EX-99.2

EX-99.2 3 pflt-ex99_2.htm EX-99.2 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 Coupon			Basis Point Spread Above Index (1)		Par / Shares		Cost		Fair Value (2)
Investments in Non-Controlled, Non-Affiliated Portfolio Companies—118.1% (3), (4)
First Lien Secured Debt—101.9%
A1 Garage Merger Sub, LLC	12/22/2028	Commercial Services & Supplies		11.99	%	3M SOFR+660			1,520	$	1,499	$	1,512
A1 Garage Merger Sub, LLC - Unfunded Term Loan	12/22/2028	Commercial Services & Supplies		—			—		528		—		5
A1 Garage Merger Sub, LLC LLC (Revolver) (7), (9)	12/22/2028	Commercial Services & Supplies		—			—		748		—		(4	)
Ad.net Acquisition, LLC	05/07/2026	Media		11.65	%	3M SOFR+626			4,888		4,846		4,863
Ad.net Acquisition, LLC (Revolver) (7)	05/07/2026	Media		11.65	%	3M SOFR+626			622		622		619
Ad.net Acquisition, LLC (Revolver) (7), (9)	05/07/2026	Media		—			—		622		—		(3	)
Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)	06/10/2025	Media		11.79	%	3M SOFR+640			13,958		13,859		13,749
Anteriad, LLC (f/k/a MeritDirect, LLC)	05/23/2024	Media		11.04	%	3M SOFR+565			13,786		13,755		13,545
Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan	05/23/2024	Media		12.04	%	3M SOFR+665			2,212		2,186		2,184
Anteriad, LLC (f/k/a MeritDirect, LLC) (Revolver) (7), (9)	05/23/2024	Media		—			—		2,869		—		(50	)
Any Hour Services	07/21/2027	Energy Equipment and Services		11.22	%	3M SOFR+585			6,395		6,326		6,267
Any Hour Services (Revolver) (7), (9)	07/21/2027	Energy Equipment and Services		—			—		1,147		—		(23	)
Apex Service Partners, LLC	07/31/2025	Diversified Consumer Services		10.52	%	3M SOFR+525			6,160		6,132		6,145
Apex Service Partners, LLC Term Loan B	07/31/2025	Diversified Consumer Services		11.04	%	3M SOFR+550			294		294		294
Apex Service Partners, LLC Term Loan C	07/31/2025	Diversified Consumer Services		10.68	%	3M SOFR+525			12,826		12,732		12,793
Apex Service Partners, LLC (Revolver) (7)	07/31/2025	Diversified Consumer Services		10.86	%	3M SOFR+525			1,153		1,153		1,150
Apex Service Partners, LLC (Revolver) (7), (9)	07/31/2025	Diversified Consumer Services		—			—		692		—		(2	)
Applied Technical Services, LLC	12/29/2026	Commercial Services & Supplies		11.54	%	3M SOFR+615			8,891		8,784		8,714
Applied Technical Services, LLC (Unfunded Term Loan)	12/29/2026	Commercial Services & Supplies		—			—		582		—		(6	)
Applied Technical Services, LLC (Revolver) (7)	12/29/2026	Commercial Services & Supplies		13.25	%	3M SOFR+475			509		509		499
Applied Technical Services, LLC (Revolver) (7), (9)	12/29/2026	Commercial Services & Supplies		—			—		764		—		(15	)
Arcfield Acquisition Corp.	08/03/2029	Aerospace and Defense		11.62	%	1M SOFR+625			6,526		6,429		6,461
Arcfield Acquisition Corp. (Revolver) (9)	08/04/2028	Aerospace and Defense		—			—		1,379		—		(14	)
Beta Plus Technologies, Inc.	07/01/2029	Internet Software and Services		11.14	%	3M SOFR+575			4,950		4,862		4,604
BioDerm, Inc. (Revolver) (7)	01/31/2028	Healthcare Equipment and Supplies		11.81	%	1M SOFR+650			107		107		107
BioDerm, Inc. (Revolver) (9)	01/31/2028	Healthcare Equipment and Supplies		—			—		964		—		(5	)
Blackhawk Industrial Distribution, Inc.	09/17/2026	Distributors		11.79	%	3M SOFR+640			631		628		622
Blackhawk Industrial Distribution, Inc. - Unfunded Term Loan	09/17/2026	Distributors		—			—		2,624		—		(26	)
Blackhawk Industrial Distribution, Inc. (Revolver) (7)	09/17/2026	Distributors		13.75	%	3M SOFR+525			274		274		270
Blackhawk Industrial Distribution, Inc. (9)	09/17/2026	Distributors		—			—		2,469		—		(37	)
Broder Bros., Co.	12/04/2025	Textiles, Apparel and Luxury Goods		11.50	%	3M SOFR+626			3,324		3,324		3,324
By Light Professional IT Services, LLC	05/16/2025	High Tech Industries		12.43	%	3M SOFR+688			25,674		25,499		25,224
By Light Professional IT Services, LLC (Revolver) (7)(9)	05/16/2025	High Tech Industries		—			—		3,507		—		(61	)
Cadence Aerospace, LLC (7)	11/14/2023	Aerospace and Defense		12.07	%	3M SOFR+665			980		980		980
			(PIK 9.50%)
Cartessa Aesthetics, LLC	06/14/2028	Distributors		11.39	%	3M SOFR+600			13,076		12,907		13,076
Cartessa Aesthetics, LLC (Revolver) (7)	06/14/2028	Distributors		11.39	%	3M SOFR+600			511		511		511
Cartessa Aesthetics, LLC (Revolver) (7)(9)	06/14/2028	Distributors		—			—		927		—		-
CF512, Inc.	08/20/2026	Media		11.59	%	3M SOFR+619			5,980		5,930		5,860
CF512, Inc. (Revolver) (7), (9)	08/20/2026	Media		—			—		955		—		(19	)
CHA Holdings, Inc.	04/10/2025	Environmental Industries		10.15	%	3M SOFR+476			1,564		1,562		1,564
Challenger Performance Optimization, Inc.	08/31/2024	Business Services		12.18	%	3M L+675			237		237		230
Compex Legal Services, Inc.	02/09/2026	Professional Services		10.99	%	3M SOFR+525			8,925		8,891		8,925
Compex Legal Services, Inc. (Revolver) (7)	02/07/2025	Professional Services		10.94	%	3M SOFR+555			141		141		141
Compex Legal Services, Inc. (Revolver) (7), (9)	02/07/2025	Professional Services		—			—		1,265		—		—
Connatix Buyer, Inc.	07/13/2027	Media		11.16	%	1M SOFR+576			3,814		3,761		3,681
Connatix Buyer, Inc. (7), (9)	07/13/2027	Media		—			—		1,234		—		(43	)
Crane 1 Services, Inc.	08/16/2027	Commercial Services & Supplies		10.90	%	3M SOFR+551			882		871		878
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Commercial Services & Supplies		10.90	%	3M SOFR+551			135		135		134
Crane 1 Services, Inc. (Revolver) (7)	08/16/2027	Commercial Services & Supplies		—			—		202		—		(1	)
Dr. Squatch, LLC	08/31/2027	Personal Products		11.24	%	3M SOFR+585			4,383		4,328		4,383
Dr. Squatch, LLC (Revolver) (7), (9)	08/31/2027	Personal Products		—			—		3,353		—		—
DRS Holdings III, Inc.	11/03/2025	Chemicals, Plastics and Rubber		11.79	%	3M SOFR+640			16,266		16,142		16,070
DRS Holdings III, Inc. (Revolver) (7), (9)	11/03/2025	Personal Products		—			—		1,426		—		(17	)
Duraco Specialty Tapes LLC	06/30/2024	Containers and Packaging		11.93	%	1M SOFR+650			3,445		3,407		3,393
ECL Entertainment, LLC	08/31/2030	Hotels, Restaurants and Leisure		10.14	%	1M SOFR+475			5,000		4,900		4,985
eCommission Financial Services, Inc. (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		10.43	%	1M SOFR+510			4,599		4,599		4,599
eCommission Financial Services, Inc. (Revolver) (7), (9), (10)	10/05/2023	Banking, Finance, Insurance & Real Estate		—			—		5,000		—		—
EDS Buyer, LLC - Unfunded Term Loan	01/10/2029	Electronic Equipment, Instruments, and Components		—			—		6,750		—		(17	)
EDS Buyer, LLC. (Revolver) (7), (9)	01/10/2029	Electronic Equipment, Instruments, and Components		—			—		2,025		—		(30	)
Efficient Collaborative Retail Marketing Company, LLC	06/15/2024	Media: Diversified and Production		13.15	%	3M SOFR+776			7,645		7,651		5,352
ETE Intermediate II, LLC (Revolver) (9)	05/25/2029	Diversified Consumer Services		—			—		1,656		—		(28	)
Exigo Intermediate II, LLC (Revolver) (9)	03/15/2027	Software		—			—		689		—		(14	)

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 Coupon			Basis Point Spread Above Index (1)		Par / 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 Coupon			Basis Point Spread Above Index (1)		Par / 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. (f/k/a Management Consulting & Research, LLC)	08/16/2027	Aerospace and Defense		11.49	%	6M SOFR+615			18,373		18,109		18,171
System Planning and Analysis, Inc. (Revolver) (9) (f/k/a Management Consulting & Research, LLC)	08/16/2027	Aerospace and Defense		—			—		5,188		—		(57	)
Teneo Holdings LLC	07/18/2025	Diversified Financial Services		10.67	%	1M SOFR+535			5,733		5,683		5,725
The Aegis Technologies Group, LLC	10/31/2025	Aerospace and Defense		12.04	%	3M SOFR+665			5,421		5,374		5,340
The Bluebird Group LLC	07/28/2026	Professional Services		12.79	%	3M SOFR+740			2,368		2,331		2,359
The Bluebird Group LLC (Revolver) (7), (9)	07/28/2026	Professional Services		—			—		862		—		(3	)
The Vertex Companies, LLC (7)	08/30/2027	Construction & Engineering		11.67	%	1M SOFR+635			1,979		1,949		1,961
The Vertex Companies, LLC (Revolver)	08/30/2027	Construction & Engineering		11.67	%	1M SOFR+635			305		305		303
The Vertex Companies, LLC (Revolver) (7), (9)	08/30/2027	Construction & Engineering		—			—		606		—		(5	)
TPC Canada Parent, Inc. and TPC US Parent, LLC (5), (10)	11/24/2025	Food Products		10.90	%	3M SOFR+565			4,813		4,793		4,813
TWS Acquisition Corporation	06/16/2025	Diversified Consumer Services		11.81	%	3M SOFR+640			4,316		4,280		4,316
TWS Acquisition Corporation (Revolver) (7), (9)	06/16/2025	Diversified Consumer Services		—			—		2,628		—		—
Tyto Athene, LLC	04/01/2028	IT Services		10.90	%	3M SOFR+565			11,928		11,803		10,879
Tyto Athene, LLC (Revolver) (7), (9)	04/01/2026	IT Services		—			—		1,040		—		(94	)

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 Coupon				Basis Point Spread Above Index (1)		Par / 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 Coupon			Basis Point Spread Above Index (1)		Par / 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 Coupon				Basis Point Spread Above Index (1)		Par / 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 Coupon			Basis Point Spread Above Index (1)		Par / 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 Coupon				Basis Point Spread Above Index (1)		Par / 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. (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) (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 Coupon			Basis Point Spread Above Index (1)		Par / 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 Coupon			Basis Point Spread Above Index (1)		Par / 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)

(4)

(5)

Non-U.S. company or principal place of business outside the United States.

(6)

Non-income producing securities.

(7)

(8)

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

(9)

(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.