8-K
PennantPark Floating Rate Capital Ltd. (PFLT)
| UNITED STATES<br><br>SECURITIES AND EXCHANGE COMMISSION<br><br>Washington, D.C. 20549<br><br><br><br><br><br><br><br><br><br>FORM 8-K<br><br><br><br>CURRENT REPORT<br><br><br><br>Pursuant to Section 13 or 15(d) of the<br><br>Securities Exchange Act of 1934 | ||
|---|---|---|
| Date of Report: May 10, 2023<br><br>(Date of earliest event reported) | ||
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| PennantPark Floating Rate Capital Ltd.<br><br>(Exact name of registrant as specified in its charter) | ||
| Maryland<br><br>(State or Other Jurisdiction of Incorporation) | 814-00891<br><br>(Commission File Number) | 27-3794690<br><br>(IRS Employer Identification Number) |
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| 1691 Michigan Avenue<br><br>Miami Beach, Florida<br><br>(Address of Principal Executive Offices) | 33139<br><br>(Zip Code) | |
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(786) 297-9500
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
|---|---|---|
| Common Stock, par value $0.001 per share | PFLT | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02. Results of Operations and Financial Condition<br><br><br><br>On May 10, 2023, PennantPark Floating Rate Capital Ltd. (the "Company"), issued a press release announcing its financial results for the second fiscal quarter ended March 31, 2023 and an increase of its monthly distribution. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD. A copy of PennantPark Floating Rate Capital Ltd.'s schedule of investments as of March 31, 2023 and September 30, 2022 is furnished as Exhibit 99.2 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD.<br><br><br><br>The information in this report on Form 8-K, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of such section. The information in this report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Act, or under the Exchange Act, except as shall be expressly set forth by specific reference in such filing.<br><br><br><br>Forward-Looking Statements<br><br><br><br>This report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission PennantPark. Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.<br><br><br><br>PennantPark Floating Rate Capital Ltd. may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations.<br><br><br><br>Item 9.01. Financial Statements and Exhibits<br><br><br><br>(a) Financial statements:<br><br>None<br><br>(b) Pro forma financial information:<br><br>None<br><br>(c) Shell company transactions:<br><br>None<br><br>(d) Exhibits<br><br>99.1 Press Release of PennantPark Floating Rate Capital Ltd. dated May 10, 2023<br><br>99.2 Schedule of Investments as of March 31, 2023 and September 30, 2022<br><br>104 Cover Page Interactive Data File (embedded within the Inline XBRL document)<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>SIGNATURE<br><br><br><br>Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. | |
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| Dated: May 10, 2023 | PENNANTPARK FLOATING RATE CAPITAL LTD.<br><br><br><br>By: /s/ Richard T. Allorto, Jr.<br><br>Richard T. Allorto, Jr.<br><br>Chief Financial Officer & Treasurer |
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EX-99
EXHIBIT 99.1
PennantPark Floating Rate Capital Ltd. Announces 2.5% Increase of Its Monthly Distribution to $0.1025 Per Share and Financial Results for the Quarter Ended March 31, 2023
Miami, FL — (GLOBE NEWSWIRE — May 10, 2023) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT) announced today its financial results for the second quarter ended March 31, 2023.
HIGHLIGHTS
Quarter ended March 31, 2023 (unaudited)
($ in millions, except per share amounts)
| Assets and Liabilities: | |||
|---|---|---|---|
| Investment portfolio (1) | $ | 1,164.0 | |
| Net assets | $ | 554.7 | |
| GAAP net asset value per share | $ | 11.15 | |
| Quarterly decrease in GAAP net asset value per share | (1.3 | )% | |
| Adjusted net asset value per share (2) | $ | 11.10 | |
| Quarterly decrease in adjusted net asset value per share (2) | (1.1 | )% | |
| Credit Facility | $ | 147.7 | |
| 2023 Notes | $ | 77.0 | |
| 2026 Notes | $ | 182.7 | |
| 2031 Asset-Backed Debt | $ | 226.4 | |
| Regulatory Debt to Equity | 1.17x | ||
| Weighted average yield on debt investments at quarter-end | 11.8 | % | |
| Operating Results: | |||
| Net investment income | $ | 16.7 | |
| Net investment income per share | $ | 0.35 | |
| Non-core investment income per share | $ | (0.01 | ) |
| Core net investment income per share (3) | $ | 0.34 | |
| Distributions declared per share | $ | 0.29 | |
| Portfolio Activity: | |||
| Purchases of investments | $ | 85.4 | |
| Sales and repayments of investments | $ | 62.6 | |
| PSSL Portfolio data: | |||
| PSSL investment portfolio | $ | 771.4 | |
| Purchases of investments | $ | 31.0 | |
| Sales and repayments of investments | $ | 9.2 |
(1) Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $261.7 million, at fair value.
(2) This is a non-GAAP financial measure. The Company believes that this number provides useful information to investors and management because it reflects the Company’s financial performance excluding the impact of the $2.6 million, or $0.05 per share, unrealized loss on our multi-currency senior secured revolving credit facility, as amended and restated, with Truist Bank (formerly SunTrust Bank) and other lenders, or the Credit Facility, and our 4.3% Series A notes due 2023, or the 2023 Notes. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP.
(3) Core net investment income (“Core NII”) is a non-GAAP financial measure. The Company believes that core net investment income provides useful information to investors and management because it reflects the Company's financial performance excluding one-time or non-recurring investment income and expenses. The presentation of this additional information is not meant to be considered in isolation or as a substitute for financial results prepared in accordance with GAAP. For the quarter ended March 31, 2023, Core NII excluded; i) $0.4 million of accelerated amortization income associated with the early repayment of one of our loans; and ii) and an addback of $0.1 million of incentive fee expense.
CONFERENCE CALL AT 9:00 A.M. ET ON MAY 11, 2023
PennantPark Floating Rate Capital Ltd. (“we,” “our,” “us” or the “Company”) will also host a conference call at 9:00 a.m. (Eastern Time) on Thursday May 11, 2023 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 256-1007 approximately 5-10 minutes prior to the call. International callers should dial (929) 477-0448. All callers should reference conference ID #9075273 or PennantPark Floating Rate Capital Ltd. An archived replay will also be available on a webcast link located on the Quarterly Earnings page in the Investor section of PennantPark’s website.
INCREASE OF QUARTERLY DISTRIBUTION TO $0.1025 PER SHARE
On May 9, 2023, the Company declared a distribution of $0.1025 per share, an increase of 2.5% from the most recent distribution. The distribution is payable on July 3, 2023 to stockholders of record as of June 15, 2023. The distribution is expected to be paid from taxable net investment income.
“We are pleased to announce an increase in our monthly dividend based on the continued strong underlying credit performance of our portfolio in this environment. With our primary focus on lower risk senior secured floating rate loans to U.S. companies, we are positioned to preserve capital and protect against rising interest rates and inflation," said Arthur Penn, Chairman and CEO. "We have a visible pathway to continue to optimize the balance sheets at both PFLT and PennantPark Senior Secured Loan Fund I LLC over the coming quarters, which we believe will increase net investment income.”
PORTFOLIO AND INVESTMENT ACTIVITY
PennantPark Floating Rate Capital Ltd.
As of March 31, 2023, our portfolio totaled $1,164.0 million, and consisted of $1,006.7 million of first lien secured debt (including $210.1 million in PSSL), $0.1 million of second lien secured debt and $157.2 million of preferred and common equity (including $51.6 million in PSSL). Our debt portfolio consisted of 100% variable-rate investments. As of March 31, 2023, we had four portfolio companies on non-accrual, representing 2.0% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2023, the portfolio had net unrealized depreciation of $34.1 million. Our overall portfolio consisted of 130 companies with an average investment size of $9.0 million and a weighted average yield on debt investments of 11.8%.
As of September 30, 2022, our portfolio totaled $1,164.3 million and consisted of $1,009.6 million of first lien secured debt (including $190.2 million in PSSL), $0.1million of second lien secured debt and $154.5 million of preferred and common equity (including $49.4 million in PSSL). Our debt portfolio consisted of 100% variable rate investments. As of September 30, 2022, we had two portfolio companies on non-accrual, representing 0.9% and zero percent of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2022, the portfolio had net unrealized depreciation of $13.1 million. Our overall portfolio consisted of 125 companies with an average investment size of $9.3 million and a weighted average yield on debt investments of 10.0%.
For the three months ended March 31, 2023, we invested $85.4 million in five new and 38 existing portfolio companies with a weighted average yield on debt investments of 12.2%. For the three months ended March 31, 2023 sales and repayments of investments totaled $62.6 million. For the six months ended March 31, 2023, we invested $151.2 million in nine new and 67 existing portfolio companies with a weighted average yield on debt investments of 11.8%. For the six months ended March 31, 2023 sales and repayments of investments totaled $125.6 million.
For the three months ended March 31, 2022, we invested $113.2 million in seven new and 29 existing portfolio companies with a weighted average yield on debt investments of 7.2%. For the three months ended March 31, 2022 sales and repayments of investments totaled $103.9 million. For the six months ended March 31, 2022, we invested $448.4 million in 23 new and 65 existing portfolio companies with a weighted average yield on debt investments of 7.7%. For the six months ended March 31, 2022 sales and repayments of investments totaled $342.2 million.
PennantPark Senior Secured Loan Fund I LLC
As of March 31, 2023, PSSL’s portfolio totaled $771.4 million and consisted of 103 companies with an average investment size of $7.5 million and had a weighted average yield on debt investments of 11.4%.
As of September 30, 2022, PSSL’s portfolio totaled $754.7 million, consisted of 95 companies with an average investment size of $8.0 million and had a weighted average yield on debt investments of 9.6%.
For the three months ended March 31, 2023, PSSL invested $31.0 million (including $27.1 million purchased from the Company) in four new and two existing portfolio companies with a weighted average yield on debt investments of 11.5%. For the three months ended March 31, 2023 sales and repayments of investments totaled $9.2 million. For the six months ended March 31, 2023, PSSL invested $60.6 million (including $45.9 million purchased from the Company) in 11 new and nine existing portfolio companies with a weighted average yield on debt investments of 11.3%. For the six months ended March 31, 2023 sales and repayments of investments totaled $38.0 million.
For the three months ended March 31, 2022, PSSL invested $67.5 million (including $57.7 million purchased from the Company) in nine new and two existing portfolio companies with a weighted average yield on debt investments of 7.2%. For the three months ended March 31, 2022 sales and repayments of investments totaled $5.3 million. For the six months ended March 31, 2022, PSSL
invested $197.1 million (including $180.4 million purchased from the Company) in 21 new and eight existing portfolio companies with a weighted average yield on debt investments of 7.8%. For the six months ended March 31, 2022 sales and repayments of investments totaled $55.7 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three and six months ended March 31, 2023 and 2022.
Investment Income
For the three and six months ended March 31, 2023 investment income was $34.6 million and $65.9 million, respectively, which was attributable to $30.6 million and $58.2 million from first lien secured debt and $4.0 million and $7.7 million from other investments, respectively. For the three and six months ended March 31, 2022 investment income was $24.6 million and $51.0 million, respectively, which was attributable to $19.9 million and $42.9 million from first lien secured debt and $4.7 million and $8.1 million from other investments, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to the increase in the cost yield of our debt portfolio.
Expenses
For the three and six months ended March 31, 2023, expenses totaled $17.8 million and $35.4 million, respectively and were comprised of; $9.8 million and $19.6 million of debt related interest and expenses, $2.9 million and $5.8 million of base management fees, $4.2 million and $7.6 million of incentive fees, $0.8 million and $1.7 million of general and administrative expenses and $0.2 million and $0.7 million of taxes. For the three and six months ended March 31, 2022, expenses totaled $13.3 million and $26.9 million, respectively and were comprised of; $6.7 million and $13.3 million of debt related interest and expenses, $2.9 million and $5.8 million of base management fees, $2.7 million and $5.9 million of incentive fees, $0.8 million and $1.6 million of administrative expenses and $0.1 million and $0.2 million of taxes. The increase in expenses compared to the same periods in the prior year was primarily due to the increase in financing costs of our debt liabilities.
Net Investment Income
For the three and six months ended March 31, 2023, net investment income totaled $16.7 million and $30.5 million, or $0.35 and $0.65 per share, respectively. For the three and six months ended March 31, 2022, net investment income totaled $11.4 million and $24.1 million, or $0.29 and $0.61 per share, respectively. The increase in net investment income was primarily due to an increase in investment income partially offset by an increase in expenses compared to the same period in the prior year.
Net Realized Gains or Losses
For the three and six months ended March 31, 2023, net realized gains (losses) totaled $(7.5) million and $(7.5) million, respectively. For the three and six months ended March 31, 2022, net realized gains (losses) totaled $(15.5) million and $(12.3) million, respectively. The change in net realized gains (losses) compared to the same periods in the prior year was primarily due to changes in the market conditions of our investments and the values at which they were realized.
Unrealized Appreciation or Depreciation on Investments and Debt
For the three and six months ended March 31, 2023, we reported net change in unrealized appreciation (depreciation) on investments of $(4.2) million and $(20.9) million, respectively. For the three and six months ended March 31, 2022, we reported net change in unrealized appreciation (depreciation) on investments of $17.5 million and $14.0 million, respectively. As of March 31, 2023 and September 30, 2022, our net unrealized appreciation (depreciation) on investments totaled $(34.1) million and $(13.1) million, respectively. The net change in unrealized appreciation or depreciation on investments compared to the same periods in the prior year was primarily due to the operating performance of the portfolio companies with the portfolio and changes in the capital market conditions of our investments.
For the three and six months ended March 31, 2023, our credit facility with Truist (the "Credit Facility") and the 2023 Notes had a net change in unrealized depreciation (appreciation) of $(1.2) million and $0.9 million, respectively. For the three and six months ended March 31, 2022, the Credit Facility and the 2023 Notes had a net change in unrealized (appreciation) depreciation of $(2.4) million and $1.2 million, respectively. As of March 31, 2023 and September 30, 2022, the net unrealized (appreciation) depreciation on the Credit Facility and the 2023 Notes totaled $(3.2) million and $(2.3) million, respectively. The net change in net unrealized appreciation or depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three and six months ended March 31, 2023, the net increase (decrease) in net assets resulting from operations totaled $7.2 million and $5.6 million or $0.15 and $0.12 per share, respectively. For the three and six months ended March 31, 2022, the net increase (decrease) in net assets resulting from operations totaled $7.2 million and $21.7 million or $0.18 and $0.55 per share, respectively.
LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations.
As of March 31, 2023 and September 30, 2022, we had $151.7 million and $169.7 million in outstanding borrowings under the Credit Facility, respectively and the weighted average interest rate, exclusive of the fee on undrawn commitments, was 7.0% and 4.9%, respectively. As of March 31, 2023 and September 30, 2022, we had $214.3 million and $196.3 million of unused borrowing capacity under the Credit Facility, as applicable, respectively, subject to leverage and borrowing base restrictions.
As of March 31, 2023 and September 30, 2022, we had cash equivalents of $50.2 million and $47.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.
For the six months ended March 31, 2023, our operating activities provided cash of $18.4 million and our financing activities used cash of $16.2 million. Our operating activities provided cash primarily from our investment activities and our financing activities used cash primarily to fund repayments under our Credit Facility and principal repayment of our 2023 Notes.
For the six months ended March 31, 2022, our operating activities used cash of $102.0 million and our financing activities provided cash of $101.6 million. Our operating activities used cash primarily to fund our investment activities and our financing activities provided cash primarily from the issuance of $85 million of our 2026 Add-on Notes, borrowings under our Credit Facility and proceeds from the issuance of common stock.
RECENT DEVELOPMENTS
On April 13, 2023 PSSL through its wholly-owned and consolidated subsidiary, PennantPark CLO VI, LLC (“CLO VI”) closed a $297.8 million debt securitization in the form of a collateralized loan obligation. PSSL retained all of the subordinated notes in the amount of $51.8 million through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2027 and the debt is scheduled to mature in April 2035.
On April 18, 2023, Dominion Voting Systems (“Dominion”) and Fox News Network (“Fox News”) agreed to settle the defamation lawsuit filed by Dominion against Fox News. As part of the settlement Fox News agreed to pay Dominion $787.5 million. Dominion is a portfolio company of PFLT, which holds a minority equity interest in the company. While Dominion may retain some of the settlement proceeds for corporate purposes, the company communicated its intention to distribute a substantial portion of the proceeds, net of estimated taxes and expenses, to its equity holders and PFLT’s portion is estimated to be approximately $4.0 million. The timing and amount of any distribution is uncertain and subject to change.
Guy Talarico resigned as the Company's Chief Compliance Officer, effective as of the close of business on May 9, 2023. Mr. Talarico's resignation is not a result of any disagreement with the Company’s operations, policies, practices or accounting matters.
On May 9, 2023, the Company’s Board of Directors appointed Frank Galea as Chief Compliance Officer of the Company, effective as of the close of business on May 9, 2023.
DISTRIBUTIONS
During the three and six months ended March 31, 2023, we declared distributions of $0.29 and $0.575 per share for total distributions of $14.0 million and $26.9 million, respectively. For the three and six months ended March 31, 2022, we declared distributions of $0.285 and $0.57 per share for total distributions of $11.3 million and $22.4 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital.
AVAILABLE INFORMATION
The Company makes available on its website its Quarterly Report on Form 10-Q filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
| September 30, 2022 | |||||
|---|---|---|---|---|---|
| Assets | |||||
| Investments at fair value | |||||
| Non-controlled, non-affiliated investments (cost— 874,191 and 882,570, respectively) | 869,595 | $ | 893,249 | ||
| Controlled, affiliated investments (cost— 323,905 and 294,787, respectively) | 294,437 | 271,005 | |||
| Total investments (cost— 1,198,096 and 1,177,357, respectively) | 1,164,032 | 1,164,254 | |||
| Cash and cash equivalents (cost— 50,168 and 47,916, respectively) | 50,155 | 47,880 | |||
| Interest receivable | 8,825 | 7,543 | |||
| Receivable for investments sold | — | 3,441 | |||
| Distributions receivable | 635 | — | |||
| Prepaid expenses and other assets | 791 | 748 | |||
| Total assets | 1,224,439 | 1,223,866 | |||
| Liabilities | |||||
| Distributions payable | 4,973 | 4,308 | |||
| Payable for investments purchased | 13,289 | — | |||
| Credit Facility payable, at fair value (cost— 151,654 and 169,654, respectively) | 147,698 | 167,563 | |||
| 2023 Notes payable, at fair value (par—76,219 and 97,006, respectively) | 76,981 | 96,812 | |||
| 2026 Notes payable, net (par—185,000) | 182,665 | 182,276 | |||
| 2031 Asset-Backed Debt, net (par—228,000) | 226,443 | 226,128 | |||
| Interest payable on debt | 8,651 | 8,163 | |||
| Base management fee payable | 2,873 | 3,027 | |||
| Performance-based incentive fee payable | 4,186 | 3,164 | |||
| Deferred tax liability | 1,640 | 4,568 | |||
| Accrued other expenses | 370 | 765 | |||
| Total liabilities | 669,769 | 696,774 | |||
| Net assets | |||||
| Common stock, 49,731,815 and 45,345,638 shares issued and outstanding, respectively Par value 0.001 per share and 100,000,000 shares authorized | 50 | 45 | |||
| Paid-in capital in excess of par value | 666,924 | 618,028 | |||
| Accumulated deficit | (112,304 | ) | (90,981 | ) | |
| Total net assets | 554,669 | $ | 527,092 | ||
| Total liabilities and net assets | 1,224,439 | $ | 1,223,866 | ||
| Net asset value per share | 11.15 | $ | 11.62 |
All values are in US Dollars.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended March 31,<br>(Unaudited) | Six Months Ended March 31,<br>(Unaudited) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Investment income: | ||||||||||||
| From non-controlled, non-affiliated investments: | ||||||||||||
| Interest | $ | 22,717 | $ | 16,195 | $ | 43,451 | $ | 33,052 | ||||
| Dividend | 635 | 577 | 1,212 | 1,154 | ||||||||
| Other income | 586 | 686 | 727 | 3,510 | ||||||||
| From non-controlled, affiliated investments: | ||||||||||||
| Interest | — | — | — | 112 | ||||||||
| Other income | — | — | — | — | ||||||||
| From controlled, affiliated investments: | ||||||||||||
| Interest | 7,642 | 3,240 | 14,550 | 6,405 | ||||||||
| Dividend | 2,975 | 3,938 | 5,950 | 6,738 | ||||||||
| Other Income | — | — | — | — | ||||||||
| Total investment income | 34,555 | 24,636 | 65,890 | 50,971 | ||||||||
| Expenses: | ||||||||||||
| Base management fee | 2,873 | 2,945 | 5,804 | 5,841 | ||||||||
| Performance-based incentive fee | 4,186 | 2,704 | 7,619 | 5,885 | ||||||||
| Interest and expenses on debt | 9,752 | 6,705 | 19,610 | 13,344 | ||||||||
| Administrative services expenses | 144 | 144 | 288 | 287 | ||||||||
| Other general and administrative expenses | 705 | 655 | 1,410 | 1,309 | ||||||||
| Expenses before provision for taxes | 17,660 | 13,153 | 34,731 | 26,666 | ||||||||
| Provision for taxes on net investment income | 150 | 100 | 684 | 200 | ||||||||
| Total expenses | 17,810 | 13,253 | 35,415 | 26,866 | ||||||||
| Net investment income | 16,745 | 11,383 | 30,475 | 24,105 | ||||||||
| Realized and unrealized gain (loss) on investments and debt: | ||||||||||||
| Net realized gain (loss) on: | ||||||||||||
| Non-controlled, non-affiliated investments | (7,518 | ) | 6,920 | (7,455 | ) | 9,993 | ||||||
| Non-controlled and controlled, affiliated investments | — | (22,380 | ) | — | (22,315 | ) | ||||||
| Provision for taxes on realized gain on investments | (300 | ) | — | (300 | ) | — | ||||||
| Net realized gain (loss) on investments | (7,818 | ) | (15,460 | ) | (7,755 | ) | (12,322 | ) | ||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Non-controlled, non-affiliated investments | (2,561 | ) | (5,425 | ) | (15,254 | ) | (1,038 | ) | ||||
| Controlled and non-controlled, affiliated investments | (1,618 | ) | 22,913 | (5,682 | ) | 15,029 | ||||||
| Provision for taxes on unrealized appreciation (depreciation) on investments | 3,654 | (3,800 | ) | 2,929 | (5,340 | ) | ||||||
| Debt (appreciation) depreciation | (1,158 | ) | (2,363 | ) | 909 | 1,247 | ||||||
| Net change in unrealized appreciation (depreciation) on investments and debt | (1,683 | ) | 11,325 | (17,098 | ) | 9,898 | ||||||
| Net realized and unrealized gain (loss) from investments and debt | (9,501 | ) | (4,135 | ) | (24,853 | ) | (2,424 | ) | ||||
| Net increase (decrease) in net assets resulting from operations | 7,244 | 7,248 | $ | 5,622 | 21,681 | |||||||
| Net increase (decrease) in net assets resulting from operations per common share | $ | 0.15 | $ | 0.18 | $ | 0.12 | $ | 0.55 | ||||
| Net investment income per common share | $ | 0.35 | $ | 0.29 | $ | 0.65 | $ | 0.61 |
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd., or the Company, is a business development company that primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $6.2 billion of investable capital, including potential leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle-market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami and has offices in New York, Chicago, Houston, and Los Angeles.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended ("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 PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations.
The information contained herein is based on current tax laws, which may change in the future. The Company cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. The information provided in this material does not constitute any specific legal, tax or accounting advice. Please consult with qualified professionals for this type of advice.
| CONTACT: | Richard T. Allorto, Jr. |
|---|---|
| PennantPark Floating Rate Capital Ltd. | |
| (212) 905-1000 | |
| www.pennantpark.com |
EX-99
Exhibit 99.2
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies—156.8% (3), (4) | |||||||||||||||
| First Lien Secured Debt—138.1% | |||||||||||||||
| A1 Garage Merger Sub, LLC | 12/22/2028 | Commercial Services & Supplies | 11.49 | % | 3M L+650 | 504 | $ | 497 | $ | 496 | |||||
| A1 Garage Merger Sub, LLC - Unfunded Term Loan | 12/21/2024 | Commercial Services & Supplies | — | — | 1,552 | — | — | ||||||||
| A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9) | 12/22/2028 | Commercial Services & Supplies | — | — | 748 | — | (11 | ) | |||||||
| Ad.net Acquisition, LLC | 05/07/2026 | Media | 11.16 | % | 3M L+600 | 4,913 | 4,864 | 4,876 | |||||||
| Ad.net Acquisition, LLC (Revolver) (7) | 05/07/2026 | Media | 11.16 | % | 3M L+600 | 498 | 498 | 494 | |||||||
| Ad.net Acquisition, LLC (Revolver) (7), (9) | 05/07/2026 | Media | — | — | 747 | — | (6 | ) | |||||||
| Altamira Technologies, LLC | 07/24/2025 | IT Services | 10.33 | % | 3M L+600 | 4,656 | 4,625 | 4,656 | |||||||
| Altamira Technologies, LLC (Revolver) (7) | 07/24/2025 | IT Services | 10.55 | % | 3M L+600 | 575 | 575 | 575 | |||||||
| Altamira Technologies, LLC (Revolver) (7), (9) | 07/24/2025 | IT Services | — | — | 1,581 | — | — | ||||||||
| American Teleconferencing Services, Ltd.(7) | 06/08/2023 | Telecommunications | 0.00% | (6) | — | 7,986 | 7,915 | 90 | |||||||
| American Teleconferencing Services, Ltd. (Revolver) (7) | 04/07/2023 | Telecommunications | 0.00% | (6) | — | 1,656 | 1,642 | 17 | |||||||
| Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) | 06/10/2025 | Media | 11.30 | % | 3M L+625 | 14,031 | 13,905 | 13,820 | |||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 05/23/2024 | Media | 10.55 | % | 3M L+550 | 14,177 | 14,121 | 13,752 | |||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 05/23/2024 | Media | 11.46 | % | 3M L+650 | 7,268 | 7,123 | 7,123 | |||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9) | 05/23/2024 | Media | — | — | 2,869 | — | (86 | ) | |||||||
| Any Hour Services | 07/21/2027 | Energy Equipment and Services | 10.45 | % | 3M L+525 | 10,492 | 10,416 | 10,203 | |||||||
| Any Hour Services (Revolver) (7), (9) | 07/21/2027 | Energy Equipment and Services | — | — | 1,147 | — | (31 | ) | |||||||
| Apex Service Partners, LLC | 07/31/2025 | Diversified Consumer Services | 9.46 | % | 1M L+525 | 6,176 | 6,141 | 6,145 | |||||||
| Apex Service Partners, LLC Term Loan B | 07/31/2025 | Diversified Consumer Services | 10.75 | % | 1M L+550 | 295 | 295 | 293 | |||||||
| Apex Service Partners, LLC Term Loan C | 07/31/2025 | Diversified Consumer Services | 10.04 | % | 1M L+525 | 12,858 | 12,798 | 12,794 | |||||||
| Apex Service Partners, LLC (Revolver) (7) | 07/31/2025 | Diversified Consumer Services | 10.26 | % | 1M L+525 | 922 | 923 | 918 | |||||||
| Apex Service Partners, LLC (Revolver) (7), (9) | 07/31/2025 | Diversified Consumer Services | — | — | 922 | — | (5 | ) | |||||||
| API Holding III Corp. | 05/11/2026 | Electronic Equipment, Instruments, and Components | 9.41 | % | 1M L+425 | 5,775 | 5,757 | 4,023 | |||||||
| Applied Technical Services, LLC | 12/29/2026 | Commercial Services & Supplies | 10.91 | % | 3M L+575 | 8,347 | 8,238 | 8,180 | |||||||
| Applied Technical Services, LLC (Unfunded Term Loan) | 04/21/2023 | Commercial Services & Supplies | — | — | 1,059 | — | (9 | ) | |||||||
| Applied Technical Services, LLC (Revolver) (7) | 12/29/2026 | Commercial Services & Supplies | 12.50 | % | 3M L+475 | 923 | 923 | 904 | |||||||
| Applied Technical Services, LLC (Revolver) (7), (9) | 12/29/2026 | Commercial Services & Supplies | — | — | 350 | — | (7 | ) | |||||||
| Arcfield Acquisition Corp. (Revolver) (9) | 03/07/2028 | Aerospace and Defense | — | — | 887 | — | (18 | ) | |||||||
| Beta Plus Technologies, Inc. | 07/01/2029 | Internet Software and Services | 10.42 | % | 1M L+525 | 4,975 | 4,881 | 4,378 | |||||||
| BioDerm, Inc. (Revolver) (9) | 01/31/2028 | Healthcare Equipment and Supplies | — | — | 1,071 | — | (16 | ) | |||||||
| Blackhawk Industrial Distribution, Inc. | 09/17/2024 | Distributors | 10.04 | % | 3M L+500 | 212 | 211 | 207 | |||||||
| Blackhawk Industrial Distribution, Inc. (7),(9) | 09/17/2024 | Distributors | — | — | 3,045 | — | (53 | ) | |||||||
| Blackhawk Industrial Distribution, Inc. (Revolver) (7) | 09/17/2024 | Distributors | 10.04 | % | 3M L+500 | 183 | 183 | 177 | |||||||
| Blackhawk Industrial Distribution, Inc. (9) | 09/17/2024 | Distributors | — | — | 2,561 | — | (83 | ) | |||||||
| Broder Bros., Co. | 12/04/2025 | Textiles, Apparel and Luxury Goods | 10.73 | % | 3M L+600 | 3,368 | 3,368 | 3,368 | |||||||
| By Light Professional IT Services, LLC | 05/16/2024 | High Tech Industries | 11.64 | % | 3M L+625 | 26,236 | 26,093 | 25,843 | |||||||
| By Light Professional IT Services, LLC (Revolver) | 05/16/2024 | High Tech Industries | 11.71 | % | 3M L+663 | 3,506 | 3,507 | 3,454 | |||||||
| Cadence Aerospace, LLC (7) | 11/14/2023 | Aerospace and Defense | 13.33 | % | 3M L+850 | 3,050 | 3,045 | 3,050 | |||||||
| (PIK 9.50%) | |||||||||||||||
| Cartessa Aesthetics, LLC | 06/14/2028 | Distributors | 10.90 | % | 1M L+600 | 13,143 | 12,908 | 13,011 | |||||||
| Cartessa Aesthetics, LLC (Revolver) (7) | 06/14/2028 | Distributors | 10.90 | % | 1M L+600 | 511 | 511 | 505 | |||||||
| Cartessa Aesthetics, LLC (Revolver) (7)(9) | 06/14/2028 | Distributors | — | 927 | - | (9 | ) | ||||||||
| CF512, Inc. | 08/20/2026 | Media | 11.03 | % | 3M L+600 | 8,057 | 7,964 | 7,896 | |||||||
| CF512, Inc. (Revolver) (7), (9) | 08/20/2026 | Media | — | — | 955 | — | (19 | ) | |||||||
| CHA Holdings, Inc. | 04/10/2025 | Environmental Industries | 9.66 | % | 3M L+450 | 1,573 | 1,569 | 1,573 | |||||||
| Challenger Performance Optimization, Inc. (Revolver) (7), (9) | 08/31/2023 | Business Services | — | — | 714 | — | (21 | ) | |||||||
| Compex Legal Services, Inc. | 02/09/2026 | Professional Services | 10.46 | % | 3M L+525 | 7,997 | 7,973 | 7,997 | |||||||
| Compex Legal Services, Inc. (Revolver) (7) | 02/07/2025 | Professional Services | 10.43 | % | 3M L+525 | 843 | 843 | 843 | |||||||
| Compex Legal Services, Inc. (Revolver) (7), (9) | 02/07/2025 | Professional Services | — | — | 562 | — | — | ||||||||
| Connatix Buyer, Inc. | 07/13/2027 | Media | 10.23 | % | 3M L+550 | 3,835 | 3,776 | 3,691 | |||||||
| Connatix Buyer, Inc. (7), (9) | 07/14/2023 | Media | — | — | 2,105 | — | (58 | ) | |||||||
| Connatix Buyer, Inc. (7), (9) | 07/13/2027 | Media | — | — | 1,234 | — | (46 | ) | |||||||
| Crane 1 Services, Inc. | 08/16/2027 | Commercial Services & Supplies | 10.91 | % | 3M L+575 | 887 | 873 | 878 | |||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | 10.91 | % | 3M L+575 | 90 | 90 | 89 | |||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | — | — | 247 | — | (2 | ) | |||||||
| Dr. Squatch, LLC | 08/31/2027 | Personal Products | 10.91 | % | 3M L+600 | 4,406 | 4,342 | 4,340 | |||||||
| Dr. Squatch, LLC (Revolver) (7) | 08/31/2027 | Personal Products | 10.69 | % | 3M L+575 | 2,236 | 2,236 | 2,202 | |||||||
| Dr. Squatch, LLC (Revolver) (7), (9) | 08/31/2027 | Personal Products | — | — | 1,118 | — | (16 | ) | |||||||
| DRS Holdings III, Inc. | 11/03/2025 | Chemicals, Plastics and Rubber | 10.90 | % | 3M L+575 | 16,489 | 16,342 | 16,010 | |||||||
| DRS Holdings III, Inc. (Revolver) (7), (9) | 11/03/2025 | Personal Products | — | — | 1,426 | — | (41 | ) | |||||||
| Duraco Specialty Tapes LLC | 06/30/2024 | Containers and Packaging | 10.36 | % | 3M L+550 | 3,231 | 3,203 | 3,160 | |||||||
| ECL Entertainment, LLC | 05/01/2028 | Hotels, Restaurants and Leisure | 12.42 | % | 1M L+750 | 8,668 | 8,591 | 8,587 | |||||||
| ECM Industries, LLC (Revolver) | 12/23/2025 | Electronic Equipment, Instruments, and Components | 9.77 | % | 1M L+475 | 171 | 171 | 164 | |||||||
| ECM Industries, LLC (Revolver) (9) | 12/23/2025 | Electronic Equipment, Instruments, and Components | — | — | 743 | — | (32 | ) | |||||||
| eCommission Financial Services, Inc. (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | 9.70 | % | 1M L+500 | 5,218 | 5,218 | 5,218 | |||||||
| eCommission Financial Services, Inc. (Revolver) (7), (9), (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | — | — | 5,000 | — | — | ||||||||
| EDS Buyer, LLC - Unfunded Term Loan | 01/10/2029 | Electronic Equipment, Instruments, and Components | — | — | 6,750 | — | (84 | ) | |||||||
| EDS Buyer, LLC. (Revolver) (7), (9) | 01/10/2029 | Electronic Equipment, Instruments, and Components | — | — | 2,025 | — | (50 | ) | |||||||
| Efficient Collaborative Retail Marketing Company, LLC | 06/15/2024 | Media: Diversified and Production | 12.07 | % | 3M L+750 | 7,139 | 7,128 | 6,639 | |||||||
| Exigo Intermediate II, LLC (9) | 03/15/2024 | Software | — | — | 2,758 | — | (34 | ) | |||||||
| Exigo Intermediate II, LLC (Revolver) (9) | 03/15/2027 | Software | — | — | 689 | — | (14 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Five Star Buyer, Inc. | 02/23/2028 | Hotels, Restaurants and Leisure | 11.92 | % | 3M L+710 | 5,173 | $ | 5,070 | $ | 5,069 | ||||
| Five Star Buyer, Inc. - DDTL A Unfunded | 02/23/2028 | Hotels, Restaurants and Leisure | — | — | 101 | - | (2 | ) | ||||||
| Five Star Buyer, Inc. - DDTL B Unfunded | 02/23/2028 | Hotels, Restaurants and Leisure | — | — | 978 | - | (20 | ) | ||||||
| Five Star Buyer, Inc. (Revolver) (9) | 02/23/2028 | Hotels, Restaurants and Leisure | — | — | 670 | - | (13 | ) | ||||||
| Gantech Acquisition Corp. | 05/14/2026 | IT Services | 11.09 | % | 1M L+625 | 21,757 | 21,450 | 20,995 | ||||||
| Gantech Acquisition Corp. (Revolver) (7) | 05/14/2026 | IT Services | 11.09 | % | 1M L+625 | 1,618 | 1,618 | 1,561 | ||||||
| Gantech Acquisition Corp. (Revolver) (7), (9) | 05/14/2026 | IT Services | — | — | 2,116 | — | (74 | ) | ||||||
| Global Holdings InterCo LLC | 03/16/2026 | Diversified Financial Services | 11.23 | % | 3M L+600 | 3,409 | 3,376 | 3,243 | ||||||
| Graffiti Buyer, Inc. | 08/10/2027 | Trading Companies & Distributors | 10.57 | % | 3M L+550 | 273 | 270 | 270 | ||||||
| Graffiti Buyer, Inc. (7), (9) | 08/10/2023 | Trading Companies & Distributors | — | — | 798 | — | — | |||||||
| Graffiti Buyer, Inc. (Revolver) (7) | 08/10/2027 | Trading Companies & Distributors | 11.10 | % | 3M L+575 | 507 | 507 | 502 | ||||||
| Graffiti Buyer, Inc. (Revolver) (7), (9) | 08/10/2027 | Trading Companies & Distributors | — | — | 358 | — | (4 | ) | ||||||
| Hancock Roofing and Construction L.L.C. | 12/31/2026 | Insurance | 10.42 | % | 3M L+550 | 4,435 | 4,363 | 4,346 | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7) | 12/31/2026 | Insurance | 10.30 | % | 3M L+550 | 160 | 160 | 157 | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) | 12/31/2026 | Insurance | — | — | 590 | — | (12 | ) | ||||||
| Holdco Sands Intermediate, LLC | 11/23/2028 | Aerospace and Defense | 11.21 | % | 3M L+600 | 4,938 | 4,853 | 4,888 | ||||||
| Holdco Sands Intermediate, LLC (Revolver) (9) | 11/23/2027 | Aerospace and Defense | — | — | 1,791 | — | (18 | ) | ||||||
| HW Holdco, LLC | 12/10/2024 | Media | 10.07 | % | 1M L+500 | 9,000 | 8,962 | 8,865 | ||||||
| HW Holdco, LLC (9) | 12/10/2024 | Media | — | — | 1,028 | — | (5 | ) | ||||||
| HW Holdco, LLC (Revolver) (7), (9) | 12/10/2024 | Media | — | — | 1,452 | — | (22 | ) | ||||||
| IDC Infusion Services, Inc. | 12/30/2026 | Healthcare Equipment and Supplies | 11.64 | % | 3M L+700 | 5,694 | 5,606 | 5,536 | ||||||
| IDC Infusion Services, Inc. (Revolver) (9) | 12/30/2026 | Healthcare Equipment and Supplies | — | — | 4,167 | — | (146 | ) | ||||||
| IG Investments Holdings, LLC (7) | 09/22/2028 | Professional Services | 10.86 | % | 3M L+600 | 4,451 | 4,373 | 4,384 | ||||||
| IG Investments Holdings, LLC (Revolver) (7), (9) | 09/22/2027 | Professional Services | — | — | 477 | — | (7 | ) | ||||||
| Imagine Acquisitionco, LLC | 11/15/2027 | Software | 10.37 | % | 3M L+550 | 3,959 | 3,895 | 3,840 | ||||||
| Imagine Acquisitionco, LLC (9) | 11/15/2027 | Software | — | — | 1,657 | — | (33 | ) | ||||||
| Imagine Acquisitionco, LLC (Revolver) (9) | 11/15/2027 | Software | — | — | 1,193 | — | (36 | ) | ||||||
| Inception Fertility Ventures, LLC | 12/07/2023 | Healthcare Providers and Services | 11.94 | % | 3M L+715 | 14,879 | 14,766 | 14,581 | ||||||
| Infinity Home Services Holdco, Inc. | 12/28/2028 | Commercial Services & Supplies | 11.73 | % | 3M L+685 | 517 | 516 | 506 | ||||||
| Infinity Home Services Holdco, Inc. - Unfunded Term Loan | 12/28/2023 | Commercial Services & Supplies | — | — | 2,713 | — | (54 | ) | ||||||
| Infinity Home Services Holdco, Inc. (Revolver) | 12/28/2028 | Commercial Services & Supplies | 11.73 | % | 3M L+675 | 97 | 97 | 95 | ||||||
| Infinity Home Services Holdco, Inc. (Revolver) (9) | 12/28/2028 | Commercial Services & Supplies | — | — | 1,195 | — | (24 | ) | ||||||
| Infolinks Media Buyco, LLC | 11/01/2026 | Media | 10.66 | % | 3M L+575 | 2,611 | 2,573 | 2,611 | ||||||
| Infolinks Media Buyco, LLC (9) | 11/01/2023 | Media | — | — | 969 | — | 10 | |||||||
| Integrative Nutrition, LLC | 09/29/2023 | Consumer Services | 9.91 | % | 3M L+475 | 15,531 | 15,513 | 15,298 | ||||||
| Integrative Nutrition, LLC (Revolver) (7), (9) | 09/29/2023 | Consumer Services | — | — | 5,000 | — | — | |||||||
| Integrity Marketing Acquisition, LLC (7) | 08/27/2025 | Insurance | 11.00 | % | SOFR+550 | 15,745 | 15,637 | 15,588 | ||||||
| ITI Holdings, Inc. (Revolver) | 03/03/2028 | IT Services | 12.16 | % | 3M L+450 | 419 | 420 | 412 | ||||||
| ITI Holdings, Inc. (Revolver) (9) | 03/03/2028 | IT Services | — | — | 245 | — | (5 | ) | ||||||
| K2 Pure Solutions NoCal, L.P. (Revolver) | 12/20/2023 | Chemicals, Plastics and Rubber | 12.81 | % | 3M L+800 | 357 | 357 | 357 | ||||||
| K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9) | 12/20/2023 | Chemicals, Plastics and Rubber | — | — | 1,071 | — | — | |||||||
| Kinetic Purchaser, LLC | 11/10/2027 | Personal Products | 11.16 | % | 3M L+600 | 17,340 | 17,059 | 17,080 | ||||||
| Kinetic Purchaser, LLC - (Revolver) | 11/10/2026 | Personal Products | 11.16 | % | 3M L+600 | 2,748 | 2,748 | 2,707 | ||||||
| Kinetic Purchaser, LLC - (Revolver) (9) | 11/10/2026 | Personal Products | — | — | 687 | — | (10 | ) | ||||||
| Lash OpCo, LLC | 02/18/2027 | Personal Products | 11.84 | % | 1M L+700 | 10,457 | 10,294 | 10,248 | ||||||
| Lash OpCo, LLC (Revolver) (7) | 08/16/2026 | Personal Products | 11.89 | % | 1M L+700 | 1,152 | 1,152 | 1,129 | ||||||
| Lash OpCo, LLC (Revolver) (7), (9) | 08/16/2026 | Personal Products | — | 768 | — | (15 | ) | |||||||
| LAV Gear Holdings, Inc. | 10/31/2024 | Capital Equipment | 11.23 | % | 1M L+625 | 9,766 | 9,740 | 9,630 | ||||||
| (PIK 5.50%) | ||||||||||||||
| LAV Gear Holdings, Inc. - Unfunded Term Loan | 10/31/2024 | Capital Equipment | — | — | 247 | - | (3 | ) | ||||||
| LAV Gear Holdings, Inc. (Revolver) (7) | 10/31/2024 | Capital Equipment | 10.55 | % | 1M L+565 | 1,721 | 1,721 | 1,697 | ||||||
| (PIK 5.50%) | ||||||||||||||
| Ledge Lounger, Inc. | 11/09/2026 | Leisure Products | 11.30 | % | 3M L+625 | 3,728 | 3,680 | 3,654 | ||||||
| Ledge Lounger, Inc. (Revolver) (7) | 11/09/2026 | Leisure Products | 11.30 | % | 3M L+625 | 395 | 395 | 387 | ||||||
| Ledge Lounger, Inc. (Revolver) (9) | 11/09/2026 | Leisure Products | — | — | 395 | — | (8 | ) | ||||||
| Lightspeed Buyer Inc. | 02/03/2026 | Healthcare Technology | 10.34 | % | 1M L+575 | 24,233 | 23,978 | 23,627 | ||||||
| Lightspeed Buyer Inc. (Revolver) (7) (9) | 02/03/2026 | Healthcare Technology | — | — | 2,499 | — | (62 | ) | ||||||
| LJ Avalon Holdings, LLC - Unfunded Term Loan | 07/31/2024 | Construction & Engineering | — | — | 2,824 | — | (14 | ) | ||||||
| LJ Avalon Holdings, LLC (Revolver) (9) | 01/31/2030 | Construction & Engineering | — | — | 1,130 | — | (23 | ) | ||||||
| Lucky Bucks, LLC (6) | 07/20/2027 | Hotels, Restaurants and Leisure | 0.00 | % | — | 4,275 | 4,210 | 1,304 | ||||||
| MAG DS Corp. | 04/01/2027 | Aerospace and Defense | 10.50 | % | 1M L+550 | 3,694 | 3,570 | 3,361 | ||||||
| Mars Acquisition Holdings Corp. | 05/14/2026 | Media | 10.55 | % | 3M L+550 | 8,772 | 8,641 | 8,684 | ||||||
| Mars Acquisition Holdings Corp. (Revolver)(7)(9) | 05/14/2026 | Media | — | — | 2,435 | — | (24 | ) | ||||||
| MBS Holdings, Inc. (Revolver)(7)(9) | 04/16/2027 | Internet Software and Services | — | — | 1,157 | — | (12 | ) | ||||||
| MDI Buyer, Inc. - Unfunded Term Loan | 07/25/2028 | Commodity Chemicals | 10.61 | % | 3M L+600 | 2,052 | 2,011 | 2,007 | ||||||
| MDI Buyer, inc. (Revolver) (7) | 07/25/2028 | Commodity Chemicals | 10.37 | % | 3M L+600 | 237 | 237 | 232 | ||||||
| MDI Buyer, inc. (Revolver) (9) | 07/25/2028 | Commodity Chemicals | — | — | 536 | — | (7 | ) | ||||||
| Meadowlark Acquirer, LLC | 12/10/2027 | Professional Services | 10.41 | % | 3M L+550 | 1,988 | 1,969 | 1,968 | ||||||
| Meadowlark Acquirer, LLC - Term Loan I (9) | 12/10/2027 | Professional Services | — | — | 1,103 | — | — | |||||||
| Meadowlark Acquirer, LLC - Term Loan II (9) | 12/10/2027 | Professional Services | — | — | 9,483 | — | — | |||||||
| Meadowlark Acquirer, LLC (Revolver) (9) | 12/10/2027 | Professional Services | — | — | 1,693 | — | (17 | ) | ||||||
| Mission Critical Electronics, Inc. | 03/28/2024 | Capital Equipment | 9.69 | % | SOFR +500 | 3,598 | 3,574 | 3,576 | ||||||
| Mission Critical Electronics, Inc. (9) | 03/28/2024 | Capital Equipment | — | — | 707 | — | (2 | ) | ||||||
| Mission Critical Electronics, Inc. (Revolver) (7) | 03/28/2024 | Capital Equipment | 12.00 | % | 1M L+400 | 353 | 353 | 351 | ||||||
| Mission Critical Electronics, Inc. (Revolver) (7), (9) | 03/28/2024 | Capital Equipment | — | — | 971 | — | (6 | ) | ||||||
| Municipal Emergency Services, Inc. (7) | 09/28/2027 | Distributors | 10.49 | % | 3M L+550 | 936 | 927 | 896 | ||||||
| Municipal Emergency Services, Inc. (7), (9) | 09/28/2027 | Distributors | — | — | 6 | — | — | |||||||
| Municipal Emergency Services, Inc. - Unfunded Term Loan A | 06/16/2023 | Distributors | — | — | 632 | — | (18 | ) | ||||||
| Municipal Emergency Services, Inc. - Unfunded Term Loan B | 12/16/2024 | Distributors | — | — | 1,264 | — | (53 | ) | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7) | 09/28/2027 | Distributors | 11.05 | % | 3M L+615 | 568 | 568 | 544 | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7), (9) | 09/28/2027 | Distributors | — | — | 379 | — | (16 | ) | ||||||
| NBH Group LLC (Revolver) (7), (9) | 08/19/2026 | Healthcare Equipment and Supplies | — | — | 1,677 | — | — |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| One Stop Mailing, LLC | 05/07/2027 | Air Freight and Logistics | 11.09 | % | 3M L+625 | 8,714 | $ | 8,580 | $ | 8,453 | ||||
| ORL Acquisition, Inc. (7) | 09/03/2027 | Consumer Finance | 10.41 | % | 3M L+525 | 7,159 | 7,044 | 7,087 | ||||||
| ORL Acquisition, Inc. (Revolver) (7), (9) | 09/03/2027 | Consumer Finance | — | — | 861 | — | (8 | ) | ||||||
| Output Services Group, Inc. (6) | 06/27/2026 | Business Services | 0.00 | % | — | 4,885 | 4,469 | 3,517 | ||||||
| Owl Acquisition, LLC | 02/04/2028 | Professional Services | 10.16 | % | 3M L+575 | 3,892 | 3,789 | 3,795 | ||||||
| Ox Two, LLC | 05/18/2026 | Construction and Building | 12.41 | % | 1M L+725 | 25,641 | 25,351 | 24,872 | ||||||
| Ox Two, LLC (Revolver) (9) | 05/18/2026 | Construction and Building | — | — | 3,387 | — | (101 | ) | ||||||
| Pequod Merger Sub, Inc. | 12/02/2026 | Diversified Financial Services | 11.32 | % | 3M L+640 | 11,532 | 11,301 | 11,301 | ||||||
| Pequod Merger Sub, Inc. - Unfunded Term Loan | 12/02/2026 | Diversified Financial Services | — | — | 2,847 | — | — | |||||||
| Pequod Merger Sub, Inc (Revolver) (9) | 12/02/2026 | Diversified Financial Services | — | — | 757 | — | — | |||||||
| PL Acquisitionco, LLC | 11/09/2027 | Textiles, Apparel and Luxury Goods | 11.34 | % | 3M L+650 | 6,079 | 5,992 | 5,806 | ||||||
| PL Acquisitionco, LLC - (Revolver) (9) | 11/09/2027 | Textiles, Apparel and Luxury Goods | — | — | 2,290 | — | (103 | ) | ||||||
| PlayPower, Inc. | 05/08/2026 | Leisure Products | 10.25 | % | 1M L+550 | 3,420 | 3,403 | 3,078 | ||||||
| Pragmatic Institute, LLC - Unfunded Term Loan | 07/06/2028 | Professional Services | — | — | 2,290 | — | (11 | ) | ||||||
| Pragmatic Institute, LLC (Revolver) | 07/06/2028 | Professional Services | 10.64 | % | 3M L+575 | 305 | 305 | 301 | ||||||
| Pragmatic Institute, LLC (Revolver) (9) | 07/06/2028 | Professional Services | — | — | 1,221 | — | (18 | ) | ||||||
| Quantic Electronics, LLC | 11/19/2026 | Electronic Equipment, Instruments, and Components | 11.22 | % | 1M L+600 | 6,681 | 6,601 | 6,581 | ||||||
| Quantic Electronics, LLC - Unfunded Term Loan | 11/19/2026 | Electronic Equipment, Instruments, and Components | — | — | 783 | — | (4 | ) | ||||||
| Quantic Electronics, LLC (Revolver) (7) | 11/19/2026 | Electronic Equipment, Instruments, and Components | 11.19 | % | 1M L+600 | 536 | 536 | 528 | ||||||
| Quantic Electronics, LLC (Revolver) (7), (9) | 11/19/2026 | Electronic Equipment, Instruments, and Components | — | — | 134 | — | (2 | ) | ||||||
| Questex, LLC | 09/09/2024 | Media: Diversified and Production | 9.28 | % | 3M L+500 | 7,163 | 7,124 | 7,091 | ||||||
| Questex, LLC (Revolver) (7), (9) | 09/09/2024 | Media: Diversified and Production | — | — | 1,197 | — | (12 | ) | ||||||
| Rancho Health MSO, Inc. (7) | 12/18/2025 | Healthcare Equipment and Supplies | 10.48 | % | 3M L+550 | 1,034 | 1,034 | 1,034 | ||||||
| Rancho Health MSO, Inc. (Revolver) (7), (9) | 12/18/2025 | Healthcare Equipment and Supplies | — | — | 525 | — | — | |||||||
| Recteq, LLC | 01/29/2026 | Leisure Products | 11.41 | % | 3M L+625 | 1,470 | 1,452 | 1,411 | ||||||
| Recteq, LLC (Revolver) (7) | 01/29/2026 | Leisure Products | 11.41 | % | 3M L+625 | 216 | 216 | 207 | ||||||
| Recteq, LLC (Revolver) (7), (9) | 01/29/2026 | Leisure Products | — | — | 1,080 | — | (43 | ) | ||||||
| Research Now Group, Inc. and Dynata, LLC | 12/20/2024 | Business Services | 10.31 | % | 3M L+550 | 17,052 | 16,929 | 12,928 | ||||||
| Riverpoint Medical, LLC | 06/20/2025 | Healthcare Equipment and Supplies | 9.86 | % | 3M L+575 | 7,980 | 7,933 | 7,860 | ||||||
| Riverpoint Medical, LLC (Revolver) (7), (9) | 06/20/2025 | Healthcare Equipment and Supplies | — | — | 909 | — | (14 | ) | ||||||
| Riverside Assessments, LLC | 03/10/2025 | Professional Services | 10.80 | % | 3M L+625 | 15,278 | 15,153 | 15,048 | ||||||
| Sales Benchmark Index LLC | 01/03/2025 | Professional Services | 11.16 | % | 3M L+600 | 7,105 | 7,048 | 7,069 | ||||||
| Sales Benchmark Index LLC (Revolver) (7), (9) | 01/03/2025 | Professional Services | — | — | 1,293 | — | (6 | ) | ||||||
| Sargent & Greenleaf Inc. | 12/20/2024 | Electronic Equipment, Instruments, and Components | 12.26 | % | 1M L+750 | 3,467 | 3,447 | 3,406 | ||||||
| Sargent & Greenleaf Inc. (Revolver) | 12/20/2024 | Electronic Equipment, Instruments, and Components | 12.26 | % | 1M L+750 | 800 | 800 | 786 | ||||||
| Sargent & Greenleaf Inc. (Revolver) (9) | 12/20/2024 | Electronic Equipment, Instruments, and Components | — | — | 273 | — | (5 | ) | ||||||
| Schlesinger Global, Inc. | 07/14/2025 | Professional Services | 11.41 | % | SOFR + 700 | 14,523 | 14,445 | 14,196 | ||||||
| Schlesinger Global, Inc. (Revolver) | 07/14/2025 | Professional Services | 11.41 | % | 1M L+600 | 1,491 | 1,490 | 1,457 | ||||||
| Schlesinger Global, Inc. (Revolver) (7), (9) | 07/14/2025 | Professional Services | — | — | 380 | — | (9 | ) | ||||||
| Seaway Buyer, LLC | 06/13/2029 | Chemicals, Plastics and Rubber | 11.05 | % | 3M L+575 | 1,930 | 1,903 | 1,882 | ||||||
| Sigma Defense Systems, LLC | 12/18/2025 | IT Services | 13.66 | % | 3M L+850 | 10,828 | 10,634 | 10,638 | ||||||
| Sigma Defense Systems, LLC (Revolver) (7) | 12/18/2025 | IT Services | 13.66 | % | 3M L+850 | 1,966 | 1,966 | 1,931 | ||||||
| Sigma Defense Systems, LLC (Revolver) (7), (9) | 12/18/2025 | IT Services | — | 655 | — | (11 | ) | |||||||
| Signature Systems Holding Company | 05/03/2024 | Commercial Services & Supplies | 11.55 | % | 1M L+650 | 10,033 | 9,995 | 10,033 | ||||||
| Signature Systems Holding Company (Revolver) (9) | 05/03/2024 | Commercial Services & Supplies | — | — | 1,747 | — | — | |||||||
| Smile Brands Inc. | 10/14/2025 | Healthcare and Pharmaceuticals | 9.34 | % | 1M L+450 | 2,450 | 2,450 | 2,292 | ||||||
| Smile Brands Inc. (Revolver) | 10/14/2025 | Healthcare and Pharmaceuticals | 10.23 | % | 1M L+450 | 1,509 | 1,508 | 1,412 | ||||||
| Smile Brands Inc. LC (Revolver) (7), (9) | 10/14/2025 | Healthcare and Pharmaceuticals | — | — | 108 | — | (7 | ) | ||||||
| Solutionreach, Inc. | 01/17/2024 | Healthcare Technology | 10.59 | % | 3M L+575 | 5,706 | 5,685 | 5,432 | ||||||
| Solutionreach, Inc. (Revolver) (7), (9) | 01/17/2024 | Healthcare Technology | — | — | 1,665 | — | (80 | ) | ||||||
| Spendmend Holdings LLC | 03/01/2028 | Healthcare Technology | 10.61 | % | SOFR + 575 | 3,200 | 3,166 | 3,111 | ||||||
| Spendmend Holdings LLC (9) | 03/01/2023 | Healthcare Technology | — | — | 1,771 | — | (36 | ) | ||||||
| Spendmend Holdings LLC (Revolver) | 03/01/2028 | Healthcare Technology | 10.60 | % | 3M L+575 | 357 | 357 | 347 | ||||||
| Spendmend Holdings LLC (Revolver) (9) | 03/01/2024 | Healthcare Technology | — | — | 535 | — | (15 | ) | ||||||
| STV Group Incorporated | 12/11/2026 | Construction & Engineering | 10.16 | % | 1M L+525 | 4,752 | 4,720 | 4,728 | ||||||
| System Planning and Analysis, Inc.<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | 10.69 | % | SOFR+600 | 18,466 | 18,173 | 18,189 | ||||||
| System Planning and Analysis, Inc. (Revolver)<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | 11.10 | % | 3M L+600 | 1,482 | 1,482 | 1,460 | ||||||
| System Planning and Analysis, Inc. (Revolver) (9)<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | — | — | 3,706 | — | (58 | ) | ||||||
| Teneo Holdings LLC | 07/18/2025 | Diversified Financial Services | 10.16 | % | 1M L+525 | 5,763 | 5,701 | 5,686 | ||||||
| The Aegis Technologies Group, LLC | 10/31/2025 | Aerospace and Defense | 11.51 | % | 3M L+600 | 5,449 | 5,391 | 5,340 | ||||||
| The Bluebird Group LLC | 07/28/2026 | Professional Services | 12.15 | % | 3M L+700 | 6,202 | 6,105 | 6,115 | ||||||
| The Bluebird Group LLC (Revolver) (7), (9) | 07/28/2026 | Professional Services | — | — | 862 | — | (12 | ) | ||||||
| The Infosoft Group, LLC | 09/16/2024 | Media: Broadcasting and Subscription | 10.42 | % | 3M L+575 | 15,056 | 14,954 | 14,906 | ||||||
| The Vertex Companies, LLC (7) | 08/30/2027 | Construction & Engineering | 9.96 | % | 1M L+550 | 2,148 | 2,114 | 2,103 | ||||||
| The Vertex Companies, LLC (7), (9) | 08/30/2027 | Construction & Engineering | — | — | 573 | — | (6 | ) | ||||||
| The Vertex Companies, LLC (Revolver) | 08/30/2027 | Construction & Engineering | 10.00 | % | 1M L+550 | 237 | 237 | 232 | ||||||
| The Vertex Companies, LLC (Revolver) (7), (9) | 08/30/2027 | Construction & Engineering | — | — | 674 | — | (14 | ) | ||||||
| TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10) | 11/24/2025 | Food Products | 10.25 | % | 3M L+550 | 4,838 | 4,814 | 4,746 | ||||||
| TVC Enterprises, LLC | 03/26/2026 | Commercial Services & Supplies | 10.59 | % | 1M L+600 | 24,206 | 23,904 | 23,843 | ||||||
| TVC Enterprises, LLC (Revolver) (7), (9) | 03/26/2026 | Commercial Services & Supplies | — | — | 661 | — | (10 | ) | ||||||
| TWS Acquisition Corporation | 06/16/2025 | Diversified Consumer Services | 11.12 | % | 1M L+625 | 5,468 | 5,410 | 5,468 | ||||||
| TWS Acquisition Corporation (Revolver) (7), (9) | 06/16/2025 | Diversified Consumer Services | — | — | 2,628 | — | — | |||||||
| Tyto Athene, LLC | 04/01/2028 | IT Services | 10.24 | % | 1M L+550 | 12,581 | 12,436 | 11,410 | ||||||
| Tyto Athene, LLC (Revolver) (7), (9) | 04/01/2026 | IT Services | — | — | 1,040 | — | (97 | ) | ||||||
| UBEO, LLC | 04/03/2024 | Capital Equipment | 9.66 | % | 3M L+450 | 17,879 | 17,850 | 17,611 | ||||||
| UBEO, LLC (Revolver) (9) | 04/03/2024 | Capital Equipment | — | — | 2,933 | — | (44 | ) | ||||||
| Unique Indoor Comfort, LLC | 05/24/2027 | Diversified Consumer Services | 10.30 | % | 3M L + 525 | 15,539 | 15,336 | 15,445 | ||||||
| Unique Indoor Comfort, LLC Term Loan (7) | 05/24/2027 | Diversified Consumer Services | — | — | 4,360 | — | 17 | |||||||
| Unique Indoor Comfort, LLC (Revolver) (7), (9) | 05/24/2027 | Diversified Consumer Services | — | — | 2,000 | — | (12 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Walker Edison Furniture, LLC - Term Loan | 03/31/2027 | Wholesale | 11.52 | % | 3M L+635 | 3,132 | $ | 3,132 | $ | 3,132 | ||||||
| Walker Edison Furniture Company, LLC - Funded Junior Revolver | 03/31/2027 | Wholesale | 11.02 | % | 3M L+635 | 1,667 | 1,667 | 1,667 | ||||||||
| Walker Edison Furniture Company, LLC - Unfunded Term Loan | 03/31/2027 | Wholesale | — | — | 417 | - | - | |||||||||
| Wildcat Buyerco, Inc. | 02/27/2026 | Electronic Equipment, Instruments, and Components | 10.80 | % | 3M L+575 | 9,803 | 9,688 | 9,558 | ||||||||
| Wildcat Buyerco, Inc. (Revolver) | 02/27/2026 | Electronic Equipment, Instruments, and Components | 12.75 | % | 3M L+475 | 85 | 82 | 80 | ||||||||
| Wildcat Buyerco, Inc. (Revolver) (9) | 02/27/2026 | Electronic Equipment, Instruments, and Components | — | — | 448 | — | (11 | ) | ||||||||
| Zips Car Wash, LLC | 03/01/2024 | Automobiles | 12.14 | % | 3M L+725 | 13,360 | 13,267 | 13,059 | ||||||||
| Total First Lien Secured Debt | 796,060 | 766,255 | ||||||||||||||
| Second Lien Secured Debt—0% | ||||||||||||||||
| Mailsouth Inc. (7) | 04/23/2025 | Media: Advertising, Printing and Publishing | 0.00 | % | (6) | — | 1,079 | 965 | - | |||||||
| QuantiTech LLC | 02/04/2027 | Aerospace and Defense | 14.71 | % | 3M L+1,000 | 150 | 148 | 149 | ||||||||
| Total Second Lien Secured Debt | 1,113 | 149 | ||||||||||||||
| Preferred Equity— 2.0% (6) | ||||||||||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 6,720 | 672 | 774 | |||||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | 2,018 | 2,613 | |||||||||
| Cartessa Aesthetics, LLC (Preferred) (8) | — | Distributors | — | — | 1,437,500 | 1,438 | 1,778 | |||||||||
| Imagine Topco, LP | — | Software | 8.00 | % | — | 1,236,027 | 1,236 | 1,166 | ||||||||
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | 835 | 1,005 | |||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 733 | 733 | 677 | |||||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,327 | 133 | 150 | |||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | 12.00 | % | — | 1,323 | 1,323 | 2,034 | ||||||||
| TPC Holding Company, LP (5), (7), (8), (10) | — | Food Products | — | — | 409 | 409 | 569 | |||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 37 | 37 | 43 | |||||||||
| UniTek Global Services, Inc. - | — | Telecommunications | 20.00 | % | — | 343,861 | 344 | 29 | ||||||||
| Super Senior Preferred Equity (7) | ||||||||||||||||
| UniTek Global Services, Inc. - Senior Preferred Equity (7) | — | Telecommunications | 19.00 | % | — | 448,851 | 449 | — | ||||||||
| UniTek Global Services, Inc. (7) | — | Telecommunications | 13.50 | % | — | 1,047,317 | 670 | — | ||||||||
| Total Preferred Equity | 10,297 | 10,838 | ||||||||||||||
| Common Equity/Warrants— 16.7% (6) | ||||||||||||||||
| A1 Garage Equity, LLC | — | Commercial Services & Supplies | — | — | 647,943 | 648 | 648 | |||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 7,467 | 75 | 16 | |||||||||
| Affinion Group Holdings, Inc. (Warrants) | 04/10/2024 | Consumer Goods: Durable | — | — | 8,893 | 245 | — | |||||||||
| AG Investco LP (7), (8) | — | Software | — | — | 805,164 | 805 | 1,206 | |||||||||
| AG Investco LP (7), (8), (9) | — | Software | — | — | 194,836 | — | — | |||||||||
| Altamira Intermediate Company II, Inc. (7) | — | IT Services | — | — | 1,437,500 | 1,436 | 1,260 | |||||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | — | 167 | |||||||||
| Athletico Holdings, LLC (8) | — | Healthcare Providers and Services | — | — | 4,678 | 5,000 | 3,783 | |||||||||
| BioDerm Holdings, LP | — | Healthcare Equipment and Supplies | — | — | 1,313 | 1,313 | 1,313 | |||||||||
| Burgess Point Holdings, LP | — | Auto Components | — | — | 100 | 100 | 105 | |||||||||
| By Light Investco LP (7), (8) | — | High Tech Industries | — | — | 22,789 | 888 | 13,738 | |||||||||
| Connatix Parent, LLC (7) | — | Media | — | — | 38,278 | 421 | 327 | |||||||||
| Crane 1 Acquisition Parent Holdings, L.P. (7) | — | Commercial Services & Supplies | — | — | 130 | 120 | 167 | |||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) | — | IT Services | — | — | 615,484 | 602 | 1,376 | |||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9) | — | IT Services | — | — | 389,386 | — | — | |||||||||
| ECM Investors, LLC (7), (8) | — | Electronic Equipment, Instruments, and Components | — | — | 295,982 | 65 | 869 | |||||||||
| eCommission Holding Corporation (7), (10) | — | Banking, Finance, Insurance & Real Estate | — | — | 20 | 251 | 386 | |||||||||
| EDS Topco, LP | — | Electronic Equipment, Instruments, and Components | — | — | 1,125,000 | 1,125 | 1,125 | |||||||||
| Exigo, LLC | — | Software | — | — | 541,667 | 542 | 588 | |||||||||
| Express Wash Topco, LLC | — | Automobiles | — | — | 20,000 | 100 | 77 | |||||||||
| FedHC InvestCo LP (7),(8) | — | Aerospace and Defense | — | — | 21,083 | 697 | 2,048 | |||||||||
| FedHC InvestCo LP (7),(8),(9) | — | Aerospace and Defense | — | — | 9,488 | — | (27 | ) | ||||||||
| Five Star Parent Holdings, LLC | — | Hotels, Restaurants and Leisure | — | — | 655,714 | 656 | 656 | |||||||||
| Gauge InfosoftCoInvest, LLC | — | Media: Broadcasting and Subscription | — | — | 500 | 144 | 1,970 | |||||||||
| (The Infosoft Group, LLC) (7) | ||||||||||||||||
| Gauge Lash Coinvest LLC (7) | — | Personal Products | — | — | 1,485,953 | 227 | 6,807 | |||||||||
| Gauge Schlesinger Coinvest LLC (7) | — | Professional Services | — | — | 465 | 476 | 502 | |||||||||
| Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7) | — | Professional Services | — | — | 391,144 | — | 1,710 | |||||||||
| GCOM InvestCo LP (7),(8) | — | IT Services | — | — | 19,184 | 3,342 | 3,842 | |||||||||
| Go Dawgs Capital III, LP | — | Building Products | — | — | 324,675 | 325 | 623 | |||||||||
| (American Insulated Glass, LLC) (7), (8) | ||||||||||||||||
| Hancock Claims Consultants Investors, LLC (7), (8) | — | Insurance | — | — | 450,000 | 450 | 376 | |||||||||
| HV Watterson Holdings, LLC | — | Professional Services | — | — | 100,000 | 100 | 77 | |||||||||
| Icon Partners V C, L.P. | — | Internet Software and Services | — | — | 1,863,863 | 1,864 | 1,852 | |||||||||
| Icon Partners V C, L.P. (7), (9) | — | Internet Software and Services | — | — | 636,137 | — | (4 | ) | ||||||||
| IIN Group Holdings, LLC | — | Consumer Services | — | — | 1,000 | 1,000 | 129 | |||||||||
| (Integrative Nutrition, LLC) (7), (8) | ||||||||||||||||
| Imagine Topco, LP (Common) | — | Software | — | — | 1,236,027 | — | — | |||||||||
| IHS Parent Holdngs, L.P. | — | Commercial Services & Supplies | — | — | 1,218,045 | 1,218 | 1,237 | |||||||||
| Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8) | — | Commercial Services & Supplies | — | — | 5,811 | 573 | 730 | |||||||||
| ITC Infusion Co-invest, LP (8) | — | Healthcare Equipment and Supplies | — | — | 116,032 | 1,160 | 849 | |||||||||
| ITC Rumba, LLC (Cano Health, LLC) (7),(8) | — | Healthcare and Pharmaceuticals | — | — | 46,763 | 117 | 525 |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kentucky Racing Holdco, LLC (8) | Hotels, Restaurants and Leisure | — | — | 87,345 | $ | - | $ | 776 | |||||||
| Kinetic Purchaser, LLC | — | Personal Products | — | — | 1,734,775 | 1,735 | 2,620 | ||||||||
| KL Stockton Co-Invest LP (Any Hour Services) (7),(8) | — | Energy Equipment and Services | — | — | 382,353 | 382 | 1,087 | ||||||||
| Lightspeed Investment Holdco LLC (7) | — | Healthcare Technology | — | — | 585,587 | 586 | 1,068 | ||||||||
| LJ Avalon, LP | — | Construction & Engineering | — | — | 1,638,043 | 1,638 | 1,638 | ||||||||
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | — | 393 | ||||||||
| MDI Aggregator, LP | — | Commodity Chemicals | — | — | 10,761 | 1,078 | 1,106 | ||||||||
| Meadowlark Title, LLC (8) | — | Professional Services | — | — | 819,231 | 806 | 147 | ||||||||
| MSpark, LLC | — | Media: Advertising, Printing and Publishing | — | — | 3,988 | 1,287 | — | ||||||||
| Municipal Emergency Services, Inc. (7) | — | Distributors | — | — | 1,973,370 | 2,005 | 1,711 | ||||||||
| NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) | — | Leisure Products | — | — | 1,494 | 1,448 | 74 | ||||||||
| North Haven Saints Equity Holdings, LP (8) | — | Healthcare Technology | — | — | 223,602 | 224 | 239 | ||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 14,960 | 15 | — | ||||||||
| OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) | — | Aerospace and Defense | — | — | 173,638 | 1,697 | 3,445 | ||||||||
| OHCP V BC COI, L.P. | — | Distributors | — | — | 743,750 | 744 | 692 | ||||||||
| OHCP V BC COI, L.P. (8) (9) | — | Distributors | — | — | 506,250 | — | (35 | ) | |||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,474 | 15 | 64 | ||||||||
| PennantPark-TSO Senior Loan Fund, LP (7) | — | Financial Services | — | — | 11,167,847 | 11,168 | 9,044 | ||||||||
| LEP Pequod Holdings, LP | — | Financial Services | — | — | 864,865 | 865 | 865 | ||||||||
| Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8) | — | Textiles, Apparel and Luxury Goods | — | — | 1,735 | 1,735 | 666 | ||||||||
| Pragmatic Institute, LLC | — | Professional Services | — | — | 610,583 | 611 | 539 | ||||||||
| Quad (U.S.) Co-Invest, L.P. | Professional Services | — | — | 266,864 | 267 | 292 | |||||||||
| QuantiTech InvestCo LP (7), (8) | — | Aerospace and Defense | — | — | 712 | 68 | 362 | ||||||||
| QuantiTech InvestCo LP (7), (8), (9) | — | Aerospace and Defense | — | — | 955 | — | — | ||||||||
| QuantiTech InvestCo II LP (7), (8), | — | Aerospace and Defense | — | — | 40 | 24 | 25 | ||||||||
| RFMG Parent, LP (Rancho Health MSO, Inc.) (7) | — | Healthcare Equipment and Supplies | — | — | 1,050,000 | 1,050 | 1,050 | ||||||||
| SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8) | — | Professional Services | — | — | 64,634 | 646 | 651 | ||||||||
| Seaway Topco, LP | Chemicals, Plastics and Rubber | — | — | 296 | 296 | 282 | |||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | — | — | 70 | 70 | 458 | ||||||||
| SP L2 Holdings, LLC (Ledge Lounger, Inc.) | — | Leisure Products | — | — | 360,103 | 360 | 220 | ||||||||
| SSC Dominion Holdings, LLC | — | Capital Equipment | — | — | 500 | 500 | 680 | ||||||||
| Class A (US Dominion, Inc.) (7) | |||||||||||||||
| SSC Dominion Holdings, LLC | — | Capital Equipment | — | — | 500 | — | 1,016 | ||||||||
| Class B (US Dominion, Inc.) (7) | |||||||||||||||
| StellPen Holdings, LLC (CF512, Inc.) (7) | — | Media | — | — | 161,538 | 162 | 170 | ||||||||
| TAC LifePort Holdings, LLC (7),(8) | — | Aerospace and Defense | — | — | 533,833 | 544 | 641 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) | — | Media | — | — | 217,991 | 209 | 433 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9) | — | Media | — | — | 147,616 | — | — | ||||||||
| TPC Holding Company, LP (5), (7), (8), (10) | — | Food Products | — | — | 21,527 | 22 | 34 | ||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 749 | 1 | — | ||||||||
| UniTek Global Services, Inc. (7) | — | Telecommunications | — | — | 213,739 | — | — | ||||||||
| UniTek Global Services, Inc. (Warrants) (7) | — | Telecommunications | — | — | 23,889 | — | — | ||||||||
| UniVista Insurance (7),(8) | — | Insurance | — | — | 400 | 374 | 482 | ||||||||
| Urology Partners Co., L.P. | — | Healthcare Providers and Services | — | — | 694,444 | 694 | 701 | ||||||||
| Walker Edison Furniture , LLC | — | Healthcare Providers and Services | — | — | 36,458 | 3,393 | 3,309 | ||||||||
| WCP IvyRehab QP CF Feeder, LP(8) | — | Healthcare Providers and Services | — | — | 3,762,257 | 3,693 | 3,619 | ||||||||
| WCP IvyRehab QP CF Feeder, LP (8), (9) | — | Healthcare Providers and Services | — | — | 237,743 | — | (9 | ) | |||||||
| Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8) | — | Electronic Equipment, Instruments, and Components | — | — | 2,240 | 224 | 745 | ||||||||
| Total Common Equity/Warrants | 66,721 | 92,353 | |||||||||||||
| Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies | 874,191 | 869,595 | |||||||||||||
| Investments in Controlled, Affiliated Portfolio Companies—53.1% (3), (4) | |||||||||||||||
| First Lien Secured Debt—43.3% | |||||||||||||||
| Marketplace Events, LLC - Super Priority First Lien Term Loan (7) | 09/30/2025 | Media: Diversified and Production | 10.43 | % | 3M L+525 | 3,582 | 3,582 | 3,582 | |||||||
| (PIK 5.25%) | |||||||||||||||
| Marketplace Events, LLC - Super Priority First Lien (7), (9) | 09/30/2025 | Media: Diversified and Production | — | — | 3,261 | — | — | ||||||||
| Marketplace Events, LLC | 09/30/2026 | Media: Diversified and Production | 10.43 | % | 3M L+525 | 26,771 | 20,197 | 26,771 | |||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | 05/06/2024 | Financial Services | 12.81 | % | 3M L+800 | 210,088 | 210,088 | 210,088 | |||||||
| Total First Lien Secured Debt | 233,867 | 240,441 | |||||||||||||
| Equity Interests—9.7% | |||||||||||||||
| New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8) | — | Media: Diversified and Production | — | — | 349 | — | 2,376 | ||||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | — | Financial Services | — | — | 90,038 | 90,038 | 51,620 | ||||||||
| Total Equity Interests | 90,038 | 53,996 | |||||||||||||
| Total Investments in Controlled, Affiliated Portfolio Companies | 323,905 | 294,437 | |||||||||||||
| Total Investments—209.9% | 1,198,096 | 1,164,032 | |||||||||||||
| Cash and Cash Equivalents—9.0% | |||||||||||||||
| Money Market - BlackRock Federal FD Institutional 30 | 26,729 | 26,729 | |||||||||||||
| Non-Money Market Cash | 23,439 | 23,426 | |||||||||||||
| Total Cash and Cash Equivalents | 50,168 | 50,155 | |||||||||||||
| Total Investments and Cash Equivalents—218.9% | $ | 1,248,264 | $ | 1,214,187 | |||||||||||
| Liabilities in Excess of Other Assets—(118.9)% | (659,518 | ) | |||||||||||||
| Net Assets—100.0% | $ | 554,669 |
—————
(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”, Secured Overnight Financing Rate or "SOFR", or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the 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.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)
MARCH 31, 2023
(in thousands, except share data)
(Unaudited)
(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 March 31, 2023, qualifying assets represent 77% of our total assets and non-qualifying assets represent 23% of our total assets.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2022
(in thousands, except share data)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies—169.5% (3), (4) | |||||||||||||||
| First Lien Secured Debt—149.7% | |||||||||||||||
| Ad.net Acquisition, LLC | 05/06/2026 | Media | 9.67 | % | 3M L+600 | 4,938 | $ | 4,882 | $ | 4,900 | |||||
| Ad.net Acquisition, LLC (Revolver) (7), (9) | 05/06/2026 | Media | — | — | 1,244 | — | (9 | ) | |||||||
| Altamira Technologies, LLC | 07/24/2025 | IT Services | 10.81 | % | 3M L+800 | 4,794 | 4,756 | 4,626 | |||||||
| Altamira Technologies, LLC (Revolver) (7) | 07/24/2025 | IT Services | 11.67 | % | 3M L+800 | 575 | 575 | 555 | |||||||
| Altamira Technologies, LLC (Revolver) (7), (9) | 07/24/2025 | IT Services | — | — | 1,581 | — | (55 | ) | |||||||
| American Insulated Glass, LLC | 12/21/2023 | Building Products | 7.79 | % | 3M L+550 | 7,601 | 7,559 | 7,601 | |||||||
| American Teleconferencing Services, Ltd.(7) | 06/08/2023 | Telecommunications | 0.00% | (6) | — | 7,986 | 7,915 | 90 | |||||||
| American Teleconferencing Services, Ltd. (Revolver) (7) | 12/08/2022 | Telecommunications | 0.00% | (6) | — | 1,656 | 1,642 | 17 | |||||||
| Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) | 06/10/2025 | Media | 9.85 | % | 3M L+625 | 14,104 | 13,951 | 13,892 | |||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 05/23/2024 | Media | 9.17 | % | 3M L+550 | 14,568 | 14,486 | 14,568 | |||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9) | 05/23/2024 | Media | — | — | 2,869 | — | — | ||||||||
| Any Hour Services | 07/21/2027 | Energy Equipment and Services | 7.43 | % | 3M L+525 | 10,536 | 10,432 | 10,326 | |||||||
| Any Hour Services (Revolver) (7), (9) | 07/21/2027 | Energy Equipment and Services | — | — | 1,147 | — | (23 | ) | |||||||
| Apex Service Partners, LLC | 07/31/2025 | Diversified Consumer Services | 6.72 | % | 1M L+525 | 6,208 | 6,166 | 6,177 | |||||||
| Apex Service Partners, LLC Term Loan B | 07/31/2025 | Diversified Consumer Services | 9.67 | % | 1M L+550 | 296 | 296 | 295 | |||||||
| Apex Service Partners, LLC Term Loan C | 07/31/2025 | Diversified Consumer Services | 7.75 | % | 1M L+525 | 12,906 | 12,814 | 12,841 | |||||||
| Apex Service Partners, LLC (Revolver) (7), (9) | 07/31/2025 | Diversified Consumer Services | — | — | 1,845 | — | (9 | ) | |||||||
| API Holding III Corp. | 05/11/2026 | Electronic Equipment, Instruments, and Components | 7.92 | % | 1M L+425 | 5,805 | 5,785 | 5,050 | |||||||
| Applied Technical Services, LLC | 12/29/2026 | Commercial Services & Supplies | 9.42 | % | 3M L+575 | 7,147 | 7,040 | 6,968 | |||||||
| Applied Technical Services, LLC (Unfunded Term Loan) | 04/21/2023 | Commercial Services & Supplies | — | — | 2,298 | — | (32 | ) | |||||||
| Applied Technical Services, LLC (Revolver) (7) | 12/29/2026 | Commercial Services & Supplies | 10.25 | % | 3M L+475 | 255 | 255 | 248 | |||||||
| Applied Technical Services, LLC (Revolver) (7), (9) | 12/29/2026 | Commercial Services & Supplies | — | — | 1,018 | — | (25 | ) | |||||||
| Arcfield Acquisition Corp. (Revolver) (9) | 03/07/2028 | Aerospace and Defense | — | — | 887 | — | (18 | ) | |||||||
| Beta Plus Technologies, Inc. | 07/01/2029 | Internet Software and Services | 7.76 | % | 1M L+525 | 5,000 | 4,901 | 4,900 | |||||||
| Blackhawk Industrial Distribution, Inc. | 09/17/2024 | Distributors | 8.33 | % | 3M L+500 | 25 | 25 | 25 | |||||||
| Blackhawk Industrial Distribution, Inc. (7),(9) | 09/17/2024 | Distributors | — | — | 3,232 | — | (40 | ) | |||||||
| Blackhawk Industrial Distribution, Inc. (Revolver) (7) | 09/17/2024 | Distributors | 8.87 | % | 3M L+500 | 549 | 549 | 533 | |||||||
| Blackhawk Industrial Distribution, Inc. (9) | 09/17/2024 | Distributors | — | — | 2,195 | — | (62 | ) | |||||||
| Broder Bros., Co. | 12/02/2022 | Textiles, Apparel and Luxury Goods | 7.39 | % | 3M L+600 | 3,405 | 3,405 | 3,405 | |||||||
| By Light Professional IT Services, LLC | 05/16/2024 | High Tech Industries | 9.26 | % | 3M L+625 | 27,533 | 27,331 | 27,257 | |||||||
| By Light Professional IT Services, LLC (Revolver) | 05/16/2024 | High Tech Industries | 9.75 | % | 3M L+663 | 877 | 877 | 868 | |||||||
| By Light Professional IT Services, LLC (Revolver) (9) | 05/16/2024 | High Tech Industries | — | — | 3,189 | — | (32 | ) | |||||||
| Cadence Aerospace, LLC (7) | 11/14/2023 | Aerospace and Defense | 11.31 | % | 3M L+850 | 3,033 | 3,024 | 3,003 | |||||||
| (PIK 9.50%) | |||||||||||||||
| Cartessa Aesthetics, LLC | 05/13/2028 | Distributors | 9.55 | % | 1M L+600 | 16,459 | 16,143 | 16,212 | |||||||
| Cartessa Aesthetics, LLC (Revolver) (7) | 05/13/2028 | Distributors | 9.55 | % | 1M L+600 | 511 | 511 | 503 | |||||||
| Cartessa Aesthetics, LLC (Revolver) (7)(9) | 05/13/2028 | Distributors | — | 927 | - | (14 | ) | ||||||||
| CF512, Inc. | 08/20/2026 | Media | 9.28 | % | 3M L+600 | 8,098 | 7,988 | 7,976 | |||||||
| CF512, Inc. (7), (9) | 08/20/2026 | Media | — | — | 191 | — | (1 | ) | |||||||
| CF512, Inc. (Revolver) (7), (9) | 08/20/2026 | Media | — | — | 955 | — | (14 | ) | |||||||
| CHA Holdings, Inc. | 04/10/2025 | Environmental Industries | 8.17 | % | 3M L+450 | 1,581 | 1,577 | 1,581 | |||||||
| Challenger Performance Optimization, Inc. (Revolver) (7), (9) | 08/31/2023 | Business Services | 9.27 | % | 1M L+675 | 357 | 357 | 346 | |||||||
| Challenger Performance Optimization, Inc. (Revolver) (7), (9) | 08/31/2023 | Business Services | — | — | 356 | — | (11 | ) | |||||||
| Compex Legal Services, Inc. | 02/09/2026 | Professional Services | 8.83 | % | 3M L+525 | 8,038 | 8,010 | 8,038 | |||||||
| Compex Legal Services, Inc. (Revolver) (7) | 02/07/2025 | Professional Services | 8.92 | % | 3M L+525 | 773 | 773 | 773 | |||||||
| Compex Legal Services, Inc. (Revolver) (7), (9) | 02/07/2025 | Professional Services | — | — | 633 | — | — | ||||||||
| Connatix Buyer, Inc. | 07/13/2027 | Media | 8.42 | % | 3M L+550 | 3,907 | 3,841 | 3,810 | |||||||
| Connatix Buyer, Inc. (7), (9) | 01/13/2023 | Media | — | — | 2,105 | — | (32 | ) | |||||||
| Connatix Buyer, Inc. (7), (9) | 07/13/2027 | Media | — | — | 1,234 | — | (30 | ) | |||||||
| Crane 1 Services, Inc. | 08/16/2027 | Commercial Services & Supplies | 9.39 | % | 3M L+575 | 891 | 885 | 882 | |||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | 8.87 | % | 3M L+575 | 224 | 224 | 222 | |||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | — | — | 112 | — | (1 | ) | |||||||
| Douglas Products and Packaging Company LLC | 10/19/2022 | Chemicals, Plastics and Rubber | 8.87 | % | 3M L+575 | 6,477 | 6,476 | 6,477 | |||||||
| Douglas Products and Packaging Company LLC (Revolver) | 10/19/2022 | Chemicals, Plastics and Rubber | 11.00 | % | P+475 | 2,627 | 2,627 | 2,627 | |||||||
| Douglas Products and Packaging Company LLC (Revolver) (9) | 10/19/2022 | Chemicals, Plastics and Rubber | — | — | 3,425 | — | — | ||||||||
| Douglas Sewer Intermediate, LLC | 10/19/2022 | Chemicals, Plastics and Rubber | 8.87 | % | 3M L+575 | 3,920 | 3,920 | 3,920 | |||||||
| Dr. Squatch, LLC | 08/31/2027 | Personal Products | 9.42 | % | 3M L+600 | 4,428 | 4,356 | 4,362 | |||||||
| Dr. Squatch, LLC (Revolver) (7) | 08/31/2027 | Personal Products | 8.95 | % | 3M L+600 | 1,118 | 1,118 | 1,101 | |||||||
| Dr. Squatch, LLC (Revolver) (7), (9) | 08/31/2027 | Personal Products | — | — | 2,236 | — | (34 | ) | |||||||
| DRS Holdings III, Inc. | 11/03/2025 | Personal Products | 8.87 | % | 3M L+575 | 17,111 | 16,993 | 16,564 | |||||||
| DRS Holdings III, Inc. (Revolver) (7), (9) | 11/03/2025 | Personal Products | — | — | 1,426 | — | (46 | ) | |||||||
| Duraco Specialty Tapes LLC | 06/30/2024 | Containers and Packaging | 8.62 | % | 3M L+550 | 3,247 | 3,208 | 3,169 | |||||||
| ECL Entertainment, LLC | 05/01/2028 | Hotels, Restaurants and Leisure | 10.62 | % | 1M L+750 | 5,203 | 5,158 | 5,125 | |||||||
| ECM Industries, LLC (Revolver) | 12/23/2025 | Electronic Equipment, Instruments, and Components | 8.00 | % | 1M L+475 | 514 | 514 | 490 | |||||||
| ECM Industries, LLC (Revolver) (9) | 12/23/2025 | Electronic Equipment, Instruments, and Components | — | — | 400 | — | (19 | ) | |||||||
| eCommission Financial Services, Inc. (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | 7.63 | % | 1M L+500 | 5,837 | 5,837 | 5,837 | |||||||
| eCommission Financial Services, Inc. (Revolver) (7), (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | 7.63 | % | 1M L+500 | 2,500 | 2,500 | 2,500 | |||||||
| eCommission Financial Services, Inc. (Revolver) (7), (9), (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | — | — | 2,500 | — | — | ||||||||
| Efficient Collaborative Retail Marketing Company, LLC | 06/15/2024 | Media: Diversified and Production | 10.42 | % | 3M L+675 | 7,150 | 7,123 | 6,936 | |||||||
| Exigo Intermediate II, LLC (9) | 03/15/2024 | Software | — | — | 2,758 | — | (41 | ) | |||||||
| Exigo Intermediate II, LLC (Revolver) | 03/15/2027 | Software | 8.87 | % | 3M L+575 | 138 | 138 | 135 | |||||||
| Exigo Intermediate II, LLC (Revolver) (9) | 03/15/2027 | Software | — | — | 552 | — | (12 | ) | |||||||
| Findex Group Limited (5)(10)(11) | 05/31/2024 | Diversified Financial Services | 7.17 | % | 3M L+450 | AUD 10,000 | 7,399 | 6,430 |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS--(Continued)
SEPTEMBER 30, 2022
(in thousands, except share data)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gantech Acquisition Corp. | 05/14/2026 | IT Services | 9.37 | % | 1M L+625 | 21,982 | $ | 21,632 | $ | 21,322 | ||||
| Gantech Acquisition Corp. (Revolver) (7) | 05/14/2026 | IT Services | 9.37 | % | 1M L+625 | 249 | 249 | 241 | ||||||
| Gantech Acquisition Corp. (Revolver) (7), (9) | 05/14/2026 | IT Services | — | — | 3,484 | — | (105 | ) | ||||||
| Global Holdings InterCo LLC | 03/16/2026 | Diversified Financial Services | 8.74 | % | 3M L+600 | 3,427 | 3,388 | 3,273 | ||||||
| Graffiti Buyer, Inc. (7), (9) | 08/10/2023 | Trading Companies & Distributors | — | — | 1,071 | — | (24 | ) | ||||||
| Graffiti Buyer, Inc. (Revolver) (7) | 08/10/2027 | Trading Companies & Distributors | 8.92 | % | 3M L+575 | 418 | 418 | 401 | ||||||
| Graffiti Buyer, Inc. (Revolver) (7), (9) | 08/10/2027 | Trading Companies & Distributors | — | — | 447 | — | (18 | ) | ||||||
| Hancock Roofing and Construction L.L.C. | 12/31/2026 | Insurance | 8.67 | % | 3M L+500 | 4,441 | 4,378 | 4,374 | ||||||
| Hancock Roofing and Construction L.L.C. (7), (9) | 12/31/2022 | Insurance | — | — | 400 | — | (6 | ) | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7) | 12/31/2026 | Insurance | 7.82 | % | 3M L+500 | 270 | 270 | 266 | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) | 12/31/2026 | Insurance | — | 480 | — | (7 | ) | |||||||
| Holdco Sands Intermediate, LLC | 11/23/2028 | Aerospace and Defense | 10.17 | % | 3M L+600 | 4,963 | 4,872 | 4,863 | ||||||
| Holdco Sands Intermediate, LLC (Revolver) (9) | 11/23/2027 | Aerospace and Defense | — | — | 1,791 | — | (36 | ) | ||||||
| HW Holdco, LLC | 12/10/2024 | Media | 6.00 | % | 1M L+500 | 8,457 | 8,416 | 8,352 | ||||||
| HW Holdco, LLC (9) | 12/10/2024 | Media | — | — | 1,686 | — | (4 | ) | ||||||
| HW Holdco, LLC (Revolver) (7), (9) | 12/10/2024 | Media | — | — | 1,452 | — | (18 | ) | ||||||
| IDC Infusion Services, Inc. | 12/30/2026 | Healthcare Equipment and Supplies | 10.44 | % | 3M L+700 | 5,723 | 5,616 | 5,506 | ||||||
| IDC Infusion Services, Inc. (Revolver) (9) | 12/30/2026 | Healthcare Equipment and Supplies | — | — | 4,167 | — | (188 | ) | ||||||
| IG Investments Holdings, LLC (7) | 09/22/2028 | Professional Services | 9.45 | % | 3M L+600 | 4,473 | 4,390 | 4,429 | ||||||
| IG Investments Holdings, LLC (Revolver) (7), (9) | 09/22/2027 | Professional Services | — | — | 477 | — | (5 | ) | ||||||
| Imagine Acquisitionco, LLC | 11/15/2027 | Software | 8.42 | % | 3M L+550 | 3,979 | 3,909 | 3,879 | ||||||
| Imagine Acquisitionco, LLC (9) | 11/15/2027 | Software | — | — | 1,657 | — | (25 | ) | ||||||
| Imagine Acquisitionco, LLC (Revolver) (9) | 11/15/2027 | Software | — | — | 1,193 | — | (30 | ) | ||||||
| Inception Fertility Ventures, LLC | 12/07/2023 | Healthcare Providers and Services | 10.13 | % | 3M L+715 | 14,954 | 14,711 | 14,804 | ||||||
| Infolinks Media Buyco, LLC | 11/01/2026 | Media | 9.42 | % | 3M L+575 | 2,625 | 2,581 | 2,625 | ||||||
| Infolinks Media Buyco, LLC (9) | 11/01/2023 | Media | — | — | 969 | — | 10 | |||||||
| Integrative Nutrition, LLC | 09/29/2023 | Consumer Services | 8.42 | % | 3M L+450 | 15,636 | 15,600 | 15,323 | ||||||
| Integrative Nutrition, LLC (Revolver) (7), (9) | 09/29/2023 | Consumer Services | — | — | 5,000 | — | — | |||||||
| Integrity Marketing Acquisition, LLC (7) | 08/27/2025 | Insurance | 7.58 | % | SOFR+550 | 15,825 | 15,697 | 15,667 | ||||||
| ITI Holdings, Inc. (Revolver) | 03/03/2028 | IT Services | 8.25 | % | 3M L+550 | 133 | 133 | 130 | ||||||
| ITI Holdings, Inc. (Revolver) (9) | 03/03/2028 | IT Services | — | — | 532 | — | (11 | ) | ||||||
| K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9) | 12/20/2023 | Chemicals, Plastics and Rubber | — | — | 1,429 | — | — | |||||||
| Kinetic Purchaser, LLC | 11/10/2027 | Personal Products | 9.67 | % | 3M L+600 | 17,428 | 17,120 | 17,079 | ||||||
| Kinetic Purchaser, LLC - (Revolver) (9) | 11/10/2026 | Personal Products | 9.67 | % | 3M L+600 | 3,435 | 3,435 | 3,366 | ||||||
| Lash OpCo, LLC | 02/18/2027 | Personal Products | 11.17 | % | 1M L+700 | 10,511 | 10,323 | 10,300 | ||||||
| Lash OpCo, LLC (Revolver) (7) | 08/16/2026 | Personal Products | 9.38 | % | 1M L+700 | 599 | 599 | 587 | ||||||
| Lash OpCo, LLC (Revolver) (7), (9) | 08/16/2026 | Personal Products | — | 1,321 | — | (26 | ) | |||||||
| LAV Gear Holdings, Inc. | 10/31/2024 | Capital Equipment | 9.95 | % | 1M L+750 | 9,565 | 9,542 | 9,345 | ||||||
| (PIK 5.50%) | ||||||||||||||
| LAV Gear Holdings, Inc. (Revolver) (7) | 10/31/2024 | Capital Equipment | 9.95 | % | 1M L+750 | 1,721 | 1,721 | 1,681 | ||||||
| (PIK 5.50%) | ||||||||||||||
| Ledge Lounger, Inc. | 11/09/2026 | Leisure Products | 9.92 | % | 3M L+625 | 3,747 | 3,683 | 3,691 | ||||||
| Ledge Lounger, Inc. (Revolver) (9) | 11/09/2026 | Leisure Products | — | — | 789 | — | (12 | ) | ||||||
| Lightspeed Buyer Inc. | 02/03/2026 | Healthcare Technology | 8.87 | % | 1M L+575 | 24,357 | 24,065 | 23,566 | ||||||
| Lightspeed Buyer Inc. (Revolver) (7) | 02/03/2026 | Healthcare Technology | 8.87 | % | 1M L+575 | 1,083 | 1,083 | 1,048 | ||||||
| Lightspeed Buyer Inc. (Revolver) (7) (9) | 02/03/2026 | Healthcare Technology | — | — | 1,416 | — | (46 | ) | ||||||
| Lucky Bucks, LLC | 07/20/2027 | Hotels, Restaurants and Leisure | 8.31 | % | 3M L+550 | 4,331 | 4,258 | 3,183 | ||||||
| MAG DS Corp. | 04/01/2027 | Aerospace and Defense | 9.17 | % | 1M L+550 | 3,714 | 3,576 | 3,379 | ||||||
| Mars Acquisition Holdings Corp. | 05/14/2026 | Media | 8.62 | % | 3M L+550 | 6,052 | 5,958 | 6,022 | ||||||
| Mars Acquisition Holdings Corp. (Revolver)(7)(9) | 05/14/2026 | Media | — | — | 1,624 | — | (8 | ) | ||||||
| MBS Holdings, Inc. (Revolver)(7)(9) | 04/16/2027 | Internet Software and Services | — | — | 1,157 | — | (12 | ) | ||||||
| MDI Buyer, Inc. - Unfunded Term Loan | 07/25/2028 | Commodity Chemicals | — | — | 1,804 | — | (18 | ) | ||||||
| MDI Buyer, inc. (Revolver) (9) | 07/25/2028 | Commodity Chemicals | — | — | 773 | — | (8 | ) | ||||||
| Meadowlark Acquirer, LLC | 12/10/2027 | Professional Services | 9.17 | % | 3M L+550 | 1,319 | 1,306 | 1,305 | ||||||
| Meadowlark Acquirer, LLC - Term Loan I (9) | 12/10/2027 | Professional Services | — | — | 1,782 | — | — | |||||||
| Meadowlark Acquirer, LLC - Term Loan II (9) | 12/10/2027 | Professional Services | — | — | 9,483 | — | — | |||||||
| Meadowlark Acquirer, LLC (Revolver) (9) | 12/10/2027 | Professional Services | — | — | 1,693 | — | (17 | ) | ||||||
| Mission Critical Electronics, Inc. | 03/28/2024 | Capital Equipment | 8.03 | % | SOFR +500 | 3,430 | 3,395 | 3,389 | ||||||
| Mission Critical Electronics, Inc. (9) | 03/28/2024 | Capital Equipment | — | — | 883 | — | (7 | ) | ||||||
| Mission Critical Electronics, Inc. (Revolver) (7) | 03/28/2024 | Capital Equipment | 6.67 | % | 1M L+500 | 557 | 557 | 550 | ||||||
| Mission Critical Electronics, Inc. (Revolver) (7), (9) | 03/28/2024 | Capital Equipment | — | — | 769 | — | (9 | ) | ||||||
| Municipal Emergency Services, Inc. (7) | 09/28/2027 | Distributors | 8.67 | % | 3M L+500 | 354 | 351 | 334 | ||||||
| Municipal Emergency Services, Inc. (7), (9) | 09/28/2027 | Distributors | — | — | 592 | — | (29 | ) | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7) | 09/28/2027 | Distributors | 8.67 | % | 3M L+500 | 142 | 142 | 134 | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7), (9) | 09/28/2027 | Distributors | — | — | 805 | — | (47 | ) | ||||||
| NBH Group LLC (Revolver) (7), (9) | 08/19/2026 | Healthcare Equipment and Supplies | — | — | 1,677 | — | — | |||||||
| OIS Management Services, LLC | 07/09/2026 | Healthcare Equipment and Supplies | 9.45 | % | SOFR + 575 | 1,975 | 1,951 | 1,975 | ||||||
| OIS Management Services, LLC (Revolver) (7), (9) | 07/09/2026 | Healthcare Equipment and Supplies | — | — | 444 | — | — | |||||||
| One Stop Mailing, LLC | 05/07/2027 | Air Freight and Logistics | 9.37 | % | 3M L+625 | 8,759 | 8,612 | 8,496 | ||||||
| ORL Acquisition, Inc. (7) | 09/03/2027 | Consumer Finance | 8.92 | % | 3M L+525 | 7,195 | 7,069 | 7,195 | ||||||
| ORL Acquisition, Inc. (Revolver) (7), (9) | 09/03/2027 | Consumer Finance | — | — | 861 | — | — | |||||||
| Output Services Group, Inc. | 03/27/2024 | Business Services | 9.80 | % | 1M L+675 | 4,874 | 4,592 | 3,704 | ||||||
| Owl Acquisition, LLC | 02/04/2028 | Professional Services | 8.41 | % | 3M L+575 | 3,990 | 3,874 | 3,890 | ||||||
| Ox Two, LLC | 05/18/2026 | Construction and Building | 9.81 | % | 1M L+700 | 25,772 | 25,440 | 25,257 | ||||||
| Ox Two, LLC (Revolver) (7) | 05/18/2026 | Construction and Building | 9.81 | % | 1M L+700 | 2,484 | 2,484 | 2,434 | ||||||
| Ox Two, LLC (Revolver) (9) | 05/18/2026 | Construction and Building | — | — | 903 | — | (18 | ) | ||||||
| PL Acquisitionco, LLC | 11/09/2027 | Textiles, Apparel and Luxury Goods | 9.62 | % | 3M L+650 | 6,110 | 6,015 | 5,958 | ||||||
| PL Acquisitionco, LLC - (Revolver) (9) | 11/09/2027 | Textiles, Apparel and Luxury Goods | — | — | 2,290 | — | (57 | ) | ||||||
| Plant Health Intermediate, Inc. | 10/19/2022 | Chemicals, Plastics and Rubber | 8.87 | % | 3M L+575 | 637 | 637 | 637 | ||||||
| PlayPower, Inc. | 05/08/2026 | Leisure Products | 9.17 | % | 1M L+550 | 3,440 | 3,419 | 3,078 | ||||||
| PRA Events, Inc. | 08/07/2025 | Business Services | 14.17 | % | 1M L+1,050 | 3,323 | 2,903 | 3,323 | ||||||
| (PIK 10.50%) | ||||||||||||||
| Pragmatic Institute, LLC - Unfunded Term Loan | 07/06/2028 | Professional Services | — | — | 2,290 | — | — | |||||||
| Pragmatic Institute, LLC (Revolver) | 07/06/2028 | Professional Services | 9.30 | % | 3M L+575 | 305 | 305 | 302 | ||||||
| Pragmatic Institute, LLC (Revolver) (9) | 07/06/2028 | Professional Services | — | — | 1,221 | — | (12 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS--(Continued)
SEPTEMBER 30, 2022
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quantic Electronics, LLC | 11/19/2026 | Electronic Equipment, Instruments, and Components | 9.92 | % | 1M L+600 | 4,706 | $ | 4,632 | $ | 4,612 | ||||||
| Quantic Electronics, LLC (Revolver) (7) | 11/19/2026 | Electronic Equipment, Instruments, and Components | 9.51 | % | 1M L+600 | 268 | 268 | 263 | ||||||||
| Quantic Electronics, LLC (Revolver) (7), (9) | 11/19/2026 | Electronic Equipment, Instruments, and Components | — | — | 402 | — | (8 | ) | ||||||||
| Questex, LLC | 09/09/2024 | Media: Diversified and Production | 7.45 | % | 3M L+500 | 7,200 | 7,146 | 7,056 | ||||||||
| Questex, LLC (Revolver) (7), (9) | 09/09/2024 | Media: Diversified and Production | — | — | 1,197 | — | (24 | ) | ||||||||
| Rancho Health MSO, Inc. (7) | 12/18/2025 | Healthcare Equipment and Supplies | 7.75 | % | 3M L+550 | 1,040 | 1,040 | 1,040 | ||||||||
| Rancho Health MSO, Inc. (Revolver) (7), (9) | 12/18/2025 | Healthcare Equipment and Supplies | — | — | 525 | — | — | |||||||||
| Recteq, LLC | 01/29/2026 | Leisure Products | 9.92 | % | 3M L+600 | 1,478 | 1,457 | 1,426 | ||||||||
| Recteq, LLC (Revolver) (7) | 01/29/2026 | Leisure Products | 9.92 | % | 3M L+600 | 360 | 360 | 347 | ||||||||
| Recteq, LLC (Revolver) (7), (9) | 01/29/2026 | Leisure Products | — | 936 | — | (33 | ) | |||||||||
| Research Now Group, Inc. and Dynata, LLC | 12/20/2024 | Business Services | 8.84 | % | 3M L+550 | 17,142 | 16,985 | 15,406 | ||||||||
| Riverpoint Medical, LLC | 06/20/2025 | Healthcare Equipment and Supplies | 8.65 | % | 3M L+575 | 7,980 | 7,924 | 7,781 | ||||||||
| Riverpoint Medical, LLC (Revolver) (7), (9) | 06/20/2025 | Healthcare Equipment and Supplies | — | — | 909 | — | (23 | ) | ||||||||
| Riverside Assessments, LLC | 03/10/2025 | Professional Services | 9.95 | % | 3M L+625 | 15,356 | 15,201 | 15,049 | ||||||||
| Sales Benchmark Index LLC | 01/03/2025 | Professional Services | 9.67 | % | 3M L+600 | 7,105 | 7,034 | 7,034 | ||||||||
| Sales Benchmark Index LLC (Revolver) (7), (9) | 01/03/2025 | Professional Services | — | — | 1,293 | — | (13 | ) | ||||||||
| Sargent & Greenleaf Inc. | 12/20/2024 | Electronic Equipment, Instruments, and Components | 8.62 | % | 1M L+550 | 3,487 | 3,462 | 3,452 | ||||||||
| Sargent & Greenleaf Inc. (Revolver) | 12/20/2024 | Electronic Equipment, Instruments, and Components | 8.28 | % | 1M L+550 | 1,048 | 1,048 | 1,037 | ||||||||
| Sargent & Greenleaf Inc. (Revolver) (9) | 12/20/2024 | Electronic Equipment, Instruments, and Components | — | — | 9 | — | — | |||||||||
| Schlesinger Global, Inc. | 07/14/2025 | Professional Services | 10.27 | % | SOFR + 700 | 14,560 | 14,467 | 14,196 | ||||||||
| Schlesinger Global, Inc. (Revolver) | 07/14/2025 | Professional Services | 10.14 | % | 1M L+600 | 1,487 | 1,487 | 1,450 | ||||||||
| Schlesinger Global, Inc. (Revolver) (7), (9) | 07/14/2025 | Professional Services | — | — | 385 | — | (10 | ) | ||||||||
| Seaway Buyer, LLC | 06/13/2029 | Chemicals, Plastics and Rubber | 9.41 | % | 3M L+575 | 6,940 | 6,836 | 6,836 | ||||||||
| Sigma Defense Systems, LLC | 12/18/2025 | IT Services | 12.17 | % | 3M L+850 | 10,969 | 10,742 | 10,750 | ||||||||
| Sigma Defense Systems, LLC (Revolver) (7) | 12/18/2025 | IT Services | 12.17 | % | 3M L+850 | 996 | 996 | 976 | ||||||||
| Sigma Defense Systems, LLC (Revolver) (7), (9) | 12/18/2025 | IT Services | — | 1,625 | — | (32 | ) | |||||||||
| Signature Systems Holding Company | 05/03/2024 | Commercial Services & Supplies | 10.17 | % | 1M L+650 | 10,358 | 10,301 | 10,280 | ||||||||
| Signature Systems Holding Company (Revolver) (9) | 05/03/2024 | Commercial Services & Supplies | — | — | 1,747 | — | (13 | ) | ||||||||
| Smile Brands Inc. | 10/14/2025 | Healthcare and Pharmaceuticals | 7.42 | % | 1M L+450 | 2,462 | 2,462 | 2,370 | ||||||||
| Smile Brands Inc. (Revolver) (7), (9) | 10/14/2025 | Healthcare and Pharmaceuticals | — | — | 1,508 | — | (57 | ) | ||||||||
| Smile Brands Inc. LC (Revolver) (7), (9) | 10/14/2025 | Healthcare and Pharmaceuticals | — | — | 108 | — | (4 | ) | ||||||||
| Solutionreach, Inc. | 01/17/2024 | Healthcare Technology | 8.87 | % | 3M L+575 | 5,740 | 5,705 | 5,602 | ||||||||
| Solutionreach, Inc. (Revolver) (7), (9) | 01/17/2024 | Healthcare Technology | — | — | 1,665 | — | (40 | ) | ||||||||
| Spear Education, LLC | 02/26/2025 | Professional Services | 9.42 | % | 3M L+575 | 14,747 | 14,642 | 14,747 | ||||||||
| Spendmend Holdings LLC | 03/01/2028 | Healthcare Technology | 8.63 | % | SOFR + 575 | 3,216 | 3,179 | 3,126 | ||||||||
| Spendmend Holdings LLC (9) | 03/01/2023 | Healthcare Technology | — | — | 1,771 | — | (36 | ) | ||||||||
| Spendmend Holdings LLC (Revolver) | 03/01/2028 | Healthcare Technology | 8.63 | % | 3M L+575 | 119 | 119 | 116 | ||||||||
| Spendmend Holdings LLC (Revolver) (9) | 03/01/2028 | Healthcare Technology | — | — | 772 | — | (22 | ) | ||||||||
| STV Group Incorporated | 12/11/2026 | Construction & Engineering | 8.37 | % | 1M L+525 | 4,752 | 4,718 | 4,704 | ||||||||
| System Planning and Analysis, Inc.<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | 8.73 | % | SOFR+600 | 18,560 | 18,237 | 18,263 | ||||||||
| System Planning and Analysis, Inc. (Revolver)<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | — | — | 5,188 | — | (83 | ) | ||||||||
| Teneo Holdings LLC | 07/18/2025 | Diversified Financial Services | 8.38 | % | 1M L+525 | 5,793 | 5,718 | 5,455 | ||||||||
| The Aegis Technologies Group, LLC | 10/31/2025 | Aerospace and Defense | 9.55 | % | 3M L+600 | 4,921 | 4,868 | 4,872 | ||||||||
| The Bluebird Group LLC | 07/27/2026 | Professional Services | 10.67 | % | 3M L+700 | 6,265 | 6,162 | 6,328 | ||||||||
| The Bluebird Group LLC (Revolver) (7), (9) | 07/27/2026 | Professional Services | — | — | 862 | — | 9 | |||||||||
| The Infosoft Group, LLC | 09/16/2024 | Media: Broadcasting and Subscription | 8.51 | % | 3M L+575 | 15,229 | 15,120 | 15,115 | ||||||||
| The Vertex Companies, LLC (7) | 08/30/2027 | Construction & Engineering | 8.18 | % | 1M L+550 | 2,159 | 2,122 | 2,148 | ||||||||
| The Vertex Companies, LLC (7), (9) | 08/30/2027 | Construction & Engineering | — | — | 573 | — | 3 | |||||||||
| The Vertex Companies, LLC (Revolver) | 08/30/2027 | Construction & Engineering | 8.26 | % | 1M L+550 | 182 | 182 | 181 | ||||||||
| The Vertex Companies, LLC (Revolver) (7), (9) | 08/30/2027 | Construction & Engineering | — | — | 729 | — | (4 | ) | ||||||||
| TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10) | 11/24/2025 | Food Products | 7.78 | % | 3M L+550 | 4,863 | 4,834 | 4,717 | ||||||||
| TVC Enterprises, LLC | 03/26/2026 | Commercial Services & Supplies | 8.87 | % | 1M L+600 | 24,721 | 24,378 | 24,103 | ||||||||
| TVC Enterprises, LLC (Revolver) (7), (9) | 03/26/2026 | Commercial Services & Supplies | — | — | 661 | — | (17 | ) | ||||||||
| TWS Acquisition Corporation | 06/16/2025 | Diversified Consumer Services | 8.76 | % | 1M L+625 | 5,468 | 5,398 | 5,441 | ||||||||
| TWS Acquisition Corporation (Revolver) (7), (9) | 06/16/2025 | Diversified Consumer Services | — | — | 2,628 | — | (13 | ) | ||||||||
| Tyto Athene, LLC | 04/01/2028 | IT Services | 7.76 | % | 1M L+550 | 12,644 | 12,487 | 11,746 | ||||||||
| Tyto Athene, LLC (Revolver) (7), (9) | 04/01/2026 | IT Services | — | — | 1,040 | — | (74 | ) | ||||||||
| UBEO, LLC | 04/03/2024 | Capital Equipment | 7.60 | % | 3M L+450 | 17,926 | 17,860 | 17,657 | ||||||||
| UBEO, LLC (Revolver) | 04/03/2024 | Capital Equipment | 9.00 | % | 3M L+275 | 587 | 587 | 578 | ||||||||
| UBEO, LLC (Revolver) (9) | 04/03/2024 | Capital Equipment | — | — | 2,347 | — | (35 | ) | ||||||||
| Unique Indoor Comfort, LLC | 05/24/2027 | Diversified Consumer Services | 8.95 | % | 3M L + 525 | 9,217 | 9,126 | 9,014 | ||||||||
| Unique Indoor Comfort, LLC Term Loan (7) | 05/24/2027 | Diversified Consumer Services | — | — | 10,760 | — | (129 | ) | ||||||||
| Unique Indoor Comfort, LLC (Revolver) (7), (9) | 05/24/2027 | Diversified Consumer Services | — | — | 2,000 | — | (44 | ) | ||||||||
| Walker Edison Furniture Company LLC | 03/31/2027 | Wholesale | 12.42 | % | 1M L+875 | 12,684 | 12,434 | 8,474 | ||||||||
| Wildcat Buyerco, Inc. | 02/27/2026 | Electronic Equipment, Instruments, and Components | 9.38 | % | 3M L+575 | 9,853 | 9,717 | 9,532 | ||||||||
| Wildcat Buyerco, Inc. (Revolver) (9) | 02/27/2026 | Electronic Equipment, Instruments, and Components | — | — | 534 | — | (34 | ) | ||||||||
| Zips Car Wash, LLC | 03/01/2024 | Automobiles | 10.30 | % | 3M L+725 | 13,428 | 13,284 | 13,092 | ||||||||
| Total First Lien Secured Debt | 815,742 | 789,107 | ||||||||||||||
| Second Lien Secured Debt—0% | ||||||||||||||||
| Mailsouth Inc. (7) | 04/23/2025 | Media: Advertising, Printing and Publishing | 0.00 | % | (6) | — | 1,001 | 965 | - | |||||||
| (PIK 15.00%) | ||||||||||||||||
| QuantiTech LLC | 02/04/2027 | Aerospace and Defense | 12.68 | % | 3M L+1,000 | 150 | 148 | 147 | ||||||||
| Total Second Lien Secured Debt | 1,113 | 147 | ||||||||||||||
| Preferred Equity— 1.6% (6) | ||||||||||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 6,720 | $ | 672 | $ | 747 | |||||||
| Cartessa Aesthetics, LLC | — | Distributors | — | — | 1,437,500 | 1,438 | 1,499 | |||||||||
| Imagine Topco, LP | — | Software | 8.00 | % | — | 1,236,027 | 1,236 | 1,170 |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS--(Continued)
SEPTEMBER 30, 2022
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | $ | 835 | $ | 976 | ||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | 2,018 | 2,537 | ||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 733 | 733 | 1,042 | ||||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,327 | 133 | 144 | ||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | 12.00 | % | — | 1,323 | 1,323 | 1,674 | |||||||
| TPC Holding Company, LP (5), (7), (10) | — | Food Products | — | — | 409 | 409 | 116 | ||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 37 | 37 | 40 | ||||||||
| UniTek Global Services, Inc. - | — | Telecommunications | 20.00 | % | — | 343,861 | 344 | — | |||||||
| Super Senior Preferred Equity (7) | |||||||||||||||
| UniTek Global Services, Inc. - Senior Preferred Equity (7) | — | Telecommunications | 19.00 | % | — | 448,851 | 449 | — | |||||||
| UniTek Global Services, Inc. (7) | — | Telecommunications | 13.50 | % | — | 1,047,317 | 670 | — | |||||||
| Total Preferred Equity | 10,297 | 9,945 | |||||||||||||
| Common Equity/Warrants— 18.1% (6) | |||||||||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 7,467 | 75 | 98 | ||||||||
| Affinion Group Holdings, Inc. (Warrants)(7) | 04/10/2024 | Consumer Goods: Durable | — | — | 8,893 | 245 | — | ||||||||
| AG Investco LP (7), (8) | — | Software | — | — | 805,164 | 805 | 1,127 | ||||||||
| AG Investco LP (7), (8), (9) | — | Software | — | — | 194,836 | — | — | ||||||||
| Altamira Intermediate Company II, Inc. (7) | — | IT Services | — | — | 1,437,500 | 1,438 | 906 | ||||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | — | 480 | ||||||||
| Athletico Holdings, LLC | — | Healthcare Providers and Services | — | — | 4,678 | 5,000 | 4,758 | ||||||||
| Burgess Point Holdings, LP | — | Auto Components | — | — | 100 | 100 | 101 | ||||||||
| By Light Investco LP (7), (8) | — | High Tech Industries | — | — | 22,090 | 193 | 18,085 | ||||||||
| By Light Investco LP (7), (8), (9) | — | High Tech Industries | — | — | 3,223 | — | — | ||||||||
| CI (Allied) Investment Holdings, LLC | — | Business Services | — | — | 120,962 | 1,243 | 1,651 | ||||||||
| (PRA Events, Inc.) (7), (8) | |||||||||||||||
| Connatix Parent, LLC (7) | — | Media | — | — | 38,278 | 421 | 459 | ||||||||
| Crane 1 Acquisition Parent Holdings, L.P. (7) | — | Commercial Services & Supplies | — | — | 130 | 120 | 140 | ||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) | — | IT Services | — | — | 615,484 | 602 | 1,255 | ||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9) | — | IT Services | — | — | 389,386 | — | — | ||||||||
| ECM Investors, LLC (7), (8) | — | Electronic Equipment, Instruments, and Components | — | — | 295,982 | 65 | 633 | ||||||||
| eCommission Holding Corporation (7), (10) | — | Banking, Finance, Insurance & Real Estate | — | — | 20 | 251 | 348 | ||||||||
| Exigo, LLC | — | Software | — | — | 541,667 | 542 | 478 | ||||||||
| Express Wash Topco, LLC | — | Automobiles | — | — | 20,000 | 100 | 102 | ||||||||
| FedHC InvestCo LP (7),(8) | — | Aerospace and Defense | — | — | 21,083 | 711 | 2,142 | ||||||||
| FedHC InvestCo LP (7),(8),(9) | — | Aerospace and Defense | — | — | 9,488 | — | — | ||||||||
| Gauge InfosoftCoInvest, LLC | — | Media: Broadcasting and Subscription | — | — | 500 | 144 | 2,471 | ||||||||
| (The Infosoft Group, LLC) (7) | |||||||||||||||
| Gauge Lash Coinvest LLC (7) | — | Personal Products | — | — | 1,485,953 | 227 | 7,030 | ||||||||
| Gauge Schlesinger Coinvest LLC (7) | — | Professional Services | — | — | 465 | 476 | 496 | ||||||||
| Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7) | — | Professional Services | — | — | 391,144 | — | 1,558 | ||||||||
| GCOM InvestCo LP (7),(8) | — | IT Services | — | — | 19,184 | 3,342 | 4,626 | ||||||||
| Go Dawgs Capital III, LP | — | Building Products | — | — | 324,675 | 325 | 377 | ||||||||
| (American Insulated Glass, LLC) (7), (8) | |||||||||||||||
| Hancock Claims Consultants Investors, LLC (7), (8) | — | Insurance | — | — | 450,000 | 450 | 477 | ||||||||
| HV Watterson Holdings, LLC | — | Professional Services | — | — | 100,000 | 100 | 87 | ||||||||
| Icon Partners V C, L.P. | — | Internet Software and Services | — | — | 1,851,852 | 1,852 | 1,989 | ||||||||
| Icon Partners V C, L.P. (7), (9) | — | Internet Software and Services | — | — | 648,148 | — | — | ||||||||
| IIN Group Holdings, LLC | — | Consumer Services | — | — | 1,000 | 1,000 | 54 | ||||||||
| (Integrative Nutrition, LLC) (7), (8) | |||||||||||||||
| Imagine Topco, LP (Common) | — | Software | — | — | 1,236,027 | — | — | ||||||||
| Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8) | — | Commercial Services & Supplies | — | — | 5,811 | 573 | 754 | ||||||||
| ITC Infusion Co-invest, LP | — | Healthcare Equipment and Supplies | — | — | 81,313 | 813 | 857 | ||||||||
| ITC Rumba, LLC (Cano Health, LLC) (7),(8) | — | Healthcare and Pharmaceuticals | — | — | 46,763 | 117 | 5,232 | ||||||||
| JWC-WE Holdings, L.P. | — | Wholesale | — | — | 1,948 | 568 | — | ||||||||
| (Walker Edison Furniture Company LLC) (7), (8) | |||||||||||||||
| Kinetic Purchaser, LLC | — | Personal Products | — | — | 1,734,775 | 1,735 | 2,458 | ||||||||
| KL Stockton Co-Invest LP (Any Hour Services) (7),(8) | — | Energy Equipment and Services | — | — | 382,353 | 382 | 643 | ||||||||
| Kentucky Racing Holdco, LLC (Warrants) (7), (8) | — | Hotels, Restaurants and Leisure | — | — | 87,345 | — | 961 | ||||||||
| Lightspeed Investment Holdco LLC (7) | — | Healthcare Technology | — | — | 585,587 | 586 | 800 | ||||||||
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | — | 255 | ||||||||
| MDI Aggregator, LP | — | Commodity Chemicals | — | — | 668,747 | 670 | 669 | ||||||||
| Meadowlark Title, LLC | — | Professional Services | — | — | 819,231 | 819 | 901 | ||||||||
| MSpark, LLC | — | Media: Advertising, Printing and Publishing | — | — | 3,988 | 1,288 | — | ||||||||
| Municipal Emergency Services, Inc. (7) | — | Distributors | — | — | 1,973,370 | 2,005 | 1,505 | ||||||||
| NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) | — | Leisure Products | — | — | 1,494 | 1,450 | 279 | ||||||||
| North Haven Saints Equity Holdings, LP | — | Healthcare Technology | — | — | 223,602 | 224 | 237 | ||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 14,960 | 15 | 310 | ||||||||
| OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) | — | Aerospace and Defense | — | — | 173,638 | 1,729 | 2,917 | ||||||||
| OHCP V BC COI, L.P. | — | Distributors | — | — | 743,750 | 744 | 636 | ||||||||
| OHCP V BC COI, L.P. (8) (9) | — | Distributors | — | — | 506,250 | — | (73 | ) | |||||||
| Oral Surgery (ITC) Holdings, LLC (7),(8) | — | Healthcare Equipment and Supplies | — | — | 3,872 | 83 | 231 | ||||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,474 | 15 | 261 | ||||||||
| PennantPark-TSO Senior Loan Fund, LP (7) | — | Financial Services | — | — | 11,167,847 | 11,168 | 9,892 | ||||||||
| Pink Lily Holdco, LLC (PL Acquisitions, LLC) | — | Textiles, Apparel and Luxury Goods | — | — | 1,735 | 1,735 | 914 |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS--(Continued)
SEPTEMBER 30, 2022
(in thousands, except share data)
(Unaudited)
| Issuer Name | Maturity | Industry | Current<br> Coupon | Basis Point<br> Spread<br> Above<br> Index (1) | Par /<br> Shares | Cost | Fair Value (2) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pragmatic Institute, LLC | — | Professional Services | — | — | 610,583 | $ | 611 | $ | 611 | ||||||
| QuantiTech InvestCo LP (7), (8) | — | Aerospace and Defense | — | — | 712 | 68 | 352 | ||||||||
| QuantiTech InvestCo LP (7), (8), (9) | — | Aerospace and Defense | — | — | 955 | — | — | ||||||||
| QuantiTech InvestCo II LP (7), (8), | — | Aerospace and Defense | — | — | 40 | 25 | 24 | ||||||||
| RFMG Parent, LP (Rancho Health MSO, Inc.) (7) | — | Healthcare Equipment and Supplies | — | — | 1,050,000 | 1,050 | 1,091 | ||||||||
| SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8) | — | Professional Services | — | — | 64,634 | 646 | 634 | ||||||||
| Seaway Topco, LP | Chemicals, Plastics and Rubber | — | — | 296 | 296 | 296 | |||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | — | — | 70 | 70 | — | ||||||||
| SP L2 Holdings, LLC (Ledge Lounger, Inc.) | — | Leisure Products | — | — | 360,103 | 360 | 373 | ||||||||
| SSC Dominion Holdings, LLC | — | Capital Equipment | — | — | 500 | 500 | 680 | ||||||||
| Class A (US Dominion, Inc.) (7) | |||||||||||||||
| SSC Dominion Holdings, LLC | — | Capital Equipment | — | — | 500 | — | 1,463 | ||||||||
| Class B (US Dominion, Inc.) (7) | |||||||||||||||
| StellPen Holdings, LLC (CF512, Inc.) (7) | — | Media | — | — | 161,538 | 162 | 160 | ||||||||
| TAC LifePort Holdings, LLC (7),(8) | — | Aerospace and Defense | — | — | 488,372 | 488 | 621 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC) | — | Media | — | — | 216,925 | 209 | 366 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9) | — | Media | — | — | 148,681 | — | — | ||||||||
| TPC Holding Company, LP (5), (7), (10) | — | Food Products | — | — | 21,527 | 22 | — | ||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 749 | 1 | — | ||||||||
| UniTek Global Services, Inc. (7) | — | Telecommunications | — | — | 213,739 | — | — | ||||||||
| UniTek Global Services, Inc. (Warrants) (7) | — | Telecommunications | — | — | 23,889 | — | — | ||||||||
| UniVista Insurance (7),(8) | — | Insurance | — | — | 400 | 378 | 454 | ||||||||
| WCP IvyRehab QP CF Feeder, LP | — | Healthcare Providers and Services | — | — | 3,762,257 | 3,762 | 3,762 | ||||||||
| WCP IvyRehab QP CF Feeder, LP (9) | — | Healthcare Providers and Services | — | — | 237,743 | — | — | ||||||||
| Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8) | — | Electronic Equipment, Instruments, and Components | — | — | 2,240 | 224 | 596 | ||||||||
| Total Common Equity/Warrants | 55,418 | 94,050 | |||||||||||||
| Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies | 882,570 | 893,249 | |||||||||||||
| Investments in Controlled, Affiliated Portfolio Companies—51.4% (3), (4) | |||||||||||||||
| First Lien Secured Debt—41.8% | |||||||||||||||
| Marketplace Events, LLC - Super Priority First Lien Term Loan (7) | 09/30/2025 | Media: Diversified and Production | 8.19 | % | 3M L+525 | 3,582 | 3,582 | 3,582 | |||||||
| (PIK 5.25%) | |||||||||||||||
| Marketplace Events, LLC - Super Priority First Lien (7), (9) | 09/30/2025 | Media: Diversified and Production | — | — | 3,261 | — | — | ||||||||
| Marketplace Events, LLC | 09/30/2026 | Media: Diversified and Production | 8.19 | % | 3M L+525 | 26,771 | 19,518 | 26,771 | |||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | 05/06/2024 | Financial Services | 10.71 | % | 3M L+800 | 190,181 | 190,181 | 190,182 | |||||||
| Total First Lien Secured Debt | 213,281 | 220,535 | |||||||||||||
| Equity Interests—9.6% | |||||||||||||||
| New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8) | — | Media: Diversified and Production | — | — | 349 | — | 1,036 | ||||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | — | Financial Services | — | — | 81,506 | 81,506 | 49,434 | ||||||||
| Total Equity Interests | 81,506 | 50,470 | |||||||||||||
| Total Investments in Controlled, Affiliated Portfolio Companies | 294,787 | 271,005 | |||||||||||||
| Total Investments—220.9% | 1,177,357 | 1,164,254 | |||||||||||||
| Cash and Cash Equivalents—9.1% | |||||||||||||||
| BlackRock Federal FD Institutional 30 | 38,209 | 38,209 | |||||||||||||
| BNY Mellon Cash | 9,707 | 9,671 | |||||||||||||
| Total Cash and Cash Equivalents | 47,916 | 47,880 | |||||||||||||
| Total Investments and Cash Equivalents—230.0% | $ | 1,225,273 | $ | 1,212,134 | |||||||||||
| Liabilities in Excess of Other Assets—(130.0)% | (685,042 | ) | |||||||||||||
| Net Assets—100.0% | $ | 527,092 |
—————
(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or “L”, Secured Overnight Financing Rate or "SOFR", or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the 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 September 30, 2022, qualifying assets represent 81% of our total assets and non-qualifying assets represent 19% of our total assets.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS--(Continued)
SEPTEMBER 30, 2022
(in thousands, except share data)
(Unaudited)
(11) Par amount is denominated in Australian Dollars (AUD) as denoted.