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Published: 2021-08-04 17:13:57 ET

10-Q 1 pflt-10q_20210630.htm 10-Q pflt-10q_20210630.htm

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 JUNE 30, 2021


☐	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.)

590 Madison Avenue, 15^th Floor New York, N.Y.		10022
(Address of principal executive offices)		(Zip Code)

(212) 905-1000

(Registrant’s Telephone Number, Including Area Code)

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 Nasdaq Stock Market LLC

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.

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

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

The number of shares of the registrant’s common stock, $0.001 par value per share, outstanding as of August 4, 2021 was 38,772,074.

PENNANTPARK FLOATING RATE CAPITAL LTD.

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS


PART I. CONSOLIDATED FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

Consolidated Statements of Assets and Liabilities as of June 30, 2021 (unaudited) and September 30, 2020		4

Consolidated Statements of Operations for the three and nine months ended June 30, 2021 and 2020 (unaudited)		5

Consolidated Statements of Changes in Net Assets for the three and nine months ended June 30, 2021 and 2020 (unaudited)		6

Consolidated Statements of Cash Flows for the nine months ended June 30, 2021 and 2020 (unaudited)		7

Consolidated Schedules of Investments as of June 30, 2021 (unaudited) and September 30, 2020		8

Notes to Consolidated Financial Statements (unaudited)		16

Report of Independent Registered Public Accounting Firm		33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		34

Item 3. Quantitative and Qualitative Disclosures About Market Risk		46

Item 4. Controls and Procedures		47

PART II. OTHER INFORMATION

Item 1. Legal Proceedings		48

Item 1A. Risk Factors		48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		48

Item 3. Defaults Upon Senior Securities		48

Item 4. Mine Safety Disclosures		49

Item 5. Other Information		49

Item 6. Exhibits		50

SIGNATURES		51

PART I—CONSOLIDATED FINANCIAL INFORMATION

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms “Company,” “we,” “our” or “us” refers to PennantPark Floating Rate Capital Ltd. and its wholly-owned consolidated subsidiaries; “Funding I” refers to PennantPark Floating Rate Funding I, LLC; “Taxable Subsidiary” refers to PFLT Investment Holdings, LLC; “PSSL” refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; “PTSF” refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; “PennantPark Investment Advisers” or “Investment Adviser” 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 and restated with Truist Bank (formerly SunTrust Bank) and other lenders, or the Lenders; “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 Loans due 2031 by the Securitization Issuers in connection with the Debt Securitization; and “Depositor” refers to PennantPark CLO I Depositor, LLC. References to our portfolio, our investments, our Credit Facility, and our business include investments we make through our subsidiaries.

Item 1.

Consolidated Financial Statements

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

	June 30, 2021			September 30, 2020
	(unaudited)
Assets
Investments at fair value
Non-controlled, non-affiliated investments (cost—$793,425,027 and $915,874,757, respectively)	$	818,638,740		$	910,552,309
Non-controlled, affiliated investments (cost—zero and $21,964,181, respectively)		—			11,086,834
Controlled, affiliated investments (cost—$223,660,639 and $179,112,500, respectively)		217,184,933			165,289,324
Total investments (cost—$1,017,085,666 and $1,116,951,438, respectively)		1,035,823,673			1,086,928,467
Cash and cash equivalents (cost—$48,702,743 and $57,534,421, respectively)		48,702,743			57,511,928
Interest receivable		6,319,900			3,673,502
Receivable for investments sold		11,953,906			—
Prepaid expenses and other assets		—			173,318
Total assets		1,102,800,222			1,148,287,215
Liabilities
Distributions payable		3,683,347			3,683,347
Payable for investments purchased		27,277,154			3,800,000
Credit Facility payable, at fair value (cost—$133,400,000 and $308,598,500, respectively) (See Notes 5 and 10)		133,066,500			299,047,275
2023 Notes payable, at fair value (par—$117,792,879 and $138,579,858, respectively) (See Notes 5 and 10)		110,607,514			129,295,008
2026 Notes payable, net (par—$100,000,000) (See Notes 5 and 10)		97,013,575			—
2031 Asset-Backed Debt, net (par—$228,000,000) (See Notes 5 and 10)		225,339,466			224,866,334
Interest payable on debt		3,098,401			3,601,479
Base management fee payable (See Note 3)		2,621,573			2,776,477
Performance-based incentive fee payable (See Note 3)		1,652,278			2,071,622
Accrued other expenses		1,808,734			1,875,281
Total liabilities		606,168,542			671,016,823
Commitments and contingencies (See Note 11)
Net assets
Common stock, 38,772,074 shares issued and outstanding Par value $0.001 per share and 100,000,000 shares authorized		38,772			38,772
Paid-in capital in excess of par value		538,151,527			538,151,528
Accumulated distributable net loss		(41,558,619	)		(60,919,908	)
Total net assets	$	496,631,680		$	477,270,392
Total liabilities and net assets	$	1,102,800,222		$	1,148,287,215
Net asset value per share	$	12.81		$	12.31

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2021			2020			2021			2020
Investment income:
From non-controlled, non-affiliated investments:
Interest	$	14,494,948		$	17,543,157		$	43,520,917		$	56,760,434
Other income		1,161,193			820,997			2,533,741			2,734,600
From non-controlled, affiliated investments:
Interest		—			195,904			279,900			655,029
Other income		—			36,170			122,570			36,170
From controlled, affiliated investments:
Interest		2,931,015			2,944,290			8,252,910			9,169,399
Dividend		2,318,750			1,225,000			6,168,750			4,375,000
Other income		—			—			195,630			—
Total investment income		20,905,906			22,765,518			61,074,418			73,730,632
Expenses:
Base management fee (See Note 3)		2,621,574			2,872,725			7,971,461			8,651,825
Performance-based incentive fee (See Note 3)		1,652,278			1,975,831			4,716,177			7,228,690
Interest and expenses on debt (See Note 10)		5,902,727			6,653,045			16,025,180			21,586,859
Administrative services expenses (See Note 3)		150,000			350,000			750,000			1,050,000
Other general and administrative expenses		200,000			616,077			1,000,000			1,848,230
Expenses before provision for taxes:		10,526,579			12,467,678			30,462,818			40,365,604
Provision for taxes		100,000			100,000			300,000			300,000
Total expenses		10,626,579			12,567,678			30,762,818			40,665,604
Net investment income		10,279,327			10,197,840			30,311,600			33,065,028
Realized and unrealized gain (loss) on investments and debt:
Net realized gain (loss) on investments:
Non-controlled, non-affiliated investments		7,613,904			(1,694,710	)		6,379,865			(2,281,683	)
Non-controlled and controlled, affiliated investments		(20,587,656	)		(5,683,145	)		(21,639,704	)		(5,683,145	)
Net realized gain (loss) on investments		(12,973,752	)		(7,377,855	)		(15,259,839	)		(7,964,828	)
Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments		(6,281,187	)		13,962,606			28,406,639			(23,662,521	)
Controlled and non-controlled, affiliated investments		20,451,408			7,931,471			20,370,222			(22,751,006	)
Debt (appreciation) depreciation (See Notes 5 and 10)		3,231,683			(12,158,917	)		(11,317,211	)		22,740,317
Net change in unrealized appreciation (depreciation) on investments and debt		17,401,904			9,735,160			37,459,650			(23,673,210	)
Net realized and unrealized gain (loss) from investments and debt		4,428,152			2,357,305			22,199,811			(31,638,038	)
Net increase in net assets resulting from operations	$	14,707,479		$	12,555,145		$	52,511,411		$	1,426,990
Net increase in net assets resulting from operations per common share (See Note 7)	$	0.38		$	0.32		$	1.35		$	0.04
Net investment income per common share	$	0.27		$	0.26		$	0.78		$	0.85

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

(Unaudited)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2021			2020			2021			2020
Net increase (decrease) in net assets resulting from operations:
Net investment income	$	10,279,327		$	10,197,840		$	30,311,600		$	33,065,028
Net realized gain (loss) on investments		(12,973,752	)		(7,377,855	)		(15,259,839	)		(7,964,828	)
Net change in unrealized appreciation (depreciation) on investments		14,170,221			21,894,077			48,776,861			(46,413,527	)
Net change in unrealized (appreciation) depreciation on debt		3,231,683			(12,158,917	)		(11,317,211	)		22,740,317
Net increase (decrease) in net assets resulting from operations		14,707,479			12,555,145			52,511,411			1,426,990
Distributions to stockholders		(11,050,041	)		(11,050,041	)		(33,150,123	)		(33,150,123	)
Net increase (decrease) in net assets		3,657,438			1,505,104			19,361,288			(31,723,133	)
Net assets:
Beginning of period		492,974,242			469,829,274			477,270,392			503,057,511
End of period	$	496,631,680		$	471,334,378		$	496,631,680		$	471,334,378

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended June 30,
	2021			2020
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	52,511,411		$	1,426,990
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		(48,776,861	)		46,413,527
Net change in unrealized appreciation (depreciation) on debt		11,317,211			(22,740,317	)
Net realized loss on investments		15,259,839			7,964,828
Net accretion of discount and amortization of premium		(1,926,978	)		(1,094,712	)
Purchases of investments		(475,456,266	)		(421,374,980	)
Payment-in-kind interest		(2,588,608	)		(1,666,533	)
Proceeds from dispositions of investments		565,539,013			347,191,798
Amortization of deferred financing costs		645,707			386,773
Decrease (increase) in interest receivable		(2,646,398	)		265,294
Increase in receivable for investments sold		(11,953,906	)		(5,444,167	)
Increase in distribution receivable from controlled, affiliated investment		—			(1,225,000	)
Decrease (increase) in prepaid expenses and other assets		173,318			(173,033	)
Increase (decrease) in payable for investments purchased		23,477,154			(12,033,794	)
Decrease in interest payable on debt		(503,078	)		(630,735	)
(Decrease) increase in base management fee payable		(154,904	)		144,706
Decrease in performance-based incentive fee payable		(419,344	)		(556,374	)
Increase (decrease) in accrued other expenses		(66,547	)		153,314
Net cash provided by (used in) operating activities		124,430,763			(62,992,415	)
Cash flows from financing activities:
Distributions paid to stockholders		(33,150,123	)		(33,150,123	)
Repayment of 2023 Notes (See Notes 5 and 10)		(20,786,979	)		—
Proceeds from 2026 Notes issuance (See Note 10)		96,841,000			—
Borrowings under Credit Facility (See Notes 5 and 10)		255,500,000			265,000,000
Repayments under Credit Facility (See Notes 5 and 10)		(430,698,500	)		(178,709,000	)
Net cash (used in) provided by financing activities		(132,294,602	)		53,140,877
Net increase (decrease) in cash and cash equivalents		(7,863,839	)		(9,851,538	)
Effect of exchange rate changes on cash		(945,346	)		(80,265	)
Cash and cash equivalents, beginning of period		57,511,928			63,337,728
Cash and cash equivalents, end of period	$	48,702,743		$	53,405,925
Supplemental disclosure of cash flow information:
Interest paid	$	15,882,553		$	21,747,764
Taxes paid	$	404,761		$	501,633
Non-cash exchanges and conversions	$	20,490,614		$	8,025,882

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(Unaudited)

Issuer Name	Maturity	Industry	Current Coupon				Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—164.8% ^{(3), (4)}
First Lien Secured Debt—144.3%
18 Freemont Street Acquisition, LLC	08/11/2025	Hotels, Restaurants and Leisure		9.50	%		1M L+800			6,680,953	$	6,579,069	$	6,814,572
Ad.net Acquisition, LLC	05/06/2026	Media		7.00	%		3M L+600			9,666,667		9,524,438		9,521,667
Ad.net Acquisition, LLC - (Revolver) ⁽⁷⁾	05/06/2026	Media		7.00	%		3M L+600			264,444		264,444		260,478
Ad.net Acquisition, LLC - (Revolver) ^{(7), (9)}	05/06/2026	Media		—				—		1,291,111		—		(19,367	)
Altamira Technologies, LLC	07/24/2025	IT Services		8.00	%		3M L+700			5,137,844		5,081,587		4,855,263
Altamira Technologies, LLC (Revolver) ⁽⁷⁾	07/24/2025	IT Services		8.00	%		3M L+700			575,000		575,000		543,375
Altamira Technologies, LLC (Revolver) ^{(7), (9)}	07/24/2025	IT Services		—				—		1,581,250		—		(86,969	)
American Auto Auction Group, LLC	01/02/2024	Transportation: Consumer		5.75	%		3M L+475			6,603,907		6,556,314		6,504,848
American Insulated Glass, LLC	12/21/2023	Building Products		6.50	%		3M L+550			8,927,364		8,831,754		8,838,091
American Teleconferencing Services, Ltd.⁽⁷⁾	06/08/2023	Telecommunications	0.00%			⁽⁶⁾		—		9,642,556		9,557,019		5,496,257
Apex Service Partners, LLC	07/31/2025	Diversified Consumer Services		6.25	%		1M L+525			6,287,942		6,228,972		6,287,942
Apex Service Partners, LLC Term Loan B	07/31/2025	Diversified Consumer Services		6.50	%		1M L+550			151,476		151,476		151,476
Apex Service Partners, LLC Term Loan B ⁽⁹⁾	07/31/2021	Diversified Consumer Services		—				—		148,921		—		—
API Technologies Corp.	05/11/2026	Electronic Equipment, Instruments, and Components		4.35	%		1M L+425			5,880,000		5,855,164		5,780,804
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		6.75	%		3M L+575			4,975,000		4,871,712		4,900,375
Applied Technical Services, LLC ^{(7), (9)}	06/29/2022	Commercial Services & Supplies		—				—		3,181,818		—		(11,932	)
Applied Technical Services, LLC (Revolver) ^{(7), (9)}	12/29/2026	Commercial Services & Supplies		—				—		1,272,727		—		(19,091	)
BEI Precision Systems & Space Company, Inc.	04/28/2023	Aerospace and Defense		6.50	%		3M L+550			6,158,572		6,118,931		6,158,572
By Light Professional IT Services, LLC	05/16/2022	High Tech Industries		7.25	%		3M L+625			22,889,321		22,812,976		22,889,321
By Light Professional IT Services, LLC (Revolver)	05/16/2022	High Tech Industries		7.25	%		3M L+625			600,982		600,982		600,982
By Light Professional IT Services, LLC (Revolver)⁽⁹⁾	05/16/2022	High Tech Industries		—				—		2,461,620		—		—
Cadence Aerospace, LLC ⁽⁷⁾	11/14/2023	Aerospace and Defense		9.50	%		3M L+850			2,993,492		2,974,952		2,895,904
				(PIK 9.50	%)
Cano Health	11/23/2027	Healthcare and Pharmaceuticales		5.25	%		1M L+425			2,666,667		2,660,000		2,667,787
CHA Holdings, Inc.	04/10/2025	Environmental Industries		5.50	%		3M L+450			1,602,662		1,597,811		1,586,635
Challenger Performance Optimization, Inc. (Revolver) ^(7), (9)	08/31/2023	Business Services		—				—		711,447		—		(24,901	)
Compex Legal Services, Inc.	02/09/2026	Professional Services		6.75	%		3M L+575			7,672,350		7,542,685		7,449,084
Compex Legal Services, Inc. (Revolver) ⁽⁷⁾	02/07/2025	Professional Services		6.75	%		3M L+575			983,962		983,962		955,329
Compex Legal Services, Inc. (Revolver)^(7), (9)	02/07/2025	Professional Services		—				—		421,698		—		(12,271	)
Confluent Health, LLC	06/24/2026	Health Providers and Services		5.09	%		1M L+500			3,920,000		3,887,857		3,939,600
Crash Champions, LLC	08/05/2025	Automobiles		6.25	%		3M L+525			6,066,667		6,008,530		5,915,000
Crash Champions, LLC ⁽⁷⁾⁽⁹⁾	05/14/2022	Automobiles		—				—		6,933,333		—		(104,000	)
Datalot Inc.	01/24/2025	Insurance		6.25	%		3M L+525			9,421,763		9,278,129		9,421,763
Datalot Inc. (Revolver) ⁽⁷⁾, ⁽⁹⁾	01/24/2025	Insurance		—				—		3,833,619		—		—
Digital Room Holdings, Inc.	05/22/2026	Media: Advertising, Printing and Publishing		5.20	%		1M L+500			6,563,743		6,480,682		6,530,924
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%		3M L+575			6,562,047		6,525,109		6,562,047
Douglas Products and Packaging Company LLC (Revolver)	10/19/2022	Chemicals, Plastics and Rubber		8.00	%		P+475			3,366,569		3,366,569		3,366,569
Douglas Products and Packaging Company LLC (Revolver) ⁽⁹⁾	10/19/2022	Chemicals, Plastics and Rubber		—				—		1,024,608		—		—
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%		3M L+575			3,970,664		3,948,032		3,970,664
DRS Holdings III, Inc.	11/03/2025	Personal Products		7.25	%		3M L+625			17,715,479		17,549,130		17,626,902
DRS Holdings III, Inc. (Revolver) ^{(7), (9)}	11/03/2025	Personal Products		—				—		1,426,470		—		(7,132	)
East Valley Tourist Development Authority	03/07/2022	Hotel, Gaming and Leisure		9.00	%		3M L+800			13,253,267		13,214,278		13,054,468
				(PIK 3.50	%)
ECL Entertainment, LLC	03/31/2028	Hotels, Restaurants and Leisure		8.25	%		1M L+750			5,269,231		5,217,001		5,374,615
ECM Industries, LLC (Revolver) ⁽⁹⁾	12/23/2025	Electronic Equipment, Instruments, and Components		—				—		914,415		—		(4,572	)
eCommission Financial Services, Inc. ⁽¹⁰⁾	10/05/2023	Banking, Finance, Insurance & Real Estate		6.00	%		1M L+500			15,636,250		15,636,250		15,401,706
eCommission Financial Services, Inc. (Revolver) ^{(7), (9), (10)}	10/05/2023	Banking, Finance, Insurance & Real Estate		—				—		5,000,000		—		(75,000	)
Efficient Collaborative Retail Marketing Company, LLC	06/15/2022	Media: Diversified and Production		7.75	%		3M L+675			7,189,139		7,177,982		6,937,519
Findex Group Limited ^(5)(10)(11)	05/31/2024	Diversified Financial Services		5.07	%		3M L+500			AUD 10,000,000		7,323,360		7,357,350
Gantech Acquisition Corp.	05/14/2026	IT Services		7.25	%		1M L+625			17,500,000		17,155,614		17,150,000
Gantech Acquisition Corp. - Unfunded Revolver	05/14/2026	IT Services		—				—		3,733,280		—		(74,666	)
Global Holdings InterCo LLC	03/16/2026	Diversified Financial Services		7.00	%		3M L+600			3,491,250		3,440,637		3,473,794
Hancock Roofing and Construction L.L.C.	12/31/2026	Insurance		6.00	%		3M L+500			3,482,500		3,402,486		3,447,676
Hancock Roofing and Construction L.L.C. ^{(7), (9)}	12/31/2022	Insurance		—				—		1,500,000		—		(15,000	)
Hancock Roofing and Construction L.L.C. (Revolver) ^{(7), (9)}	12/31/2026	Insurance		—				—		750,000		—		(7,500	)
Holdco Sands Intermediate, LLC	12/19/2025	Aerospace and Defense		7.50	%		3M L+600			2,990,013		2,945,942		2,975,063
HW Holdco, LLC	12/10/2024	Media		5.50	%		1M L+450			7,359,677		7,311,187		7,249,282
HW Holdco, LLC (Revolver) ⁽⁷⁾	12/10/2024	Media		5.50	%		1M L+450			929,032		929,032		915,097
HW Holdco, LLC (Revolver) ^{(7), (9)}	12/10/2024	Media		—				—		522,581		—		(7,839	)
IMIA Holdings, Inc.	04/09/2027	Aerospace and Defense		7.00	%		3M L+600			13,176,884		12,924,674		12,913,346
IMIA Holdings, Inc. (Revolver) ^{(7), (9)}	04/09/2027	Aerospace and Defense		—				—		2,343,187		—		(46,864	)
Impact Group, LLC	06/27/2023	Wholesale		8.37	%		1M L+737			10,306,528		10,282,091		10,332,295
Innova Medical Ophthalmics Inc. ^{(5), (10)}	04/13/2023	Capital Equipment		9.25	%		3M L+825			3,261,900		3,240,278		3,261,900
				(PIK 1.00	%)
Innova Medical Ophthalmics Inc. (Revolver) ^{(5), (7), (10)}	04/13/2023	Capital Equipment		9.25	%		3M L+825			533,525		533,525		533,525
				(PIK 1.00	%)
Integrative Nutrition, LLC	09/29/2023	Consumer Services		5.50	%		3M L+450			16,219,102		16,139,357		16,219,102
Integrative Nutrition, LLC (Revolver) ^{(7), (9)}	09/29/2023	Consumer Services		—				—		5,000,000		—		—
K2 Pure Solutions NoCal, L.P. (Revolver) ⁽⁷⁾	12/20/2023	Chemicals, Plastics and Rubber		8.00	%		1M L+700			642,857		642,857		625,886
K2 Pure Solutions NoCal, L.P. (Revolver) ^{(7), (9)}	12/20/2023	Chemicals, Plastics and Rubber		—				—		785,714		—		(20,743	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

JUNE 30, 2021

(Unaudited)

Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		8.50	%	1M L+750			9,367,368	$	9,331,838	$	8,724,766
				(PIK 5.00	%)
LAV Gear Holdings, Inc. (Revolver) ⁽⁷⁾	10/31/2024	Capital Equipment		8.50	%	1M L+750			1,669,312		1,669,312		1,554,797
				(PIK 5.00	%)
Lightspeed Buyer Inc.	02/03/2026	Healthcare Technology		6.50	%	1M L+550			24,412,769		24,034,296		24,046,578
Lightspeed Buyer Inc. ^{(7), (9)}	08/03/2021	Healthcare Technology		—			—		1,891,068		—		(9,455	)
Lightspeed Buyer Inc. (Revolver) ⁽⁷⁾	02/03/2026	Healthcare Technology		6.50	%	1M L+550			833,100		833,100		820,603
Lightspeed Buyer Inc. (Revolver) ^{(7), (9)}	02/03/2026	Healthcare Technology		—			—		1,666,199		—		(24,993	)
Lombart Brothers, Inc.	04/13/2023	Capital Equipment		9.25	%	3M L+825			14,323,405		14,235,997		14,323,405
				(PIK 1.00	%)
Lombart Brothers, Inc. (Revolver) ⁽⁷⁾	04/13/2023	Capital Equipment		9.25	%	3M L+825			516,105		516,105		516,105
				(PIK 1.00	%)
MAG DS Corp.	04/01/2027	Aerospace and Defense		6.50	%	1M L+550			3,970,000		3,790,326		3,865,788
Magenta Buyer, LLC	07/31/2028	Software		5.75	%	3M L+500			10,000,000		9,900,000		9,990,000
Mars Acquisition Holdings Corp.	05/14/2026	Media		6.50	%	3M L+550			6,112,903		5,992,863		5,990,645
Mars Acquisition Holdings Corp. (Revolver)⁽⁷⁾⁽⁹⁾	05/14/2026	Media		—			—		1,623,661		—		(32,473	)
MBS Holdings, Inc. (Revolver)⁽⁷⁾⁽⁹⁾	04/16/2027	Internet Software and Services		—			—		1,157,407		—		(23,148	)
MeritDirect, LLC	05/23/2024	Media		6.50	%	3M L+550			25,581,822		25,340,445		25,134,140
MeritDirect, LLC (Revolver) ^{(7), (9)}	05/23/2024	Media		—			—		4,481,655		—		(78,429	)
Mission Critical Electronics, Inc.	09/28/2022	Capital Equipment		6.00	%	1M L+500			609,099		606,279		609,099
Mission Critical Electronics, Inc. (Revolver) ^{(7), (9)}	09/28/2022	Capital Equipment		—			—		1,325,088		—		—
OIS Management Services, LLC	06/15/2026	Healthcare Equipment and Supplies		5.75	%	3M L+475			4,000,000		3,940,000		3,940,000
OIS Management Services, LLC - Unfunded Term Loan	06/15/2023	Healthcare Equipment and Supplies		—			—		3,111,111		—		—
OIS Management Services, LLC - Unfunded Revolver	06/15/2023	Healthcare Equipment and Supplies		—			—		444,444		—		—
One Stop Mailing, LLC	05/07/2027	Air Freight and Logistics		7.25	%	3M L+625			24,000,000		23,522,020		23,580,000
Output Services Group, Inc.	03/27/2024	Business Services		5.50	%	1M L+450			4,914,322		4,425,398		4,435,176
Ox Two, LLC	05/18/2026	Construction and Building		7.00	%	1M L+600			22,693,125		22,340,371		22,239,263
Ox Two, LLC (Revolver) ^{(7), (9)}	05/18/2026	Construction and Building		—			—		3,387,097		—		(67,742	)
Plant Health Intermediate, Inc.	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575			645,677		642,806		645,677
PlayPower, Inc.	05/08/2026	Leisure Products		5.70	%	1M L+550			5,087,921		5,049,110		5,043,401
PRA Events, Inc.	08/07/2025	Business Services		11.50	%	1M L+1,050			3,068,064		2,634,045		2,745,917
				(PIK 11.50	%)
Questex, LLC	09/09/2024	Media: Diversified and Production		6.75	%	3M L+575			7,293,750		7,208,445		6,783,188
Questex, LLC (Revolver)	09/09/2024	Media: Diversified and Production		6.75	%	3M L+575			718,085		718,085		667,819
Questex, LLC (Revolver) ^{(7), (9)}	09/09/2024	Media: Diversified and Production		—			—		478,723		—		(33,511	)
Rancho Health MSO, Inc. ⁽⁷⁾	12/18/2022	Healthcare Equipment and Supplies		—			—		1,050,000		—		(18,375	)
Rancho Health MSO, Inc. (Revolver) ^{(7), (9)}	12/18/2025	Healthcare Equipment and Supplies		6.75	%	3M L+575			525,000		525,000		515,812
Recteq, LLC	01/29/2026	Leisure Products		7.00	%	3M L+600			1,496,250		1,468,785		1,481,288
Recteq, LLC (Revolver) ^{(7), (9)}	01/29/2026	Leisure Products		—			—		1,295,775		—		(12,958	)
Research Horizons, LLC	06/28/2022	Media: Advertising, Printing and Publishing		7.25	%	3M L+625			6,479,139		6,453,463		6,381,951
Research Now Group, Inc. and Dynata, LLC	12/20/2024	Business Services		6.50	%	3M L+550			17,367,078		17,126,849		17,128,281
Riverpoint Medical, LLC	06/20/2025	Healthcare Equipment and Supplies		5.50	%	3M L+450			4,900,000		4,861,587		4,900,000
Riverpoint Medical, LLC (Revolver) ^{(7), (9)}	06/20/2025	Healthcare Equipment and Supplies		—			—		909,091		—		—
Riverside Assessments, LLC	03/10/2025	Professional Services		7.25	%	3M L+625			16,251,968		16,013,340		15,683,150
Sales Benchmark Index LLC	01/03/2025	Professional Services		7.75	%	3M L+600			8,107,981		7,987,510		7,763,392
Sales Benchmark Index LLC (Revolver) ^{(7), (9)}	01/03/2025	Professional Services	—				—		1,292,683		—		(54,939	)
Salient CRGT Inc.	02/28/2022	High Tech Industries		7.50	%	1M L+650			1,646,169		1,640,854		1,627,650
Sargent & Greenleaf Inc.	12/20/2024	Electronic Equipment, Instruments, and Components		7.00	%	1M L+550			3,722,536		3,681,666		3,703,923
Sargent & Greenleaf Inc. (Revolver)⁽⁷⁾	12/20/2024	Electronic Equipment, Instruments, and Components		7.00	%	1M L+550			528,183		528,183		525,543
Sargent & Greenleaf Inc. (Revolver)⁽⁹⁾	12/20/2024	Electronic Equipment, Instruments, and Components	—				—		528,183		—		(2,641	)
Schlesinger Global, Inc.	07/14/2025	Professional Services		8.00	%	1M L+700			13,438,797		13,331,011		12,598,873
Schlesinger Global, Inc. (Revolver)	07/14/2025	Professional Services		8.00	%	1M L+700			778,416		778,416		729,765
Schlesinger Global, Inc. (Revolver) ^{(7), (9)}	07/14/2025	Professional Services		—			—		1,091,885		—		(68,243	)
Sigma Defense Systems, LLC	12/18/2025	IT Services		9.75	%	3M L+875			809,801		791,513		793,605
Sigma Defense Systems, LLC (Revolver)	12/18/2025	IT Services		9.75	%	3M L+875			334,956		334,956		328,257
Sigma Defense Systems, LLC (Revolver) ^{(7), (9)}	12/18/2025	IT Services		—			—		502,435		—		(10,049	)
Signature Systems Holding Company	05/03/2024	Commercial Services & Supplies		8.50	%	1M L+750			11,862,500		11,751,125		11,625,250
Signature Systems Holding Company (Revolver)	05/03/2024	Commercial Services & Supplies		8.50	%	1M L+750			1,048,387		1,048,387		1,027,419
Signature Systems Holding Company (Revolver) ⁽⁷⁾⁽⁹⁾	05/03/2024	Commercial Services & Supplies		—			—		698,925		—		(13,978	)
Signature Systems Holding Company - Term Loan II	12/31/2021	Commercial Services & Supplies		8.50	%	1M L+750			698,925		691,989		684,946
Smile Brands Inc.	10/14/2024	Healthcare and Pharmaceuticals		5.38	%	1M L+450			1,980,124		1,980,124		1,980,124
Smile Brands Inc. (Revolver) ⁽⁷⁾	10/14/2024	Healthcare and Pharmaceuticals		—			—		1,468,092		—		(25,692	)
Smile Brands Inc. (Revolver) ^{(7), (9)}	10/14/2024	Healthcare and Pharmaceuticals		—			—		148,158		—		(2,593	)
Snak Club, LLC (Revolver) ⁽⁷⁾	07/19/2021	Beverage, Food and Tobacco		6.50	%	3M L+550			100,000		100,000		99,500
Snak Club, LLC (Revolver) ^{(7), (9)}	07/19/2021	Beverage, Food and Tobacco		—			—		395,136		—		(1,976	)
Solutionreach, Inc.	01/17/2024	Healthcare Technology		6.75	%	3M L+575			6,006,273		5,938,767		6,006,273
Solutionreach, Inc. (Revolver)^{(7), (9)}	01/17/2024	Healthcare Technology	—				—		1,665,000		—		—
Spear Education, LLC	02/26/2025	Professional Services		6.00	%	3M L+500			14,935,938		14,821,121		14,935,938
Spear Education, LLC^{(7), (9)}	02/26/2022	Professional Services	—				—		6,875,000		—		—
Spectacle Gary Holdings, LLC	12/23/2025	Hotels, Restaurants and Leisure		11.00	%	1M L+900			5,000,000		4,878,183		5,437,500
STV Group Incorporated	12/11/2026	Construction & Engineering		5.35	%	1M L+525			4,764,392		4,723,456		4,716,748
TAC LifePort Purchaser, LLC	03/01/2026	Aerospace and Defense		7.00	%	3M L+600			533,661		523,512		533,661
TAC LifePort Purchaser, LLC (Revolver) ^{(7), (9)}	03/01/2026	Aerospace and Defense	—			—			1,302,326	—		—
TeleGuam Holdings, LLC	11/20/2025	Wireless Telecommunication Services		5.50	%	1M L+450			3,188,918		3,162,402		3,153,042
Teneo Holdings LLC	07/18/2025	Diversified Financial Services		6.25	%	1M L+525			14,507,475		14,232,893		14,338,172
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		6.50	%	3M L+550			4,975,000		4,907,441		4,925,250
The Infosoft Group, LLC	09/16/2024	Media: Broadcasting and Subscription		6.75	%	3M L+575			15,824,764		15,723,252		15,824,764
TPC Canada Parent, Inc. and TPC US Parent, LLC^{(5), (10)}	11/24/2025	Food Products		6.25	%	3M L+525			4,925,000		4,886,848		4,777,250
TVC Enterprises, LLC	03/26/2026	Commercial Services & Supplies		6.75	%	1M L+575			25,049,518		24,706,511		24,799,024
TVC Enterprises, LLC (Revolver) ^{(7), (9)}	03/26/2026	Commercial Services & Supplies		—			—		1,303,813		—		(13,038	)
TWS Acquisition Corporation	06/16/2025	Diversified Consumer Services		7.25	%	1M L+625			6,636,062		6,517,012		6,636,062
TWS Acquisition Corporation (Revolver) ^{(7), (9)}	06/16/2025	Diversified Consumer Services		—			—		2,627,857		—		—

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

JUNE 30, 2021

(Unaudited)

Issuer Name	Maturity		Industry	Current Coupon			Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
Tyto Athene, LLC	04/01/2028		IT Services		6.25	%	1M L+550			12,066,349	$	11,886,129	$	12,024,117
Tyto Athene, LLC (Revolver) ^{(7), (9)}	04/01/2026		IT Services		—			—		1,039,799		—		(3,639	)
UBEO, LLC	04/03/2024		Capital Equipment		5.50	%	3M L+450			18,158,734		18,053,040		17,886,353
UBEO, LLC (Revolver) ⁽⁹⁾	04/03/2024		Capital Equipment		—			—		2,933,333		—		(44,000	)
Urology Management Associates, LLC	08/30/2024		Healthcare Providers and Services		6.00	%	3M L+500			4,776,283		4,716,947		4,752,401
US Med Acquisition, Inc.	02/12/2023		Healthcare and Pharmaceuticals		8.50	%	1M L+750			2,869,293		2,869,293		2,869,293
Vision Purchaser Corporation	06/10/2025		Media		7.75	%	1M L+675			14,285,128		14,069,285		13,856,573
Walker Edison Furniture Company LLC	03/31/2027		Wholesale		6.75	%	1M L+575			12,468,750		12,168,202		12,157,031
Wildcat Buyerco, Inc.	02/27/2026		Electronic Equipment, Instruments, and Components		6.00	%	3M L+500			3,064,813		3,046,003		3,041,193
Wildcat Buyerco, Inc.^{(7), (9)}	02/27/2022		Electronic Equipment, Instruments, and Components	—				—		2,491,176		—		15,570
Wildcat Buyerco, Inc. (Revolver) ^{(7), (9)}	02/27/2026		Electronic Equipment, Instruments, and Components	—				—		533,824		—		(8,381	)
Total First Lien Secured Debt												723,585,733		716,548,066
Second Lien Secured Debt—3.5%
DBI Holdings, LLC, Term Loan B	02/01/2026		Business Services		9.00	%		—		12,129,344		12,129,344		12,129,344
					(PIK 9.00	%)
DBI Holding, LLC - 1.5 Lien Term Loan ⁽⁷⁾	05/01/2023		Business Services		14.00	%		—		2,189,596		2,189,596		2,189,596
					(PIK 14.00	%)
Mailsouth Inc. ⁽⁷⁾	04/23/2025		Media: Advertising, Printing and Publishing		15.00	%		—		833,133		833,133		833,133
					(PIK 15.00	%)
PT Network, LLC ⁽⁷⁾	11/30/2024		Healthcare and Pharmaceuticals		11.00	%	3M L+1,000			2,279,869		2,267,117		2,279,869
				(PIK 11.00%)
QuantiTech LLC	02/04/2027		Aerospace and Defense		11.00	%	3M L+1,000			150,000		147,133		147,375
Total Second Lien Secured Debt												17,566,323		17,579,317
Preferred Equity— 1.9% ⁽⁶⁾
Ad.net Holdings Inc.		—	Media		—			—		8,400		840,000		840,000
CI (PTN) Investment Holdings II, LLC		—	Healthcare and Pharmaceuticals		—			—		1,458		21,870		—
(PT Network, LLC) ^{(7), (8)}
DBI Holding, LLC, Series A-1⁽⁸⁾		—	Business Services		14.00	%		—		7,041		7,040,844		3,375,520
Mars Intermediate Holdings II, Inc.		—	Media		—			—		835		835,000		835,000
MeritDirect Holdings, LP ^{(7), (8)}		—	Media		—			—		960		960,000		1,202,709
NXOF Holdings, Inc. (NextiraOne Federal, LLC) ⁽⁷⁾			IT Services		—			—		733		733,049		854,688
PT Network Intermediate Holdings, LLC ⁽⁷⁾		—	Healthcare and Pharmaceuticals		11.00	%	3M L+1,000			33		429,000		524,416
Signature CR Intermediate Holdco, Inc. ⁽⁷⁾		—	Commercial Services & Supplies		12.00	%		—		1,323		1,323,421		1,176,947
TPC Holding Company, LP^{(5), (7), (10)}		—	Food Products		—			—		409		409,011		477,602
UniTek Global Services, Inc. -		—	Telecommunications		20.00	%		—		343,861		343,861		—
Super Senior Preferred Equity⁽⁷⁾
UniTek Global Services, Inc. - Senior Preferred Equity⁽⁷⁾		—	Telecommunications		19.00	%		—		448,851		448,851		—
UniTek Global Services, Inc.⁽⁷⁾		—	Telecommunications		13.50	%		—		1,047,317		670,283		—
Total Preferred Equity												14,055,190		9,286,882
Common Equity/Warrants— 15.1% ⁽⁶⁾
Ad.net Holdings, Inc.		—	Media		—			—		9,333		93,333		93,333
Affinion Group Holdings, Inc. (Warrants)⁽⁷⁾	04/10/2024		Consumer Goods: Durable		—			—		8,893		244,998		—
AG Investco LP ^{(7), (8)}		—	Software		—			—		805,164		805,164		1,157,814
AG Investco LP ^{(7), (8), (9)}		—	Software		—			—		194,836		—		—
Altamira Intermediate Company II, Inc.⁽⁷⁾		—	IT Services		—			—		1,437,500		1,437,500		455,804
By Light Investco LP ^{(7), (8)}		—	High Tech Industries		—			—		21,908		2,172,391		11,949,870
By Light Investco LP ^{(7), (8), (9)}		—	High Tech Industries		—			—		7,401		—		—
CI (Allied) Investment Holdings, LLC		—	Business Services		—			—		120,962		1,243,217		419,364
(Allied America, Inc.) ^{(7), (8)}
CI (PTN) Investment Holdings II, LLC		—	Healthcare and Pharmaceuticals		—			—		13,333		200,000		—
(PT Network, LLC) ^{(7), (8)}
CI (Summit) Investment Holdings, LLC		—	Construction and Building		—			—		64,262		696,296		1,208,503
(SFP Holding, Inc.) ⁽⁷⁾
Crash Champions Holdings, LLC ⁽⁷⁾		—	Automobiles		—			—		48		433,333		463,667
DBI Holding, LLC, Series B ⁽⁸⁾		—	Business Services		—			—		1,489,508		330,791		—
Delta InvestCo LP (Sigma Defense Systems, LLC) ^{(7), (8)}		—	IT Services		—			—		502,435		502,435		523,487
Delta InvestCo LP (Sigma Defense Systems, LLC) ^{(7), (8)}, ⁽⁹⁾		—	IT Services		—			—		502,435		—		—
ECM Investors, LLC^{(7), (8)}		—	Electronic Equipment, Instruments, and Components		—			—		295,982		295,982		912,751
eCommission Holding Corporation ^{(7), (10)}			Banking, Finance, Insurance & Real Estate		—			—		20		251,156		173,119
Gauge InfosoftCoInvest, LLC		—	Media: Broadcasting and Subscription		—			—		500		143,663		2,205,502
(The Infosoft Group, LLC) ⁽⁷⁾
Gauge Lash Coinvest LLC ⁽⁷⁾		—	Personal Products		—			—		1,485,953		1,760,670		3,569,110
Gauge Schlesinger Coinvest LLC ⁽⁷⁾			Professional Services		—			—		437		437,371		422,186
Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) ⁽⁷⁾			Professional Services		—			—		391,144		—		848,580
GCOM InvestCo LP ⁽⁷⁾		—	IT Services		—			—		17,951		2,930,374		4,376,112
GCOM InvestCo LP ^{(7), (8), (9)}		—	IT Services		—			—		2,398		—		—
Go Dawgs Capital III, LP		—	Building Products		—			—		324,675		324,675		428,572
(American Insulated Glass, LLC)^{(7), (8)}
Hancock Claims Consultants Investors, LLC ^{(7), (8)}		—	Insurance		—			—		450,000		450,000		625,660
IIN Group Holdings, LLC		—	Consumer Services		—			—		1,000		1,000,000		1,802,250
(Integrative Nutrition, LLC) ^{(7), (8)}
Ironclad Holdco, LLC (Applied Technical Services, LLC) ^{(7), (8)}		—	Commercial Services & Supplies		—			—		5,040		504,000		528,917
ITC Rumba, LLC (Cano Health, LLC)		—	Healthcare and Pharmaceuticals		—			—		46,763		110,105		7,618,772
JWC/UMA Holdings, L.P. ⁽⁷⁾		—	Healthcare and Pharmaceuticals		—			—		1,000		1,000,000		1,727,172

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

JUNE 30, 2021

(Unaudited)

Issuer Name	Maturity		Industry	Current Coupon				Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
JWC-WE Holdings, L.P.		—	Wholesale		—				—		1,381,741	$	-	$	6,858,524
(Walker Edison Furniture Company LLC) ^{(7), (8)}
Kentucky Racing Holdco, LLC (Warrants)^{(7), (8)}		—	Hotels, Restaurants and Leisure		—				—		87,345		—		520,452
Lightspeed Investment Holdco LLC⁽⁷⁾		—	Healthcare Technology		—				—		585,587		585,587		664,516
Mars Intermediate Holdings II, Inc. ⁽⁷⁾		—	Media		—				—		835		—		—
MeritDirect Holdings, LP ^{(7), (8)}		—	Media		—				—		960		—		17,923
MSpark, LLC		—	Media: Advertising, Printing and Publishing		—				—		3,988		1,287,502		1,749,697
NEPRT Parent Holdings, LLC (Recteq, LLC) ^{(7), (8)}		—	Leisure Products		—				—		1,494		1,451,801		2,177,443
NXOF Holdings, Inc. (NextiraOne Federal, LLC)⁽⁷⁾		—	IT Services		—				—		14,960		14,960		516,326
OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC)^{(7), (8)}		—	Aerospace and Defense		—				—		173,638		1,729,029		2,154,580
Oral Surgery (ITC) Holdings, LLC ⁽⁷⁾		—	Healthcare Equipment and Supplies		—				—		3,872		83,333		83,333
PennantPark-TSO Senior Loan Fund, LP ⁽⁷⁾			Financial Services								11,914,710		11,914,710		11,744,783
PT Network Intermediate Holdings, LLC ⁽⁷⁾			Healthcare and Pharmaceuticals								25		293,560		1,883,472
QuantiTech InvestCo LP ^{(7), (8)}		—	Aerospace and Defense		—				—		700		65,957		400,551
QuantiTech InvestCo LP^{(7), (8), (9)}		—	Aerospace and Defense		—				—		967		—		—
QuantiTech InvestCo II LP^{(7), (8),}		—	Aerospace and Defense		—				—		40		24,000		22,632
RFMG Parent, LP (Rancho Health MSO, Inc.) ⁽⁷⁾		—	Healthcare Equipment and Supplies		—				—		1,050,000		1,050,000		1,050,000
SBI Holdings Investments LLC (Sales Benchmark Index LLC) ^{(7), (8)}		—	Professional Services		—				—		64,634		646,341		386,360
Signature CR Intermediate Holdco, Inc. ⁽⁷⁾		—	Commercial Services & Supplies		—				—		70		69,654		—
SSC Dominion Holdings, LLC		—	Capital Equipment		—				—		500		500,000		583,200
Class A (US Dominion, Inc.) ⁽⁷⁾
SSC Dominion Holdings, LLC		—	Capital Equipment		—				—		500		—		1,395,545
Class B (US Dominion, Inc.) ⁽⁷⁾
TAC LifePort Holdings, LLC		—	Aerospace and Defense		—				—		488,372		488,372		600,982
TPC Holding Company, LP^{(5), (7), (10)}		—	Food Products		—				—		21,527		21,527		127,224
UniTek Global Services, Inc. ⁽⁷⁾		—	Telecommunications		—				—		213,739		—		—
UniTek Global Services, Inc. (Warrants) ⁽⁷⁾		—	Telecommunications		—				—		23,889		—		—
UniVista Insurance ⁽⁷⁾		—	Insurance		—				—		400		400,000		400,000
Wildcat Parent, LP (Wildcat Buyerco, Inc.) ^{(7), (8)}		—	Electronic Equipment, Instruments, and Components		—				—		2,240		223,994		376,387
Total Common Equity/Warrants													38,217,781		75,224,475
Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies													793,425,027		818,638,740
Investments in Controlled, Affiliated Portfolio Companies—43.7% ^{(3), (4)}
First Lien Secured Debt—33.6%
Marketplace Events, LLC - Super Priority First Lien Term Loan ⁽⁷⁾	09/30/2025		Media: Diversified and Production		6.25	%		3M L+525			3,363,763		3,363,763		3,363,763
					(PIK 6.25	%)
Marketplace Events, LLC - Super Priority First Lien ^{(7), (9)}	09/30/2025		Media: Diversified and Production		—				—		3,260,502		—		—
Marketplace Events, LLC	09/30/2026		Media: Diversified and Production		0.00	%	⁽⁶⁾		—		25,140,079		19,046,876		22,478,653
PennantPark Senior Secured Loan Fund I LLC ^(7), ^{(9), (10)}	05/06/2024		Financial Services		8.20	%		3M L+800			140,875,000		140,875,000		140,875,000
Total First Lien Secured Debt													163,285,639		166,717,416
Equity Interests—10.2%
New MPE Holdings, LLC (Marketplace Events, LLC) ⁽⁷⁾		—	Media: Diversified and Production		—				—		349		—		—
PennantPark Senior Secured Loan Fund I LLC ^{(7), (9), (10)}		—	Financial Services		—				—		60,375		60,375,000		50,467,517
Total Equity Interests													60,375,000		50,467,517
Total Investments in Controlled, Affiliated Portfolio Companies													223,660,639		217,184,933
Total Investments—208.6%													1,017,085,666		1,035,823,673
Cash and Cash Equivalents—9.8%
BlackRock Federal FD Institutional 30													6,120,378		6,120,378
BNY Mellon Cash													42,582,365		42,582,365
Total Cash and Cash Equivalents													48,702,743		48,702,743
Total Investments and Cash Equivalents—218.4%												$	1,065,788,409	$	1,084,526,416
Liabilities in Excess of Other Assets—(118.4)%															(587,894,736	)
Net Assets—100.0%														$	496,631,680

(1)

Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L”, or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes 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-U.S. company or principal place of business outside the United States.

(6)	Non-income producing securities.

(7)	The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2031 Asset-Backed Debt (See Note 10) and held through PennantPark CLO I, Ltd.

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

(9)	Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

(10)

The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of June 30, 2021, qualifying assets represent 79% of our total assets and non-qualifying assets represent 21% of our total assets.

(11) Par amount is denominated in Australian Dollars (AUD) as denoted.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2020

Issuer Name	Maturity	Industry	Current Coupon			Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—190.8% ^{(3), (4)}
First Lien Secured Debt—175.5%
18 Freemont Street Acquisition, LLC	08/11/2025	Hotels, Restaurants and Leisure		9.50	%	1M L+800			6,697,697	$	6,581,574	$	6,362,812
Advantage Sales & Marketing	07/23/2021	Food and Staples Retailing		4.25	%	1M L+325			3,158,375		3,084,907		3,095,997
Altamira Technologies, LLC	07/24/2025	IT Services		7.00	%	3M L+600			6,313,001		6,233,142		6,092,046
Altamira Technologies, LLC (Revolver) ⁽⁷⁾	07/24/2025	IT Services		7.00	%	3M L+600			1,437,500		1,437,500		1,387,187
Altamira Technologies, LLC (Revolver) ^{(7), (9)}	07/24/2025	IT Services		—			—		718,750		—		(25,156	)
American Auto Auction Group, LLC	01/02/2024	Transportation: Consumer		6.00	%	3M L+500			7,385,098		7,317,949		7,163,545
American Insulated Glass, LLC	12/21/2023	Building Products		6.50	%	3M L+550			14,775,105		14,574,748		14,479,603
American Teleconferencing Services, Ltd.	06/08/2023	Telecommunications		7.50	%	3M L+650			9,651,242		9,550,005		8,203,555
Apex Service Partners, LLC	07/31/2025	Energy Equipment and Services		6.25	%	1M L+525			6,978,475		6,920,667		6,769,121
Apex Service Partners, LLC ^{(7), (9)}	07/31/2021	Energy Equipment and Services		—			—		1,198,613		—		(35,958	)
API Technologies Corp.	05/11/2026	Electronic Equipment, Instruments, and Components		4.40	%	1M L+425			5,925,000		5,897,574		5,776,875
BEI Precision Systems & Space Company, Inc.	04/28/2023	Aerospace and Defense		6.50	%	3M L+550			11,610,000		11,527,096		11,493,900
By Light Professional IT Services, LLC	05/16/2022	High Tech Industries		7.25	%	3M L+625			28,863,220		28,711,219		28,574,588
By Light Professional IT Services, LLC (Revolver)	05/16/2022	High Tech Industries		7.25	%	3M L+625			2,504,092		2,504,092		2,479,051
By Light Professional IT Services, LLC (Revolver) ^{(7), (9)}	05/16/2022	High Tech Industries		—			—		558,511		—		(5,585	)
Cadence Aerospace, LLC ⁽⁷⁾	11/14/2023	Aerospace and Defense		9.50	%	3M L+650			2,884,399		2,860,365		2,767,292
Cano Health, LLC	06/02/2025	Healthcare and Pharmaceuticals		8.50	%	1M L+750			14,882,169		14,771,615		14,993,786
Cardenas Markets LLC	11/29/2023	Beverage, Food and Tobacco		6.75	%	1M L+575			3,795,450		3,798,714		3,795,450
Centauri Group Holdings, LLC	02/12/2024	Aerospace and Defense		6.25	%	3M L+525			3,248,900		3,244,298		3,232,655
CHA Holdings, Inc.	04/10/2025	Environmental Industries		5.50	%	3M L+450			7,291,746		7,267,251		7,145,911
Challenger Performance Optimization, Inc. (Revolver) ^(7), (9)	08/31/2023	Business Services		—			—		711,447		—		(49,801	)
Compex Legal Services, Inc.	02/09/2026	Professional Services		6.75	%	3M L+575			7,730,621		7,582,329		7,589,151
Compex Legal Services, Inc. ^(7), (9)	02/08/2021	Professional Services		—			—		3,322,470		—		(27,576	)
Compex Legal Services, Inc. (Revolver) ⁽⁷⁾	02/07/2025	Professional Services		6.75	%	3M L+575			983,962		983,962		965,956
Compex Legal Services, Inc. (Revolver)^(7), (9)	02/07/2025	Professional Services		—			—		421,698		—		(7,717	)
Confluent Health, LLC	06/24/2026	Health Providers and Services		5.15	%	1M L+500			3,950,000		3,913,661		3,890,750
Datalot Inc.	01/24/2025	Insurance		6.25	%	3M L+525			15,257,804		14,979,266		15,276,113
Datalot Inc. (Revolver) ⁽⁷⁾	01/24/2025	Insurance		6.25	%	3M L+525			3,833,619		3,833,619		3,838,219
Digital Room Holdings, Inc.	05/22/2026	Media: Advertising, Printing and Publishing		5.27	%	1M L+500			9,875,000		9,736,008		9,183,750
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575			6,612,916		6,553,834		6,513,722
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		8.00	%	P+475			3,220,196		3,220,196		3,171,893
(Revolver)
Douglas Products and Packaging Company LLC	10/19/2022	Chemicals, Plastics and Rubber		—			—		1,170,980		—		(17,565	)
(Revolver) ^{(7), (9)}
Douglas Sewer Intermediate, LLC	10/19/2022	Chemicals, Plastics and Rubber		6.75	%	3M L+575			3,021,798		3,008,407		2,976,471
DRS Holdings III, Inc.	11/03/2025	Personal Products		6.75	%	3M L+575			4,962,500		4,918,144		4,871,686
DRS Holdings III, Inc. (Revolver) ^{(7), (9)}	11/03/2025	Personal Products		—			—		903,716		—		(16,538	)
East Valley Tourist Development Authority	03/07/2022	Hotel, Gaming and Leisure		9.00	%	3M L+800			19,039,079		18,917,984		18,467,906
				(PIK 3.50	%)
ECM Industries, LLC	12/23/2025	Electronic Equipment, Instruments, and Components		5.50	%	1M L+450			5,075,958		5,028,206		5,050,578
ECM Industries, LLC (Revolver)	12/23/2025	Electronic Equipment, Instruments, and Components		5.50	%	1M L+450			914,415		914,415		902,345
eCommission Financial Services, Inc. ⁽¹⁰⁾	10/05/2023	Banking, Finance, Insurance & Real Estate		6.00	%	1M L+500			16,131,250		16,131,250		15,889,281
eCommission Financial Services, Inc. (Revolver) ^{(7), (9), (10)}	10/05/2023	Banking, Finance, Insurance & Real Estate		—			—		5,000,000		—		(75,000	)
Education Networks of America, Inc.	05/06/2021	Telecommunications		10.00	%	1M L+925			9,985,621		9,985,621		9,985,621
				(PIK 4.75	%)
Education Networks of America, Inc. (Revolver)	05/06/2021	Telecommunications		10.00	%	1M L+925			2,243,444		2,243,444		2,243,444
				(PIK 4.75	%)
Efficient Collaborative Retail Marketing Company, LLC	06/15/2022	Media: Diversified and Production		7.75	%	3M L+675			7,189,139		7,168,054		6,937,519
Empire Resorts, Inc.	03/22/2021	Hotel, Gaming and Leisure		2.89	%	1M L+225			7,500,000		7,471,938		7,425,000
FlexPrint, LLC	01/02/2024	Professional Services		7.12	%	3M L+684			4,975,898		4,916,661		4,839,060
FlexPrint, LLC ^{(7), (9)}	12/31/2020	Professional Services		—			—		3,077,342		—		(61,547	)
GCOM Software LLC	11/14/2022	High Tech Industries		7.75	%	1M L+625			13,707,757		13,504,876		13,707,757
GCOM Software LLC (Revolver)	11/14/2022	High Tech Industries		8.75	%	1M L+550			2,133,333		2,133,333		2,133,333
GCOM Software LLC (Revolver) ^{(7), (9)}	11/14/2022	High Tech Industries		—			—		533,333		—		—
Good2Grow LLC	11/18/2024	Beverages		5.25	%	3M L+425			5,699,510		5,657,300		5,656,763
Good2Grow LLC (Revolver) ^{(7), (9)}	11/16/2023	Beverages		—			—		3,137,000		—		(23,528	)
GSM Holdings, Inc.	06/03/2024	Consumer Goods: Durable		5.50	%	3M L+450			19,130,304		19,041,110		18,939,001
GSM Holdings, Inc. (Revolver)	06/03/2024	Consumer Goods: Durable		5.50	%	3M L+450			7,126,484		7,126,484		7,055,219
HW Holdco, LLC	12/10/2024	Media		5.50	%	1M L+450			7,416,290		7,357,894		7,193,802
HW Holdco, LLC (Revolver) ^{(7), (9)}	12/10/2024	Media		—			—		1,451,613		—		(43,548	)
IMIA Holdings, Inc. (Revolver) ^{(7), (9)}	10/28/2024	Aerospace and Defense		—			—		1,968,504		—		—
Impact Group, LLC	06/27/2023	Wholesale		8.37	%	1M L+737			12,671,202		12,622,034		12,734,558
Innova Medical Ophthalmics Inc. ^{(5), (10)}	04/13/2023	Capital Equipment		7.25	%	3M L+625			3,271,649		3,244,173		3,072,079
Innova Medical Ophthalmics Inc. (Revolver) ^{(5), (7), (10)}	04/13/2023	Capital Equipment		7.25	%	3M L+625			530,973		530,973		498,584
Integrative Nutrition, LLC	09/29/2023	Consumer Services		5.75	%	3M L+475			22,173,199		22,028,349		21,840,601
Integrative Nutrition, LLC (Revolver) ^{(7), (9)}	09/29/2023	Consumer Services		—			—		5,000,000		—		(75,000	)
Inventus Power, Inc.	04/30/2021	Consumer Goods: Durable		6.50	%	1M L+650			3,709,390		3,702,960		3,672,296
K2 Pure Solutions NoCal, L.P. (Revolver) ⁽⁷⁾	12/20/2023	Chemicals, Plastics and Rubber		8.00	%	1M L+700			1,071,429		1,071,429		1,047,857
K2 Pure Solutions NoCal, L.P. (Revolver) ^{(7), (9)}	12/20/2023	Chemicals, Plastics and Rubber		—			—		357,143		—		(7,857	)
Kentucky Downs, LLC	03/07/2025	Hotels, Restaurants and Leisure		9.50	%	1M L+850			5,499,731		5,395,498		5,417,236
Kentucky Downs, LLC ^{(7), (9)}	03/07/2025	Hotels, Restaurants and Leisure		—			—		448,276		—		(6,724	)
LAV Gear Holdings, Inc.	10/31/2024	Capital Equipment		8.50	%	1M L+750			9,028,277		8,984,046		8,315,946
				(PIK 5.00	%)
LAV Gear Holdings, Inc. (Revolver) ⁽⁷⁾	10/31/2024	Capital Equipment		8.50	%	1M L+750			1,607,584		1,607,584		1,480,745
				(PIK 5.00	%)
Lightspeed Buyer Inc.	02/03/2026	Healthcare Technology		6.25	%	1M L+525			30,362,602		29,830,439		29,983,070
Lightspeed Buyer Inc. ^{(7), (9)}	08/03/2021	Healthcare Technology		—			—		1,891,068		—		(4,728	)
Lightspeed Buyer Inc. (Revolver)	02/03/2026	Healthcare Technology		6.25	%	1M L+525			2,499,299		2,499,299		2,468,058

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2020

Issuer Name	Maturity	Industry	Current Coupon				Basis Point Spread Above Index ⁽¹⁾			Par / Shares		Cost		Fair Value ⁽²⁾
Lombart Brothers, Inc.	04/13/2023	Capital Equipment		7.25	%		3M L+625				13,639,301	$	13,517,803	$	12,807,304
Lombart Brothers, Inc. (Revolver) ⁽⁷⁾	04/13/2023	Capital Equipment		7.25	%		3M L+625				1,238,938		1,238,938		1,163,363
Long Island Vision Management, LLC	09/07/2023	Healthcare and Pharmaceuticals		5.76	%		3M L+475				8,969,009		8,919,084		8,551,950
LSF9 Atlantis Holdings, LLC	05/01/2023	Retail		7.00	%		1M L+600				13,231,250		13,162,333		12,820,552
MAG DS Corp.	04/01/2027	Aerospace and Defense		6.50	%		1M L+550				4,000,000		3,800,000		3,805,000
Manna Pro Products, LLC	12/08/2023	Consumer Goods: Non-Durable		7.00	%		1M L+600				8,305,000		8,253,987		8,081,596
Marketplace Events LLC	01/27/2023	Media: Diversified and Production		0.00	%	⁽⁶⁾		—			5,284,919		5,220,978		4,464,171
Marketplace Events LLC ⁽¹¹⁾	01/27/2023	Media: Diversified and Production		0.00	%	⁽⁶⁾		—	C	$	16,213,270		11,377,025		10,252,929
Marketplace Events LLC (Revolver)	01/27/2023	Media: Diversified and Production		0.00	%	⁽⁶⁾		—			1,703,163		1,703,163		1,438,662
MeritDirect, LLC	05/23/2024	Media		6.50	%		3M L+550				29,582,555		29,236,103		28,177,384
MeritDirect, LLC (Revolver) ^{(7), (9)}	05/23/2024	Media		—				—			4,481,655		—		(212,879	)
Mission Critical Electronics, Inc.	09/28/2022	Capital Equipment		6.00	%		1M L+500				612,191		607,716		604,783
Mission Critical Electronics, Inc. (Revolver) ^{(7), (9)}	09/28/2021	Capital Equipment		—				—			1,325,088		—		(16,034	)
Output Services Group, Inc.	03/27/2024	Business Services		5.50	%		1M L+450				4,462,303		3,937,732		4,060,696
Ox Two, LLC	02/27/2023	Construction and Building		7.25	%		1M L+625				12,526,325		12,473,095		12,463,694
Ox Two, LLC (Revolver) ⁽⁷⁾	02/27/2023	Construction and Building		7.25	%		1M L+625				108,444		108,444		107,902
Ox Two, LLC (Revolver) ^{(7), (9)}	02/27/2023	Construction and Building		—				—			447,111		—		(2,236	)
Peninsula Pacific Entertainment LLC ⁽⁷⁾	11/13/2024	Hotel, Gaming and Leisure		7.40	%		1M L+725				10,224,431		10,193,277		9,508,720
Plant Health Intermediate, Inc. ⁽⁷⁾	10/19/2022	Chemicals, Plastics and Rubber		6.75	%		3M L+575				650,644		646,164		640,884
PlayPower, Inc.	05/08/2026	Leisure Products		5.72	%		1M L+550				5,367,361		5,320,837		5,098,992
PRA Events, Inc.	08/08/2022	Business Services		0.00	%	⁽⁶⁾	1M L+700				2,558,746		2,527,407		2,154,464
Questex, LLC	09/09/2024	Media: Diversified and Production		6.75	%		3M L+575				7,350,000		7,245,118		6,762,000
Questex, LLC (Revolver)	09/09/2024	Media: Diversified and Production		6.75	%		3M L+575				598,404		598,404		550,532
Questex, LLC (Revolver) ^{(7), (9)}	09/09/2024	Media: Diversified and Production		—				—			598,404		—		(47,872	)
Research Horizons, LLC	06/28/2022	Media: Advertising, Printing and Publishing		7.25	%		3M L+625				6,894,172		6,847,485		6,618,405
Research Now Group, Inc. and Survey Sampling	12/20/2024	Business Services		6.50	%		3M L+550				23,266,875		22,662,940		21,975,563
International LLC
Riverpoint Medical, LLC	06/20/2025	Healthcare Equipment and Supplies		5.50	%		3M L+450				4,937,500		4,892,077		4,764,194
Riverpoint Medical, LLC (Revolver) ^{(7), (9)}	06/20/2025	Healthcare Equipment and Supplies		—				—			909,091		—		(31,909	)
Riverside Assessments, LLC	03/10/2025	Professional Services		6.75	%		3M L+575				15,671,250		15,389,332		14,848,509
Sales Benchmark Index LLC	01/03/2025	Professional Services		7.75	%		3M L+600				13,934,045		13,689,392		13,599,628
Sales Benchmark Index LLC^{(7), (9)}	07/07/2021	Professional Services	—					—			3,231,707		—		(77,561	)
Sales Benchmark Index LLC (Revolver) ^{(7), (9)}	01/03/2025	Professional Services	—					—			1,292,683		—		(31,024	)
Salient CRGT Inc.	02/28/2022	High Tech Industries		7.50	%		1M L+650				1,696,397		1,684,941		1,569,168
Sargent & Greenleaf Inc.	12/20/2024	Electronic Equipment, Instruments, and Components		7.00	%		1M L+550				4,700,654		4,639,240		4,616,042
Sargent & Greenleaf Inc. (Revolver) ^{(7), (9)}	12/20/2024	Electronic Equipment, Instruments, and Components	—					—			1,056,367		—		(19,015	)
Schlesinger Global, Inc.	07/14/2025	Professional Services		7.00	%		1M L+600				13,478,823		13,351,351		12,501,608
Schlesinger Global, Inc. (Revolver)	07/14/2025	Professional Services		7.00	%		1M L+600				774,839		774,839		718,663
Schlesinger Global, Inc. (Revolver) ^{(7), (9)}	07/14/2025	Professional Services		—				—			1,095,462		—		(79,421	)
Signature Systems Holding Company	05/03/2024	Commercial Services & Supplies		7.50	%		1M L+650				12,350,000		12,205,240		11,948,625
Signature Systems Holding Company (Revolver)	05/03/2024	Commercial Services & Supplies		7.50	%		1M L+650				978,495		978,495		946,694
Signature Systems Holding Company (Revolver) ^{(7), (9)}	05/03/2024	Commercial Services & Supplies		—				—			768,817		—		(24,987	)
Smile Brands Inc. ⁽⁷⁾	10/14/2024	Healthcare and Pharmaceuticals		4.90	%		1M L+450				3,395,269		3,395,269		3,293,411
Smile Brands Inc. ^{(7), (9)}	10/14/2024	Healthcare and Pharmaceuticals		—				—			1,076,088		—		(32,283	)
Smile Brands Inc. (Revolver) ^{(7), (9)}	10/14/2024	Healthcare and Pharmaceuticals		—				—			1,616,250		—		(99,027	)
Snak Club, LLC (Revolver) ⁽⁷⁾	07/19/2021	Beverage, Food and Tobacco		6.50	%		3M L+550				100,000		100,000		99,000
Snak Club, LLC (Revolver) ^{(7), (9)}	07/19/2021	Beverage, Food and Tobacco		—				—			395,136		—		(3,951	)
Solutionreach, Inc.	01/17/2024	Healthcare Technology		6.75	%		3M L+575				6,316,818		6,227,596		6,247,334
Solutionreach, Inc. (Revolver)	01/17/2024	Healthcare Technology		6.75	%		3M L+575				1,248,750		1,248,750		1,235,014
Solutionreach, Inc. (Revolver)^{(7), (9)}	01/17/2024	Healthcare Technology	—					—			416,250		—		(4,579	)
Spear Education, LLC	02/26/2025	Professional Services		6.00	%		3M L+500				15,049,375		14,913,852		14,673,140
Spear Education, LLC^{(7), (9)}	02/26/2022	Professional Services	—					—			6,875,000		—		(171,875	)
Spectacle Gary Holdings, LLC	12/23/2025	Hotels, Restaurants and Leisure		11.00	%		1M L+900				8,427,027		8,196,440		8,174,216
Spectacle Gary Holdings, LLC^{(7), (9)}	12/23/2025	Hotels, Restaurants and Leisure	—				—				972,973	—			(29,189	)
STV Group Incorporated	12/11/2026	Construction & Engineering		5.40	%		1M L+525				12,875,242		12,753,948		12,746,490
TeleGuam Holdings, LLC	11/20/2025	Telecommunications		5.50	%		1M L+450				6,584,034		6,519,682		6,386,513
Teneo Holdings LLC	07/18/2025	Diversified Financial Services		6.25	%		1M L+525				9,900,000		9,562,628		9,528,750
Tensar Corporation	07/09/2021	Construction and Building		5.75	%		3M L+475				22,439,744		22,394,704		22,439,744
The Infosoft Group, LLC	09/16/2024	Media: Broadcasting and Subscription		6.75	%		3M L+575				18,200,773		18,074,350		18,200,773
The Original Cakerie, Co. ^{(5), (10)}	07/20/2022	Consumer Goods: Non-Durable		6.00	%		2M L+500				7,547,565		7,496,711		7,472,089
The Original Cakerie Ltd. ^{(5), (10)}	07/20/2022	Consumer Goods: Non-Durable		5.50	%		2M L+450				5,376,152		5,352,309		5,322,390
The Original Cakerie Ltd. (Revolver) ^{(5), (9), (10)}	07/20/2022	Consumer Goods: Non-Durable		—				—			1,418,484		—		(14,185	)
TPC Canada Parent, Inc. and TPC US Parent, LLC^{(5), (10)}	11/24/2025	Food Products		6.25	%		3M L+525				4,962,500		4,918,485		4,813,625
TVC Enterprises, LLC	01/18/2024	Professional Services		6.50	%		1M L+550				5,793,560		5,711,855		5,750,108
TVC Enterprises, LLC (Revolver) ^{(7), (9)}	01/18/2024	Professional Services		—				—			1,303,813		—		(9,779	)
TWS Acquisition Corporation	06/16/2025	Diversified Consumer Services		7.25	%		1M L+625				6,910,465		6,766,653		6,772,256
TWS Acquisition Corporation (Revolver)	06/16/2025	Diversified Consumer Services		7.25	%		1M L+625				1,819,285		1,819,285		1,782,899
TWS Acquisition Corporation (Revolver) ^{(7), (9)}	06/16/2025	Diversified Consumer Services		—				—			808,571		—		(16,171	)
Tyto Athene, LLC	08/27/2024	Aerospace and Defense		6.25	%		1M L+525				17,491,232		17,294,288		17,435,261
Tyto Athene, LLC (Revolver) ^{(7), (9)}	08/27/2024	Aerospace and Defense		—				—			6,818,182		—		(21,818	)
UBEO, LLC	04/03/2024	Capital Equipment		5.50	%		3M L+450				13,967,402		13,889,735		13,129,357
UBEO, LLC (Revolver)	04/03/2024	Capital Equipment		5.50	%		3M L+450				2,933,333		2,933,333		2,717,939
Urology Management Associates, LLC	08/30/2024	Healthcare Providers and Services		6.00	%		3M L+500				4,962,500		4,888,916		4,813,625

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

SEPTEMBER 30, 2020

Issuer Name	Maturity		Industry	Current Coupon				Basis Point Spread Above Index ⁽¹⁾		Par / Shares		Cost		Fair Value ⁽²⁾
US Med Acquisition, Inc.	08/13/2021		Healthcare and Pharmaceuticals		9.00	%		1M L+800			2,964,844	$	2,964,844	$	2,935,195
Vision Purchaser Corporation	06/10/2025		Media		7.25	%		1M L+625			14,358,203		14,104,839		13,496,711
Whitney, Bradley & Brown, Inc.	10/18/2022		Aerospace and Defense		8.50	%		1M L+750			4,156,259		4,110,635		4,114,696
Wildcat Buyerco, Inc.	02/27/2026		Electronic Equipment, Instruments, and Components		6.50	%		3M L+550			8,852,574		8,685,417		8,764,052
Wildcat Buyerco, Inc.^{(7), (9)}	02/27/2022		Electronic Equipment, Instruments, and Components	—					—		2,491,176		—		3,114
Wildcat Buyerco, Inc. (Revolver) ^{(7), (9)}	02/27/2026		Electronic Equipment, Instruments, and Components	—					—		533,824		—		(9,716	)
Total First Lien Secured Debt													855,654,960		837,579,784
Second Lien Secured Debt—5.1%
DBI Holdings, LLC, Term Loan B	02/01/2026		Business Services		9.00	%			—		11,157,124		11,157,124		11,157,124
					(PIK 9.00	%)
DBI Holdings, LLC, Term Loan C ⁽⁷⁾	03/26/2021		Business Services		9.00	%			—		22,312		22,312		22,312
					(PIK 9.00	%)
DecoPac, Inc.	03/31/2025		Beverage, Food and Tobacco		9.25	%		3M L+825			9,738,580		9,654,555		9,738,580
MailSouth, Inc.	10/23/2024		Media: Advertising, Printing and Publishing		0.00	%	⁽⁶⁾		—		2,871,025		2,827,178		1,464,223
PT Network, LLC ⁽⁷⁾	11/30/2024		Healthcare and Pharmaceuticals		11.00	%		3M L+1,000			2,099,171		2,083,772		2,099,171
					(PIK 12.30	%)
Total Second Lien Secured Debt													25,744,941		24,481,410
Preferred Equity— 1.3% ⁽⁶⁾
CI (PTN) Investment Holdings II, LLC		—	Healthcare and Pharmaceuticals		—				—		1,458		21,870		—
(PT Network, LLC) ^{(7), (8)}
Condor Holdings Limited ^{(5), (7), (10)}		—	High Tech Industries		—				—		88,000		10,173		11,274
Condor Top Holdco Limited ^{(5), (7), (10)}		—	High Tech Industries		—				—		88,000		77,827		207,079
DBI Holding, LLC, Series A-1⁽⁸⁾		—	Business Services		14.00	%			—		7,041		7,040,844		2,522,555
MeritDirect Holdings, LP ^{(7), (8)}		—	Media		—				—		960		960,000		635,021
NXOF Holdings, Inc. (NextiraOne Federal, LLC) ⁽⁷⁾			Aerospace and Defense		—				—		490		490,000		591,195
PT Network Intermediate Holdings, LLC ⁽⁷⁾		—	Healthcare and Pharmaceuticals		11.00	%		3M L+1,000			33		429,000		488,631
Signature CR Intermediate Holdco, Inc. ⁽⁷⁾		—	Commercial Services & Supplies		12.00	%			—		1,167		1,166,993		1,221,750
TPC Holding Company, LP^{(5), (7), (10)}		—	Food Products		—				—		409		409,011		443,141
UniTek Global Services, Inc. -		—	Telecommunications		20.00	%			—		343,861		343,861		—
Super Senior Preferred Equity⁽⁷⁾
UniTek Global Services, Inc. - Senior Preferred Equity⁽⁷⁾		—	Telecommunications		19.00	%			—		448,851		448,851