread Above Index 3M SOFR+ 6402024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 11/19/2025 Maturity 10/1/2027 Industry Distributors Current Coupon 8.42%Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 9/23/2021 Maturity 01/15/2026 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 4/29/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP - Preferred Equity Acquisition 12/4/2019 Industry Food Products2025-12-310001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 3/15/2022 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco, LLC - Common Equity Acquisition 1/21/2020 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Funded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+ 5152025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-11-182025-12-310001504619pflt:ConsumerServicesMember2025-09-300001504619First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 9/27/2023 Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-12-310001504619us-gaap:CashAndCashEquivalentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Revolver Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services2025-12-310001504619pflt:BuildingProductsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver - LC Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Unitek Global Services, Inc. - Warrants Acquisition 6/27/2022 Industry Telecommunications2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Acquisition 8/16/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 12.16% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 7852024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-Out Term Loan Acquisition 11/02/2023 Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 12.01% Basis Point Spread Above Index 1M SOFR+ 7652025-09-300001504619pflt:LiabilitiesInExcessOfOtherAssetsMember2025-12-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals2025-09-300001504619First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 9/6/2023 Maturity 06/15/2029 Industry High Tech Industries Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services Current Coupon 9.82% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 6102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-12-310001504619us-gaap:FairValueInputsLevel1Memberpflt:FirstLienMember2025-12-310001504619First Lien Secured Debt Issuer Name Smile Brands, Inc. Acquisition 1/27/2021 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.10% Basis Point Spread Above Index SOFR+6102024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Term Loan Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media2025-12-310001504619First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 3/7/2025 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/26/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Acquisitions 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 9402024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest, LLC - Common Equity Acquisition 12/4/2019 Industry Personal Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP PAR Aggregator, LP - Common Equity Acquisition 9/3/2024 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC - Common Equity Acquisition 7/31/2024 Industry IT Services2025-09-300001504619First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 9/19/2024 Maturity 05/23/2029 Industry Construction and Building Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Revolver Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare Providers and Services2025-09-300001504619pflt:AdministratorMember2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 11/18/2025 Maturity 12/22/2028 Industry Professional Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2025-12-310001504619First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 9/30/2021 Maturity 10/24/2025 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index SOFR+6102025-12-310001504619First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 4/30/2028 Industry Automobiles Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/26/2024 Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class A Acquisition 11/8/2021 Industry Personal Products2025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputRevenueMultipleMemberpflt:FirstLienMember2025-12-310001504619pflt:BlackRockFederalFDInstitutionalEightyOneMoneyMarketFundMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lucky Bucks Holdco, LLC - Common Equity Acquisition 10/2/2023 Industry Hotels, Restaurants and Leisure2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC - Unfunded Term Loan Acquisition 8/15/2025 Maturity 8/25/2027 Industry Gaming2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.40% Basis Point Spread Above Index 3M SOFR+ 6402025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2025-12-310001504619pflt:ClassCRNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Consumer Services2025-09-300001504619First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/30/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Acquisition 10/23/2018 Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.68% (PIK 2.5%) Basis Point Spread Above Index 3M SOFR+ 7012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Common Equity Acquisition 12/13/2021 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/2/2023 Maturity 04/21/2027 Industry IT Services2025-12-310001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 4/11/2023 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Acquisition 8/25/2021 Maturity Date 8/31/2028 Industry Construction & Engineering Current Coupon 9.01% Basis Point Spread Above Index 1M SOFR+ 4952024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 4/10/2025 Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 7/31/2025 Maturity 7/31/2029 Industry Capital Equipment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC - Common Equity Acquisition 6/14/2021 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. Acquisition 8/28/2024 Maturity 8/28/2030 Industry Leisure Products Current Coupon 9.25% Basis Point Spread Above Index 1M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tinicum Space Coast Co-Invest, LLC Acquisition 12/4/2019 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Funded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619pflt:ClassCNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 8.46% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619srt:MinimumMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC - Preferred Equity Acquisition 7/31/2024 Industry IT Services2025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Memberpflt:SecuredOvernightFinancingRateMember2019-09-012019-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2025-09-300001504619First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 10/25/2023 Maturity 5/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619pflt:ConsultingServicesMember2025-09-300001504619First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 11/18/2025 Maturity 9/30/2031 Industry Healthcare Providers & Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619us-gaap:FairValueInputsLevel3Member2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP - Common Equity Acquisition 12/4/2019 Industry Food Products2025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:SecondLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Acquisition 2/22/2024 Maturity 11/02/2026 Industry Media Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/18/2025 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 9.84% Basis Point Spread Above Index 3M SOFR+ 6252025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC - Unfunded Revolver Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 5/13/2025 Maturity 05/13/2032 Industry Consulting Services2024-10-012025-09-300001504619pflt:SubordinateDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Independent Power and Renewable Electricity Producers2025-12-310001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 3/1/2029 Industry Wholesale Current Coupon 10.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services Current Coupon 9.25%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. - Funded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 8/17/2026 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity HPA SPQ Aggregator, LP - Preferred Equity Acquisition 6/8/2023 Industry Professional Services2025-10-012025-12-310001504619pflt:ConsultingServicesMember2025-12-310001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 3/1/2029 Industry Wholesale Current Coupon 10.00%2024-10-012025-09-300001504619srt:AffiliatedEntityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+ 5752025-09-300001504619Subordinate Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 7/30/2028 Industry Automobiles Current Coupon 12.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP - Common Equity Acquisition 1/18/2023 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, LP - Common Equity Acquisition 8/11/2021 Industry Commercial Services & Supplies2025-09-300001504619First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 11/1/2024 Maturity 05/03/2029 Industry Leisure Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Acquisition 9/30/2024 Maturity 09/30/2030 Industry Marketing Services2025-09-300001504619First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 4/26/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-10-012025-12-310001504619pflt:TotalInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-Out Term Loan Acquisition 11/02/2023 Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.01% Basis Point Spread Above Index 1M SOFR+ 7652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 7/17/2028 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index 3M SOFR+ 5262025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DX Electric Company, LLC Acquisition 10/1/2025 Maturity 10/1/2031 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class D Acquisition 5/3/2024 Industry Leisure Products2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 3/3/2025 Maturity 12/17/2030 Industry Software Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pink Lily Holdco, LLC - Common Equity Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2024-10-012025-09-300001504619pflt:TaxableSubsidiaryMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC - Funded Revolver Acquisition 12/23/2020 Maturity 12/31/2026 Industry Consumer products Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC - Common Equity Acquisition 6/13/2022 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 4/10/2025 Maturity 06/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-12-310001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 11/18/2025 Maturity 11/20/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. - Unfunded Term Loan Acquisition 9/3/2024 Maturity 09/03/2026 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. - Unfunded Revolver Acquisition 12/19/2022 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Acquisition 3/26/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 8.56% Basis Point Spread Above Index 3M SOFR+ 4902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 7/31/2027 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC - Unfunded Revolver Acquisition 11/23/2021 Maturity 09/22/2028 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC Acquisition 5/24/2023 Maturity 5/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC - Common Equity Acquisition 8/22/2023 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Rosco Topco, LLC - Common Equity Acquisition 9/9/2025 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants By Light Investco LP - Common Equity Acquisition 5/15/2017 Industry High Tech Industries2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) - Common Equity Acquisition 8/17/2021 Industry Media2024-10-012025-09-300001504619pflt:TotalFirstLienSecuredDebtMember2025-12-310001504619pflt:SubordinateDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619pflt:CashEquivalentsThreePointEightPercentOfNetAssetsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest, LLC - Common Equity Acquisition 12/4/2019 Industry Personal Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Rosco Topco, LLC - Common Equity Acquisition 12/16/2020 Industry Business Services2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC - Common Equity Acquisition 6/13/2022 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Pink Lily Holdco, LLC - Preferred Equity - Class A-1 Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC - Preferred Equity Acquisition 7/31/2024 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+ 6502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Funded Revolver Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. - Preferred Equity Acquisition 9/1/2021 Industry Consumer Finance2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Term Loan Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals2025-12-310001504619pflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index 1M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity Acquisition 5/21/2019 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 19.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC - Common Equity Acquisition 3/10/2022 Industry Software2025-12-310001504619pflt:AllOtherIndustriesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 3/1/2022 Maturity 11/25/2026 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+ 5902025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Unfunded Common Equity Acquisition 11/5/2018 Industry Software2024-10-012025-09-300001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Subordinate Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 7/30/2028 Industry Automobiles Current Coupon 12.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 6192024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Funded Revolver Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619pflt:PennantparkSeniorSecuredLoanFundLlcPortfolioMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC – Unfunded Revolver Acquisition 09/27/2024 Maturity 09/27/2030 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP Acquisition 8/16/2024 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Common Equity Acquisition 2/24/2021 Industry Media2025-10-012025-12-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP - Common Equity Acquisition 1/22/2024 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Wash & Wax Systems, LLC - Subordinate Debt Acquisition 4/30/2025 Maturity 07/30/2028 Industry Consumer Services Current Coupon 12.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.56% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Unfunded Revolver Acquisition 9/9/2025 Maturity 9/12/2031 Industry Business Services2025-09-300001504619us-gaap:FairValueInputsLevel3Member2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. - Common Equity Acquisition 9/25/2018 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Unfunded Revolver Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 1/27/2021 Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 7/11/2023 Maturity 1/15/2026 Industry Consumer Goods: Durable Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Urology Partners Co., LP - Common Equity Acquisition 1/20/2023 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings, LLC Acquisition 6/21/2024 Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP - Common Equity Acquisition 7/19/2022 Industry Commodity Chemicals2025-12-310001504619First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 8/28/2025 Maturity 7/1/2031 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 1/18/2023 Maturity 02/01/2029 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology2024-10-012025-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001504619pflt:PreferredEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Unfunded Revolver Acquisitions 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Term Loan Acquisition 7/17/2025 Maturity 07/16/2027 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Azureon Holdings, LLC Acquisition 6/26/2024 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries2025-03-310001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 11/26/2025 Maturity 4/3/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Funded Revolver Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Acquisition 2/22/2024 Maturity 11/02/2026 Industry Media Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619pflt:SeniorSecuritiesMember2018-04-062018-04-060001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Acquisition 8/2/2024 Maturity 03/8/2028 Industry Consumer Finance Current Coupon 18.00%2024-10-012025-09-300001504619pflt:ClassA-1LoansMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Common Equity - Class B (US Dominion, Inc.) Acquisition 11/4/2021 Industry Capital Equipment2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Funded Revolver Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index 1M SOFR+ 5252025-09-3000015046192024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Duggal Equity, LP - Common Equity Acquisition 9/30/2024 Industry Marketing Services2025-12-310001504619First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 1/27/2021 Maturity 02/03/2027 Industry Healthcare Providers and Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc. - Common Equity Acquisition 1/13/2015 Industry Telecommunications2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Acquisition 9/30/2024 Maturity 09/30/2030 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.78% Basis Point Spread Above Index 3M SOFR+ 7612024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, LP - Common Equity Acquisition 11/27/2023 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Funded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.76% Basis Point Spread Above Index 3M SOFR+ 7612024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Common Equity Acquisition 8/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC Acquisition 08/27/2025 Maturity 03/15/2027 Industry Software Current Coupon 10.51% Basis Point Spread Above Index 1M SOFR+ 6352024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MaximumMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Team Services Group, LLC - 2nd Lien Acquisition 2/23/2024 Maturity 12/18/2028 Industry Healthcare Providers and Services Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+ 9262025-10-012025-12-310001504619First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 11/1/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC - Unfunded Revolver Acquisition 1/9/2019 Maturity 05/11/2026 Industry Media2024-10-012025-09-300001504619pflt:IncentiveFeePaymentConditionOneMembersrt:MaximumMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Acquisition 8/15/2024 Maturity 08/16/2027 Industry Healthcare Technology Current Coupon 12.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP - Common Equity Acquisition 12/11/2023 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC - Unfunded Revolver Acquisition 4/10/2025 Maturity 4/10/2031 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Alpine Acquisition Corp II Acquisition 8/27/2025 Maturity 08/09/2025 Industry Containers and Packaging2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 4/10/2025 Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index SOFR+6752025-09-300001504619First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 4/11/2023 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 5/24/2023 Maturity 12/31/2026 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, LP - Common Equity Acquisition 3/28/2025 Industry Professional Services2025-12-310001504619First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 4/26/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index SOFR+6502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. - Common Equity Acquisition 11/30/2023 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:SubordinatedDebtMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001504619First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 5/22/2025 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 4/10/2025 Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+ 6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 6102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 1/29/2022 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 8.82% Basis Point Spread Above Index 1M SOFR+ 5102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 4/11/2023 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Azureon Holdings, LLC Acquisition 6/26/2024 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/26/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance - Common Equity Acquisition 10/29/2024 Industry Insurance2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Podean Intermediate II, LLC - Preferred Equity Acquisition 8/4/2025 Industry Marketing Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 5/24/2023 Maturity 12/31/2026 Industry Personal Products One2025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:SecuredOvernightFinancingRateMember2024-02-290001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 5/3/2024 Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seacoast Service Partners, LLC - Common Equity Acquisition 12/20/2024 Industry Diversified Consumer Services2025-09-300001504619pflt:AtTheMarketOfferingMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Term Loan Acquisition 7/17/2025 Maturity 07/16/2027 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC Acquisition 8/12/2025 Maturity 01/21/2031 Industry Healthcare Providers and Services Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandTwentySixNotesPayableMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Common Equity Acquisition 10/27/2021 Industry Media2025-09-300001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 11/21/2025 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 7/31/2025 Maturity 7/31/2029 Industry Capital Equipment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Help/Systems Holdings, Inc. Acquisition 8/27/2025 Maturity 11/30/2026 Industry Software Current Coupon 8.41% Basis Point Spread Above Index 3M SOFR+ 4102025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Acquisition 9/23/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+ 6902024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-09-300001504619pflt:EquityInterestsInPSSLIIMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC Acquisition 8/12/2025 Maturity 1/21/2031 Industry Healthcare Providers and Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense Holdco, LLC - Common Equity Acquisition 1/16/2025 Industry Building Products2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 9/8/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-10-012024-12-310001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundTwoLLCMember2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberus-gaap:MeasurementInputRevenueMultipleMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP - Unfunded Common Equity Acquisition 8/16/2024 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC Acquisition 6/13/2025 Maturity 6/13/2031 Industry Healthcare Providers and Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. - Common Equity Acquisition 9/28/2021 Industry Distributors2024-10-012025-09-300001504619pflt:MediaDiversifiedAndProductionMember2025-12-310001504619First Lien Secured Debt Issuer Name Safe Haven Defense US, LLC Acquisition 9/19/2024 Maturity 5/23/2029 Industry Construction and Building Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC - Common Equity Acquisition 6/16/2017 Industry Financial Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest, LLC - Preferred Equity Acquisition 4/22/2020 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. - Preferred Equity Acquisition 9/1/2021 Industry Consumer Finance2024-10-012025-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2024-10-012025-06-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 20.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+ 6152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Funded Revolver Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Acquisition 2/29/2024 Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products Current Coupon 10.16% Basis Point Spread Above Index 1M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 2/7/2030 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC - Common Equity Acquisition 1/27/2021 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC – Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 4/11/2023 Maturity 2/1/2030 Industry Environmental Industries Current Coupon 8.77% Basis Point Spread Above Index SOFR+4502025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2024-07-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. Acquisition 7/15/2024 Industry Business Services2025-09-300001504619pflt:MediaMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo, LLC Acquisition 3/11/2021 Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.33% Basis Point Spread Above Index 1M SOFR+ 5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 05/03/2029 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP - Common Equity Acquisition 12/4/2019 Industry Food Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Parent Holdings, LLC - Common Equity Acquisition 7/23/2019 Industry IT Services2024-10-012025-09-300001504619pflt:PennantParkCLOVILLCMember2023-04-012023-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP - Common Equity Acquisition 12/6/2023 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 5/24/2023 Maturity 12/31/2026 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class D Acquisition 5/3/2024 Industry Leisure Products2025-09-300001504619First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 5/24/2021 Maturity 5/7/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index SOFR+6262025-09-300001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/24/2024 Maturity 10/03/2029 Industry Air Freight and Logistics2025-12-310001504619First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 8/28/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC Acquisition 5/10/2024 Industry Healthcare, Education and Childcare2025-12-310001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 11/26/2025 Maturity 4/3/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Acquisition 9/3/2024 Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 9.66% Basis Point Spread Above Index 1M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity Date 07/28/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-03-310001504619First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Automobiles Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series G-2 Acquisition 12/7/2023 Industry Distributors2025-09-300001504619pflt:TruistCreditFacilityMembersrt:MaximumMember2025-11-012025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC - Unfunded Term Loan Acquisition 9/13/2024 Maturity 10/02/2026 Industry Business Services2025-09-300001504619us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 10/16/2024 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619pflt:SecondLienMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619pflt:TotalInvestmentsMembercountry:US2025-12-310001504619First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 3/28/2030 Industry Education Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Alpine Acquisition Corp II Acquisition 8/27/2025 Maturity 08/09/2025 Industry Containers and Packaging2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP DXE Holdings, LLC - Common Equity Acquisition 12/20/2024 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Unfunded Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2024-10-012025-09-300001504619pflt:ProfessionalServicesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 9.93% Basis Point Spread Above Index 3M SOFR+ 6262025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC - Common Equity Acquisition 12/9/2021 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A-1 Acquisition 7/25/2023 Industry Automobiles2025-12-310001504619pflt:AirFreightAndLogisticsMember2025-12-310001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/19/2024 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/20/2025 Maturity 10/18/2027 Industry Healthcare Providers & Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DX Electric Company, LLC - Unfunded Revolver Acquisition 10/1/2025 Maturity 10/1/2031 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Exigo, LLC - Common Equity Acquisition 3/10/2022 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental Acquisition 6/27/2022 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 4/10/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 11/25/2025 Maturity 3/1/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 4/10/2025 Maturity 9/30/2030 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 11/18/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002025-10-012025-12-310001504619Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Automobiles2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - First-Out Term Loan Acquisition 11/02/2023 Maturity 10/02/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.01% Basis Point Spread Above Index 1M SOFR+ 7652025-09-300001504619pflt:TwoThousandThirtyOneAssetBackedDebtMember2024-07-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 9/23/2024 Maturity 9/23/2026 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Acquisition 5/26/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 6362025-12-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/9/2025 Maturity 08/29/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-3100015046192024-05-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity Acquisition 5/21/2019 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Acquisition 12/20/2024 Maturity 06/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. - Preferred Equity Acquisition 9/25/2018 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.Net Holdings, Inc. - Common Equity Acquisition 5/4/2021 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/03/2027 Industry Automobiles2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance - Common Equity Acquisition 6/14/2021 Industry Insurance2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 4/11/2023 Maturity 06/20/2029 Industry Healthcare Providers and Services Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products Current Coupon 9.72% Basis Point Spread Above Index 1M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP - Common Equity Acquisition 3/28/2024 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest, LLC - Common Equity Acquisition 4/22/2020 Industry Professional Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:SecondLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.22% Basis Point Spread Above Index 1M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/4/2021 Maturity 11/16/2027 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC - Common Equity Acquisition 6/8/2022 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC Acquisition 8/4/2025 Maturity 08/04/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619pflt:GamingMember2025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental Acquisition 4/30/2025 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+ 6752025-09-300001504619First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 4/20/2029 Maturity 2/3/2029 Industry Diversified Consumer Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:ConstructionAndEngineeringMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, LP - Common Equity Acquisition 8/11/2021 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP - Common Equity Acquisition 2/16/2022 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC - Unfunded Term Loan Acquisition 09/27/2024 Maturity 09/27/2026 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Acquisition 9/21/2020 Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry High Tech Industries2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 4/20/2029 Maturity 2/3/2029 Industry Diversified Consumer Services Current Coupon 9.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Acquisition 2/7/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-12-310001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 1/12/2024 Maturity 10/2/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, LP - Common Equity Acquisition 8/11/2021 Industry Commercial Services & Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 20.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC Acquisition 8/27/2025 Maturity 3/15/2027 Industry Software Current Coupon 10.12% Basis Point Spread Above Index 1M SOFR+ 6352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Acquisition 6/19/2019 Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Acquisition 2/21/2024 Maturity 01/8/2026 Industry Professional Services Current Coupon 12.76% Basis Point Spread Above Index 3M SOFR+8602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class AA Acquisition 11/8/2021 Industry Personal Products2025-09-300001504619First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 9/8/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.81% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Unfunded Common Equity Acquisition 10/27/2021 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 6102024-10-012025-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering2025-12-310001504619pflt:JPMorganUSDollarLiquidityInstMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Paving Parent, LLC - Common Equity Acquisition 7/1/2025 Industry Business Services2025-12-310001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2030 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Paving Parent, LLC - Common Equity Acquisition 7/1/2025 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC - Common Equity Acquisition 6/8/2022 Industry Leisure Products2025-12-310001504619pflt:AtTheMarketOfferingMember2024-07-310001504619First Lien Secured Debt Issuer Name TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 4/26/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+6502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Funded Revolver Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Acquisition 11/8/2021 Maturity 11/10/2026 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 6152025-10-012025-12-310001504619First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 12/23/2024 Maturity 4/9/2027 Industry Distributors Current Coupon 8.84% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619pflt:TwoThousandThirtySevenAsset-BackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/6/2023 Maturity 10/2/2029 Industry Business Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Parent Holdings, LLC - Common Equity Acquisition 7/23/2019 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PD Tri-State Holdco, LLC - Unfunded Term Loan Acquisition 10/14/2025 Maturity 10/14/2027 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619pflt:PSSLSubsidiaryIIMembersrt:MaximumMember2025-09-300001504619us-gaap:SubordinatedDebtMember2025-09-300001504619First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 3/3/2025 Maturity 12/17/2030 Industry Software Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Acquisition 2/29/2024 Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 9.75% Basis Point Spread Above Index 1M SOFR+ 5752025-09-300001504619pflt:BlackRockFederalFDInstitutionalEightyOneMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 13.50%2024-10-012025-09-300001504619pflt:FoodProductsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Revolver Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Common Equity Acquisition 11/5/2018 Industry Software2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Funded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products Current Coupon 8.82% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 5102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Member2025-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco, LLC - Common Equity Acquisition 1/21/2020 Industry Healthcare Technology2025-09-300001504619First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 3/22/2024 Maturity 1/16/2030 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619pflt:MarketingServicesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Funded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 1M SOFR+ 6502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Unfunded Common Equity Acquisition 10/31/2024 Industry Government Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HPA SPQ Aggregator, LP - Common Equity Acquisition 6/8/2023 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare Technology2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 4/10/2025 Maturity 12/17/2029 Industry Event Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Rosco Topco, LLC - Common Equity Acquisition 9/9/2025 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 5/22/2025 Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% Basis Point Spread Above Index SOFR+9402024-10-012025-09-300001504619pflt:EquityInterestsInPSSLMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Acquisition 11/23/2021 Maturity 09/22/2028 Industry Professional Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC - Unfunded Revolver Acquisition 4/10/2025 Maturity 4/10/2031 Industry Automobiles2025-12-310001504619pflt:ClassDNotesMemberpflt:DebtSecuritizationMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Funded Revolver Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.47% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 11/21/2025 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619pflt:TwoThousandThirtySixAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5652025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 4/11/2023 Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-09-300001504619First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 1/13/2025 Maturity 12/19/2030 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Equity Securities Issuer Name Output Services Group, Inc. - Common Equity Acquisition 12/1/2023 Industry Business Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-12-310001504619pflt:ClassDRNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tinicum Space Coast Co-Invest, LLC Acquisition 12/4/2019 Industry Aerospace and Defense2025-12-310001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/6/2023 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Incremental TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 10.10% (PIK 3.44%)2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 6/8/2021 Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 11/30/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-12-310001504619us-gaap:CashAndCashEquivalentsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMemberpflt:CashAndCashEquivalentsZeroPointOnePercentMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Connatix Parent, LLC - Common Equity Acquisition 7/8/2021 Industry Media2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 4/10/2025 Maturity 9/30/2030 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 2/24/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-12-310001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 4/10/2025 Maturity 03/01/2030 Industry Diversified Consumer Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 03/01/2029 Industry Wholesale2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-3000015046192021-10-012021-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings, LLC Acquisition 6/21/2024 Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity C5MI Holdco, LLC - Preferred Equity Acquisition 7/31/2024 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco. LP - Preferred Equity Acquisition 11/4/2021 Industry Software Current Coupon 8.00%2025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619First Lien Secured Debt Issuer Name Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 4/10/2025 Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Unfunded Revolver 7/31/2024 Maturity 07/31/2029 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Funded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Diversified Consumer Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 11/18/2025 Maturity 12/17/2029 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 11/1/2024 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Aechelon Technology, Inc. Acquisition 4/10/2025 Maturity 8/16/2029 Industry Aerospace and Defense Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 11/18/2025 Maturity 10/2/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdings, LP - Common Equity Acquisition 12/21/2022 Industry Commercial Services & Supplies2025-12-310001504619Equity Securities Issuer Name Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Education2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 03/02/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Purchaser, LP - Convertible Note Acquisition 11/6/2024 Maturity 05/8/2030 Industry Aerospace and Defense Current Coupon 12.00%2024-10-012025-09-300001504619us-gaap:TechnologySectorMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Symplr Software, Inc. Acquisition 8/27/2025 Maturity 12/20/2027 Industry Software Current Coupon 8.44% Basis Point Spread Above Index 3M SOFR+ 4602025-12-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+ 6352025-12-310001504619First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 7/8/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.08% Basis Point Spread Above Index SOFR+6362025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Revolver Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 1/27/2021 Maturity 11/01/2028 Industry Consumer Goods: Durable Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. - Common Equity Acquisition 9/28/2021 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Team Services Group, LLC - 2nd Lien Acquisition 2/23/2024 Maturity 12/18/2028 Industry Healthcare Providers and Services Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+ 9262024-10-012024-12-310001504619pflt:ClassDNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC - Unfunded Revolver Acquisition 11/23/2021 Maturity 09/22/2028 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP - Common Equity Acquisition 7/21/2022 Industry Auto Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Common Equity Acquisition 12/13/2021 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Term Loan Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Smartronix, LLC Acquisition 12/3/2025 Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity Date 07/28/2026 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-09-300001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 4/11/2023 Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 12/20/2024 Maturity 06/30/2026 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619pflt:SBADebenturesMember2024-02-012024-02-290001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/19/2024 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.76% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Funded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/2/2023 Maturity 11/07/2025 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-12-310001504619pflt:CommercialServicesAndSuppliesMember2025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies Equity InterestsPennantPark Senior Secured Loan Fund II LLC - Common Equity Acquisition 11/18/2025 Industry Financial Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Acquisition 5/24/2023 Maturity 5/25/2029 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. Acquisition 8/27/2025 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.36% Basis Point Spread Above Index 1M SOFR+ 6502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Podean Intermediate II, LLC - Common Equity Acquisition 11/18/2025 Industry Marketing Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-09-300001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2024-10-012025-09-300001504619pflt:EightHundredFiftyNinePointFourOfNetAssetsMembercountry:US2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Funded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 10.66% Basis Point Spread Above Index 1M SOFR+ 6502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Acquisition 11/23/2021 Maturity 9/22/2028 Industry Professional Services Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Equity Securities Issuer Name Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Education2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 11/30/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.35%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Holdings, Inc. - Preferred Equity - Series A Acquisition 8/9/2024 Industry Professional Services2025-10-012025-12-310001504619pflt:ClassA2RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Funded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.90% Basis Point Spread Above Index 3M SOFR+ 6902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Acquisition 12/19/2024 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5102025-12-310001504619pflt:TwoThousandThirtySevenAsset-BackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo, LP - Common Equity Acquisition 6/22/2021 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC Acquisition 7/22/2021 Maturity 07/28/2026 Industry Professional Services Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5602025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC - Common Equity Acquisition 11/4/2021 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc. - Common Equity Acquisition 9/1/2021 Industry Consumer Finance2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC – Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TPC Holding Company, LP - Common Equity Acquisition 10/27/2021 Industry Food Products2025-10-012025-12-310001504619pflt:SecondLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Acquisition 5/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC - Common Equity Acquisition 12/29/2023 Industry Auto Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 19.00%2025-09-300001504619pflt:HealthcareEquipmentAndSuppliesMember2025-12-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-10-012021-10-310001504619pflt:ClassDNotesMember2025-11-012025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Acquisition 2/7/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-10-012025-12-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund II, LLC Acquisition 11/18/2025 Maturity 11/18/2025 Industry Financial Services Current Coupon 11.89% Basis Point Spread Above Index 3M SOFR+ 8002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants APT Holdings, LLC - Common Equity Acquisition 9/29/2025 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 3/10/2022 Maturity 3/15/2027 Industry Software2025-12-310001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 11/18/2025 Maturity 6/20/2029 Industry Healthcare Providers & Services Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. Acquisition 11/2/2023 Maturity 11/08/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index 1M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beta Plus Technologies, Inc. Acquisition 2/29/2024 Maturity 07/02/2029 Industry Internet Software and Services Current Coupon 9.75% Basis Point Spread Above Index 1M SOFR+ 5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 11/18/2025 Maturity 7/28/2026 Industry Professional Services Current Coupon 9.57%Basis Point Spread Above Index SOFR+5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Unfunded Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-09-300001504619First Lien Secured Debt Issuer Name Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 4/10/2025 Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Pink Lily Holdco, LLC - Preferred Equity - Class A-1 Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP - Common Equity Acquisition 12/19/2022 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassBNotesMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Acquisition 9/21/2020 Maturity 4/01/2027 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+ 5602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Symplr Software, Inc. Acquisition 8/27/2025 Maturity 12/20/2027 Industry Software Current Coupon 8.44% Basis Point Spread Above Index 3M SOFR+ 4602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Paving Parent, LLC - Common Equity Acquisition 7/1/2025 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC - Common Equity Acquisition 12/23/2020 Industry Insurance2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 8/28/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC - Common Equity Acquisition 2/4/2022 Industry Healthcare Providers and Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Common Equity - Class A Acquisition 5/31/2024 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Revolver Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services2025-10-012025-12-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Term Loan Acquisition 3/21/2025 Maturity 03/21/2027 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Unfunded Common Equity Acquisition 12/16/2020 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Acquisition 2/7/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 11/18/2025 Maturity 6/17/2029 Industry Health Care Equipment & supplies Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619pflt:AllOtherIndustriesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 4/11/2023 Maturity 06/20/2029 Industry Healthcare Providers and Services Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619pflt:PreferredEquityMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver Acquisition 05/10/2024 Maturity 05/10/2030 Industry Healthcare, Education and Childcare2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Wash & Wax Systems, LLC - Subordinate Debt Acquisition 4/30/2025 Maturity 07/30/2028 Industry Consumer Services Current Coupon 12.00%2025-09-300001504619us-gaap:FairValueInputsLevel2Member2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Acquisition 5/24/2023 Maturity 5/25/2029 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class B Acquisition 7/25/2023 Industry Automobiles2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 03/10/2022 Maturity 03/15/2027 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP DXE Holdings, LLC - Common Equity Acquisition 12/20/2024 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Acquisition 11/23/2021 Maturity 09/22/2028 Industry Professional Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-03-310001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 8/9/2021 Maturity 07/28/2026 Industry Professional Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services2025-09-300001504619pflt:AutoComponentsMember2025-09-300001504619pflt:ClassDRNotesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC Acquisition 4/10/2025 Maturity 4/10/2031 Industry Automobiles Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+ 6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Term Loan Acquisition 3/21/2025 Maturity 03/21/2027 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619pflt:SubordinateDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC - Unfunded Revolver Acquisition 05/24/2023 Maturity 05/25/2029 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC - Unfunded Term Loan Acquisition 6/30/2025 Maturity 12/30/2025 Industry Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Term Loan Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #1 Acquisition 4/17/2025 Maturity 04/15/2030 Industry Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Acquisition 9/21/2020 Maturity 04/01/2027 Industry Aerospace and Defense Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5602025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Acquisition 2/21/2024 Maturity 09/30/2027 Industry Professional Services Current Coupon 12.56% Basis Point Spread Above Index 3M SOFR+ 8602024-10-012024-12-310001504619pflt:PennantParkCLOVILLCMemberpflt:ClassLoansC-RMember2025-05-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense Holdco, LLC - Common Equity Acquisition 5/23/2024 Industry Building Products2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandTwentySixNotesPayableMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity HPA SPQ Aggregator, LP - Preferred Equity Acquisition 6/8/2023 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 8/27/2025 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology2024-10-012025-09-3000015046192025-10-012025-10-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.41% Basis Point Spread Above Index 3M SOFR+ 6352025-09-300001504619pflt:PennantParkCLOVILLCMemberpflt:ClassLoansC-RMember2025-05-312025-05-310001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/20/2025 Maturity 10/18/2027 Industry Healthcare Providers & Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:ClassDNotesMember2025-11-012025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Commercial Services & Supplies2025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Member2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wash & Wax Group, LP - Common Equity Acquisition 1/13/2015 Industry Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 6102025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PlayPower, Inc. - Unfunded Revolver Acquisition 8/28/2024 Maturity 8/28/2030 Industry Leisure Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC - Unfunded Term Loan Acquisition 8/15/2025 Maturity 08/25/2027 Industry Gaming2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Unfunded Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.47% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PCS MIDCO, Inc. Acquisition 11/25/2025 Maturity 3/1/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 7/31/2025 Maturity 7/31/2029 Industry Capital Equipment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC - Common Equity Acquisition 8/22/2023 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC - Common Equity Acquisition 9/13/2024 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 4/11/2023 Maturity 6/15/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 8/9/2021 Maturity 07/28/2026 Industry Professional Services Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 4/29/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC - Funded Revolver Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. Acquisition 11/2/2023 Maturity 11/08/2029 Industry Distributors Current Coupon 10.32% Basis Point Spread Above Index 1M SOFR+ 6002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Argano, LLC Acquisition 1/9/2025 Maturity 9/13/2029 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Term Loan Acquisition 1/9/2024 Maturity 01/16/2026 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan (5) Acquisition 12/1/2023 Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.66% Basis Point Spread Above Index SOFR+7652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.25%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Unfunded Revolver Acquisition 5/3/2024 Maturity 05/03/2029 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-10-012025-12-310001504619pflt:CashEquivalentsThreePointNinePercentOfNetAssetsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/2/2026 Industry Aerospace and Defense2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/11/2022 Maturity 11/30/2026 Industry Containers and Packaging2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC - Common Equity Acquisition 9/13/2024 Industry Commercial Services & Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series F-2 Acquisition 12/7/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC - Warrants Acquisition 7/31/2025 Industry Hotels, Restaurants and Leisure2025-12-310001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 8/9/2021 Maturity 7/28/2026 Industry Professional Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisitions 12/29/2023 Maturity 09/30/2026 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Marketplace Events Acquisition, LLC - Common Equity Acquisition 12/19/2024 Industry Media: Diversified and Production2025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 11/18/2005 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Unfunded Revolver Acquisition 4/14/2021 Maturity 04/16/2027 Industry Internet Software and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Acquisition 11/08/2021 Maturity 11/10/2026 Industry Personal Products Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+ 6152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC - Common Equity Acquisition 12/19/2022 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt US Fertility Enterprises, LLC Acquisition 10/7/2024 Maturity Date 10/11/2031 Industry Healthcare Providers and Services Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 4502024-10-012025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/24/2024 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619pflt:PriorCreditFacilityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. - Unfunded Revolver Acquisition 2/21/2023 Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 8.46% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/2/2023 Maturity 12/05/2027 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name BioDerm, Inc. Acquisition 2/28/2023 Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.36% Basis Point Spread Above Index SOFR+6502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC - Warrants Acquisition 4/16/2019 Industry Hotels, Restaurants and Leisure2025-09-300001504619Equity Securities Issuer Name Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Education2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:FirstLienMember2025-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Acquisition 8/2/2024 Maturity 03/8/2028 Industry Consumer Finance Current Coupon 18.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC - Common Equity Acquisition 8/25/2021 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry High Tech Industries Current Coupon 9.66% Basis Point Spread Above Index 1M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Unfunded Common Equity Acquisition 12/13/2021 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 7/17/2028 Industry Business Services Current Coupon 9.14% Basis Point Spread Above Index 3M SOFR+ 5262025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+ 6262025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Loving Tan, LP - Common Equity Acquisition 5/25/2023 Industry Personal Products2025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-06-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC - Warrants Acquisition 7/31/2025 Industry Hotels, Restaurants and Leisure2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC Acquisition 04/10/2025 Maturity 04/10/2031 Industry Automobiles Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+ 6252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. - Funded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC - Common Equity Acquisition 10/16/2023 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants White Tiger Newco, LLC - Common Equity Acquisition 6/27/2022 Industry Capital Equipment2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Acquisition 7/25/2024 Maturity 6/17/2029 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:AirFreightAndLogisticsMember2025-09-300001504619pflt:ClassLoansA-RMemberpflt:PennantParkCLOVILLCMember2025-05-312025-05-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Acquisition 5/3/2024 Maturity 12/21/2028 Industry Media Current Coupon 9.51% Basis Point Spread Above Index 1M SOFR+ 5552024-10-012025-09-300001504619First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 12/23/2024 Maturity 4/9/2027 Industry Distributors Current Coupon 9.83% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC - Common Equity Acquisition 5/24/2023 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series J-2 Acquisition 12/7/2023 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+ 6262024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 6/26/2024 Maturity 3/1/2030 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 4/11/2023 Maturity 6/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC Acquisition 7/22/2021 Maturity 07/28/2026 Industry t Team Services Group, LLC Maturity 12/20/202 Industry Professional Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series G-2 Acquisition 12/7/2023 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC Acquisition 8/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 4/10/2025 Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DX Electric Company, LLC - Unfunded Revolver Acquisition 10/1/2025 Maturity 10/1/2031 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NFS - CFP Holdings LLC - Common Equity Acquisition 9/13/2024 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology2024-10-012025-09-300001504619pflt:FirstLienSecuredDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Revolver Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services2025-09-300001504619pflt:ElectronicEquipmentInstrumentsAndComponentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 9/30/2024 Maturity 9/30/2026 Industry Marketing Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Paving Parent, LLC - Common Equity Acquisition 7/1/2025 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC - Unfunded Term Loan Acquisition 9/13/2024 Maturity 10/02/2026 Industry Business Services2024-10-012025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC - Common Equity Acquisition 8/10/2020 Industry Financial Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 3/1/2022 Maturity 11/25/2026 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants First Medical Holdings, LLC - Common Equity Acquisition 6/13/2025 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Unfunded Revolver Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Revolver Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-12-310001504619pflt:FirstLienInPSSLIIMember2025-12-310001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/26/2024 Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP Acquisition 8/16/2024 Industry Aerospace and Defense2025-09-300001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 11/18/2025 Maturity 12/22/2028 Industry Professional Services Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619pflt:MarketingServicesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Common Equity - Class A Acquisition 5/31/2024 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC - Unfunded Revolver Acquisition 11/23/2021 Maturity 9/22/2028 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.46 (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC Acquisition 5/10/2024 Maturity 5/10/2030 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 1M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies2025-09-300001504619Subordinate Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 7/30/2028 Industry Automobiles Current Coupon 12.00%2025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SubordinatedNotesMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Acquisition 7/25/2024 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.88% Basis Point Spread Above Index 3M SOFR+ 6152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.15% Basis Point Spread Above Index 3M SOFR+ 6152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, LP - Common Equity Acquisition 11/27/2023 Industry Healthcare Technology2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. Acquisition 8/27/2025 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.36% Basis Point Spread Above Index 1M SOFR+ 6502025-10-012025-12-310001504619pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Common Equity Acquisition 2/24/2021 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC - Common Equity Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Funded Revolver Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.85%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Common Equity Acquisition 12/16/2020 Industry IT Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+ 6902025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I, LLC Acquisition 8/10/2020 Maturity 05/07/2029 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002024-10-012025-09-300001504619pflt:InvestmentsAndCashEquivalentsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 3/22/2024 Maturity 01/16/2030 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco. LP - Common Equity Acquisition 11/4/2021 Industry Software2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Term Loan Acquisition 3/16/2023 Maturity 07/25/2028 Industry Commodity Chemicals2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 11/18/2025 Maturity 6/17/2029 Industry Health Care Equipment & supplies Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 09/03/2030 Industry Healthcare Technology2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 7/29/2021 Maturity 7/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:ClassBNotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Unfunded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services2025-12-310001504619pflt:InvestmentsCashEquivalentsAndCashMember2025-12-310001504619pflt:ManufacturingBasicIndustryMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Term Loan Acquisition 6/26/2024 Maturity 11/26/2027 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Acquisition 4/7/2025 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 9.30% Basis Point Spread Above Index 3M SOFR+ 5102025-09-300001504619pflt:PennantparkSeniorSecuredLoanFundLlcPortfolioMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - Second Out Term Loans Acquisition 8/27/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.32%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Incremental TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index 1M SOFR+ 5942025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Unfunded Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 3/28/2030 Industry Education Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Funded Revolver Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 1/19/2024 Maturity 12/29/2028 Industry Automotive Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001504619First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 7/29/2021 Maturity 7/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index SOFR+5762024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 3/1/2029 Industry Wholesale2025-09-300001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 11/18/2025 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. - Unfunded Term Loan Acquisition 7/17/2025 Maturity 07/16/2027 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 6402025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.Net Holdings, Inc. - Common Equity Acquisition 5/4/2021 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. - Unfunded Revolver Acquisition 2/21/2023 Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:ClassCRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 1/29/2022 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index SOFR+5652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Acquisition 11/30/2023 Maturity 05/30/2028 Industry Business Services Current Coupon 10.41% Basis Point Spread Above Index 3M SOFR+ 6682025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.2% Basis Point Spread Above Index 3M SOFR+ 4502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 07/31/2027 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+ 7612025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Urology Management Holdings, Inc. Acquisition 9/3/2024 Maturity 06/15/2027 Industry Healthcare Providers and Services Current Coupon 9.66% Basis Point Spread Above Index 1M SOFR+ 5502025-09-300001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/6/2023 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/18/2025 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PN Buyer, Inc. Acquisition 9/8/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 8/28/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Unfunded Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-09-300001504619First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 11/30/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index 1M SOFR+ 5952025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants By Light Investco LP - Common Equity Acquisition 5/15/2017 Industry High Tech Industries2025-09-300001504619pflt:ProfessionalServicesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP - Common Equity Acquisition 3/28/2024 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare Technology2025-12-310001504619pflt:ClassDSecuredDeferrableFloatingRateNotesMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+ 6352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments, LLC - Common Equity Acquisition 9/9/2025 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services Current Coupon 8.41% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lucky Bucks, LLC - Last-Out Term Loan Acquisition 11/02/2023 Maturity 10/02/2029 Industry Hotels, Restaurants and Leisure Current Coupon 12.01% Basis Point Spread Above Index 1M SOFR+ 7652024-10-012025-09-300001504619pflt:FoodProductsMember2025-12-310001504619pflt:SubordinateDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Automobiles2025-09-300001504619First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/3/2025 Maturity 10/02/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Acquisition 8/12/2024 Maturity 7/25/2029 Industry Auto Components Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 5352025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. Acquisition 3/1/2024 Maturity 3/1/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 6/26/2024 Maturity 3/1/2030 Industry Business Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC - Preferred Equity Acquisition 6/1/2022 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Symplr Software, Inc. Acquisition 8/27/2025 Maturity 12/20/2027 Industry Software Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+ 4602025-09-300001504619Equity Securities Issuer Name Output Services Group, Inc. - Common Equity Acquisition 12/1/2023 Industry Business Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 10/16/2024 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Equity Securities Issuer Name Output Services Group, Inc. - Common Equity Acquisition 12/1/2023 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Construction & Engineering2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 7/21/2022 Maturity 7/2/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC - Funded Revolver Acquisition 5/3/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP - Common Equity Acquisition 1/18/2023 Industry Construction & Engineering2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/11/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seaway Topco, LP - Common Equity Acquisition 6/8/2022 Industry Chemicals, Plastics and Rubber2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Unfunded Revolver Acquisition 10/24/2019 Maturity 10/24/2025 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Lightspeed Investment Holdco, LLC - Common Equity Acquisition 1/21/2020 Industry Healthcare Technology2025-10-012025-12-310001504619pflt:BlackrockLiquidityFedFundInstMember2025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants RFMG Parent, LP - Common Equity Acquisition 5/1/2020 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Revolver Acquisition 2/22/2024 Maturity 10/09/2028 Industry Distributors2025-10-012025-12-310001504619us-gaap:EquitySecuritiesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Alpine Acquisition Corp II Acquisition 8/27/2025 Maturity 11/30/2026 Industry Containers and Packaging2025-12-310001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 4/10/2025 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.57% Basis Point Spread Above Index SOFR+5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.50%2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-12-310001504619First Lien Secured Debt Issuer Name Urology Management Holdings, Inc. Acquisition 4/11/2023 Maturity 6/15/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 9/30/2021 Maturity 10/24/2025 Industry Business Services Current Coupon 9.82% Basis Point Spread Above Index SOFR+6102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 11/08/2021 Maturity 11/10/2026 Industry Personal Products2025-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Acquisition 2/7/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.32% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC - Common Equity Acquisition 12/23/2020 Industry Insurance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OES Co-Invest, LP - Common Equity - Class A Acquisition 5/31/2024 Industry Diversified Consumer Services2025-12-310001504619pflt:PennantparkSeniorSecuredLoanFundLlcPortfolioMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Acquisition 2/29/2024 Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619pflt:TruistCreditFacilityMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Term Loan Acquisition 3/1/2022 Maturity 11/25/2026 Industry Healthcare Technology2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 11/18/2025 Maturity 6/20/2029 Industry Healthcare Providers & Services Current Coupon 8.99% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:PennantparkSeniorSecuredLoanFundLlcPortfolioMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. Acquisition 7/15/2024 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco. LP - Preferred Equity Acquisition 11/4/2021 Industry Software Current Coupon 8.00%2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 4/11/2023 Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MAG DS Corp. Acquisition 9/21/2020 Maturity 4/01/2027 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index 3M SOFR+ 5602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class D Acquisition 5/3/2024 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Funded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012024-12-310001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 11/18/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.71% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 7/11/2023 Maturity 01/15/2026 Industry Consumer Goods: Durable Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-12-310001504619us-gaap:FairValueInputsLevel3Member2024-10-012024-12-310001504619pflt:MarketplaceEventsLLCMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Revolver Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering2025-09-300001504619First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 1/13/2025 Maturity 12/19/2030 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-12-310001504619First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 2/24/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402024-10-012025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-03-310001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 6/12/2023 Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC Acquisition 4/10/2025 Maturity 4/10/2031 Industry Automobiles Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+ 6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2030 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Wash & Wax Systems, LLC - Subordinate Debt Acquisition 4/30/2025 Maturity 07/30/2028 Industry Consumer Services Current Coupon 12.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Unfunded Common Equity Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Acquisition 12/1/2023 Maturity 05/30/2028 Industry Business Services Current Coupon 10.41% Basis Point Spread Above Index SOFR+6672025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Acquisition 1/18/2023 Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services2025-10-012025-12-310001504619us-gaap:EquitySecuritiesMember2025-09-300001504619Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/5/2024 Industry Containers and Packaging2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ro Health Holdings, Inc. - Common Equity Acquisition 1/16/2025 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 6/12/2027 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-09-300001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 11/18/2025 Maturity 8/1/2029 Industry Internet Software and Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:FirstLienMember2025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC Acquisition 6/13/2025 Maturity 6/13/2031 Industry Healthcare Providers and Services Current Coupon 9.43% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMember2025-09-300001504619First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/27/2021 Maturity 8/20/2026 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192025-09-300001504619First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 9/29/2025 Maturity 9/30/2031 Industry Healthcare Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products2025-09-300001504619us-gaap:RevolvingCreditFacilityMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 8/16/2027 Industry Aerospace and Defense2025-09-300001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-12-152021-12-150001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Help/Systems Holdings, Inc. Acquisition 8/27/2025 Maturity 11/30/2026 Industry Software Current Coupon 8.41% Basis Point Spread Above Index 3M SOFR+ 4102024-10-012025-09-300001504619First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 4/11/2023 Maturity 02/23/2026 Industry Consumer Goods: Non-Durable Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-12-310001504619First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 11/1/2024 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.26% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC - Unfunded Revolver Acquisition 7/26/2023 Maturity 08/01/2029 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series H-2 Acquisition 12/7/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC - Common Equity Acquisition 12/23/2020 Industry Insurance2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Acquisitions 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.70% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 9402025-09-300001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 6/12/2023 Maturity 05/29/2029 Industry Diversified Consumer Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 4/10/2025 Maturity 09/30/2030 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media Current Coupon 9.7% Basis Point Spread Above Index 3M SOFR+ 5762025-12-310001504619First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 11/30/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueInputsLevel1Member2025-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+ 5762025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Acquisition 10/29/2019 Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.41% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Penta Group Holdings, Inc. - Common Equity Acquisition 7/31/2025 Industry Professional Services2025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2036Memberpflt:SecuredOvernightFinancingRateMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Independent Power and Renewable Electricity Producers2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Common Equity - Class B (US Dominion, Inc.) Acquisition 7/11/2018 Industry Capital Equipment2025-09-300001504619First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 5/24/2021 Maturity 5/7/2026 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Acquisition 11/8/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 6152025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 4/10/2025 Maturity 6/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619pflt:CashAndCashEquivalentOneTwoOnePointFiveMember2025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund II, LLC Acquisition 11/18/2025 Maturity 11/18/2025 Industry Financial Services Current Coupon 11.89% Basis Point Spread Above Index 3M SOFR+ 8002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Unfunded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals2025-12-310001504619us-gaap:EquityMember2025-12-310001504619First Lien Secured Debt Issuer Name Blackhawk Industrial Distribution, Inc. Acquisition 6/30/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index SOFR+5402025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Duggal Equity, LP - Common Equity Acquisition 9/30/2024 Industry Marketing Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Revolver Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity Acquisition 5/21/2019 Industry Media2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Priority TL Acquisition 7/31/2025 Maturity 7/31/2029 Industry Capital Equipment Current Coupon 10.10% Basis Point Spread Above Index SOFR+5942025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619pflt:HealthcareTechnologyMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Acquisition 1/9/2019 Maturity 05/11/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 9/6/2023 Maturity 6/15/2029 Industry High Tech Industries Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Five Star Parent Holdings, LLC - Preferred (Class P) Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #1 Acquisition 4/17/2025 Maturity 04/15/2030 Industry Consumer Services2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/11/2022 Maturity 11/30/2026 Industry Containers and Packaging2025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 8/28/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Unfunded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Funded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/27/2021 Maturity 08/20/2026 Industry Media Current Coupon 9.98% Basis Point Spread Above Index SOFR+6192025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Acquisition 2/22/2024 Maturity 11/02/2026 Industry Media Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC - Common Equity Acquisition 2/4/2022 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 7/11/2023 Maturity 01/15/2026 Industry Consumer Goods: Durable Current Coupon 11.33% Basis Point Spread Above Index SOFR+7612025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 10/14/2021 Maturity 2/18/2027 Industry Personal Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852024-10-012025-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2025-12-310001504619pflt:TwoThousandThirtySixRAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Acquisition 10/24/2019 Maturity 03/31/2027 Industry Professional Services Current Coupon 9.82% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 6102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Acquisition 2/21/2023 Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.98% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 9152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC Acquisition 9/27/2024 Industry Diversified Consumer Services2024-10-012025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Funded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/26/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt US Fertility Enterprises, LLC Acquisition 10/7/2024 Maturity Date 10/11/2031 Industry Healthcare Providers and Services Current Coupon 8.80% Basis Point Spread Above Index 1M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Connatix Parent, LLC - Common Equity Acquisition 7/8/2021 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Capital Equipment2025-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC Acquisition 9/27/2024 Industry Diversified Consumer Services2025-09-300001504619First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 10/2/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC Acquisition 11/23/2021 Maturity 09/22/2028 Industry Professional Services Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619srt:MinimumMemberpflt:TruistCreditFacilityMember2025-11-012025-11-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012024-12-310001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance - Common Equity Acquisition 6/14/2021 Industry Insurance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC Acquisition 5/10/2024 Industry Healthcare, Education and Childcare2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #1 Acquisition 4/17/2025 Maturity 04/15/2030 Industry Consumer Services2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel2Memberpflt:FirstLienMember2025-09-300001504619pflt:CashSeventeenPointNinePercentOfNetAssetsMember2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-09-300001504619pflt:BusinessServicesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC Acquisition 5/24/2023 Maturity 5/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Acquisition 10/23/2018 Maturity 09/30/2026 Industry Media: Diversified and Production Current Coupon 11.01% (PIK 3.75%) Basis Point Spread Above Index 3M SOFR+ 6752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 5/22/2025 Maturity 9/3/2027 Industry Consumer Finance Current Coupon 13.70% Basis Point Spread Above Index SOFR+9402025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Acquisition 1/9/2019 Maturity 05/11/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Unfunded Revolver Acquisition 4/14/2021 Maturity 04/16/2027 Industry Internet Software and Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 4/11/2023 Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Acquisition 3/25/2024 Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 8.28% Basis Point Spread Above Index 1M SOFR+ 4002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aphix Topco, Inc. - Common Equity Acquisition 7/17/2025 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC - Common Equity Acquisition 12/9/2021 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name NORA Acquisition, LLC Acquisition 10/2/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) - Common Equity Acquisition 8/17/2021 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC - Unfunded Term Loan Acquisition 8/15/2025 Maturity 08/25/2027 Industry Gaming2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.35%2025-09-300001504619us-gaap:FairValueInputsLevel1Member2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt IG Investments Holdings, LLC - Unfunded Revolver Acquisition 11/23/2021 Maturity 9/22/2028 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 10.17% Basis Point Spread Above Index 3M SOFR+ 6502025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassCNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.95% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC Acquisition 8/15/2025 Maturity 08/22/2032 Industry Gaming Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. - Unfunded Revolver Acquisition 8/11/2021 Maturity 08/16/2027 Industry Commercial Services & Supplies2025-09-300001504619pflt:ClassA-1NotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Acquisition 11/15/2019 Maturity 11/24/2025 Industry Food Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MinimumMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP - Common Equity Acquisition 2/16/2022 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 20.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Term Loan Acquisition 12/20/2024 Maturity 6/30/2026 Industry Healthcare Equipment and Supplies2025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMembersrt:MaximumMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP - Common Equity Acquisition 7/19/2022 Industry Commodity Chemicals2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Acquisition 8/12/2024 Maturity 7/25/2029 Industry Auto Components Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 5352025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2024-02-290001504619First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 3/7/2025 Maturity 7/31/2029 Industry IT Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2024-10-012025-09-300001504619pflt:TotalInvestmentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seacoast Service Partners, LLC - Common Equity Acquisition 10/31/2024 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.50%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 5762025-09-300001504619First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 4/11/2023 Maturity 3/1/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC Acquisition 6/30/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 10.20%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Professional Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies2025-09-300001504619pflt:ClassDRNotesMemberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 10.31% Basis Point Spread Above Index 3M SOFR+ 6252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP - Common Equity Acquisition 2/16/2022 Industry Healthcare Equipment and Supplies2025-12-310001504619pflt:HighTechIndustriesMember2025-09-300001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-3100015046192021-03-012021-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Term Loan Acquisitions 8/29/2025 Maturity 08/29/2027 Industry Manufacturing/Basic Industry2025-09-300001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 4/10/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Term Loan Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+ 5152025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Acquisition 9/23/2024 Maturity 09/23/2030 Industry Commercial Services & Supplies Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixRAssetBackedDebtMember2025-10-012025-12-310001504619pflt:JPMorganUSDollarLiquidityInstMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Common Equity Acquisition 12/13/2021 Industry Distributors2025-12-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 07/01/2031 Industry Business Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Unfunded Revolver Acquisition 4/14/2021 Maturity 04/16/2027 Industry Internet Software and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants RFMG Parent, LP - Common Equity Acquisition 5/1/2020 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619pflt:AerospaceAndDefenseMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A-1 Acquisition 7/25/2023 Industry Automobiles2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 11/18/2025 Maturity 6/21/2029 Industry Healthcare Providers & Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Revolver Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Acquisition 8/9/2024 Maturity 2/9/2026 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #2 Acquisition 4/17/2025 Maturity 04/15/2033 Industry Consumer Services2025-10-012025-12-310001504619pflt:ClassA-2NotesMemberpflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Term Loan Acquisition 9/29/2025 Maturity 09/30/2027 Industry Healthcare Providers and Services2025-09-300001504619pflt:SecondLienSecuredDebtMembersrt:MaximumMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, LP - Common Equity Acquisition 11/2/2023 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.48% Basis Point Spread Above Index 1M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 9.56%2025-09-300001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC Acquisition 8/29/2025 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies Current Coupon 10.12% Basis Point Spread Above Index 1M SOFR+ 5852024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 5/23/2029 Industry Building Products Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Gauge Schlesinger Coinvest, LLC - Preferred Equity Acquisition 4/22/2020 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.66% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services2024-10-012025-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001504619First Lien Secured Debt Issuer Name Argano, LLC Acquisition 1/9/2025 Maturity 9/13/2029 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001504619First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 3/3/2025 Maturity 12/17/2030 Industry Software Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Podean Buyer, LLC Acquisition 8/4/2025 Maturity 08/29/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC - Unfunded Revolver Acquisitions 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Lash Coinvest, LLC - Common Equity Acquisition 12/4/2019 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+ 6352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Term Loan Acquisition 9/29/2025 Maturity 09/30/2027 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC - Common Equity Acquisition 10/16/2023 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+ 6752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP Acquisition 3/1/2024 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver - LC Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-12-310001504619pflt:PennantParkCLOVILLCMemberpflt:ClassLoansB-RMember2025-05-310001504619pflt:CashAndCashEquivalentMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.97% Basis Point Spread Above Index 1M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, LP - Common Equity Acquisition 2/29/2024 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pink Lily Holdco, LLC - Common Equity Acquisition 6/16/2017 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aphix Topco, Inc. - Common Equity Acquisition 7/17/2025 Industry Business Services2024-10-012025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC - Common Equity Acquisition 6/16/2017 Industry Financial Services2025-09-300001504619First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 8/25/2021 Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852024-10-012025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 8/28/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001504619pflt:SeniorSecuredRevolvingCreditFacilityMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Funded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC - Common Equity Acquisition 12/23/2020 Industry Commercial Services & Supplies2025-12-310001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 11/18/2025 Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 8.82% Basis Point Spread Above Index SOFR+5102025-12-310001504619pflt:CashThirtyPointTwoPercentOfNetAssetsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMemberus-gaap:CashMember2025-12-310001504619vInvestments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Funded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media Current Coupon 10.26% Basis Point Spread Above Index 3M SOFR+ 6262025-09-300001504619pflt:NonMoneyMarketMember2025-09-300001504619First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 2/24/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index SOFR+6402025-10-012025-12-310001504619pflt:OtherRelatedPartyMember2024-10-012024-12-310001504619pflt:HealthcareTechnologyMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services Current Coupon 9.55% Basis Point Spread Above Index 3M SOFR+ 5552025-09-300001504619pflt:EquityDistributionAgreementsMemberpflt:AtTheMarketOfferingMember2024-07-172024-07-170001504619pflt:CommonEquityWarrantsMemberus-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Unfunded Revolver Acquisitions 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Acquisition 10/29/2019 Maturity 11/1/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class A Acquisition 5/3/2024 Industry Leisure Products2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 3/15/2022 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 11/18/2025 Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 4/11/2023 Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/18/2025 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC - Common Equity Acquisition 12/23/2020 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I, LLC Acquisition 8/10/2020 Maturity 05/07/2029 Industry Financial Services Current Coupon 12.29% Basis Point Spread Above Index 3M SOFR+ 8002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. Acquisitions 10/24/2019 Maturity 10/24/2025 Industry Professional Services Current Coupon 12.76% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+ 8602024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 5/22/2025 Maturity 08/07/2029 Industry Consumer Products Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - Last-out Term Loan Acquisition 11/30/2023 Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index 3M SOFR+ 6682025-09-300001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 11/19/2025 Maturity 10/2/2029 Industry IT Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Holdings, Inc. - Preferred Equity - Series A Acquisition 8/9/2024 Industry Professional Services2024-10-012025-09-300001504619pflt:ClassA1LBFloatingRateMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP - Common Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619us-gaap:EquityMethodInvestmentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series H-2 Acquisition 12/7/2023 Industry Distributors2025-12-310001504619us-gaap:GovernmentMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+ 6202025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP - Common Equity Acquisition 12/11/2023 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+ 6202025-10-012025-12-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2025-12-3100015046192026-02-090001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Funded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 1/27/2021 Maturity 12/31/2026 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering Current Coupon 8.82% Basis Point Spread Above Index 1M SOFR+ 5102025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies First Lien Secured Debt PennantPark Senior Secured Loan Fund I, LLC Acquisition 8/10/2020 Maturity 05/07/2029 Industry Financial Services Current Coupon 11.88% Basis Point Spread Above Index 3M SOFR+ 8002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Argano, LLC Acquisition 1/9/2025 Maturity 9/13/2029 Industry Business Services Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Revolver Acquisition 9/29/2025 Maturity 09/30/2031 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% (PIK 1.50%) Basis Point Spread Above Index 1M SOFR+ 6102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 7/1/2031 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 6/14/2028 Industry Distributors Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC - Common Equity Acquisition 5/24/2023 Industry Diversified Consumer Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 1/12/2024 Maturity 10/2/2028 Industry Business Services Current Coupon 10.42% Basis Point Spread Above Index SOFR+6252025-09-300001504619pflt:ClassA1LAFloatingRateMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC - Preferred Equity Acquisition 12/23/2020 Industry Insurance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Funded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. Acquisition 11/2/2023 Maturity 11/8/2029 Industry Distributors Current Coupon 9.19% Basis Point Spread Above Index 1M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+ 5762025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 1/18/2023 Maturity 02/08/2027 Industry Construction & Engineering2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 10/9/2024 Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC - Preferred Equity Acquisition 8/25/2021 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC - Unfunded Revolver Maturity 08/19/2026 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 4/10/2025 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Connatix Parent, LLC Acquisition 7/8/2021 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Acquisition 10/2/2023 Maturity 10/2/2028 Industry Professional Services Current Coupon 10.42% Basis Point Spread Above Index 3M SOFR+ 6252025-09-300001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 4/11/2023 Maturity 10/1/2027 Industry Distributors Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge Schlesinger Coinvest, LLC - Common Equity Acquisition 4/22/2020 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name Ad.net Acquisition, LLC Acquisition 5/24/2021 Maturity 5/7/2026 Industry Media Current Coupon 9.93% Basis Point Spread Above Index SOFR+6262025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+ 5152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. (CAD) Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Unfunded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Schlesinger Global, LLC - Promissory Note Acquisition 2/21/2024 Maturity 01/8/2026 Industry Professional Services Current Coupon 12.76% Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+ 6502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619pflt:ClassDRNotesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Common Equity Acquisition 12/31/2024 Industry Aerospace and Defense2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 11/18/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.71% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.44% Basis Point Spread Above Index 3M SOFR+ 5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP - Common Equity Acquisition 12/19/2022 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Unfunded Revolver Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Revolver Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media2025-12-310001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 4/10/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. - Unfunded Revolver Acquisition 8/11/2021 Maturity 8/16/2027 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Unfunded Common Equity Acquisition 12/13/2021 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/26/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 9/23/2024 Maturity 09/23/2026 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 1/18/2023 Maturity 02/01/2029 Industry Construction & Engineering2024-10-012025-09-300001504619srt:MaximumMemberpflt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.27%2025-09-300001504619pflt:OtherRelatedPartyMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC - Common Equity Acquisition 8/25/2021 Industry Construction & Engineering2025-09-300001504619pflt:ControlledAffiliatedInvestmentsMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 3/2/2026 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 11/18/2005 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index SOFR+5362025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC - Common Equity Acquisition 12/19/2022 Industry Commercial Services & Supplies2025-10-012025-12-310001504619pflt:GoldmanSachsFinancialSquareGovernmentFundOneMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Common Equity - Class B (US Dominion, Inc.) Acquisition 7/11/2018 Industry Capital Equipment2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Common Equity Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc. - Common Equity Acquisition 9/1/2021 Industry Consumer Finance2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Acquisition 6/19/2019 Maturity 06/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+ 5402025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC Acquisition 10/2/2023 Maturity 10/02/2028 Industry Professional Services Current Coupon 9.85% Basis Point Spread Above Index 3M SOFR+ 6252025-12-310001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/22/2024 Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC Acquisition 8/29/2025 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies Current Coupon 9.71% Basis Point Spread Above Index 1M SOFR+ 5852025-10-012025-12-310001504619pflt:CashEquivalentsSevenPointSixPercentOfNetAssetsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619pflt:MarketplaceEventsLLCMember2024-12-310001504619pflt:TruistCreditFacilityMember2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMembersrt:MaximumMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC - Common Equity Acquisition 7/31/2024 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC Acquisition 2/7/2024 Industry Professional Services2024-10-012025-09-300001504619pflt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. Acquisition 8/27/2025 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.77% Basis Point Spread Above Index 1M SOFR+ 6502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152024-10-012025-09-300001504619pflt:FirstLienSecuredDebtMembersrt:MinimumMember2025-10-012025-12-310001504619us-gaap:CashAndCashEquivalentsMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Megawatt Acquisition Partners, LLC - Common Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC - Common Equity Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series J-2 Acquisition 12/7/2023 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC - Preferred Equity Acquisition 12/23/2020 Industry Insurance2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Acquisition 2/21/2023 Maturity 2/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 12.98% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 9152025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. Acquisition 8/27/2025 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.77% Basis Point Spread Above Index 1M SOFR+ 6502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Rosco Parent, LLC Acquisition 9/9/2025 Maturity 08/29/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Acquisition 12/1/2023 Maturity 05/30/2028 Industry Business Services Current Coupon 10.41% Basis Point Spread Above Index SOFR+6672025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Podean Intermediate II, LLC - Common Equity Acquisition 11/18/2025 Industry Marketing Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Revolver Acquisition 6/13/2025 Maturity 6/13/2031 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.Net Holdings, Inc. - Preferred Equity Acquisition 5/4/2021 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Meadowlark Title, LLC - Common Equity Acquisition 12/9/2021 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Imagine Topco. LP - Common Equity Acquisition 11/4/2021 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC Acquisition 8/25/2021 Maturity Date 8/31/2028 Industry Construction & Engineering Current Coupon 9.01% Basis Point Spread Above Index 1M SOFR+ 4952025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aphix Topco, Inc. - Common Equity Acquisition 7/17/2025 Industry Business Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC - Unfunded Revolver Acquisition 8/4/2025 Maturity 08/04/2031 Industry Marketing Services2025-12-310001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.2% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:FirstLienInPSSLMember2025-12-310001504619First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 07/17/2028 Industry Diversified Consumer Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Accounting Platform Holdings, Inc. - Preferred Equity - Series A Acquisition 8/9/2024 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. - Common Equity Acquisition 9/25/2018 Industry IT Services2025-12-310001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 5/22/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC Acquisition 8/29/2025 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies Current Coupon 9.71% Basis Point Spread Above Index 1M SOFR+ 5852025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Professional Services2024-10-012025-09-300001504619pflt:LongTermCreditFacilityMember2024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2025-09-300001504619pflt:FirstLienInPSSLIIMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SP L2 Holdings, LLC - Common Equity Acquisition 11/4/2021 Industry Leisure Products2024-10-012025-09-300001504619pflt:DiversifiedConsumerServicesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 8.74% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. - Common Equity Acquisition 11/30/2023 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Revolver Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 1/27/2021 Maturity 7/7/2026 Industry Professional Services Current Coupon 10.20% Basis Point Spread Above Index SOFR+6202025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series J-2 Acquisition 12/7/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisition 12/29/2023 Maturity 09/30/2026 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC - Unfunded Revolver Acquisition 3/10/2022 Maturity 3/15/2027 Industry Software2025-10-012025-12-310001504619pflt:SeniorSecuredRevolvingCreditFacilityMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants EDS Topco, LP - Common Equity Acquisition 12/19/2022 Industry Electronic Equipment, Instruments, and Components2025-12-310001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/24/2024 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.57% Basis Point Spread Above Index SOFR+8352024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, LP - Common Equity Acquisition 11/2/2023 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Funded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 8.82% Basis Point Spread Above Index 3M SOFR+ 5152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/27/2021 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Incremental TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index 1M SOFR+ 5942025-12-310001504619pflt:EquityInterestsInPSSLIIMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 4/10/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Acquisition 3/26/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 4902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC - Unfunded Term Loan Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/2/2028 Industry Professional Services2025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. - Unfunded Revolver Acquisition 9/1/2021 Maturity 9/3/2027 Industry Consumer Finance2024-10-012025-09-300001504619pflt:NonMoneyMarketFundMember2025-09-300001504619us-gaap:MoneyMarketFundsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Unfunded Convertible Notes Acquisition 8/15/2024 Maturity 8/16/2027 Industry Healthcare Technology2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Funded Revolver Acquisition 11/8/2021 Maturity 11/10/2026 Industry Personal Products Current Coupon 9.82% Basis Point Spread Above Index 3M SOFR+ 6152025-12-310001504619First Lien Secured Debt Issuer Name AFC-Dell Holding Corp. Acquisition 12/23/2024 Maturity 4/9/2027 Industry Distributors Current Coupon 8.84% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Acquisition 3/26/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 4902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 12/20/2024 Maturity 06/20/2029 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP - Common Equity Acquisition 3/28/2024 Industry Aerospace and Defense2025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619pflt:DistributorsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.64% Basis Point Spread Above Index 3M SOFR+ 5762025-10-012025-12-310001504619pflt:ClassBRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619pflt:TwoThousandTwentySixNotesPayableMember2021-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Hancock Claims Consultants Investors, LLC - Common Equity Acquisition 12/23/2020 Industry Insurance2025-10-012025-12-310001504619pflt:BuildingProductsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619pflt:ClassDRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 5/13/2025 Maturity 5/13/2032 Industry Consulting Services2025-12-310001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 4/11/2023 Maturity 8/31/2028 Industry Construction and Engineering Current Coupon 8.93% Basis Point Spread Above Index SOFR+4752025-09-300001504619First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 4/11/2025 Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619srt:MinimumMemberpflt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Funded Revolver Acquisition 10/1/2024 Maturity 10/01/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2028 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Revolver Acquisition 3/1/2024 Maturity 3/1/2030 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pragmatic Institute, LLC Acquisition 3/28/2025 Maturity 03/28/2030 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.48% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619pflt:TwoThousandTwentySixNotesPayableMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC - Common Equity Acquisition 12/29/2023 Industry Auto Components2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Acquisition 11/15/2019 Maturity 11/24/2025 Industry Food Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/4/2021 Maturity 11/16/2027 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 12/20/2024 Maturity 06/20/2029 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 4/10/2025 Maturity 12/17/2029 Industry Event Services Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienSubordinatedDebtAndEquityInvestmentsMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 08/17/2026 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Common Equity Acquisition 12/16/2020 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Best Practice Associates, LLC Acquisition 4/10/2025 Maturity 11/8/2029 Industry Aerospace and Defense Current Coupon 10.47% Basis Point Spread Above Index SOFR+6752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 10.91% Basis Point Spread Above Index 3M SOFR+ 6752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 10/9/2024 Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.50% Basis Point Spread Above Index SOFR+5502025-09-300001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 10/16/2024 Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seaway Buyer, LLC Acquisition 7/25/2024 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.88% Basis Point Spread Above Index 3M SOFR+ 6152025-10-012025-12-310001504619us-gaap:InvestmentUnaffiliatedIssuerMemberpflt:FirstLienSecuredDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components2025-09-3000015046192024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 4/11/2023 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-10-012025-12-310001504619pflt:AtTheMarketOfferingMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Acquisition 12/19/2022 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Acquisition 11/30/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index 3M SOFR+ 8432025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC Acquisition 6/1/2022 Maturity 6/14/2028 Industry Distributors Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Acquisition 8/12/2024 Maturity 07/25/2029 Industry Auto Components Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5352024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Acquisition 8/15/2024 Maturity 08/15/2029 Industry Diversified Consumer Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-3100015046192025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 1/27/2021 Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series F-2 Acquisition 12/7/2023 Industry Distributors2025-10-012025-12-310001504619pflt:ClassA-1LoansMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberus-gaap:SubordinatedDebtMember2025-12-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC- Funded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.65% Basis Point Spread Above Index 3M SOFR+ 5652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity BioDerm Holdings, LP - Preferred Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2025-12-310001504619pflt:PennantParkCLOIILtdMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Automobiles Current Coupon 9.34% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 11/19/2025 Maturity 10/1/2027 Industry Distributors Current Coupon 8.42%Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services2025-09-300001504619pflt:FirstLienSecuredDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC - Unfunded Revolver Acquisition 7/26/2023 Maturity 08/01/2029 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest, LP - Common Equity Acquisition 7/16/2021 Industry Energy Equipment and Services2025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Term Loan Acquisitions 12/29/2023 Maturity 09/30/2026 Industry Diversified Consumer Services2025-09-300001504619First Lien Secured Debt Issuer Name Inovex Information Systems Incorporated Acquisition 3/3/2025 Maturity 12/17/2030 Industry Software Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products2024-10-012025-09-300001504619pflt:EquityInterestsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619First Lien Secured Debt Issuer Name Case Works, LLC Acquisition 4/10/2025 Maturity 10/1/2029 Industry Professional Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pacific Purchaser, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2028 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Acquisition 2/07/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Output Services Group, Inc. - Common Equity Acquisition 11/30/2023 Industry Business Services2025-12-310001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kentucky Racing Holdco, LLC - Warrants Acquisition 4/16/2019 Industry Hotels, Restaurants and Leisure2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/6/2023 Maturity 10/2/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 9/30/2024 Maturity 09/30/2026 Industry Marketing Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 5/3/2024 Maturity 11/8/2029 Industry Business Services Current Coupon 10.32% Basis Point Spread Above Index SOFR+6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aphix Topco, Inc. - Common Equity Acquisition 7/17/2025 Industry Business Services2025-12-310001504619pflt:TwoThousandTwentySixNotesPayableMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 4/11/2023 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.66% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619pflt:FirstLienMember2025-09-300001504619First Lien Secured Debt Issuer Name Schlesinger Global, Inc. Acquisition 9/30/2021 Maturity 10/24/2025 Industry Business Services Current Coupon 12.76% Basis Point Spread Above Index SOFR+8602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Icon Partners V C, LP - Unfunded Common Equity Acquisition 12/20/2021 Industry Internet Software and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC - Common Equity Acquisition 12/29/2023 Industry Auto Components2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Spendmend Holdings, LLC Acquisition 4/11/2023 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC - Common Equity Acquisition 1/27/2021 Industry Leisure Products2025-12-310001504619First Lien Secured Debt Issuer Name CJX Borrower, LLC Acquisition 7/29/2021 Maturity 07/13/2027 Industry Media Current Coupon 9.70% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 11/21/2022 Maturity 3/15/2027 Industry Software Current Coupon 10.51% Basis Point Spread Above Index SOFR+6352024-10-012025-09-300001504619pflt:ClassC2SecuredDeferrableFixedRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt ORL Holdco, Inc. - Convertible Notes Acquisition 8/2/2024 Maturity 03/08/2028 Industry Consumer Finance Current Coupon 18.00%2025-12-310001504619us-gaap:CashAndCashEquivalentsMember2025-09-300001504619pflt:TwoThousandThirtySevenRAsset-BackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Acquisition 02/07/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652025-09-300001504619First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 8/25/2021 Maturity 08/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Unfunded Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC - Common Equity Acquisition 10/27/2021 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ITC Infusion Co-invest, LP - Common Equity Acquisition 2/16/2022 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products Current Coupon 10.16% Basis Point Spread Above Index 1M SOFR+ 6002025-09-300001504619pflt:NonControlledAffiliatedInvestmentsMembersrt:MinimumMember2025-10-012025-12-310001504619pflt:GoldmanSachsFinancialSquareGovernmentFundMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC - Common Equity Acquisition 7/31/2024 Industry IT Services2025-10-012025-12-310001504619pflt:TaxableSubsidiaryMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. - Unfunded Revolver Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619pflt:ClassA2RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. Acquisition 7/15/2024 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class AA Acquisition 11/8/2021 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Medina Health, LLC - Common Equity Acquisition 10/16/2023 Industry Healthcare Providers and Services2025-12-310001504619us-gaap:EquityMethodInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:SecondLienMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 8.71% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Pink Lily Holdco, LLC - Preferred Equity - Class A-1 Acquisition 11/5/2021 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/26/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:LeisureProductsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments, LLC - Common Equity Acquisition 12/23/2019 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Term Loan Acquisition 10/12/2021 Maturity 06/12/2027 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 10/14/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC Acquisition 1/27/2021 Maturity 01/29/2026 Industry Leisure Products Current Coupon 10.07% Basis Point Spread Above Index 3M SOFR+ 6402025-12-310001504619pflt:TotalInvestmentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class C Acquisition 5/3/2024 Industry Leisure Products2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 11/18/2025 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-12-310001504619pflt:SeniorSecuritiesMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 12/2/2025 Maturity 11/8/2029 Industry Distributors Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619us-gaap:FinancingReceivables30To59DaysPastDueMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV-Aero Holdings, LLC - Common Equity Acquisition 12/6/2023 Industry Aerospace and Defense2024-10-012025-09-300001504619pflt:NonMoneyMarketFundMember2025-12-310001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/22/2024 Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 1/27/2021 Maturity 12/31/2026 Industry Insurance Current Coupon 9.60% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest, LP - Common Equity Acquisition 7/16/2021 Industry Energy Equipment and Services2025-10-012025-12-310001504619us-gaap:EquityMethodInvestmentsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.2% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 4/11/2023 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 8/27/2025 Industry Business Services2025-12-310001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 1/12/2024 Maturity 10/02/2028 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 1/18/2023 Maturity 02/08/2027 Industry Construction & Engineering2025-12-310001504619First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/3/2022 Maturity 7/25/2029 Industry Automotive Current Coupon 9.19% Basis Point Spread Above Index SOFR+5352025-10-012025-12-310001504619pflt:ConsumerProductsMember2025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassDSecuredDeferrableFloatingRateLoansDue2031Member2025-10-012025-12-310001504619pflt:ControlledAffiliatedInvestmentsMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC - Unfunded Term Loan Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services2025-12-310001504619First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 9/15/2022 Maturity 12/21/2028 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services Current Coupon 9.95% Basis Point Spread Above Index 3M SOFR+ 6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sigma Defense Systems, LLC Acquisition 11/30/2021 Maturity 12/20/2027 Industry IT Services Current Coupon 10.62% Basis Point Spread Above Index 3M SOFR+ 6902025-10-012025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants White Tiger Newco, LLC - Common Equity Acquisition 6/27/2022 Industry Capital Equipment2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods2025-09-300001504619First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 11/30/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cartessa Aesthetics, LLC - Unfunded Revolver Acquisition 6/1/2022 Maturity 06/14/2028 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC - Funded Revolver Acquisition 12/23/2020 Maturity 12/31/2026 Industry Insurance Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5602025-12-310001504619First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 11/11/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 7/15/2024 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carisk Parent, LP - Common Equity Acquisition 11/27/2023 Industry Healthcare Technology2024-10-012025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC Acquisition 1/9/2019 Maturity 5/11/2026 Industry Media Current Coupon 9.62% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. - Unfunded Revolver Acquisition 8/11/2021 Maturity 08/16/2027 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class C Acquisition 5/3/2024 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note Acquisition 4/17/2025 Maturity 04/15/2033 Industry Consumer Services2024-10-012025-09-300001504619pflt:IncentiveFeePaymentConditionThreeMember2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-12-310001504619First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 4/11/2023 Maturity 6/14/2028 Industry Distributors Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 7/8/2021 Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 11/18/2025 Maturity 5/29/2029 Industry Auto Components Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.77% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Revolver Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series I-2 Acquisition 12/7/2023 Industry Distributors2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 5/22/2025 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.07% Basis Point Spread Above Index SOFR+9402025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Alpine Acquisition Corp II Acquisition 10/11/2022 Maturity 11/30/2026 Industry Containers and Packaging2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Common Equity Acquisition 12/31/2024 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Funded Revolver Acquisition 08/09/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index 1M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 10/16/2024 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/18/2025 Maturity 8/28/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Funded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-3100015046192024-10-012025-06-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity Date 8/31/2028 Industry Construction & Engineering Current Coupon 8.99% Basis Point Spread Above Index 1M SOFR+ 4952024-10-012025-09-300001504619srt:MinimumMemberpflt:TruistCreditFacilityMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Safe Haven Defense Holdco, LLC - Common Equity Acquisition 1/16/2025 Industry Building Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Acquisition 08/09/2024 Maturity 08/09/2030 Industry Professional Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassB2SeniorSecuredFixedRateNotesDue2031Member2019-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC - Preferred Equity Acquisition 8/25/2021 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class A Acquisition 5/3/2024 Industry Leisure Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 9/17/2026 Industry Distributors Current Coupon 9.07% Basis Point Spread Above Index 3M SOFR+ 5402025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Purchaser, LP - Convertible Note Acquisition 11/6/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2024-10-012024-12-310001504619pflt:PriorCreditFacilityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619pflt:SubNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619us-gaap:AutomobilesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+ 5402024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-12-310001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2025-09-300001504619us-gaap:HealthcareSectorMember2025-09-300001504619First Lien Secured Debt Issuer Name Paving Lessor Corp. First Lien -Term Loan Acquisition 8/28/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/27/2021 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Unfunded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/18/2025 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-09-300001504619pflt:ClassBNotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holdings Corporation Acquisition 3/2/2020 Maturity 12/10/2026 Industry Media Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+ 6252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name The Bluebird Group, LLC Acquisition 8/9/2021 Maturity 7/28/2026 Industry Professional Services Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products Current Coupon 10.16% Basis Point Spread Above Index 1M SOFR+ 6002024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:SecuredOvernightFinancingRateMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Funded Revolver Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media Current Coupon 9.7% Basis Point Spread Above Index 3M SOFR+ 5762025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/2/2023 Maturity 04/21/2027 Industry IT Services2025-09-300001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 11/18/2025 Maturity 12/17/2029 Industry Building Products Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Funded Revolver Acquisition 10/24/2019 Maturity 10/24/2025 Industry Professional Services Current Coupon 12.76% (PIK 5.85%) Basis Point Spread Above Index 3M SOFR+8602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.78% Basis Point Spread Above Index 3M SOFR+ 7612025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants StellPen Holdings, LLC (CF512, Inc.) - Common Equity Acquisition 10/1/2025 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. Acquisition 02/21/2023 Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure Current Coupon 11.46 (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7152025-09-300001504619First Lien Secured Debt Issuer Name MOREgroup Holdings, Inc. Acquisition 3/22/2024 Maturity 01/16/2030 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2024-10-012025-09-300001504619pflt:ClassLoansA-RMemberpflt:PennantParkCLOVILLCMember2025-05-310001504619pflt:ClassDSecuredDeferrableFloatingRateLoansDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2024-02-012024-02-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619pflt:BlackRockFederalFDInstitutionalThirtyMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Term Loan Acquisition 1/9/2024 Maturity 01/16/2026 Industry Construction & Engineering2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 4/11/2023 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Acquisition 01/26/2024 Maturity 1/20/2031 Industry Metals and Mining Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC Acquisition 5/10/2024 Industry Healthcare, Education and Childcare2025-10-012025-12-310001504619us-gaap:InvestmentAffiliatedIssuerControlledMemberpflt:FirstLienSecuredDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services2025-09-300001504619pflt:CommercialServicesAndSuppliesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Funded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.81% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc. - Common Equity Acquisition 8/25/2021 Industry Telecommunications2025-12-310001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandTwentySixNotesPayableMember2025-12-310001504619us-gaap:InvestmentUnaffiliatedIssuerMemberpflt:FirstLienSecuredDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP - Common Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.48% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Imagine Acquisitionco, Inc. Acquisition 3/15/2022 Maturity 11/15/2027 Industry Software Current Coupon 9.29% Basis Point Spread Above Index SOFR+5102025-09-300001504619pflt:TotalInvestmentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. - Unfunded Revolver Inc Acquisition 10/29/2019 Maturity 11/03/2025 Industry Personal Products2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SubordinatedNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Rosco Topco, LLC - Common Equity Acquisition 12/16/2020 Industry Business Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 4/11/2023 Maturity 11/24/2025 Industry Consumer Goods: Non-Durable Current Coupon 10.19% Basis Point Spread Above Index SOFR+5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Funded Revolver Acquisition 8/25/2021 Maturity Date 8/31/2028 Industry Construction & Engineering Current Coupon 8.99% Basis Point Spread Above Index 1M SOFR+ 4952025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Penta Group Holdings, Inc. - Common Equity Acquisition 7/31/2025 Industry Professional Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 11/11/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752025-09-300001504619us-gaap:TechnologySectorMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 07/15/2031 Industry High Tech Industries Current Coupon 9.66% Basis Point Spread Above Index 1M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2025-09-300001504619us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMemberpflt:FirstLienMember2025-12-310001504619First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 7/21/2022 Maturity 7/2/2029 Industry Business Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619pflt:BlackRockFederalFDInstitutionalEightyOneMemberpflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-3100015046192025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Funded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 12.75% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, LP - Common Equity Acquisition 3/28/2025 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.23% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Term Loan Acquisition 6/13/2025 Maturity 6/13/2027 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Project Granite Holdings, LLC Acquisition 12/31/2024 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP - Common Equity Acquisition 12/11/2023 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software2025-09-300001504619pflt:IncentiveFeePaymentConditionThreeMembersrt:MinimumMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Carnegie HoldCo, LLC Acquisition 2/7/2024 Industry Professional Services2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel2Memberus-gaap:EquityMethodInvestmentsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Global Holdings InterCo, LLC Acquisition 3/11/2021 Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.33% Basis Point Spread Above Index 1M SOFR+ 5602025-12-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2021-03-012021-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-12-310001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 8/22/2023 Maturity 8/1/2029 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 10/16/24 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 10/16/2024 Maturity 09/03/2030 Industry Healthcare Technology Current Coupon 8.77% Basis Point Spread Above Index SOFR+5002025-12-310001504619First Lien Secured Debt Issuer Name Aphix Buyer, Inc. Acquisition 9/3/2025 Maturity 7/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare Equipment and Supplies Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Acquisition 12/19/2022 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.49% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC Acquisition 2/29/2024 Maturity 03/01/2030 Industry Construction & Engineering Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Unfunded Common Equity Acquisition 10/27/2021 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Common Equity Acquisition 12/16/2020 Industry IT Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Marketplace Events Acquisition, LLC Acquisition 1/13/2025 Maturity 12/19/2030 Industry Media Current Coupon 9.12% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. - Common Equity Acquisition 9/28/2021 Industry Distributors2025-09-300001504619First Lien Secured Debt Issuer Name Loving Tan Intermediate II, Inc. Acquisition 10/25/2023 Maturity 5/31/2028 Industry Personal Products Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants LJ Avalon, LP - Common Equity Acquisition 1/18/2023 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC – Unfunded Revolver Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC - Unfunded Revolver Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants APT Holdings, LLC - Common Equity Acquisition 9/29/2025 Industry Healthcare Providers and Services2025-09-300001504619Equity Securities Issuer Name Lucky Bucks, LLC - Common Equity Acquisition 12/1/2023 Industry Hotel, Gaming and Leisure2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare Providers and Services Current Coupon 9.75%2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name RRA Corporate, LLC Acquisition 4/10/2025 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC - Preferred Equity Acquisition 12/23/2020 Industry Insurance2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.27%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Unfunded Revolver Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services2025-12-310001504619pflt:LiabilitiesInExcessOfOtherAssetsMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Unfunded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Unfunded Common Equity Acquisition 11/5/2018 Industry Software2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC. - Unfunded Revolver Acquisition 12/19/2022 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 5/22/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Beta Plus Technologies, Inc. Acquisition 7/21/2022 Maturity 7/2/2029 Industry Business Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. Acquisition 10/29/2019 Maturity 11/03/2025 Industry Chemicals, Plastics and Rubber Current Coupon 9.41% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.50%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NORA Parent Holdings, LLC - Common Equity Acquisition 8/22/2023 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Funded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.69% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - New Money DIP Acquisition 3/1/2023 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. - Unfunded Revolver Acquisition 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Term Loan Acquisition 1/9/2024 Maturity 01/16/2026 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP - Common Equity Acquisition 1/22/2024 Industry Media2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - First Out New Money Term Loans Acquisition 10/24/2024 Maturity 10/03/2029 Industry Air Freight and Logistics2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.22% Basis Point Spread Above Index 1M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt One Stop Mailing, LLC Acquisitions 5/26/2021 Maturity 05/07/2027 Industry Air Freight and Logistics Current Coupon 10.53% Basis Point Spread Above Index 3M SOFR+ 6362025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 6252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 12.25%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series G-2 Acquisition 12/7/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment Acquisition 5/24/2023 Maturity 12/31/2026 Industry Personal Products One2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. - Preferred Equity Acquisition 9/1/2021 Industry Consumer Finance2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 4/10/2025 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 4/29/2024 Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Common Equity Acquisition 11/5/2018 Industry Software2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassDNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+ 4252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Revolver Acquisition 9/23/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 07/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index 3M SOFR+ 5262024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings, LLC Acquisition 6/21/2024 Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ro Health Holdings, Inc. - Common Equity Acquisition 5/1/2020 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC Acquisition 8/27/2025 Maturity 3/15/2027 Industry Software Current Coupon 10.12% Basis Point Spread Above Index 1M SOFR+ 6352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP - Preferred Equity Acquisition 12/4/2019 Industry Food Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV-Aero Holdings, LLC - Common Equity Acquisition 7/11/2018 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP - Common Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 1/27/2021 Maturity 02/03/2027 Industry Healthcare Providers and Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Parent Holdings, LLC - Common Equity Acquisition 7/23/2019 Industry IT Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver Acquisition 5/10/2024 Maturity 5/10/2030 Industry Healthcare, Education and Childcare2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 5/22/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OceanSound Discovery Equity, LP - Common Equity Acquisition 3/28/2024 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Revolver Acquisition 2/7/2024 Maturity 02/07/2030 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Events TopCo, LP - Common Equity Acquisition 12/17/2024 Industry Event Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Funded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 6/26/2024 Maturity 3/1/2030 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - First Out New Money Term Loans Acquisition 8/27/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 12.57% Basis Point Spread Above Index 1M SOFR+ 8352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Unfunded Common Equity Acquisition 11/5/2018 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 9/23/2024 Maturity 9/23/2026 Industry Commercial Services & Supplies2025-12-310001504619pflt:SeniorSecuritiesMember2018-04-052018-04-050001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619First Lien Secured Debt Issuer Name Pacific Purchaser, LLC Acquisition 1/12/2024 Maturity 10/02/2028 Industry Business Services Current Coupon 9.85% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Acquisition 12/1/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.16% Basis Point Spread Above Index SOFR+8422025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. - Unfunded Revolver Acquisition 10/29/2019 Maturity 11/1/2028 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-09-300001504619First Lien Secured Debt Issuer Name Megawatt Acquisitionco, Inc. Acquisition 4/29/2024 Maturity 3/1/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.25% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Business Services Current Coupon 9.96% Basis Point Spread Above Index 3M SOFR+ 5762024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan Acquisition 6/21/2024 Maturity 12/13/2026 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Help/Systems Holdings, Inc. Acquisition 8/27/2025 Maturity 11/30/2026 Industry Software Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+ 6102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Acquisition 5/23/2024 Maturity 12/21/2028 Industry Media Current Coupon 9.07% Basis Point Spread Above Index 1M SOFR+ 5352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Funded Revolver Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services Current Coupon 9.20% Basis Point Spread Above Index 3M SOFR+ 5202024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Puget Collision, LLC Acquisition 10/3/2025 Maturity 10/02/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Construction & Engineering2025-12-310001504619pflt:NonControlledAffiliatedInvestmentsMembersrt:MaximumMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 10/4/2022 Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Term Loan Acquisition 9/29/2025 Maturity 09/30/2027 Industry Healthcare Providers and Services2025-12-310001504619First Lien Secured Debt Issuer Name Kinetic Purchaser, LLC Acquisition 11/30/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 10.15% Basis Point Spread Above Index SOFR+6152024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 6/8/2021 Maturity 03/16/2026 Industry Diversified Financial Services Current Coupon 9.33% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 10/4/2022 Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252025-09-300001504619First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 1/27/2021 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-10-012025-12-310001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2033 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Acquisition 8/15/2024 Maturity 8/16/2027 Industry Healthcare Technology Current Coupon 12.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC. - Unfunded Term Loan B Acquisition 08/09/2024 Maturity 02/09/2026 Industry Professional Services2024-10-012025-09-300001504619us-gaap:AutomobilesMember2025-12-310001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 11/19/2025 Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Unfunded Revolver Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note Acquisition 4/17/2025 Maturity 04/15/2030 Industry Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. - Unfunded Revolver Acquisition 9/1/2021 Maturity 9/3/2027 Industry Consumer Finance2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 10.10% (PIK 3.44%)2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Acquisition 5/3/2024 Maturity 12/21/2028 Industry Media Current Coupon 9.51% Basis Point Spread Above Index 1M SOFR+ 5552025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Vertex Companies, LLC - Unfunded Revolver Acquisition 8/25/2021 Maturity 08/31/2028 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Acquisition 7/25/2024 Maturity 6/17/2029 Industry Healthcare, Education and Childcare Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Unfunded Revolver Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Funded Revolver Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619pflt:ClassC1SecuredDeferrableFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-012019-09-300001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 5/22/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC Acquisition 1/18/2023 Maturity 02/01/2030 Industry Construction & Engineering Current Coupon 8.29% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 11/18/2025 Maturity 3/1/2030 Industry Construction and Engineering Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-12-310001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-12-310001504619us-gaap:FairValueInputsLevel3Member2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC - Unfunded Revolver Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity Acquisition 5/21/2019 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt OSP Embedded Purchaser, LP - Convertible Note Acquisition 11/6/2024 Maturity 05/08/2030 Industry Aerospace and Defense Current Coupon 12.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Revolver Acquisition 7/1/2025 Maturity 07/01/2031 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class A Acquisition 7/25/2023 Industry Automobiles2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity EvAL Home Health Solutions, LLC Acquisition 5/10/2024 Industry Healthcare, Education and Childcare2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products2025-12-310001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/18/2025 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 3/15/2022 Maturity 8/10/2027 Industry Trading Companies & Distributors Current Coupon 9.80% Basis Point Spread Above Index SOFR+5602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Funded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+ 4252025-12-310001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2030 Industry Diversified Consumer Services2025-09-300001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 5/22/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.32%2024-10-012025-09-300001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2030 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Unfunded Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001504619First Lien Secured Debt Issuer Name C5MI Acquisition, LLC Acquisition 3/7/2025 Maturity 7/31/2029 Industry IT Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Revolver Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Funded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5652025-10-012025-12-3100015046192025-09-300001504619pflt:PennantParkCLOVILLCMemberpflt:SubNotesMember2025-05-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Unfunded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors2025-09-300001504619First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 4/11/2025 Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberus-gaap:EquityMethodInvestmentsMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberpflt:ValuationTechniqueEnterpriseMarketValueMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Unfunded Revolver Acquisition 12/23/2019 Maturity 7/7/2026 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 8/28/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV-Aero Holdings, LLC - Common Equity Acquisition 12/6/2023 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Common Equity Acquisition 12/13/2021 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Funded Revolver Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.27% Basis Point Spread Above Index 3M SOFR+ 5252025-09-300001504619pflt:NetAssetsHundredPercentMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Penta Group Holdings, Inc. - Common Equity Acquisition 7/31/2025 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.22% Basis Point Spread Above Index 1M SOFR+ 5502025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - New Money DIP Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale Current Coupon 10.00%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Medina Health, LLC - Unfunded Revolver Acquisition 10/16/2023 Maturity 10/20/2028 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants A1 Garage Equity, LLC - Common Equity Acquisition 12/19/2022 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Imagine Acquisitionco, Inc. - Unfunded Revolver Acquisition 11/4/2021 Maturity 11/16/2027 Industry Software2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 8/9/2021 Maturity 8/10/2027 Industry Trading Companies & Distributors2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 11/21/2022 Maturity 03/15/2027 Industry Software Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Crane 1 Acquisition Parent Holdings, LP - Common Equity Acquisition 8/11/2021 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Revolver Acquisition 1/18/2023 Maturity 02/01/2029 Industry Construction & Engineering2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Unfunded Revolver Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 07/15/2031 Industry High Tech Industries2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 3/1/2023 Maturity 03/01/2029 Industry Wholesale2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings, LLC Acquisition 6/21/2024 Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2024-10-012024-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassA1NotesMember2025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Events TopCo, LP - Common Equity Acquisition 12/17/2024 Industry Event Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.Net Holdings, Inc. - Preferred Equity Acquisition 5/4/2021 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Acquisition 2/23/2024 Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. Acquisition 12/19/2024 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index 3M SOFR+ 5102025-10-012025-12-310001504619pflt:ClassA1RNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-09-300001504619Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/5/2024 Industry Containers and Packaging2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services2024-10-012025-09-300001504619pflt:TwoThousandTwentySixNotesPayableMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Term Loan Acquisition 7/31/2025 Maturity 07/31/2027 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniTek Global Services, Inc. - Common Equity Acquisition 8/25/2021 Industry Telecommunications2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Term Loan Acquisition 9/23/2021 Maturity 01/15/2026 Industry Distributors2025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants C5MI Holdco, LLC - Common Equity Acquisition 7/31/2024 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Unfunded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt STG Distribution, LLC - Second Out Term Loans Acquisition 8/27/2025 Maturity 10/03/2029 Industry Air Freight and Logistics2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 2/7/2030 Industry Professional Services Current Coupon 9.22% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 4/11/2023 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-12-310001504619pflt:C2NotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series H-2 Acquisition 12/7/2023 Industry Distributors2025-09-300001504619First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 3/3/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619First Lien Secured Debt Issuer Name Halo Buyer, Inc. Acquisition 5/22/2025 Maturity 8/7/2029 Industry Consumer Products Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 2/9/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Acquisition 2/23/2024 Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 9.09% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Falcon Buyer, LLC - Unfunded Revolver Acquisition 7/26/2023 Maturity 08/01/2029 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619pflt:MarketplaceEventsLLCMember2024-10-012024-12-310001504619us-gaap:SubordinatedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seacoast Service Partners, LLC - Common Equity Acquisition 10/31/2024 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. - Unfunded Revolver Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Unfunded Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Quad (U.S.) Co-Invest, LP - Common Equity Acquisition 10/3/2022 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 5/20/2024 Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Sath Industries, LLC Acquisition 4/10/2025 Maturity 12/17/2029 Industry Event Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A Acquisition 7/25/2023 Industry Automobiles2024-10-012025-09-300001504619pflt:SecondLienSecuredDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Podean Buyer, LLC Acquisition 8/4/2025 Maturity 8/4/2031 Industry Marketing Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. - Unfunded Revolver Acquisition 10/29/2019 Maturity 11/1/2028 Industry Personal Products2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Funded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media Current Coupon 8.99% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MES Intermediate, Inc. Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 7/15/2024 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Podean Intermediate II, LLC - Common Equity Acquisition 8/4/2025 Industry Marketing Services2025-09-300001504619First Lien Secured Debt Issuer Name Global Holdings InterCo, LLC Acquisition 6/8/2021 Maturity 3/16/2026 Industry Diversified Financial Services Current Coupon 9.74% Basis Point Spread Above Index SOFR+5602025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Unfunded Revolver Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Acquisition 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 9402025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 9/30/2024 Maturity 9/30/2026 Industry Marketing Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Gauge ETE Blocker, LLC Acquisition 05/24/2023 Maturity 05/21/2029 Industry Diversified Consumer Services Current Coupon 12.56%2025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassCNotesMember2025-02-280001504619First Lien Secured Debt Issuer Name Crane 1 Services, Inc. Acquisition 4/11/2023 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 10.03% Basis Point Spread Above Index SOFR+5862025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products Current Coupon 9.28% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619us-gaap:FairValueInputsLevel2Member2025-12-310001504619First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 7/17/2028 Industry Diversified Consumer Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+5262024-10-012025-09-300001504619pflt:ClassBRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Revolver Acquisition 11/27/2023 Maturity 12/3/2029 Industry Healthcare Technology2025-03-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.72% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619pflt:RTwoThousandAndThirtySixAssetBackedDebtMemberpflt:B2NotesMember2024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco. LP - Preferred Equity Acquisition 11/4/2021 Industry Software Current Coupon 8.00%2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 6/8/2021 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Revolver Acquisition 2/22/2024 Maturity 10/09/2028 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Acquisition 3/26/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 8.56% Basis Point Spread Above Index 3M SOFR+ 4902024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LJ Avalon Holdings, LLC - Unfunded Term Loan Acquisition 1/18/2023 Maturity 02/08/2027 Industry Construction & Engineering2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Acquisition 3/25/2024 Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 8.28% Basis Point Spread Above Index 1M SOFR+ 4002025-09-300001504619First Lien Secured Debt Issuer Name Graffiti Buyer, Inc. Acquisition 3/15/2022 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.42% Basis Point Spread Above Index SOFR+5602025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Super Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 20.00%2025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:ClassA2SeniorSecuredFixedRateNotesDue2031Member2019-09-012019-09-300001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 11/18/2025 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 13.50%2025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMemberpflt:ClassA1SeniorSecuredFloatingRateLoansMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services2025-10-012025-12-310001504619pflt:HealthcareEducationAndChildcareMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRI Holding Inc. Acquisition 5/23/2024 Maturity 12/21/2028 Industry Media Current Coupon 9.07% Basis Point Spread Above Index 1M SOFR+ 5352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Acquisition 8/16/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 8.82% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 5102025-12-310001504619srt:MaximumMember2025-12-310001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 11/18/2025 Maturity 6/21/2029 Industry Healthcare Providers & Services Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Revolver Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Funded Revolver Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+ 6202025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152025-09-300001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 12/27/2021 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.31% Basis Point Spread Above Index SOFR+6152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver Acquisition 5/10/2024 Maturity 5/10/2030 Industry Healthcare, Education and Childcare2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series H-2 Acquisition 12/7/2023 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Burgess Point Purchaser Corporation Acquisition 8/12/2024 Maturity 7/25/2029 Industry Auto Components Current Coupon 9.19% Basis Point Spread Above Index 3M SOFR+ 5352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Acquisition 8/11/2021 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 11/1/2024 Maturity 05/03/2029 Industry Leisure Products Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 11/11/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Arcfield Acquisition Corp. Acquisition 11/11/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 9.31% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Urology Partners Co., LP - Common Equity Acquisition 1/20/2023 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NEPRT Parent Holdings, LLC - Common Equity Acquisition 1/27/2021 Industry Leisure Products2025-10-012025-12-310001504619pflt:SoftwareMember2025-12-310001504619pflt:AtTheMarketOfferingMember2024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC - Unfunded Term Loan Acquisition 10/31/2024 Maturity 11/02/2026 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Altamira Parent Holdings, LLC - Common Equity Acquisition 7/23/2019 Industry IT Services2025-10-012025-12-310001504619us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 4/10/2025 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001504619First Lien Secured Debt Issuer Name ORL Acquisition, Inc. Acquisition 5/22/2025 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.07% Basis Point Spread Above Index SOFR+9402025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandThirtySevenAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc. - Funded Revolver Acquisition 7/19/2022 Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.50% Basis Point Spread Above Index 3M SOFR+ 4002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC Acquisition 5/24/2023 Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619pflt:NonMoneyMarketMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. Acquisition 11/2/2023 Maturity 11/8/2029 Industry Distributors Current Coupon 9.19% Basis Point Spread Above Index 1M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Connatix Parent, LLC Acquisition 7/8/2021 Industry Media2025-12-310001504619First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 4/11/2025 Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-12-310001504619pflt:HamiltonLaneMember2025-12-310001504619pflt:IncentiveFeePaymentConditionTwoMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - First-Out Term Loan Acquisition 12/1/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index SOFR+8432024-10-012025-09-300001504619First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 1/27/2021 Maturity 11/01/2028 Industry Consumer Goods: Durable Current Coupon 8.97% Basis Point Spread Above Index SOFR+5252025-12-310001504619First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 11/11/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.72% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCP Boss Holdco, LLC Acquisition 12/27/2024 Industry Independent Power and Renewable Electricity Producers2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Funded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and DefenseInvestments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. - Unfunded Revolver Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC - Unfunded Revolver Acquisition 1/9/2019 Maturity 5/11/2026 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Term Loan Acquisition 11/20/2024 Maturity 11/20/2026 Industry Business Services2025-09-300001504619us-gaap:InvestmentUnaffiliatedIssuerMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Commercial Services & Supplies2025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundTwoLLCMember2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 1/12/2024 Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.66% Basis Point Spread Above Index SOFR+7502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wash & Wax Group, LP - Common Equity Acquisition 1/13/2015 Industry Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Funded Revolver Acquisition 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.97% Basis Point Spread Above Index 1M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Gauge ETE Blocker, LLC - Common Equity Acquisition 5/24/2023 Industry Diversified Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Connatix Parent, LLC - Common Equity Acquisition 7/8/2021 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TPC Holding Company, LP - Preferred Equity Acquisition 12/4/2019 Industry Food Products2025-09-300001504619us-gaap:FairValueInputsLevel1Memberpflt:TwoThousandTwentySixNotesPayableMember2025-09-300001504619First Lien Secured Debt Issuer Name Output Services Group, Inc. - Last-Out Term Loan Acquisition 12/1/2023 Maturity 5/30/2028 Industry Business Services Current Coupon 10.96% Basis Point Spread Above Index SOFR+6682025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. - Funded Revolver Acquisition 2/07/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMemberpflt:ClassB1SeniorSecuredFloatingRateNotesDue2036Member2024-02-290001504619pflt:SubordinateDebtMemberus-gaap:FairValueInputsLevel1Member2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Efficient Collaborative Retail Marketing Company, LLC Acquisition 10/23/2018 Maturity 9/30/2026 Industry Media: Diversified and Production Current Coupon 10.68% (PIK 2.5%) Basis Point Spread Above Index 3M SOFR+ 7012025-10-012025-12-310001504619pflt:TruistCreditFacilityMembersrt:MaximumMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Penta Group Holdings, Inc. Acquisition 9/8/2025 Maturity 7/31/2031 Industry Professional Services Current Coupon 8.81% Basis Point Spread Above Index SOFR+4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ledge Lounger, Inc. Acquisition 02/07/2022 Maturity 11/09/2026 Industry Leisure Products Current Coupon 11.65% (PIK 1.00%) Basis Point Spread Above Index 3M SOFR+ 7652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GMP Hills, LP - Common Equity Acquisition 11/2/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TCG 3.0 Jogger Co-Invest, LP - Common Equity Acquisition 12/6/2023 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Acquisition 5/13/2025 Maturity 05/13/2032 Industry Consulting Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Unfunded Term Loan Acquisition 10/3/2025 Maturity 10/03/2027 Industry Automobiles2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC - Unfunded Revolver Acquisition 11/8/2021 Maturity 11/10/2026 Industry Personal Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Acquisition 11/15/2019 Maturity 02/23/2026 Industry Food Products Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+ 5902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC Acquisition 09/27/2024 Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Help/Systems Holdings, Inc. Acquisition 8/27/2025 Maturity 11/30/2026 Industry Software Current Coupon 9.97% Basis Point Spread Above Index 3M SOFR+ 6102025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Rural Sourcing Holdings, Inc. Acquisition 9/6/2023 Maturity 6/15/2029 Industry High Tech Industries Current Coupon 9.92% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Kinetic Purchaser, LLC Acquisition 11/08/2021 Maturity 11/10/2027 Industry Personal Products Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 6152024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.67% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 4/11/2023 Maturity 5/11/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index SOFR+5902025-09-300001504619First Lien Secured Debt Issuer Name Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 3/1/2029 Industry Wholesale2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 8/28/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-09-300001504619First Lien Secured Debt Issuer Name Carnegie Dartlet, LLC Acquisition 4/11/2025 Maturity 2/7/2030 Industry Media: Advertising, Printing & Publishing Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP PAR Aggregator, LP - Common Equity Acquisition 9/3/2024 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 2/9/2026 Industry Professional Services2025-12-3100015046192025-10-290001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seaway Topco, LP - Common Equity Acquisition 10/31/2024 Industry Chemicals, Plastics and Rubber2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Funded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name Burgess Point Purchaser Corporation Acquisition 10/3/2022 Maturity 7/25/2029 Industry Automotive Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001504619First Lien Secured Debt Issuer Name Harris & Co, LLC Acquisition 11/18/2025 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infolinks Media Buyco, LLC Acquisition 2/22/2024 Maturity 11/02/2026 Industry Media Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502025-09-300001504619pflt:LongTermCreditFacilityMember2024-10-012024-12-310001504619pflt:CashTwentySevenPointZeroPercentOfNetAssetsMemberus-gaap:CashMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services Current Coupon 9.89% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 4/11/2023 Maturity 10/1/2027 Industry Distributors Current Coupon 9.15% Basis Point Spread Above Index SOFR+5152024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 11/20/2025 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.46% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Acquisition 9/30/2024 Maturity 09/30/2030 Industry Marketing Services Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Consello Pacific Aggregator, LLC - Preferred Equity Acquisition 10/2/2023 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Unfunded Common Equity Acquisition 12/16/2020 Industry IT Services2025-09-300001504619First Lien Secured Debt Issuer Name Watchtower Buyer, LLC Acquisition 5/20/2024 Maturity 12/3/2029 Industry Diversified Consumer Services Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services Current Coupon 9.01% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment Acquisition 6/21/2024 Maturity 06/21/2027 Industry Healthcare Providers and Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Boss Industries, LLC Acquisition 4/10/2025 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Wash & Wax Systems LLC Acquisition 4/30/2025 Maturity 4/30/2028 Industry Automobiles Current Coupon 9.81% Basis Point Spread Above Index SOFR+5502025-09-300001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 4/11/2023 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.90% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC - Common Equity Acquisition 6/13/2022 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RTIC Subsidiary Holdings, LLC Acquisition 5/3/2024 Maturity 05/03/2029 Industry Leisure Products Current Coupon 9.42% Basis Point Spread Above Index 3M SOFR+ 5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aechelon Technology, Inc. Acquisition 8/16/2024 Maturity 08/16/2029 Industry Aerospace and Defense Current Coupon 9.48% Basis Point Spread Above Index 1M SOFR+ 5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Sales Benchmark Index, LLC Acquisition 1/27/2021 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index SOFR+6202025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity Acquisition 5/21/2019 Industry Media2025-12-310001504619Investments in Controlled, Affiliated Portfolio Companies Equity InterestsPennantPark Senior Secured Loan Fund II LLC - Common Equity Acquisition 11/18/2025 Industry Financial Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Funded Revolver Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-10-012025-12-310001504619pflt:TwoThousandAndTwentySixNotesTwoMember2025-10-012025-12-310001504619pflt:TotalInvestmentsMember2025-09-300001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 5/3/2024 Maturity 11/08/2029 Industry Business Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-12-310001504619pflt:CommonEquityWarrantsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-09-300001504619First Lien Secured Debt Issuer Name Podean Buyer, LLC Acquisition 8/4/2025 Maturity 08/29/2031 Industry Marketing Services Current Coupon 9.66% Basis Point Spread Above Index SOFR+6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Burgess Point Holdings, LP - Common Equity Acquisition 7/21/2022 Industry Auto Components2024-10-012025-09-3000015046192024-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC - Unfunded Revolver Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP Acquisition 3/1/2024 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name LJ Avalon Holdings, LLC Acquisition 4/11/2023 Maturity 02/01/2030 Industry Environmental Industries Current Coupon 8.46% Basis Point Spread Above Index SOFR+4502025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:SubordinatedNotesMember2025-10-012025-12-310001504619pflt:BlackRockFederalFDInstitutionalEightyOneMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sath Industries, LLC Acquisition 12/17/2024 Maturity 12/17/2029 Industry Event Services Current Coupon 9.54% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Unfunded Revolver Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt APT OPCO, LLC - Unfunded Term Loan Acquisition 9/29/2025 Maturity 09/30/2027 Industry Healthcare Providers and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Capital Construction, LLC Acquisition 8/28/2025 Maturity 10/22/2026 Industry Consumer Services Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Exigo Intermediate II, LLC Acquisition 11/21/2022 Maturity 03/15/2027 Industry Software Current Coupon 10.07% Basis Point Spread Above Index SOFR+6352025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Revolver Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 3/15/2022 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. Acquisition 7/1/2025 Maturity 07/01/2031 Industry Business Services Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Consello Pacific Aggregator, LLC - Preferred Equity Acquisition 10/2/2023 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Events TopCo, LP - Common Equity Acquisition 12/17/2024 Industry Event Services2025-12-310001504619pflt:CashSeventeenPointNinePercentOfNetAssetsMemberus-gaap:CashMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity ORL Holdco, Inc. - Preferred Equity Acquisition 9/1/2021 Industry Consumer Finance2025-09-300001504619us-gaap:MoneyMarketFundsMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ro Health Holdings, Inc. - Common Equity Acquisition 5/1/2020 Industry Healthcare Providers and Services2025-12-310001504619First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 4/11/2023 Maturity 07/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.57% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Acquisition 8/16/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 12.16% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 7852025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc. Acquisition 3/1/2024 Maturity 03/01/2030 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619pflt:ClassCRNotesMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lightspeed Buyer, Inc. Acquisition 1/27/2021 Maturity 2/3/2027 Industry Healthcare Providers and Services Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 10/4/2022 Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.09% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Five Star Parent Holdings, LLC - Common Equity Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-10-012025-12-310001504619us-gaap:FairValueInputsLevel1Memberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Revolver Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Funded Revolver Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies Current Coupon 9.29% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TWD Parent Holdings, LLC - Common Equity Acquisition 10/27/2021 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants TAC Lifeport Holdings, LLC - Common Equity Acquisition 8/17/2021 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Revolver Acquisition 9/30/2024 Maturity 9/30/2030 Industry Marketing Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Alpine Acquisition Corp II Acquisition 8/27/2025 Maturity 11/30/2026 Industry Containers and Packaging2025-10-012025-12-310001504619us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Funded Revolver Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products Current Coupon 9.72% Basis Point Spread Above Index 1M SOFR+ 6002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC - Unfunded Revolver Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt By Light Professional IT Services, LLC - Unfunded Revolver Acquisition 7/15/2025 Maturity 7/15/2031 Industry High Tech Industries2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Funded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products Current Coupon 8.82% (PIK 5.10%) Basis Point Spread Above Index 1M SOFR+ 5102025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Duggal Acquisition, LLC Acquisition 4/10/2025 Maturity 09/30/2030 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Common Equity Acquisition 10/31/2024 Industry Government Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants UniVista Insurance - Common Equity Acquisition 10/29/2024 Industry Insurance2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Unfunded Term Loan Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors2025-09-300001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 4/10/2025 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.90% Basis Point Spread Above Index SOFR+5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Acquisition 8/15/2024 Maturity 08/16/2027 Industry Healthcare Technology Current Coupon 12.00%2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 11/18/2025 Maturity 3/1/2030 Industry Construction and Engineering Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Unfunded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619First Lien Secured Debt Issuer Name OSP Embedded Purchaser, LLC Acquisition 11/18/2025 Maturity 12/17/2029 Industry Aerospace and Defense Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Smile Brands, Inc. Acquisition 1/27/2021 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2033 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 09/03/2030 Industry Healthcare Technology2025-12-310001504619First Lien Secured Debt Issuer Name Project Granite Buyer, Inc. Acquisition 11/18/2025 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 1/12/2024 Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan Acquisition 4/11/2023 Maturity 6/30/2026 Industry Media: Advertising, Printing & Publishing Current Coupon 9.90% Basis Point Spread Above Index SOFR+5752025-09-300001504619First Lien Secured Debt Issuer Name EvAL Home Care Solutions Intermediate, LLC Acquisition 7/10/2024 Maturity 05/10/2030 Industry Healthcare and Pharmaceuticals Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:SecondLienMember2025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMember2025-09-300001504619srt:AffiliatedEntityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rancho Health MSO, Inc. - Unfunded Revolver Acquisition 12/20/2024 Maturity 6/20/2029 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC - Unfunded Revolver Acquisition 04/10/2025 Maturity 04/10/2031 Industry Automobiles2025-09-300001504619pflt:ClassA2RNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC - Unfunded Term Loan Acquisition 9/23/2024 Maturity 09/23/2026 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP Acquisition 8/16/2024 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Funded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 10.43% Basis Point Spread Above Index 1M SOFR+ 6102025-09-300001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/11/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hills Distribution, Inc. - Unfunded Term Loan Acquisition 11/2/2023 Maturity 11/07/2025 Industry Distributors2025-09-300001504619Subordinate Debt Issuer Name Integrative Nutrition, LLC Acquisition 4/17/2025 Maturity 4/15/2033 Industry Diversified Consumer Services2025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TMII Enterprises, LLC - Unfunded Revolver Acquisition 12/19/2022 Maturity 12/22/2028 Industry Commercial Services & Supplies2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.77% Basis Point Spread Above Index 1M SOFR+ 6502025-09-300001504619pflt:TwoThousandThirtySixRAssetBackedDebtMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Express Wash Acquisition Company, LLC - Unfunded Revolver Acquisition 04/10/2025 Maturity 04/10/2031 Industry Automobiles2024-10-012025-09-300001504619Investments in Controlled, Affiliated Portfolio Companies Equity Interests PennantPark Senior Secured Loan Fund I LLC - Common Equity Acquisition 8/10/2020 Industry Financial Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Omnia Exterior Solutions, LLC - Funded Revolver Acquisitions 12/29/2023 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 9.25% Basis Point Spread Above Index 1M SOFR+ 5252024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Beacon Behavioral Support Services, LLC Acquisition 10/9/2024 Maturity 6/21/2029 Industry Healthcare and Pharmaceuticals Current Coupon 9.17% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering Current Coupon 8.94% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619pflt:CashTwentySevenPointZeroPercentOfNetAssetsMember2025-09-300001504619pflt:ControlledAffiliatedInvestmentsMembersrt:MaximumMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name HW Holdco, LLC Acquisition 4/11/2023 Maturity 05/11/2026 Industry Media Current Coupon 9.80% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tinicum Space Coast Co-Invest, LLC Acquisition 10/29/2024 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Eval Home Care Solutions Intermediate, LLC Acquisition 5/10/2024 Maturity 5/10/2030 Industry Healthcare, Education and Childcare Current Coupon 9.47% Basis Point Spread Above Index 1M SOFR+ 5752025-10-012025-12-310001504619pflt:InvestmentsCashEquivalentsAndCashMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Imagine Topco. LP - Preferred Equity Acquisition 11/4/2021 Industry Software Current Coupon 8.00%2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC Acquisition 8/12/2025 Maturity 1/21/2031 Industry Healthcare Providers and Services Current Coupon 8.72% Basis Point Spread Above Index 3M SOFR+ 5002025-03-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Schlesinger Global, Inc. - Unfunded Revolver Acquisition 10/24/2019 Maturity 10/24/2025 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants By Light Investco LP - Common Equity Acquisition 5/15/2017 Industry High Tech Industries2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Duggal Equity, LP - Common Equity Acquisition 9/30/2024 Industry Marketing Services2024-10-012025-09-300001504619Equity Securities Issuer Name Pragmatic Holdco, Inc. - Common Equity Acquisition 3/28/2025 Industry Education2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MBS Holdings, Inc. - Unfunded Revolver Acquisition 4/14/2021 Maturity 04/16/2027 Industry Internet Software and Services2024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity TWD Parent Holdings, LLC - Preferred Equity Acquisition 8/25/2021 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Wash & Wax Systems, LLC - Subordinate Debt Acquisition 4/30/2025 Maturity 07/30/2028 Industry Consumer Services Current Coupon 12.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants KL Stockton Co-Invest, LP - Common Equity Acquisition 7/16/2021 Industry Energy Equipment and Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Seaway Buyer, LLC Acquisition 4/11/2023 Maturity 06/13/2029 Industry Chemicals, Plastics and Rubber Current Coupon 9.82% Basis Point Spread Above Index SOFR+6152025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Funded Revolver Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services Current Coupon 8.72% Basis Point Spread Above Index 1M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC - Preferred Equity Acquisition 6/1/2022 Industry Distributors2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 6/8/2021 Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102025-09-300001504619us-gaap:HealthcareSectorMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Funded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% Basis Point Spread Above Index 1M SOFR+ 6102025-10-012025-12-310001504619us-gaap:FairValueInputsLevel2Memberpflt:SubordinateDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC Acquisition 7/31/2024 Maturity 07/31/2029 Industry IT Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Symplr Software, Inc. Acquisition 8/27/2025 Maturity 12/20/2027 Industry Software Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+ 4602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Unfunded Convertible Notes Acquisition 8/15/2024 Maturity 8/16/2027 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. - Unfunded Revolver Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare Technology2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 6/8/2021 Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 9.30% Basis Point Spread Above Index SOFR+5102024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Funded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NBH Group, LLC Acquisition 8/29/2025 Maturity 08/19/2026 Industry Healthcare Equipment and Supplies Current Coupon 10.12% Basis Point Spread Above Index 1M SOFR+ 5852025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Amsive Holdings Corporation Acquisition 3/2/2020 Maturity 12/10/2026 Industry Media Current Coupon 9.92% Basis Point Spread Above Index 3M SOFR+ 6252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Professional Services2025-09-300001504619First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 9/27/2023 Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Kinetic Purchaser, LLC - Common Equity - Class A Acquisition 11/8/2021 Industry Personal Products2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name One Stop Mailing, LLC Acquisition 7/8/2021 Maturity 5/7/2027 Industry Air Freight and Logistics Current Coupon 10.53% Basis Point Spread Above Index SOFR+6362024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Revolver Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software2025-12-310001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 10/6/2023 Maturity 10/2/2029 Industry Business Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity NXOF Holdings, Inc. - Preferred Equity Acquisition 9/25/2018 Industry IT Services2025-12-310001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 11/18/2025 Maturity 8/1/2029 Industry Internet Software and Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-12-310001504619pflt:ClassB1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2019-09-300001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 3/15/2022 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.92% Basis Point Spread Above Index SOFR+4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt OSP Embedded Purchaser, LLC - Unfunded Revolver Acquisition 12/11/2023 Maturity 12/17/2029 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity BioDerm Holdings, LP - Preferred Equity Acquisition 1/23/2030 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SV-Aero Holdings, LLC - Common Equity Acquisition 7/11/2018 Industry Aerospace and Defense2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC Acquisition 1/16/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name The Vertex Companies, LLC Acquisition 4/11/2023 Maturity 08/31/2028 Industry Construction and Engineering Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Municipal Emergency Services, Inc. - Common Equity Acquisition 9/28/2021 Industry Distributors2025-12-310001504619First Lien Secured Debt Issuer Name TPC US Parent, LLC Acquisition 4/11/2023 Maturity 02/23/2026 Industry Consumer Goods: Non-Durable Current Coupon 9.89% Basis Point Spread Above Index SOFR+5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc. - Unfunded Revolver Acquisition 2/7/2025 Maturity 8/7/2029 Industry Consumer products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC Acquisition 06/13/2025 Maturity 06/13/2031 Industry Healthcare Providers and Services Current Coupon 9.75%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Commercial Fire Protection Holdings, LLC Acquisition 9/23/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Systems Planning And Analysis, Inc. Acquisition 11/20/2025 Maturity 8/16/2027 Industry Aerospace and Defense Current Coupon 8.46% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Pragmatic Holdco, Inc. - Common Equity Acquisition 11/5/2021 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GGG Topco, LLC Acquisition 9/27/2024 Industry Diversified Consumer Services2025-12-310001504619pflt:HealthcareEquipmentAndSuppliesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series G-2 Acquisition 12/7/2023 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC Acquisition 5/13/2025 Maturity 5/13/2032 Industry Consulting Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 4/11/2023 Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lightspeed Buyer, Inc. - Unfunded Revolver Acquisition 1/21/2020 Maturity 02/03/2027 Industry Healthcare Technology2024-10-012025-09-300001504619Equity Securities Issuer Name 48Forty Intermediate Holdings, Inc. - Common Equity Acquisition 11/5/2024 Industry Containers and Packaging2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. - Unfunded Term Loan Acquisition 12/31/2024 Maturity 12/31/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Case Works, LLC Acquisition 10/1/2024 Maturity 10/1/2029 Industry Professional Services Current Coupon 8.97% Basis Point Spread Above Index 3M SOFR+ 5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 06/21/2027 Industry Healthcare Equipment and Supplies2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC - Unfunded Revolver Acquisition 8/16/2021 Maturity 08/16/2026 Industry Personal Products2025-12-310001504619First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 10/14/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 10.94% Basis Point Spread Above Index SOFR+7102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants AG Investco - Unfunded Common Equity Acquisition 11/5/2018 Industry Software2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Funded Revolver Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619pflt:LeisureProductsMember2025-09-300001504619pflt:TotalInvestmentsMembercountry:US2025-09-300001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 8/22/2023 Maturity 8/1/2029 Industry Business Services Current Coupon 9.79% Basis Point Spread Above Index SOFR+5502024-10-012025-09-300001504619pflt:CommonEquityWarrantsMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OHCP V BC COI, LP - Unfunded Common Equity Acquisition 12/13/2021 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ad.Net Holdings, Inc. - Common Equity Acquisition 5/4/2021 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Term Loan Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors2025-12-310001504619pflt:NetAssetsHundredPercentMember2025-12-310001504619First Lien Secured Debt Issuer Name Sabel Systems Technology Solutions, LLC Acquisition 11/11/2024 Maturity 10/31/2030 Industry Government Services Current Coupon 9.91% Basis Point Spread Above Index SOFR+5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Acquisition 8/11/2021 Maturity 8/16/2027 Industry Commercial Services & Supplies Current Coupon 9.08% Basis Point Spread Above Index 3M SOFR+ 5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Term Loan Acquisition 12/20/2024 Maturity 12/21/2026 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC - Unfunded Revolver Acquisition 7/22/2021 Maturity 07/28/2026 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity BioDerm Holdings, LP - Preferred Equity Acquisition 1/23/2030 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619pflt:AtTheMarketOfferingMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt DRS Holdings III, Inc. - Unfunded Revolver Inc Acquisition 10/29/2019 Maturity 11/03/2025 Industry Personal Products2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.57% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC Acquisition 8/15/2024 Maturity 8/15/2029 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver Acquisition 1/23/2024 Maturity 01/23/2029 Industry Media Current Coupon 12.25% Basis Point Spread Above Index 3M SOFR+ 5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Municipal Emergency Services, Inc. - Unfunded Revolver Acquisition 9/23/2021 Maturity 10/01/2027 Industry Distributors2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 11/19/2025 Maturity 7/15/2031 Industry Aerospace and Defense Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Unfunded Revolver Acquisition 9/9/2025 Maturity 9/12/2031 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles Current Coupon 8.43% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note #2 Acquisition 4/17/2025 Maturity 04/15/2033 Industry Consumer Services2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Ironclad Holdco, LLC - Common Equity Acquisition 12/23/2020 Industry Commercial Services & Supplies2025-09-300001504619First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 8/25/2021 Maturity 8/19/2026 Industry Healthcare, Education & Childcare Current Coupon 10.12% Basis Point Spread Above Index SOFR+5852025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Revolver Acquisition 8/28/2024 Maturity 08/28/2029 Industry Healthcare Technology2025-09-300001504619pflt:PennantParkCLO12LLCMember2025-04-012025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants NXOF Holdings, Inc. - Common Equity Acquisition 9/25/2018 Industry IT Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants New Insight Holdings, Inc. Acquisition 7/15/2024 Industry Business Services2025-12-310001504619Equity Securities Issuer Name White Tiger Newco, LLC - Common Equity Acquisition 7/31/2025 Industry Automobiles2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMemberpflt:ClassBNotesMemberpflt:SecuredOvernightFinancingRateMember2025-02-012025-02-280001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Funded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology Current Coupon 9.15% Basis Point Spread Above Index 3M SOFR+ 5152025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt GGG Midco, LLC - Unfunded Term Loan Acquisition 9/27/2024 Maturity 9/27/2030 Industry Diversified Consumer Services2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC. Acquisition 11/19/2025 Maturity 10/14/2030 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Peninsula Pacific Entertainment, LLC Acquisition 8/15/2025 Maturity 8/22/2032 Industry Gaming Current Coupon 9.02% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC - Unfunded Revolver Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Funded Revolver Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services Current Coupon 9.51% Basis Point Spread Above Index 3M SOFR+ 5552025-09-300001504619pflt:AerospaceAndDefenseMember2025-09-300001504619pflt:JPMorganUSGovernmentFundMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Marketplace Events Acquisition, LLC - Common Equity Acquisition 12/19/2024 Industry Media: Diversified and Production2025-10-012025-12-310001504619pflt:LongTermCreditFacilityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants HV Watterson Holdings, LLC - Common Equity Acquisition 6/13/2022 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SBI Holdings Investments, LLC - Common Equity Acquisition 9/9/2025 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC Acquisition 9/9/2025 Maturity 9/12/2031 Industry Business Services Current Coupon 8.81%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-12-310001504619First Lien Secured Debt Issuer Name Recteq, LLC Acquisition 2/24/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.40% Basis Point Spread Above Index SOFR+6402025-09-300001504619First Lien Secured Debt Issuer Name Sigma Defense Systems, LLC Acquisition 11/18/2025 Maturity 12/20/2027 Industry Aerospace and Defense Current Coupon 10.62% Basis Point Spread Above Index SOFR+6902025-12-310001504619pflt:FirstLienSecuredDebtMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Acquisition 8/09/2024 Maturity 08/09/2030 Industry Professional Services2024-10-012025-09-300001504619Equity Securities Issuer Name Lucky Bucks, LLC - Common Equity Acquisition 12/1/2023 Industry Hotel, Gaming and Leisure2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Current Coupon 13.50%2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blackhawk Industrial Distribution, Inc. - Funded Revolver Acquisition 6/27/2022 Maturity 09/17/2026 Industry Distributors Current Coupon 9.40% Basis Point Spread Above Index 3M SOFR+ 5402024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.02% Basis Point Spread Above Index 3M SOFR+ 6352025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aftermarket Drivetrain Products Holdings, LLC - Common Equity Acquisition 12/29/2023 Industry Auto Components2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 7/31/2031 Industry Professional Services2025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:FirstLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carisk Buyer, Inc. - Unfunded Term Loan Acquisition 11/27/2023 Maturity 12/03/2029 Industry Healthcare Technology2025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:SecondLienMemberpflt:MeasurementInputBrokerOrDealerBidsOrQuotesMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Spendmend Holdings, LLC - Unfunded Revolver Acquisition 3/1/2022 Maturity 03/01/2028 Industry Healthcare Technology2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 8/28/2025 Maturity 7/15/2031 Industry High Tech Industries Current Coupon 9.66% Basis Point Spread Above Index SOFR+5502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+ 6752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC - Unfunded Revolver 7/31/2024 Maturity 07/31/2029 Industry IT Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Walker Edison Furniture Company, LLC - Unfunded Term Loan Acquisition 8/29/2025 Maturity 03/01/2029 Industry Wholesale2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP - Common Equity Acquisition 2/25/2022 Industry Healthcare Technology2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdings, LP - Common Equity Acquisition 12/21/2022 Industry Commercial Services & Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC - Unfunded Term Loan Acquisition 2/7/2024 Maturity 02/09/2026 Industry Professional Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Unfunded Revolver Acquisition 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Aphix Buyer, Inc. Acquisition 7/17/2025 Maturity 07/17/2031 Industry Business Services Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+ 4752025-09-300001504619First Lien Secured Debt Issuer Name Commercial Fire Protection Holdings, LLC Acquisition 11/26/2024 Maturity 9/23/2030 Industry Commercial Services & Supplies Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants RFMG Parent, LP - Common Equity Acquisition 12/16/2020 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HEC Purchaser Corp. Acquisition 6/17/2024 Maturity 06/17/2029 Industry Healthcare, Education and Childcare Current Coupon 8.87% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Term Loan Acquisition 12/19/2024 Maturity 06/19/2026 Industry Media2024-10-012025-09-300001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-02-280001504619First Lien Secured Debt Issuer Name DRS Holdings III, Inc. Acquisition 1/27/2021 Maturity 11/3/2025 Industry Consumer Goods: Durable Current Coupon 9.41% Basis Point Spread Above Index SOFR+5252025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Unfunded Revolver - LC Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Athletico Holdings, LLC - Common Equity Acquisition 2/4/2022 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 5/13/2025 Maturity 5/13/2032 Industry Consulting Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Carnegie Dartlet, LLC Acquisition 2/7/2024 Maturity 02/07/2030 Industry Professional Services Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Smile Brands, Inc. - Funded Revolver Acquisition 10/4/2018 Maturity 10/12/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.77% Basis Point Spread Above Index 1M SOFR+ 6102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt RRA Corporate, LLC - Unfunded Term Loan Acquisition 8/15/2024 Maturity 08/17/2026 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A-1 Acquisition 7/25/2023 Industry Automobiles2025-09-300001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 11/18/2025 Maturity 1/10/2029 Industry Aerospace and Defense Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Meadowlark Acquirer, LLC Acquisition 1/29/2022 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index SOFR+5652025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619srt:MinimumMemberpflt:IncentiveFeePaymentConditionTwoMember2024-10-012025-06-300001504619pflt:JPMorganUSGovernmentMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 7/30/2027 Industry Healthcare Providers and Services2025-03-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity Acquisition 6/27/2022 Industry Healthcare Providers and Services2025-12-310001504619pflt:ManufacturingBasicIndustryMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated - Unfunded Term Loan Acquisition 12/17/2024 Maturity 12/17/2026 Industry Software2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants SSC Dominion Holdings, LLC - Common Equity - Class B (US Dominion, Inc.) Acquisition 11/4/2021 Industry Capital Equipment2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt The Bluebird Group, LLC Acquisition 7/22/2021 Maturity 07/28/2026 Industry t Team Services Group, LLC Maturity 12/20/202 Industry Professional Services Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series I-2 Acquisition 12/7/2023 Industry Distributors2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class B Acquisition 7/25/2023 Industry Automobiles2024-10-012025-09-300001504619pflt:DistributorsMember2025-09-300001504619pflt:JPMorganUSGovernmentMember2025-09-300001504619First Lien Secured Debt Issuer Name APT OPCO, LLC Acquisition 11/18/2025 Maturity 9/30/2031 Industry Healthcare Providers & Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Cartessa Aesthetics, LLC - Preferred Equity Acquisition 6/1/2022 Industry Distributors2025-09-300001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/18/2025 Maturity 8/28/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2024-10-012024-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Unfunded Common Equity Acquisition 12/16/2020 Industry IT Services2024-10-012025-09-3000015046192021-01-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC Acquisition 7/31/2024 Maturity 7/31/2029 Industry IT Services Current Coupon 9.67% Basis Point Spread Above Index 3M SOFR+ 6002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 4/11/2023 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 6/21/2027 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC - Unfunded Term Loan Acquisition 1/26/2024 Maturity 01/20/2031 Industry Metals and Mining2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Connatix Parent, LLC Acquisition 7/8/2021 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Bioderm, Inc. - Funded Revolver Acquisition 1/30/2023 Maturity 01/31/2028 Industry Healthcare Equipment and Supplies Current Coupon 10.77% Basis Point Spread Above Index 1M SOFR+ 6502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Dynata, LLC - Last Out Term Loan Acquisition 7/15/2024 Maturity 10/16/2028 Industry Diversified Consumer Services Current Coupon 9.64% Basis Point Spread Above Index SOFR+5762025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/18/2025 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 8.74% Basis Point Spread Above Index SOFR+5002025-12-310001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2019-09-012019-09-300001504619First Lien Secured Debt Issuer Name Aphix Buyer, Inc. Acquisition 9/3/2025 Maturity 7/17/2031 Industry Business Services Current Coupon 8.47% Basis Point Spread Above Index SOFR+4752025-12-310001504619First Lien Secured Debt Issuer Name Hancock Roofing And Construction, LLC Acquisition 1/27/2021 Maturity 12/31/2026 Industry Insurance Current Coupon 9.27% Basis Point Spread Above Index SOFR+5602025-12-310001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 4/10/2025 Maturity 09/27/2030 Industry Diversified Consumer Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 5/5/2021 Maturity 4/3/2028 Industry IT Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+4902024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Boss Industries, LLC - Unfunded Revolver Acquisition 12/27/2024 Maturity 12/27/2030 Industry Independent Power and Renewable Electricity Producers2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Sabel InvestCo, LP. - Common Equity Acquisition 10/31/2024 Industry Government Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Seacoast Service Partners NA, LLC - Unfunded Revolver Acquisition 12/20/2024 Maturity 12/20/2029 Industry Diversified Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/2/2023 Maturity 04/21/2027 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TCG 3.0 Jogger Acquisitionco, Inc. Acquisition 1/23/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index 3M SOFR+ 6502024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Tyto Athene, LLC Acquisition 5/5/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 8.88% Basis Point Spread Above Index SOFR+4902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2025-09-300001504619First Lien Secured Debt Issuer Name LAV Gear Holdings, Inc. - Takeback TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 9.65% Basis Point Spread Above Index SOFR+5942025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. - Unfunded Revolver Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:FirstLienMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo, LP - Unfunded Common Equity Acquisition 10/3/2022 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.50% Basis Point Spread Above Index 3M SOFR+ 5502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Term Loan Acquisition 10/18/2024 Maturity 10/19/2026 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Project Granite Holdings, LLC Acquisition 8/4/2025 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sales Benchmark Index, LLC - Funded Revolver Acquisition 12/23/2019 Maturity 07/07/2026 Industry Professional Services Current Coupon 9.87% Basis Point Spread Above Index 3M SOFR+ 6202025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Funded Revolver Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP PAR Aggregator, LP - Common Equity Acquisition 9/3/2024 Industry Healthcare Technology2025-12-310001504619First Lien Secured Debt Issuer Name ACP Falcon Buyer, Inc. Acquisition 8/22/2023 Maturity 8/1/2029 Industry Business Services Current Coupon 9.49% Basis Point Spread Above Index SOFR+5502025-12-310001504619pflt:AtTheMarketOfferingMember2024-07-012024-07-310001504619pflt:TwoThousandThirtySevenAssetBackedDebtMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 4/10/2025 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Acquisition 7/8/2021 Maturity 07/13/2027 Industry Media Current Coupon 10.08% Basis Point Spread Above Index 3M SOFR+ 5762025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inovex Information Systems Incorporated Acquisition 12/17/2024 Maturity 12/17/2030 Industry Software Current Coupon 9.25% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series I-2 Acquisition 12/7/2023 Industry Distributors2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC - Unfunded Revolver Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Lucky Bucks, LLC - Last-Out Term Loan Acquisition 5/20/2024 Maturity 10/2/2029 Industry Hotel, Gaming and Leisure Current Coupon 11.66% Basis Point Spread Above Index SOFR+7652025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/1/2030 Industry Aerospace and Defense Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants BioDerm Holdings, LP - Common Equity Acquisition 1/30/2023 Industry Healthcare Equipment and Supplies2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Term Loan Acquisition 10/2/2023 Maturity 04/21/2027 Industry IT Services2025-10-012025-12-310001504619pflt:ClassA2NotesMemberpflt:TwoThousandAndThirtySevenAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Safe Haven Defense US, LLC - Unfunded Revolver Acquisition 5/23/2024 Maturity 05/23/2029 Industry Building Products2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Penta Group Holdings, Inc. - Common Equity Acquisition 7/31/2025 Industry Professional Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Keel Platform, LLC Acquisition 01/26/2024 Maturity 1/20/2031 Industry Metals and Mining Current Coupon 8.75% Basis Point Spread Above Index 3M SOFR+ 4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Funded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services Current Coupon 10.35% Basis Point Spread Above Index 3M SOFR+ 6352024-10-012025-09-300001504619First Lien Secured Debt Issuer Name MAG DS Corp. Acquisition 9/27/2023 Maturity 4/1/2027 Industry Aerospace and Defense Current Coupon 9.60% Basis Point Spread Above Index SOFR+5602024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class A-1 Acquisition 7/25/2023 Industry Automobiles2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Archer Lewis, LLC Acquisition 11/22/2024 Maturity 8/28/2029 Industry Commercial Services & Supplies Current Coupon 9.42% Basis Point Spread Above Index SOFR+5752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media Current Coupon 9.7% Basis Point Spread Above Index 3M SOFR+ 5762025-10-012025-12-310001504619pflt:HealthcareEducationAndChildcareMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.19% Basis Point Spread Above Index 3M SOFR+ 6192025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series J-2 Acquisition 12/7/2023 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Five Star Buyer, Inc. - Unfunded Revolver Acquisition 02/21/2023 Maturity 02/23/2028 Industry Hotels, Restaurants and Leisure2024-10-012025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC - Unfunded Revolver Acquisition 11/5/2021 Maturity 11/09/2027 Industry Textiles, Apparel and Luxury Goods2025-12-310001504619First Lien Secured Debt Issuer Name Carisk Buyer, Inc. Acquisition 10/16/2024 Maturity 12/3/2029 Industry Healthcare Technology Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media Current Coupon 9.98% Basis Point Spread Above Index 3M SOFR+ 6192025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Project Granite Buyer, Inc. Acquisition 12/31/2024 Maturity 12/31/2030 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC - Unfunded Revolver Acquisition 1/9/2019 Maturity 5/11/2026 Industry Media2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Transgo, LLC Acquisition 1/19/2024 Maturity 12/29/2028 Industry Automotive Current Coupon 9.47% Basis Point Spread Above Index SOFR+5752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Unfunded Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants OSP Embedded Aggregator, LP - Common Equity Acquisition 12/11/2023 Industry Aerospace and Defense2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 4/10/2025 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:LongTermCreditFacilityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt EDS Buyer, LLC Acquisition 12/19/2022 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.49% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Consumer Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902024-10-012025-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2031Memberpflt:TwoThousandAndThirtyOneAssetBackedDebtMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Team Services Group, LLC Acquisition 2/23/2024 Maturity 12/20/2027 Industry Healthcare Providers and Services Current Coupon 0.00% Basis Point Spread Above Index 3M SOFR+ 5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Beacon Behavioral Support Services, LLC Acquisition 6/21/2024 Maturity 06/21/2029 Industry Healthcare Providers and Services Current Coupon 9.17% Basis Point Spread Above Index 3M SOFR+ 5502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Inventus Power, Inc. Acquisition 6/29/2023 Maturity 01/15/2026 Industry Electronic Equipment, Instruments, and Components Current Coupon 11.33% Basis Point Spread Above Index 3M SOFR+ 7612025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Unfunded Common Equity Acquisition 1/22/2024 Industry Media2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 4/11/2023 Maturity 6/14/2028 Industry Distributors Current Coupon 10.00% Basis Point Spread Above Index SOFR+6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Best Practice Associates, LLC - Unfunded Revolver Acquisition 11/7/2024 Maturity 11/08/2029 Industry Aerospace and Defense2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series F-2 Acquisition 12/7/2023 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services2025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2024-09-300001504619us-gaap:InvestmentAffiliatedIssuerControlledMemberpflt:EquityInterestsMember2025-09-300001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 6/12/2023 Maturity 5/29/2029 Industry Diversified Consumer Services Current Coupon 9.16% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Revolver Acquisition 8/9/2024 Maturity 8/9/2030 Industry Professional Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Beacon Behavioral Holdings, LLC Acquisition 6/21/2024 Maturity 06/21/2030 Industry Healthcare Providers and Services Current Coupon 15.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Podean Intermediate II, LLC - Preferred Equity Acquisition 8/4/2025 Industry Marketing Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Funded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity UniTek Global Services, Inc. - Senior Preferred Equity Acquisition 1/13/2015 Industry Telecommunications Coupon 19.00%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Puget Collision, LLC - Funded Revolver Acquisition 10/3/2025 Maturity 10/03/2031 Industry Automobiles Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. - Funded Revolver Acquisition 8/17/2021 Maturity 08/20/2026 Industry Media Current Coupon 10.18% Basis Point Spread Above Index 3M SOFR+ 6022025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PD Tri-State Holdco, LLC - Unfunded Revolver Acquisition 10/14/2025 Maturity 10/14/2030 Industry Diversified Consumer Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants MDI Aggregator, LP - Common Equity Acquisition 7/19/2022 Industry Commodity Chemicals2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Infinity Home Services Holdco, Inc. Acquisition 4/11/2023 Maturity 12/28/2028 Industry Commercial Services & Supplies Current Coupon 10.16% Basis Point Spread Above Index SOFR+6002025-09-300001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 10/16/24 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.17% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdings, LP - Common Equity Acquisition 12/21/2022 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity RTIC Parent Holdings, LLC - Preferred Equity - Class A Acquisition 5/3/2024 Industry Leisure Products2025-09-300001504619pflt:FiveLargestInvestmentsMemberpflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity AFC Acquisitions, Inc. Preferred Equity - Series I-2 Acquisition 12/7/2023 Industry Distributors2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.66% Basis Point Spread Above Index 3M SOFR+ 5602025-09-300001504619us-gaap:FairValueInputsLevel2Memberpflt:TwoThousandThirtySixRAssetBackedDebtMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ACP Big Top Holdings, LP - Common Equity Acquisition 2/29/2024 Industry Construction & Engineering2024-10-012025-09-300001504619pflt:PennantParkSeniorSecuredLoanFundILLCMember2025-09-300001504619pflt:LongTermCreditFacilityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Tower Arch Infolinks Media, LP - Unfunded Common Equity Acquisition 1/22/2024 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MOREgroup Holdings, Inc. - Unfunded Revolver Acquisition 1/9/2024 Maturity 01/16/2030 Industry Construction & Engineering2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants RFMG Parent, LP - Common Equity Acquisition 12/16/2020 Industry Healthcare Equipment and Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cf512, Inc. Acquisition 8/17/2021 Maturity 8/20/2026 Industry Media Current Coupon 9.98% Basis Point Spread Above Index 3M SOFR+ 6192025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Meadowlark Acquirer, LLC Acquisition 12/9/2021 Maturity 12/10/2027 Industry Professional Services Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5652025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity SP L2 Holdings, LLC - Unfunded Preferred Equity Acquisition 11/4/2021 Industry Leisure Products2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 07/30/2027 Industry Healthcare Providers and Services2025-09-300001504619First Lien Secured Debt Issuer Name ETE Intermediate II, LLC Acquisition 6/12/2023 Maturity 05/29/2029 Industry Diversified Consumer Services Current Coupon 8.72% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Aechelon InvestCo, LP Acquisition 8/16/2024 Industry Aerospace and Defense2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name PD Tri-State Holdco, LLC. Acquisition 11/19/2025 Maturity 10/14/2030 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Unfunded Term Loan Acquisition 5/24/2023 Maturity 07/12/2026 Industry Personal Products2025-09-300001504619us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberpflt:FirstLienMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC Acquisition 3/21/2025 Maturity 3/19/2032 Industry Business Services Current Coupon 8.50% Basis Point Spread Above Index 3M SOFR+ 4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. Acquisition 6/8/2023 Maturity 6/15/2029 Industry Professional Services Current Coupon 9.75% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Sabel Systems Technology Solutions, LLC - Unfunded Revolver Acquisition 10/31/2024 Maturity 10/31/2030 Industry Government Services2025-09-300001504619First Lien Secured Debt Issuer Name Smartronix, LLC Acquisition 12/3/2025 Maturity 2/6/2032 Industry Aerospace and Defense Current Coupon 8.42% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Exigo Intermediate II, LLC Acquisition 08/27/2025 Maturity 03/15/2027 Industry Software Current Coupon 10.51% Basis Point Spread Above Index 1M SOFR+ 6352025-09-300001504619Equity Securities Issuer Name New Insight Holdings, Inc. - Common Equity Acquisition 7/15/2024 Industry Diversified Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Cartessa Aesthetics, LLC Acquisition 4/11/2023 Maturity 6/14/2028 Industry Distributors Current Coupon 9.67% Basis Point Spread Above Index SOFR+6002025-10-012025-12-310001504619pflt:TwoThousandAndThirtySixAssetBackedDebtMember2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants QuantiTech InvestCo II, LP - Common Equity Acquisition 5/1/2020 Industry Aerospace and Defense2025-09-300001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 4/11/2023 Maturity 1/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.75% Basis Point Spread Above Index SOFR+4752025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental Acquisition 6/27/2022 Industry Healthcare Providers and Services2025-09-300001504619First Lien Secured Debt Issuer Name NBH Group, LLC Acquisition 8/25/2021 Maturity 08/19/2026 Industry Healthcare, Education & Childcare Current Coupon 9.71% Basis Point Spread Above Index SOFR+5852025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-09-300001504619pflt:ClassBRNotesMemberpflt:SecuredOvernightFinancingRateMemberpflt:RTwoThousandAndThirtySixAssetBackedDebtMember2024-07-252024-07-250001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt Integrative Nutrition, LLC - Promissory Note Acquisition 4/17/2025 Maturity 04/15/2030 Industry Consumer Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Confluent Health, LLC Acquisition 1/12/2024 Maturity 11/30/2028 Industry Healthcare and Pharmaceuticals Current Coupon 11.22% Basis Point Spread Above Index SOFR+7502025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Second Lien Secured Debt Team Services Group, LLC - 2nd Lien Acquisition 2/23/2024 Maturity 12/18/2028 Industry Healthcare Providers and Services Current Coupon 13.10% Basis Point Spread Above Index 3M SOFR+ 9262025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants IHS Parent Holdings, LP - Common Equity Acquisition 12/21/2022 Industry Commercial Services & Supplies2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Recteq, LLC - Funded Revolver Acquisition 1/27/2021 Maturity 1/29/2026 Industry Leisure Products Current Coupon 10.46% Basis Point Spread Above Index 3M SOFR+ 6252024-10-012025-09-300001504619First Lien Secured Debt Issuer Name ACP Avenu Buyer, LLC Acquisition 11/19/2025 Maturity 10/2/2029 Industry IT Services Current Coupon 8.74% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt AFC-Dell Holding Corp. - Unfunded Term Loan Acquisition 2/22/2024 Maturity 04/09/2027 Industry Distributors2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rural Sourcing Holdings, Inc. - Unfunded Revolver Acquisition 6/8/2023 Maturity 06/15/2029 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC - Unfunded Term Loan Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt C5MI Acquisition, LLC Acquisition 7/31/2024 Maturity 07/31/2029 Industry IT Services Current Coupon 10.00% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Team Services Group, LLC Acquisition 10/4/2022 Maturity 12/20/2027 Industry Healthcare and Pharmaceuticals Current Coupon 9.56% Basis Point Spread Above Index SOFR+5252024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Coolsys, Inc. Acquisition 8/27/2025 Maturity 08/11/2028 Industry Commercial Services & Supplies Current Coupon 9.34% Basis Point Spread Above Index 3M SOFR+ 5012024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Graffiti Buyer, Inc. - Funded Revolver Acquisition 08/09/2021 Maturity 08/10/2027 Industry Trading Companies & Distributors Current Coupon 9.85%2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Delta InvestCo, LP - Unfunded Common Equity Acquisition 12/16/2020 Industry IT Services2025-12-310001504619First Lien Secured Debt Issuer Name STG Distribution, LLC - Second Out Term Loans Acquisition 5/22/2025 Maturity 10/3/2029 Industry Air Freight and Logistics Current Coupon 5.32%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Penta Group Holdings, Inc. Acquisition 7/31/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.17% Basis Point Spread Above Index 3M SOFR+ 4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Harris & Co. LLC - Unfunded Term Loan C Acquisition 08/09/2024 Maturity 08/18/2027 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name North American Rail Solutions, LLC Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-12-310001504619First Lien Secured Debt Issuer Name Lash OpCo, LLC Acquisition 10/14/2021 Maturity 2/18/2027 Industry Personal Products Current Coupon 12.16% Basis Point Spread Above Index SOFR+7852025-09-300001504619pflt:InternetSoftwareAndServicesMember2025-09-300001504619pflt:CashAndCashEquivalentFortyPointSixMember2025-12-310001504619First Lien Secured Debt Issuer Name Municipal Emergency Services, Inc. Acquisition 4/11/2023 Maturity 10/01/2027 Industry Distributors Current Coupon 8.42% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt NORA Acquisition, LLC - Unfunded Revolver Acquisition 8/22/2023 Maturity 08/31/2029 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Megawatt Acquisition Partners, LLC - Preferred Equity - Class A Acquisition 6/28/2024 Industry Electronic Equipment, Instruments, and Components2025-10-012025-12-310001504619pflt:ClassA-2NotesMemberpflt:PennantParkCLO12LLCMember2025-04-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TPC US Parent, LLC Acquisition 11/15/2019 Maturity 02/23/2026 Industry Food Products Current Coupon 9.48% Basis Point Spread Above Index 3M SOFR+ 5902025-10-012025-12-310001504619First Lien Secured Debt Issuer Name BLC Holding Company, Inc. Acquisition 4/10/2025 Maturity 11/20/2030 Industry Business Services Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:SecondLienMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Tyto Athene, LLC Acquisition 3/26/2021 Maturity 04/03/2028 Industry IT Services Current Coupon 8.56% Basis Point Spread Above Index 3M SOFR+ 4902025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc. Acquisition 9/3/2024 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 9.32% Basis Point Spread Above Index 3M SOFR+ 5002024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Big Top Holdings, LLC Acquisition 6/26/2024 Maturity 3/1/2030 Industry Business Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Crane 1 Services, Inc. Acquisition 8/11/2021 Maturity 08/16/2027 Industry Commercial Services & Supplies Current Coupon 10.03% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Seaway Topco, LP - Common Equity Acquisition 10/31/2024 Industry Chemicals, Plastics and Rubber2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants FedHC InvestCo, LP - Common Equity Acquisition 8/26/2021 Industry Aerospace and Defense2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PCS MIDCO, Inc. - Unfunded Term Loan Acquisition 3/1/2024 Maturity 03/02/2026 Industry Professional Services2025-12-310001504619First Lien Secured Debt Issuer Name Rancho Health MSO, Inc. Acquisition 4/11/2023 Maturity 6/20/2029 Industry Healthcare Providers and Services Current Coupon 9.29% Basis Point Spread Above Index SOFR+5002025-09-300001504619First Lien Secured Debt Issuer Name Omnia Exterior Solutions, LLC Acquisition 11/1/2024 Maturity 12/31/2029 Industry Diversified Consumer Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5252025-12-310001504619First Lien Secured Debt Issuer Name RTIC Subsidiary Holdings, LLC Acquisition 11/1/2024 Maturity 5/3/2029 Industry Leisure Products Current Coupon 9.75% Basis Point Spread Above Index SOFR+5752025-09-300001504619pflt:SubordinateDebtMemberus-gaap:InvestmentUnaffiliatedIssuerMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants North Haven Saints Equity Holdings, LP - Common Equity Acquisition 2/25/2022 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Acquisition 11/30/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.16% Basis Point Spread Above Index 3M SOFR+ 8432025-12-310001504619First Lien Secured Debt Issuer Name GGG MIDCO, LLC Acquisition 4/10/2025 Maturity 9/27/2030 Industry Diversified Consumer Services Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Archer Lewis, LLC - Unfunded Term Loan Acquisition 8/28/2024 Maturity 08/28/2026 Industry Healthcare Technology2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt TransGo, LLC Acquisition 12/29/2023 Maturity 12/29/2028 Industry Auto Components Current Coupon 9.91% Basis Point Spread Above Index 3M SOFR+ 5752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt BLC Holding Company, Inc. - Unfunded Revolver Acquisition 11/20/2024 Maturity 11/20/2030 Industry Business Services2025-12-310001504619pflt:SeniorSecuritiesMember2024-10-012025-09-300001504619Equity Securities Issuer Name Wash & Wax Group, LP - Common Equity Acquisition 4/30/2025 Industry Automobiles2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 7/30/2027 Industry Healthcare Providers and Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc. - Unfunded Term Loan Acquisition 12/21/2022 Maturity 10/30/2026 Industry Commercial Services & Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.Net Holdings, Inc. - Preferred Equity Acquisition 5/4/2021 Industry Media2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name Aphix Buyer, Inc. Acquisition 9/3/2025 Maturity 7/17/2031 Industry Business Services Current Coupon 8.47% Basis Point Spread Above Index SOFR+4752025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Lash OpCo, LLC Acquisition 8/16/2021 Maturity 02/18/2027 Industry Personal Products Current Coupon 12.16% (PIK 5.10%) Basis Point Spread Above Index 7852024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ETE Intermediate II, LLC Acquisition 05/24/2023 Maturity 05/29/2029 Industry Diversified Consumer Services Current Coupon 9.16% Basis Point Spread Above Index 3M SOFR+ 5002025-09-300001504619pflt:TwoThousandAndThirtyOneAssetBackedDebtMemberpflt:SecuredOvernightFinancingRateMember2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Impact Advisors, LLC - Unfunded Revolver Acquisition 3/21/2025 Maturity 03/19/2032 Industry Business Services2025-09-300001504619First Lien Secured Debt Issuer Name Ro Health, LLC Acquisition 3/3/2025 Maturity 1/17/2031 Industry Healthcare Providers and Services Current Coupon 8.50% Basis Point Spread Above Index SOFR+4502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ACP Avenu Buyer, LLC - Unfunded Revolver Acquisition 10/2/2023 Maturity 10/02/2029 Industry IT Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants ORL Holdco, Inc. - Common Equity Acquisition 9/1/2021 Industry Consumer Finance2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 6/8/2021 Maturity 04/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-10-012025-12-310001504619First Lien Secured Debt Issuer Name Lucky Bucks, LLC - First-Out Term Loan (5) Acquisition 12/1/2023 Maturity 10/2/2028 Industry Hotel, Gaming and Leisure Current Coupon 11.66% Basis Point Spread Above Index SOFR+7652024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Five Star Parent Holdings, LLC - Preferred (Class P) Acquisition 2/21/2023 Industry Hotels, Restaurants and Leisure2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name DRI Holding Inc. Acquisition 9/15/2022 Maturity 12/21/2028 Industry Media Current Coupon 9.51% Basis Point Spread Above Index SOFR+5352025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Magnolia Topco, LP - Common Equity - Class A Acquisition 7/25/2023 Industry Automobiles2025-12-310001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/11/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Output Services Group, Inc. - First-out Term Loan Acquisition 11/30/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.16% Basis Point Spread Above Index 3M SOFR+ 8432025-10-012025-12-310001504619First Lien Secured Debt Issuer Name EDS Buyer, LLC Acquisition 4/11/2023 Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 8.17% Basis Point Spread Above Index SOFR+4502025-12-310001504619First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Hancock Roofing and Construction, LLC - Funded Revolver Acquisition 12/23/2020 Maturity 12/31/2026 Industry Consumer products Current Coupon 9.76% Basis Point Spread Above Index 3M SOFR+ 6002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity Acquisition 11/29/2023 Industry Healthcare Providers and Services2025-12-310001504619pflt:TruistCreditFacilityMember2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Pink Lilly Holdco, LLC Acquisition 11/5/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.35%2024-10-012025-09-300001504619pflt:TwoThousandAndThirtySixRAssetBackedDebtMember2024-10-012024-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:ValuationTechniqueMarketComparableMemberpflt:MeasurementInputMarketYieldMemberpflt:LongTermCreditFacilityMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants PCS Parent, LP Acquisition 3/1/2024 Industry Professional Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Arcfield Acquisition Corp. Acquisition 10/28/2024 Maturity 10/28/2031 Industry Aerospace and Defense Current Coupon 8.84% Basis Point Spread Above Index 3M SOFR+ 5002025-12-310001504619pflt:TotalFirstLienSecuredDebtMember2025-09-300001504619pflt:BusinessServicesMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt HW Holdco, LLC - Unfunded Revolver Acquisition 1/9/2019 Maturity 05/11/2026 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Magnolia Topco, LP - Preferred Equity - Class B Acquisition 7/25/2023 Industry Automobiles2025-09-300001504619First Lien Secured Debt Issuer Name Medina Health, LLC Acquisition 11/18/2025 Maturity 10/20/2028 Industry Healthcare and Pharmaceuticals Current Coupon 9.92% Basis Point Spread Above Index SOFR+6252025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver Acquisition 6/26/2024 Maturity 06/26/2029 Industry Diversified Consumer Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC - Unfunded Term Loan Acquisition 9/30/2024 Maturity 09/30/2026 Industry Marketing Services2025-09-300001504619First Lien Secured Debt Issuer Name By Light Professional IT Services, LLC Acquisition 11/19/2025 Maturity 7/15/2031 Industry Aerospace and Defense Current Coupon 9.22% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt North American Rail Solutions, LLC Acquisition 8/29/2025 Maturity 08/29/2031 Industry Manufacturing/Basic Industry Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-12-310001504619First Lien Secured Debt Issuer Name Emergency Care Partners, LLC Acquisition 11/11/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619First Lien Secured Debt Issuer Name MBS Holdings, Inc. Acquisition 11/19/2025 Maturity 4/16/2027 Industry Internet Software and Services Current Coupon 8.92% Basis Point Spread Above Index SOFR+5102025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Ad.Net Holdings, Inc. - Preferred Equity Acquisition 5/4/2021 Industry Media2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Rosco Parent, LLC - Unfunded Revolver Acquisition 9/9/2025 Maturity 09/12/2031 Industry Business Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Cornerstone Advisors of Arizona, LLC - Unfunded Revolver Acquisition 5/13/2025 Maturity 05/13/2032 Industry Consulting Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Paving Lessor Corp. - Unfunded Term Loan Acquisition 7/1/2025 Maturity 7/1/2027 Industry Business Services2024-10-012025-09-300001504619pflt:TwoThousandThirtySevenAssetBackedDebtMember2025-09-300001504619First Lien Secured Debt Issuer Name CF512, Inc. Acquisition 12/27/2021 Maturity 8/20/2026 Industry Media Current Coupon 10.36% Basis Point Spread Above Index SOFR+6192024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Big Top Holdings, LLC - Unfunded Revolver Acquisition 2/29/2024 Maturity 02/28/2030 Industry Construction & Engineering2025-09-300001504619First Lien Secured Debt Issuer Name MDI Buyer, Inc. Acquisition 4/11/2023 Maturity 7/25/2028 Industry Chemicals, Plastics and Rubber Current Coupon 8.95% Basis Point Spread Above Index SOFR+4752024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt ORL Acquisition, Inc. Acquisition 9/1/2021 Maturity 09/03/2027 Industry Consumer Finance Current Coupon 13.07% (PIK 7.50%) Basis Point Spread Above Index 3M SOFR+ 9402025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ad.net Acquisition, LLC - Unfunded Revolver Acquisition 5/4/2021 Maturity 05/07/2026 Industry Media2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Systems Planning And Analysis, Inc. - Unfunded Revolver Acquisition 10/12/2021 Maturity 08/16/2027 Industry Aerospace and Defense2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental Acquisition 4/30/2025 Industry Healthcare Providers and Services2025-10-012025-12-310001504619pflt:IndependentPowerAndRenewableElectricityProducersMember2025-09-300001504619First Lien Secured Debt Issuer Name Hills Distribution, Inc. Acquisition 5/3/2024 Maturity 11/08/2029 Industry Business Services Current Coupon 9.19% Basis Point Spread Above Index SOFR+5502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Capital Construction, LLC - Unfunded Term Loan Acquisition 6/30/2025 Maturity 12/30/2025 Industry Consumer Services2024-10-012025-09-300001504619Equity Securities Issuer Name Output Services Group, Inc. - Common Equity Acquisition 12/1/2023 Industry Business Services2025-09-300001504619First Lien Secured Debt Issuer Name PAR Excellence Holdings, Inc. Acquisition 11/18/2025 Maturity 9/3/2030 Industry Healthcare Technology Current Coupon 8.74% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619pflt:TwoThousandAndThirtySevenAssetBackedDebtMember2024-10-012024-12-310001504619First Lien Secured Debt Issuer Name TMII Enterprises, LLC Acquisition 4/11/2023 Maturity 12/22/2028 Industry Commercial Services & Supplies Current Coupon 8.22% Basis Point Spread Above Index SOFR+4502025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants Watchtower Holdings, LLC - Common Equity Acquisition 11/29/2023 Industry Electronic Equipment, Instruments, and Components2025-09-300001504619pflt:ClassA1SeniorSecuredFloatingRateNotesDue2036Memberpflt:TwoThousandAndThirtySixAssetBackedDebtMember2025-10-012025-12-310001504619First Lien Secured Debt Issuer Name BioDerm, Inc. Acquisition 2/28/2023 Maturity 1/31/2028 Industry Healthcare and Pharmaceuticals Current Coupon 10.77% Basis Point Spread Above Index SOFR+6502024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Compex Legal Services, Inc. - Unfunded Revolver Acquisition 1/27/2020 Maturity 02/07/2026 Industry Professional Services2024-10-012025-09-300001504619First Lien Secured Debt Issuer Name SV-Aero Holdings, LLC Acquisition 10/31/2024 Maturity 11/01/2030 Industry Aerospace and Defense Current Coupon 8.67% Basis Point Spread Above Index SOFR+5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Argano, LLC – Unfunded Revolver Acquisition 9/13/2024 Maturity 09/13/2029 Industry Business Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Wash & Wax Systems, LLC - Unfunded Revolver Acquisition 4/30/2025 Maturity 04/30/2028 Industry Consumer Services2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt CJX Borrower, LLC Acquisition 7/8/2021 Maturity 7/13/2027 Industry Media Current Coupon 9.7% Basis Point Spread Above Index 3M SOFR+ 5762025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundIILLCMemberpflt:LiabilitiesInExcessOfOtherAssetsMember2025-12-310001504619First Lien Secured Debt Issuer Name Inventus Power, Inc. Acquisition 7/11/2023 Maturity 1/15/2026 Industry Consumer Goods: Durable Current Coupon 11.78% Basis Point Spread Above Index SOFR+7612025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Preferred Equity Hancock Claims Consultants Investors, LLC - Preferred Equity Acquisition 12/23/2020 Industry Insurance2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Subordinate Debt StoicLane, Inc. - Convertible Notes Acquisition 8/15/2024 Maturity 8/16/2027 Industry Healthcare Technology Current Coupon 12.00%2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Loving Tan Intermediate II, Inc. - Funded Revolver Acquisition 5/24/2023 Maturity 05/31/2028 Industry Personal Products Current Coupon 8.69% Basis Point Spread Above Index 3M SOFR+ 5002025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt LAV Gear Holdings, Inc. - Incremental TL Acquisition 7/31/2025 Maturity 07/31/2029 Industry Capital Equipment Current Coupon 10.10% (PIK 3.44%)2025-09-300001504619First Lien Secured Debt Issuer Name Dynata, LLC - First Out Term Loan Acquisition 7/15/2024 Maturity 07/17/2028 Industry Diversified Consumer Services Current Coupon 9.14% Basis Point Spread Above Index SOFR+5762025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Anteriad, LLC (f/k/a MeritDirect, LLC) Acquisition 5/21/2019 Maturity 06/30/2026 Industry Media Current Coupon 9.90% Basis Point Spread Above Index 3M SOFR+ 5902025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Term Loan Acquisition 06/13/2025 Maturity 06/13/2027 Industry Healthcare Providers and Services2025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Coolsys, Inc. Acquisition 8/27/2025 Maturity 8/11/2028 Industry Commercial Services & Supplies Current Coupon 8.63% Basis Point Spread Above Index 3M SOFR+ 5012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt First Medical MSO, LLC - Unfunded Revolver Acquisition 6/13/2025 Maturity 6/13/2031 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants GCOM InvestCo, LP - Common Equity Acquisition 6/22/2021 Industry IT Services2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Duggal Acquisition, LLC Acquisition 9/30/2024 Maturity 9/30/2030 Industry Marketing Services Current Coupon 8.42% Basis Point Spread Above Index 3M SOFR+ 4752025-10-012025-12-310001504619First Lien Secured Debt Issuer Name HEC Purchaser Corp. Acquisition 4/10/2025 Maturity 6/17/2029 Industry Healthcare and Pharmaceuticals Current Coupon 8.87% Basis Point Spread Above Index SOFR+5002024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Watchtower Buyer, LLC Acquisition 11/29/2023 Maturity 12/03/2029 Industry Electronic Equipment, Instruments, and Components Current Coupon 9.70% Basis Point Spread Above Index 3M SOFR+ 6002025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Confluent Health, LLC Acquisition 3/25/2024 Maturity 11/30/2028 Industry Healthcare Providers and Services Current Coupon 7.83% Basis Point Spread Above Index 1M SOFR+ 4002025-10-012025-12-310001504619pflt:PennantParkSeniorSecuredLoanFundILLCMemberpflt:InvestmentInSinglePortfolioCompanyMember2025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Riverpoint Medical, LLC - Unfunded Revolver Acquisition 6/19/2019 Maturity 06/21/2027 Industry Healthcare Equipment and Supplies2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies Common Equity/Warrants WCP Ivyrehab Coinvestment, LP - Common Equity Acquisition 11/29/2023 Industry Healthcare Providers and Services2025-10-012025-12-310001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Marketplace Events Acquisition, LLC - Unfunded Revolver Acquisition 12/19/2024 Maturity 12/19/2030 Industry Media2024-10-012025-09-300001504619Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan Acquisition 8/12/2025 Maturity 7/30/2027 Industry Healthcare Providers and Services2025-10-012025-12-310001504619pflt:JPMorganUSGovernmentFundMember2025-12-310001504619us-gaap:FairValueInputsLevel3Memberpflt:LongTermCreditFacilityMember2024-12-31xbrli:purepflt:Portfoliopflt:Segmentiso4217:USDxbrli:sharesxbrli:sharesiso4217:CADiso4217:USD
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2025
OR
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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 February 9, 2026 was99,217,896.
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, a consolidated limited partnership; “PTSF’s GP” refers to PennantPark-TSO Senior Loan Fund GP, LLC a wholly owned subsidiary; "PSSL II” refers to PennantPark Senior Secured Loan Fund II LLC, an unconsolidated joint venture; "2037 Securitization Issuer" refers to PennantPark CLO 11, LLC, a consolidated Delaware limited liability company, “PennantPark Investment Advisers” or “Investment Adviser” refers to PennantPark Investment Advisers, LLC; “PennantPark Investment Administration” or “Administrator” refers to PennantPark Investment Administration, LLC; “2023 Notes” refers to our 4.3% Series A notes due 2023; “2026 Notes” refers to our 4.25% Notes due 2026; “1940 Act” refers to the Investment Company Act of 1940, as amended; “SBCAA” refers to the Small Business Credit Availability Act; “Code” refers to the Internal Revenue Code of 1986, as amended; “RIC” refers to a regulated investment company under the Code; “BDC” refers to a business development company under the 1940 Act;“Credit Facility” refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the “Lenders,” entered into on August 12, 2021; “Securitization Issuer” refers to PennantPark CLO I, Ltd.; “Securitization Issuers” refers to the Securitization Issuer and PennantPark CLO I, LLC; “Debt Securitization” refers to the $301.4 million term debt securitization completed by the Securitization Issuers; “2031 Asset-Backed Debt” refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A‑1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. 2036 Securitization Issuer refers to PennantPark CLO VIII, LLC; “2036-Debt Securitization” refers to the $350.6 million term debt securitization completed by the "2036 Securitization Issuers"; “2036 Asset-Backed Debt” refers to the issuance of the AAA(sf) Class A-1 Notes, AAA(sf) Class A-2 Notes, AA(sf) Class B Notes, A(sf) Class C Notes, BBB-(sf) Class D Notes, and the borrowing issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes.); “2036-R Securitization Issuers” refers to Securitization Issuer and PennantPark CLO I LLC; “2036-R Indenture” refers to that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024; “2036-R Asset-Backed Debt” refers to the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant the 2036-R Indenture (i) $203 million of A-1-R Notes, which bear interest at the three-month secured overnight financing rate (“SOFR”) plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30% (collectively, the “Secured Notes”), (B) the issuance by a 2036-R Securitization Issuer of $64 million of subordinated notes pursuant to the 2036-R Indenture (the “Subordinated Notes”), (C) the borrowing by the Securitization Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05% (the “Class B-R Loans”); “2037 Debt Securitization” refers to the $474.6 million term debt securitization completed by 2037 Securitization Issuer; “2037 Credit Agreement” refers to that certain credit agreement, dated as of February 20, 2025 by and among 2037 Securitization Issuer, as borrower, the various financial institutions party thereto, as lenders, and Western Alliance Trust Company, National Association, as collateral agent and as loan agent; “2037 Indenture” refers to that certain indenture, dated as of February 20, 2025 by and between 2037 Securitization Issuer and Western Alliance Trust Company, National Association; “2037 Asset-Backed Debt” refers to (A) the issuance by 2037 Securitization Issuer of the following classes of notes pursuant to the 2037 Indenture: (i) $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at three-month SOFR plus 1.49%, (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60%, (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75%, (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20%, (v) $28.5 million of BBB-(sf) Class D Notes (the “2037 Class D Notes”), which bear interest at three-month SOFR plus 3.60%, (collectively, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (“2037 Subordinated Notes” and, together with the 2037 Secured Notes, the “2037 Notes”) and (B) the borrowing by the Issuers of $10.0 million under AAA(sf) Class A-1L-A floating rate loans and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (together, the “2037 Asset-Backed Loans”), which bear interest at three-month SOFR plus 1.49%. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business includes 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)
December 31, 2025
September 30, 2025
(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (amortized cost— $2,226,700 and $2,458,018, respectively)
$
2,238,775
$
2,491,360
Controlled, affiliated investments (amortized cost— $457,000 and $361,375, respectively)
366,572
281,968
Total investments (amortized cost— $2,683,700 and $2,819,393, respectively)
2,605,347
2,773,328
Cash equivalents (cost— $40,143 and $40,729, respectively)
40,143
40,729
Cash (cost— $55,121 and $81,955, respectively)
55,125
81,959
Interest receivable
13,017
13,832
Receivable for investments sold
37
1,369
Due from affiliate
239
321
Prepaid expenses and other assets
2,174
2,143
Total assets
2,716,082
2,913,681
Liabilities
Credit Facility payable, at fair value (cost— $488,855 and $683,855, respectively)
488,859
683,837
2026 Notes payable, net (par—$185,000) (unamortized deferred financing costs of $197 and $391, respectively)
184,803
184,609
2036 Asset-Backed Debt, net (par—$287,000) (unamortized deferred financing costs of $2,238 and $2,373, respectively)
284,762
284,627
2036-R Asset-Backed Debt, net (par— $287,000 and $266,000) (unamortized deferred financing costs of $439 and $634, respectively)
286,561
265,366
2037 Asset-Backed Debt, net (par— $389,500 and $361,000) (unamortized deferred financing costs of $2,475 and $2,669, respectively)
387,025
358,331
Payable for investments purchased
—
14,852
Interest payable on debt
16,109
19,172
Distributions payable
10,170
10,170
Base management fee payable
6,814
6,549
Incentive fee payable
6,660
6,883
Accounts payable and accrued expenses
2,662
2,166
Deferred tax liability
1,228
1,864
Due to affiliate
-
739
Total liabilities
1,675,653
1,839,165
Commitments and contingencies (See Note 11)
Net assets
Common stock, 99,217,896 and 99,217,896 shares issued and outstanding, respectively Par value $0.001 per share and 200,000,000 shares authorized
99
99
Paid-in capital in excess of par value
1,219,502
1,219,502
Accumulated deficit
(179,172
)
(145,085
)
Total net assets
$
1,040,429
$
1,074,516
Total liabilities and net assets
$
2,716,082
$
2,913,681
Net asset value per share
$
10.49
$
10.83
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 December 31,
2025
2024
Investment income:
From non-controlled, non-affiliated investments:
Interest
$
56,531
$
47,463
Dividend
8
577
Other income
761
1,480
From controlled, affiliated investments:
Interest
7,845
12,808
Dividend
4,944
4,375
Other income
—
306
Total investment income
70,089
67,009
Expenses:
Interest and expenses on debt
27,154
22,361
Performance-based incentive fee
6,660
7,492
Base management fee
6,814
5,264
General and administrative expenses
1,200
1,200
Administrative services expenses
900
500
Expenses before amendment costs and provision for taxes
42,728
36,817
Provision for taxes on net investment income
225
225
Credit Facility amendment costs
498
—
Total expenses
43,451
37,042
Net investment income
26,638
29,967
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on:
Non-controlled, non-affiliated investments
1,457
1,181
Non-controlled and controlled, affiliated investments
—
25,493
Provision for taxes on realized gain (loss) on investments
—
(73
)
Net realized gain (loss) on investments
1,457
26,601
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments
(21,266
)
2,943
Non-controlled and controlled, affiliated investments
(11,021
)
(31,904
)
Provision for taxes on unrealized appreciation (depreciation) on investments
636
632
Debt appreciation (depreciation)
(22
)
90
Net change in unrealized appreciation (depreciation) on investments and debt
(31,673
)
(28,239
)
Net realized and unrealized gain (loss) from investments and debt
(30,216
)
(1,638
)
Net increase (decrease) in net assets resulting from operations
$
(3,578
)
$
28,329
Net increase (decrease) in net assets resulting from operations per common share (See Note 7)
$
(0.04
)
$
0.35
Net investment income per common share
$
0.27
$
0.37
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 December 31,
2025
2024
Net increase (decrease) in net assets from operations:
Net investment income
$
26,638
$
29,967
Net realized gain (loss) on investments
1,457
26,674
Net change in unrealized appreciation (depreciation) on investments
(32,287
)
(28,961
)
Net change in provision for taxes on realized and unrealized appreciation (depreciation) on investments
636
559
Net change in unrealized appreciation (depreciation) on debt
(22
)
90
Net increase (decrease) in net assets resulting from operations
(3,578
)
28,329
Distributions to stockholders:
Distribution of net investment income
(30,509
)
(25,181
)
Total distributions to stockholders
(30,509
)
(25,181
)
Capital transactions
Public offering
—
82,708
Offering costs
—
(499
)
Net increase in net assets resulting from capital transactions
—
82,209
Net increase (decrease) in net assets
(34,087
)
85,357
Net assets:
Beginning of period
1,074,516
877,294
End of period
$
1,040,429
$
962,651
Capital share activity:
Shares issued from public offering
—
7,276,000
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
6
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Three Months Ended December 31,
2025
2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations
$
(3,578
)
$
28,329
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
32,287
28,961
Net change in unrealized appreciation (depreciation) on debt
22
(90
)
Net realized (gain) loss on investments
(1,457
)
(26,674
)
Net accretion of discount and amortization of premium
(1,632
)
(5,687
)
Purchases of investments
(205,415
)
(606,916
)
Payment-in-kind interest
(1,627
)
(1,378
)
Proceeds from dispositions of investments
345,821
401,300
Amortization of deferred financing costs
718
362
(Increase) decrease in:
Interest receivable
815
(857
)
Receivable from investment sold
1,332
(29,090
)
Distribution receivable
—
58
Prepaid expenses and other assets
(31
)
(4,828
)
Due from affiliate
82
(21
)
Increase (decrease) in:
Payable for investments purchased
(14,852
)
(19,892
)
Interest payable on debt
(3,063
)
(1,327
)
Base management fee payable
265
676
Incentive fee payable
(223
)
4,303
Deferred tax liability
(636
)
(632
)
Due to affiliates
(739
)
—
Account payable and accrued expenses
496
733
Net cash provided by (used in) operating activities
148,585
(232,670
)
Cash flows from financing activities:
Proceeds from public offering
—
82,708
Offering costs
—
(496
)
Borrowings of 2037 Asset-Backed Debt
28,500
—
Borrowings of 2036-R Asset-Backed Debt
21,000
—
Distributions paid to stockholders
(30,510
)
(24,317
)
Borrowings under Credit Facility
27,000
165,001
Repayments under Credit Facility
(222,000
)
—
Net cash provided by (used in) financing activities
(176,010
)
222,896
Net increase (decrease) in cash and cash equivalents
(27,425
)
(9,774
)
Effect of exchange rate changes on cash
5
(14
)
Cash and cash equivalents, beginning of period
122,688
112,050
Cash and cash equivalents, end of period
$
95,268
$
102,262
Supplemental disclosures:
Interest paid
$
29,499
$
23,326
Taxes paid
$
32
$
—
Non-cash purchases and disposition of investments
$
95,625
$
—
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
December 31, 2025
(in thousands, except per share data)
(Unaudited)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par / Shares
Cost
Fair Value (2)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 215.2% (3), (4)
JPMorgan US Dollar Liquidity Inst (Money Market Fund)
3.81
%
4,129
4,129
JPMorgan U.S. Government (Money Market Fund)
3.61
%
3,948
3,948
Goldman Sachs Financial Square Government Fund (Money Market Fund)
3.71
%
8,808
8,808
Total Cash Equivalents
40,143
40,143
Cash - 5.3% of Net Assets
Cash
$
55,121
$
55,125
Total Cash
$
55,121
$
55,125
Total Investments, Cash Equivalents, and Cash - 259.6% of Net Assets
$
2,778,964
$
2,700,615
Liabilities in Excess of Other Assets - (159.6)% of Net Assets
(1,660,186
)
Net Assets - 100%
$
1,040,429
—————
(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 Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes payment-in-kind, or "PIK", interest and other fee rates, if any.
(2)
Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-income producing securities.
(6)
The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2036-R Asset-Backed Debt and are not held through PennantPark CLO I, Ltd; 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO VIII, Ltd. and 4) do not secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 11, LLC.
(7)
Investment is held through our Taxable Subsidiary.
(8)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(9)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of December 31, 2025, qualifying assets represented 87% of our total assets and non-qualifying assets represented 13% of our total assets.
(10)
Non-accrual security.
(11)
As of December 31, 2025, all investments were in U.S. companies and total cost, fair value, and percentage of Net Assets for the U.S companies were $2,683.7 million, $2,605.3 million, and 250.4%
(12)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
September 30, 2025
(in thousands, except per share data)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par / Shares
Cost
Fair Value (2)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 231.9% (3), (4)
JPMorgan US Dollar Liquidity Inst (Money Market Fund)
4.10
%
5,651
5,651
JPMorgan U.S. Government (Money Market Fund)
4.02
%
6,132
6,132
Goldman Sachs Financial Square Government Fund (Money Market Fund)
4.18
%
10,561
10,561
Total Cash Equivalents
$
40,729
$
40,729
Cash - 7.6% of Net Assets
Cash
81,955
81,959
Total Cash
$
81,955
$
81,959
Total Investments, Cash Equivalents and Cash - 269.5% of Net Assets
$
2,942,077
$
2,896,016
Liabilities in Excess of Other Assets - (169.5)% of Net Assets
(1,821,500
)
Net Assets - 100%
$
1,074,516
______________
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
25
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
September 30, 2025
(in thousands, except per share data)
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or “SOFR”, or Prime rate, or“P", or Sterling Overnight Index Average, or “SONIA.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower’s option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(3)
The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4)
The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5)
Non-income producing securities.
(6)
The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2036-R Asset-Backed Debt and are not held through PennantPark CLO I, Ltd.; 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO VIII, Ltd. and 4) do note secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 11, LLC.
(7)
Investment is held through our Taxable Subsidiary.
(8)
Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(9)
The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2025, qualifying assets represent 90% of our total assets and non-qualifying assets represent 10% of our total assets.
(10)
Non-accrual security
(11)
As of September 30, 2025, all investments were in U.S companies and total cost, fair value, and percentage of Net Assets for the U.S. companies were $2,819.4 million, $2,773.3 million, and 258.1%
(12)
Partial PIK non-accrual security
(13)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
26
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2025
(Unaudited)
1. ORGANIZATION
PennantPark Floating Rate Capital Ltd. (the "Company", "we," "our" or "us") was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. On April 14, 2022, trading of the Company’s common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC.
Our principal investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. We seek to achieve our principal investment objective by investing primarily in floating rate loans, and other investments made to U.S. middle-market private companies whose debt is rated below investment grade. Floating rate loans pay interest at variable rates, which are determined periodically, on the basis of a floating base lending rate such as SOFR, with or without a floor, plus a fixed spread. Under normal market conditions, we generally expect that at least 80% of the value of our managed assets will be invested in floating rate loans and other investments bearing a variable rate of interest, which may include, from time to time, variable rate derivative instruments. We generally expect that first lien secured debt will represent at least 65% of our overall portfolio. We generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second lien secured debt, subordinated debt, and, to a lesser extent, equity investments.
We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term “subsidiary” means entities that primarily engage in investment activities in securities or other assets and are wholly owned by us. The Company does not intend to create or acquire primary control of any entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.
We have entered into an investment management agreement, (the "Investment Management Agreement"), with PennantPark Investment Advisers LLC (the "Investment Adviser"), an external adviser that manages our day-to-day operations. We have also entered into an administration agreement, (the "Administration Agreement"), with PennantPark Investment Administration LLC (the "Administrator"), which provides the administrative services necessary for us to operate.
Funding I, our wholly owned subsidiary and a special purpose entity, was organized in Delaware as a limited liability company in May 2011. We formed Funding I in order to establish a credit facility. The Investment Adviser serves as the collateral manager to Funding I and has irrevocably directed that any management fee owed with respect to such services is to be paid to us so long as the Investment Adviser remains the collateral manager. This arrangement does not increase our consolidated management fee.
We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are subject to tax as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.
In May 2017, we and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, ("Kemper"), formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL is a Delaware limited liability company. See Note 4.
In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II is a Delaware limited liability company. See Note 4.
In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt was secured by a carefully constructed portfolio of the Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2031 Asset-Backed Debt was to mature on October 15, 2031. On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. See Note 10.
In July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company initially retained $85.0 million of the debt securitization. In October 2025, the Company sold $21.0 million of the previously retained debt securitization. The 2036-R Asset-Backed Debt is secured by a carefully constructed portfolio of primarily middle market loans and participation interest in middle market loans. The 2036-R Asset-Backed Debt matures in July 2036.
On February 22, 2024, the 2036 Securitization Issuer completed the 2036 Debt Securitization. The 2036 Asset-Backed Debt is secured by a carefully constructed portfolio of the 2036-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2036 Asset-Backed Debt matures 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 it included loans distributed to us by certain wholly owned subsidiaries. See Note 10.
In February 2025, the 2037 Securitization Issuer completed a $474.6 million term debt securitization (the “2037 Debt Securitization”). The Company initially retained $85.1 million of subordinated notes and $28.5 million of BBB-(sf) Class D Notes of the debt securitization issued by the 2037 Securitization Issuer. In November 2025, the Company sold $28.5 million of the previously retained Class D Notes. The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio of the 2037-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2037 Asset-Backed Debt matures in April 20, 2037. See Note 10.
In March 2021 and October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5% respectively. Interest on the 2026 Notes is paid semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%.The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of
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(Unaudited)
the assets securing such indebtedness and are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.
In April 2021, we formed PennantPark-TSO Senior Loan Fund LP ("PTSF"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $81.4 million in investments to a wholly owned subsidiary of PTSF in exchange for cash in the amount of $69.5 million and an $11.9 million equity interest in PTSF representing 23.08% of the total outstanding Class A Units of PTSF. We recognized $0.4 million of realized gain upon the formation of PTSF.
In August 2025, in connection with the winding down of PTSF, an unconsolidated limited partnership, the Company acquired a portfolio of approximately $250 million of assets, including from TSO Puma SPV, LLC, an affiliate of Towerbrook Capital Partners. This portfolio includes assets with which the Company's Investment Adviser is familiar. The average spread and credit statistics are generally in-line with PFLT's existing portfolio. The Company acquired these assets at their most recent fair market value as of the date of the transaction. As of August 27, 2025, PFLT was the only remaining partner in PTSF, and as a result the entity became a wholly owned consolidated subsidiary as of that date.
On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ( “Holdings”) to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.
In July 2024, the Company established a $500.0 million at-the-market offering program (the "2024 ATM Program") and terminated the existing $250.0 million at-the-market offering program (the "2022 ATM Program" and, together "with the 2024 ATM Program, the "ATM Programs").
During the three months ended December 31, 2025 we did not issue any shares of our common stock under the ATM Programs. During the three months ended December 31, 2024 we issued 7,276,000 shares of our common stock under the ATM Programs. During the three months ended December 31, 2024, shares were issued at a weighted average price of $11.30 per share, resulting in net proceeds of $82.2 million 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. During the quarter ended December 31, 2025 and 2024, we incurred zero and less than $0.1 million, respectively, of legal and other offering costs associated with establishing the ATM Programs. As of December 31, 2025 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.
The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act"). The Investment Advisor intends to continue to affirm the exclusion on an annual basis and therefore, does not expect to be subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the creditworthiness of our portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to the Financial Accounting Standards Board’s ("FASB’s"), Accounting Standards Codification, as amended ("ASC"), serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated financial statements are issued.
Our consolidated financial statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a consolidated statement of changes in net assets in lieu of a Consolidated Statement of Changes in Stockholders’ Equity.
Our significant accounting policies consistently applied are as follows:
(a) Investment Valuations
We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio. We value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.
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
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(Unaudited)
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 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 may use market quotations to assess the value of our investments for which market quotations are readily available. We obtain such market values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.
(b) Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses
Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments, and the Credit Facility during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.
We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount ("OID"), market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.
Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. As of December 31, 2025, we hadfour portfolio companies on non-accrual status, representing 0.5% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2025, we had three portfolio companies on non-accrual status, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively.
(c) Income Taxes
We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes ("ASC 740"). Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material U.S. federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of a federal excise tax, or we may incur taxes through our taxable subsidiaries, including the Taxable Subsidiary. For the three months ended December 31, 2025 and 2024, we recorded a provision for taxes on net investment income of $0.2 million and $0.2 million, respectively, pertaining to federal excise tax.
We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal.
For the three months ended December 31, 2025, the Company recorded a provision for taxes of $0.6 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three months ended December 31, 2024, the Company recorded a provision for taxes of $0.6 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of December 31, 2025, and September 30, 2025, $1.2 million and $1.9 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. During the three months ended December 31, 2025 and 2024, the Company recorded a provision for taxes of zero and $0.1 million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three months ended December 31, 2025 and 2024, the Company paid zero and zero in taxes on realized gains on the sale of investments held by the Taxable Subsidiary.
We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.
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DECEMBER 31, 2025
(Unaudited)
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Statements of Assets and Liabilities to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.
(d) Distributions and Capital Transactions
Distributions to holders of our common stock are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by the board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.
Capital transactions through offerings of our common stock are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.
On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500.0 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.
During the three months ended December 31, 2025 we did not issue any shares of our common stock under the ATM Programs. During the three months ended December 31, 2024 we issued 7,276,000 shares of our common stock under the ATM Programs. During the three months ended December 31, 2024, shares were issued at a weighted average price of $11.30 per share, resulting in net proceeds of $82.2 million 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. During the quarter ended December 31, 2025 and 2024, we incurred zero and less than $0.1 million, respectively, of legal and other offering costs associated with establishing the ATM Programs. As of December 31, 2025 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.
(e) Foreign Currency Translation
Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and
2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.
Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair value of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.
Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.
(f) Consolidation
As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, we will generally not consolidate our investment in a company other than an investment company wholly owned subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our taxable subsidiaries, including the Taxable Subsidiary, Funding I, 2036 Securitization Issuers, the 2036-R Securitization Issuers, 2037 Securitization Issuer, and PTSF and PTSF's GP (effective, August 27, 2025; see Note 1) in our Consolidated Financial Statements. We do not consolidate our non-controlling interest in PSSL or PSSL II. See further description of our investment in PSSL and PSSLII in Note 4.
(g) Asset Transfers and Servicing
Asset transfers that do not meet requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments. The creditors of Funding I have received a security interest in all of its assets and such assets are not intended to be available to our creditors or any of our affiliates.
(h) Segment Reporting
In accordance with ASC Topic 280 - Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 12 for additional information on the Company's segment accounting policies.
(i) 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
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(Unaudited)
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 adopted ASU 2020-04, the effect of which was not material to the consolidated financial statements and the notes to the consolidated financial statements.
In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or 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 has adopted the new accounting standard, the effect of which was not material to the consolidated financial statements and the notes thereto.
In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.
3. AGREEMENTS AND RELATED PARTY TRANSACTIONS
(a) Investment Management Agreement
The Investment Management Agreement was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in May 2025. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. For providing these services, the Investment Adviser receives a fee from us consisting of two components - a base management fee and an incentive fee. 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.
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 months ended December 31, 2025 and 2024, we recorded a base management fee of $6.8 million and $5.3 million, respectively, paid by us to the Investment Adviser.
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 theInvestment 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 months ended December 31, 2025 and 2024, we recorded $6.7 million and $7.5 million, respectively, related to incentive fees on net investment income, paid by us to the Investment Adviser.
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 months ended December 31, 2025 and 2024, the Company did not pay an incentive fee on capital gains.
31
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
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 months ended December 31, 2025 and 2024 was zero.
(b) Administration Agreement
The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of the directors who are not interested persons of us, in May 2025. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSSL. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three months ended December 31, 2025 and 2024, we recorded administrative expenses of $0.7 million and $0.4 million, related to expenses the Company incurred for services described above, respectively.
Under the Administration Agreement the Administrator may be reimbursed by the Company for the costs and expenses to be borne by the Company set forth above to include the costs and expenses allocable with respect to the provision of in-house legal, tax, or other professional advice and/or services to the Company, including performing due diligence on its prospective portfolio companies as deemed appropriate by the Administrator, where such in-house personnel perform services that would be paid by the Company if outside service providers provided the same services, subject to the Board's oversight.
(c) Other Related Party Transactions
The Company, the Investment Adviser and certain other affiliates have been granted an order for exemptive relief by the SEC for the Company to co-invest with other funds managed by the Investment Adviser. If we co-invest with other affiliated funds, our Investment Adviser will not receive compensation except to the extent permitted by the exemptive order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.
There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three months ended December 31, 2025 and 2024.
For the three months ended December 31, 2025 and 2024, we sold $132.5 million and $187.7 million in investments to PSSL at fair value, respectively, and recognized $0.3 million and $(0.1) million of net realized gain (losses).
For the three months ended December 31, 2025 and 2024, we sold $196.5 million and zero in investments to PSSL II at fair value, respectively, and recognized $0.4 million and zero of net realized gain (losses).
For the three months ended December 31, 2025 and 2024, we sold no investments to PTSF.
As of December 31, 2025 and September 30, 2025, the Company had a receivable from the Administrator of $0.2 million and $0.3 million, respectively, presented as due from affiliate on the Consolidated Statements of Assets and Liabilities. This amount relates to agency fees collected on behalf of the Company.
As of December 31, 2025 and September 30, 2025, PFLT had a payable to PSSL and the Investment Adviser of zero and $0.7 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 the Investment Adviser from the Company in connection with trades between the funds and wind down of PTSF.
32
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
4. INVESTMENTS
For the three months ended December 31, 2025 and 2024, purchases of investments, including payment-in-kind ("PIK") interest totaled $302.7 million and $608.3 million, respectively. Sales and repayments of investments for the three months ended December 31, 2025 and 2024, totaled $441.4 million and $401.3 million, respectively.
Investments and cash and cash equivalents consisted of the following:
($ in thousands)
December 31, 2025
September 30, 2025
Investment Classification
Cost
Fair Value
Cost
Fair Value
First lien
$
2,058,943
$
2,033,217
$
2,289,071
$
2,275,982
First lien in PSSL
237,650
237,650
237,650
237,650
First Lien in PSSL II
39,375
39,375
—
—
Second Lien
996
995
995
995
Subordinate debt
18,504
19,149
17,387
17,986
Equity
148,257
185,414
150,565
196,397
Equity interests in PSSL
163,100
72,690
123,725
44,318
Equity interests in PSSL II
16,875
16,857
—
—
Total investments
2,683,700
2,605,347
2,819,393
2,773,328
Cash and cash equivalents
95,268
95,268
122,684
122,688
Total investments and cash and cash equivalents
$
2,778,968
$
2,700,615
$
2,942,077
$
2,896,016
The table below describes investments by industry classification by cost and fair value and enumerates the percentage of the total net asset value in such industries:
Industry Classification
December 31, 2025 (1)
September 30, 2025 (1)
Cost
Fair Value
Fair Value Percentage
Net asset value Percentage
Cost
Fair Value
Fair Value Percentage
Net asset value Percentage
Professional Services
$222,290
$219,021
10%
21%
$252,226
$248,621
10%
23%
Aerospace and Defense
203,104
212,795
10%
21%
222,607
236,703
10%
22%
Media
177,221
176,321
8%
17%
169,182
169,013
7%
16%
Healthcare Providers and Services
150,158
151,589
7%
15%
195,695
199,549
8%
19%
Business Services
152,611
147,692
7%
14%
171,987
169,086
7%
16%
Diversified Consumer Services
124,871
122,810
5%
12%
121,706
120,861
5%
11%
IT Services
104,780
107,216
5%
10%
123,257
125,392
5%
12%
Personal Products
102,259
98,606
4%
10%
99,851
99,069
4%
9%
Distributors
88,616
94,571
4%
9%
84,194
88,795
4%
8%
Construction & Engineering
87,455
91,726
4%
9%
106,806
110,299
4%
10%
Healthcare Technology
88,972
91,481
4%
9%
103,230
105,500
4%
10%
All Other
81,318
67,204
3%
7%
85,819
74,927
1%
7%
Commercial Services & Supplies
62,433
65,927
3%
6%
70,373
73,060
3%
7%
Government Services
61,335
62,370
3%
6%
28,870
29,837
1%
3%
Leisure Products
57,965
56,422
3%
5%
97,385
95,499
4%
9%
Electronic Equipment, Instruments, and Components
49,483
51,275
2%
5%
43,733
44,241
2%
4%
Automobiles
41,517
39,994
2%
4%
34,935
34,207
1%
3%
High Tech Industries
20,843
34,205
2%
3%
41,135
56,769
2%
5%
Internet Software and Services
34,478
34,193
2%
3%
39,660
40,012
2%
4%
Manufacturing/Basic Industry
31,287
31,257
1%
3%
56,192
56,192
2%
5%
Auto Components
30,493
30,674
1%
3%
31,104
32,224
1%
3%
Healthcare, Education and Childcare
27,976
28,093
1%
3%
36,349
36,530
1%
3%
Consumer Services
29,502
27,911
1%
3%
28,840
28,878
1%
3%
Healthcare Equipment and Supplies
19,852
21,858
1%
2%
29,575
31,850
1%
3%
Building Products
21,152
20,103
1%
2%
20,322
19,964
1%
2%
Software
19,904
19,157
1%
2%
17,716
17,453
1%
2%
Independent Power and Renewable Electricity Producers
14,172
15,345
1%
2%
20,028
21,134
1%
2%
Gaming
14,854
15,066
1%
1%
14,852
14,974
1%
2%
Metals and Mining
14,440
14,447
1%
1%
14,437
14,447
1%
1%
Marketing Services
14,326
14,406
1%
1%
19,307
19,365
1%
2%
Air Freight and Logistics
14,059
13,674
1%
1%
14,122
13,785
1%
1%
Consulting Services
12,737
12,728
0%
1%
12,769
12,761
1%
1%
Food Products
12,651
12,662
0%
1%
12,681
12,602
1%
1%
Capital Equipment
13,625
12,397
0%
1%
13,571
15,106
1%
1%
Media: Diversified and Production
12,512
12,032
0%
1%
12,478
11,534
0%
1%
Consumer products
11,453
11,547
0%
1%
11,024
11,121
0%
1%
Total
$2,226,704
$2,238,775
100%
215%
$2,458,018
$2,491,360
100%
232%
(1) Excludes investments in PSSL and PSSL II
33
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
PennantPark Senior Secured Loan Fund I LLC
In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of December 31, 2025 and September 30, 2025, PSSL had total assets of $1,235.2 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $25.0 million and the five largest investments totaled $110.0 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.
We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2025 and September 30, 2025, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $163.1 million ($26.3 million remaining unfunded) and $123.7 million ($65.6 remaining unfunded), respectively. During the three months ended December 31, 2025, the Company made capital contributions of approximately $39.4 million of assets at their most recent fair market value as of the date of the transaction.
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 constitutes a quorum, provided that two individuals are present that were elected, designated or appointed by each member.
In December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 basis points (including a spread adjustment) with Ally Bank through its wholly owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.
In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a carefully constructed 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 matures in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.
In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt matures in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary as of December 31, 2025.
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 carefully constructed 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 matures 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, all of which were held by PSSL.
In May 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL retained all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes was extended to April 2037.
In April 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four-year reinvestment period, twelve-year final maturity $301.0 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL retained all of the subordinated notes through a consolidated subsidiary as of December 31, 2025. The reinvestment period for the term debt securitization ends in April 2029 and the debt matures in April 2037. The proceeds from the debt repaid a portion of PSSL's $325.0 million secured credit facility.
Below is a summary of PSSL’s portfolio at fair value:
($ in thousands)
December 31, 2025
September 30, 2025
Total investments
$
1,195,016
$
1,084,649
Weighted average cost yield on income producing investments
9.6
%
10.1
%
Number of portfolio companies in PSSL
120
117
Largest portfolio company investment
$
24,965
$
20,901
Total of five largest portfolio company investments
$
110,044
$
99,270
34
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Below is a listing of PSSL’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 1,422.7% of Net Assets
ACP Avenu Buyer, LLC
10/6/2023
10/2/2029
Business Services
8.74%
SOFR+475
19,963
$
19,743
$
19,913
ACP Falcon Buyer, Inc.
8/22/2023
8/1/2029
Business Services
9.49%
SOFR+550
18,526
18,271
18,711
APT OPCO, LLC
9/29/2025
9/30/2031
Healthcare Providers and Services
8.67%
SOFR+500
12,469
12,402
12,313
Ad.net Acquisition, LLC
5/24/2021
5/7/2026
Media
9.93%
SOFR+626
12,749
12,713
12,749
Aechelon Technology, Inc.
4/10/2025
8/16/2029
Aerospace and Defense
9.47%
SOFR+575
11,520
11,520
11,520
AFC-Dell Holding Corp.
12/23/2024
4/9/2027
Distributors
8.84%
SOFR+550
7,601
7,573
7,601
Aphix Buyer, Inc.
9/3/2025
7/17/2031
Business Services
8.47%
SOFR+475
8,978
8,928
8,978
Alpine Acquisition Corp II (4)
10/11/2022
11/30/2026
Containers and Packaging
—
—
13,128
12,990
6,039
Anteriad, LLC (f/k/a MeritDirect, LLC)
4/10/2025
6/30/2026
Media: Advertising, Printing & Publishing
9.57%
SOFR+590
11,136
11,075
11,136
Arcfield Acquisition Corp.
11/11/2024
10/28/2031
Aerospace and Defense
8.84%
SOFR+500
5,940
5,931
5,910
Archer Lewis, LLC
11/22/2024
8/28/2029
Commercial Services & Supplies
9.42%
SOFR+575
14,862
14,786
14,862
Argano, LLC
1/9/2025
9/13/2029
Business Services
9.22%
SOFR+550
12,369
12,255
12,493
Azureon, LLC (F/K/A Tpcn Midco, LLC)
4/10/2025
6/26/2029
Diversified Consumer Services
9.42%
SOFR+575
4,962
4,859
4,764
Beacon Behavioral Support Services, LLC
10/9/2024
6/21/2029
Healthcare and Pharmaceuticals
9.17%
SOFR+550
24,965
24,781
24,965
Best Practice Associates, LLC
4/10/2025
11/8/2029
Aerospace and Defense
10.47%
SOFR+675
14,887
14,756
14,776
Beta Plus Technologies, Inc.
7/21/2022
7/2/2029
Business Services
9.42%
SOFR+575
4,838
4,784
4,789
Big Top Holdings, LLC
6/26/2024
3/1/2030
Business Services
8.92%
SOFR+525
14,633
14,430
14,633
BioDerm, Inc.
2/28/2023
1/31/2028
Healthcare and Pharmaceuticals
10.36%
SOFR+650
8,775
8,714
8,665
Blackhawk Industrial Distribution, Inc.
6/30/2022
9/17/2026
Distributors
9.07%
SOFR+540
14,776
14,699
14,481
BLC Holding Company, Inc.
4/10/2025
11/20/2030
Business Services
8.17%
SOFR+450
4,962
4,939
4,962
Boss Industries, LLC
4/10/2025
12/27/2030
Independent Power and Renewable Electricity Producers
8.67%
SOFR+500
4,962
4,894
4,962
Burgess Point Purchaser Corporation
10/3/2022
7/25/2029
Automotive
9.19%
SOFR+535
437
416
369
By Light Professional IT Services, LLC
8/28/2025
7/15/2031
High Tech Industries
9.22%
SOFR+550
18,446
18,345
18,261
C5MI Acquisition, LLC
3/7/2025
7/31/2029
IT Services
9.67%
SOFR+600
14,813
14,640
14,813
Capital Construction, LLC
8/28/2025
10/22/2026
Consumer Services
9.89%
SOFR+590
4,263
4,241
4,210
Carisk Buyer, Inc.
10/16/2024
12/3/2029
Healthcare Technology
8.67%
SOFR+500
9,900
9,843
9,974
Carnegie Dartlet, LLC
4/11/2025
2/7/2030
Media: Advertising, Printing & Publishing
9.22%
SOFR+550
15,052
14,865
14,901
Cartessa Aesthetics, LLC
4/11/2023
6/14/2028
Distributors
9.67%
SOFR+600
9,417
9,344
9,417
Case Works, LLC
4/10/2025
10/1/2029
Professional Services
8.92%
SOFR+525
14,850
14,749
14,598
CF512, Inc.
12/27/2021
8/20/2026
Media
9.98%
SOFR+619
6,466
6,439
6,401
Commercial Fire Protection Holdings, LLC
11/26/2024
9/23/2030
Commercial Services & Supplies
8.17%
SOFR+450
19,787
19,701
19,787
Confluent Health, LLC
1/12/2024
11/30/2028
Healthcare and Pharmaceuticals
11.22%
SOFR+750
6,619
6,472
5,858
CJX Borrower, LLC
7/29/2021
7/13/2027
Media
9.70%
SOFR+576
3,725
3,701
3,725
Crane 1 Services, Inc.
4/11/2023
8/16/2027
Commercial Services & Supplies
9.08%
SOFR+536
2,041
2,029
2,026
DRI Holding Inc.
9/15/2022
12/21/2028
Media
9.07%
SOFR+535
2,567
2,432
2,516
DRS Holdings III, Inc.
1/27/2021
11/1/2028
Consumer Goods: Durable
8.97%
SOFR+525
4,420
4,413
4,464
Duggal Acquisition, LLC
4/10/2025
9/30/2030
Marketing Services
8.42%
SOFR+475
4,938
4,898
4,938
Dynata, LLC - First Out Term Loan (5)
7/15/2024
7/17/2028
Diversified Consumer Services
9.14%
SOFR+576
1,343
1,276
1,331
Dynata, LLC - Last Out Term Loan
7/15/2024
10/16/2028
Diversified Consumer Services
9.64%
SOFR+576
8,333
8,333
5,052
EDS Buyer, LLC
4/11/2023
1/10/2029
Electronic Equipment, Instruments, and Components
8.17%
SOFR+450
8,753
8,677
8,775
Emergency Care Partners, LLC
11/11/2024
10/18/2027
Healthcare Providers and Services
8.67%
SOFR+500
7,184
7,157
7,184
Exigo Intermediate II, LLC
11/21/2022
3/15/2027
Software
10.07%
SOFR+635
12,384
12,312
12,322
ETE Intermediate II, LLC
6/12/2023
5/29/2029
Diversified Consumer Services
8.72%
SOFR+500
12,093
11,929
12,093
EvAL Home Care Solutions Intermediate, LLC
7/10/2024
5/10/2030
Healthcare and Pharmaceuticals
9.47%
SOFR+575
8,623
8,511
8,623
GGG MIDCO, LLC
4/10/2025
9/27/2030
Diversified Consumer Services
8.67%
SOFR+500
24,511
24,433
24,511
Global Holdings InterCo, LLC
6/8/2021
3/16/2026
Diversified Financial Services
9.33%
SOFR+560
3,344
3,342
3,344
Graffiti Buyer, Inc.
3/15/2022
8/10/2027
Trading Companies & Distributors
9.42%
SOFR+560
3,675
3,653
3,593
Halo Buyer, Inc.
5/22/2025
8/7/2029
Consumer Products
9.72%
SOFR+600
6,451
6,332
6,451
Hancock Roofing And Construction, LLC
1/27/2021
12/31/2026
Insurance
9.27%
SOFR+560
2,112
2,102
2,007
Harris & Co, LLC
11/26/2024
8/9/2030
Professional Services
8.72%
SOFR+500
19,750
19,601
19,602
HEC Purchaser Corp.
4/10/2025
6/17/2029
Healthcare and Pharmaceuticals
8.87%
SOFR+500
6,634
6,602
6,634
35
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
Hills Distribution, Inc.
5/3/2024
11/8/2029
Business Services
9.19%
SOFR+550
8,230
8,135
8,148
HW Holdco, LLC
4/11/2023
5/11/2026
Media
9.80%
SOFR+590
3,441
3,433
3,441
Imagine Acquisitionco, Inc.
3/15/2022
11/16/2027
Software
8.98%
SOFR+510
9,036
8,948
9,036
Infinity Home Services Holdco, Inc.
4/11/2023
12/28/2028
Commercial Services & Supplies
9.67%
SOFR+600
5,952
5,882
5,952
Inovex Information Systems Incorporated
3/3/2025
12/17/2030
Software
8.92%
SOFR+525
8,122
8,069
8,122
Inventus Power, Inc.
7/11/2023
1/15/2026
Consumer Goods: Durable
11.33%
SOFR+761
8,060
8,059
8,060
Kinetic Purchaser, LLC
11/30/2021
11/10/2027
Personal Products
9.82%
SOFR+615
13,492
13,358
10,962
Lash OpCo, LLC
10/14/2021
2/18/2027
Personal Products
10.94%
SOFR+710
15,710
15,619
15,317
LAV Gear Holdings, Inc. - Takeback TL (5)
7/31/2025
7/31/2029
Capital Equipment
9.65%
SOFR+594
7,660
7,660
7,660
LAV Gear Holdings, Inc. - Priority TL (5)
7/31/2025
7/31/2029
Capital Equipment
9.65%
SOFR+594
2,424
2,396
2,945
Lightspeed Buyer, Inc.
1/27/2021
2/3/2027
Healthcare Providers and Services
8.42%
SOFR+475
16,191
16,153
16,191
LJ Avalon Holdings, LLC
4/11/2023
2/1/2030
Environmental Industries
8.46%
SOFR+450
2,527
2,491
2,527
Loving Tan Intermediate II, Inc.
10/25/2023
5/31/2028
Personal Products
8.67%
SOFR+500
12,205
12,098
12,144
MAG DS Corp.
9/27/2023
4/1/2027
Aerospace and Defense
9.27%
SOFR+560
2,187
2,147
2,176
Marketplace Events Acquisition, LLC
1/13/2025
12/19/2030
Media
9.12%
SOFR+525
16,873
16,732
16,873
MBS Holdings, Inc.
6/8/2021
4/16/2027
Internet Software and Services
8.92%
SOFR+510
8,223
8,173
8,223
MDI Buyer, Inc.
4/11/2023
7/25/2028
Chemicals, Plastics and Rubber
8.57%
SOFR+475
6,235
6,171
6,235
Meadowlark Acquirer, LLC
1/29/2022
12/10/2027
Professional Services
9.32%
SOFR+565
2,317
2,300
2,317
Medina Health, LLC
11/6/2023
10/20/2028
Healthcare and Pharmaceuticals
9.92%
SOFR+625
18,833
18,628
18,833
Megawatt Acquisitionco, Inc.
4/29/2024
3/1/2030
Electronic Equipment, Instruments, and Components
9.17%
SOFR+550
15,474
15,302
15,474
MOREgroup Holdings, Inc.
3/22/2024
1/16/2030
Business Services
8.92%
SOFR+525
17,890
17,750
17,890
MES Internediate, Inc.
4/11/2023
10/1/2027
Distributors
8.42%
SOFR+475
3,351
3,328
3,351
NBH Group, LLC
8/25/2021
8/19/2026
Healthcare, Education & Childcare
9.71%
SOFR+585
10,325
10,288
10,325
NORA Acquisition, LLC
10/2/2023
8/31/2029
Healthcare Providers and Services
10.02%
SOFR+635
21,005
20,731
20,375
North American Rail Solutions, LLC
8/29/2025
8/29/2031
Manufacturing/Basic Industry
8.42%
SOFR+475
17,456
17,383
17,369
Omnia Exterior Solutions, LLC
11/1/2024
12/31/2029
Diversified Consumer Services
8.92%
SOFR+525
16,915
16,787
16,704
One Stop Mailing, LLC
7/8/2021
5/7/2027
Air Freight and Logistics
10.08%
SOFR+636
15,394
15,283
15,394
ORL Acquisition, Inc. (5)
5/22/2025
9/3/2027
Consumer Finance
13.07%
SOFR+940
2,284
2,275
1,782
OSP Embedded Purchaser, LLC
11/19/2024
12/17/2029
Aerospace and Defense
9.42%
SOFR+575
14,862
14,668
14,090
Output Services Group, Inc. - First-Out Term Loan
12/1/2023
11/30/2028
Business Services
12.16%
SOFR+842
821
821
821
Output Services Group, Inc. - Last-Out Term Loan
12/1/2023
5/30/2028
Business Services
10.41%
SOFR+667
1,667
1,667
1,667
PCS MIDCO, Inc.
4/10/2025
3/1/2030
Diversified Consumer Services
9.42%
SOFR+575
3,823
3,781
3,842
Pacific Purchaser, LLC
1/12/2024
10/2/2028
Business Services
9.85%
SOFR+625
11,788
11,649
11,505
PAR Excellence Holdings, Inc.
10/16/24
9/3/2030
Healthcare Technology
8.77%
SOFR+500
10,905
10,815
10,714
Paving Lessor Corp. First Lien -Term Loan
8/28/2025
7/1/2031
Business Services
8.94%
SOFR+525
19,877
19,744
19,777
PN Buyer, Inc.
9/8/2025
7/31/2031
Professional Services
8.17%
SOFR+450
10,000
9,954
9,950
Pink Lilly Holdco, LLC (4),(5)
11/30/2021
11/9/2027
Textiles, Apparel and Luxury Goods
—
—
8,503
8,414
1,063
Podean Buyer, LLC
8/4/2025
8/4/2031
Marketing Services
9.66%
SOFR+600
4,988
4,942
4,938
Pragmatic Institute, LLC (4)
3/28/2025
3/28/2030
Education
—
—
4,292
4,190
2,608
Project Granite Buyer, Inc.
5/22/2025
12/31/2030
Professional Services
9.42%
SOFR+575
6,451
6,361
6,516
Puget Collision, LLC
10/3/2025
10/3/2031
Automobiles
8.42%
SOFR+475
15,000
14,918
14,906
RRA Corporate, LLC
4/10/2025
8/15/2029
Diversified Consumer Services
8.92%
SOFR+525
7,681
7,622
7,443
RTIC Subsidiary Holdings, LLC
11/1/2024
5/3/2029
Leisure Products
9.42%
SOFR+575
14,837
14,679
14,689
Rancho Health MSO, Inc.
4/11/2023
6/20/2029
Healthcare Providers and Services
8.99%
SOFR+500
18,718
18,657
18,718
Recteq, LLC
2/24/2021
1/29/2026
Leisure Products
10.07%
SOFR+640
4,763
4,761
4,763
Ro Health, LLC
3/3/2025
1/17/2031
Healthcare Providers and Services
8.17%
SOFR+450
10,490
10,422
10,490
Rosco Parent, LLC
9/9/2025
9/12/2031
Business Services
8.42%
SOFR+475
10,500
10,432
10,421
Rural Sourcing Holdings, Inc.
9/6/2023
6/15/2029
High Tech Industries
9.85%
SOFR+625
4,349
4,296
3,914
Sabel Systems Technology Solutions, LLC
11/11/2024
10/31/2030
Government Services
9.72%
SOFR+600
5,955
5,905
5,955
Safe Haven Defense US, LLC
9/19/2024
5/23/2029
Construction and Building
9.19%
SOFR+550
9,837
9,726
9,591
Sales Benchmark Index, LLC
1/27/2021
7/7/2026
Professional Services
9.87%
SOFR+620
9,158
9,146
9,158
Sath Industries, LLC
4/10/2025
12/17/2029
Event Services
9.17%
SOFR+550
10,280
10,193
10,280
Schlesinger Global, Inc.
9/30/2021
3/31/2027
Business Services
9.82%
SOFR+610
6,711
6,711
6,376
Seaway Buyer, LLC
4/11/2023
6/13/2029
Chemicals, Plastics and Rubber
9.82%
SOFR+615
4,838
4,794
4,620
Sigma Defense Systems, LLC
12/27/2021
12/20/2027
Aerospace and Defense
10.62%
SOFR+690
20,486
20,221
20,281
Smile Brands, Inc.
1/27/2021
10/12/2027
Healthcare and Pharmaceuticals
9.77%
SOFR+600
12,341
12,256
10,848
Spendmend Holdings, LLC
4/11/2023
3/1/2028
Healthcare Technology
9.15%
SOFR+515
4,018
3,983
4,018
36
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
STG Distribution, LLC - First Out New Money Term Loans (4)(5)
10/24/2024
10/3/2029
Air Freight and Logistics
—
—
1,973
1,887
1,677
STG Distribution, LLC - Second Out Term Loans (4),(5)
5/22/2025
10/3/2029
Air Freight and Logistics
—
—
4,559
2,562
342
SV-Aero Holdings, LLC
10/31/2024
11/1/2030
Aerospace and Defense
8.67%
SOFR+500
14,625
14,563
14,625
Systems Planning And Analysis, Inc.
3/15/2022
8/16/2027
Aerospace and Defense
8.42%
SOFR+475
14,400
14,317
14,357
TMII Enterprises, LLC
4/11/2023
12/22/2028
Commercial Services & Supplies
8.22%
SOFR+450
2,866
2,831
2,866
TCG 3.0 Jogger Acquisitionco, Inc.
4/26/2024
1/23/2029
Media
10.17%
SOFR+650
19,380
19,146
19,089
Team Services Group, LLC
10/4/2022
12/20/2027
Healthcare and Pharmaceuticals
9.09%
SOFR+525
5,314
5,147
5,292
The Bluebird Group, LLC
8/9/2021
7/28/2026
Professional Services
9.57%
SOFR+590
7,214
7,187
7,214
The Vertex Companies, LLC
4/11/2023
8/31/2028
Construction and Engineering
8.75%
SOFR+475
17,438
17,283
17,333
TPC US Parent, LLC
4/11/2023
2/23/2026
Consumer Goods: Non-Durable
9.89%
SOFR+590
16,313
16,302
16,297
Transgo, LLC
1/19/2024
12/29/2028
Automotive
9.47%
SOFR+575
15,830
15,657
15,830
Tyto Athene, LLC
5/5/2021
4/3/2028
IT Services
8.88%
SOFR+490
14,604
14,545
14,015
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5)
8/29/2025
3/1/2029
Wholesale
—
208
—
6
Walker Edison Furniture Company, LLC - New Money DIP (5)
8/29/2025
3/1/2029
Wholesale
10.00%
—
146
146
151
Watchtower Buyer, LLC
5/20/2024
12/3/2029
Diversified Consumer Services
9.67%
SOFR+600
12,036
11,895
12,036
Wash & Wax Systems LLC (5)
4/30/2025
4/30/2028
Automobiles
9.34%
SOFR+550
5,833
5,924
5,950
Total First Lien Secured Debt
$
1,206,530
$
1,181,870
Subordinate Debt - 9.2% of Net Assets
Integrative Nutrition, LLC
4/17/2025
4/15/2030
Diversified Consumer Services
—
—
1,877
1,641
1,605
Integrative Nutrition, LLC
4/17/2025
4/15/2033
Diversified Consumer Services
—
—
4,275
1,977
1,977
Wash & Wax Systems LLC
4/30/2025
7/30/2028
Automobiles
12.00%
—
4,052
4,053
4,052
Total Subordinate Debt
$
7,671
$
7,634
Equity Securities - 6.6% of Net Assets
48Forty Intermediate Holdings, Inc. - Common Equity
11/5/2024
—
Containers and Packaging
—
—
1,722
—
—
New Insight Holdings, Inc. - Common Equity
7/15/2024
—
Diversified Consumer Services
—
—
116,055
2,031
1,322
Output Services Group, Inc. - Common Equity
12/1/2023
—
Business Services
—
—
126,324
1,012
808
Pragmatic Holdco, Inc. - Common Equity
3/28/2025
—
Education
—
—
134
—
—
Wash & Wax Group, LP - Common Equity
4/30/2025
—
Automobiles
—
—
2,493
4,449
3,118
White Tiger Newco, LLC - Common Equity (5)
7/31/2025
—
Automobiles
—
—
35,834
2,734
264
Total Equity Securities
$
10,226
$
5,512
Total Investments - 1,438.5% of Net Assets (6)(7)
$
1,224,427
$
1,195,016
Cash Equivalents - 22.7% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)
3.69
%
$
3,715
$
3,715
Blackrock Liquidity Fed Fund Inst (Money Market Fund)
3.64
%
3,635
3,635
JP Morgan USD Liquidity Inst (Money Market Fund)
3.81
%
4,293
4,293
JP Morgan US Government Fund (Money Market Fund)
3.61
%
2,206
2,206
Goldman Sachs Financial Square Government Fund (Money Market Fund)
3.71
%
5,014
5,014
Total Cash Equivalents
$
18,863
$
18,863
Cash - 17.9% of Net Assets
Cash
$
14,853
$
14,853
Total Cash
$
14,853
$
14,853
Total Investments, Cash Equivalents, and Cash —1,479.1% of Net Assets
$
1,258,143
$
1,228,732
Liabilities in Excess of Other Assets — (1,379.1)% of Net Assets
(1,145,657
)
Members' Equity—100.0%
$
83,075
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(4)
Non-accrual security.
(5)
The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, Ltd, 3) do note secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and, 4) do not secure the 2037 Asset-Backed Debt and are held through PennantPark CLO 12, LLC.
(6)
As of December 31, 2025, all investments were in U.S Companies and total cost, fair value, percentage of Net Assets for the U.S Companies were $1,224.4 million, $1,195.0 million and 1,438.5%.
(7)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
37
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Below is a listing of PSSL’s individual investments as of September 30, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 2,106.3% of Net Assets
ACP Avenu Buyer, LLC
10/6/2023
10/2/2029
Business Services
9.29%
SOFR+500
14,825
$
14,649
$
14,677
ACP Falcon Buyer, Inc.
8/22/2023
8/1/2029
Business Services
9.79%
SOFR+550
18,573
18,304
18,759
Ad.net Acquisition, LLC
5/24/2021
5/7/2026
Media
10.26%
SOFR+626
11,610
11,566
11,610
Aechelon Technology, Inc.
4/10/2025
8/16/2029
Aerospace and Defense
9.91%
SOFR+575
11,640
11,640
11,640
AFC-Dell Holding Corp.
12/23/2024
4/9/2027
Distributors
9.83%
SOFR+550
7,608
7,576
7,570
Aphix Buyer, Inc.
9/3/2025
7/17/2031
Business Services
8.91%
SOFR+475
9,000
8,951
8,955
Alpine Acquisition Corp II (4)
10/11/2022
11/30/2026
Containers and Packaging
13,154
13,012
6,840
Anteriad, LLC (f/k/a MeritDirect, LLC)
4/10/2025
6/30/2026
Media: Advertising, Printing & Publishing
9.90%
SOFR+575
4,434
4,357
4,434
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan
4/11/2023
6/30/2026
Media: Advertising, Printing & Publishing
9.90%
SOFR+575
4,375
4,360
4,375
Arcfield Acquisition Corp.
11/11/2024
10/28/2031
Aerospace and Defense
9.31%
SOFR+500
5,955
5,946
5,925
Archer Lewis, LLC
11/22/2024
8/28/2029
Commercial Services & Supplies
9.75%
SOFR+575
9,900
9,821
9,900
Argano, LLC
1/9/2025
9/13/2029
Business Services
9.89%
SOFR+575
9,900
9,819
9,752
Azureon, LLC (F/K/A Tpcn Midco, LLC)
4/10/2025
6/26/2029
Diversified Consumer Services
9.75%
SOFR+575
4,975
4,865
4,831
Beacon Behavioral Support Services, LLC
10/9/2024
6/21/2029
Healthcare and Pharmaceuticals
9.50%
SOFR+550
17,748
17,549
17,748
Best Practice Associates, LLC
4/10/2025
11/8/2029
Aerospace and Defense
10.91%
SOFR+675
14,925
14,792
14,813
Beta Plus Technologies, Inc.
7/21/2022
7/2/2029
Business Services
9.75%
SOFR+575
4,850
4,794
4,802
Big Top Holdings, LLC
6/26/2024
3/1/2030
Business Services
9.25%
SOFR+525
14,671
14,458
14,671
BioDerm, Inc.
2/28/2023
1/31/2028
Healthcare and Pharmaceuticals
10.77%
SOFR+650
8,798
8,730
8,688
Blackhawk Industrial Distribution, Inc.
6/30/2022
9/17/2026
Distributors
9.40%
SOFR+540
14,816
14,714
14,557
BLC Holding Company, Inc.
4/10/2025
11/20/2030
Business Services
8.50%
SOFR+450
4,975
4,952
4,975
Boss Industries, LLC
4/10/2025
12/27/2030
Independent Power and Renewable Electricity Producers
9.00%
SOFR+500
4,975
4,904
4,975
Burgess Point Purchaser Corporation
10/3/2022
7/25/2029
Automotive
9.51%
SOFR+535
438
416
378
By Light Professional IT Services, LLC
8/28/2025
7/15/2031
High Tech Industries
9.66%
SOFR+550
5,000
5,000
4,963
C5MI Acquisition, LLC
3/7/2025
7/31/2029
IT Services
10.00%
SOFR+600
14,850
14,670
14,850
Capital Construction, LLC
8/28/2025
10/22/2026
Consumer Services
9.89%
SOFR+590
4,263
4,236
4,220
Carisk Buyer, Inc.
10/16/2024
12/3/2029
Healthcare Technology
9.00%
SOFR+500
9,925
9,863
9,925
Carnegie Dartlet, LLC
4/11/2025
2/7/2030
Media: Advertising, Printing & Publishing
9.66%
SOFR+550
15,090
14,897
14,939
Cartessa Aesthetics, LLC
4/11/2023
6/14/2028
Distributors
10.00%
SOFR+600
9,441
9,359
9,441
Case Works, LLC
4/10/2025
10/1/2029
Professional Services
9.25%
SOFR+525
14,887
14,783
14,218
CF512, Inc.
12/27/2021
8/20/2026
Media
10.36%
SOFR+619
6,483
6,447
6,418
Commercial Fire Protection Holdings, LLC
11/26/2024
9/23/2030
Commercial Services & Supplies
8.50%
SOFR+450
19,837
19,746
19,837
Confluent Health, LLC
1/12/2024
11/30/2028
Healthcare and Pharmaceuticals
11.66%
SOFR+750
6,637
6,479
6,206
CJX Borrower, LLC
7/29/2021
7/13/2027
Media
10.08%
SOFR+576
3,735
3,708
3,735
Crane 1 Services, Inc.
4/11/2023
8/16/2027
Commercial Services & Supplies
10.03%
SOFR+586
2,046
2,034
2,031
DRI Holding Inc.
9/15/2022
12/21/2028
Media
9.51%
SOFR+535
2,574
2,429
2,522
DRS Holdings III, Inc.
1/27/2021
11/3/2025
Consumer Goods: Durable
9.41%
SOFR+525
4,487
4,487
4,532
Duggal Acquisition, LLC
4/10/2025
9/30/2030
Marketing Services
8.75%
SOFR+475
4,950
4,909
4,950
Dynata, LLC - First Out Term Loan (5)
7/15/2024
7/17/2028
Diversified Consumer Services
9.46%
SOFR+526
1,347
1,273
1,341
Dynata, LLC - Last Out Term Loan
7/15/2024
10/16/2028
Diversified Consumer Services
9.96%
SOFR+576
8,354
8,354
6,802
EDS Buyer, LLC
4/11/2023
1/10/2029
Electronic Equipment, Instruments, and Components
8.75%
SOFR+475
8,776
8,694
8,797
Emergency Care Partners, LLC
11/11/2024
10/18/2027
Healthcare Providers and Services
9.00%
SOFR+500
5,940
5,911
5,940
Exigo Intermediate II, LLC
11/21/2022
3/15/2027
Software
10.51%
SOFR+635
12,416
12,335
12,416
ETE Intermediate II, LLC
6/12/2023
5/29/2029
Diversified Consumer Services
9.16%
SOFR+500
12,124
11,950
12,124
EvAL Home Care Solutions Intermediate, LLC
7/10/2024
5/10/2030
Healthcare and Pharmaceuticals
9.91%
SOFR+575
8,822
8,704
8,822
GGG MIDCO, LLC
4/10/2025
9/27/2030
Diversified Consumer Services
9.00%
SOFR+500
19,573
19,491
19,573
Global Holdings InterCo, LLC
6/8/2021
3/16/2026
Diversified Financial Services
9.74%
SOFR+560
3,505
3,503
3,505
Graffiti Buyer, Inc.
3/15/2022
8/10/2027
Trading Companies & Distributors
9.80%
SOFR+560
3,685
3,660
3,611
Halo Buyer, Inc.
5/22/2025
8/7/2029
Consumer Products
10.16%
SOFR+600
6,468
6,344
6,468
Hancock Roofing And Construction, LLC
1/27/2021
12/31/2026
Insurance
9.60%
SOFR+550
2,112
2,100
2,091
Harris & Co, LLC
11/26/2024
8/9/2030
Professional Services
9.16%
SOFR+500
19,800
19,650
19,627
HEC Purchaser Corp.
4/10/2025
6/17/2029
Healthcare and Pharmaceuticals
8.87%
SOFR+500
3,606
3,572
3,606
Hills Distribution, Inc.
5/3/2024
11/8/2029
Business Services
10.32%
SOFR+600
8,867
8,761
8,867
38
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
HW Holdco, LLC
4/11/2023
5/11/2026
Media
9.90%
SOFR+590
3,441
3,431
3,441
Imagine Acquisitionco, Inc.
3/15/2022
11/15/2027
Software
9.29%
SOFR+510
9,060
8,961
9,060
Infinity Home Services Holdco, Inc.
4/11/2023
12/28/2028
Commercial Services & Supplies
10.16%
SOFR+600
5,968
5,891
5,968
Inovex Information Systems Incorporated
3/3/2025
12/17/2030
Software
9.25%
SOFR+525
8,143
8,087
8,143
Inventus Power, Inc.
7/11/2023
1/15/2026
Consumer Goods: Durable
11.78%
SOFR+761
8,081
8,062
8,081
Kinetic Purchaser, LLC
11/30/2021
11/10/2027
Personal Products
10.15%
SOFR+615
13,492
13,344
11,468
Lash OpCo, LLC
10/14/2021
2/18/2027
Personal Products
12.16%
SOFR+785
15,508
15,400
15,120
LAV Gear Holdings, Inc. - Takeback TL (5)
7/31/2025
7/31/2029
Capital Equipment
10.10%
SOFR+594
7,612
7,612
7,612
LAV Gear Holdings, Inc. - Priority TL (5)
7/31/2025
7/31/2029
Capital Equipment
10.10%
SOFR+594
2,409
2,381
2,967
Lightspeed Buyer, Inc.
1/27/2021
2/3/2027
Healthcare Providers and Services
8.75%
SOFR+475
16,232
16,187
16,232
LJ Avalon Holdings, LLC
4/11/2023
2/1/2030
Environmental Industries
8.77%
SOFR+450
2,533
2,497
2,533
Loving Tan Intermediate II, Inc.
10/25/2023
5/31/2028
Personal Products
9.00%
SOFR+500
12,279
12,164
12,279
Lucky Bucks, LLC - First-Out Term Loan (5)
12/1/2023
10/2/2028
Hotel, Gaming and Leisure
11.66%
SOFR+765
256
256
238
Lucky Bucks, LLC - Last-Out Term Loan
5/20/2024
10/2/2029
Hotel, Gaming and Leisure
11.66%
SOFR+765
529
529
426
MAG DS Corp.
9/27/2023
4/1/2027
Aerospace and Defense
9.60%
SOFR+560
2,193
2,146
2,184
Marketplace Events Acquisition, LLC
1/13/2025
12/19/2030
Media
9.12%
SOFR+525
16,915
16,769
16,915
MBS Holdings, Inc.
6/8/2021
4/16/2027
Internet Software and Services
9.30%
SOFR+510
8,244
8,186
8,244
MDI Buyer, Inc.
4/11/2023
7/25/2028
Chemicals, Plastics and Rubber
8.95%
SOFR+475
6,251
6,181
6,251
Meadowlark Acquirer, LLC
1/29/2022
12/10/2027
Professional Services
9.65%
SOFR+565
2,323
2,303
2,323
Medina Health, LLC
11/6/2023
10/20/2028
Healthcare and Pharmaceuticals
10.25%
SOFR+625
18,833
18,613
18,927
Megawatt Acquisitionco, Inc.
4/29/2024
3/1/2030
Electronic Equipment, Instruments, and Components
9.25%
SOFR+525
15,514
15,338
14,769
MOREgroup Holdings, Inc.
3/22/2024
1/16/2030
Business Services
9.25%
SOFR+525
12,935
12,788
12,935
Municipal Emergency Services, Inc.
4/11/2023
10/1/2027
Distributors
9.15%
SOFR+515
3,360
3,332
3,360
NBH Group, LLC
8/25/2021
8/19/2026
Healthcare, Education & Childcare
10.12%
SOFR+585
10,352
10,304
10,352
NORA Acquisition, LLC
10/2/2023
8/31/2029
Healthcare Providers and Services
10.35%
SOFR+635
21,059
20,761
20,901
Omnia Exterior Solutions, LLC
11/1/2024
12/31/2029
Diversified Consumer Services
9.26%
SOFR+525
16,958
16,824
16,619
One Stop Mailing, LLC
7/8/2021
5/7/2027
Air Freight and Logistics
10.53%
SOFR+636
15,484
15,358
15,484
ORL Acquisition, Inc. (5)
5/22/2025
9/3/2027
Consumer Finance
13.70%
SOFR+940
2,231
2,220
1,975
OSP Embedded Purchaser, LLC
11/19/2024
12/17/2029
Aerospace and Defense
9.76%
SOFR+575
14,900
14,695
14,691
Output Services Group, Inc. - First-Out Term Loan
12/1/2023
11/30/2028
Business Services
12.71%
SOFR+843
821
821
821
Output Services Group, Inc. - Last-Out Term Loan
12/1/2023
5/30/2028
Business Services
10.96%
SOFR+668
1,667
1,667
1,667
PCS MIDCO, Inc.
4/10/2025
3/1/2030
Diversified Consumer Services
9.75%
SOFR+575
3,833
3,787
3,833
Pacific Purchaser, LLC
1/12/2024
10/2/2028
Business Services
10.42%
SOFR+625
11,818
11,669
11,770
PAR Excellence Holdings, Inc.
10/16/24
9/3/2030
Healthcare Technology
9.17%
SOFR+500
10,933
10,836
10,741
Paving Lessor Corp. First Lien -Term Loan
8/28/2025
7/1/2031
Business Services
9.25%
SOFR+525
9,963
9,896
9,888
Penta Group Holdings, Inc.
9/8/2025
7/31/2031
Professional Services
8.81%
SOFR+450
5,000
4,979
4,975
Pink Lily Holdco, LLC (5),(7)
11/30/2021
11/9/2027
Textiles, Apparel and Luxury Goods
4.35%
—
8,359
8,323
3,343
Pragmatic Institute, LLC
3/28/2025
3/28/2030
Education
9.50%
SOFR+550
4,200
4,200
3,045
Project Granite Buyer, Inc.
5/22/2025
12/31/2030
Professional Services
9.75%
SOFR+575
6,467
6,375
6,532
Rancho Health MSO, Inc.
4/11/2023
6/20/2029
Healthcare Providers and Services
9.29%
SOFR+500
18,781
18,717
18,781
Recteq, LLC
2/24/2021
1/29/2026
Leisure Products
10.40%
SOFR+640
4,775
4,768
4,763
Ro Health, LLC
3/3/2025
1/17/2031
Healthcare Providers and Services
8.50%
SOFR+450
10,518
10,449
10,518
RRA Corporate, LLC
4/10/2025
8/15/2029
Diversified Consumer Services
9.25%
SOFR+525
7,700
7,639
7,654
RTIC Subsidiary Holdings, LLC
11/1/2024
5/3/2029
Leisure Products
9.75%
SOFR+575
9,875
9,758
9,776
Rural Sourcing Holdings, Inc.
9/6/2023
6/15/2029
High Tech Industries
9.92%
SOFR+575
4,303
4,245
3,873
Sabel Systems Technology Solutions, LLC
11/11/2024
10/31/2030
Government Services
9.91%
SOFR+575
5,955
5,905
5,955
Safe Haven Defense US, LLC
9/19/2024
5/23/2029
Construction and Building
9.50%
SOFR+550
9,864
9,747
9,815
Sales Benchmark Index, LLC
1/27/2021
7/7/2026
Professional Services
10.20%
SOFR+620
9,186
9,172
9,186
Sath Industries, LLC
4/10/2025
12/17/2029
Event Services
9.66%
SOFR+550
10,306
10,213
10,306
Schlesinger Global, Inc. (6)
9/30/2021
10/24/2025
Business Services
12.76%
SOFR+860
6,647
6,647
6,315
Seaway Buyer, LLC
4/11/2023
6/13/2029
Chemicals, Plastics and Rubber
10.15%
SOFR+615
4,850
4,802
4,523
Sigma Defense Systems, LLC
12/27/2021
12/20/2027
Aerospace and Defense
10.31%
SOFR+615
18,078
17,812
18,078
Smile Brands, Inc.
1/27/2021
10/12/2027
Healthcare and Pharmaceuticals
10.10%
SOFR+610
12,294
12,212
10,609
Spendmend Holdings, LLC
4/11/2023
3/1/2028
Healthcare Technology
9.15%
SOFR+515
4,029
3,989
4,029
STG Distribution, LLC - First Out New Money Term Loans (5)
10/24/2024
10/3/2029
Air Freight and Logistics
12.57%
SOFR+835
1,961
1,871
1,745
STG Distribution, LLC - Second Out Term Loans (5),(7)
5/22/2025
10/3/2029
Air Freight and Logistics
5.32%
—
4,535
2,562
363
SV-Aero Holdings, LLC
10/31/2024
11/1/2030
Aerospace and Defense
9.00%
SOFR+500
14,719
14,656
14,719
Systems Planning And Analysis, Inc.
3/15/2022
8/16/2027
Aerospace and Defense
8.92%
SOFR+475
14,438
14,345
14,322
TMII Enterprises, LLC
4/11/2023
12/22/2028
Commercial Services & Supplies
8.66%
SOFR+450
2,873
2,835
2,873
TCG 3.0 Jogger Acquisitionco, Inc.
4/26/2024
1/23/2029
Media
10.52%
SOFR+650
19,429
19,179
19,332
Team Services Group, LLC
10/4/2022
12/20/2027
Healthcare and Pharmaceuticals
9.56%
SOFR+525
5,327
5,141
5,305
The Bluebird Group, LLC
8/9/2021
7/28/2026
Professional Services
9.90%
SOFR+590
7,985
7,943
7,985
The Vertex Companies, LLC
4/11/2023
8/31/2028
Construction and Engineering
8.93%
SOFR+475
17,482
17,309
17,395
TPC US Parent, LLC
4/11/2023
11/24/2025
Consumer Goods: Non-Durable
10.19%
SOFR+590
16,355
16,341
16,224
39
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
Transgo, LLC
1/19/2024
12/29/2028
Automotive
9.91%
SOFR+575
15,880
15,694
16,005
Tyto Athene, LLC
5/5/2021
4/3/2028
IT Services
9.19%
SOFR+490
14,604
14,530
14,238
Urology Management Holdings, Inc.
4/11/2023
6/15/2027
Healthcare and Pharmaceuticals
9.66%
SOFR+550
6,753
6,718
6,753
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5)
8/29/2025
3/1/2029
Wholesale
—
—
353
—
12
Walker Edison Furniture Company, LLC - New Money DIP (5)
8/29/2025
3/1/2029
Wholesale
10.00%
—
134
134
136
Watchtower Buyer, LLC
5/20/2024
12/3/2029
Diversified Consumer Services
10.00%
SOFR+600
12,066
11,914
11,946
Wash & Wax Systems LLC (5)
4/30/2025
4/30/2028
Automobiles
9.81%
SOFR+550
5,847
5,947
5,964
Total First Lien Secured Debt
$
1,083,891
$
1,066,863
Subordinate Debt - 14.8% of Net Assets
Integrative Nutrition, LLC
4/17/2025
4/15/2030
Diversified Consumer Services
—
—
1,877
1,628
1,605
Integrative Nutrition, LLC
4/17/2025
4/15/2033
Diversified Consumer Services
—
—
4,275
1,977
1,977
Wash & Wax Systems LLC
4/30/2025
7/30/2028
Automobiles
12.00%
—
3,932
3,932
3,932
Total Subordinate Debt
$
7,537
$
7,514
Equity Securities - 20.3% of Net Assets
48Forty Intermediate Holdings, Inc. - Common Equity
11/5/2024
—
Containers and Packaging
—
—
1,722
—
—
New Insight Holdings, Inc. - Common Equity
7/15/2024
—
Diversified Consumer Services
—
—
116,055
2,031
1,740
Lucky Bucks, LLC - Common Equity
12/1/2023
—
Hotel, Gaming and Leisure
—
—
73,870
2,062
392
Output Services Group, Inc. - Common Equity
12/1/2023
—
Business Services
—
—
126,324
1,012
1,037
Pragmatic Holdco, Inc. - Common Equity
3/28/2025
—
Education
—
—
134
—
—
Wash & Wax Group, LP - Common Equity
4/30/2025
—
Automobiles
—
—
2,493
4,449
4,593
White Tiger Newco, LLC - Common Equity (5)
7/31/2025
—
Automobiles
—
—
35,834
2,734
2,510
Total Equity Securities
$
12,288
$
10,272
Total Investments - 2,141.5% of Net Assets (6)(8)
$
1,103,716
$
1,084,649
Cash Equivalents - 94.5% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)
4.11
%
$
12,475
$
12,475
Blackrock Liquidity Fed Fund Inst (Money Market Fund)
4.02
%
4,265
4,265
JP Morgan USD Liquidity Inst (Money Market Fund)
4.10
%
14,682
14,682
JP Morgan US Government Fund (Money Market Fund)
4.02
%
10,539
10,539
Goldman Sachs Financial Square Government Fund (Money Market Fund)
4.10
%
5,909
5,909
Total Cash Equivalents
$
47,870
$
47,870
Cash - 27.0% of Net Assets
Cash
$
13,690
$
13,690
Total Cash
$
13,690
$
13,690
Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets
$
1,165,276
$
1,146,209
Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets
(1,095,559
)
Members' Equity—100.0%
$
50,650
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(4)
Non-accrual security.
(5)
The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.
(6)
As of September 30, 2025, all investments are in U.S Companies. Total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%.
(7)
Partial PIK non-accrual security
(8)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
40
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):
December 31, 2025
(Unaudited)
September 30, 2025
Assets
Investments at fair value (amortized cost—$1,224,427 and $1,103,716, respectively)
$
1,195,016
$
1,084,649
Cash equivalents (cost—$18,863 and $47,870, respectively)
18,863
47,870
Cash (cost—$14,853 and $13,690, respectively)
14,853
13,690
Interest receivable
4,177
4,138
Receivable for investments sold
37
838
Due from affiliate
96
208
Prepaid expenses and other assets
2,142
2,296
Total assets
1,235,184
1,153,689
Liabilities
Credit facility payable
130,500
74,500
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,269 and $1,341, respectively)
244,731
244,659
2037 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,818 and $1,904, respectively)
244,182
244,096
2037-R Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $2,407 and $2,518, respectively)
243,593
243,481
Notes payable to members
271,600
271,600
Interest payable on credit facility and asset backed debt
9,802
16,868
Interest payable on notes to members
6,545
6,788
Accrued expenses
1,130
997
Due to affiliate
25
50
Total liabilities
1,152,108
1,103,039
Members' equity
83,076
50,650
Total liabilities and members' equity
$
1,235,184
$
1,153,689
(1)
As of December 31, 2025 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.2 and $0.4 million, respectively.
Below are the Consolidated Statements of Operations for PSSL ($ in thousands):
Three Months Ended December 31,
2025
2024
Investment income:
Interest
$
29,167
$
29,425
Other income
306
583
Total investment income
29,473
30,008
Expenses:(1)
Interest and expense on credit facility and asset-backed debt
14,302
14,085
Interest expense on notes to members
8,312
8,853
Administration fees
758
668
General and administrative expenses
463
493
Total expenses
23,835
24,099
Net investment income
5,638
5,909
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments
(2,176
)
1,333
Net change in unrealized appreciation (depreciation) on investments
(10,386
)
(10,890
)
Net realized and unrealized gain (loss) on investments
(12,562
)
(9,557
)
Net increase (decrease) in members' equity resulting from operations
$
(6,924
)
$
(3,648
)
(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. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management on a quarterly basis.
41
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
PennantPark Senior Secured Loan Fund II LLC
In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II invests in portfolio companies in the same industries in which we may directly invest. PSSL II commenced operations on November 18, 2025. As of December 31, 2025, PSSL II had total assets of $201.7 million and its investment portfolio consisted of investments in 41 portfolio companies. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL II was $7.0 million and the five largest investments totaled $34.9 million. PSSL II invests in portfolio companies in the same industries in which we may directly invest.
We and HL have committed to invest up to $200.0 million in the aggregate in the PSSL II, with the Company committing to invest up to $150.0 million and HL committing to invest up to $50.0 million. Investments by each of the Company and HL are made in the form of membership interests and secured notes. The Company's commitment consists of $105.0 million in secured notes and $45.0 million in membership interests. HL's commitment consists of $35.0 million in secured notes and $15.0 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL.
We and HL provide capital to PSSL II in the form of secured notes and equity interests. As of December 31, 2025, our investment in PSSL II consisted of secured notes of $39.4 million ($65.6 million remaining unfunded) and equity interests of $16.9 million ($28.1 million remaining unfunded). During the three months ended December 31, 2025, the Company made capital contributions of approximately $56.2 million of assets at their most recent fair market value as of the date of the transaction.
In November 2025, PSSL II entered into a $150.0 million revolving credit facility which bears all-in interest rate at SOFR plus 1.85% with Goldman Sachs Bank USA through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions.
Below is a summary of PSSL II's portfolio at fair value:
($ in thousands)
December 31, 2025
Total investments
$
193,151
Weighted average cost yield on income producing investments
9.0
%
Number of portfolio companies in PSSL II
41
Largest portfolio company investment
$
6,983
Total of five largest portfolio company investments
$
34,905
42
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Below is a listing of PSSL II’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 859.4% of Net Assets
ACP Avenu Buyer, LLC
11/19/2025
10/2/2029
IT Services
8.74%
SOFR+475
7,000
6,943
6,983
ACP Falcon Buyer, Inc.
11/18/2025
8/1/2029
Internet Software and Services
9.49%
SOFR+550
816
824
825
APT OPCO, LLC
11/18/2025
9/30/2031
Healthcare Providers & Services
8.67%
SOFR+500
4,988
4,926
4,925
Archer Lewis, LLC
11/18/2025
8/28/2029
Professional Services
9.75%
SOFR+575
1,130
1,130
1,130
Beacon Behavioral Support Services, LLC
11/18/2025
6/21/2029
Healthcare Providers & Services
9.17%
SOFR+550
5,079
5,030
5,079
Big Top Holdings, LLC
11/18/2025
3/1/2030
Construction and Engineering
8.92%
SOFR+525
6,982
6,982
6,982
BLC Holding Company, Inc.
11/18/2025
11/20/2030
Commercial Services & Supplies
8.17%
SOFR+450
3,791
3,791
3,791
Boss Industries, LLC
11/18/2025
12/27/2030
Independent Power and Renewable Electricity Producers
8.71%
SOFR+500
5,853
5,853
5,853
By Light Professional IT Services, LLC
11/19/2025
7/15/2031
Aerospace and Defense
9.22%
SOFR+550
7,000
6,947
6,930
Carisk Buyer, Inc.
11/21/2025
12/3/2029
Healthcare Technology
8.67%
SOFR+500
5,877
5,877
5,921
Case Works, LLC
11/18/2025
10/1/2029
Professional Services
8.92%
SOFR+525
4,480
4,379
4,404
Commercial Fire Protection Holdings, LLC
11/18/2025
9/23/2030
Commercial Services & Supplies
8.17%
SOFR+450
6,982
6,982
6,982
Crane 1 Services, Inc.
11/18/2005
8/16/2027
Commercial Services & Supplies
9.08%
SOFR+536
2,517
2,500
2,498
EDS Buyer, LLC
11/18/2025
1/10/2029
Aerospace and Defense
8.17%
SOFR+450
1,975
1,980
1,980
Emergency Care Partners, LLC
11/20/2025
10/18/2027
Healthcare Providers & Services
8.67%
SOFR+500
6,282
6,282
6,282
ETE Intermediate II, LLC
11/18/2025
5/29/2029
Auto Components
8.72%
SOFR+500
975
975
975
GGG MIDCO, LLC
11/18/2025
9/27/2030
Diversified Consumer Services
8.67%
SOFR+500
6,982
6,982
6,982
Harris & Co, LLC
11/18/2025
8/9/2030
Professional Services
8.72%
SOFR+500
6,982
6,982
6,930
HEC Purchaser Corp.
11/18/2025
6/17/2029
Health Care Equipment & supplies
8.67%
SOFR+500
5,000
5,000
5,000
Hills Distribution, Inc.
12/2/2025
11/8/2029
Distributors
9.19%
SOFR+550
1,501
1,500
1,486
MBS Holdings, Inc.
11/19/2025
4/16/2027
Internet Software and Services
8.92%
SOFR+510
5,132
5,132
5,132
Medina Health, LLC
11/18/2025
10/20/2028
Healthcare and Pharmaceuticals
9.92%
SOFR+625
3,314
3,323
3,314
MES Intermediate, Inc.
11/19/2025
10/1/2027
Distributors
8.42%
SOFR+475
4,691
4,691
4,691
North American Rail Solutions
11/21/2025
8/29/2031
Road and Rail
8.42%
SOFR+475
7,000
6,966
6,965
OSP Embedded Purchaser, LLC
11/18/2025
12/17/2029
Aerospace and Defense
9.42%
SOFR+575
6,982
6,874
6,619
PCS MIDCO, Inc.
11/25/2025
3/1/2030
Professional Services
9.42%
SOFR+575
2,615
2,628
2,628
PD Tri-State Holdco, LLC.
11/19/2025
10/14/2030
Diversified Consumer Services
8.92%
SOFR+525
2,970
2,944
2,952
Pacific Purchaser, LLC
11/18/2025
10/2/2028
Professional Services
9.85%
SOFR+625
2,205
2,182
2,152
PAR Excellence Holdings, Inc.
11/18/2025
9/3/2030
Healthcare Technology
8.74%
SOFR+500
6,982
6,915
6,860
Project Granite Buyer, Inc.
11/18/2025
12/31/2030
Professional Services
9.42%
SOFR+575
3,944
3,983
3,983
Puget Collision, LLC
11/18/2025
10/3/2031
Automobiles
8.42%
SOFR+475
7,000
6,957
6,956
Rancho Health MSO, Inc.
11/18/2025
6/20/2029
Healthcare Providers & Services
8.99%
SOFR+500
6,862
6,862
6,862
Sath Industries, LLC
11/18/2025
12/17/2029
Building Products
9.17%
SOFR+550
3,346
3,346
3,346
Sigma Defense Systems, LLC
11/18/2025
12/20/2027
Aerospace and Defense
10.62%
SOFR+690
6,969
6,969
6,899
Smartronix, LLC
12/3/2025
2/6/2032
Aerospace and Defense
8.42%
SOFR+450
5,970
5,947
5,885
Systems Planning And Analysis, Inc.
11/20/2025
8/16/2027
Aerospace and Defense
8.46%
SOFR+475
6,997
6,945
6,976
TMII Enterprises, LLC
11/18/2025
12/22/2028
Professional Services
8.22%
SOFR+450
1,975
1,975
1,975
The Bluebird Group, LLC
11/18/2025
7/28/2026
Professional Services
9.57%
SOFR+590
5,042
5,042
5,042
The Vertex Companies, LLC
11/18/2025
8/31/2028
Construction and Engineering
8.82%
SOFR+510
6,982
6,969
6,941
Transgo, LLC
11/18/2025
12/29/2028
Auto Components
9.47%
SOFR+575
594
597
594
Tyto Athene, LLC
11/26/2025
4/3/2028
IT Services
8.88%
SOFR+490
4,626
4,520
4,441
Total First Lien Secured Debt
$
193,632
$
193,151
Total Investments - 859.4% of Net Assets (3)(4)
$
193,632
$
193,151
Cash Equivalents - 0.1% of Net Assets
BlackRock Federal FD Instl 81
3.69
%
$
2
$
2
Total Cash Equivalents
$
2
$
2
Cash - 30.2% of Net Assets
Cash
$
6,775
$
6,775
Total Cash
$
6,775
$
6,775
Total Investments, Cash Equivalents, and Cash —889.6% of Net Assets
$
200,409
$
199,928
Liabilities in Excess of Other Assets — (789.6)% of Net Assets
(177,453
)
Members' Equity—100.0%
$
22,475
——————————————————
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL II’s accounting policy.
(3)
As of December 31, 2025, all investments were in U.S Companies, and total cost, fair value, percentage of Net Assets for the U.S Companies were $193.6 million, $193.2 million and 859.4%.
(4)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
43
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Below are the Consolidated Statements of Assets and Liabilities for PSSL II ($ in thousands):
December 31, 2025
(Unaudited)
Assets
Investments at fair value (amortized cost—$193,632)
$
193,151
Cash equivalents (cost—$2)
2
Cash (cost—$6,775)
6,775
Interest receivable
401
Prepaid expenses and other assets
1,347
Total assets
201,676
Liabilities
Credit facility payable
125,000
Notes payable to members
52,500
Interest payable on credit facility
777
Interest payable on notes to members
780
Accrued expenses
144
Total liabilities
179,201
Members' equity
22,475
Total liabilities and members' equity
$
201,676
—————————————————
(1)
As of December 31, 2025, PSSL II had unfunded commitments to fund investments of zero.
Below are the Consolidated Statements of Operations for PSSL II ($ in thousands):
For the period November 18, 2025 (commencement of operations) through December 31, 2025
Investment income:
Interest
$
2,201
Other income
7
Total investment income
2,208
Expenses:(1)
Interest and expense on credit facility and asset-backed debt
827
Interest expense on notes to members
781
Administration fees
61
General and administrative expenses
83
Total expenses
1,752
Net investment income
456
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments
—
Net change in unrealized appreciation (depreciation) on investments
(481
)
Net realized and unrealized gain (loss) on investments
(481
)
Net increase (decrease) in members' equity resulting from operations
$
(25
)
—————————————————
(1)No management or incentive fees are payable by PSSL II. If any fees were to be charged, they would be separately disclosed in the Consolidated Statement of Operations. PSSL II pays the Administrator an annual fee of 0.25% of the total assets under management on a quarterly basis.
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.
44
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(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, including our 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2037 Asset-Backed Debt and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.
The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence was 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 2026 Notes, our 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, our 2037 Asset-Backed Debt, and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.
As outlined in the table below, some of our Level 3 investments use a market-based valuation technique which values such assets 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 net asset value per share as a practical expedient within the fair value hierarchy.
The remainder of our investment portfolio and our long-term Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities, discounted for lack of marketability and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.
Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):
Asset Category
Fair value at December 31, 2025
Valuation Technique
Unobservable Input
Range of Input (Weighted Average) (1)
First lien
$
105,885
Market Comparable
Broker/Dealer bids or quotes
N/A
First lien
2,185,345
Market Comparable
Market yield
4.0% - 27.3% (10.1%)
First lien
18,160
Enterprise Market Value
EBITDA multiple
7.5x - 8.0x (7.7x)
First lien
852
Market Comparable
Revenue multiple
0.3x
Second Lien
995
Market Comparable
Broker/Dealer bids or quotes
N/A
Subordinated debt
18,610
Market Comparable
Market yield
1.4% - 25.3% (17.7%)
Subordinated debt
539
Enterprise Market Value
EBITDA multiple
14.5x
Equity
185,414
Enterprise Market Value
EBITDA multiple
0.3x - 16.8x (11.0x)
Total Level 3 investments
$
2,515,800
Long-Term Credit Facility
$
488,859
Market Comparable
Market yield
5.3%
____________________________________________
(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
45
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Asset Category
Fair value at September 30, 2025
Valuation Technique
Unobservable Input
Range of Input (Weighted Average) (1)
First lien
$
114,625
Market Comparable
Broker/Dealer bids or quotes
N/A
First lien
2,377,201
Market Comparable
Market Yield
4.0% - 24.5% (9.9%)
First lien
17,969
Enterprise Market Value
EBITDA multiple
8.3x
First lien
3,836
Market Comparable
Revenue Multiple
0.6x
Second Lien
995
Market Comparable
Broker/Dealer bids or quotes
N/A
Subordinated debt
17,439
Market Comparable
Market Yield
7.0% - 25.4% (17.1%)
Subordinated debt
547
Enterprise Market Value
EBITDA multiple
14.8x
Equity
196,398
Enterprise Market Value
EBITDA multiple
0.6x - 28.3x (10.8x)
Total Level 3 investments
$
2,729,010
Long-Term Credit Facility
$
683,837
Market Comparable
Market Yield
4.8%
(1)
The weighted averages disclosed in the table above were weighted by their relative fair value.
Our investments, cash and cash equivalents, Credit Facility, 2026 Notes, 2031 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2036 Asset-Backed Debt, and 2037 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):
Fair Value at December 31, 2025
Description
Fair Value
Level 1
Level 2
Level 3
Measured at Net Asset Value (1)
First lien
$
2,310,242
$
—
$
—
$
2,310,242
$
—
Second Lien and Subordinate debt
20,144
—
—
20,144
—
Equity
274,961
—
—
185,414
89,547
Total investments
2,605,347
—
—
2,515,800
89,547
Cash equivalents
40,143
40,143
—
—
—
Total investments and cash equivalents
$
2,645,490
$
40,143
$
—
$
2,515,800
$
89,547
Long Term Credit Facility payable
$
488,859
$
—
$
—
$
488,859
$
—
2026 Notes payable(2)
184,803
—
184,803
—
—
2036 Asset-Backed Debt(2)
284,762
—
—
284,762
—
2036-R Asset-Backed Debt(2)
286,561
—
—
286,561
—
2037 Asset-Backed Debt (2)
387,025
—
—
387,025
—
Total debt
$
1,632,010
$
—
$
184,803
$
1,447,207
$
—
———————————————
(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL and PSSL II are measured using 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, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2037 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.
46
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
Fair Value at September 30, 2025
Description
Fair Value
Level 1
Level 2
Level 3
Measured at Net Asset Value (1)
First lien
$
2,513,631
$
—
$
—
$
2,513,631
$
—
Second lien and Subordinate debt
18,981
—
—
18,981
—
Equity
240,716
—
—
196,398
44,318
Total investments
2,773,328
—
—
2,729,010
44,318
Cash equivalents
40,729
40,729
—
—
—
Total investments and cash equivalents
$
2,814,057
$
40,729
$
—
$
2,729,010
$
44,318
Long Term Credit Facility payable
$
683,837
$
—
$
—
$
683,837
$
—
2026 Notes payable(2)
184,609
—
184,609
—
—
2036 Asset-Backed Debt(2)
284,627
—
—
284,627
—
2036-R Asset-Backed Debt(2)
265,366
—
—
265,366
—
2037 Asset-Backed Debt(2)
358,331
—
—
358,331
—
Total debt
$
1,776,770
$
—
$
184,609
$
1,592,161
$
—
(1)
In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL is measured using net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, 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, 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.
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):
Three Months Ended December 31, 2025
Description
First Lien
Second lien, subordinated debt and equity investments
Totals
Beginning balance
$
2,513,631
$
215,379
$
2,729,010
Net realized gain (loss)
597
871
1,468
Net change in unrealized appreciation (depreciation)
(12,638
)
(8,632
)
(21,270
)
Purchases, PIK interest, net discount accretion and non-cash exchanges
150,963
1,460
152,423
Sales, repayments and non-cash exchanges
(342,311
)
(3,520
)
(345,831
)
Transfers in and/or out of Level 3
—
—
—
Ending balance
$
2,310,242
$
205,558
$
2,515,800
Net change in unrealized appreciation (depreciation) reported within the net change in unrealized appreciation (depreciation) on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.
$
(12,483
)
$
(7,973
)
$
(20,456
)
Three Months Ended December 31, 2024
Description
First Lien
Second lien, subordinated debt and equity investments
Totals
Beginning balance
$
1,746,697
$
171,142
$
1,917,839
Net realized gain (loss)
634
26,040
26,674
Net change in unrealized appreciation (depreciation)
(7,513
)
(13,600
)
(21,113
)
Purchases, PIK interest, net discount accretion and non-cash exchanges
597,859
16,121
613,980
Sales, repayments and non-cash exchanges
(373,901
)
(27,399
)
(401,300
)
Transfers in and/or out of Level 3
—
—
—
Ending balance
$
1,963,776
$
172,304
$
2,136,080
Net change in unrealized depreciation reported within the net change in unrealized depreciation on investments in our consolidated statements of operations attributable to our Level 3 assets still held at the reporting date.
$
(2,261
)
$
6,964
$
4,703
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):
Three Months ended December 31,
Long-Term Credit Facility
2025
2024
Beginning balance (cost – $683,855 and $443,855, respectively)
$
683,837
$
443,880
Net change in unrealized (depreciation) appreciation included in earnings
22
(89
)
Borrowings
27,000
165,000
Repayments
(222,000
)
—
Ending balance (cost – $488,855 and $608,855, respectively)
$
488,859
$
608,791
47
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
As of December 31, 2025, we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S. dollar borrowings as of December 31, 2025 (CAD and $ in thousands):
Foreign Currency
Amount Borrowed
Borrowing Cost
Current Value
Reset Date
Unrealized appreciation (depreciation)
Canadian Dollar
CAD 2,000
$
1,455
$
1,459
1/2/26
4
As of September 30, 2025 we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S dollar borrowings as of September 30, 2025. (CAD and $ in thousands):
Foreign Currency
Amount Borrowed
Borrowing Cost
Current Value
Reset Date
Unrealized appreciation (depreciation)
Canadian Dollar
CAD 2,000
$
1,455
$
1,437
10/1/2025
(18
)
Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility. We elected to use the fair value option for the Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred $0.5 million of expenses relating to amendment costs on the Credit Facility for the three months ended December 31, 2025 and we did not incur any expenses relating to amendment costs on the Credit Facility during the three months ended December 31, 2024. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including our 2026 Notes, 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt.
For the three months ended December 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than ($0.1) million. For the three months ended December 31, 2024, the Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.
6. TRANSACTIONS WITH AFFILIATED COMPANIES
An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but less than 25% of its voting securities and a controlled affiliate generally when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the three months ended December 31, 2025 and 2024 were as follows ($ in thousands):
Name of Investment
Fair Value at September 30, 2025
Gross Additions
Gross Reductions
Net Realized Gains (Losses)
Net Change in Unrealized Appreciation (Depreciation)
Fair Value at December 31, 2025
Interest Income
Dividend/ Other Income
Controlled Affiliates
PennantPark Senior Secured Loan Fund II LLC **
$—
$56,250
$—
$—
$(18)
$56,232
$572
$—
PennantPark Senior Secured Loan Fund I LLC *
281,968
39,375
—
—
(11,003)
310,340
7,273
4,944
Total Controlled Affiliates
$281,968
$95,625
$—
$—
$(11,021)
$366,572
$7,845
$4,944
48
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
* 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
**We and HL are the members of PSSL II, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL II make investments in PSSL II in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL II must be submitted to PSSL II’s board of directors or investment committee, both of which are comprised of equal number of representatives from each the Company and HL. Because management of PSSL II is shared equally between us and HL, we do not believe we control PSSL II for purposes of the 1940 Act or otherwise.
Name of Investment
Fair Value at September 30, 2024
Gross Additions
Gross Reductions
Net Realized Gains (Losses)
Net Change in Unrealized Appreciation (Depreciation)
Fair Value at December 31, 2024
Interest Income
Dividend/ Other Income
Controlled Affiliates
Marketplace Events, LLC**
$
57,107
$
4,214
$
(62,477
)
$
25,493
$
(24,337
)
$
—
$
5,062
$
306
PennantPark Senior Secured
Loan Fund I LLC *
294,128
—
—
—
(7,567
)
286,561
7,746
4,375
Total Controlled Affiliates
$
351,235
$
4,214
$
(62,477
)
$
25,493
$
(31,904
)
$
286,561
$
12,808
$
4,681
* We and Kemper are the members of PSSL, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL make investments in PSSL in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL must be submitted to PSSL’s board of directors or investment committee, both of which are comprised of two members appointed by each of us and Kemper. Because management of PSSL is shared equally between us and Kemper, we do not believe we control PSSL for purposes of the 1940 Act or otherwise.
** Marketplace was sold during the Q1 2025 quarter.
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 December 31,
2025
2024
Numerator for net increase in net assets resulting from operations
(3,578
)
28,329
Denominator for basic and diluted weighted average shares
99,217,896
81,663,331
Basic and diluted net increase in net assets per share resulting from operations
(0.04
)
0.35
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 depends 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 December 31, 2025, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $40.1 million and $55.1 million, respectively. As of September 30, 2025, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $40.7 million and $82.0 million at fair value, respectively.
49
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
9. FINANCIAL HIGHLIGHTS
Below are the financial highlights ($ in thousands, except per share data):
Three Months Ended December 31,
2025
2024
Per Share Data:
Net asset value, beginning of period
$
10.83
$
11.31
Net investment income (1)
0.27
0.37
Net change in realized and unrealized gain (loss) (1)
(0.30
)
(0.02
)
Net increase (decrease) in net assets resulting from operations (1), (7)
(0.04
)
0.35
Distributions to stockholders (1), (2)
(0.31
)
(0.31
)
Accretive effect of common stock issuance
—
(0.01
)
Net asset value, end of period (7)
$
10.49
$
11.34
Per share market value, end of period
$
9.27
$
10.93
Total return *(3)
7.79
%
-2.87
%
Shares outstanding at end of period
99,217,896
84,855,896
Ratios** / Supplemental Data:
Ratio of operating expenses to average net assets** (4)
5.94
%
6.34
%
Ratio of debt related expenses to average net assets** (5)
10.25
%
9.66
%
Ratio of total expenses to average net assets** (5)
16.19
%
16.00
%
Ratio of net investment income to average net assets** (5)
10.15
%
12.95
%
Net assets at end of period
$
1,040,429
$
962,651
Weighted average debt outstanding
$
1,746,661
$
1,277,742
Weighted average debt per share (1)
$
17.60
$
15.65
Asset coverage per unit (6)
$
1,635
$
1,714
Portfolio turnover rate*
11.28
%
17.69
%
Note: The expense and investment income ratios above do not reflect the Company's proportionate share of income and expenses of PSSL, PSSL II, and PTSF II (prior to becoming a wholly owned consolidated subsidiary)
* Not annualized for periods less than one year.
** Re-occurring investment income and expenses included in these ratios are annualized for periods less than one year.
(1)
Based on the weighted average shares outstanding for the respective periods.
(2)
The tax status of distributions is calculated in accordance with U.S federal 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)
Total expenses excluding 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.
(7)
Does not foot due to rounding, as applicable.
10. DEBT
The annualized weighted average cost of debt for the three months ended December 31, 2025 and 2024, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.2% and 7.0%, 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 December 31, 2025 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act, was 164% and 160%, respectively.
Credit Facility
As of December 31, 2025, the Credit Facility had commitments $768.0 million (increased from $718.0 million in November 2025) and an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 200 basis points, a maturity date of August 2030 and a revolving period that ends in August 2028. As of December 31, 2025 and September 30, 2025, Funding I had $488.9 million and $683.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 5.9% and 6.3%, exclusive of the fee on undrawn commitments as of December 31, 2025 and September 30, 2025, respectively. As of December 31, 2025 and September 30, 2025, Funding I had $279.1 million and $34.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Credit Facility is subject to satisfaction of certain conditions and the regulatory restrictions that the 1940 Act imposes on us as a BDC.
In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028 from August 2027, extended the maturity date of the Credit Facility by one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.
In November 2025, the Credit Facility was amended. The terms of the amendment increased the aggregate commitment amounts of the lenders party to the Credit Facility from $718.0 million to $768.0 million, pricing under the Credit Facility remains at SOFR plus 200 basis points.
The Credit Facility contains customary 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
50
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
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 December 31, 2025, we were in compliance with the covenants relating to the Credit Facility.
We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.
Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made all required payments of (1) cash interest and, if applicable, principal to the Lenders, (2) administrative expenses and (3) claims of other unsecured creditors of Funding I. The Investment Adviser has irrevocably directed that any management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.
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 semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all of our existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.
2031 Asset-Backed Debt / 2036-R Asset-Backed Debt
In September 2019, the Company completed the $301.4 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company’s asset coverage requirements. The 2031 Asset-Backed Debt was issued by the Securitization Issuer. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Loans maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C‑1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A‑1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The annualized interest on the 2031 Asset-Backed Debt will be paid, to the extent of funds available. The reinvestment period of the Debt Securitization ended on October 15, 2023 and the 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031.
On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of approximately $55.4 million at the closing of the Debt Securitization.
On July 25, 2024, the Company closed the refinancing of the 2031Asset-Backed Debt and upsize of a four-year reinvestment period and twelve-year final maturity $351.0 million debt securitization in the form of a collateralized loan obligation (the “2036-R Asset-Backed Debt”). The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12.0 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21.0 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the Issuer of $64.0 million of subordinated notes pursuant to the Indenture and (C) the borrowing by the Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, dated the closing date, by and among the Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The Replacement Debt matures in July 2036. The Replacement Debt was 100% funded at closing.
The obligations of the Issuers under the replacement are non-recourse to the Company. As of September 30, 2025, the Company retained the D-R Notes and the Subordinated Notes through a consolidated subsidiary. On October 29, 2025 the Company sold $21.0 million of initially retained D-R Notes, to a third party. As of December 31, 2025, the Company no longer consolidates the D-R Notes. As of December 31, 2025 and September 30, 2025, the Company had $287.0 million and $266.0 million, respectively of external, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 5.9% and 6.2%, respectively.As of December 31, 2025 and September 30, 2025, the unamortized fees on the 2036-R Asset-Backed Debt were $0.4 million and $0.6 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 SOFR plus 2.30%, (ii) $14.0 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) $21.0 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
51
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
DECEMBER 31, 2025
(Unaudited)
and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.
The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Subordinated Notes of the 2036-Securitization Issuer were eliminated in consolidation. As of December 31, 2025 and September 30, 2025, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 6.7% and 7.1%, respectively.As of December 31, 2025, and September 30, 2025, the unamortized fees on the 2036 Asset-Backed Debt were $2.2 million and $2.4 million, respectively.
Our Investment Adviser serves as collateral manager to the 2036-Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.
2037 Asset-Backed Debt
In February 2025, the Company completed the 2037 Debt Securitization. The 2037 Notes were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the “2037 Class A-1 Notes”), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the “2037 Class A-2 Notes”), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the “2037 Class B Notes”), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the “2037 Class C Notes”), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the “2037 Class D Notes” and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (the “2037 Subordinated Notes” and, together with the 2037 Secured Notes, the “2037 Notes”) and (B) the borrowing by the 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the “2037 Class A-1L-A Loans”) and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (the “2037 Class A-1L-B Loans” and, together with the Class A-1L-A Loans, the “2037 Asset-Backed Loans,” and collectively with the 2037 Secured Notes and 2037 Subordinated Notes, the “2037 Asset-Backed Debt”), which bear interest at three-month SOFR plus 1.49%. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037.
The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation. As of September 30, 2025, the Company retained the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Asset-Backed Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029.
In November 2025 the Company sold $28.5 million of initially retained BBB-(sf) Class D Notes, to a third party. As of December 31, 2025, the Company no longer consolidates the BBB-(sf) Class D Notes.
As of December 31, 2025 and September 30, 2025, the Company had $389.5 million and $361.0 million of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.6% and 5.9%, respectively. As of December 31, 2025 and September 30, 2025, the unamortized fees on the 2037 Asset-Backed Debt were $2.5 million and $2.7 million, respectively.
Our Investment Adviser serves as collateral manager to the 2037 Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.
11. COMMITMENTS AND CONTINGENCIES
From time to time, we may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. As of December 31, 2025 and September 30, 2025, we had $594.0 million and $603.7 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $26.3 million and $65.6 million to PSSL as of December 31, 2025 and September 30, 2025, respectively, that may be contributed primarily for the purpose of funding new investments approved by the PSSL board of directors or investment committee. Additionally, the Company had unfunded commitments of $93.8 million to PSSL II as of December 31, 2025, that may be contributed primarily for the purpose of funding new investments approved by the PSSL II board of directors or investment committee.
12. SEGMENT REPORTING
The Company operates through a single operating and reporting segment with a principal investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("Net Income") and net investment income ("NII"). The CODM utilizes Net Income and NII as the key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as 'total assets" and significant segment expenses are listed on accompanying consolidated statements of operations.
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Report of Independent Registered Public Accounting Firm
To the Stockholders and Board of Directors of PennantPark Floating Rate Capital Ltd. and its Subsidiaries
Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Floating Rate Capital, Ltd. and its subsidiaries (the Company), including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statements of operations and changes in net assets for the three-month periods ended December 31, 2025 and 2024, and cash flows for the three month periods ended December 31, 2025 and 2024, and the related notes to the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.
We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2025, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated November 24, 2025, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.
Basis for Review Results These interim financial statements are the responsibility of the Company’s management. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
/s/ RSM US LLP
New York, New York
February 9, 2026
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Awareness Letter of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of PennantPark Floating Rate Capital Ltd. and its Subsidiaries
We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Floating Rate Capital Ltd. and its Subsidiaries for the periods ended December 31, 2025 and 2024, as indicated in our report dated February 9, 2026; 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 December 31, 2025, is incorporated by reference in Registration Statement No.333-279726 on Form N-2.
We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.
/s/ RSM US LLP
New York, New York
February 9, 2026
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Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:
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our future operating results;
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our business prospects and the prospects of our prospective portfolio companies;
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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;
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the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies.
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the dependence of our future success on the general economy and its impact on the industries in which we invest;
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the impact of a protracted decline in the liquidity of credit markets on our business;
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the impact of investments that we expect to make;
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our contractual arrangements and relationships with third parties;
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the valuation of our investments in portfolio companies, particularly those having no liquid trading market;
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the ability of our prospective portfolio companies to achieve their objectives;
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our expected financings and investments and ability to fund capital commitments to PSSL and PSSL II;
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the adequacy of our cash resources and working capital;
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the timing of cash flows, if any, from the operations of our prospective portfolio companies;
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the impact of price and volume fluctuations in the stock market;
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increasing levels of inflation, and its impact on us and our portfolio companies;
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the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;
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the impact of future legislation and regulation on our business and our portfolio companies; and
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the inability to develop and maintain effective internal control over financial reporting.
We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in “Risk Factors” and elsewhere in this Report.
Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.
We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.
You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.
The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.
Overview
PennantPark Floating Rate Capital Ltd. (the "Company," "we," "our" or "us") is a business development company ("BDC") whose principal 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 $50.0 million and $1.0 billion. Our investments are typically rated below investment grade. Securities rated below investment grade are often referred to as “leveraged loans,” “high yield” securities or “junk bonds” and are often higher risk compared
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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 carefully constructed portfolio by generally targeting an investment size between $5.0 million and $30.0 million, on average, although we expect that this investment size will vary proportionately with the size of our capital base.
Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.
Organization and Structure of PennantPark Floating Rate Capital Ltd.
The Company, a Maryland corporation organized in October 2010, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we elected to be treated, and intend to qualify annually, as a RIC under the Code.
We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term “subsidiary” means entities that primarily engage in investments activities in securities or other assets that are wholly owned by us. The Company does not intend to create or acquire primary control of an entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.
Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. Our board of directors, a majority of whom are independent of us and the Investment Adviser, provides overall supervision of our activities, and the Investment Adviser supervises our day-to-day activities.
Revenues
We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically have a term of three to ten years and bear interest at a floating or fixed rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.
Expenses
Our primary operating expenses include the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. Additionally, we pay interest expense on the outstanding debt and unused commitment fees on undrawn amounts under our various debt facilities. We bear all other direct or indirect costs and expenses of our operations and transactions, including:
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the cost of calculating our NAV, including the cost of any third-party valuation services;
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the cost of effecting sales and repurchases of shares of our common stock and other securities;
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fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;
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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 financial and legal affairs for the Company's and in monitoring the Company's investments.
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transfer agent and custodial fees;
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fees and expenses associated with marketing efforts;
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federal and state registration fees and any exchange listing fees;
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federal, state, local and foreign taxes;
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independent directors’ fees and expenses;
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brokerage commissions;
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fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;
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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;
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costs associated with our reporting and compliance obligations under the 1940 Act, the 1958 Act and applicable federal and state securities laws; and
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all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.
Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.
PORTFOLIO AND INVESTMENT ACTIVITY
PennantPark Floating Rate Capital Ltd.
As of December 31, 2025, our portfolio totaled $2,605.3 million, and consisted of $2,310.2 million of first lien secured debt (including $237.7 million in PSSL and $39.4 million in PSSL II), $20.1 million of second lien secured debt and subordinated debt and $275.0 million of preferred and common equity (including $72.7 million in PSSL and $16.9 million in PSSL II). As of December 31, 2025, our debt portfolio consisted of approximately 99% variable-rate investments. As of December 31, 2025, we had four portfolio companies on non-accrual, representing 0.5% and 0.1% of our overall portfolio on a cost and fair value basis, respectively. As of December 31, 2025, the portfolio had net unrealized depreciation of $78.4 million. Our overall portfolio consisted of 160 companies with an average investment size of $16.3 million and had a weighted average yield on debt investments of 9.9%, and was invested 89%in first lien secured debt (including 9% in PSSL and 2% in PSSL II), less than 1% in second lien and subordinate debt and 11% in preferred and common equity (including 3% in PSSL and 1% in PSSL II). As of December 31, 2025, over 98% of the investments held by PSSL were first lien secured debt. As of December 31, 2025, 100% of the investments held by PSSL II were first lien secured debt.
As of September 30, 2025, our portfolio totaled $2,773.3 million and consisted of $2,513.6 million of first lien secured debt (including $237.7 million in PSSL), $19.0 million of second lien secured debt and subordinated debt and $240.7 million of preferred and common equity (including $44.3 million in PSSL). Our debt portfolio consisted of approximately 99% variable-rate investments. As of September 30, 2025, we had three portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2025, the portfolio had net unrealized depreciation of $46.1 million. Our overall portfolio consisted of 164 companies with an average investment size of $16.9 million, had a weighted average yield on debt investments of 10.2%, and was invested 90% in first lien secured debt (including 9% in PSSL), 1% in second lien secured debt and subordinated debt and 9% in preferred and common equity (including 2% in PSSL). As of September 30, 2025, over 98% of the investments held by PSSL were first lien secured debt.
For the three months ended December 31, 2025, we invested $301.0 million in four new and 51 existing portfolio companies at a weighted average yield on debt investments of 10.0%. For the three months ended December 31, 2025, sales and repayments of investments totaled $441.4 million, including $132.5 million of sales to PSSL and $196.5 million of sales to PSSL II.
For the three months ended December 31, 2024, we invested $606.9 million in 11 new and 58 existing portfolio companies at a weighted average yield on debt investments of 10.3%. For the three months ended December 31, 2024, sales and repayments of investments totaled $401.3 million, including $187.7 million of sales to PSSL.
PennantPark Senior Secured Loan Fund I LLC
As of December 31, 2025, PSSL’s portfolio totaled $1,195.0 million and consisted of 120 companies with an average investment size of $10.0 million and at a weighted average yield on debt investments of 9.6%. As of September 30, 2025, PSSL’s portfolio totaled $1,084.6 million, consisted of 117 companies with an average investment size of $9.3 million and at a weighted average yield on debt investments of 10.1%.
For the three months ended December 31, 2025, PSSL invested $133.8 million (including $132.5 million purchased from the Company) in four new and 17 existing portfolio companies at a weighted average yield on debt investments of 9.4%. Sales and repayments of investments for the three months ended December 31, 2025 totaled $12.4 million.
For the three months ended December 31, 2024, PSSL invested $224.9 million (including $187.7 million purchased from the Company) in 17 new and eight existing portfolio companies at a weighted average yield on debt investments of 10.3%. For the three months ended December 31, 2024, sales and repayments of investments totaled
$86.6 million.
PennantPark Senior Secured Loan Fund II LLC
As of December 31, 2025, PSSL II’s portfolio totaled $193.2 million and consisted of 41 companies with an average investment size of $4.7 million and at a weighted average yield on debt investments of 9.0%.
For the three months ended December 31, 2025, PSSL II invested $196.5 million (including $196.5 million purchased from the Company) in 42 new and zero existing portfolio companies at a weighted average yield on debt investments of 9.3%. Sales and repayments of investments for the three months ended December 31, 2025 totaled $2.9 million.
At-the-Market Offering
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On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500.0 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.
During the three months ended December 31, 2025 we did not issue any shares of our common stock under the ATM Programs. During the three months ended December 31, 2024 we issued 7,276,000 shares of our common stock under the ATM Programs. During the three months ended December 31, 2024, shares were issued at a weighted average price of $11.30 per share, resulting in net proceeds of $82.2 million 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. During the quarter ended December 31, 2025 and 2024, we incurred zero and less than $0.1 million, respectively, of legal and other offering costs associated with establishing the ATM Programs. As of December 31, 2025 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.
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 2025 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates from those disclosed in our 2025 Annual Report on Form 10-K during the three months ended December 31, 2025.
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 are no readily available market values, 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 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 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, 2037 Asset-Backed Debt, and our Credit Facility are classified as Level 3. Our 2026 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.
On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the boards of directors to assess periodically material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund’s investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee as of the date of this report, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.
In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, our 2031 Asset-Backed Debt, our 2036 Asset-Backed Debt, our 2036-R Asset-Backed Debt, our 2037 Asset-Backed Debt, and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.
Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility. We elected to use the fair value option for the Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred $0.5 million of expenses relating to amendment costs on the Credit Facility during the three months ended December 31, 2025 and we did not incur expenses relating to amendment costs on the Credit Facility during the three months ended, December 31, 2024. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company’s choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, the 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt.
For the three months ended December 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than ($0.1) million. For the three months ended December 31, 2024, the Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled 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.
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, during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.
Foreign Currency Translation
Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:
1.
Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and
2.
Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.
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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 months ended December 31, 2025, we recorded a provision for taxes on net investment income of $0.2 million pertaining to federal excise tax. For the three months ended December 31, 2024, we recorded a provision for taxes on net investment income of $0.2 million pertaining to federal excise tax.
On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company (“Holdings II”), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ( “Holdings”) to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings’ investments.
For the three months ended December 31, 2025, the Company recorded a provision for taxes of $0.6 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three months ended December 31, 2024, the Company recorded a provision for taxes of $0.6 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of December 31, 2025, and September 30, 2025, $1.2 million and $1.9 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. During the three months ended December 31, 2025 and 2024, the Company recorded a provision for taxes of zero and $0.1 million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three months ended December 31, 2025 and 2024, the Company paid zero and zero in taxes on realized gains on the sale of investments held by the Taxable Subsidiary.
We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.
We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are taxed as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.
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RESULTS OF OPERATIONS
Set forth below are the results of operations for the three months ended December 31, 2025 and 2024.
Investment Income
For the three months ended December 31, 2025, investment income was $70.1 million, which was attributable to $64.2 million from first lien secured debt and $5.9 million from other investments, respectively. For the three months ended December 31, 2024, investment income was $67.0 million, which was attributable to $61.0 million from first lien secured debt and $6.0 million from other investments, respectively. The increase in investment income for the three months ended December 31, 2025, was primarily due to the increase in the size of our debt portfolio.
Expenses
For the three months ended December 31, 2025, expenses totaled $43.5 million and were comprised of: $27.2 million of debt related interest and expenses, $6.8 million of base management fees, $6.7 million of performance-based incentive fees, and $2.1 million of general and administrative expenses, $0.2 million of taxes and $0.5 million in Credit Facility amendment costs. For the three months ended December 31, 2024, expenses totaled $37.0 million and were comprised of; $22.4 million of debt related interest and expenses, $5.3 million of base management fee, $7.5 million of performance-based incentive fee, $1.7 million of general and administrative expenses, $0.2 million of taxes. The increase in expenses for the three months ended December 31, 2025, was primarily due to the increase in interest expense from increased borrowings as a result of the increase in our investment portfolio.
Net Investment Income
For the three months ended December 31, 2025, net investment income totaled $26.6 million or $0.27 per share. For the three months ended December 31, 2024, net investment income totaled $30.0 million or $0.37 per share. The decrease in net investment income for the three months ended December 31, 2025, was primarily due to an increase in interest expense and one time credit facility amendment costs.
Net Realized Gains or Losses
For the three months ended December 31, 2025, net realized gains (losses) totaled $1.5 million. For the three months ended December 31, 2024, net realized gains (losses) totaled $26.7 million. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which investments were realized.
Unrealized Appreciation or Depreciation on Investments and Debt
For the three months ended December 31, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $(32.3) million. For the three months ended December 31, 2024, we reported net change in unrealized appreciation (depreciation) on investments of $(29.0) million. As of December 31, 2025 and September 30, 2025, our net unrealized appreciation (depreciation) on investments totaled $(78.4) million and $(46.1) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio, changes in the capital market conditions of our investments, and realization of investments.
For the three months ended December 31, 2025, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $(0.1) million. For the three months ended December 31, 2024, our Credit Facility had a net change in unrealized appreciation (depreciation) of $0.1 million. As of December 31, 2025 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled zero, respectively. The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from Operations
For the three months ended December 31, 2025, net increase (decrease) in net assets resulting from operations totaled $(3.6) million or $(0.04) per share. For the three months ended December 31, 2024, net increase (decrease) in net assets resulting from operations totaled $28.3 million or $0.35 per share. The net increase or (decrease) from operations for the three months ended December 31, 2025, was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.
LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned on our investments, 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 December 31, 2025, in accordance with the 1940 Act, with certain limited exceptions, we were only allowed to borrow amounts such that we were 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 December 31, 2025 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act, was 164% and 160%, respectively.
As of December 31, 2025, the Credit Facility had commitments $768.0 million (increased from $718.0 million in November 2025) and an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 200 basis points, a maturity date of August 2030 and a revolving period that ends in August 2028. As of December 31, 2025 and September 30, 2025, Funding I had $488.9 million and $683.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 5.9% and 6.3%, exclusive of the fee on undrawn commitments as of December 31, 2025 and September 30, 2025, respectively.
For the three months ended December 31, 2025 and 2024, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.2% and 7.0%, respectively. As of December 31, 2025 and September 30, 2025, we had $279.1 million and $34.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.
In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment
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period one year to August 2028 from August 2027, extended the maturity date one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.
In November 2025, the Credit Facility was amended. The terms of the amendment increased the aggregate commitment amounts of the lenders party to the Credit Facility from $718.0 million to $768.0 million, pricing under the Credit Facility remains at SOFR plus 200 basis points.
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 December 31, 2025, we were in compliance with the covenants relating to our Credit Facility.
We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.
Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made (1) all required cash interest and, if applicable, principal payments to the Lenders, (2) required administrative expenses and (3) claims of other unsecured creditors of Funding I. We cannot assure you that there will be sufficient funds available to make any distributions to us or that such distributions will meet our expectations from Funding I. The Investment Adviser has irrevocably directed that the management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.
In March 2021 and in October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5%, respectively. Interest on the 2026 Notes is paid semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.
In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Notes maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C‑1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A‑1 Senior Secured Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The 2031 Asset-Backed Debt was scheduled to mature on October 15, 2031. As of December 31, 2025 and September 30, 2025, the Company had zero of 2031 Asset-Backed Debt outstanding.
On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by our wholly owned subsidiary, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of $55.4 million at the closing of the Debt Securitization.
Our Investment Adviser serves as collateral manager to the Securitization Issuer pursuant to a collateral management agreement between our Investment Adviser and the Securitization Issuer, or the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.
In July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company retained $85.0 million of the debt securitization. The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12.0 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21.0 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the issuer of $64.0 million of subordinated notes pursuant to the Indenture and (C) the borrowing by one of the 2036-R Securitization Issuers of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, by and among the 2036-R Securitization Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The 2036-R Asset-Backed Debt matures in July 2036. The company initially retained the D-R Notes and the subordinated Notes through a consolidated subsidiary. On October 29, 2025 the Company sold $21.0 million of D-R Notes, to a third party. As of December 31, 2025, the Company no longer consolidates the D-R Notes.
As of December 31, 2025 and September 30, 2025, the Company had $287.0 million and $266.0 million, respectively of external, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 5.9% and 6.2%, respectively. As of December 31, 2025 and September 30, 2025, the unamortized fees on the 2036-R Asset-Backed Debt were $0.4 million and $0.6 million, respectively.
In February 2024, the Company completed the $350.6 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company’s asset coverage requirements. The 2036 Asset-Backed Debt was issued by the 2036 Securitization Issuer. The 2036 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the 2036 Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York (“SOFR”) plus 2.30%, (ii) $14.0 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) $28.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 3.90%, (v) $21.0 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 5.90%, (together, the “Secured Notes”), and (vi) $63.6 million of subordinated notes (“Subordinated Notes”) and (B) the borrowing of $60.0 million AAA(sf) Class A-1 Senior Secured Floating Rate Loans (the “Class A-1 Loans” and together with the Secured Notes and Subordinated Notes, the “Debt”), which bear interest at three-month SOFR plus 2.30%, under a credit agreement (the “Credit Agreement”), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.
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The 2036 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Preferred Shares of the 2036-Securitization Issuer were eliminated in consolidation. As of December 31, 2025 and September 30, 2025, the Company had $287.0 million of 2036 Asset-Backed Debt outstanding with a weighted average interest rate of 6.7% and 7.1%, respectively. As of December 31, 2025, and September 30, 2025, the unamortized fees on the 2036 Asset-Backed Debt were $2.2 million and $2.4 million, respectively.
Our Investment Adviser serves as collateral manager to the 2036-Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.
In February 2025, we completed the $474.6 million term debt securitization (the “2037 Debt Securitization”). The notes offered in the 2037 Debt Securitization were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The Company retained $113.6 million of the debt securitization issued by the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the “2037 Class A-1 Notes”), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the “2037 Class A-2 Notes”), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the “2037 Class B Notes”), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the “2037 Class C Notes”), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the “2037 Class D Notes” and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the “2037 Secured Notes”), and (vi) $85.1 million of subordinated notes (the “2037 Subordinated Notes”) and (B) the borrowing by 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the “2037 Class A-1L-A Loans”) and $45.0 million under AAA(sf) Class A-1L-B floating rate loans ( the “2037 Class A-1L-B Loans” and, together with the 2037 Class A-1L-A Loans, the “2037 Asset-Backed Loans,” and collectively with the 2037 Notes, the “2037 Asset-Backed Debt”), which bear interest at three-month SOFR plus 1.49%. The 2037 Class A-1 Loans and the 2037 Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the 2037 Securitization Issuer. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037. The Company initially retained the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Class A-1 Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029. On November 25, 2025 the Company sold $28.5 million of BBB -(sf) Class D Notes, to a third party. As of December 31, 2025, the Company no longer consolidates the BBB-(sf) Class D Notes. The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation.
As of December 31, 2025 and September 30, 2025, the Company had $389.5 million and $361.0 million of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.6% and 5.9%, respectively. As of December 31, 2025 and September 30, 2025, the unamortized fees on the 2037 Asset-Backed Debt were $2.5 million and $2.7 million, respectively.
Our Investment Adviser serves as collateral manager to the 2037 Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.
On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the sale of our shares of common stock, with an aggregate offering price of up to $500.0 million under an at-the-market offering program (the "2024 ATM Program"). The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.
During the three months ended December 31, 2025 we did not issue any shares of our common stock under the ATM Programs. During the three months ended December 31, 2024 we issued 7,276,000 shares of our common stock under the ATM Programs. During the three months ended December 31, 2024, shares were issued at a weighted average price of $11.30 per share, resulting in net proceeds of $82.2 million 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. During the quarter ended December 31, 2025 and 2024, we incurred zero and less than $0.1 million, respectively, of legal and other offering costs associated with establishing the ATM Programs. As of December 31, 2025 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.
We may raise equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, securitizing a portion of our investments among other considerations or mergers and acquisitions. Furthermore, the Credit Facility availability depends on various covenants and restrictions as discussed in the preceding paragraphs. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.
We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in May 2025, PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.
Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in May 2025, the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. The Administration Agreement was amended on July 1, 2022. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator’s overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs.
If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.
As of December 31, 2025 and September 30, 2025, we had cash and cash equivalents of $95.3 million and $122.7 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.
63
For the three months ended December 31, 2025, our operating activities provided cash of $148.6 million and our financing activities used cash of $176.0 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily due to repayments of our Credit Facility offset by proceeds received from the sales of $28.5 million of 2037 Class D Notes and $21.0 million of 2036-R Asset-Backed Debt D-R Notes to third parties.
For the three months ended December 31, 2024, our operating activities used cash of $232.7 million and our financing activities provided cash of $222.9 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 public offerings under our ATM program.
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 December 31, 2025 and September 30, 2025, PSSL had total assets of $1,235.2 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $25.0 million and the five largest investments totaled $110.0 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.
We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of December 31, 2025 and September 30, 2025, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $163.1 million ($26.3 million remaining unfunded) and $123.7 million ($65.6 remaining unfunded), respectively. During the three months ended December 31, 2025, the Company made capital contributions of approximately $39.4 million of assets at their most recent fair market value as of the date of the transaction.
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 constitutes a quorum, provided that two individuals are present that were elected, designated or appointed by each member.
In December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 basis points (including a spread adjustment) with Ally Bank through its wholly owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.
In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the “2032 Asset-Backed Debt”. The 2032 Asset-Backed Debt is secured by a carefully constructed 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 matures in January 2032. On the closing date of the transaction, in consideration of PSSL’s transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.
In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt matures in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary as of December 31, 2025.
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 carefully constructed 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 matures 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, all of which were held by PSSL.
In May 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.
In April 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four-year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's $325 million secured credit facility.
64
Below is a summary of PSSL’s portfolio at fair value:
($ in thousands)
December 31, 2025
September 30, 2025
Total investments
$
1,195,016
$
1,084,649
Weighted average cost yield on income producing investments
9.6
%
10.1
%
Number of portfolio companies in PSSL
120
117
Largest portfolio company investment
$
24,965
$
20,901
Total of five largest portfolio company investments
$
110,044
$
99,270
65
Below is a listing of PSSL’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 1,422.7% of Net Assets
ACP Avenu Buyer, LLC
10/6/2023
10/2/2029
Business Services
8.74%
SOFR+475
19,963
$
19,743
$
19,913
ACP Falcon Buyer, Inc.
8/22/2023
8/1/2029
Business Services
9.49%
SOFR+550
18,526
18,271
18,711
APT OPCO, LLC
9/29/2025
9/30/2031
Healthcare Providers and Services
8.67%
SOFR+500
12,469
12,402
12,313
Ad.net Acquisition, LLC
5/24/2021
5/7/2026
Media
9.93%
SOFR+626
12,749
12,713
12,749
Aechelon Technology, Inc.
4/10/2025
8/16/2029
Aerospace and Defense
9.47%
SOFR+575
11,520
11,520
11,520
AFC-Dell Holding Corp.
12/23/2024
4/9/2027
Distributors
8.84%
SOFR+550
7,601
7,573
7,601
Aphix Buyer, Inc.
9/3/2025
7/17/2031
Business Services
8.47%
SOFR+475
8,978
8,928
8,978
Alpine Acquisition Corp II (4)
10/11/2022
11/30/2026
Containers and Packaging
—
—
13,128
12,990
6,039
Anteriad, LLC (f/k/a MeritDirect, LLC)
4/10/2025
6/30/2026
Media: Advertising, Printing & Publishing
9.57%
SOFR+590
11,136
11,075
11,136
Arcfield Acquisition Corp.
11/11/2024
10/28/2031
Aerospace and Defense
8.84%
SOFR+500
5,940
5,931
5,910
Archer Lewis, LLC
11/22/2024
8/28/2029
Commercial Services & Supplies
9.42%
SOFR+575
14,862
14,786
14,862
Argano, LLC
1/9/2025
9/13/2029
Business Services
9.22%
SOFR+550
12,369
12,255
12,493
Azureon, LLC (F/K/A Tpcn Midco, LLC)
4/10/2025
6/26/2029
Diversified Consumer Services
9.42%
SOFR+575
4,962
4,859
4,764
Beacon Behavioral Support Services, LLC
10/9/2024
6/21/2029
Healthcare and Pharmaceuticals
9.17%
SOFR+550
24,965
24,781
24,965
Best Practice Associates, LLC
4/10/2025
11/8/2029
Aerospace and Defense
10.47%
SOFR+675
14,887
14,756
14,776
Beta Plus Technologies, Inc.
7/21/2022
7/2/2029
Business Services
9.42%
SOFR+575
4,838
4,784
4,789
Big Top Holdings, LLC
6/26/2024
3/1/2030
Business Services
8.92%
SOFR+525
14,633
14,430
14,633
BioDerm, Inc.
2/28/2023
1/31/2028
Healthcare and Pharmaceuticals
10.36%
SOFR+650
8,775
8,714
8,665
Blackhawk Industrial Distribution, Inc.
6/30/2022
9/17/2026
Distributors
9.07%
SOFR+540
14,776
14,699
14,481
BLC Holding Company, Inc.
4/10/2025
11/20/2030
Business Services
8.17%
SOFR+450
4,962
4,939
4,962
Boss Industries, LLC
4/10/2025
12/27/2030
Independent Power and Renewable Electricity Producers
8.67%
SOFR+500
4,962
4,894
4,962
Burgess Point Purchaser Corporation
10/3/2022
7/25/2029
Automotive
9.19%
SOFR+535
437
416
369
By Light Professional IT Services, LLC
8/28/2025
7/15/2031
High Tech Industries
9.22%
SOFR+550
18,446
18,345
18,261
C5MI Acquisition, LLC
3/7/2025
7/31/2029
IT Services
9.67%
SOFR+600
14,813
14,640
14,813
Capital Construction, LLC
8/28/2025
10/22/2026
Consumer Services
9.89%
SOFR+590
4,263
4,241
4,210
Carisk Buyer, Inc.
10/16/2024
12/3/2029
Healthcare Technology
8.67%
SOFR+500
9,900
9,843
9,974
Carnegie Dartlet, LLC
4/11/2025
2/7/2030
Media: Advertising, Printing & Publishing
9.22%
SOFR+550
15,052
14,865
14,901
Cartessa Aesthetics, LLC
4/11/2023
6/14/2028
Distributors
9.67%
SOFR+600
9,417
9,344
9,417
Case Works, LLC
4/10/2025
10/1/2029
Professional Services
8.92%
SOFR+525
14,850
14,749
14,598
CF512, Inc.
12/27/2021
8/20/2026
Media
9.98%
SOFR+619
6,466
6,439
6,401
Commercial Fire Protection Holdings, LLC
11/26/2024
9/23/2030
Commercial Services & Supplies
8.17%
SOFR+450
19,787
19,701
19,787
Confluent Health, LLC
1/12/2024
11/30/2028
Healthcare and Pharmaceuticals
11.22%
SOFR+750
6,619
6,472
5,858
CJX Borrower, LLC
7/29/2021
7/13/2027
Media
9.70%
SOFR+576
3,725
3,701
3,725
Crane 1 Services, Inc.
4/11/2023
8/16/2027
Commercial Services & Supplies
9.08%
SOFR+536
2,041
2,029
2,026
DRI Holding Inc.
9/15/2022
12/21/2028
Media
9.07%
SOFR+535
2,567
2,432
2,516
DRS Holdings III, Inc.
1/27/2021
11/1/2028
Consumer Goods: Durable
8.97%
SOFR+525
4,420
4,413
4,464
Duggal Acquisition, LLC
4/10/2025
9/30/2030
Marketing Services
8.42%
SOFR+475
4,938
4,898
4,938
Dynata, LLC - First Out Term Loan (5)
7/15/2024
7/17/2028
Diversified Consumer Services
9.14%
SOFR+576
1,343
1,276
1,331
Dynata, LLC - Last Out Term Loan
7/15/2024
10/16/2028
Diversified Consumer Services
9.64%
SOFR+576
8,333
8,333
5,052
EDS Buyer, LLC
4/11/2023
1/10/2029
Electronic Equipment, Instruments, and Components
8.17%
SOFR+450
8,753
8,677
8,775
Emergency Care Partners, LLC
11/11/2024
10/18/2027
Healthcare Providers and Services
8.67%
SOFR+500
7,184
7,157
7,184
Exigo Intermediate II, LLC
11/21/2022
3/15/2027
Software
10.07%
SOFR+635
12,384
12,312
12,322
ETE Intermediate II, LLC
6/12/2023
5/29/2029
Diversified Consumer Services
8.72%
SOFR+500
12,093
11,929
12,093
EvAL Home Care Solutions Intermediate, LLC
7/10/2024
5/10/2030
Healthcare and Pharmaceuticals
9.47%
SOFR+575
8,623
8,511
8,623
GGG MIDCO, LLC
4/10/2025
9/27/2030
Diversified Consumer Services
8.67%
SOFR+500
24,511
24,433
24,511
Global Holdings InterCo, LLC
6/8/2021
3/16/2026
Diversified Financial Services
9.33%
SOFR+560
3,344
3,342
3,344
Graffiti Buyer, Inc.
3/15/2022
8/10/2027
Trading Companies & Distributors
9.42%
SOFR+560
3,675
3,653
3,593
Halo Buyer, Inc.
5/22/2025
8/7/2029
Consumer Products
9.72%
SOFR+600
6,451
6,332
6,451
Hancock Roofing And Construction, LLC
1/27/2021
12/31/2026
Insurance
9.27%
SOFR+560
2,112
2,102
2,007
Harris & Co, LLC
11/26/2024
8/9/2030
Professional Services
8.72%
SOFR+500
19,750
19,601
19,602
HEC Purchaser Corp.
4/10/2025
6/17/2029
Healthcare and Pharmaceuticals
8.87%
SOFR+500
6,634
6,602
6,634
Hills Distribution, Inc.
5/3/2024
11/8/2029
Business Services
9.19%
SOFR+550
8,230
8,135
8,148
HW Holdco, LLC
4/11/2023
5/11/2026
Media
9.80%
SOFR+590
3,441
3,433
3,441
Imagine Acquisitionco, Inc.
3/15/2022
11/16/2027
Software
8.98%
SOFR+510
9,036
8,948
9,036
Infinity Home Services Holdco, Inc.
4/11/2023
12/28/2028
Commercial Services & Supplies
9.67%
SOFR+600
5,952
5,882
5,952
Inovex Information Systems Incorporated
3/3/2025
12/17/2030
Software
8.92%
SOFR+525
8,122
8,069
8,122
Inventus Power, Inc.
7/11/2023
1/15/2026
Consumer Goods: Durable
11.33%
SOFR+761
8,060
8,059
8,060
Kinetic Purchaser, LLC
11/30/2021
11/10/2027
Personal Products
9.82%
SOFR+615
13,492
13,358
10,962
Lash OpCo, LLC
10/14/2021
2/18/2027
Personal Products
10.94%
SOFR+710
15,710
15,619
15,317
LAV Gear Holdings, Inc. - Takeback TL (5)
7/31/2025
7/31/2029
Capital Equipment
9.65%
SOFR+594
7,660
7,660
7,660
LAV Gear Holdings, Inc. - Priority TL (5)
7/31/2025
7/31/2029
Capital Equipment
9.65%
SOFR+594
2,424
2,396
2,945
Lightspeed Buyer, Inc.
1/27/2021
2/3/2027
Healthcare Providers and Services
8.42%
SOFR+475
16,191
16,153
16,191
LJ Avalon Holdings, LLC
4/11/2023
2/1/2030
Environmental Industries
8.46%
SOFR+450
2,527
2,491
2,527
Loving Tan Intermediate II, Inc.
10/25/2023
5/31/2028
Personal Products
8.67%
SOFR+500
12,205
12,098
12,144
MAG DS Corp.
9/27/2023
4/1/2027
Aerospace and Defense
9.27%
SOFR+560
2,187
2,147
2,176
Marketplace Events Acquisition, LLC
1/13/2025
12/19/2030
Media
9.12%
SOFR+525
16,873
16,732
16,873
66
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
MBS Holdings, Inc.
6/8/2021
4/16/2027
Internet Software and Services
8.92%
SOFR+510
8,223
8,173
8,223
MDI Buyer, Inc.
4/11/2023
7/25/2028
Chemicals, Plastics and Rubber
8.57%
SOFR+475
6,235
6,171
6,235
Meadowlark Acquirer, LLC
1/29/2022
12/10/2027
Professional Services
9.32%
SOFR+565
2,317
2,300
2,317
Medina Health, LLC
11/6/2023
10/20/2028
Healthcare and Pharmaceuticals
9.92%
SOFR+625
18,833
18,628
18,833
Megawatt Acquisitionco, Inc.
4/29/2024
3/1/2030
Electronic Equipment, Instruments, and Components
9.17%
SOFR+550
15,474
15,302
15,474
MOREgroup Holdings, Inc.
3/22/2024
1/16/2030
Business Services
8.92%
SOFR+525
17,890
17,750
17,890
MES Internediate, Inc.
4/11/2023
10/1/2027
Distributors
8.42%
SOFR+475
3,351
3,328
3,351
NBH Group, LLC
8/25/2021
8/19/2026
Healthcare, Education & Childcare
9.71%
SOFR+585
10,325
10,288
10,325
NORA Acquisition, LLC
10/2/2023
8/31/2029
Healthcare Providers and Services
10.02%
SOFR+635
21,005
20,731
20,375
North American Rail Solutions, LLC
8/29/2025
8/29/2031
Manufacturing/Basic Industry
8.42%
SOFR+475
17,456
17,383
17,369
Omnia Exterior Solutions, LLC
11/1/2024
12/31/2029
Diversified Consumer Services
8.92%
SOFR+525
16,915
16,787
16,704
One Stop Mailing, LLC
7/8/2021
5/7/2027
Air Freight and Logistics
10.08%
SOFR+636
15,394
15,283
15,394
ORL Acquisition, Inc. (5)
5/22/2025
9/3/2027
Consumer Finance
13.07%
SOFR+940
2,284
2,275
1,782
OSP Embedded Purchaser, LLC
11/19/2024
12/17/2029
Aerospace and Defense
9.42%
SOFR+575
14,862
14,668
14,090
Output Services Group, Inc. - First-Out Term Loan
12/1/2023
11/30/2028
Business Services
12.16%
SOFR+842
821
821
821
Output Services Group, Inc. - Last-Out Term Loan
12/1/2023
5/30/2028
Business Services
10.41%
SOFR+667
1,667
1,667
1,667
PCS MIDCO, Inc.
4/10/2025
3/1/2030
Diversified Consumer Services
9.42%
SOFR+575
3,823
3,781
3,842
Pacific Purchaser, LLC
1/12/2024
10/2/2028
Business Services
9.85%
SOFR+625
11,788
11,649
11,505
PAR Excellence Holdings, Inc.
10/16/24
9/3/2030
Healthcare Technology
8.77%
SOFR+500
10,905
10,815
10,714
Paving Lessor Corp. First Lien -Term Loan
8/28/2025
7/1/2031
Business Services
8.94%
SOFR+525
19,877
19,744
19,777
PN Buyer, Inc.
9/8/2025
7/31/2031
Professional Services
8.17%
SOFR+450
10,000
9,954
9,950
Pink Lilly Holdco, LLC (4),(5)
11/30/2021
11/9/2027
Textiles, Apparel and Luxury Goods
—
—
8,503
8,414
1,063
Podean Buyer, LLC
8/4/2025
8/4/2031
Marketing Services
9.66%
SOFR+600
4,988
4,942
4,938
Pragmatic Institute, LLC (4)
3/28/2025
3/28/2030
Education
—
—
4,292
4,190
2,608
Project Granite Buyer, Inc.
5/22/2025
12/31/2030
Professional Services
9.42%
SOFR+575
6,451
6,361
6,516
Puget Collision, LLC
10/3/2025
10/3/2031
Automobiles
8.42%
SOFR+475
15,000
14,918
14,906
RRA Corporate, LLC
4/10/2025
8/15/2029
Diversified Consumer Services
8.92%
SOFR+525
7,681
7,622
7,443
RTIC Subsidiary Holdings, LLC
11/1/2024
5/3/2029
Leisure Products
9.42%
SOFR+575
14,837
14,679
14,689
Rancho Health MSO, Inc.
4/11/2023
6/20/2029
Healthcare Providers and Services
8.99%
SOFR+500
18,718
18,657
18,718
Recteq, LLC
2/24/2021
1/29/2026
Leisure Products
10.07%
SOFR+640
4,763
4,761
4,763
Ro Health, LLC
3/3/2025
1/17/2031
Healthcare Providers and Services
8.17%
SOFR+450
10,490
10,422
10,490
Rosco Parent, LLC
9/9/2025
9/12/2031
Business Services
8.42%
SOFR+475
10,500
10,432
10,421
Rural Sourcing Holdings, Inc.
9/6/2023
6/15/2029
High Tech Industries
9.85%
SOFR+625
4,349
4,296
3,914
Sabel Systems Technology Solutions, LLC
11/11/2024
10/31/2030
Government Services
9.72%
SOFR+600
5,955
5,905
5,955
Safe Haven Defense US, LLC
9/19/2024
5/23/2029
Construction and Building
9.19%
SOFR+550
9,837
9,726
9,591
Sales Benchmark Index, LLC
1/27/2021
7/7/2026
Professional Services
9.87%
SOFR+620
9,158
9,146
9,158
Sath Industries, LLC
4/10/2025
12/17/2029
Event Services
9.17%
SOFR+550
10,280
10,193
10,280
Schlesinger Global, Inc.
9/30/2021
3/31/2027
Business Services
9.82%
SOFR+610
6,711
6,711
6,376
Seaway Buyer, LLC
4/11/2023
6/13/2029
Chemicals, Plastics and Rubber
9.82%
SOFR+615
4,838
4,794
4,620
Sigma Defense Systems, LLC
12/27/2021
12/20/2027
Aerospace and Defense
10.62%
SOFR+690
20,486
20,221
20,281
Smile Brands, Inc.
1/27/2021
10/12/2027
Healthcare and Pharmaceuticals
9.77%
SOFR+600
12,341
12,256
10,848
Spendmend Holdings, LLC
4/11/2023
3/1/2028
Healthcare Technology
9.15%
SOFR+515
4,018
3,983
4,018
STG Distribution, LLC - First Out New Money Term Loans (4)(5)
10/24/2024
10/3/2029
Air Freight and Logistics
—
—
1,973
1,887
1,677
STG Distribution, LLC - Second Out Term Loans (4),(5)
5/22/2025
10/3/2029
Air Freight and Logistics
—
—
4,559
2,562
342
SV-Aero Holdings, LLC
10/31/2024
11/1/2030
Aerospace and Defense
8.67%
SOFR+500
14,625
14,563
14,625
Systems Planning And Analysis, Inc.
3/15/2022
8/16/2027
Aerospace and Defense
8.42%
SOFR+475
14,400
14,317
14,357
TMII Enterprises, LLC
4/11/2023
12/22/2028
Commercial Services & Supplies
8.22%
SOFR+450
2,866
2,831
2,866
TCG 3.0 Jogger Acquisitionco, Inc.
4/26/2024
1/23/2029
Media
10.17%
SOFR+650
19,380
19,146
19,089
Team Services Group, LLC
10/4/2022
12/20/2027
Healthcare and Pharmaceuticals
9.09%
SOFR+525
5,314
5,147
5,292
The Bluebird Group, LLC
8/9/2021
7/28/2026
Professional Services
9.57%
SOFR+590
7,214
7,187
7,214
The Vertex Companies, LLC
4/11/2023
8/31/2028
Construction and Engineering
8.75%
SOFR+475
17,438
17,283
17,333
TPC US Parent, LLC
4/11/2023
2/23/2026
Consumer Goods: Non-Durable
9.89%
SOFR+590
16,313
16,302
16,297
Transgo, LLC
1/19/2024
12/29/2028
Automotive
9.47%
SOFR+575
15,830
15,657
15,830
Tyto Athene, LLC
5/5/2021
4/3/2028
IT Services
8.88%
SOFR+490
14,604
14,545
14,015
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5)
8/29/2025
3/1/2029
Wholesale
—
208
—
6
Walker Edison Furniture Company, LLC - New Money DIP (5)
8/29/2025
3/1/2029
Wholesale
10.00%
—
146
146
151
Watchtower Buyer, LLC
5/20/2024
12/3/2029
Diversified Consumer Services
9.67%
SOFR+600
12,036
11,895
12,036
Wash & Wax Systems LLC (5)
4/30/2025
4/30/2028
Automobiles
9.34%
SOFR+550
5,833
5,924
5,950
Total First Lien Secured Debt
$
1,206,530
$
1,181,870
Subordinate Debt - 9.2% of Net Assets
Integrative Nutrition, LLC
4/17/2025
4/15/2030
Diversified Consumer Services
—
—
1,877
1,641
1,605
Integrative Nutrition, LLC
4/17/2025
4/15/2033
Diversified Consumer Services
—
—
4,275
1,977
1,977
Wash & Wax Systems LLC
4/30/2025
7/30/2028
Automobiles
12.00%
—
4,052
4,053
4,052
Total Subordinate Debt
$
7,671
$
7,634
Equity Securities - 6.6% of Net Assets
48Forty Intermediate Holdings, Inc. - Common Equity
11/5/2024
—
Containers and Packaging
—
—
1,722
—
—
New Insight Holdings, Inc. - Common Equity
7/15/2024
—
Diversified Consumer Services
—
—
116,055
2,031
1,322
Output Services Group, Inc. - Common Equity
12/1/2023
—
Business Services
—
—
126,324
1,012
808
Pragmatic Holdco, Inc. - Common Equity
3/28/2025
—
Education
—
—
134
—
—
Wash & Wax Group, LP - Common Equity
4/30/2025
—
Automobiles
—
—
2,493
4,449
3,118
White Tiger Newco, LLC - Common Equity (5)
7/31/2025
—
Automobiles
—
—
35,834
2,734
264
Total Equity Securities
$
10,226
$
5,512
Total Investments - 1,438.5% of Net Assets (6)(7)
$
1,224,427
$
1,195,016
67
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
Cash Equivalents - 22.7% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)
3.69
%
$
3,715
$
3,715
Blackrock Liquidity Fed Fund Inst (Money Market Fund)
3.64
%
3,635
3,635
JP Morgan USD Liquidity Inst (Money Market Fund)
3.81
%
4,293
4,293
JP Morgan US Government Fund (Money Market Fund)
3.61
%
2,206
2,206
Goldman Sachs Financial Square Government Fund (Money Market Fund)
3.71
%
5,014
5,014
Total Cash Equivalents
$
18,863
$
18,863
Cash - 17.9% of Net Assets
Cash
$
14,853
$
14,853
Total Cash
$
14,853
$
14,853
Total Investments, Cash Equivalents, and Cash —1,479.1% of Net Assets
$
1,258,143
$
1,228,732
Liabilities in Excess of Other Assets — (1,379.1)% of Net Assets
(1,145,657
)
Members' Equity—100.0%
$
83,075
——————————————————————
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(4)
Non-accrual security.
(5)
The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, LLC, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and 4) do not secure the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.
(6)
As of December 31, 2025, all investments in U.S companies and total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,224.4 million, $1,195.0 million and 1,438.5%.
(7)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
68
Below is a listing of PSSL’s individual investments as of September 30, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 2,106.3% of Net Assets
ACP Avenu Buyer, LLC
10/6/2023
10/2/2029
Business Services
9.29%
SOFR+500
14,825
$
14,649
$
14,677
ACP Falcon Buyer, Inc.
8/22/2023
8/1/2029
Business Services
9.79%
SOFR+550
18,573
18,304
18,759
Ad.net Acquisition, LLC
5/24/2021
5/7/2026
Media
10.26%
SOFR+626
11,610
11,566
11,610
Aechelon Technology, Inc.
4/10/2025
8/16/2029
Aerospace and Defense
9.91%
SOFR+575
11,640
11,640
11,640
AFC-Dell Holding Corp.
12/23/2024
4/9/2027
Distributors
9.83%
SOFR+550
7,608
7,576
7,570
Aphix Buyer, Inc.
9/3/2025
7/17/2031
Business Services
8.91%
SOFR+475
9,000
8,951
8,955
Alpine Acquisition Corp II (4)
10/11/2022
11/30/2026
Containers and Packaging
13,154
13,012
6,840
Anteriad, LLC (f/k/a MeritDirect, LLC)
4/10/2025
6/30/2026
Media: Advertising, Printing & Publishing
9.90%
SOFR+575
4,434
4,357
4,434
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan
4/11/2023
6/30/2026
Media: Advertising, Printing & Publishing
9.90%
SOFR+575
4,375
4,360
4,375
Arcfield Acquisition Corp.
11/11/2024
10/28/2031
Aerospace and Defense
9.31%
SOFR+500
5,955
5,946
5,925
Archer Lewis, LLC
11/22/2024
8/28/2029
Commercial Services & Supplies
9.75%
SOFR+575
9,900
9,821
9,900
Argano, LLC
1/9/2025
9/13/2029
Business Services
9.89%
SOFR+575
9,900
9,819
9,752
Azureon, LLC (F/K/A Tpcn Midco, LLC)
4/10/2025
6/26/2029
Diversified Consumer Services
9.75%
SOFR+575
4,975
4,865
4,831
Beacon Behavioral Support Services, LLC
10/9/2024
6/21/2029
Healthcare and Pharmaceuticals
9.50%
SOFR+550
17,748
17,549
17,748
Best Practice Associates, LLC
4/10/2025
11/8/2029
Aerospace and Defense
10.91%
SOFR+675
14,925
14,792
14,813
Beta Plus Technologies, Inc.
7/21/2022
7/2/2029
Business Services
9.75%
SOFR+575
4,850
4,794
4,802
Big Top Holdings, LLC
6/26/2024
3/1/2030
Business Services
9.25%
SOFR+525
14,671
14,458
14,671
BioDerm, Inc.
2/28/2023
1/31/2028
Healthcare and Pharmaceuticals
10.77%
SOFR+650
8,798
8,730
8,688
Blackhawk Industrial Distribution, Inc.
6/30/2022
9/17/2026
Distributors
9.40%
SOFR+540
14,816
14,714
14,557
BLC Holding Company, Inc.
4/10/2025
11/20/2030
Business Services
8.50%
SOFR+450
4,975
4,952
4,975
Boss Industries, LLC
4/10/2025
12/27/2030
Independent Power and Renewable Electricity Producers
9.00%
SOFR+500
4,975
4,904
4,975
Burgess Point Purchaser Corporation
10/3/2022
7/25/2029
Automotive
9.51%
SOFR+535
438
416
378
By Light Professional IT Services, LLC
8/28/2025
7/15/2031
High Tech Industries
9.66%
SOFR+550
5,000
5,000
4,963
C5MI Acquisition, LLC
3/7/2025
7/31/2029
IT Services
10.00%
SOFR+600
14,850
14,670
14,850
Capital Construction, LLC
8/28/2025
10/22/2026
Consumer Services
9.89%
SOFR+590
4,263
4,236
4,220
Carisk Buyer, Inc.
10/16/2024
12/3/2029
Healthcare Technology
9.00%
SOFR+500
9,925
9,863
9,925
Carnegie Dartlet, LLC
4/11/2025
2/7/2030
Media: Advertising, Printing & Publishing
9.66%
SOFR+550
15,090
14,897
14,939
Cartessa Aesthetics, LLC
4/11/2023
6/14/2028
Distributors
10.00%
SOFR+600
9,441
9,359
9,441
Case Works, LLC
4/10/2025
10/1/2029
Professional Services
9.25%
SOFR+525
14,887
14,783
14,218
CF512, Inc.
12/27/2021
8/20/2026
Media
10.36%
SOFR+619
6,483
6,447
6,418
Commercial Fire Protection Holdings, LLC
11/26/2024
9/23/2030
Commercial Services & Supplies
8.50%
SOFR+450
19,837
19,746
19,837
Confluent Health, LLC
1/12/2024
11/30/2028
Healthcare and Pharmaceuticals
11.66%
SOFR+750
6,637
6,479
6,206
CJX Borrower, LLC
7/29/2021
7/13/2027
Media
10.08%
SOFR+576
3,735
3,708
3,735
Crane 1 Services, Inc.
4/11/2023
8/16/2027
Commercial Services & Supplies
10.03%
SOFR+586
2,046
2,034
2,031
DRI Holding Inc.
9/15/2022
12/21/2028
Media
9.51%
SOFR+535
2,574
2,429
2,522
DRS Holdings III, Inc.
1/27/2021
11/3/2025
Consumer Goods: Durable
9.41%
SOFR+525
4,487
4,487
4,532
Duggal Acquisition, LLC
4/10/2025
9/30/2030
Marketing Services
8.75%
SOFR+475
4,950
4,909
4,950
Dynata, LLC - First Out Term Loan (5)
7/15/2024
7/17/2028
Diversified Consumer Services
9.46%
SOFR+526
1,347
1,273
1,341
Dynata, LLC - Last Out Term Loan
7/15/2024
10/16/2028
Diversified Consumer Services
9.96%
SOFR+576
8,354
8,354
6,802
EDS Buyer, LLC
4/11/2023
1/10/2029
Electronic Equipment, Instruments, and Components
8.75%
SOFR+475
8,776
8,694
8,797
Emergency Care Partners, LLC
11/11/2024
10/18/2027
Healthcare Providers and Services
9.00%
SOFR+500
5,940
5,911
5,940
Exigo Intermediate II, LLC
11/21/2022
3/15/2027
Software
10.51%
SOFR+635
12,416
12,335
12,416
ETE Intermediate II, LLC
6/12/2023
5/29/2029
Diversified Consumer Services
9.16%
SOFR+500
12,124
11,950
12,124
EvAL Home Care Solutions Intermediate, LLC
7/10/2024
5/10/2030
Healthcare and Pharmaceuticals
9.91%
SOFR+575
8,822
8,704
8,822
GGG MIDCO, LLC
4/10/2025
9/27/2030
Diversified Consumer Services
9.00%
SOFR+500
19,573
19,491
19,573
Global Holdings InterCo, LLC
6/8/2021
3/16/2026
Diversified Financial Services
9.74%
SOFR+560
3,505
3,503
3,505
Graffiti Buyer, Inc.
3/15/2022
8/10/2027
Trading Companies & Distributors
9.80%
SOFR+560
3,685
3,660
3,611
Halo Buyer, Inc.
5/22/2025
8/7/2029
Consumer Products
10.16%
SOFR+600
6,468
6,344
6,468
Hancock Roofing And Construction, LLC
1/27/2021
12/31/2026
Insurance
9.60%
SOFR+550
2,112
2,100
2,091
Harris & Co, LLC
11/26/2024
8/9/2030
Professional Services
9.16%
SOFR+500
19,800
19,650
19,627
HEC Purchaser Corp.
4/10/2025
6/17/2029
Healthcare and Pharmaceuticals
8.87%
SOFR+500
3,606
3,572
3,606
Hills Distribution, Inc.
5/3/2024
11/8/2029
Business Services
10.32%
SOFR+600
8,867
8,761
8,867
HW Holdco, LLC
4/11/2023
5/11/2026
Media
9.90%
SOFR+590
3,441
3,431
3,441
Imagine Acquisitionco, Inc.
3/15/2022
11/15/2027
Software
9.29%
SOFR+510
9,060
8,961
9,060
Infinity Home Services Holdco, Inc.
4/11/2023
12/28/2028
Commercial Services & Supplies
10.16%
SOFR+600
5,968
5,891
5,968
Inovex Information Systems Incorporated
3/3/2025
12/17/2030
Software
9.25%
SOFR+525
8,143
8,087
8,143
Inventus Power, Inc.
7/11/2023
1/15/2026
Consumer Goods: Durable
11.78%
SOFR+761
8,081
8,062
8,081
69
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
Kinetic Purchaser, LLC
11/30/2021
11/10/2027
Personal Products
10.15%
SOFR+615
13,492
13,344
11,468
Lash OpCo, LLC
10/14/2021
2/18/2027
Personal Products
12.16%
SOFR+785
15,508
15,400
15,120
LAV Gear Holdings, Inc. - Takeback TL (5)
7/31/2025
7/31/2029
Capital Equipment
10.10%
SOFR+594
7,612
7,612
7,612
LAV Gear Holdings, Inc. - Priority TL (5)
7/31/2025
7/31/2029
Capital Equipment
10.10%
SOFR+594
2,409
2,381
2,967
Lightspeed Buyer, Inc.
1/27/2021
2/3/2027
Healthcare Providers and Services
8.75%
SOFR+475
16,232
16,187
16,232
LJ Avalon Holdings, LLC
4/11/2023
2/1/2030
Environmental Industries
8.77%
SOFR+450
2,533
2,497
2,533
Loving Tan Intermediate II, Inc.
10/25/2023
5/31/2028
Personal Products
9.00%
SOFR+500
12,279
12,164
12,279
Lucky Bucks, LLC - First-Out Term Loan (5)
12/1/2023
10/2/2028
Hotel, Gaming and Leisure
11.66%
SOFR+765
256
256
238
Lucky Bucks, LLC - Last-Out Term Loan
5/20/2024
10/2/2029
Hotel, Gaming and Leisure
11.66%
SOFR+765
529
529
426
MAG DS Corp.
9/27/2023
4/1/2027
Aerospace and Defense
9.60%
SOFR+560
2,193
2,146
2,184
Marketplace Events Acquisition, LLC
1/13/2025
12/19/2030
Media
9.12%
SOFR+525
16,915
16,769
16,915
MBS Holdings, Inc.
6/8/2021
4/16/2027
Internet Software and Services
9.30%
SOFR+510
8,244
8,186
8,244
MDI Buyer, Inc.
4/11/2023
7/25/2028
Chemicals, Plastics and Rubber
8.95%
SOFR+475
6,251
6,181
6,251
Meadowlark Acquirer, LLC
1/29/2022
12/10/2027
Professional Services
9.65%
SOFR+565
2,323
2,303
2,323
Medina Health, LLC
11/6/2023
10/20/2028
Healthcare and Pharmaceuticals
10.25%
SOFR+625
18,833
18,613
18,927
Megawatt Acquisitionco, Inc.
4/29/2024
3/1/2030
Electronic Equipment, Instruments, and Components
9.25%
SOFR+525
15,514
15,338
14,769
MOREgroup Holdings, Inc.
3/22/2024
1/16/2030
Business Services
9.25%
SOFR+525
12,935
12,788
12,935
Municipal Emergency Services, Inc.
4/11/2023
10/1/2027
Distributors
9.15%
SOFR+515
3,360
3,332
3,360
NBH Group, LLC
8/25/2021
8/19/2026
Healthcare, Education & Childcare
10.12%
SOFR+585
10,352
10,304
10,352
NORA Acquisition, LLC
10/2/2023
8/31/2029
Healthcare Providers and Services
10.35%
SOFR+635
21,059
20,761
20,901
Omnia Exterior Solutions, LLC
11/1/2024
12/31/2029
Diversified Consumer Services
9.26%
SOFR+525
16,958
16,824
16,619
One Stop Mailing, LLC
7/8/2021
5/7/2027
Air Freight and Logistics
10.53%
SOFR+636
15,484
15,358
15,484
ORL Acquisition, Inc. (5)
5/22/2025
9/3/2027
Consumer Finance
13.70%
SOFR+940
2,231
2,220
1,975
OSP Embedded Purchaser, LLC
11/19/2024
12/17/2029
Aerospace and Defense
9.76%
SOFR+575
14,900
14,695
14,691
Output Services Group, Inc. - First-Out Term Loan
12/1/2023
11/30/2028
Business Services
12.71%
SOFR+843
821
821
821
Output Services Group, Inc. - Last-Out Term Loan
12/1/2023
5/30/2028
Business Services
10.96%
SOFR+668
1,667
1,667
1,667
PCS MIDCO, Inc.
4/10/2025
3/1/2030
Diversified Consumer Services
9.75%
SOFR+575
3,833
3,787
3,833
Pacific Purchaser, LLC
1/12/2024
10/2/2028
Business Services
10.42%
SOFR+625
11,818
11,669
11,770
PAR Excellence Holdings, Inc.
10/16/24
9/3/2030
Healthcare Technology
9.17%
SOFR+500
10,933
10,836
10,741
Paving Lessor Corp. First Lien -Term Loan
8/28/2025
7/1/2031
Business Services
9.25%
SOFR+525
9,963
9,896
9,888
Penta Group Holdings, Inc.
9/8/2025
7/31/2031
Professional Services
8.81%
SOFR+450
5,000
4,979
4,975
Pink Lily Holdco, LLC (5),(7)
11/30/2021
11/9/2027
Textiles, Apparel and Luxury Goods
4.35%
—
8,359
8,323
3,343
Pragmatic Institute, LLC
3/28/2025
3/28/2030
Education
9.50%
SOFR+550
4,200
4,200
3,045
Project Granite Buyer, Inc.
5/22/2025
12/31/2030
Professional Services
9.75%
SOFR+575
6,467
6,375
6,532
Rancho Health MSO, Inc.
4/11/2023
6/20/2029
Healthcare Providers and Services
9.29%
SOFR+500
18,781
18,717
18,781
Recteq, LLC
2/24/2021
1/29/2026
Leisure Products
10.40%
SOFR+640
4,775
4,768
4,763
Ro Health, LLC
3/3/2025
1/17/2031
Healthcare Providers and Services
8.50%
SOFR+450
10,518
10,449
10,518
RRA Corporate, LLC
4/10/2025
8/15/2029
Diversified Consumer Services
9.25%
SOFR+525
7,700
7,639
7,654
RTIC Subsidiary Holdings, LLC
11/1/2024
5/3/2029
Leisure Products
9.75%
SOFR+575
9,875
9,758
9,776
Rural Sourcing Holdings, Inc.
9/6/2023
6/15/2029
High Tech Industries
9.92%
SOFR+575
4,303
4,245
3,873
Sabel Systems Technology Solutions, LLC
11/11/2024
10/31/2030
Government Services
9.91%
SOFR+575
5,955
5,905
5,955
Safe Haven Defense US, LLC
9/19/2024
5/23/2029
Construction and Building
9.50%
SOFR+550
9,864
9,747
9,815
Sales Benchmark Index, LLC
1/27/2021
7/7/2026
Professional Services
10.20%
SOFR+620
9,186
9,172
9,186
Sath Industries, LLC
4/10/2025
12/17/2029
Event Services
9.66%
SOFR+550
10,306
10,213
10,306
Schlesinger Global, Inc. (6)
9/30/2021
10/24/2025
Business Services
12.76%
SOFR+860
6,647
6,647
6,315
Seaway Buyer, LLC
4/11/2023
6/13/2029
Chemicals, Plastics and Rubber
10.15%
SOFR+615
4,850
4,802
4,523
Sigma Defense Systems, LLC
12/27/2021
12/20/2027
Aerospace and Defense
10.31%
SOFR+615
18,078
17,812
18,078
Smile Brands, Inc.
1/27/2021
10/12/2027
Healthcare and Pharmaceuticals
10.10%
SOFR+610
12,294
12,212
10,609
Spendmend Holdings, LLC
4/11/2023
3/1/2028
Healthcare Technology
9.15%
SOFR+515
4,029
3,989
4,029
STG Distribution, LLC - First Out New Money Term Loans (5)
10/24/2024
10/3/2029
Air Freight and Logistics
12.57%
SOFR+835
1,961
1,871
1,745
STG Distribution, LLC - Second Out Term Loans (5),(7)
5/22/2025
10/3/2029
Air Freight and Logistics
5.32%
—
4,535
2,562
363
SV-Aero Holdings, LLC
10/31/2024
11/1/2030
Aerospace and Defense
9.00%
SOFR+500
14,719
14,656
14,719
Systems Planning And Analysis, Inc.
3/15/2022
8/16/2027
Aerospace and Defense
8.92%
SOFR+475
14,438
14,345
14,322
TMII Enterprises, LLC
4/11/2023
12/22/2028
Commercial Services & Supplies
8.66%
SOFR+450
2,873
2,835
2,873
TCG 3.0 Jogger Acquisitionco, Inc.
4/26/2024
1/23/2029
Media
10.52%
SOFR+650
19,429
19,179
19,332
Team Services Group, LLC
10/4/2022
12/20/2027
Healthcare and Pharmaceuticals
9.56%
SOFR+525
5,327
5,141
5,305
The Bluebird Group, LLC
8/9/2021
7/28/2026
Professional Services
9.90%
SOFR+590
7,985
7,943
7,985
The Vertex Companies, LLC
4/11/2023
8/31/2028
Construction and Engineering
8.93%
SOFR+475
17,482
17,309
17,395
TPC US Parent, LLC
4/11/2023
11/24/2025
Consumer Goods: Non-Durable
10.19%
SOFR+590
16,355
16,341
16,224
Transgo, LLC
1/19/2024
12/29/2028
Automotive
9.91%
SOFR+575
15,880
15,694
16,005
Tyto Athene, LLC
5/5/2021
4/3/2028
IT Services
9.19%
SOFR+490
14,604
14,530
14,238
Urology Management Holdings, Inc.
4/11/2023
6/15/2027
Healthcare and Pharmaceuticals
9.66%
SOFR+550
6,753
6,718
6,753
Walker Edison Furniture Company, LLC - Unfunded Term Loan (3),(5)
8/29/2025
3/1/2029
Wholesale
—
—
353
—
12
Walker Edison Furniture Company, LLC - New Money DIP (5)
8/29/2025
3/1/2029
Wholesale
10.00%
—
134
134
136
70
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
Watchtower Buyer, LLC
5/20/2024
12/3/2029
Diversified Consumer Services
10.00%
SOFR+600
12,066
11,914
11,946
Wash & Wax Systems LLC (5)
4/30/2025
4/30/2028
Automobiles
9.81%
SOFR+550
5,847
5,947
5,964
Total First Lien Secured Debt
$
1,083,891
$
1,066,863
Subordinate Debt - 14.8% of Net Assets
Integrative Nutrition, LLC
4/17/2025
4/15/2030
Diversified Consumer Services
—
—
1,877
1,628
1,605
Integrative Nutrition, LLC
4/17/2025
4/15/2033
Diversified Consumer Services
—
—
4,275
1,977
1,977
Wash & Wax Systems LLC
4/30/2025
7/30/2028
Automobiles
12.00%
—
3,932
3,932
3,932
Total Subordinate Debt
$
7,537
$
7,514
Equity Securities - 20.3% of Net Assets
48Forty Intermediate Holdings, Inc. - Common Equity
11/5/2024
—
Containers and Packaging
—
—
1,722
—
—
New Insight Holdings, Inc. - Common Equity
7/15/2024
—
Diversified Consumer Services
—
—
116,055
2,031
1,740
Lucky Bucks, LLC - Common Equity
12/1/2023
—
Hotel, Gaming and Leisure
—
—
73,870
2,062
392
Output Services Group, Inc. - Common Equity
12/1/2023
—
Business Services
—
—
126,324
1,012
1,037
Pragmatic Holdco, Inc. - Common Equity
3/28/2025
—
Education
—
—
134
—
—
Wash & Wax Group, LP - Common Equity
4/30/2025
—
Automobiles
—
—
2,493
4,449
4,593
White Tiger Newco, LLC - Common Equity (5)
7/31/2025
—
Automobiles
—
—
35,834
2,734
2,510
Total Equity Securities
$
12,288
$
10,272
Total Investments - 2,141.5% of Net Assets (6)(8)
$
1,103,716
$
1,084,649
Cash Equivalents - 94.5% of Net Assets
BlackRock Federal FD Institutional 81 ( Money Market Fund)
4.11
%
$
12,475
$
12,475
Blackrock Liquidity Fed Fund Inst (Money Market Fund)
4.02
%
4,265
4,265
JP Morgan USD Liquidity Inst (Money Market Fund)
4.10
%
14,682
14,682
JP Morgan US Government Fund (Money Market Fund)
4.02
%
10,539
10,539
Goldman Sachs Financial Square Government Fund (Money Market Fund)
4.10
%
5,909
5,909
Total Cash Equivalents
$
47,870
$
47,870
Cash - 27.0% of Net Assets
Cash
$
13,690
$
13,690
Total Cash
$
13,690
$
13,690
Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets
$
1,165,276
$
1,146,209
Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets
(1,095,559
)
Members' Equity—100.0%
$
50,650
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL’s accounting policy.
(3)
Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(4)
Non-accrual security.
(5)
The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do no secure the 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and 4) do not secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 12, LLC.
(6)
As of September 30, 2025, all investments were in U.S Companies and total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%.
(7)
Partial PIK non-accrual security
(8)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
71
Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):
December 31, 2025
(Unaudited)
September 30, 2025
Assets
Investments at fair value (amortized cost—$1,224,427 and $1,103,716, respectively)
$
1,195,016
$
1,084,649
Cash equivalents (cost—$18,863 and $47,870, respectively)
18,863
47,870
Cash (cost—$14,853 and $13,690, respectively)
14,853
13,690
Interest receivable
4,177
4,138
Receivable for investments sold
37
838
Due from affiliate
96
208
Prepaid expenses and other assets
2,142
2,296
Total assets
1,235,184
1,153,689
Liabilities
Credit facility payable
130,500
74,500
2036 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,269 and $1,341, respectively)
244,731
244,659
2037 Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $1,818 and $1,904, respectively)
244,182
244,096
2037-R Asset-backed debt, net (par—$246,000) (unamortized deferred financing costs of $2,407 and $2,518, respectively)
243,593
243,481
Notes payable to members
271,600
271,600
Interest payable on credit facility and asset backed debt
9,802
16,868
Interest payable on notes to members
6,545
6,788
Accrued expenses
1,130
997
Due to affiliate
25
50
Total liabilities
1,152,108
1,103,039
Members' equity
83,076
50,650
Total liabilities and members' equity
$
1,235,184
$
1,153,689
———————————————————
* As of December 31, 2025 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.2 and $0.4 million, respectively.
Below are the consolidated statements of operations for PSSL ($ in thousands):
Three Months Ended December 31,
2025
2024
Investment income:
Interest
$
29,167
$
29,425
Other income
306
583
Total investment income
29,473
30,008
Expenses:(1)
Interest and expense on credit facility and asset-backed debt
14,302
14,085
Interest expense on notes to members
8,312
8,853
Administration fees
758
668
General and administrative expenses
463
493
Total expenses
23,835
24,099
Net investment income
5,638
5,909
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments
(2,176
)
1,333
Net change in unrealized appreciation (depreciation) on investments
(10,386
)
(10,890
)
Net realized and unrealized gain (loss) on investments
(12,562
)
(9,557
)
Net increase (decrease) in members' equity resulting from operations
$
(6,924
)
$
(3,648
)
———————————————————
(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. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management on a quarterly basis.
PennantPark Senior Secured Loan Fund II LLC
In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II invests in portfolio companies in the same industries in which we may directly invest. PSSL II commenced operations on November 18, 2025. As of December 31, 2025, PSSL II had total assets of $201.7 million and its investment portfolio consisted of investments in 41 portfolio companies. As of December 31, 2025, at fair value, the largest investment in a single portfolio company in PSSL II was $7.0 million and the five largest investments totaled $34.9 million. PSSL II invests in portfolio companies in the same industries in which we may directly invest.
We and HL have committed to invest up to $200.0 million in the aggregate in the PSSL II, with the Company committing to invest up to $150.0 million and HL committing to invest up to $50.0 million. Investments by each of the Company and HL are made in the form of membership interests and secured notes. The Company's commitment consists of $105.0 million in secured notes and $45.0 million in membership interests. HL's commitment consists of $35.0 million in secured notes and $15.0 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL.
72
We and HL provide capital to PSSL II in the form of secured notes and equity interests. As of December 31, 2025, our investment in PSSL II consisted of secured notes of $39.4 million ($65.6 million remaining unfunded) and equity interests of $16.9 million ($28.1 million remaining unfunded). During the three months ended December 31, 2025, the Company made capital contributions of approximately $56.2 million of assets at their most recent fair market value as of the date of the transaction.
In November 2025, PSSL II entered into a $150.0 million revolving credit facility which bears all-in interest rate at SOFR plus 1.85% with Goldman Sachs Bank USA through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions.
Below is a summary of PSSL II's portfolio at fair value:
($ in thousands)
December 31, 2025
Total investments
$
193,151
Weighted average cost yield on income producing investments
9.0
%
Number of portfolio companies in PSSL II
41
Largest portfolio company investment
$
6,983
Total of five largest portfolio company investments
$
34,905
73
Below is a listing of PSSL II’s individual investments as of December 31, 2025 (Par and $ in thousands):
Issuer Name
Acquisition
Maturity
Industry
Current Coupon
Basis Point Spread Above Index (1)
Par or Number of Shares
Cost
Fair Value (2)
First Lien Secured Debt - 859.4% of Net Assets
ACP Avenu Buyer, LLC
11/19/2025
10/2/2029
IT Services
8.74%
SOFR+475
7,000
6,943
6,983
ACP Falcon Buyer, Inc.
11/18/2025
8/1/2029
Internet Software and Services
9.49%
SOFR+550
816
824
825
APT OPCO, LLC
11/18/2025
9/30/2031
Healthcare Providers & Services
8.67%
SOFR+500
4,988
4,926
4,925
Archer Lewis, LLC
11/18/2025
8/28/2029
Professional Services
9.75%
SOFR+575
1,130
1,130
1,130
Beacon Behavioral Support Services, LLC
11/18/2025
6/21/2029
Healthcare Providers & Services
9.17%
SOFR+550
5,079
5,030
5,079
Big Top Holdings, LLC
11/18/2025
3/1/2030
Construction and Engineering
8.92%
SOFR+525
6,982
6,982
6,982
BLC Holding Company, Inc.
11/18/2025
11/20/2030
Commercial Services & Supplies
8.17%
SOFR+450
3,791
3,791
3,791
Boss Industries, LLC
11/18/2025
12/27/2030
Independent Power and Renewable Electricity Producers
8.71%
SOFR+500
5,853
5,853
5,853
By Light Professional IT Services, LLC
11/19/2025
7/15/2031
Aerospace and Defense
9.22%
SOFR+550
7,000
6,947
6,930
Carisk Buyer, Inc.
11/21/2025
12/3/2029
Healthcare Technology
8.67%
SOFR+500
5,877
5,877
5,921
Case Works, LLC
11/18/2025
10/1/2029
Professional Services
8.92%
SOFR+525
4,480
4,379
4,404
Commercial Fire Protection Holdings, LLC
11/18/2025
9/23/2030
Commercial Services & Supplies
8.17%
SOFR+450
6,982
6,982
6,982
Crane 1 Services, Inc.
11/18/2005
8/16/2027
Commercial Services & Supplies
9.08%
SOFR+536
2,517
2,500
2,498
EDS Buyer, LLC
11/18/2025
1/10/2029
Aerospace and Defense
8.17%
SOFR+450
1,975
1,980
1,980
Emergency Care Partners, LLC
11/20/2025
10/18/2027
Healthcare Providers & Services
8.67%
SOFR+500
6,282
6,282
6,282
ETE Intermediate II, LLC
11/18/2025
5/29/2029
Auto Components
8.72%
SOFR+500
975
975
975
GGG MIDCO, LLC
11/18/2025
9/27/2030
Diversified Consumer Services
8.67%
SOFR+500
6,982
6,982
6,982
Harris & Co, LLC
11/18/2025
8/9/2030
Professional Services
8.72%
SOFR+500
6,982
6,982
6,930
HEC Purchaser Corp.
11/18/2025
6/17/2029
Health Care Equipment & supplies
8.67%
SOFR+500
5,000
5,000
5,000
Hills Distribution, Inc.
12/2/2025
11/8/2029
Distributors
9.19%
SOFR+550
1,501
1,500
1,486
MBS Holdings, Inc.
11/19/2025
4/16/2027
Internet Software and Services
8.92%
SOFR+510
5,132
5,132
5,132
Medina Health, LLC
11/18/2025
10/20/2028
Healthcare and Pharmaceuticals
9.92%
SOFR+625
3,314
3,323
3,314
MES Intermediate, Inc.
11/19/2025
10/1/2027
Distributors
8.42%
SOFR+475
4,691
4,691
4,691
North American Rail Solutions
11/21/2025
8/29/2031
Road and Rail
8.42%
SOFR+475
7,000
6,966
6,965
OSP Embedded Purchaser, LLC
11/18/2025
12/17/2029
Aerospace and Defense
9.42%
SOFR+575
6,982
6,874
6,619
PCS MIDCO, Inc.
11/25/2025
3/1/2030
Professional Services
9.42%
SOFR+575
2,615
2,628
2,628
PD Tri-State Holdco, LLC.
11/19/2025
10/14/2030
Diversified Consumer Services
8.92%
SOFR+525
2,970
2,944
2,952
Pacific Purchaser, LLC
11/18/2025
10/2/2028
Professional Services
9.85%
SOFR+625
2,205
2,182
2,152
PAR Excellence Holdings, Inc.
11/18/2025
9/3/2030
Healthcare Technology
8.74%
SOFR+500
6,982
6,915
6,860
Project Granite Buyer, Inc.
11/18/2025
12/31/2030
Professional Services
9.42%
SOFR+575
3,944
3,983
3,983
Puget Collision, LLC
11/18/2025
10/3/2031
Automobiles
8.42%
SOFR+475
7,000
6,957
6,956
Rancho Health MSO, Inc.
11/18/2025
6/20/2029
Healthcare Providers & Services
8.99%
SOFR+500
6,862
6,862
6,862
Sath Industries, LLC
11/18/2025
12/17/2029
Building Products
9.17%
SOFR+550
3,346
3,346
3,346
Sigma Defense Systems, LLC
11/18/2025
12/20/2027
Aerospace and Defense
10.62%
SOFR+690
6,969
6,969
6,899
Smartronix, LLC
12/3/2025
2/6/2032
Aerospace and Defense
8.42%
SOFR+450
5,970
5,947
5,885
Systems Planning And Analysis, Inc.
11/20/2025
8/16/2027
Aerospace and Defense
8.46%
SOFR+475
6,997
6,945
6,976
TMII Enterprises, LLC
11/18/2025
12/22/2028
Professional Services
8.22%
SOFR+450
1,975
1,975
1,975
The Bluebird Group, LLC
11/18/2025
7/28/2026
Professional Services
9.57%
SOFR+590
5,042
5,042
5,042
The Vertex Companies, LLC
11/18/2025
8/31/2028
Construction and Engineering
8.82%
SOFR+510
6,982
6,969
6,941
Transgo, LLC
11/18/2025
12/29/2028
Auto Components
9.47%
SOFR+575
594
597
594
Tyto Athene, LLC
11/26/2025
4/3/2028
IT Services
8.88%
SOFR+490
4,626
4,520
4,441
Total First Lien Secured Debt
$
193,632
$
193,151
Total Investments - 859.4% of Net Assets (3)(4)
$
193,632
$
193,151
Cash Equivalents - 0.1% of Net Assets
BlackRock Federal FD Instl 81
3.69
%
$
2
$
2
Total Cash Equivalents
$
2
$
2
Cash - 30.2% of Net Assets
Cash
$
6,775
$
6,775
Total Cash
$
6,775
$
6,775
Total Investments, Cash Equivalents, and Cash —889.6% of Net Assets
$
200,409
$
199,928
Liabilities in Excess of Other Assets — (789.6)% of Net Assets
(177,453
)
Members' Equity—100.0%
$
22,475
———————————————————
(1)
Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2)
Valued based on PSSL II’s accounting policy.
(3)
As of December 31, 2025, all investments were in U.S companies, and total cost, fair value, percentage of Net Assets for the U.S companies were $193.6 million, $193.2 million and 859.4%.
(4)
All of our investments are not registered under the 1933 Act and have restrictions on resale.
74
Below are the consolidated statements of assets and liabilities for PSSL II ($ in thousands):
December 31, 2025
(Unaudited)
Assets
Investments at fair value (amortized cost—$193,632)
$
193,151
Cash equivalents (cost—$2)
2
Cash (cost—$6,775)
6,775
Interest receivable
401
Prepaid expenses and other assets
1,347
Total assets
201,676
Liabilities
Credit facility payable
125,000
Notes payable to members
52,500
Interest payable on credit facility
777
Interest payable on notes to members
780
Accrued expenses
144
Total liabilities
179,201
Members' equity
22,475
Total liabilities and members' equity
$
201,676
———————————————————
* As of December 31, 2025 PSSL II had unfunded commitments to fund investments of zero.
Below are the consolidated statements of operations for PSSL II ($ in thousands):
For the period November 18, 2025 (commencement of operations) through December 31, 2025
Investment income:
Interest
$
2,201
Other income
7
Total investment income
2,208
Expenses:(1)
Interest and expense on credit facility and asset-backed debt
827
Interest expense on notes to members
781
Administration fees
61
General and administrative expenses
83
Total expenses
1,752
Net investment income
456
Realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments
—
Net change in unrealized appreciation (depreciation) on investments
(481
)
Net realized and unrealized gain (loss) on investments
(481
)
Net increase (decrease) in members' equity resulting from operations
$
(25
)
———————————————————
1) No management or incentive fees are payable by PSSL II. If any fees were to be charged, they would be separately disclosed in the Statements of Operations. PSSL II pays the Administrator an annual fee of 0.25% of the total assets under management on a quarterly basis.
75
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 months ended December 31, 2025, we declared distributions of $0.3075 per share for total distributions of $30.5 million. During the three months ended December 31, 2024, we declared distributions of $0.3075 per share for total distributions of $25.2 million. 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 adopted ASU 2020-04, the effect of which was not material to the consolidated financial statements and the notes to the consolidated financial statements.
In June 2022, the FASB issued Accounting Standards Update No. 2022-03, or 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 has adopted the new accounting standard, the effect of which was not material to the consolidated financial statements and the notes thereto.
In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. As of December 31, 2025, our debt portfolio consisted of approximately 99% variable-rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months, after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.
76
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 3%
$
(21,283
)
$
(0.21
)
Down 2%
(17,725
)
(0.18
)
Down 1%
(8,862
)
(0.09
)
Up 1%
8,862
0.09
Up 2%
17,725
0.18
Up 3%
26,587
0.27
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 quarter ended December 31, 2025, we including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13-a-15(e) of the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, a material weakness was previously identified in the operation of controls related to our quarterly review of equity investment valuations with respect to the allocation of value of the portfolio company to the Company’s holdings. We have taken steps to remediate this material weakness, which steps have included (i) enhancing existing review controls of equity investments related to the allocation of the portfolio company’s enterprise value to the Company’s holdings to ensure allocations are consistent with the relevant and respective source document and (ii) 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 quarter ended December 31, 2025 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 controls over financial reporting that occurred during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
77
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
Neither us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator, may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these and any future legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed on November 24, 2025, 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.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Not applicable.
10b5-1 Disclosure
None of the officers or directors of the Company have adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.
78
Item 6. Exhibits
Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:
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
Cover Page formatted as Inline XBRL and contained in Exhibit 101
* Filed herewith.
79
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: February 9, 2026
By:
/s/ Arthur H. Penn
Arthur H. Penn
Chief Executive Officer and Chairman of the Board of Directors