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 | ||
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| Date of Report: November 15, 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 November 15, 2023, PennantPark Floating Rate Capital Ltd., or the Company, issued a press release announcing its financial results for the fourth fiscal quarter ended September 30, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report pursuant to Item 2.02 on Form 8-K and Regulation FD. A copy of the Company's schedule of investments as of September 30, 2023 and 2022 are 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 Company is completing its assessment of the effectiveness of its internal control over financial reporting as of September 30, 2023. Based on currently available information, the Company expects to report certain material weaknesses in internal control over financial reporting in Item 9A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the “2023 Annual Report”). The material weaknesses identified to date relate to the control environment over the Company’s review process of its cash and par reconciliations and its interest income analysis. The material weaknesses are not expected to impact the accuracy of the Company’s financial statements to be reported in the 2023 Annual Report. Because the Company has not completed the preparation of its consolidated financial statements for the year ended September 30, 2023, the preliminary unaudited results presented in the press release as of and for the fourth quarter and year ended September 30, 2023 are based on current expectations and are subject to adjustment.<br><br><br><br>The information in this report on Form 8-K, including Exhibits 99.1 and 99.2 furnished herewith, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or otherwise subject to the liabilities of such section. The information in this report on Form 8-K shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Act, or under the Exchange Act, except as shall be expressly set forth by specific reference in such filing.<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 the Company files under the Exchange Act. All statements other than statements of historical facts included in this report on Form 8-K are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.<br><br><br><br>The Company may use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from its historical experience and present expectations.<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 November 15, 2023<br><br>99.2 Schedule of Investments as of September 30, 2023 and 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>SIGNATURE | |
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| 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: November 15, 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-99.1
EXHIBIT 99.1
PennantPark Floating Rate Capital Ltd. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2023
Miami, FL — (GLOBE NEWSWIRE — November 15, 2023) — PennantPark Floating Rate Capital Ltd. (NYSE: PFLT) (TASE: PFLT) announced today financial results for the fourth quarter and fiscal year ended September 30, 2023.
HIGHLIGHTS
Quarter ended September 30, 2023 (Unaudited)
($ in millions, except per share amounts)
| Assets and Liabilities: | |||||
|---|---|---|---|---|---|
| Investment portfolio (1) | $ | 1,067.2 | |||
| Net assets | $ | 653.6 | |||
| GAAP net asset value per share | $ | 11.13 | |||
| Quarterly increase in GAAP net asset value per share | 1.6 | % | |||
| Adjusted net asset value per share (2) | $ | 11.13 | |||
| Quarterly increase in adjusted net asset value per share (2) | 1.2 | % | |||
| Credit Facility | $ | 9.4 | |||
| 2023 Notes | $ | 76.2 | |||
| 2026 Notes | $ | 183.1 | |||
| 2031 Asset-Backed Debt | $ | 226.8 | |||
| Regulatory Debt to Equity | 0.76x | ||||
| Weighted average yield on debt investments at quarter-end | 12.6 | % | |||
| Quarter Ended | Year Ended | ||||
| September 30, 2023 | September 30, 2023 | ||||
| (Unaudited) | (Unaudited) | ||||
| Operating Results: | |||||
| Net investment income | $ | 18.5 | $ | 67.5 | |
| Net investment income per share (GAAP) | $ | 0.32 | $ | 1.33 | |
| Core net investment income per share (3) | $ | 0.32 | $ | 1.27 | |
| Distributions declared per share | $ | 0.31 | $ | 1.19 | |
| Portfolio Activity: | |||||
| Purchases of investments | $ | 93.5 | $ | 324.5 | |
| Sales and repayments of investments | $ | 141.0 | $ | 399.1 | |
| PSSL Portfolio data: | |||||
| PSSL investment portfolio | $ | 785.9 | $ | 785.9 | |
| Purchases of investments | $ | 52.5 | $ | 190.9 | |
| Sales and repayments of investments | $ | 76.4 | $ | 155.2 |
(1) Includes investments in PennantPark Senior Secured Loan Fund I LLC, or PSSL, an unconsolidated joint venture, totaling $261.0 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 including the impact of the unrealized amounts on the Credit Facility and 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 NII 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 year ended September 30, 2023, Core NII excluded: i) $3.7 million or $0.07 per share, of dividend income related to our equity investment in Dominion Voting Systems; and ii) an add back of $0.7 million or $0.01 per share, of incentive fee expense.
CONFERENCE CALL AT 9:00 A.M. ET ON NOVEMBER 16, 2023
The Company will also host a conference call at 9:00 a.m. (Eastern Time) on Thursday, November 16, 2023 to discuss its financial results. All interested parties are welcome to participate. You can access the conference call by dialing toll-free (888) 204-4368 approximately 5-10 minutes prior to the call. International callers should dial (646) 828-8193. All callers should reference conference ID #3662054 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.
PORTFOLIO AND INVESTMENT ACTIVITY
“We are pleased to have another quarter of solid performance from both a NAV and net investment income perspective. We also are in a position to take advantage of this excellent vintage of loans in the core middle market,” said Art Penn, Chairman and CEO. “We believe that we have a visible pathway of driving meaningfully increased income through the growing balance sheets of PFLT and our PSSL joint venture.”
As of September 30, 2023, our portfolio totaled $1,067.2 million and consisted of $906.2 million of first lien secured debt (including $210.1 million in PSSL), $0.1 million of second lien secured debt and $160.9 million of preferred and common equity (including $50.9 million in PSSL). Our debt portfolio consisted of approximately 100% variable-rate investments. As of September 30, 2023, we had three portfolio companies on non-accrual, representing 0.9% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2023, the portfolio had net unrealized depreciation of $25.7 million. Our overall portfolio consisted of 131 companies with an average investment size of $8.1 million, and a weighted average yield on debt investments of 12.6%.
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), $0.1 million 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 September 30, 2023, we invested $93.5 million in three new and 31 existing portfolio companies with a weighted average yield on debt investments of 12.1%. Sales and repayments of investments for the same period totaled $141.0 million. This compares to the three months ended September 30, 2022, in which we invested $54.7 million in five new and 25 existing portfolio companies with a weighted average yield on debt investments of 8.9%. Sales and repayments of investments for the same period totaled $98.0 million.
For the year ended September 30, 2023, we invested $324.5 million in 16 new and 71 existing portfolio companies with a weighted average yield on debt investments of 12.1%. Sales and repayments of investments for the same period totaled $399.1 million.
For the year ended September 30, 2022, we invested $607.8 million in 34 new and 129 existing portfolio companies with a weighted average yield on debt investments of 7.8%. Sales and repayments of investments for the same period totaled $495.2 million.
PennantPark Senior Secured Loan Fund I LLC
As of September 30, 2023, PSSL’s portfolio totaled $785.9 million, consisted of 105 companies with an average investment size of $7.5 million and had a weighted average yield on debt investments of 12.1%. 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 September 30, 2023, PSSL invested $52.5 million in five new and eight existing portfolio companies with a weighted average yield on debt investments of 12.0%. PSSL’s sales and repayments of investments for the same period totaled $76.4 million. For the three months ended September 30, 2022, PSSL invested $50.2 million in nine new and five existing portfolio companies with a weighted average yield on debt investments of 8.8%. PSSL’s sales and repayments of investments for the same period totaled $33.2 million.
For the year ended September 30, 2023, PSSL invested $190.9 million (of which $158.2 million was purchased from the Company) in 22 new and 27 existing portfolio companies with a weighted average yield on debt investments of 11.8%. PSSL’s sales and repayments of investments for the same period totaled $155.2 million.
For the year ended September 30, 2022, PSSL invested $278.8 million (of which $270.6 million was purchased from the Company) in 34 new and 20 existing portfolio companies with a weighted average yield on debt investments of 8.1%. PSSL’s sales and repayments of investments for the same period totaled $102.4 million.
RESULTS OF OPERATIONS
Set forth below are the results of operations for the three months and years ended September 30, 2023 and 2022.
Investment Income
For the three months and year ended September 30, 2023, investment income was $35.7 million and $139.3 million, respectively, and was attributable to $31.4 million and $120.0 million from first lien secured debt, zero and $0.02 million from second lien secured debt, and $4.3 million and $19.3 million from preferred and common equity, respectively. For the three months and year ended September 30, 2022, investment income was $28.8 million and $105.5 million, respectively, and was attributable to $25.1 million and $89.1 million from first lien secured debt, zero and $0.2 million from second lien secured debt, and $3.7 million and $16.2 million from preferred and common equity, respectively. The increase in investment income compared to the same periods in the prior year was primarily due to an increase in the SOFR index.
Expenses
For the three months and year ended September 30, 2023, expenses totaled $17.2 million and $71.8 million, respectively, and were comprised of $8.6 million and $38.2 million of debt related interest and expenses, $2.8 million and $11.4 million of base management fees, $4.6 million and $16.9 million of incentive fees, $1.1 million and $4.4 million of general and administrative expenses and $0.2 million and $1.0 million of provision for excise taxes. For the three months and years ended September 30, 2022, expenses totaled $16.1 million and $56.9 million, respectively, and were comprised of $9.0 million (including $0.4 million attributable to fees associated with entering into the new credit facility) and $29.8 million (including $0.4 million attributable to fees associated with entering into the new credit facility) of debt related interest and expenses, $3.0 million and $11.9 million of base management fees, $3.2 million and $11.6 million of incentive fees, $0.8 million and $3.2 million of general and administrative expenses and $0.1 million and $0.4 million of provision for excise taxes, respectively. The increase in expenses over the prior year was primarily due to an increase in debt related interest and other financing expenses and an increase in incentive fees.
Net Investment Income
For the three months and year ended September 30, 2023, net investment income totaled $18.5 million and $67.5 million, or $0.32 per share and $1.33 per share, respectively. For the three months and year ended September 30, 2022, net investment income totaled $12.7 million and $48.6 million, or $0.29 per share and $1.18 per share, respectively. The increase in net investment income per share compared to the prior year was primarily due to an increase in investment income.
Net Realized Gains or Losses
For the three months and years ended September 30, 2023, net realized gains (losses) on investments including provision for taxes totaled $(2.3) million and $(16.2) million, respectively. For the three months and years ended September 30, 2022 net realized gains (losses) totaled $0.5 million and $(11.1) million, respectively. The change in realized gains (losses) was primarily due to changes in market conditions of our investments and the values at which they were realized, caused by the fluctuations in the market and in the economy.
Unrealized Appreciation or Depreciation on Investments, the Credit Facility and the 2023 Notes
For the three months ended and year ended September 30, 2023, net change in unrealized appreciation (depreciation) on investments was $9.5 million and $(12.6) million, respectively. For the three months and year ended September 30, 2022, net change in unrealized appreciation (depreciation) on investments was $(20.9) million and $(24.5) million, respectively. As of September 30, 2023 and September 30, 2022, our net unrealized appreciation (depreciation) on investments totaled $(25.7) million and $(13.1) million, respectively. The net change in unrealized appreciation or depreciation on our investments for the year ended September 30, 2023 compared to the prior year was primarily due to changes in the capital market conditions of our investments and the values at which they were realized, caused by the fluctuations in the market and in the economy, as discussed above under the "Forward-Looking Statements".
For the three months and year ended September 30, 2023, our Credit Facility and 2023 Notes had a net change in unrealized (appreciation) depreciation of $2.6 million and $(2.3) million, respectively. For the three months and years ended September 30, 2022, the Credit Facility or our Prior Credit Facility, as applicable, and 2023 Notes had a net change in unrealized (appreciation) depreciation of $(6.2) million and $(4.9) million, respectively. As of September 30, 2023 and September 30, 2022, the net unrealized depreciation on the Credit Facility or our Prior Credit Facility, as applicable, and the 2023 Notes totaled zero and $2.3 million, respectively. The net
change in unrealized appreciation or depreciation compared to the same periods in the prior year was primarily due to changes in the capital markets.
Net Change in Net Assets Resulting from Operations
For the three months and year ended September 30, 2023, net increase (decrease) in net assets resulting from operations totaled $28.0 million and $39.3 million, or $0.48 per share and $0.77 per share, respectively. For the three months and year ended September 30, 2022, net increase (decrease) in net assets resulting from operations totaled $(13.1) million and $3.5 million, or $(0.34) and $0.08 per share, respectively. The increase or decrease for the year ended September 30, 2023 compared to the prior year was primarily due to a decrease in depreciation of the portfolio primarily driven by changes in market conditions.
LIQUIDITY AND CAPITAL RESOURCES
Our liquidity and capital resources are derived primarily from proceeds of securities offerings, debt capital and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.
As of September 30, 2023 and 2022, we had $9.4 million and $168.8 million in outstanding borrowings under the Credit Facility, respectively, and the weighted average interest rate was 7.7% and 4.9%, respectively. As of September 30, 2023 and 2022, we had $376.6 million and $197.2 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.
As of September 30, 2023 and 2022, we had cash equivalents of $100.0 million and $47.9 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to allow us to efficiently operate the business.
For the year ended September 30, 2023, our operating activities provided cash of $143.6 million and our financing activities used cash of $(91.5) million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily to fund repayments under the Credit Facility.
For the year ended September 30, 2022, our operating activities used cash of $50.0 million, and our financing activities provided cash of $47.7 million. Our operating activities used cash primarily for our investment activities and our financing activities provided cash primarily from public offering proceeds and the 2026 notes issuance.
DISTRIBUTIONS
During the three months and year ended September 30, 2023, we declared distributions of $0.31 and $1.19 per share, respectively, for total distributions of $18.1 million and $60.5 million, respectively. During the three months and year ended September 30, 2022, we declared distributions of $0.29 and $1.14 per share, respectively, for total distributions of $12.6 million and $46.7 million, respectively. We monitor available net investment income to determine if a return of capital for tax purposes may occur for the fiscal year. To the extent our taxable earnings fall below the total amount of our distributions for any given fiscal year, stockholders will be notified of the portion of those distributions deemed to be a tax return of capital. Tax characteristics of all distributions will be reported to stockholders subject to information reporting on Form 1099-DIV after the end of each calendar year and in our periodic reports filed with the SEC.
RECENT DEVELOPMENTS
For the period subsequent to September 30, 2023 through November 10, 2023 we invested $76.2 million in four new and 17 existing portfolio companies at a weighted average yield on debt investments of 11.8%.
AVAILABLE INFORMATION
The Company makes available on its website its Annual Report on Form 10-K filed with the SEC, and stockholders may find such report on its website at www.pennantpark.com.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(in thousands, except per share data)
| September 30, 2022 | |||||
| Assets | |||||
| Investments at fair value | |||||
| Non-controlled, non-affiliated investments (cost—768,240 and 882,570, respectively) | 772,178 | $ | 893,249 | ||
| Controlled, affiliated investments (cost— 324,639 and 294,787, respectively) | 294,996 | 271,005 | |||
| Total of investments (cost—1,092,878 and 1,177,357, respectively) | 1,067,174 | 1,164,254 | |||
| Cash and cash equivalents (cost—99,989 and 47,917, respectively) | 99,989 | 47,880 | |||
| Interest receivable | 10,423 | 7,543 | |||
| Receivable for investments sold | — | 3,441 | |||
| Distribution receivable | 565 | ||||
| Prepaid expenses and other assets | 894 | 748 | |||
| Total assets | 1,179,046 | 1,223,866 | |||
| Liabilities | |||||
| Distributions payable | 6,020 | 4,308 | |||
| Payable for investments purchased | 4,905 | — | |||
| Credit Facility payable, at fair value (cost—9,400 and 168,830, respectively) | 9,400 | 167,563 | |||
| 2023 Notes payable, at fair value (par—76,219 and 97,006, respectively) | 76,219 | 96,812 | |||
| 2026 Notes payable, net (par—185,000) | 183,054 | 182,276 | |||
| 2031 Asset-Backed Debt, net (par—228,000) | 226,759 | 226,128 | |||
| Interest payable on debt | 8,615 | 8,163 | |||
| Base management fee payable | 2,759 | 3,027 | |||
| Performance-based incentive fee payable | 4,628 | 3,164 | |||
| Accrued other expenses | 1,286 | 765 | |||
| Deferred tax liability | 1,794 | 4,568 | |||
| Total liabilities | 525,441 | 696,774 | |||
| Commitments and contingencies | |||||
| Net assets | |||||
| Common stock, 58,734,702 and 45,345,638 shares issued and outstanding, respectively Par value 0.001 per share and 100,000,000 shares authorized | 59 | 45 | |||
| Paid-in capital in excess of par value | 765,187 | 618,028 | |||
| Accumulated deficit | (111,641 | ) | (90,981 | ) | |
| Total net assets | 653,605 | $ | 527,092 | ||
| Total liabilities and net assets | 1,179,046 | $ | 1,223,866 | ||
| Net asset value per share | 11.13 | $ | 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<br>September 30, | Year Ended<br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (Unaudited) | 2022 | 2023 (Unaudited) | 2022 | |||||||||
| Investment income: | ||||||||||||
| From non-controlled, non-affiliated investments: | ||||||||||||
| Interest | $ | 23,209 | $ | 18,660 | $ | 88,649 | $ | 68,413 | ||||
| Dividend | 677 | 577 | 6,279 | 2,308 | ||||||||
| Other income | 439 | 483 | 1,899 | 4,278 | ||||||||
| From non-controlled, affiliated investments: | ||||||||||||
| Interest | — | — | — | 112 | ||||||||
| Other income | — | — | — | — | ||||||||
| From controlled, affiliated investments: | ||||||||||||
| Interest | 8,346 | 6,091 | 31,047 | 16,724 | ||||||||
| Dividend | 3,063 | 2,975 | 11,463 | 13,650 | ||||||||
| Other Income | — | — | — | — | ||||||||
| Total investment income | 35,734 | 28,786 | 139,337 | 105,485 | ||||||||
| Expenses: | ||||||||||||
| Base management fee | 2,759 | 3,026 | 11,402 | 11,930 | ||||||||
| Performance-based incentive fee | 4,628 | 3,164 | 16,873 | 11,625 | ||||||||
| Interest and expenses on debt | 8,571 | 9,042 | 38,166 | 29,755 | ||||||||
| Administrative services expenses | 235 | 144 | 999 | 575 | ||||||||
| Other general and administrative expenses | 877 | 654 | 3,422 | 2,618 | ||||||||
| Expenses before provision for taxes | 17,070 | 16,030 | 70,862 | 56,503 | ||||||||
| Credit Facility amendment costs and debt issuance costs | — | — | — | — | ||||||||
| Provision for taxes | 150 | 100 | 984 | 400 | ||||||||
| Net expenses | 17,220 | 16,130 | 71,846 | 56,903 | ||||||||
| Net investment income | 18,514 | 12,656 | 67,491 | 48,582 | ||||||||
| Realized and unrealized gain (loss) on investments and debt: | ||||||||||||
| Net realized gain (loss) on investments and debt: | ||||||||||||
| Non-controlled, non-affiliated investments | (2,372 | ) | 515 | (15,892 | ) | 11,209 | ||||||
| Non-controlled and controlled, affiliated investments | — | — | — | (22,315 | ) | |||||||
| Provision for taxes on realized gain on investments | 37 | — | (263 | ) | — | |||||||
| Net realized gain (loss) on investments and debt | (2,335 | ) | 515 | (16,155 | ) | (11,106 | ) | |||||
| Net change in unrealized appreciation (depreciation) on: | ||||||||||||
| Non-controlled, non-affiliated investments | 5,497 | (9,766 | ) | (6,707 | ) | (22,009 | ) | |||||
| Non-controlled and controlled, affiliated investments | 3,967 | (11,100 | ) | (5,858 | ) | (2,503 | ) | |||||
| Provision for taxes on unrealized appreciation on investments | (155 | ) | 772 | 2,774 | (4,568 | ) | ||||||
| Debt (appreciation) depreciation | 2,558 | (6,216 | ) | (2,284 | ) | (4,943 | ) | |||||
| Net change in unrealized appreciation (depreciation) on investments and debt | 11,867 | (26,310 | ) | (12,075 | ) | (34,023 | ) | |||||
| Net realized and unrealized gain (loss) from investments and debt | 9,532 | (25,795 | ) | (28,230 | ) | (45,129 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 28,046 | (13,139 | ) | $ | 39,261 | $ | 3,453 | |||||
| Net increase (decrease) in net assets resulting from operations per common share | $ | 0.48 | $ | (0.34 | ) | $ | 0.77 | $ | 0.08 | |||
| Net investment income per common share | $ | 0.32 | $ | 0.29 | $ | 1.33 | $ | 1.18 |
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.
ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC
PennantPark Investment Advisers, LLC is a leading middle-market credit platform, managing $6.8 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 AND OTHER
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results, and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. 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 Company is completing its assessment of the effectiveness of its internal control over financial reporting as of September 30, 2023. Based on currently available information, the Company expects to report certain material weaknesses in internal control over financial reporting in Item 9A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2023 (the “2023 Annual Report”). The material weaknesses identified to date relate to the control environment over the Company’s review process of its cash and par reconciliations and its interest income analysis. The material weaknesses are not expected to impact the accuracy of the Company’s financial statements to be reported in the 2023 Annual Report. Because the Company has not completed the preparation of its consolidated financial statements for the year ended September 30, 2023, the preliminary unaudited results presented in the press release as of and for the fourth quarter and year ended September 30, 2023 are based on current expectations and are subject to adjustment.
| CONTACT: | Richard T. Allorto, Jr. |
|---|---|
| PennantPark Floating Rate Capital Ltd. | |
| (212) 905-1000 | |
| www.pennantpark.com |
EX-99.2
EXHIBIT 99.
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2023
(Unaudited)
(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—118.1% (3), (4) | ||||||||||||||
| First Lien Secured Debt—101.9% | ||||||||||||||
| A1 Garage Merger Sub, LLC | 12/22/2028 | Commercial Services & Supplies | 11.99 | % | 3M SOFR+660 | 1,520 | $ | 1,499 | $ | 1,512 | ||||
| A1 Garage Merger Sub, LLC - Unfunded Term Loan | 12/22/2028 | Commercial Services & Supplies | — | — | 528 | — | 5 | |||||||
| A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9) | 12/22/2028 | Commercial Services & Supplies | — | — | 748 | — | (4 | ) | ||||||
| Ad.net Acquisition, LLC | 05/07/2026 | Media | 11.65 | % | 3M SOFR+626 | 4,888 | 4,846 | 4,863 | ||||||
| Ad.net Acquisition, LLC (Revolver) (7) | 05/07/2026 | Media | 11.65 | % | 3M SOFR+626 | 622 | 622 | 619 | ||||||
| Ad.net Acquisition, LLC (Revolver) (7), (9) | 05/07/2026 | Media | — | — | 622 | — | (3 | ) | ||||||
| Amsive Holding Corporation (f/k/a Vision Purchaser Corporation) | 06/10/2025 | Media | 11.79 | % | 3M SOFR+640 | 13,958 | 13,859 | 13,749 | ||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 05/23/2024 | Media | 11.04 | % | 3M SOFR+565 | 13,786 | 13,755 | 13,545 | ||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 05/23/2024 | Media | 12.04 | % | 3M SOFR+665 | 2,212 | 2,186 | 2,184 | ||||||
| Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9) | 05/23/2024 | Media | — | — | 2,869 | — | (50 | ) | ||||||
| Any Hour Services | 07/21/2027 | Energy Equipment and Services | 11.22 | % | 3M SOFR+585 | 6,395 | 6,326 | 6,267 | ||||||
| Any Hour Services (Revolver) (7), (9) | 07/21/2027 | Energy Equipment and Services | — | — | 1,147 | — | (23 | ) | ||||||
| Apex Service Partners, LLC | 07/31/2025 | Diversified Consumer Services | 10.52 | % | 3M SOFR+525 | 6,160 | 6,132 | 6,145 | ||||||
| Apex Service Partners, LLC Term Loan B | 07/31/2025 | Diversified Consumer Services | 11.04 | % | 3M SOFR+550 | 294 | 294 | 294 | ||||||
| Apex Service Partners, LLC Term Loan C | 07/31/2025 | Diversified Consumer Services | 10.68 | % | 3M SOFR+525 | 12,826 | 12,732 | 12,793 | ||||||
| Apex Service Partners, LLC (Revolver) (7) | 07/31/2025 | Diversified Consumer Services | 10.86 | % | 3M SOFR+525 | 1,153 | 1,153 | 1,150 | ||||||
| Apex Service Partners, LLC (Revolver) (7), (9) | 07/31/2025 | Diversified Consumer Services | — | — | 692 | — | (2 | ) | ||||||
| Applied Technical Services, LLC | 12/29/2026 | Commercial Services & Supplies | 11.54 | % | 3M SOFR+615 | 8,891 | 8,784 | 8,714 | ||||||
| Applied Technical Services, LLC (Unfunded Term Loan) | 12/29/2026 | Commercial Services & Supplies | — | — | 582 | — | (6 | ) | ||||||
| Applied Technical Services, LLC (Revolver) (7) | 12/29/2026 | Commercial Services & Supplies | 13.25 | % | 3M SOFR+475 | 509 | 509 | 499 | ||||||
| Applied Technical Services, LLC (Revolver) (7), (9) | 12/29/2026 | Commercial Services & Supplies | — | — | 764 | — | (15 | ) | ||||||
| Arcfield Acquisition Corp. | 08/03/2029 | Aerospace and Defense | 11.62 | % | 1M SOFR+625 | 6,526 | 6,429 | 6,461 | ||||||
| Arcfield Acquisition Corp. (Revolver) (9) | 08/04/2028 | Aerospace and Defense | — | — | 1,379 | — | (14 | ) | ||||||
| Beta Plus Technologies, Inc. | 07/01/2029 | Internet Software and Services | 11.14 | % | 3M SOFR+575 | 4,950 | 4,862 | 4,604 | ||||||
| BioDerm, Inc. (Revolver) (7) | 01/31/2028 | Healthcare Equipment and Supplies | 11.81 | % | 1M SOFR+650 | 107 | 107 | 107 | ||||||
| BioDerm, Inc. (Revolver) (9) | 01/31/2028 | Healthcare Equipment and Supplies | — | — | 964 | — | (5 | ) | ||||||
| Blackhawk Industrial Distribution, Inc. | 09/17/2026 | Distributors | 11.79 | % | 3M SOFR+640 | 631 | 628 | 622 | ||||||
| Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan | 09/17/2026 | Distributors | — | — | 2,624 | — | (26 | ) | ||||||
| Blackhawk Industrial Distribution, Inc. (Revolver) (7) | 09/17/2026 | Distributors | 13.75 | % | 3M SOFR+525 | 274 | 274 | 270 | ||||||
| Blackhawk Industrial Distribution, Inc. (9) | 09/17/2026 | Distributors | — | — | 2,469 | — | (37 | ) | ||||||
| Broder Bros., Co. | 12/04/2025 | Textiles, Apparel and Luxury Goods | 11.50 | % | 3M SOFR+626 | 3,324 | 3,324 | 3,324 | ||||||
| By Light Professional IT Services, LLC | 05/16/2025 | High Tech Industries | 12.43 | % | 3M SOFR+688 | 25,674 | 25,499 | 25,224 | ||||||
| By Light Professional IT Services, LLC (Revolver) (7)(9) | 05/16/2025 | High Tech Industries | — | — | 3,507 | — | (61 | ) | ||||||
| Cadence Aerospace, LLC (7) | 11/14/2023 | Aerospace and Defense | 12.07 | % | 3M SOFR+665 | 980 | 980 | 980 | ||||||
| (PIK 9.50%) | ||||||||||||||
| Cartessa Aesthetics, LLC | 06/14/2028 | Distributors | 11.39 | % | 3M SOFR+600 | 13,076 | 12,907 | 13,076 | ||||||
| Cartessa Aesthetics, LLC (Revolver) (7) | 06/14/2028 | Distributors | 11.39 | % | 3M SOFR+600 | 511 | 511 | 511 | ||||||
| Cartessa Aesthetics, LLC (Revolver) (7)(9) | 06/14/2028 | Distributors | — | — | 927 | — | - | |||||||
| CF512, Inc. | 08/20/2026 | Media | 11.59 | % | 3M SOFR+619 | 5,980 | 5,930 | 5,860 | ||||||
| CF512, Inc. (Revolver) (7), (9) | 08/20/2026 | Media | — | — | 955 | — | (19 | ) | ||||||
| CHA Holdings, Inc. | 04/10/2025 | Environmental Industries | 10.15 | % | 3M SOFR+476 | 1,564 | 1,562 | 1,564 | ||||||
| Challenger Performance Optimization, Inc. | 08/31/2024 | Business Services | 12.18 | % | 3M L+675 | 237 | 237 | 230 | ||||||
| Compex Legal Services, Inc. | 02/09/2026 | Professional Services | 10.99 | % | 3M SOFR+525 | 8,925 | 8,891 | 8,925 | ||||||
| Compex Legal Services, Inc. (Revolver) (7) | 02/07/2025 | Professional Services | 10.94 | % | 3M SOFR+555 | 141 | 141 | 141 | ||||||
| Compex Legal Services, Inc. (Revolver) (7), (9) | 02/07/2025 | Professional Services | — | — | 1,265 | — | — | |||||||
| Connatix Buyer, Inc. | 07/13/2027 | Media | 11.16 | % | 1M SOFR+576 | 3,814 | 3,761 | 3,681 | ||||||
| Connatix Buyer, Inc. (7), (9) | 07/13/2027 | Media | — | — | 1,234 | — | (43 | ) | ||||||
| Crane 1 Services, Inc. | 08/16/2027 | Commercial Services & Supplies | 10.90 | % | 3M SOFR+551 | 882 | 871 | 878 | ||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | 10.90 | % | 3M SOFR+551 | 135 | 135 | 134 | ||||||
| Crane 1 Services, Inc. (Revolver) (7) | 08/16/2027 | Commercial Services & Supplies | — | — | 202 | — | (1 | ) | ||||||
| Dr. Squatch, LLC | 08/31/2027 | Personal Products | 11.24 | % | 3M SOFR+585 | 4,383 | 4,328 | 4,383 | ||||||
| Dr. Squatch, LLC (Revolver) (7), (9) | 08/31/2027 | Personal Products | — | — | 3,353 | — | — | |||||||
| DRS Holdings III, Inc. | 11/03/2025 | Chemicals, Plastics and Rubber | 11.79 | % | 3M SOFR+640 | 16,266 | 16,142 | 16,070 | ||||||
| DRS Holdings III, Inc. (Revolver) (7), (9) | 11/03/2025 | Personal Products | — | — | 1,426 | — | (17 | ) | ||||||
| Duraco Specialty Tapes LLC | 06/30/2024 | Containers and Packaging | 11.93 | % | 1M SOFR+650 | 3,445 | 3,407 | 3,393 | ||||||
| ECL Entertainment, LLC | 08/31/2030 | Hotels, Restaurants and Leisure | 10.14 | % | 1M SOFR+475 | 5,000 | 4,900 | 4,985 | ||||||
| eCommission Financial Services, Inc. (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | 10.43 | % | 1M SOFR+510 | 4,599 | 4,599 | 4,599 | ||||||
| eCommission Financial Services, Inc. (Revolver) (7), (9), (10) | 10/05/2023 | Banking, Finance, Insurance & Real Estate | — | — | 5,000 | — | — | |||||||
| EDS Buyer, LLC - Unfunded Term Loan | 01/10/2029 | Electronic Equipment, Instruments, and Components | — | — | 6,750 | — | (17 | ) | ||||||
| EDS Buyer, LLC. (Revolver) (7), (9) | 01/10/2029 | Electronic Equipment, Instruments, and Components | — | — | 2,025 | — | (30 | ) | ||||||
| Efficient Collaborative Retail Marketing Company, LLC | 06/15/2024 | Media: Diversified and Production | 13.15 | % | 3M SOFR+776 | 7,645 | 7,651 | 5,352 | ||||||
| ETE Intermediate II, LLC (Revolver) (9) | 05/25/2029 | Diversified Consumer Services | — | — | 1,656 | — | (28 | ) | ||||||
| Exigo Intermediate II, LLC (Revolver) (9) | 03/15/2027 | Software | — | — | 689 | — | (14 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
SEPTEMBER 30, 2023
(Unaudited)
(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) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Five Star Buyer, Inc. | 02/23/2028 | Hotels, Restaurants and Leisure | 12.43 | % | 1M SOFR+710 | 4,569 | $ | 4,488 | $ | 4,500 | ||||
| Five Star Buyer, Inc. - DDTL B Unfunded | 02/23/2028 | Hotels, Restaurants and Leisure | — | — | 837 | - | (13 | ) | ||||||
| Five Star Buyer, Inc. (Revolver) (9) | 02/23/2028 | Hotels, Restaurants and Leisure | — | — | 741 | - | (11 | ) | ||||||
| Gauge ETE Blocker, LLC - Promissory Note | 05/19/2029 | Diversified Consumer Services | 12.56 | % | — | 215 | 215 | 215 | ||||||
| Global Holdings InterCo LLC | 03/16/2026 | Diversified Financial Services | 11.96 | % | 3M SOFR+660 | 3,279 | 3,252 | 3,115 | ||||||
| Graffiti Buyer, Inc. | 08/10/2027 | Trading Companies & Distributors | 10.98 | % | 3M SOFR+550 | 736 | 729 | 729 | ||||||
| Graffiti Buyer, Inc. (7), (9) | 12/8/2023 | Trading Companies & Distributors | — | — | 332 | — | — | |||||||
| Graffiti Buyer, Inc. (Revolver) (7) | 08/10/2027 | Trading Companies & Distributors | 10.98 | % | 3M SOFR+575 | 269 | 269 | 266 | ||||||
| Graffiti Buyer, Inc. (Revolver) (7), (9) | 08/10/2027 | Trading Companies & Distributors | — | — | 596 | — | (6 | ) | ||||||
| Hancock Roofing and Construction L.L.C. | 12/31/2026 | Insurance | 10.93 | % | 3M SOFR+560 | 4,172 | 4,112 | 4,068 | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7) | 12/31/2026 | Insurance | 10.92 | % | 1M SOFR+560 | 335 | 335 | 327 | ||||||
| Hancock Roofing and Construction L.L.C. (Revolver) (7), (9) | 12/31/2026 | Insurance | — | — | 415 | — | (10 | ) | ||||||
| Holdco Sands Intermediate, LLC | 11/23/2028 | Aerospace and Defense | 11.32 | % | 6M SOFR+585 | 4,913 | 4,835 | 4,913 | ||||||
| Holdco Sands Intermediate, LLC (Revolver) (9) | 11/23/2027 | Aerospace and Defense | — | — | 1,791 | — | — | |||||||
| HW Holdco, LLC | 12/10/2024 | Media | 11.70 | % | 3M SOFR+640 | 9,000 | 8,973 | 8,865 | ||||||
| HW Holdco, LLC (Revolver) | 12/10/2024 | Media | 11.82 | % | 3M SOFR+640 | 116 | 116 | 114 | ||||||
| HW Holdco, LLC (Revolver) (7), (9) | 12/10/2024 | Media | — | — | 1,335 | — | (20 | ) | ||||||
| IG Investments Holdings, LLC (7) | 09/22/2028 | Professional Services | 11.45 | % | 3M SOFR+610 | 4,428 | 4,356 | 4,362 | ||||||
| IG Investments Holdings, LLC (Revolver) (7), (9) | 09/22/2027 | Professional Services | — | — | 477 | — | (7 | ) | ||||||
| Imagine Acquisitionco, LLC (9) | 11/15/2027 | Software | — | — | 1,657 | — | (8 | ) | ||||||
| Imagine Acquisitionco, LLC (Revolver) (9) | 11/15/2027 | Software | — | — | 1,193 | — | (18 | ) | ||||||
| Inception Fertility Ventures, LLC | 12/31/2024 | Healthcare Providers and Services | 12.50 | % | 3M SOFR+715 | 14,803 | 14,656 | 14,803 | ||||||
| Infinity Home Services Holdco, Inc. | 12/28/2028 | Commercial Services & Supplies | 12.24 | % | 3M SOFR+685 | 2,089 | 2,089 | 2,089 | ||||||
| Infinity Home Services Holdco, Inc. - Unfunded Term Loan | 12/28/2023 | Commercial Services & Supplies | — | — | 1,135 | — | — | |||||||
| Infinity Home Services Holdco, Inc. (Revolver) (9) | 12/28/2028 | Commercial Services & Supplies | — | — | 1,292 | — | — | |||||||
| Infolinks Media Buyco, LLC | 11/01/2026 | Media | 11.17 | % | 1M SOFR+585 | 3,178 | 3,143 | 3,178 | ||||||
| Infolinks Media Buyco, LLC- Unfunded Term Loan | 11/01/2023 | Media | — | — | 387 | — | 4 | |||||||
| Integrated Data Services (Revolver) (9) | 08/01/2029 | Professional Services | — | — | 3,096 | — | (72 | ) | ||||||
| Integrative Nutrition, LLC | 01/31/2025 | Consumer Services | 12.54 | % | 3M SOFR+715 | 15,521 | 15,457 | 14,590 | ||||||
| Integrity Marketing Acquisition, LLC | 08/27/2026 | Insurance | 11.57 | % | 3M SOFR+615 | 15,666 | 15,553 | 15,509 | ||||||
| Integrity Marketing Acquisition, LLC - Unfunded Term Loan | 08/31/2025 | Insurance | — | — | 8,000 | - | (40 | ) | ||||||
| Integrity Marketing Acquisition, LLC (Revolver) (7), (9) | 08/27/2026 | Insurance | — | — | 511 | - | - | |||||||
| ITI Holdings, Inc. (Revolver) | 03/03/2028 | IT Services | 12.05 | % | 1M SOFR+560 | 500 | 500 | 490 | ||||||
| ITI Holdings, Inc. (Revolver) (9) | 03/03/2028 | IT Services | — | — | 165 | — | (3 | ) | ||||||
| Inventus Power, Inc. | 06/30/2025 | Electronic Equipment, Instruments, and Components | 12.93 | % | 1M SOFR+761 | 4,988 | 4,894 | 4,888 | ||||||
| Inventus Power, Inc. (Revolver) (7), (9) | 06/30/2025 | Electronic Equipment, Instruments, and Components | — | — | 1,729 | — | (35 | ) | ||||||
| K2 Pure Solutions NoCal, L.P. (Revolver) (7), (9) | 12/20/2023 | Chemicals, Plastics and Rubber | — | — | 1,429 | — | — | |||||||
| Kinetic Purchaser, LLC | 11/10/2027 | Personal Products | 11.54 | % | 3M SOFR+615 | 17,253 | 16,999 | 16,995 | ||||||
| Kinetic Purchaser, LLC - (Revolver) (9) | 11/10/2026 | Personal Products | — | — | 3,435 | — | (52 | ) | ||||||
| Lash OpCo, LLC | 02/18/2027 | Personal Products | 11.88 | % | 1M SOFR+675 | 10,404 | 10,264 | 10,300 | ||||||
| Lash OpCo, LLC (Revolver) (7) | 08/16/2026 | Personal Products | 12.15 | % | 3M SOFR+675 | 2,086 | 2,086 | 2,065 | ||||||
| Lash OpCo, LLC (Revolver) (7), (9) | 08/16/2026 | Personal Products | — | — | 986 | — | (10 | ) | ||||||
| LAV Gear Holdings, Inc. | 10/31/2024 | Capital Equipment | 11.83 | % | 1M SOFR+643 | 7,544 | 7,537 | 7,454 | ||||||
| (PIK 5.50%) | ||||||||||||||
| LAV Gear Holdings, Inc. (Revolver) (7) | 10/31/2024 | Capital Equipment | 11.02 | % | 3M SOFR+565 | 1,721 | 1,721 | 1,700 | ||||||
| (PIK 5.50%) | ||||||||||||||
| Ledge Lounger, Inc. | 11/09/2026 | Leisure Products | 11.79 | % | 3M SOFR+640 | 3,709 | 3,677 | 3,663 | ||||||
| Ledge Lounger, Inc. (Revolver) (9) | 11/09/2026 | Leisure Products | — | — | 789 | — | (10 | ) | ||||||
| Lightspeed Buyer Inc. | 02/03/2026 | Healthcare Technology | 10.67 | % | 1M SOFR+535 | 22,543 | 22,282 | 22,317 | ||||||
| Lightspeed Buyer Inc. (Revolver) (7) (9) | 02/03/2026 | Healthcare Technology | — | — | 2,499 | — | (25 | ) | ||||||
| LJ Avalon Holdings, LLC | 02/01/2030 | Construction & Engineering | 11.79 | % | 3M SOFR+640 | 400 | 394 | 392 | ||||||
| LJ Avalon Holdings, LLC - Unfunded Term Loan | 07/31/2024 | Construction & Engineering | — | — | 2,424 | — | (12 | ) | ||||||
| LJ Avalon Holdings, LLC (Revolver) (9) | 01/31/2030 | Construction & Engineering | — | — | 1,130 | — | (23 | ) | ||||||
| Loving Tan Intermediate II, Inc. | 05/31/2028 | Personal Products | 12.39 | % | 3M SOFR+700 | 19,263 | 18,894 | 18,974 | ||||||
| Loving Tan Intermediate II, Inc. (Revolver) | 05/31/2028 | Personal Products | 12.39 | % | 3M SOFR+700 | 1,861 | 1,861 | 1,833 | ||||||
| Loving Tan Intermediate II, Inc. (Revolver)(7)(9) | 05/31/2028 | Personal Products | — | — | 1,523 | — | (23 | ) | ||||||
| Lucky Bucks, LLC (6) | 07/20/2027 | Hotels, Restaurants and Leisure | 0.00 | % | — | 4,489 | 4,210 | 1,182 | ||||||
| Lucky Bucks, LLC - DIP | 10/20/2023 | Hotels, Restaurants and Leisure | 15.30 | % | 3M SOFR+1000 | 160 | 158 | 160 | ||||||
| MAG DS Corp. | 04/01/2027 | Aerospace and Defense | 10.99 | % | 3M SOFR+550 | 3,674 | 3,564 | 3,481 | ||||||
| Mars Acquisition Holdings Corp. | 05/14/2026 | Media | 11.04 | % | 3M SOFR+565 | 8,728 | 8,616 | 8,640 | ||||||
| Mars Acquisition Holdings Corp. (Revolver)(7)(9) | 05/14/2026 | Media | — | — | 2,435 | — | (24 | ) | ||||||
| MBS Holdings, Inc. (Revolver) | 04/16/2027 | Internet Software and Services | 11.17 | % | 1M SOFR+585 | 185 | 185 | 182 | ||||||
| MBS Holdings, Inc. (Revolver)(7)(9) | 04/16/2027 | Internet Software and Services | — | — | 972 | — | (15 | ) | ||||||
| MDI Buyer, Inc. | 07/25/2028 | Commodity Chemicals | 11.09 | % | 3M SOFR+625 | 2,041 | 2,003 | 1,997 | ||||||
| MDI Buyer, inc. (Revolver) (7) | 07/25/2028 | Commodity Chemicals | 10.91 | % | 3M SOFR+600 | 361 | 361 | 353 | ||||||
| MDI Buyer, inc. (Revolver) (9) | 07/25/2028 | Commodity Chemicals | — | — | 412 | — | (5 | ) | ||||||
| Meadowlark Acquirer, LLC | 12/10/2027 | Professional Services | 11.04 | % | 3M SOFR+565 | 1,978 | 1,954 | 1,929 | ||||||
| Meadowlark Acquirer, LLC - Term Loan I (9) | 12/10/2027 | Professional Services | — | — | 1,103 | — | (17 | ) | ||||||
| Meadowlark Acquirer, LLC - Term Loan II (9) | 12/10/2027 | Professional Services | — | — | 9,483 | — | (142 | ) | ||||||
| Meadowlark Acquirer, LLC (Revolver) (9) | 12/10/2027 | Professional Services | — | — | 1,693 | — | (42 | ) | ||||||
| Mission Critical Electronics, Inc. | 03/28/2024 | Capital Equipment | 10.65 | % | SOFR +515 | 3,571 | 3,560 | 3,553 | ||||||
| Mission Critical Electronics, Inc. (9) | 03/28/2024 | Capital Equipment | — | — | 707 | — | (1 | ) | ||||||
| Mission Critical Electronics, Inc. (Revolver) (7), (9) | 03/28/2024 | Capital Equipment | — | — | 1,325 | — | (6 | ) | ||||||
| Municipal Emergency Services, Inc. | 10/01/2027 | Distributors | 11.04 | % | 3M SOFR+565 | 1,181 | 1,144 | 1,155 | ||||||
| Municipal Emergency Services, Inc. - Unfunded Term Loan A | 06/16/2023 | Distributors | — | — | 387 | — | (9 | ) | ||||||
| Municipal Emergency Services, Inc. - Unfunded Term Loan B | 12/16/2024 | Distributors | — | — | 1,264 | — | (28 | ) | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7) | 10/01/2027 | Distributors | 11.04 | % | 3M SOFR+565 | 379 | 379 | 370 | ||||||
| Municipal Emergency Services, Inc. (Revolver) (7), (9) | 10/01/2027 | Distributors | — | — | 568 | — | (12 | ) | ||||||
| Neptune Flood Incorporated - Revolver Unfunded | 05/09/2029 | Insurance | — | — | 541 | — | — | |||||||
| NBH Group LLC (Revolver) (7), (9) | 08/19/2026 | Healthcare Equipment and Supplies | — | — | 1,677 | — | (34 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
SEPTEMBER 30, 2023
(Unaudited)
(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) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NORA Acquisition, LLC | 08/31/2029 | Healthcare Providers and Services | 11.74 | % | 3M SOFR+635 | 41,489 | $ | 40,662 | $ | 40,659 | ||||
| NORA Acquisition, LLC (Revolver) (7), (9) | 08/31/2029 | Healthcare Providers and Services | — | — | 5,479 | — | (110 | ) | ||||||
| One Stop Mailing, LLC | 05/07/2027 | Air Freight and Logistics | 11.68 | % | 1M SOFR+636 | 8,516 | 8,397 | 8,516 | ||||||
| ORL Acquisition, Inc. (7) | 09/03/2027 | Consumer Finance | 12.84 | % | 6M SOFR+725 | 4,900 | 4,828 | 4,459 | ||||||
| ORL Acquisition, Inc. (Revolver) (7), (9) | 09/03/2027 | Consumer Finance | — | — | 861 | — | (77 | ) | ||||||
| Output Services Group, Inc. (6) | 06/27/2026 | Business Services | 0.00 | % | — | 4,923 | 4,469 | 960 | ||||||
| Owl Acquisition, LLC | 02/04/2028 | Professional Services | 10.80 | % | 6M SOFR+550 | 3,893 | 3,797 | 3,834 | ||||||
| Ox Two, LLC | 05/18/2026 | Construction and Building | 12.90 | % | 3M SOFR+751 | 22,736 | 22,513 | 22,338 | ||||||
| Ox Two, LLC (Revolver) (9) | 05/18/2026 | Construction and Building | — | — | 3,387 | — | (59 | ) | ||||||
| Pequod Merger Sub, Inc. - Unfunded Term Loan | 12/02/2026 | Diversified Financial Services | — | — | 2,847 | — | (57 | ) | ||||||
| Pequod Merger Sub, Inc (Revolver) (9) | 12/02/2026 | Diversified Financial Services | — | — | 757 | — | (15 | ) | ||||||
| PL Acquisitionco, LLC | 11/09/2027 | Textiles, Apparel and Luxury Goods | 12.42 | % | 1M SOFR+710 | 5,612 | 5,538 | 5,050 | ||||||
| PL Acquisitionco, LLC - (Revolver) (9) | 11/09/2027 | Textiles, Apparel and Luxury Goods | — | — | 2,290 | — | (229 | ) | ||||||
| PlayPower, Inc. | 05/08/2026 | Leisure Products | 10.92 | % | 3M SOFR+565 | 3,401 | 3,386 | 3,248 | ||||||
| Pragmatic Institute, LLC - Unfunded Term Loan | 07/06/2028 | Professional Services | — | — | 2,290 | — | (80 | ) | ||||||
| Pragmatic Institute, LLC (Revolver) | 07/06/2028 | Professional Services | 11.17 | % | 3M SOFR+575 | 1,526 | 1,526 | 1,458 | ||||||
| Quantic Electronics, LLC | 11/19/2026 | Electronic Equipment, Instruments, and Components | 11.74 | % | 3M SOFR+635 | 6,647 | 6,578 | 6,547 | ||||||
| Quantic Electronics, LLC (Revolver) (7) | 11/19/2026 | Electronic Equipment, Instruments, and Components | 11.74 | % | 3M SOFR+635 | 670 | 670 | 660 | ||||||
| Questex, LLC | 09/09/2024 | Media: Diversified and Production | 9.81 | % | 3M SOFR+425 | 6,731 | 6,706 | 6,731 | ||||||
| Questex, LLC (Revolver) (7), (9) | 09/09/2024 | Media: Diversified and Production | — | — | 1,197 | — | - | |||||||
| Rancho Health MSO, Inc. (Revolver) (7) | 12/18/2025 | Healthcare Equipment and Supplies | 11.24 | % | 3M SOFR+585 | 210 | 210 | 210 | ||||||
| Rancho Health MSO, Inc. (Revolver) (7), (9) | 12/18/2025 | Healthcare Equipment and Supplies | — | — | 315 | — | — | |||||||
| Recteq, LLC | 01/29/2026 | Leisure Products | 12.54 | % | 3M SOFR+715 | 1,463 | 1,448 | 1,419 | ||||||
| Recteq, LLC (Revolver) (7), (9) | 01/29/2026 | Leisure Products | — | — | 1,296 | — | (39 | ) | ||||||
| Research Now Group, Inc. and Dynata, LLC | 12/20/2024 | Business Services | 11.13 | % | 3M SOFR+576 | 16,962 | 16,875 | 14,842 | ||||||
| Riverpoint Medical, LLC | 06/20/2025 | Healthcare Equipment and Supplies | 10.54 | % | 3M SOFR+515 | 7,939 | 7,903 | 7,828 | ||||||
| Riverpoint Medical, LLC (Revolver) (7) | 06/20/2025 | Healthcare Equipment and Supplies | 10.42 | % | 1M SOFR+510 | 114 | 114 | 112 | ||||||
| Riverpoint Medical, LLC (Revolver) (7), (9) | 06/20/2025 | Healthcare Equipment and Supplies | — | — | 795 | — | (11 | ) | ||||||
| Riverside Assessments, LLC | 03/10/2025 | Professional Services | 11.29 | % | 3M SOFR+590 | 15,199 | 15,075 | 15,047 | ||||||
| Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) - Unfunded Term Loan | 06/15/2029 | Professional Services | — | — | 1,146 | — | — | |||||||
| Rural Sourcing Holdings, Inc. (HPA SPQ Merger Sub, Inc.) (Revolver) (7), (9) | 06/15/2029 | Professional Services | — | — | 860 | — | (13 | ) | ||||||
| Sales Benchmark Index LLC | 01/03/2025 | Professional Services | 11.59 | % | 3M SOFR+620 | 2,596 | 2,581 | 2,583 | ||||||
| Sales Benchmark Index LLC (Revolver) (7), (9) | 01/03/2025 | Professional Services | — | — | 1,293 | — | (7 | ) | ||||||
| Sargent & Greenleaf Inc. | 12/20/2024 | Electronic Equipment, Instruments, and Components | 12.93 | % | 1M SOFR+760 | 3,439 | 3,425 | 3,405 | ||||||
| Sargent & Greenleaf Inc. (Revolver) | 12/20/2024 | Electronic Equipment, Instruments, and Components | 12.92 | % | 1M SOFR+760 | 280 | 280 | 277 | ||||||
| Sargent & Greenleaf Inc. (Revolver) (9) | 12/20/2024 | Electronic Equipment, Instruments, and Components | — | — | 801 | — | (8 | ) | ||||||
| Schlesinger Global, Inc. | 07/14/2025 | Professional Services | 12.07 | % | 3M SOFR + 715 | 14,490 | 14,428 | 14,019 | ||||||
| Schlesinger Global, Inc. (Revolver) | 07/14/2025 | Professional Services | 12.52 | % | 3M SOFR+715 | 1,495 | 1,495 | 1,446 | ||||||
| Schlesinger Global, Inc. (Revolver) (7), (9) | 07/14/2025 | Professional Services | — | — | 375 | — | (12 | ) | ||||||
| Seaway Buyer, LLC | 06/13/2029 | Chemicals, Plastics and Rubber | 11.54 | % | 3M SOFR+615 | 1,921 | 1,895 | 1,863 | ||||||
| Sigma Defense Systems, LLC | 12/18/2025 | IT Services | 14.04 | % | 3M SOFR+865 | 10,277 | 10,123 | 10,123 | ||||||
| Sigma Defense Systems, LLC (Revolver) (7) | 12/18/2025 | IT Services | 14.04 | % | 3M SOFR+865 | 1,835 | 1,835 | 1,807 | ||||||
| Sigma Defense Systems, LLC (Revolver) (7), (9) | 12/18/2025 | IT Services | — | — | 786 | — | (12 | ) | ||||||
| Signature Systems Holding Company | 05/03/2024 | Commercial Services & Supplies | 12.04 | % | 1M L+665 | 9,708 | 9,688 | 9,708 | ||||||
| Signature Systems Holding Company (Revolver) (9) | 05/03/2024 | Commercial Services & Supplies | — | — | 1,747 | — | — | |||||||
| Skopima Consilio Parent, LLC | 05/17/2028 | Business Services | 9.93 | % | 1M SOFR+450 | 600 | 588 | 587 | ||||||
| Smile Brands Inc. | 10/14/2025 | Healthcare and Pharmaceuticals | 9.97 | % | 3M SOFR+450 | 2,437 | 2,437 | 2,190 | ||||||
| Smile Brands Inc. (Revolver) | 10/14/2025 | Healthcare and Pharmaceuticals | 10.11 | % | 1M SOFR+450 | 1,508 | 1,508 | 1,355 | ||||||
| Smile Brands Inc. LC (Revolver) (7), (9) | 10/14/2025 | Healthcare and Pharmaceuticals | — | — | 108 | — | (11 | ) | ||||||
| Solutionreach, Inc. | 01/17/2024 | Healthcare Technology | 12.37 | % | 1M SOFR+700 | 4,657 | 4,650 | 4,638 | ||||||
| Solutionreach, Inc. (Revolver) (7), (9) | 01/17/2024 | Healthcare Technology | — | — | 833 | — | (3 | ) | ||||||
| Spendmend Holdings LLC | 03/01/2028 | Healthcare Technology | 11.03 | % | SOFR + 565 | 2,061 | 2,037 | 2,016 | ||||||
| Spendmend Holdings LLC - Unfunded Term Loan | 03/01/2024 | Healthcare Technology | — | — | 1,707 | — | (25 | ) | ||||||
| Spendmend Holdings LLC (Revolver) | 03/01/2028 | Healthcare Technology | 11.03 | % | 1M SOFR+565 | 357 | 357 | 349 | ||||||
| Spendmend Holdings LLC (Revolver) (9) | 03/01/2028 | Healthcare Technology | — | — | 535 | — | (12 | ) | ||||||
| STV Group Incorporated | 12/11/2026 | Construction & Engineering | 10.67 | % | 1M SOFR+535 | 4,752 | 4,724 | 4,657 | ||||||
| System Planning and Analysis, Inc.<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | 11.49 | % | 6M SOFR+615 | 18,373 | 18,109 | 18,171 | ||||||
| System Planning and Analysis, Inc. (Revolver) (9)<br> (f/k/a Management Consulting & Research, LLC) | 08/16/2027 | Aerospace and Defense | — | — | 5,188 | — | (57 | ) | ||||||
| Teneo Holdings LLC | 07/18/2025 | Diversified Financial Services | 10.67 | % | 1M SOFR+535 | 5,733 | 5,683 | 5,725 | ||||||
| The Aegis Technologies Group, LLC | 10/31/2025 | Aerospace and Defense | 12.04 | % | 3M SOFR+665 | 5,421 | 5,374 | 5,340 | ||||||
| The Bluebird Group LLC | 07/28/2026 | Professional Services | 12.79 | % | 3M SOFR+740 | 2,368 | 2,331 | 2,359 | ||||||
| The Bluebird Group LLC (Revolver) (7), (9) | 07/28/2026 | Professional Services | — | — | 862 | — | (3 | ) | ||||||
| The Vertex Companies, LLC (7) | 08/30/2027 | Construction & Engineering | 11.67 | % | 1M SOFR+635 | 1,979 | 1,949 | 1,961 | ||||||
| The Vertex Companies, LLC (Revolver) | 08/30/2027 | Construction & Engineering | 11.67 | % | 1M SOFR+635 | 305 | 305 | 303 | ||||||
| The Vertex Companies, LLC (Revolver) (7), (9) | 08/30/2027 | Construction & Engineering | — | — | 606 | — | (5 | ) | ||||||
| TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10) | 11/24/2025 | Food Products | 10.90 | % | 3M SOFR+565 | 4,813 | 4,793 | 4,813 | ||||||
| TWS Acquisition Corporation | 06/16/2025 | Diversified Consumer Services | 11.81 | % | 3M SOFR+640 | 4,316 | 4,280 | 4,316 | ||||||
| TWS Acquisition Corporation (Revolver) (7), (9) | 06/16/2025 | Diversified Consumer Services | — | — | 2,628 | — | — | |||||||
| Tyto Athene, LLC | 04/01/2028 | IT Services | 10.90 | % | 3M SOFR+565 | 11,928 | 11,803 | 10,879 | ||||||
| Tyto Athene, LLC (Revolver) (7), (9) | 04/01/2026 | IT Services | — | — | 1,040 | — | (94 | ) |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
SEPTEMBER 30, 2023
(Unaudited)
(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) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Walker Edison Furniture, LLC - Term Loan | 03/31/2027 | Wholesale | 12.18 | % | 1M SOFR+685 | 3,521 | $ | 3,521 | $ | 3,521 | ||||||
| Walker Edison Furniture Company, LLC - Funded Junior Revolver | 03/31/2027 | Wholesale | 11.68 | % | 1M SOFR+635 | 1,667 | 1,667 | 1,667 | ||||||||
| Walker Edison Furniture Company, LLC - Unfunded Term Loan | 03/31/2027 | Wholesale | — | — | 333 | — | — | |||||||||
| Wildcat Buyerco, Inc. | 02/27/2026 | Electronic Equipment, Instruments, and Components | 10.54 | % | 3M SOFR+515 | 7,646 | 7,579 | 7,570 | ||||||||
| Wildcat Buyerco, Inc. (Revolver) (9) | 02/27/2026 | Electronic Equipment, Instruments, and Components | — | — | 534 | — | (5 | ) | ||||||||
| Zips Car Wash, LLC | 03/01/2024 | Automobiles | 12.67 | % | 1M SOFR+735 | 13,249 | 13,206 | 12,818 | ||||||||
| Total First Lien Secured Debt | 683,940 | 665,725 | ||||||||||||||
| Second Lien Secured Debt—0.0% | ||||||||||||||||
| Mailsouth Inc. (7) | 04/23/2025 | Media: Advertising, Printing and Publishing | — | (6) | — | 1,161 | 965 | - | ||||||||
| QuantiTech LLC | 02/04/2027 | Aerospace and Defense | 15.50 | % | 3M SOFR+1,010 | 150 | 148 | 149 | ||||||||
| Total Second Lien Secured Debt | 1,113 | 149 | ||||||||||||||
| Preferred Equity— 1.8% (6) | ||||||||||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 6,720 | 672 | 757 | |||||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | 2,018 | 1,633 | |||||||||
| Cartessa Aesthetics, LLC (Preferred) (8) | — | Distributors | — | — | 1,437,500 | 1,438 | 2,007 | |||||||||
| Gauge Lash Coinvest LLC (Preferred) | — | Personal Products | — | — | 108,546 | 586 | 1,319 | |||||||||
| Gauge Schlesinger Coinvest LLC (Preferred Equity) | — | Professional Services | — | — | 64 | 64 | 47 | |||||||||
| Imagine Topco, LP | — | Software | 8.00 | % | — | 1,236,027 | 1,236 | 1,246 | ||||||||
| Magnolia Topco LP - Class A Preferred Equity | — | Automobiles | — | — | 5 | 5 | 6 | |||||||||
| Magnolia Topco LP - Class B Preferred Equity | — | Automobiles | — | — | 28 | 17 | 24 | |||||||||
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | 835 | 1,112 | |||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 733 | 733 | 489 | |||||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,327 | 133 | - | |||||||||
| PL Acquisitionco, LLC (Preferred Equity) | — | Textiles, Apparel and Luxury Goods | — | — | 61 | 61 | 66 | |||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | 12.00 | % | — | 1,323 | 1,323 | 2,158 | ||||||||
| TPC Holding Company, LP (5), (7), (8), (10) | — | Food Products | — | — | 409 | 409 | 598 | |||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 37 | 35 | 45 | |||||||||
| UniTek Global Services, Inc. - | — | Telecommunications | 20.00 | % | — | 343,861 | 344 | 64 | ||||||||
| — | — | |||||||||||||||
| Super Senior Preferred Equity (7) | ||||||||||||||||
| UniTek Global Services, Inc. - Senior Preferred Equity (7) | — | Telecommunications | 19.00 | % | — | 448,851 | 449 | — | ||||||||
| UniTek Global Services, Inc. (7) | — | Telecommunications | 13.50 | % | — | 1,047,317 | 670 | — | ||||||||
| Total Preferred Equity | 11,028 | 11,571 | ||||||||||||||
| Common Equity/Warrants— 14.5% (6) | ||||||||||||||||
| A1 Garage Equity, LLC | — | Commercial Services & Supplies | — | — | 647,943 | 648 | 691 | |||||||||
| Ad.net Holdings, Inc. (7),(8) | — | Media | — | — | 7,467 | 75 | — | |||||||||
| Affinion Group Holdings, Inc. (Warrants) | 04/10/2024 | Consumer Goods: Durable | — | — | 8,893 | 245 | — | |||||||||
| AG Investco LP (7), (8) | — | Software | — | — | 805,164 | 805 | 1,074 | |||||||||
| AG Investco LP (7), (8), (9) | — | Software | — | — | 194,836 | — | — | |||||||||
| Altamira Intermediate Company II, Inc. (7) | — | IT Services | — | — | 1,437,500 | 1,437 | 1,456 | |||||||||
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) (7), (8) | — | Media | — | — | 2,018 | — | — | |||||||||
| Athletico Holdings, LLC (8) | — | Healthcare Providers and Services | — | — | 4,678 | 5,000 | 4,516 | |||||||||
| BioDerm Holdings, LP | — | Healthcare Equipment and Supplies | — | — | 1,313 | 1,313 | 1,514 | |||||||||
| Burgess Point Holdings, LP | — | Auto Components | — | — | 100 | 100 | 109 | |||||||||
| By Light Investco LP (7), (8) | — | High Tech Industries | — | — | 22,789 | 849 | 11,610 | |||||||||
| Connatix Parent, LLC (7) | — | Media | — | — | 38,278 | 421 | 222 | |||||||||
| Crane 1 Acquisition Parent Holdings, L.P. (7) | — | Commercial Services & Supplies | — | — | 130 | 120 | 199 | |||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8) | — | IT Services | — | — | 760,273 | 747 | 1,358 | |||||||||
| Delta InvestCo LP (Sigma Defense Systems, LLC) (7), (8),(9) | — | IT Services | — | — | 244,597 | — | — | |||||||||
| eCommission Holding Corporation (7), (10) | — | Banking, Finance, Insurance & Real Estate | — | — | 20 | 251 | 463 | |||||||||
| EDS Topco, LP | — | Electronic Equipment, Instruments, and Components | — | — | 1,125,000 | 1,125 | 1,062 | |||||||||
| Exigo, LLC | — | Software | — | — | 541,667 | 542 | 612 | |||||||||
| FedHC InvestCo LP (7),(8) | — | Aerospace and Defense | — | — | 21,665 | 727 | 3,062 | |||||||||
| FedHC InvestCo LP (7),(8),(9) | — | Aerospace and Defense | — | — | 7,566 | — | — | |||||||||
| Five Star Parent Holdings, LLC | — | Hotels, Restaurants and Leisure | — | — | 655,714 | 656 | 800 | |||||||||
| Gauge ETE Blocker, LLC | — | Diversified Consumer Services | — | — | 374,444 | 374 | 371 | |||||||||
| Gauge Lash Coinvest LLC (7) | — | Personal Products | — | — | 1,485,953 | 227 | 6,810 | |||||||||
| Gauge Loving Tan, LP | — | Personal Products | — | — | 2,481,781 | 2,482 | 2,088 | |||||||||
| Gauge Schlesinger Coinvest LLC (7) | — | Professional Services | — | — | 465 | 476 | 344 | |||||||||
| Gauge TVC Coinvest, LLC (TVC Enterprises, LLC) (7) | — | Professional Services | — | — | 391,144 | — | 1,153 | |||||||||
| GCOM InvestCo LP (7),(8) | — | IT Services | — | — | 19,184 | 3,342 | 3,165 | |||||||||
| Go Dawgs Capital III, LP | — | Building Products | — | — | 324,675 | 325 | 711 | |||||||||
| — | — | |||||||||||||||
| (American Insulated Glass, LLC) (7), (8) | ||||||||||||||||
| Hancock Claims Consultants Investors, LLC (7), (8) | — | Insurance | — | — | 450,000 | 448 | 338 | |||||||||
| HPA SPQ Aggregator LP | — | Professional Services | — | — | 750,399 | 750 | 751 | |||||||||
| HV Watterson Holdings, LLC | — | Professional Services | — | — | 100,000 | 100 | 111 | |||||||||
| Icon Partners V C, L.P. | — | Internet Software and Services | — | — | 1,863,863 | 1,864 | 1,671 | |||||||||
| Icon Partners V C, L.P. (7), (9) | — | Internet Software and Services | — | — | 636,137 | — | (66 | ) | ||||||||
| IIN Group Holdings, LLC | — | Consumer Services | — | — | 1,000 | 1,000 | — | |||||||||
| — | — | |||||||||||||||
| (Integrative Nutrition, LLC) (7), (8) | ||||||||||||||||
| Imagine Topco, LP (Common) | — | Software | — | — | 1,236,027 | — | — | |||||||||
| IHS Parent Holdngs, L.P. | — | Commercial Services & Supplies | — | — | 1,218,045 | 1,218 | 1,642 | |||||||||
| Ironclad Holdco, LLC (Applied Technical Services, LLC) (7), (8) | — | Commercial Services & Supplies | — | — | 5,811 | 573 | 844 | |||||||||
| ITC Infusion Co-invest, LP (8) | — | Healthcare Equipment and Supplies | — | — | 116,032 | 1,160 | 1,268 | |||||||||
| ITC Rumba, LLC (Cano Health, LLC) (7),(8) | — | Healthcare and Pharmaceuticals | — | — | 46,763 | 117 | 144 |
PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)
September 30, 2023
(Unaudited)
(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) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Kentucky Racing Holdco, LLC | — | Hotels, Restaurants and Leisure | — | — | 87,345 | — | 883 | ||||||||
| Kinetic Purchaser, LLC | — | Personal Products | — | — | 1,734,775 | 1,735 | 2,508 | ||||||||
| KL Stockton Co-Invest LP (Any Hour Services) (7),(8) | — | Energy Equipment and Services | — | — | 382,353 | 382 | 775 | ||||||||
| Lightspeed Investment Holdco LLC (7) | — | Healthcare Technology | — | — | 585,587 | 586 | 1,588 | ||||||||
| LJ Avalon, LP | — | Construction & Engineering | — | — | 1,638,043 | 1,638 | 1,736 | ||||||||
| Magnolia Topco LP - Class A Common Equity | — | Automobiles | — | — | 5,144 | — | — | ||||||||
| Magnolia Topco LP - Class B Common Equity | — | Automobiles | — | — | 28,231 | — | — | ||||||||
| Mars Intermediate Holdings II, Inc. (7) | — | Media | — | — | 835 | — | 468 | ||||||||
| MDI Aggregator, LP | — | Commodity Chemicals | — | — | 10,761 | 1,077 | 1,155 | ||||||||
| Meadowlark Title, LLC (8) | — | Professional Services | — | — | 819,231 | 805 | — | ||||||||
| MSpark, LLC | — | Media: Advertising, Printing and Publishing | — | — | 3,988 | 1,287 | — | ||||||||
| Municipal Emergency Services, Inc. (7) | — | Distributors | — | — | 1,973,370 | 2,005 | 2,230 | ||||||||
| NEPRT Parent Holdings, LLC (Recteq, LLC) (7), (8) | — | Leisure Products | — | — | 1,494 | 1,448 | 101 | ||||||||
| NORA Parent Holdings, LLC | — | Healthcare Providers and Services | — | — | 2,544 | 2,544 | 2,544 | ||||||||
| North Haven Saints Equity Holdings, LP (8) | — | Healthcare Technology | — | — | 223,602 | 224 | 223 | ||||||||
| NXOF Holdings, Inc. (Tyto Athene, LLC) (7) | — | IT Services | — | — | 14,960 | 15 | — | ||||||||
| OceanSound Discovery Equity, LP (Holdco Sands Intermediate, LLC) (7), (8) | — | Aerospace and Defense | — | — | 173,638 | 1,614 | 3,768 | ||||||||
| OHCP V BC COI, L.P. | — | Distributors | — | — | 743,750 | 744 | 650 | ||||||||
| OHCP V BC COI, L.P. (8) (9) | — | Distributors | — | — | 506,250 | — | (64 | ) | |||||||
| ORL Holdco, Inc. (7) | — | Consumer Finance | — | — | 1,474 | 15 | — | ||||||||
| PennantPark-TSO Senior Loan Fund, LP (7) | — | Financial Services | — | — | 11,167,847 | 11,168 | 9,345 | ||||||||
| LEP Pequod Holdings, LP | — | Financial Services | — | — | 350 | 865 | 1,006 | ||||||||
| Pink Lily Holdco, LLC (PL Acquisitions, LLC) (8) | — | Textiles, Apparel and Luxury Goods | — | — | 1,735 | 1,735 | 55 | ||||||||
| Pragmatic Institute, LLC | — | Professional Services | — | — | 610,583 | 611 | 238 | ||||||||
| Quad (U.S.) Co-Invest, L.P. | Professional Services | — | — | 266,864 | 267 | 312 | |||||||||
| QuantiTech InvestCo LP (7), (8) | — | Aerospace and Defense | — | — | 712 | 68 | 446 | ||||||||
| QuantiTech InvestCo LP (7), (8), (9) | — | Aerospace and Defense | — | — | 955 | — | — | ||||||||
| QuantiTech InvestCo II LP (7), (8), | — | Aerospace and Defense | — | — | 40 | 24 | 26 | ||||||||
| RFMG Parent, LP (Rancho Health MSO, Inc.) (7) | — | Healthcare Equipment and Supplies | — | — | 1,050,000 | 1,050 | 1,052 | ||||||||
| SBI Holdings Investments LLC (Sales Benchmark Index LLC) (7), (8) | — | Professional Services | — | — | 64,634 | 646 | 515 | ||||||||
| Seaway Topco, LP | Chemicals, Plastics and Rubber | — | — | 296 | 296 | 235 | |||||||||
| Signature CR Intermediate Holdco, Inc. (7) | — | Commercial Services & Supplies | — | — | 70 | 70 | 1,784 | ||||||||
| SP L2 Holdings, LLC (Ledge Lounger, Inc.) | — | Leisure Products | — | — | 360,103 | 360 | 247 | ||||||||
| SSC Dominion Holdings, LLC | — | Capital Equipment | — | — | 24 | 23 | 1,098 | ||||||||
| — | — | ||||||||||||||
| Class B (US Dominion, Inc.) (7) | |||||||||||||||
| StellPen Holdings, LLC (CF512, Inc.) (7) | — | Media | — | — | 161,538 | 161 | 178 | ||||||||
| TAC LifePort Holdings, LLC (7),(8) | — | Aerospace and Defense | — | — | 533,833 | 524 | 850 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) | — | Media | — | — | 219,056 | 206 | 388 | ||||||||
| Tower Arch Infolinks Media, LP (Infolinks Media Buyco, LLC)(8) (9) | — | Media | — | — | 146,550 | — | — | ||||||||
| TPC Holding Company, LP (5), (7), (8), (10) | — | Food Products | — | — | 21,527 | 21 | 212 | ||||||||
| TWD Parent Holdings, LLC (The Vertex Companies, LLC) (7) | — | Construction & Engineering | — | — | 749 | 1 | 1 | ||||||||
| UniTek Global Services, Inc.(C) | — | Telecommunications | — | — | 213,739 | — | — | ||||||||
| UniTek Global Services, Inc. (W) | — | Telecommunications | — | — | 23,889 | — | — | ||||||||
| UniVista Insurance (7),(8) | — | Insurance | — | — | 400 | 362 | 555 | ||||||||
| Urology Partners Co., L.P. | — | Healthcare Providers and Services | — | — | 694,444 | 694 | 653 | ||||||||
| Walker Edison Holdco LLC | — | Healthcare Providers and Services | — | — | 36,458 | 3,393 | 1,766 | ||||||||
| WCP IvyRehab QP CF Feeder, LP(8) | — | Healthcare Providers and Services | — | — | 3,715,012 | 3,754 | 4,319 | ||||||||
| WCP IvyRehab QP CF Feeder, LP (8), (9) | — | Healthcare Providers and Services | — | — | 284,988 | — | — | ||||||||
| Wildcat Parent, LP (Wildcat Buyerco, Inc.) (7), (8) | — | Electronic Equipment, Instruments, and Components | — | — | 2,240 | 224 | 794 | ||||||||
| Total Common Equity/Warrants | 72,159 | 94,733 | |||||||||||||
| Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies | 768,240 | 772,178 | |||||||||||||
| Investments in Controlled, Affiliated Portfolio Companies—45.1% (3), (4) | |||||||||||||||
| First Lien Secured Debt—36.8% | |||||||||||||||
| Marketplace Events, LLC - Super Priority First Lien Term Loan (7) | 09/30/2025 | Media: Diversified and Production | 10.94 | % | 3M SOFR+550 | 3,582 | 3,582 | 3,582 | |||||||
| Marketplace Events, LLC - Super Priority First Lien (7), (9) | 09/30/2025 | Media: Diversified and Production | — | — | 3,261 | — | — | ||||||||
| Marketplace Events, LLC | 09/30/2026 | Media: Diversified and Production | 10.94 | % | 3M SOFR+550 | 26,771 | 20,931 | 26,770 | |||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | 05/06/2024 | Financial Services | 13.33 | % | 3M SOFR+800 | 210,088 | 210,088 | 210,088 | |||||||
| Total First Lien Secured Debt | 234,601 | 240,440 | |||||||||||||
| Equity Interests—8.3% | |||||||||||||||
| New MPE Holdings, LLC (Marketplace Events, LLC) (7),(8) | — | Media: Diversified and Production | — | — | 349 | — | 3,675 | ||||||||
| PennantPark Senior Secured Loan Fund I LLC (7), (9), (10) | — | Financial Services | — | — | 90,038 | 90,038 | 50,881 | ||||||||
| Total Equity Interests | 90,038 | 54,556 | |||||||||||||
| Total Investments in Controlled, Affiliated Portfolio Companies | 324,639 | 294,996 | |||||||||||||
| Total Investments—163.3% | 1,092,878 | 1,067,174 | |||||||||||||
| Cash and Cash Equivalents—15.3% | |||||||||||||||
| Money Market - BlackRock Federal FD Institutional 30 | 99,989 | 99,989 | |||||||||||||
| Total Cash and Cash Equivalents | 99,989 | 99,989 | |||||||||||||
| Total Investments and Cash Equivalents—178.6% | $ | 1,192,867 | $ | 1,167,163 | |||||||||||
| Liabilities in Excess of Other Assets—(78.6)% | (513,558 | ) | |||||||||||||
| Net Assets—100.0% | $ | 653,605 |
(1) (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,” the Euro Interbank Offered Rate, or EURIBOR or “E", or 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, 90-day or 180-day LIBOR rate (1M L, 3M L, or 6M L, respectively), and EURIBOR loans are typically indexed to a 90-day EURIBOR rate (3M E), SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M SOFR, 3M SOFR, or 6M SOFR, respectively)at the borrower’s option. All securities are subject to a LIBOR, SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2) Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(3) The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4) The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5) Non-U.S. company or principal place of business outside the United States.
(6) Non-income producing securities.
(7) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2031 Asset-Backed Debt (See Note 11) and held through PennantPark CLO I, Ltd.
(8) Investment is held through our Taxable Subsidiary (See Note 1).
(9) Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(10) The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2023, qualifying assets represent 76% of our total assets and non-qualifying assets represent 24% 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)
| 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)
| 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)
| 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 LIBOR or “L” or Prime rate, or “P.” The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. LIBOR loans are typically indexed to a 30-day, 60-day, 90-day or 180-day LIBOR rate (1M L, 2M L, 3M L, or 6M L, respectively), at the borrower’s option. All securities are subject to a LIBOR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.
(2) Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).
(3) The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities.
(4) The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(5) Non-U.S. company or principal place of business outside the United States.
(6) Non-income producing securities.
(7) The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or 2) securing the 2031 Asset-Backed Debt (See Note 11) and held through PennantPark CLO I, Ltd.
(8) Investment is held through our Taxable Subsidiary (See Note 1).
(9) Represents the purchase of a security with delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.
(10) The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2022, qualifying assets represent 81% of our total assets and non-qualifying assets represent 19% of our total assets.
(11) Par amount is denominated in Australian Dollars (AUD) as denoted.