# EDGAR Filing Document

**Accession Number:** 0001504619
**File Stem:** 0001193125-26-211880
**Filing Date:** 2026-5
**Character Count:** 553093
**Document Hash:** 644c6cc05f0819eb423c54f8ba9ef95a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211880.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211880

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PennantPark Floating Rate Capital Ltd.
- **CENTRAL INDEX KEY:** 0001504619

**ORGANIZATION NAME:**
- **EIN:** 273794690
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00891
- **FILM NUMBER:** 26953291

**BUSINESS ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 905-1000

**MAIL ADDRESS:**
- **STREET 1:** 590 MADISON AVENUE
- **STREET 2:** 15TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PennantPark Senior Floating Rate Fund Inc.
- **DATE OF NAME CHANGE:** 20101029

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**FOR THE QUARTERLY PERIOD ENDED** **MARCH 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM TO** 

**COMMISSION FILE NUMBER:** 814-00891

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PENNANTPARK FLOATING RATE CAPITAL LTD.

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| MARYLAND | 27-3794690 |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |
| 1691 Michigan Avenue<br>Miami Beach**,** Florida | 33139 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(**786**)** 297-9500

**(Registrant's Telephone Number, Including Area Code)**

**None**

**(Former name, former address and former fiscal year, if changed since last report)**

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Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.001 per share | PFLT | The New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☑ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ |  |  |

---

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

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

The number of shares of the registrant's common stock, $0.001 par value per share, outstanding as of May 7, 2026 was 99,217,896.

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**PENNANTPARK FLOATING RATE CAPITAL LTD.**

**FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**<u>PART I. CONSOLIDATED FINANCIAL INFORMATION</u>**](#part_iconsolidated_financial_information) |  |
| [**<u>Item 1. Consolidated Financial Statements</u>**](#item_1_consolidated_financial_statements) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and September 30, 2025</u>](#consolidated_statements_assets_liabiliti) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Operations for the three and six months ended March 31, 2026 and 2025 (unaudited)</u>](#consolidated_statements_operations) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2026 and 2025 (unaudited)</u>](#consolidated_statements_changes_in_net_a) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Statements of Cash Flows for the six months ended March 31, 2026 and 2025</u>](#consolidated_statements_cash_flows)[<u>(unaudited)</u>](#consolidated_statements_cash_flows) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Consolidated Schedules of Investments as of March 31, 2026 (unaudited) and September 30, 2025</u>](#sch) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Consolidated Financial Statements (unaudited)</u>](#notes_to_consolidated_financial_stmnts) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Report of Independent Registered Public Accounting Firm (PCAOB ID 49)</u>](#report_of_independent_public_accounting) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**](#item_2_managements_discussion_analysis_f) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 3. Quantitative and Qualitative Disclosures About Market Risk</u>**](#item_3_quantitative_qualitative_disclosu) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 4. Controls and Procedures</u>**](#item_4_controls_and_procedures) | 79 |
| [**<u>PART II. OTHER INFORMATION</u>**](#part_ii_or_information) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 1. Legal Proceedings</u>**](#item_1_legal_proceedings) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 1A. Risk Factors</u>**](#item_1a_risk_factors) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>**](#item_2_unregistered_sales_equity_securit) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 3. Defaults Upon Senior Securities</u>**](#item_3_defaults_upon_senior_securities) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 4. Mine Safety Disclosures</u>**](#item_4_mine_safety_disclosures) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 5. Other Information</u>**](#item_5_or_information) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>Item 6. Exhibits</u>**](#item_6_exhibits) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) | 82 |

---

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**PART I—CONSOLIDATED** **FINANCIAL INFORMATION**

We are filing this Quarterly Report on Form 10-Q, or the Report, in compliance with Rule 13a-13 as promulgated by the Securities and Exchange Commission, or the SEC, under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In this Report, except where the context suggests otherwise, the terms "Company," "we," "our" or "us" refers to PennantPark Floating Rate Capital Ltd. and its wholly owned consolidated subsidiaries; "Funding I" refers to PennantPark Floating Rate Funding I, LLC; "Taxable Subsidiary" refers to collectively our consolidated subsidiaries PFLT Investment Holdings II, LLC and PFLT Investment Holdings, LLC; "PSSL" refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; "PTSF" refers to PennantPark-TSO Senior Loan Fund, LP, a consolidated limited partnership; "PTSF's GP" refers to PennantPark-TSO Senior Loan Fund GP, LLC a wholly owned subsidiary; "PSSL II" refers to PennantPark Senior Secured Loan Fund II LLC, an unconsolidated joint venture; "2037 Securitization Issuer" refers to PennantPark CLO 11, LLC, a consolidated Delaware limited liability company, "PennantPark Investment Advisers" or "Investment Adviser" refers to PennantPark Investment Advisers, LLC; "PennantPark Investment Administration" or "Administrator" refers to PennantPark Investment Administration, LLC; "2023 Notes" refers to our 4.3% Series A notes due 2023; "2026 Notes" refers to our 4.25% Notes due 2026; "2029 Notes" refers to our 6.75% Notes due 2029; "1940 Act" refers to the Investment Company Act of 1940, as amended; "SBCAA" refers to the Small Business Credit Availability Act; "Code" refers to the Internal Revenue Code of 1986, as amended; "RIC" refers to a regulated investment company under the Code; "BDC" refers to a business development company under the 1940 Act; "Credit Facility" refers to our multi-currency senior secured revolving credit facility, as amended from time to time, with Truist Bank and other lenders, or the "Lenders," entered into on August 12, 2021; "Securitization Issuer" refers to PennantPark CLO I, Ltd.; "Securitization Issuers" refers to the Securitization Issuer and PennantPark CLO I, LLC; "Debt Securitization" refers to the $301.4 million term debt securitization completed by the Securitization Issuers; "2031 Asset-Backed Debt" refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A-1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; and "Depositor" refers to PennantPark CLO I Depositor, LLC. 2036 Securitization Issuer refers to PennantPark CLO VIII, LLC; "2036-Debt Securitization" refers to the $350.6 million term debt securitization completed by the "2036 Securitization Issuers"; "2036 Asset-Backed Debt" refers to the issuance of the AAA(sf) Class A-1 Notes, AAA(sf) Class A-2 Notes, AA(sf) Class B Notes, A(sf) Class C Notes, BBB-(sf) Class D Notes, and the issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes.);"2038-R Securitization Issuers" refers to Securitization Issuer and PennantPark CLO VIII LLC; "2038-R Indenture" refers to that certain indenture, dated February 22, 2024, by and among the 2038-R Securitization Issuers and Wilmington Trust, National Association, as amended by the supplemental indenture, dated February 24, 2026; "2038-R Asset-Backed Debt" refers to the issuance by the 2038-R Securitization Issuers of the following classes of notes pursuant the 2038-R Indenture (i) $80 million of A-1-R Loan, which bear interest at the three-month secured overnight financing rate ("SOFR") plus 1.43%, (ii) $123 million of A-1-R Notes, which bear interest at three-month SOFR plus 1.43%, (iii) $14 million of Class A-2-R Notes, which bear interest at three-month SOFR plus 1.60%, (iv) $24.5 million of C-R Notes, which bear interest at three-month SOFR plus 2.15% and (v) $19.250 million of D-R Notes, which bear interest at three-month SOFR plus 3.20% (collectively, the "Secured Notes 2038"), (B) the issuance by a 2038-R Securitization Issuer of $69.450 million of subordinated notes pursuant to the 2038-R Indenture (the "Subordinated Notes 2038"), (C) the borrowing by the Securitization Issuer of $26.250 million of Class B-R Loans, which bear interest at three-month SOFR plus 1.75% (the "Class B-R 2038 Loans"),"2036-R Securitization Issuers" refers to Securitization Issuer and PennantPark CLO I LLC; "2036-R Indenture" refers to that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024; "2036-R Asset-Backed Debt" refers to the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant the 2036-R Indenture (i) $203 million of A-1-R Notes, which bear interest at the three-month secured overnight financing rate ("SOFR") plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21 million of D-R Notes, which bear interest at three-month SOFR plus 4.30% (collectively, the "Secured Notes"), (B) the issuance by a 2036-R Securitization Issuer of $64 million of subordinated notes pursuant to the 2036-R Indenture (the "Subordinated Notes"), (C) the borrowing by the Securitization Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05% (the "Class B-R Loans"); "2037 Debt Securitization" refers to the $474.6 million term debt securitization completed by 2037 Securitization Issuer; "2037 Credit Agreement" refers to that certain credit agreement, dated as of February 20, 2025 by and among 2037 Securitization Issuer, as borrower, the various financial institutions party thereto, as lenders, and Western Alliance Trust Company, National Association, as collateral agent and as loan agent; "2037 Indenture" refers to that certain indenture, dated as of February 20, 2025 by and between 2037 Securitization Issuer and Western Alliance Trust Company, National Association; "2037 Asset-Backed Debt" refers to (A) the issuance by 2037 Securitization Issuer of the following classes of notes pursuant to the 2037 Indenture: (i) $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at three-month SOFR plus 1.49%, (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60%, (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75%, (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20%, (v) $28.5 million of BBB-(sf) Class D Notes (the "2037 Class D Notes"), which bear interest at three-month SOFR plus 3.60%, (collectively, the "2037 Secured Notes"), and (vi) $85.1 million of subordinated notes ("2037 Subordinated Notes" and, together with the 2037 Secured Notes, the "2037 Notes") and (B) the borrowing by the Issuers of $10.0 million under AAA(sf) Class A-1L-A floating rate loans and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (together, the "2037 Asset-Backed Loans"), which bear interest at three-month SOFR plus 1.49%. References to our portfolio, our investments, our multi-currency, senior secured revolving credit facility, as amended and restated, or the Credit Facility, and our business includes investments we make through our subsidiaries.

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**Item 1. Consolidated** **Financial Statements**

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **September 30, 2025** |
|  | **(unaudited)** |  |
| **Assets** |  |  |
| Investments at fair value |  |  |
| &nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments (amortized cost— $2,151,925 and $2,458,018, respectively) | $2189011 | $2491360 |
| &nbsp;&nbsp;&nbsp;Controlled, affiliated investments (amortized cost— $494,500 and $361,375, respectively) | 391270 | 281968 |
| &nbsp;&nbsp;Total investments (amortized cost— $2,646,425 and $2,819,393, respectively) | 2580281 | 2773328 |
| Cash equivalents (cost— $31,427 and $40,729, respectively) | 31427 | 40729 |
| Cash (cost— $90,446 and $81,955, respectively) | 90444 | 81959 |
| Interest receivable | 12611 | 13832 |
| Distributions receivable | 900 |  |
| Receivable for investments sold | 30052 | 1369 |
| Due from affiliates | 136 | 321 |
| Prepaid expenses and other assets | 2085 | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 2747936 | 2913681 |
| **Liabilities** |  |  |
| Credit Facility payable, at fair value (cost— $328,355 and $683,855, respectively) | 328333 | 683837 |
| 2026 Notes payable, net (par—$185,000) (unamortized deferred financing costs of $2 and $391, respectively) | 184998 | 184609 |
| 2029 Notes payable, net (par—$200,000 and $0) (unamortized deferred financing costs of $4,132 and $0, respectively) | 195868 |  |
| 2036 Asset-Backed Debt, net (par—$0 and $287,000) (unamortized deferred financing costs of $0 and $2,373, respectively) |  | 284627 |
| 2036-R Asset-Backed Debt, net (par— $287,000 and $266,000) (unamortized deferred financing costs of $415 and $634, respectively) | 286585 | 265366 |
| 2037 Asset-Backed Debt, net (par— $389,500 and $361,000) (unamortized deferred financing costs of $2,355 and $2,669, respectively) | 387145 | 358331 |
| 2038-R Asset-Backed Debt, net (par—$287,000 and $0) (unamortized deferred financing costs of $2,230 and $0, respectively) | 284770 |  |
| Payable for investments purchased |  | 14852 |
| Interest payable on debt | 15407 | 19172 |
| Distributions payable | 10170 | 10170 |
| Base management fee payable | 6427 | 6549 |
| Incentive fee payable | 6437 | 6883 |
| Accounts payable and accrued expenses | 1581 | 2166 |
| Deferred tax liability | 1558 | 1864 |
| Due to affiliates |  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1709279 | 1839165 |
| Commitments and contingencies (See Note 11) |  |  |
| **Net assets** |  |  |
| Common stock, 99,217,896 and 99,217,896 shares issued and outstanding, respectively<br> Par value $0.001 per share and 200,000,000 shares authorized | 99 | 99 |
| Paid-in capital in excess of par value | 1219502 | 1219502 |
| Accumulated deficit | (180944) | (145085) |
| &nbsp;&nbsp;**Total net assets** | $1038657 | $1074516 |
| &nbsp;&nbsp;**Total liabilities and net assets** | $2747936 | $2913681 |
| **Net asset value per share** | $10.47 | $10.83 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Investment income:** |  |  |  |  |
| From non-controlled, non-affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $50735 | $49215 | $107265 | $96678 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend | 33 | 369 | 41 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 386 | 634 | 1148 | 2114 |
| From controlled, affiliated investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 8652 | 7345 | 16497 | 20153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend | 6150 | 4375 | 11094 | 8750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  |  |  | 306 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 65956 | 61938 | 136045 | 128947 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expenses on debt | 24139 | 22529 | 51293 | 44890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance-based incentive fee | 6437 | 6258 | 13097 | 13750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Base management fee | 6427 | 5604 | 13241 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 1200 | 1200 | 2400 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services expenses | 900 | 650 | 1800 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses before amendment costs, debt issuance costs and provision for taxes** | 39103 | 36241 | 81831 | 73058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on net investment income | 25 | 225 | 250 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit Facility amendment and debt issuance costs | 1080 | 442 | 1578 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 40208 | 36908 | 83659 | 73950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 25748 | 25030 | 52386 | 54997 |
| **Realized and unrealized gain (loss) on investments and debt:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | (7535) | (795) | (6079) | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled and controlled, affiliated investments |  | (2682) |  | 22811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on realized gain (loss) on investments |  | (21) |  | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment | (1380) |  | (1380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized gain (loss) on investments and debt** | (8915) | (3498) | (7459) | 23103 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled, non-affiliated investments | 25010 | (9630) | 3744 | (6688) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlled and controlled, affiliated investments | (12802) | (11146) | (23823) | (43050) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on unrealized appreciation (depreciation) on investments | (329) | 468 | 307 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt appreciation (depreciation) | 26 | 1 | 4 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net change in unrealized appreciation (depreciation) on investments and debt** | 11905 | (20307) | (19768) | (48547) |
| **Net realized and unrealized gain (loss) from investments and debt** | 2990 | (23805) | (27227) | (25444) |
| **Net increase (decrease) in net assets resulting from operations** | $28738 | $1225 | $25159 | $29553 |
| **Net increase (decrease) in net assets resulting from operations per common share (See Note 7)** | $0.29 | $0.01 | $0.25 | $0.34 |
| Net investment income per common share | $0.26 | $0.28 | $0.53 | $0.64 |

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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

**(in thousands, except share issue data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Net increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $25748 | $25030 | $52386 | $54997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (7535) | (3477) | (6079) | 23197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on debt extinguishment | (1380) |  | (1380) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 12208 | (20776) | (20079) | (49738) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in provision for taxes on realized and unrealized appreciation (depreciation) on investments | (329) | 447 | 307 | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on debt | 26 | 1 | 4 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 28738 | 1225 | 25159 | 29553 |
| **Distributions to stockholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution of net investment income | (30510) | (27699) | (61018) | (52879) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total distributions to stockholders** | (30510) | (27699) | (61018) | (52879) |
| **Capital transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Public offering |  | 131103 |  | 213811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  | (149) |  | (648) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase in net assets resulting from capital transactions** |  | 130954 |  | 213163 |
| **Net increase (decrease) in net assets** | (1772) | 104480 | (35859) | 189837 |
| **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | 1040429 | 962651 | 1074516 | 877294 |
| &nbsp;&nbsp;&nbsp;&nbsp;End of period | $1038657 | $1067131 | $1038657 | $1067131 |
| **Capital share activity:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued from public offering |  | 11562000 |  | 18838000 |

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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | $25159 | $29553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash<br> provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) depreciation on investments | 20079 | 49738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on debt | (4) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized (gain) loss on investments | 6079 | (23197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt extinguishment | 1380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net accretion of discount and amortization of premium | (3603) | (7430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (462714) | (900239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment-in-kind interest | (3140) | (3076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions of investments | 636347 | 523668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | 2221 | 779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 1221 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | (28683) | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution receivable | (900) | (311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 58 | (2070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliate | 185 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | (14852) | (20363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest payable on debt | (3765) | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base management fee payable | (122) | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive fee payable | (446) | 3069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (306) | (1100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (739) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (585) | (523) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 172870 | (350786) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from public offering |  | 213811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs |  | (648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of 2037 Asset-Backed Debt |  | 361000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized borrowing costs for the 2037 Asset-Backed Debt |  | (2971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of 2029 Notes | 200000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized borrowing costs for the 2029 Notes | (4132) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of 2038-R Asset-Backed Debt | 287000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized borrowing costs for the 2038-R Asset-Backed Debt | (2536) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings of 2037 Asset-Backed Debt | 28500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings of 2036-R Asset-Backed Debt | 21000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of 2036 Asset-Backed Debt | (287000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions paid to stockholders | (61019) | (51086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under Credit Facility | 141500 | 235001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under Credit Facility | (497000) | (405000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (173687) | 350107 |
| **Net increase (decrease) in cash and cash equivalents** | (817) | (679) |
| Effect of exchange rate changes on cash |  | (13) |
| **Cash and cash equivalents, beginning of period** | 122688 | 112050 |
| **Cash and cash equivalents, end of period** | $121871 | $111358 |
| **Supplemental disclosures:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $52837 | $43554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes paid | $790 | $900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash exchanges and conversions | $2030 | $551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash purchases and disposition of investments | $133131 | $— |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 210.8% <sup>(3), (4)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 187.6% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/2/2023 | 10/02/2029 | IT Services | 8.69% | 3M SOFR+ 500 | 23872 | $23668 | $23275 |
| ACP Avenu Buyer, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/2/2023 | 04/21/2027 | IT Services |  |  | 10872 |  | (217) |
| ACP Avenu Buyer, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 10/2/2023 | 10/02/2029 | IT Services |  |  | 7612 |  | (190) |
| ACP Falcon Buyer, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/26/2023 | 08/01/2029 | Professional Services |  |  | 3096 |  |  |
| Ad.net Acquisition, LLC | 5/4/2021 | 05/07/2026 | Media | 9.93% | 3M SOFR+ 626 | 8113 | 8109 | 8113 |
| Ad.net Acquisition, LLC - Funded Revolver | 5/4/2021 | 05/08/2028 | Media | 9.96% | 3M SOFR+ 626 | 747 | 747 | 747 |
| Ad.net Acquisition, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 5/4/2021 | 05/08/2028 | Media |  |  | 498 |  |  |
| Aechelon Technology, Inc. | 8/16/2024 | 08/16/2029 | Aerospace and Defense | 9.42% | 1M SOFR+ 575 | 14854 | 14747 | 15003 |
| Aechelon Technology, Inc. - Funded Revolver | 8/16/2024 | 08/16/2029 | Aerospace and Defense | 9.42% | 1M SOFR+ 575 | 2776 | 2776 | 2776 |
| Aechelon Technology, Inc. - Unfunded Revolver <sup>(8)</sup> | 8/16/2024 | 08/16/2029 | Aerospace and Defense |  |  | 1943 |  |  |
| AFC-Dell Holding Corp. | 2/22/2024 | 04/09/2027 | Distributors | 8.67% | 3M SOFR+ 500 | 19994 | 19975 | 19994 |
| AFC-Dell Holding Corp. - Unfunded Term Loan <sup>(8)</sup> | 2/22/2024 | 04/09/2027 | Distributors |  |  | 7213 |  |  |
| AFC-Dell Holding Corp. - Funded Revolver | 2/22/2024 | 10/09/2028 | Distributors | 8.67% |  | 299 | 299 | 299 |
| AFC-Dell Holding Corp. - Unfunded Revolver <sup>(8)</sup> | 2/22/2024 | 10/09/2028 | Distributors |  |  | 1795 |  |  |
| Alpine Acquisition Corp II - Second Out Term Loan | 8/27/2025 | 01/14/2031 | Containers and Packaging | 8.67% | 3M SOFR+ 500 | 322 | 322 | 322 |
| Alpine Acquisition Corp II - Third Out Term Loan | 8/27/2025 | 01/14/2031 | Containers and Packaging | 8.92% | 3M SOFR+ 525 | 430 | 430 | 430 |
| Alpine Acquisition Corp II - Unfunded Term Loan <sup>(8)</sup> | 8/27/2025 | 12/29/2030 | Containers and Packaging |  |  | 32 |  |  |
| Alpine Acquisition Corp II - Unfunded Revolver <sup>(8)</sup> | 8/27/2025 | 12/29/2030 | Containers and Packaging |  |  | 129 |  |  |
| Amsive Holdings Corporation | 3/2/2020 | 12/10/2026 | Media | 9.95% | 3M SOFR+ 625 | 19171 | 19128 | 18979 |
| Aphix Buyer, Inc. | 7/17/2025 | 07/17/2031 | Business Services | 8.42% | 3M SOFR+ 475 | 12797 | 12719 | 12733 |
| Aphix Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 7/17/2025 | 07/16/2027 | Business Services |  |  | 12127 |  | 15 |
| Aphix Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 7/17/2025 | 07/17/2031 | Business Services |  |  | 3995 |  | (20) |
| APT OPCO, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/29/2025 | 09/30/2027 | Healthcare Providers and Services |  |  | 2729 |  | 17 |
| APT OPCO, LLC - Unfunded Revolver <sup>(8)</sup> | 9/29/2025 | 09/30/2031 | Healthcare Providers and Services |  |  | 2729 |  |  |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 5/21/2019 | 12/31/2027 | Media | 9.60% | 3M SOFR+ 590 | 11817 | 11800 | 11729 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 5/21/2019 | 12/31/2027 | Media | 9.60% | 3M SOFR+ 590 | 1928 | 1926 | 1914 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver <sup>(6)</sup> | 5/21/2019 | 12/31/2027 | Media | 11.50% | Prime + 475 | 410 | 410 | 407 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver <sup>(8)</sup> | 5/21/2019 | 12/31/2027 | Media |  |  | 2460 |  | (18) |
| Arcfield Acquisition Corp. | 10/28/2024 | 10/28/2031 | Aerospace and Defense | 8.67% | 3M SOFR+ 500 | 15306 | 15292 | 15229 |
| Arcfield Acquisition Corp. - Unfunded Revolver <sup>(6), (8)</sup> | 10/28/2024 | 10/28/2031 | Aerospace and Defense |  |  | 3547 |  | (18) |
| Archer Lewis, LLC | 8/28/2024 | 08/28/2029 | Healthcare Technology | 9.45% | 3M SOFR+ 575 | 26408 | 26209 | 25880 |
| Archer Lewis, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/28/2024 | 08/28/2026 | Healthcare Technology |  |  | 13292 |  | (133) |
| Archer Lewis, LLC - Funded Revolver | 8/28/2024 | 08/28/2029 | Healthcare Technology | 9.42% | 3M SOFR+ 575 | 3252 | 3252 | 3187 |
| Argano, LLC | 9/13/2024 | 09/13/2029 | Business Services | 9.18% | 3M SOFR+ 550 | 40928 | 40608 | 40518 |
| Argano, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/13/2024 | 06/03/2027 | Business Services |  |  | 1596 |  | (4) |
| Argano, LLC – Unfunded Revolver <sup>(8)</sup> | 9/13/2024 | 09/13/2029 | Business Services |  |  | 1421 |  | (14) |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 6/26/2024 | 06/26/2029 | Diversified Consumer Services | 9.45% | 3M SOFR+ 575 | 22355 | 22165 | 22020 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Term Loan <sup>(8)</sup> | 6/26/2024 | 11/26/2027 | Diversified Consumer Services |  |  | 13499 |  | (101) |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver | 6/26/2024 | 06/26/2029 | Diversified Consumer Services | 9.44% | 3M SOFR+ 575 | 3505 | 3505 | 3453 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver <sup>(8)</sup> | 6/26/2024 | 06/26/2029 | Diversified Consumer Services |  |  | 270 |  | (4) |
| Beacon Behavioral Support Services, LLC | 6/21/2024 | 06/21/2029 | Healthcare Providers and Services | 9.20% | 3M SOFR+ 550 | 27728 | 27447 | 27728 |
| Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment <sup>(8)</sup> | 6/21/2024 | 06/21/2027 | Healthcare Providers and Services |  |  | 19638 |  | 196 |
| Beacon Behavioral Support Services, LLC. - Funded Revolver | 6/21/2024 | 06/21/2029 | Healthcare Providers and Services | 11.25% |  | 1262 | 1262 | 1262 |
| Beacon Behavioral Support Services, LLC - Unfunded Revolver <sup>(8)</sup> | 6/21/2024 | 06/21/2029 | Healthcare Providers and Services |  |  | 841 |  |  |
| Best Practice Associates, LLC | 11/7/2024 | 11/08/2029 | Aerospace and Defense | 10.42% | 3M SOFR+ 675 | 58500 | 57819 | 57183 |
| Best Practice Associates, LLC - Unfunded Revolver <sup>(8)</sup> | 11/7/2024 | 11/08/2029 | Aerospace and Defense |  |  | 5732 |  | (129) |
| Beta Plus Technologies, Inc. | 2/29/2024 | 07/02/2029 | Internet Software and Services | 9.45% | 1M SOFR+ 575 | 22599 | 22111 | 22260 |
| Big Top Holdings, LLC | 2/29/2024 | 02/28/2030 | Construction & Engineering | 8.95% | 3M SOFR+ 525 | 21663 | 21416 | 21663 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Big Top Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 2/29/2024 | 02/28/2030 | Construction & Engineering |  |  | 4479 |  |  |
| Bioderm, Inc. | 8/27/2025 | 01/31/2028 | Healthcare Equipment and Supplies | 10.17% | 1M SOFR+ 650 | 987 | 984 | 973 |
| Bioderm, Inc. - Funded Revolver | 1/30/2023 | 01/31/2028 | Healthcare Equipment and Supplies | 10.17% | 1M SOFR+ 650 | 1071 | 1071 | 1055 |
| Blackhawk Industrial Distribution, Inc. | 6/27/2022 | 09/17/2026 | Distributors | 9.10% | 3M SOFR+ 540 | 8086 | 8073 | 7844 |
| Blackhawk Industrial Distribution, Inc. - Funded Revolver <sup>(6)</sup> | 6/27/2022 | 09/17/2026 | Distributors | 9.10% | 3M SOFR+ 540 | 2233 | 2233 | 2166 |
| Blackhawk Industrial Distribution, Inc. - Unfunded Revolver <sup>(8)</sup> | 6/27/2022 | 09/17/2026 | Distributors |  |  | 1650 |  | (50) |
| BLC Holding Company, Inc. | 11/20/2024 | 11/20/2030 | Business Services | 8.17% | 3M SOFR+ 450 | 19256 | 19147 | 19256 |
| BLC Holding Company, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/20/2024 | 11/20/2026 | Business Services |  |  | 10994 |  | 82 |
| BLC Holding Company, Inc. - Unfunded Revolver <sup>(8)</sup> | 11/20/2024 | 11/20/2030 | Business Services |  |  | 4398 |  |  |
| Blue Cloud Pediatric Surgery Centers LLC | 8/12/2025 | 01/21/2031 | Healthcare Providers and Services | 8.67% | 3M SOFR+ 500 | 7713 | 7643 | 7598 |
| Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan <sup>(8)</sup> | 8/12/2025 | 07/30/2027 | Healthcare Providers and Services |  |  | 2759 |  | (14) |
| Boss Industries, LLC | 12/27/2024 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 8.45% | 3M SOFR+ 475 | 12023 | 11953 | 12023 |
| Boss Industries, LLC - Unfunded Revolver <sup>(8)</sup> | 12/27/2024 | 12/27/2030 | Independent Power and Renewable Electricity Producers |  |  | 2744 |  |  |
| Burgess Point Purchaser Corporation | 8/12/2024 | 07/25/2029 | Auto Components | 9.02% | 3M SOFR+ 535 | 18625 | 17605 | 16158 |
| By Light Professional IT Services, LLC | 7/15/2025 | 07/15/2031 | High Tech Industries | 9.17% | 1M SOFR+ 550 | 23403 | 23229 | 23052 |
| By Light Professional IT Services, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/15/2025 | 07/15/2031 | High Tech Industries |  |  | 3671 |  | (55) |
| Capital Construction, LLC | 6/30/2025 | 10/22/2026 | Consumer Services | 9.56% | 3M SOFR+ 590 | 7960 | 7934 | 7841 |
| Carisk Buyer, Inc. | 11/27/2023 | 12/03/2029 | Healthcare Technology | 8.67% | 3M SOFR+ 500 | 5390 | 5336 | 5403 |
| Carisk Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/27/2023 | 12/03/2029 | Healthcare Technology |  |  | 4813 |  | 60 |
| Carisk Buyer, Inc. - Unfunded Term Loan - 1st Amendment <sup>(8)</sup> | 11/27/2023 | 12/03/2029 | Healthcare Technology |  |  | 3056 |  | 31 |
| Carisk Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 11/27/2023 | 12/03/2029 | Healthcare Technology |  |  | 1750 |  | 4 |
| Carnegie Dartlet, LLC | 2/7/2024 | 02/07/2030 | Professional Services | 9.17% | 3M SOFR+ 550 | 33636 | 33256 | 33383 |
| Carnegie Dartlet, LLC - Unfunded Revolver <sup>(8)</sup> | 2/7/2024 | 02/07/2030 | Professional Services |  |  | 5405 |  | (41) |
| Cartessa Aesthetics, LLC | 6/1/2022 | 06/14/2028 | Distributors | 9.70% | 3M SOFR+ 600 | 15640 | 15552 | 15562 |
| Cartessa Aesthetics, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 6/1/2022 | 06/14/2028 | Distributors |  |  | 1438 |  | (7) |
| Case Works, LLC | 10/1/2024 | 10/01/2029 | Professional Services | 8.93% | 3M SOFR+ 525 | 15914 | 15812 | 15755 |
| Case Works, LLC - Funded Revolver | 10/1/2024 | 10/01/2029 | Professional Services | 8.95% | 3M SOFR+ 525 | 3102 | 3102 | 3071 |
| Case Works, LLC - Unfunded Revolver <sup>(8)</sup> | 10/1/2024 | 10/01/2029 | Professional Services |  |  | 1007 |  | (10) |
| Cf512, Inc. | 8/17/2021 | 08/20/2026 | Media | 9.86% | 3M SOFR+ 619 | 10246 | 10221 | 10143 |
| Cf512, Inc. - Funded Revolver | 8/17/2021 | 09/01/2026 | Media | 9.69% | 3M SOFR+ 602 | 86 | 86 | 85 |
| Cf512, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/17/2021 | 09/01/2026 | Media |  |  | 869 |  | (9) |
| CJX Borrower, LLC | 7/8/2021 | 07/13/2027 | Media | 9.44% | 3M SOFR+ 576 | 8380 | 8297 | 8255 |
| CJX Borrower, LLC - Unfunded Term Loan <sup>(8)</sup> | 7/8/2021 | 07/13/2027 | Media |  |  | 224 |  | 38 |
| CJX Borrower, LLC - Funded Revolver | 7/8/2021 | 07/13/2027 | Media | 9.44% | 3M SOFR+ 576 | 691 | 691 | 681 |
| CJX Borrower, LLC - Unfunded Revolver <sup>(8)</sup> | 7/8/2021 | 07/13/2027 | Media |  |  | 543 |  | (8) |
| Coolsys, Inc. | 8/27/2025 | 08/11/2028 | Commercial Services & Supplies | 8.66% | 3M SOFR+ 501 | 2279 | 1999 | 1885 |
| Commercial Fire Protection Holdings, LLC | 9/23/2024 | 09/23/2030 | Commercial Services & Supplies | 8.20% | 3M SOFR+ 450 | 28937 | 28766 | 28937 |
| Commercial Fire Protection Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/23/2024 | 09/23/2026 | Commercial Services & Supplies |  |  | 9592 |  | 72 |
| Commercial Fire Protection Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 9/23/2024 | 09/23/2030 | Commercial Services & Supplies |  |  | 5014 |  |  |
| Confluent Health, LLC | 3/25/2024 | 11/30/2028 | Healthcare Providers and Services | 7.79% | 1M SOFR+ 411 | 4783 | 4453 | 4059 |
| Confluent Health, LLC - Amendment No.4 Term Loan | 3/25/2024 | 11/30/2028 | Healthcare Providers and Services | 8.67% | 1M SOFR+ 500 | 6860 | 6730 | 6860 |
| Cornerstone Advisors of Arizona, LLC | 5/13/2025 | 05/13/2032 | Consulting Services | 8.42% | 3M SOFR+ 475 | 6269 | 6239 | 6237 |
| Cornerstone Advisors of Arizona, LLC - Unfunded Revolver <sup>(8)</sup> | 5/13/2025 | 05/13/2032 | Consulting Services |  |  | 1705 |  | (9) |
| Crane 1 Services, Inc. | 8/11/2021 | 08/16/2027 | Commercial Services & Supplies | 9.53% | 3M SOFR+ 586 | 4210 | 4185 | 4147 |
| Crane 1 Services, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/11/2021 | 08/16/2027 | Commercial Services & Supplies |  |  | 502 |  | (8) |
| C5MI Acquisition, LLC | 7/31/2024 | 07/31/2029 | IT Services | 9.67% | 3M SOFR+ 600 | 39340 | 38939 | 39340 |
| C5MI Acquisition, LLC - Funded Revolver | 7/31/2024 | 07/31/2029 | IT Services | 9.67% | 3M SOFR+ 600 | 3637 | 3637 | 3637 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| C5MI Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 7/31/2024 | 07/31/2029 | IT Services |  |  | 5456 |  |  |
| DRI Holding Inc. | 5/23/2024 | 12/21/2028 | Media | 9.02% | 1M SOFR+ 535 | 13100 | 12898 | 12636 |
| DRS Holdings III, Inc. | 10/29/2019 | 11/01/2028 | Chemicals, Plastics and Rubber | 8.92% | 3M SOFR+ 525 | 6560 | 6532 | 6625 |
| DRS Holdings III, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/29/2019 | 11/01/2028 | Personal Products |  |  | 487 |  |  |
| Duggal Acquisition, LLC | 9/30/2024 | 09/30/2030 | Marketing Services | 8.45% | 3M SOFR+ 475 | 12401 | 12305 | 12401 |
| Duggal Acquisition, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/30/2024 | 09/30/2026 | Marketing Services |  |  | 2235 |  | 22 |
| Duggal Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 9/30/2024 | 09/30/2030 | Marketing Services |  |  | 5605 |  |  |
| DX Electric Company, LLC | 10/1/2025 | 10/01/2031 | Electronic Equipment, Instruments, and Components | 8.94% | 3M SOFR+ 525 | 7029 | 6980 | 7029 |
| DX Electric Company, LLC - Unfunded Revolver <sup>(8)</sup> | 10/1/2025 | 10/01/2031 | Electronic Equipment, Instruments, and Components |  |  | 1257 |  |  |
| Dynata, LLC - First Out Term Loan | 7/15/2024 | 07/17/2028 | Business Services | 8.91% | 3M SOFR+ 526 | 2353 | 2266 | 2296 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Business Services | 9.41% | 3M SOFR+ 576 | 14598 | 14132 | 7372 |
| Emergency Care Partners, LLC | 10/18/2024 | 10/18/2027 | Healthcare Providers and Services | 8.67% | 3M SOFR+ 500 | 7900 | 7869 | 7900 |
| Emergency Care Partners, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/18/2024 | 10/19/2026 | Healthcare Providers and Services |  |  | 4320 |  |  |
| Emergency Care Partners, LLC - Unfunded Revolver <sup>(8)</sup> | 10/18/2024 | 10/18/2027 | Healthcare Providers and Services |  |  | 1810 |  |  |
| EDS Buyer, LLC | 12/19/2022 | 01/10/2029 | Electronic Equipment, Instruments, and Components | 8.17% | 3M SOFR+ 450 | 10512 | 10426 | 10512 |
| EDS Buyer, LLC. - Unfunded Revolver <sup>(6), (8)</sup> | 12/19/2022 | 01/10/2029 | Electronic Equipment, Instruments, and Components |  |  | 2298 |  |  |
| Efficient Collaborative Retail Marketing Company, LLC | 10/23/2018 | 09/30/2026 | Media: Diversified and Production | 10.68% | 3M SOFR+ 701 | 8734 | 8756 | 7337 |
|  |  |  |  | (PIK 2.5%) |  |  |  |  |
| ETE Intermediate II, LLC | 5/24/2023 | 05/29/2029 | Diversified Consumer Services | 8.67% | 3M SOFR+ 500 | 1647 | 1638 | 1647 |
| ETE Intermediate II, LLC - Funded Revolver | 5/24/2023 | 05/29/2029 | Diversified Consumer Services | 8.67% | 3M SOFR+ 500 | 110 | 110 | 110 |
| ETE Intermediate II, LLC - Unfunded Revolver <sup>(8)</sup> | 5/24/2023 | 05/29/2029 | Diversified Consumer Services |  |  | 1546 |  |  |
| Eval Home Care Solutions Intermediate, LLC | 5/10/2024 | 05/10/2030 | Healthcare, Education and Childcare | 9.42% | 1M SOFR+ 575 | 17313 | 17145 | 17313 |
| Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver <sup>(8)</sup> | 5/10/2024 | 05/10/2030 | Healthcare, Education and Childcare |  |  | 2640 |  |  |
| Exigo Intermediate II, LLC | 8/27/2025 | 03/15/2027 | Software | 10.02% | 1M SOFR+ 635 | 4762 | 4762 | 4524 |
| Exigo Intermediate II, LLC - Unfunded Revolver <sup>(8)</sup> | 3/10/2022 | 03/15/2027 | Software |  |  | 689 |  | (34) |
| Express Wash Acquisition Company, LLC | 4/10/2025 | 04/10/2031 | Automobiles | 9.90% | 3M SOFR+ 625 | 34848 | 34695 | 33889 |
| Express Wash Acquisition Company, LLC - Unfunded Revolver <sup>(8)</sup> | 4/10/2025 | 04/10/2031 | Automobiles |  |  | 2139 |  | (59) |
| First Medical MSO, LLC | 6/13/2025 | 06/13/2031 | Healthcare Providers and Services | 9.42% | 3M SOFR+ 575 | 7743 | 7674 | 7588 |
| First Medical MSO, LLC - Unfunded Term Loan <sup>(8)</sup> | 6/13/2025 | 06/13/2027 | Healthcare Providers and Services |  |  | 4700 |  | (47) |
| First Medical MSO, LLC - Unfunded Revolver <sup>(6)</sup> <sup>(8)</sup> | 6/13/2025 | 06/13/2031 | Healthcare Providers and Services |  |  | 1000 |  | (20) |
| Five Star Buyer, Inc. | 2/21/2023 | 02/23/2028 | Hotels, Restaurants and Leisure | 12.82% | 3M SOFR+ 915 | 5184 | 5139 | 5067 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Five Star Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 2/21/2023 | 02/23/2028 | Hotels, Restaurants and Leisure |  |  | 370 |  | (8) |
| Galt Newco, LLC | 3/27/2026 | 03/27/2032 | Aerospace and Defense | 9.21% |  | 10236 | 10172 | 10172 |
| Galt Newco, LLC - Unfunded Revolver <sup>(8)</sup> | 3/27/2026 | 03/27/2032 | Aerospace and Defense |  |  | 4387 |  |  |
| Gauge ETE Blocker, LLC | 5/24/2023 | 05/21/2029 | Diversified Consumer Services | 12.56% |  | 304 | 304 | 304 |
| GGG Midco, LLC | 9/27/2024 | 09/27/2030 | Diversified Consumer Services | 8.67% | 3M SOFR+ 500 | 31108 | 30845 | 31398 |
| GGG Midco, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/27/2024 | 09/27/2030 | Diversified Consumer Services |  |  | 809 |  | 16 |
| GGG Midco, LLC – Unfunded Revolver <sup>(8)</sup> | 9/27/2024 | 09/27/2030 | Diversified Consumer Services |  |  | 1311 |  | 7 |
| Global Holdings InterCo, LLC | 3/11/2021 | 09/16/2027 | Diversified Financial Services | 9.27% | 1M SOFR+ 560 | 4511 | 4467 | 4511 |
| Graffiti Buyer, Inc. | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors | 9.29% | 3M SOFR+ 560 | 5489 | 5427 | 5338 |
| Graffiti Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors |  |  | 984 |  | (20) |
| Graffiti Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors |  |  | 865 |  | (24) |
| Hancock Roofing and Construction, LLC | 12/23/2020 | 12/31/2026 | Insurance | 9.27% | 3M SOFR+ 560 | 3916 | 3903 | 3662 |
| Hancock Roofing and Construction, LLC - Funded Revolver <sup>(6)</sup> | 12/23/2020 | 12/31/2026 | Insurance | 9.27% | 3M SOFR+ 560 | 750 | 750 | 701 |
| Halo Buyer, Inc. | 2/7/2025 | 08/07/2029 | Consumer products | 9.67% | 1M SOFR+ 600 | 10546 | 10458 | 10493 |
| Halo Buyer, Inc. - Funded Revolver | 2/7/2025 | 08/07/2029 | Consumer products | 9.67% | 1M SOFR+ 600 | 839 | 839 | 835 |
| Halo Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 2/7/2025 | 08/07/2029 | Consumer products |  |  | 1883 |  | (9) |
| Harris & Co. LLC | 8/9/2024 | 08/09/2030 | Professional Services | 8.67% | 3M SOFR+ 500 | 84526 | 83877 | 84526 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Harris & Co. LLC - Unfunded Term Loan C <sup>(8)</sup> | 8/9/2024 | 08/18/2027 | Professional Services |  |  | 1564 |  | 14 |
| Harris & Co. LLC - Funded Revolver | 8/9/2024 | 08/09/2030 | Professional Services | 8.66% | 1M SOFR+ 500 | 5772 | 5772 | 5772 |
| Harris & Co. LLC - Unfunded Revolver <sup>(8)</sup> | 8/9/2024 | 08/09/2030 | Professional Services |  |  | 3848 |  |  |
| Harvest Group Topco Buyer, LLC | 3/2/2026 | 03/02/2032 | Media | 8.40% | 3M SOFR+ 475 | 33893 | 33724 | 33723 |
| Harvest Group Topco Buyer, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/2/2026 | 03/02/2028 | Media |  |  | 8499 |  |  |
| Harvest Group Topco Buyer, LLC - Unfunded Revolver <sup>(8)</sup> | 3/2/2026 | 03/02/2032 | Media |  |  | 6799 |  |  |
| HEC Purchaser Corp. | 7/25/2024 | 06/17/2029 | Healthcare, Education and Childcare | 8.70% | 3M SOFR+ 500 | 9126 | 9048 | 9126 |
| Help/Systems Holdings, Inc. | 8/27/2025 | 11/30/2026 | Software | 9.76% | 3M SOFR+ 610 | 1437 | 1355 | 1234 |
| Highwire Public Relations, LLC | 1/12/2026 | 01/12/2031 | Professional Services | 8.70% | 3M SOFR+ 500 | 15000 | 14913 | 14850 |
| Highwire Public Relations, LLC - Unfunded Term Loan <sup>(8)</sup> | 1/12/2026 | 01/12/2028 | Professional Services |  |  | 7875 |  | (30) |
| Highwire Public Relations, LLC - Unfunded Revolver <sup>(8)</sup> | 1/12/2026 | 01/12/2031 | Professional Services |  |  | 2625 |  | (26) |
| Hills Distribution, Inc. | 11/2/2023 | 11/08/2029 | Distributors | 9.19% | 1M SOFR+ 550 | 17474 | 17318 | 17474 |
| Hills Distribution, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/2/2023 | 12/05/2027 | Distributors |  |  | 2384 |  | 12 |
| HW Holdco, LLC | 1/9/2019 | 05/10/2027 | Media | 9.52% | 3M SOFR+ 585 | 12177 | 12175 | 12177 |
| HW Holdco, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 1/9/2019 | 05/11/2026 | Media |  |  | 1452 |  |  |
| IG Investments Holdings, LLC <sup>(6)</sup> | 11/23/2021 | 09/22/2028 | Professional Services | 8.67% | 3M SOFR+ 500 | 4431 | 4397 | 4332 |
| IG Investments Holdings, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 11/23/2021 | 09/22/2028 | Professional Services |  |  | 722 |  | (16) |
| Imagine Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 11/4/2021 | 11/16/2027 | Software |  |  | 1193 |  | (24) |
| Impact Advisors, LLC | 3/21/2025 | 03/19/2032 | Business Services | 8.17% | 3M SOFR+ 450 | 7384 | 7352 | 7384 |
| Impact Advisors, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/21/2025 | 03/21/2027 | Business Services |  |  | 9665 |  | 48 |
| Impact Advisors, LLC - Funded Revolver | 3/21/2025 | 03/19/2032 | Business Services | 10.25% |  | 1167 | 1167 | 1167 |
| Impact Advisors, LLC - Unfunded Revolver <sup>(8)</sup> | 3/21/2025 | 03/19/2032 | Business Services |  |  | 778 |  |  |
| Infinity Home Services Holdco, Inc. | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 9.20% | 3M SOFR+ 550 | 14780 | 14708 | 14780 |
| Infinity Home Services Holdco, Inc. (CAD) | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 9.20% | 3M SOFR+ 550 | CAD 1,695 | 1227 | 1215 |
| Infinity Home Services Holdco, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/21/2022 | 10/30/2026 | Commercial Services & Supplies |  |  | 7069 |  | 35 |
| Infinity Home Services Holdco, Inc. - Funded Revolver | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 11.75% |  | 323 | 323 | 323 |
| Infinity Home Services Holdco, Inc. - Unfunded Revolver <sup>(8)</sup> | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies |  |  | 969 |  |  |
| Infolinks Media Buyco, LLC | 2/22/2024 | 11/02/2026 | Media | 9.45% | 3M SOFR+ 575 | 10152 | 10137 | 9746 |
| Inovex Information Systems Incorporated | 12/17/2024 | 12/17/2030 | Software | 8.92% | Prime + 525 | 7900 | 7852 | 7782 |
| Inovex Information Systems Incorporated - Unfunded Term Loan <sup>(8)</sup> | 12/17/2024 | 12/17/2026 | Software |  |  | 2800 |  | (42) |
| Inovex Information Systems Incorporated - Funded Revolver | 12/17/2024 | 12/17/2030 | Software | 11.00% | 3M SOFR+ 425 | 490 | 490 | 483 |
| Inovex Information Systems Incorporated - Unfunded Revolver <sup>(8)</sup> | 12/17/2024 | 12/17/2030 | Software |  |  | 3009 |  | (45) |
| Integrity Health Purchaser, LLC | 2/2/2026 | 02/02/2032 | Healthcare Providers and Services | 9.70% |  | 3990 | 3952 | 3950 |
| Integrity Health Purchaser, LLC - Unfunded Revolver <sup>(8)</sup> | 2/2/2026 | 02/02/2032 | Healthcare Providers and Services |  |  | 800 |  | (8) |
| Inventus Power, Inc. | 6/29/2023 | 06/30/2026 | Electronic Equipment, Instruments, and Components | 11.29% | 3M SOFR+ 761 | 4863 | 4858 | 4863 |
| Inventus Power, Inc. - Unfunded Revolver <sup>(8)</sup> | 6/29/2023 | 06/30/2026 | Electronic Equipment, Instruments, and Components |  |  | 807 |  |  |
| Keel Platform, LLC | 1/26/2024 | 01/20/2031 | Metals and Mining | 8.44% | 3M SOFR+ 475 | 14937 | 14783 | 14825 |
| Keel Platform, LLC - Unfunded Term Loan <sup>(8)</sup> | 1/26/2024 | 01/20/2031 | Metals and Mining |  |  | 2924 |  |  |
| Kinetic Purchaser, LLC <sup>(10)</sup> | 11/8/2021 | 11/10/2027 | Personal Products |  |  | 18483 | 17755 | 10119 |
| Kinetic Purchaser, LLC - Funded Revolver <sup>(10)</sup> | 11/8/2021 | 11/10/2026 | Personal Products |  |  | 2247 | 2172 | 1230 |
| Kinetic Purchaser, LLC - Unfunded Revolver <sup>(6) (8)</sup> <sup>(10)</sup> | 11/8/2021 | 11/10/2026 | Personal Products |  |  | 1262 |  | (571) |
| Lash OpCo, LLC | 8/16/2021 | 09/17/2027 | Personal Products | 8.77% | 1M SOFR+ 510 | 16425 | 16338 | 16137 |
|  |  |  |  | (PIK 5.10%) |  |  |  |  |
| Lash OpCo, LLC - Funded Revolver <sup>(6)</sup> | 8/16/2021 | 08/16/2026 | Personal Products | 8.77% | 1M SOFR+ 510 | 266 | 266 | 261 |
|  |  |  |  | (PIK 5.10%) |  |  |  |  |
| Lash OpCo, LLC - Unfunded Revolver <sup>(6)</sup> <sup>(8)</sup> | 8/16/2021 | 08/16/2026 | Personal Products |  |  | 2765 |  | (48) |
| LAV Gear Holdings, Inc. | 7/31/2025 | 07/31/2029 | Capital Equipment | 9.61% | 1M SOFR+ 595 | 8177 | 8177 | 6951 |
| LAV Gear Holdings, Inc. - Incremental TL | 7/31/2025 | 07/31/2029 | Capital Equipment | 9.61% | 1M SOFR+ 594 | 2636 | 2616 | 2636 |
| LAV Gear Holdings, Inc. - Funded Revolver | 7/31/2025 | 07/31/2029 | Capital Equipment | 9.61% | 1M SOFR+ 595 | 141 | 141 | 141 |
| LAV Gear Holdings, Inc. - Unfunded Revolver <sup>(6) (8)</sup> | 7/31/2025 | 07/31/2029 | Capital Equipment |  |  | 563 |  |  |
| Ledge Lounger, Inc. | 2/7/2022 | 11/09/2026 | Leisure Products | 11.35% | 3M SOFR+ 765 | 8298 | 8173 | 6410 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Ledge Lounger, Inc. - Funded Revolver | 2/7/2022 | 11/09/2026 | Leisure Products | 11.35% | 3M SOFR+ 765 | 722 | 722 | 558 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| LJ Avalon Holdings, LLC | 1/18/2023 | 02/01/2030 | Construction & Engineering | 8.17% | 3M SOFR+ 450 | 11771 | 11700 | 11653 |
| LJ Avalon Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 1/18/2023 | 02/17/2028 | Construction & Engineering |  |  | 3332 |  | (17) |
| LJ Avalon Holdings, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 1/18/2023 | 02/01/2029 | Construction & Engineering |  |  | 2883 |  | (29) |
| Loving Tan Intermediate II, Inc. | 5/24/2023 | 05/31/2028 | Personal Products | 8.95% | 3M SOFR+ 525 | 57511 | 57014 | 57223 |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan <sup>(8)</sup> | 5/24/2023 | 12/31/2026 | Personal Products |  |  | 6365 |  | 32 |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan - 2nd Amendment <sup>(8)</sup> | 5/24/2023 | 12/31/2026 | Personal Products |  |  | 9172 |  |  |
| Loving Tan Intermediate II, Inc. - Funded Revolver | 5/24/2023 | 05/31/2028 | Personal Products | 8.95% | 3M SOFR+ 525 | 2217 | 2217 | 2206 |
| Loving Tan Intermediate II, Inc. - Unfunded Revolver <sup>(8)</sup> | 5/24/2023 | 05/31/2028 | Personal Products |  |  | 5173 |  | (26) |
| MAG DS Corp. | 9/21/2020 | 04/01/2027 | Aerospace and Defense | 9.30% | 3M SOFR+ 560 | 12137 | 11988 | 12069 |
| Marketplace Events Acquisition, LLC | 12/19/2024 | 12/20/2030 | Media | 8.92% | 3M SOFR+ 525 | 34602 | 34381 | 34343 |
| Marketplace Events Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 12/19/2024 | 12/20/2030 | Media |  |  | 3364 |  | (25) |
| MBS Holdings, Inc. | 12/19/2024 | 04/16/2027 | Internet Software and Services | 8.77% | 3M SOFR+ 510 | 497 | 496 | 497 |
| MBS Holdings, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 4/14/2021 | 04/16/2027 | Internet Software and Services |  |  | 1157 |  |  |
| MDI Buyer, Inc. | 3/16/2023 | 07/25/2028 | Commodity Chemicals | 8.42% | 3M SOFR+ 475 | 6633 | 6586 | 6633 |
| MDI Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 3/16/2023 | 07/25/2028 | Commodity Chemicals |  |  | 2815 |  | 21 |
| MDI Buyer, Inc. - Funded Revolver | 7/19/2022 | 07/25/2028 | Commodity Chemicals | 10.50% | Prime+ 350 | 1307 | 1307 | 1307 |
| MDI Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 7/19/2022 | 07/25/2028 | Commodity Chemicals | **—** |  | 571 |  |  |
| Meadowlark Acquirer, LLC | 12/9/2021 | 12/10/2027 | Professional Services | 9.35% | 3M SOFR+ 565 | 4322 | 4283 | 4322 |
| Meadowlark Acquirer, LLC - Unfunded Revolver <sup>(8)</sup> | 12/9/2021 | 12/10/2027 | Professional Services |  |  | 1693 |  |  |
| Medina Health, LLC | 10/16/2023 | 10/20/2028 | Healthcare Providers and Services | 9.95% | 3M SOFR+ 625 | 24367 | 24153 | 24367 |
| Medina Health, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/16/2023 | 03/31/2028 | Healthcare Providers and Services |  |  | 7249 |  | 45 |
| Medina Health, LLC - Unfunded Revolver <sup>(8)</sup> | 10/16/2023 | 10/20/2028 | Healthcare Providers and Services |  |  | 5187 |  |  |
| Megawatt Acquisitionco, Inc. | 3/1/2024 | 03/01/2030 | Electronic Equipment, Instruments, and Components | 9.17% | 3M SOFR+ 550 | 9800 | 9525 | 9604 |
| Megawatt Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 3/1/2024 | 03/01/2030 | Electronic Equipment, Instruments, and Components |  |  | 3250 |  | (65) |
| MOREgroup Holdings, Inc. | 1/9/2024 | 01/16/2030 | Construction & Engineering | 8.92% | 3M SOFR+ 525 | 19672 | 19473 | 19672 |
| MOREgroup Holdings, Inc. - Unfunded Revolver <sup>(8)</sup> | 1/9/2024 | 01/16/2030 | Construction & Engineering |  |  | 6634 |  |  |
| MES Intermediate, Inc. | 9/23/2021 | 10/01/2027 | Distributors | 8.41% | 3M SOFR+ 475 | 5673 | 5644 | 5662 |
| MES Intermediate, Inc. - Funded Revolver | 9/23/2021 | 10/01/2027 | Distributors | 11.50% | Prime+ 475 | 142 | 142 | 142 |
| MES Intermediate, Inc. - Unfunded Revolver <sup>(6) (8)</sup> | 9/23/2021 | 10/01/2027 | Distributors |  |  | 1161 |  | (2) |
| NBH Group, LLC | 8/29/2025 | 08/19/2026 | Healthcare Equipment and Supplies | 9.52% | 1M SOFR+ 585 | 2557 | 2557 | 2429 |
| NBH Group, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/16/2021 | 08/19/2026 | Healthcare Equipment and Supplies |  |  | 1677 |  | (84) |
| NORA Acquisition, LLC | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | 10.05% | 3M SOFR+ 635 | 20638 | 20374 | 19761 |
| NORA Acquisition, LLC - Funded Revolver | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | 10.05% | 3M SOFR+ 635 | 2466 | 2466 | 2361 |
| NORA Acquisition, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | **—** |  | 3013 |  | (128) |
| North American Rail Solutions, LLC | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.45% | 3M SOFR+ 475 | 24345 | 24232 | 24223 |
| North American Rail Solutions, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/29/2025 | 08/29/2027 | Manufacturing/Basic Industry | **—** |  | 4231 |  |  |
| North American Rail Solutions, LLC - Funded Revolver | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.42% |  | 508 | 508 | 505 |
| North American Rail Solutions, LLC - Unfunded Revolver <sup>(8)</sup> | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | **—** |  | 5415 |  | (27) |
| Omnia Exterior Solutions, LLC | 12/29/2023 | 12/31/2029 | Diversified Consumer Services | 9.20% | 3M SOFR+ 550 | 26597 | 26423 | 26132 |
| Omnia Exterior Solutions, LLC - Unfunded Term Loan <sup>(8)</sup> | 12/29/2023 | 09/30/2026 | Diversified Consumer Services |  |  | 5473 |  | (48) |
| Omnia Exterior Solutions, LLC - Funded Revolver | 12/29/2023 | 12/31/2029 | Diversified Consumer Services | 9.17% | 1M SOFR+ 550 | 1120 | 1120 | 1100 |
| Omnia Exterior Solutions, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/29/2023 | 12/31/2029 | Diversified Consumer Services |  |  | 3080 |  | (54) |
| One Stop Mailing, LLC | 5/26/2021 | 05/07/2027 | Air Freight and Logistics | 10.03% | 3M SOFR+ 636 | 12031 | 11992 | 12031 |
| ORL Acquisition, Inc. <sup>(6)</sup> | 9/1/2021 | 09/03/2027 | Consumer Finance | 13.10% | 3M SOFR+ 940 | 7930 | 7700 | 4679 |
|  |  |  |  | (PIK 7.50%) |  |  |  |  |
| ORL Acquisition, Inc. - Funded Revolver | 9/1/2021 | 09/03/2027 | Consumer Finance | 11.06% | Prime+ 740 | 216 | 216 | 128 |
| OSP Embedded Purchaser, LLC | 12/11/2023 | 12/17/2029 | Aerospace and Defense | 9.42% | 3M SOFR+ 575 | 29659 | 29391 | 29214 |
| OSP Embedded Purchaser, LLC - Funded Revolver | 12/11/2023 | 12/17/2029 | Aerospace and Defense | 11.40% | 3M SOFR+ 465 | 293 | 293 | 289 |
| OSP Embedded Purchaser, LLC - Unfunded Revolver <sup>(8)</sup> | 12/11/2023 | 12/17/2029 | Aerospace and Defense |  |  | 2639 |  | (40) |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Output Services Group, Inc. - First-out Term Loan | 11/30/2023 | 11/30/2028 | Business Services | 12.16% | 3M SOFR+ 843 | 828 | 828 | 828 |
| Output Services Group, Inc. - Last-out Term Loan | 11/30/2023 | 05/30/2028 | Business Services | 10.41% | 3M SOFR+ 668 | 1681 | 1681 | 1681 |
| Pacific Purchaser, LLC | 10/2/2023 | 10/02/2028 | Professional Services | 9.85% | 3M SOFR+ 625 | 4888 | 4832 | 4888 |
| Pacific Purchaser, LLC - Unfunded Revolver <sup>(8)</sup> | 10/2/2023 | 10/02/2028 | Professional Services |  |  | 1799 |  |  |
| PAR Excellence Holdings, Inc. | 9/3/2024 | 09/03/2030 | Healthcare Technology | 8.67% | 3M SOFR+ 500 | 20328 | 20172 | 19921 |
| PAR Excellence Holdings, Inc. - Unfunded Revolver <sup>(8)</sup> | 9/3/2024 | 09/03/2030 | Healthcare Technology |  |  | 4692 |  | (94) |
| Paving Lessor Corp. | 7/1/2025 | 07/01/2031 | Business Services | 8.94% | 3M SOFR+ 525 | 6391 | 6348 | 6391 |
| Paving Lessor Corp. - Unfunded Term Loan <sup>(8)</sup> | 7/1/2025 | 07/01/2027 | Business Services |  |  | 8632 |  | 65 |
| Paving Lessor Corp. - Unfunded Revolver <sup>(8)</sup> | 7/1/2025 | 07/01/2031 | Business Services |  |  | 5755 |  |  |
| Peninsula Pacific Entertainment, LLC | 8/15/2025 | 10/01/2032 | Gaming | 8.45% | 3M SOFR+ 475 | 18519 | 18378 | 18426 |
| PN Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 7/31/2025 | 07/31/2027 | Professional Services |  |  | 6056 |  | (30) |
| PN Buyer, Inc. - Funded Revolver | 7/31/2025 | 07/31/2031 | Professional Services | 8.17% | 3M SOFR+ 450 | 946 | 946 | 937 |
| PN Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 7/31/2025 | 07/31/2031 | Professional Services |  |  | 568 |  | (6) |
| PCS MIDCO, Inc. | 3/1/2024 | 03/01/2030 | Professional Services | 9.42% | 3M SOFR+ 575 | 8711 | 8626 | 8711 |
| PCS MIDCO, Inc. - Unfunded Term Loan <sup>(8)</sup> | 3/1/2024 | 06/01/2026 | Professional Services |  |  | 1874 |  | 19 |
| PCS MIDCO, Inc. - Unfunded Term Loan - 3rd Amendment <sup>(8)</sup> | 3/1/2024 | 03/24/2028 | Professional Services |  |  | 4479 |  | 34 |
| PCS MIDCO, Inc. - Unfunded Revolver <sup>(8)</sup> | 3/1/2024 | 03/01/2030 | Professional Services |  |  | 1770 |  |  |
| PD Tri-State Holdco, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/14/2025 | 10/14/2027 | Diversified Consumer Services |  |  | 4140 |  | 78 |
| PD Tri-State Holdco, LLC - Unfunded Revolver <sup>(8)</sup> | 10/14/2025 | 10/15/2030 | Diversified Consumer Services |  |  | 276 |  |  |
| Podean Buyer, LLC | 8/4/2025 | 08/04/2031 | Marketing Services | 9.70% | 3M SOFR+ 600 | 6483 | 6421 | 6418 |
| Podean Buyer, Inc - Unfunded Term Loan <sup>(8)</sup> | 8/4/2025 | 04/14/2028 | Marketing Services |  |  | 5333 |  | 48 |
| Podean Buyer, LLC - Unfunded Revolver <sup>(8)</sup> | 8/4/2025 | 08/04/2031 | Marketing Services |  |  | 1579 |  | (16) |
| Project Granite Buyer, Inc. | 12/31/2024 | 12/31/2030 | Professional Services | 9.42% | 3M SOFR+ 575 | 7900 | 7837 | 7900 |
| Pragmatic Institute, LLC <sup>(10)</sup> | 3/28/2025 | 03/28/2030 | Professional Services |  |  | 599 | 572 | 282 |
| Project Granite Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/31/2024 | 12/31/2026 | Professional Services |  |  | 1708 |  | 17 |
| Project Granite Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 12/31/2024 | 12/31/2030 | Professional Services | **—** |  | 2846 |  |  |
| Puget Collision, LLC | 10/3/2025 | 10/03/2030 | Automobiles | 8.42% | 3M SOFR+ 475 | 5635 | 5554 | 5579 |
| Puget Collision, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/3/2025 | 10/03/2027 | Automobiles | **—** |  | 24116 |  | (90) |
| Puget Collision, LLC - Funded Revolver | 10/3/2025 | 10/03/2030 | Automobiles | 8.45% | 3M SOFR+ 475 | 1218 | 1218 | 1206 |
| Puget Collision, LLC - Unfunded Revolver <sup>(8)</sup> | 10/3/2025 | 10/03/2030 | Automobiles | **—** |  | 2842 |  | (28) |
| Rancho Health MSO, Inc. | 12/20/2024 | 06/20/2029 | Healthcare Equipment and Supplies | 8.66% | 3M SOFR+ 500 | 2411 | 2404 | 2411 |
| Rancho Health MSO, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/20/2024 | 06/30/2026 | Healthcare Equipment and Supplies |  |  | 3034 |  | 28 |
| Rancho Health MSO, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 12/20/2024 | 06/20/2029 | Healthcare Equipment and Supplies |  |  | 3300 |  |  |
| Real Life Intermediate Holdings LLC | 1/16/2026 | 01/16/2031 | Real Estate Management and Development | 8.67% |  | 2261 | 2240 | 2239 |
| Real Life Intermediate Holdings LLC - Unfunded Term Loan <sup>(8)</sup> | 1/16/2026 | 01/16/2028 | Real Estate Management and Development |  |  | 3854 |  | 39 |
| Real Life Intermediate Holdings LLC - Unfunded Revolver <sup>(8)</sup> | 1/16/2026 | 01/16/2031 | Real Estate Management and Development |  |  | 385 |  | (4) |
| Rosco Parent, LLC | 9/9/2025 | 09/12/2031 | Business Services | 8.42% | 3M SOFR+ 475 | 11443 | 11366 | 11443 |
| Rosco Parent, LLC - Funded Revolver | 9/9/2025 | 09/12/2031 | Business Services | 8.45% | 3M SOFR+ 475 | 2479 | 2479 | 2479 |
| Rosco Parent, LLC - Unfunded Revolver <sup>(8)</sup> | 9/9/2025 | 09/12/2031 | Business Services |  |  | 404 |  |  |
| Riverpoint Medical, LLC | 6/19/2019 | 06/21/2027 | Healthcare Equipment and Supplies | 8.17% | 3M SOFR+ 450 | 9053 | 9017 | 9053 |
| Riverpoint Medical, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 6/19/2019 | 06/21/2027 | Healthcare Equipment and Supplies |  |  | 909 |  |  |
| Ro Health, LLC | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services | 8.17% | 3M SOFR+ 450 | 15254 | 15162 | 15254 |
| Ro Health, LLC - Funded Revolver | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services | 8.18% | 3M SOFR+ 450 | 1165 | 1165 | 1165 |
| Ro Health, LLC - Unfunded Revolver <sup>(8)</sup> | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services |  |  | 6600 |  |  |
| RRA Corporate, LLC | 8/15/2024 | 08/15/2029 | Diversified Consumer Services | 8.94% | 3M SOFR+ 525 | 25762 | 25558 | 24731 |
| RRA Corporate, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/15/2024 | 08/17/2026 | Diversified Consumer Services |  |  | 7119 |  | (214) |
| RRA Corporate, LLC - Funded Revolver | 8/15/2024 | 08/15/2029 | Diversified Consumer Services | 8.95% | 3M SOFR+ 525 | 940 | 940 | 903 |
| RRA Corporate, LLC - Unfunded Revolver <sup>(8)</sup> | 8/15/2024 | 08/15/2029 | Diversified Consumer Services |  |  | 5776 |  | (231) |
| RTIC Subsidiary Holdings, LLC | 5/3/2024 | 05/03/2029 | Leisure Products | 9.45% | 3M SOFR+ 575 | 42126 | 41660 | 41494 |
| RTIC Subsidiary Holdings, LLC - Funded Revolver | 5/3/2024 | 05/03/2029 | Leisure Products | 9.45% | 3M SOFR+ 575 | 6356 | 6356 | 6261 |
| RTIC Subsidiary Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 5/3/2024 | 05/03/2029 | Leisure Products |  |  | 3060 |  | (46) |
| Rural Sourcing Holdings, Inc. | 6/8/2023 | 06/15/2029 | Professional Services | 9.42% | 3M SOFR+ 575 | 2248 | 2213 | 1871 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Rural Sourcing Holdings, Inc. - Funded Revolver | 6/8/2023 | 06/15/2029 | Professional Services | 9.45% | 3M SOFR+ 575 | 487 | 487 | 406 |
| Rural Sourcing Holdings, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 6/8/2023 | 06/15/2029 | Professional Services |  |  | 373 |  | (62) |
| Sabel Systems Technology Solutions, LLC | 10/31/2024 | 10/31/2030 | Government Services | 9.67% | 3M SOFR+ 600 | 43016 | 42635 | 43016 |
| Sabel Systems Technology Solutions, LLC– Funded Revolver | 10/31/2024 | 10/31/2030 | Government Services | 11.75% | Prime+ 500 | 249 | 249 | 249 |
| Sabel Systems Technology Solutions, LLC - Unfunded Revolver <sup>(8)</sup> | 10/31/2024 | 10/31/2030 | Government Services |  |  | 4729 |  |  |
| Safe Haven Defense US, LLC | 5/23/2024 | 05/23/2029 | Building Products | 9.20% | 3M SOFR+ 550 | 19736 | 19596 | 19292 |
| Safe Haven Defense US, LLC - Funded Revolver | 5/23/2024 | 05/23/2029 | Building Products | 11.25% | Prime+ 450 | 234 | 234 | 228 |
| Safe Haven Defense US, LLC - Unfunded Revolver <sup>(8)</sup> | 5/23/2024 | 05/23/2029 | Building Products |  |  | 2687 |  | (60) |
| Sales Benchmark Index, LLC | 12/23/2019 | 07/07/2026 | Professional Services | 9.87% | 3M SOFR+ 620 | 2489 | 2488 | 2489 |
| Sales Benchmark Index, LLC - Funded Revolver | 12/23/2019 | 07/07/2026 | Professional Services | 9.90% | 3M SOFR+ 620 | 431 | 431 | 431 |
| Sales Benchmark Index, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/23/2019 | 07/07/2026 | Professional Services |  |  | 646 |  |  |
| Sath Industries, LLC | 12/17/2024 | 12/17/2029 | Event Services | 9.17% | 3M SOFR+ 550 | 7900 | 7841 | 7900 |
| Sath Industries, LLC - Unfunded Revolver <sup>(8)</sup> | 12/17/2024 | 12/17/2029 | Event Services |  |  | 2466 |  |  |
| Schlesinger Global, Inc. | 10/24/2019 | 03/31/2027 | Professional Services | 9.82% | 3M SOFR+ 610 | 8124 | 8120 | 7718 |
|  |  |  |  | (PIK 5.85%) |  |  |  |  |
| Schlesinger Global, Inc. - Funded Revolver | 10/24/2019 | 03/31/2027 | Professional Services | 9.82% | 3M SOFR+ 610 | 1693 | 1693 | 1608 |
|  |  |  |  | (PIK 5.85%) |  |  |  |  |
| Schlesinger Global, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/24/2019 | 03/31/2027 | Professional Services |  |  | 401 |  | (20) |
| SCP Clinical Research Intermediate Holdings, LLC | 1/2/2026 | 01/02/2032 | Healthcare Providers and Services | 8.42% |  | 6494 | 6465 | 6462 |
| SCP Clinical Research Intermediate Holdings. LLC - Unfunded Term Loan <sup>(8)</sup> | 1/2/2026 | 01/02/2028 | Healthcare Providers and Services |  |  | 13753 |  |  |
| SCP Clinical Research Intermediate Holdings. LLC - Unfunded Revolver <sup>(8)</sup> | 1/2/2026 | 01/02/2032 | Healthcare Providers and Services |  |  | 5132 |  | (26) |
| Seacoast Service Partners NA, LLC | 12/20/2024 | 12/20/2029 | Diversified Consumer Services | 8.95% | 3M SOFR+ 525 | 12091 | 12009 | 11728 |
| Seacoast Service Partners NA, LLC - Unfunded Term Loan <sup>(8)</sup> | 12/20/2024 | 12/21/2026 | Diversified Consumer Services |  |  | 4097 |  | (87) |
| Seacoast Service Partners NA, LLC - Funded Revolver | 12/20/2024 | 12/20/2029 | Diversified Consumer Services | 8.95% | 3M SOFR+ 525 | 1295 | 1295 | 1256 |
| Seacoast Service Partners NA, LLC - Unfunded Revolver <sup>(8)</sup> | 12/20/2024 | 12/20/2029 | Diversified Consumer Services |  |  | 828 |  | (25) |
| Seaway Buyer, LLC | 7/25/2024 | 06/13/2029 | Chemicals, Plastics and Rubber | 9.82% | 3M SOFR+ 615 | 1918 | 1902 | 1918 |
| Sigma Defense Systems, LLC | 11/30/2021 | 12/20/2027 | IT Services | 10.07% | 3M SOFR+ 640 | 18193 | 17979 | 18011 |
| Sigma Defense Systems, LLC - Unfunded Term Loan | 11/30/2021 | 12/20/2027 | IT Services |  |  | 5031 |  |  |
| Sigma Defense Systems, LLC - Funded Revolver | 11/30/2021 | 12/20/2027 | IT Services | 10.07% | 3M SOFR+ 640 | 891 | 891 | 883 |
| Sigma Defense Systems, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 11/30/2021 | 12/20/2027 | IT Services |  |  | 2420 |  | (24) |
| Smile Brands, Inc. | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals | 9.77% | 1M SOFR+ 610 | 4622 | 4392 | 3688 |
|  |  |  |  | (PIK 1.50%) |  |  |  |  |
| Smile Brands, Inc. - Funded Revolver | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals | 9.77% | 1M SOFR+ 610 | 1585 | 1585 | 1265 |
| Smile Brands, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals |  |  | 2 |  |  |
| Smile Brands, Inc. - Unfunded Revolver - LC <sup>(6) (8)</sup> | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals |  |  | 100 |  | (20) |
| Spendmend Holdings, LLC | 3/1/2022 | 03/01/2028 | Healthcare Technology | 8.85% | 3M SOFR+ 515 | 3712 | 3694 | 3712 |
| Spendmend Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/1/2022 | 11/25/2026 | Healthcare Technology |  |  | 2139 |  | 11 |
| Spendmend Holdings, LLC - Funded Revolver | 3/1/2022 | 03/01/2028 | Healthcare Technology | 8.85% | 3M SOFR+ 515 | 149 | 149 | 149 |
| Spendmend Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 3/1/2022 | 03/01/2028 | Healthcare Technology |  |  | 743 |  |  |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(10)</sup> | 8/27/2025 | 10/03/2029 | Air Freight and Logistics |  |  | 811 | 705 | 811 |
| STG Distribution, LLC - Second Out Term Loans <sup>(10)</sup> | 8/27/2025 | 10/03/2029 | Air Freight and Logistics |  |  | 1855 | 541 | 45 |
| STG Distribution, LLC - New Money Term Loan | 8/27/2025 | 07/14/2026 | Air Freight and Logistics | 8.00% |  | 529 | 498 | 529 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/01/2030 | Aerospace and Defense | 8.67% | 3M SOFR+ 500 | 15081 | 15025 | 15081 |
| SV-Aero Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/31/2024 | 11/02/2026 | Aerospace and Defense |  |  | 7259 |  | 36 |
| Symplr Software, Inc. | 8/27/2025 | 12/20/2027 | Software | 8.27% | 3M SOFR+ 460 | 677 | 630 | 474 |
| Systems Planning And Analysis, Inc. | 10/12/2021 | 08/16/2027 | Aerospace and Defense | 8.45% | 3M SOFR+ 475 | 33173 | 33003 | 33173 |
| Systems Planning And Analysis, Inc. - Unfunded Term Loan <sup>(8)</sup> | 10/12/2021 | 06/12/2027 | Aerospace and Defense |  |  | 2131 |  | 11 |
| Systems Planning And Analysis, Inc. - Unfunded Revolver <sup>(8)</sup> | 10/12/2021 | 08/16/2027 | Aerospace and Defense |  |  | 8364 |  |  |
| TCG 3.0 Jogger Acquisitionco, Inc. | 1/23/2024 | 01/23/2029 | Media | 10.20% | 3M SOFR+ 650 | 9298 | 9224 | 9042 |
| TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver | 1/23/2024 | 01/23/2029 | Media | 12.25% | Prime+ 550 | 1844 | 1844 | 1793 |
| TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 1/23/2024 | 01/23/2029 | Media |  |  | 582 |  | (16) |
| The Bluebird Group, LLC | 7/22/2021 | 07/28/2026 | Professional Services | 9.57% | 3M SOFR+ 590 | 7209 | 7196 | 7209 |
| The Bluebird Group, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/22/2021 | 07/28/2026 | Professional Services |  |  | 862 |  |  |
| The Vertex Companies, LLC <sup>(6)</sup> | 8/25/2021 | 08/31/2028 | Construction & Engineering | 8.77% | 1M SOFR+ 510 | 14741 | 14659 | 14668 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| The Vertex Companies, LLC - Funded Revolver | 8/25/2021 | 08/31/2028 | Construction & Engineering | 8.77% | 1M SOFR+ 510 | 2554 | 2554 | 2541 |
| The Vertex Companies, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/25/2021 | 08/31/2028 | Construction & Engineering | **—** |  | 2919 |  | (15) |
| TMII Enterprises, LLC | 12/19/2022 | 12/22/2028 | Commercial Services & Supplies | 8.17% | 3M SOFR+ 450 | 1555 | 1541 | 1555 |
| TMII Enterprises, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/19/2022 | 12/22/2028 | Commercial Services & Supplies |  |  | 748 |  |  |
| TPC US Parent, LLC | 11/15/2019 | 04/20/2026 | Food Products | 9.56% | 3M SOFR+ 590 | 11804 | 11800 | 11804 |
| TransGo, LLC | 12/29/2023 | 12/29/2028 | Auto Components | 8.92% | 3M SOFR+ 525 | 20935 | 20754 | 20621 |
| TransGo, LLC - Funded Revolver | 12/29/2023 | 12/29/2028 | Auto Components | 8.92% | 3M SOFR+ 525 | 2933 | 2933 | 2889 |
| TransGo, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/29/2023 | 12/29/2028 | Auto Components |  |  | 2566 |  | (38) |
| Tyto Athene, LLC | 3/26/2021 | 03/31/2028 | IT Services | 8.56% | 3M SOFR+ 490 | 11875 | 11808 | 11548 |
| Walker Edison Furniture Company, LLC - New Money DIP | 8/29/2025 | 03/01/2029 | Wholesale | 10.00% |  | 243 | 243 | 254 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/29/2025 | 03/01/2029 | Wholesale |  |  | 195 |  | 6 |
| Watchtower Buyer, LLC | 11/29/2023 | 12/03/2029 | Electronic Equipment, Instruments, and Components | 9.67% | 3M SOFR+ 600 | 12707 | 12594 | 12580 |
| Watchtower Buyer, LLC - Funded Revolver | 11/29/2023 | 12/03/2029 | Electronic Equipment, Instruments, and Components | 9.70% | 3M SOFR+ 600 | 1890 | 1890 | 1871 |
| Watchtower Buyer, LLC - Unfunded Revolver <sup>(8)</sup> | 11/29/2023 | 12/03/2029 | Electronic Equipment, Instruments, and Components |  |  | 4410 |  | (44) |
| Wash & Wax Systems, LLC | 4/30/2025 | 04/30/2028 | Consumer Services | 9.17% | 3M SOFR+ 550 | 6569 | 6662 | 6694 |
| Wash & Wax Systems, LLC - Funded Revolver | 4/30/2025 | 04/30/2028 | Consumer Services | 9.17% | 3M SOFR+ 550 | 565 | 565 | 565 |
| Wash & Wax Systems, LLC - Unfunded Revolver <sup>(6) (8)</sup> | 4/30/2025 | 04/30/2028 | Consumer Services |  |  | 282 |  |  |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $1982553 | $1948853 |
| **Subordinate Debt - 1.8% of Net Assets** |  |  |  |  |  |  |  |  |
| Beacon Behavioral Holdings, LLC | 6/21/2024 | 06/21/2030 | Healthcare Providers and Services | 15.00% |  | 5633 | $5585 | $5633 |
| Integrative Nutrition, LLC - Promissory Note #1 | 4/17/2025 | 04/15/2030 | Consumer Services |  |  | 2623 | 2311 | 2282 |
| Integrative Nutrition, LLC - Promissory Note #2 | 4/17/2025 | 04/15/2033 | Consumer Services |  |  | 5064 | 2763 | 2026 |
| ORL Holdco, Inc. - Convertible Notes | 8/2/2024 | 03/08/2028 | Consumer Finance | 18.00% |  | 17 | 17 |  |
| ORL Holdco, Inc. - Unfunded Convertible Notes <sup>(8)</sup> | 8/2/2024 | 03/08/2028 | Consumer Finance |  |  | 13 |  | (13) |
| OSP Embedded Purchaser, LP - Convertible Note | 11/6/2024 | 05/08/2030 | Aerospace and Defense | 12.00% |  | 47 | 471 | 487 |
| Schlesinger Global, LLC - Promissory Note | 2/21/2024 | 09/30/2027 | Professional Services | 12.56% | 3M SOFR+ 860 | 66 | 66 | 136 |
| StoicLane, Inc. - Convertible Notes | 8/15/2024 | 08/16/2027 | Healthcare Technology | 12.00% |  | 3051 | 3052 | 3661 |
| Wash & Wax Systems, LLC - Subordinate Debt | 4/30/2025 | 07/30/2028 | Consumer Services | 12.00% |  | 4601 | 4601 | 4601 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $18866 | $18813 |
| Preferred Equity - 2.4% of Net Assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| Accounting Platform Holdings, Inc. - Preferred Equity - Series A | 8/9/2024 |  | Professional Services |  |  | 1075900 | $1076 | $1076 |
| Ad.Net Holdings, Inc. - Preferred Equity | 5/4/2021 |  | Media |  |  | 7453 | 745 | 399 |
| AFC Acquisitions, Inc. Preferred Equity - Series F-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 825 | 1262 | 1068 |
| AFC Acquisitions, Inc. Preferred Equity - Series G-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 18 | 31 | 25 |
| AFC Acquisitions, Inc. Preferred Equity - Series H-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 10 | 20 | 16 |
| AFC Acquisitions, Inc. Preferred Equity - Series I-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 9 | 19 | 15 |
| AFC Acquisitions, Inc. Preferred Equity - Series J-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 17 | 34 | 26 |
| AFC Acquisitions, Inc. - Preferred Equity - Series K-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 38 | 74 | 52 |
| 48Forty TopCo - Preferred Equity | 8/27/2025 |  | Containers and Packaging |  |  | 215 | 1278 | 1278 |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity <sup>(6), (7)</sup> | 5/21/2019 |  | Media |  |  | 2018 | 2018 | 1906 |
| BioDerm Holdings, LP - Preferred Equity | 1/30/2023 |  | Healthcare Equipment and Supplies |  |  | 1313 | 1313 | 1218 |
| Cartessa Aesthetics, LLC - Preferred Equity <sup>(7)</sup> | 6/1/2022 |  | Distributors |  |  | 1437500 | 1438 | 3460 |
| Connatix Parent, LLC | 7/8/2021 |  | Media |  |  | 5311 | 5 | 7 |
| Consello Pacific Aggregator, LLC - Preferred Equity <sup>(7)</sup> | 10/2/2023 |  | Professional Services |  |  | 1025476 | 973 | 1250 |
| C5MI Holdco, LLC - Preferred Equity <sup>(7)</sup> | 7/31/2024 |  | IT Services |  |  | 228900 | 223 | 238 |
| EvAL Home Health Solutions, LLC <sup>(7)</sup> | 5/10/2024 |  | Healthcare, Education and Childcare |  |  | 876386 | 1455 | 1402 |
| Five Star Parent Holdings, LLC - Preferred (Class P) | 2/21/2023 |  | Hotels, Restaurants and Leisure |  |  | 384 | 38 | 130 |
| Gauge Schlesinger Coinvest, LLC - Preferred Equity | 4/22/2020 |  | Professional Services |  |  | 64 | 64 | 4 |
| Hancock Claims Consultants Investors, LLC - Preferred Equity <sup>(7)</sup> | 12/23/2020 |  | Insurance |  |  | 116588 | 76 |  |
| Harvest Group Topco Intermediate, LLC - Preferred Equity | 3/2/2026 |  | Media |  |  | 1771 | 1771 | 1771 |
| HPA SPQ Aggregator, LP - Preferred Equity | 6/8/2023 |  | Professional Services |  |  | 52353 | 52 |  |
| Imagine Topco. LP - Preferred Equity | 11/4/2021 |  | Software | 8.00% |  | 1236027 | 1236 | 1523 |
| KL Stockton Intermediate, LLC - Preferred Equity - Class C <sup>(7)</sup> | 7/16/2021 |  | Energy Equipment and Services |  |  | 24414 | 24 | 334 |
| Knexus Holdco, LLC - Preferred Equity <sup>(7)</sup> | 1/14/2026 |  | Professional Services |  |  | 90111 | 90 | 93 |
| Magnolia Topco, LP - Preferred Equity - Class A <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 47 | 47 | 2 |
| Magnolia Topco, LP - Preferred Equity - Class A-1 <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 16 | 16 | 12 |
| Magnolia Topco, LP - Preferred Equity - Class B <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 31 | 20 |  |
| Megawatt Acquisition Partners, LLC - Preferred Equity - Class A | 6/28/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 9360 | 936 | 869 |
| NORA Parent Holdings, LLC - Series A Preferred Equity <sup>(7)</sup> | 1/27/2026 |  | Healthcare Providers and Services |  |  | 536 | 236 | 243 |
| NXOF Holdings, Inc. - Preferred Equity | 9/25/2018 |  | IT Services |  |  | 1935 | 1935 | 1634 |
| ORL Holdco, Inc. - Preferred Equity | 9/1/2021 |  | Consumer Finance |  |  | 1327 | 133 |  |
| Podean Intermediate II, LLC - Preferred Equity | 8/4/2025 |  | Marketing Services |  |  | 570 | 570 | 575 |
| RTIC Parent Holdings, LLC - Preferred Equity - Class A <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 9 | 9 |  |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| RTIC Parent Holdings, LLC - Preferred Equity - Class C <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 18450 | 1215 | 2247 |
| RTIC Parent Holdings, LLC - Preferred Equity - Class D <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 19584 | 196 | 291 |
| SP L2 Holdings, LLC - Preferred Equity | 11/4/2021 |  | Leisure Products |  |  | 135240 | 33 |  |
| SP L2 Holdings, LLC - Unfunded Preferred Equity <sup>(8)</sup> | 11/4/2021 |  | Leisure Products |  |  | 77280 |  | (19) |
| TPC Holding Company, LP - Preferred Equity | 12/4/2019 |  | Food Products |  |  | 409 | 409 | 476 |
| TWD Parent Holdings, LLC - Preferred Equity | 8/25/2021 |  | Construction & Engineering |  |  | 41 | 39 | 61 |
| UniTek Global Services, Inc. - Super Senior Preferred Equity | 1/13/2015 |  | Telecommunications | 20.00% |  | 320711 | 323 | 797 |
| UniTek Global Services, Inc. - Senior Preferred Equity | 1/13/2015 |  | Telecommunications | 19.00% |  | 448851 | 449 |  |
| UniTek Global Services, Inc. - Preferred Equity | 1/13/2015 |  | Telecommunications | 13.50% |  | 1047317 | 670 |  |
| **Total Preferred Equity** |  |  |  |  |  |  | $22551 | $24479 |
| Common Equity/Warrants - 19.0% of Net Assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| A1 Garage Equity, LLC - Common Equity <sup>(7)</sup> | 12/19/2022 |  | Commercial Services & Supplies |  |  | 647943 | $648 | $1460 |
| ACP Big Top Holdings, LP - Common Equity | 2/29/2024 |  | Construction & Engineering |  |  | 3000500 | 2883 | 5426 |
| Ad.Net Holdings, Inc. - Common Equity | 5/4/2021 |  | Media |  |  | 8281 | 83 |  |
| Aechelon InvestCo, LP | 8/16/2024 |  | Aerospace and Defense |  |  | 29506 | 2992 | 45284 |
| Aechelon InvestCo, LP - Unfunded Common Equity <sup>(8)</sup> | 8/16/2024 |  | Aerospace and Defense |  |  | 31675 |  |  |
| Aftermarket Drivetrain Products Holdings, LLC - Common Equity | 12/29/2023 |  | Auto Components |  |  | 2632 | 2632 | 4999 |
| AG Investco - Common Equity <sup>(6), (7)</sup> | 11/5/2018 |  | Software |  |  | 7785 | 805 | 22 |
| AG Investco - Unfunded Common Equity <sup>(7), (8)</sup> | 11/5/2018 |  | Software |  |  | 1948 |  | (189) |
| 48Forty TopCo LLC - Class A-1 Common Equity | 8/27/2025 |  | Containers and Packaging |  |  | 215 |  |  |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity <sup>(7)</sup> | 5/21/2019 |  | Media |  |  | 2018 |  |  |
| Athletico Holdings, LLC - Common Equity <sup>(7)</sup> | 2/4/2022 |  | Healthcare Providers and Services |  |  | 4678 | 5000 | 3397 |
| Aphix Topco, Inc. - Common Equity | 7/17/2025 |  | Business Services |  |  | 819190 | 819 | 735 |
| APT Holdings, LLC - Common Equity <sup>(7)</sup> | 9/29/2025 |  | Healthcare Providers and Services |  |  | 855110 | 1152 | 1340 |
| Azureon Holdings, LLC <sup>(7)</sup> | 6/26/2024 |  | Diversified Consumer Services |  |  | 1130707 | 1131 | 717 |
| BioDerm Holdings, LP - Common Equity | 1/30/2023 |  | Healthcare Equipment and Supplies |  |  | 1313 |  |  |
| Burgess Point Holdings, LP - Common Equity | 7/21/2022 |  | Auto Components |  |  | 112 | 114 | 104 |
| By Light Investco LP - Common Equity <sup>(7)</sup> | 5/15/2017 |  | High Tech Industries |  |  | 23169 | 211 | 12727 |
| Carisk Parent, LP - Common Equity | 11/27/2023 |  | Healthcare Technology |  |  | 239680 | 240 | 327 |
| Carnegie HoldCo, LLC <sup>(7)</sup> | 2/7/2024 |  | Professional Services |  |  | 2719600 | 2599 | 2230 |
| Connatix Parent, LLC - Common Equity | 7/8/2021 |  | Media |  |  | 182141 | 421 | 116 |
| Crane 1 Acquisition Parent Holdings, LP - Common Equity | 8/11/2021 |  | Commercial Services & Supplies |  |  | 130 | 120 | 202 |
| C5MI Holdco, LLC - Common Equity <sup>(7)</sup> | 7/31/2024 |  | IT Services |  |  | 1659050 | 1659 | 2007 |
| Delta InvestCo, LP - Common Equity <sup>(7)</sup> | 12/16/2020 |  | IT Services |  |  | 5499 | 763 | 1273 |
| Delta InvestCo, LP - Unfunded Common Equity <sup>(7), (8)</sup> | 12/16/2020 |  | IT Services |  |  | 2003 |  |  |
| Duggal Equity, LP - Common Equity | 9/30/2024 |  | Marketing Services |  |  | 686 | 686 | 644 |
| EDS Topco, LP - Common Equity | 12/19/2022 |  | Electronic Equipment, Instruments, and Components |  |  | 1125000 | 1125 | 2080 |
| Events TopCo, LP - Common Equity | 12/17/2024 |  | Event Services |  |  | 1016800 | 1017 | 1037 |
| Exigo, LLC - Common Equity | 3/10/2022 |  | Software |  |  | 541667 | 542 |  |
| FedHC InvestCo, LP - Common Equity <sup>(7)</sup> | 8/26/2021 |  | Aerospace and Defense |  |  | 23742 | 810 | 2344 |
| FedHC InvestCo, LP - Unfunded Common Equity <sup>(7), (8)</sup> | 8/26/2021 |  | Aerospace and Defense |  |  | 3665 |  |  |
| First Medical Holdings, LLC - Common Equity <sup>(7)</sup> | 6/13/2025 |  | Healthcare Providers and Services |  |  | 75000 | 750 | 533 |
| Five Star Parent Holdings, LLC - Common Equity | 2/21/2023 |  | Hotels, Restaurants and Leisure |  |  | 655714 | 656 |  |
| Galt Intermediate, LLC - Common Equity | 3/27/2026 |  | Aerospace and Defense |  |  | 877358 | 877 | 877 |
| Gauge ETE Blocker, LLC - Common Equity | 5/24/2023 |  | Diversified Consumer Services |  |  | 374444 | 374 | 375 |
| Gauge Lash Coinvest, LLC - Common Equity | 12/4/2019 |  | Personal Products |  |  | 1485953 | 227 | 2432 |
| Gauge Lash Coinvest, LLC - Common Equity - Class AA Units | 12/4/2019 |  | Personal Products |  |  | 108546 | 586 | 178 |
| Gauge Lash Coinvest, LLC - Common Equity - Class AAA Units | 12/4/2019 |  | Personal Products |  |  | 462888 | 776 | 758 |
| Gauge Loving Tan, LP - Common Equity | 12/4/2019 |  | Personal Products |  |  | 2914701 | 2915 | 3616 |
| Gauge Schlesinger Coinvest, LLC - Common Equity | 4/22/2020 |  | Professional Services |  |  | 465 | 476 | 32 |
| GCP Boss Holdco, LLC | 12/27/2024 |  | Independent Power and Renewable Electricity Producers |  |  | 2194800 | 2195 | 3292 |
| GCOM InvestCo, LP - Common Equity | 6/22/2021 |  | IT Services |  |  | 19184 | 3342 | 2490 |
| GGG Topco, LLC <sup>(7)</sup> | 9/27/2024 |  | Diversified Consumer Services |  |  | 2759800 | 2760 | 6463 |
| GMP Hills, LP - Common Equity | 11/2/2023 |  | Distributors |  |  | 4430843 | 4431 | 6691 |
| Hancock Claims Consultants Investors, LLC - Common Equity <sup>(7)</sup> | 12/23/2020 |  | Insurance |  |  | 450000 | 448 |  |
| Harvest Group Topco Intermediate, LLC - Common Equity | 3/2/2026 |  | Media |  |  | 1771 |  |  |
| HPA SPQ Aggregator, LP - Common Equity | 6/8/2023 |  | Professional Services |  |  | 750399 | 750 |  |
| HV Watterson Holdings, LLC - Common Equity | 6/13/2022 |  | Professional Services |  |  | 100000 | 100 |  |
| Icon Partners V C, LP - Common Equity | 12/20/2021 |  | Internet Software and Services |  |  | 2002138 | 2002 | 1427 |
| Icon Partners V C, LP - Unfunded Common Equity <sup>(8)</sup> | 12/20/2021 |  | Internet Software and Services |  |  | 497862 |  | (143) |
| Imagine Topco. LP - Common Equity | 11/4/2021 |  | Software |  |  | 1236027 |  |  |
| Integrity Health Intermediate, LLC - Common Equity <sup>(7)</sup> | 2/2/2026 |  | Healthcare Providers and Services |  |  | 80000 | 800 | 810 |
| IHS Parent Holdings, LP - Common Equity | 12/21/2022 |  | Commercial Services & Supplies |  |  | 1218045 | 1218 | 1462 |
| ITC Infusion Co-invest, LP - Common Equity <sup>(7)</sup> | 2/16/2022 |  | Healthcare Equipment and Supplies |  |  | 116032 | 1229 | 2992 |
| Kinetic Purchaser, LLC - Common Equity - Class A | 11/8/2021 |  | Personal Products |  |  | 1734775 | 1735 |  |
| Kinetic Purchaser, LLC - Common Equity - Class AA | 11/8/2021 |  | Personal Products |  |  | 153339 | 179 |  |
| KL Stockton Co-Invest, LP - Common Equity <sup>(7)</sup> | 7/16/2021 |  | Energy Equipment and Services |  |  | 382353 | 386 | (1) |
| Knexus Holdco, LLC - Common Equity <sup>(7)</sup> | 1/14/2026 |  | Professional Services |  |  | 231658 | 232 | 231 |
| Lightspeed Investment Holdco, LLC - Common Equity <sup>(6)</sup> | 1/21/2020 |  | Healthcare Technology |  |  | 585587 | 586 | 2766 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| LJ Avalon, LP - Common Equity | 1/18/2023 |  | Construction & Engineering |  |  | 1638043 | 1638 | 2817 |
| Marketplace Events Acquisition, LLC - Common Equity | 12/19/2024 |  | Media |  |  | 40990 | 4099 | 5244 |
| Magnolia Topco, LP - Common Equity - Class A <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 46974 |  |  |
| Magnolia Topco, LP - Common Equity - Class B <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 30926 |  |  |
| MDI Aggregator, LP - Common Equity | 7/19/2022 |  | Commodity Chemicals |  |  | 11078 | 1124 | 1170 |
| Meadowlark Title, LLC - Common Equity <sup>(7)</sup> | 12/9/2021 |  | Professional Services |  |  | 819231 | 806 | 336 |
| Megawatt Acquisition Partners, LLC - Common Equity - Class A | 6/28/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 1040 | 104 |  |
| Municipal Emergency Services, Inc. - Common Equity | 9/28/2021 |  | Distributors |  |  | 1973370 | 2005 | 3828 |
| NEPRT Parent Holdings, LLC - Common Equity <sup>(7)</sup> | 1/27/2021 |  | Leisure Products |  |  | 1494 | 1438 | 495 |
| New Insight Holdings, Inc. <sup>(6)</sup> | 7/15/2024 |  | Business Services |  |  | 203819 | 3565 | 2322 |
| New Medina Health, LLC - Common Equity <sup>(7)</sup> | 10/16/2023 |  | Healthcare Providers and Services |  |  | 2672646 | 2673 | 6300 |
| NFS - CFP Holdings LLC - Common Equity | 9/13/2024 |  | Commercial Services & Supplies |  |  | 1337017 | 1337 | 1859 |
| NORA Parent Holdings, LLC - Common Equity <sup>(7)</sup> | 8/22/2023 |  | Healthcare Providers and Services |  |  | 2544 | 2525 | 18 |
| North Haven Saints Equity Holdings, LP - Common Equity <sup>(7)</sup> | 2/25/2022 |  | Healthcare Technology |  |  | 223602 | 224 | 226 |
| NXOF Holdings, Inc. - Common Equity | 9/25/2018 |  | IT Services |  |  | 37561 | 496 |  |
| OceanSound Discovery Equity, LP - Common Equity | 3/28/2024 |  | Aerospace and Defense |  |  | 211940 | 2119 | 2446 |
| OES Co-Invest, LP - Common Equity - Class A | 5/31/2024 |  | Diversified Consumer Services |  |  | 1560 | 1580 | 1708 |
| OHCP V BC COI, LP - Common Equity | 12/13/2021 |  | Distributors |  |  | 1178682 | 1179 | 731 |
| OHCP V BC COI, LP - Unfunded Common Equity <sup>(8)</sup> | 12/13/2021 |  | Distributors |  |  | 71318 |  | (27) |
| ORL Holdco, Inc. - Common Equity | 9/1/2021 |  | Consumer Finance |  |  | 1474 | 15 |  |
| OSP Embedded Aggregator, LP - Common Equity | 12/11/2023 |  | Aerospace and Defense |  |  | 1728 | 1728 | 1786 |
| Output Services Group, Inc. - Common Equity <sup>(6)</sup> | 11/30/2023 |  | Business Services |  |  | 127369 | 1155 | 693 |
| OSP PAR Aggregator, LP - Common Equity | 9/3/2024 |  | Healthcare Technology |  |  | 3160 | 3171 | 2404 |
| Paving Parent, LLC - Common Equity <sup>(7)</sup> | 7/1/2025 |  | Business Services |  |  | 3057 | 3057 | 4598 |
| PN Buyer, Inc. - Common Equity | 7/31/2025 |  | Professional Services |  |  | 1901412 | 1901 | 1426 |
| PCS Parent, LP | 3/1/2024 |  | Professional Services |  |  | 423247 | 423 | 466 |
| PLB Brands LLC - Common Equity | 3/25/2026 |  | Textiles, Apparel and Luxury Goods |  |  | 694989 | 695 | 695 |
| Podean Intermediate II, LLC - Common Equity | 11/18/2025 |  | Marketing Services |  |  | 570 |  |  |
| Pragmatic Holdco, Inc. - Common Equity | 11/5/2021 |  | Professional Services |  |  | 18 |  |  |
| Project Granite Holdings, LLC | 8/4/2025 |  | Professional Services |  |  | 1139 | 450 | 625 |
| Quad (U.S.) Co-Invest, LP - Common Equity | 3/28/2025 |  | Professional Services |  |  | 235194 | 235 | 375 |
| QuantiTech InvestCo, LP - Common Equity <sup>(7)</sup> | 12/31/2024 |  | Aerospace and Defense |  |  | 696 |  | 98 |
| QuantiTech InvestCo, LP - Unfunded Common Equity <sup>(7) (8)</sup> | 10/3/2022 |  | Aerospace and Defense |  |  | 1667 |  |  |
| QuantiTech InvestCo II, LP - Common Equity <sup>(7)</sup> | 5/1/2020 |  | Aerospace and Defense |  |  | 40 | 12 | 7 |
| Real Life Intermediate, LLC - Common Equity | 1/26/2026 |  | Real Estate Management and Development |  |  | 451284 | 672 | 690 |
| RFMG Parent, LP - Common Equity | 5/1/2020 |  | Healthcare Equipment and Supplies |  |  | 1050000 | 1050 | 1615 |
| Ro Health Holdings, Inc. - Common Equity | 5/1/2020 |  | Healthcare Providers and Services |  |  | 536400 | 536 | 855 |
| Rosco Topco, LLC - Common Equity | 12/16/2020 |  | Business Services |  |  | 1517241 | 1517 | 1426 |
| Safe Haven Defense Holdco LLC - Common Equity- Class A-1 <sup>(7)</sup> | 1/16/2025 |  | Building Products |  |  | 60 | 596 | 46 |
| Safe Haven Defense Holdco LLC - Common Equity- Class A-2 | 1/16/2025 |  | Building Products |  |  | 5 | 45 | 4 |
| SBI Holdings Investments, LLC - Common Equity | 9/9/2025 |  | Professional Services |  |  | 64634 | 646 | 645 |
| Sabel InvestCo, LP. - Common Equity <sup>(7)</sup> | 5/23/2024 |  | Government Services |  |  | 89712 | 2271 | 3218 |
| Sabel InvestCo, LP. - Unfunded Common Equity <sup>(7) (8)</sup> | 12/23/2019 |  | Government Services |  |  | 131286 |  |  |
| Seaway Topco, LP - Common Equity | 10/31/2024 |  | Chemicals, Plastics and Rubber |  |  | 296 | 296 | 25 |
| Seacoast Service Partners, LLC - Common Equity | 10/31/2024 |  | Diversified Consumer Services |  |  | 429 | 549 | 464 |
| SP L2 Holdings, LLC - Common Equity | 6/8/2022 |  | Leisure Products |  |  | 52821386 | 374 |  |
| SP DXE Holdings, LLC - Common Equity <sup>(7)</sup> | 12/20/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 553592 | 554 | 648 |
| StellPen Holdings, LLC (CF512, Inc.) - Common Equity | 10/1/2025 |  | Media |  |  | 161538 | 162 | 110 |
| SV-Aero Holdings, LLC - Common Equity <sup>(7)</sup> | 7/11/2018 |  | Aerospace and Defense |  |  | 61 | 489 | 1713 |
| TAC Lifeport Holdings, LLC - Common Equity <sup>(7)</sup> | 8/17/2021 |  | Aerospace and Defense |  |  | 533833 | 502 | 1190 |
| TCG 3.0 Jogger Co-Invest, LP - Common Equity | 12/6/2023 |  | Media |  |  | 9108 | 1760 | 789 |
| Tower Arch Infolinks Media, LP - Common Equity <sup>(7)</sup> | 2/24/2021 |  | Media |  |  | 247428 | 23 | 112 |
| Tower Arch Infolinks Media, LP - Unfunded Common Equity <sup>(7) (8)</sup> | 1/22/2024 |  | Media |  |  | 118179 |  | (65) |
| TPC Holding Company, LP - Common Equity | 10/27/2021 |  | Food Products |  |  | 21527 | 22 |  |
| TWD Parent Holdings, LLC - Common Equity | 10/27/2021 |  | Construction & Engineering |  |  | 824 | 4 | 15 |
| Tinicum Space Coast Co-Invest, LLC <sup>(7)</sup> | 12/4/2019 |  | Aerospace and Defense |  |  | 466 | 4508 | 5698 |
| UniTek Global Services, Inc. - Common Equity | 8/25/2021 |  | Telecommunications |  |  | 213739 |  |  |
| UniVista Insurance - Common Equity <sup>(7)</sup> | 10/29/2024 |  | Insurance |  |  | 400 |  | 85 |
| Wash & Wax Group, LP - Common Equity <sup>(7)</sup> | 1/13/2015 |  | Consumer Services |  |  | 2747 | 4941 | 1721 |
| Watchtower Holdings, LLC - Common Equity <sup>(7)</sup> | 6/14/2021 |  | Electronic Equipment, Instruments, and Components |  |  | 12419 | 1242 | 1340 |
| WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental <sup>(7)</sup> | 4/30/2025 |  | Healthcare Providers and Services |  |  | 204 | 208 | 288 |
| WCP Ivyrehab Coinvestment, LP - Common Equity <sup>(7)</sup> | 11/29/2023 |  | Healthcare Providers and Services |  |  | 3651 | 3853 | 5146 |
| WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity <sup>(7)</sup> <sup>(8)</sup> | 6/27/2022 |  | Healthcare Providers and Services |  |  | 188 |  |  |
| White Tiger Newco, LLC - Common Equity <sup>(6)</sup> | 6/27/2022 |  | Capital Equipment |  |  | 38019 | 2899 |  |
| Unitek Global Services, Inc. - Warrants | 6/27/2022 |  | Telecommunications |  |  | 23889 |  |  |
| Kentucky Racing Holdco, LLC - Warrants <sup>(7)</sup> | 7/31/2025 |  | Hotels, Restaurants and Leisure |  |  | 87345 |  | 879 |
| **Total Common Equity/Warrants** |  |  |  |  |  |  | $127955 | $196866 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**MARCH 31, 2026**

**(in thousands, except per share data)**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies** |  |  |  |  |  |  | $2151925 | $2189011 |
| Investments in Controlled, Affiliated Portfolio Companies - 37.7% of Net Assets <sup>(3), (4)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 29.2% of Net Assets** |  |  |  |  |  |  |  |  |
| PennantPark Senior Secured Loan Fund I, LLC <sup>(6), (9)</sup> | 8/10/2020 | 05/07/2029 | Financial Services | 11.68% | 3M SOFR+ 800 | 237650 | $237650 | $237650 |
| PennantPark Senior Secured Loan Fund II, LLC <sup>(6), (9)</sup> | 11/18/2025 | 08/08/2032 | Financial Services | 11.66% | 3M SOFR+ 800 | 65625 | 65625 | 65625 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $303275 | $303275 |
| **Equity Interests - 8.5% of Net Assets** |  |  |  |  |  |  |  |  |
| PennantPark Senior Secured Loan Fund I LLC - Common Equity <sup>(6), (9)</sup> | 8/10/2020 |  | Financial Services |  |  | 163100 | $163100 | $60116 |
| PennantPark Senior Secured Loan Fund II LLC - Common Equity <sup>(6), (9)</sup> | 11/18/2025 |  | Financial Services |  |  | 28125 | 28125 | 27879 |
| **Total Equity Interests** |  |  |  |  |  |  | $191225 | $87995 |
| **Total Investments in Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | $494500 | $391270 |
| Total Investments - 248.4% of Net Assets <sup>(11), (12)</sup> |  |  |  |  |  |  | $2646425 | $2580281 |
| **Cash Equivalents - 3.0% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 30 (Money Market Fund) |  |  |  | 3.54% |  |  | $18 | $18 |
| Blackrock Liq Fedfund Gov CL Inst (Money Market Fund) |  |  |  | 3.54% |  |  | 9159 | 9159 |
| JPMorgan US Dollar Liquidity Inst (Money Market Fund) |  |  |  | 3.65% |  |  | 4870 | 4870 |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 3.46% |  |  | 2652 | 2652 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 3.56% |  |  | 14728 | 14728 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $31427 | $31427 |
| **Cash - 8.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $90446 | $90444 |
| **Total Cash** |  |  |  |  |  |  | $90446 | $90444 |
| **Total Investments, Cash Equivalents, and Cash - 260.2% of Net Assets** |  |  |  |  |  |  | $2768298 | $2702152 |
| **Liabilities in Excess of Other Assets - (160.2)% of Net Assets** |  |  |  |  |  |  |  | (1663495) |
| **Net Assets - 100%** |  |  |  |  |  |  |  | $1038657 |

---

—————

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "SOFR", or Prime rate, or "P", or Sterling Overnight Index Average, or "SONIA." The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower's option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes payment-in-kind, or "PIK", interest and other fee rates, if any.

<sup>(2)</sup> Valued based on our accounting policy (See Note 2).

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Non-income producing securities.

<sup>(6)</sup> The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2036-R Asset-Backed Debt and are not held through PennantPark CLO I, Ltd; 3) do not secure the 2038-R Asset-Backed Debt and are not held through PennantPark CLO VIII, Ltd. and 4) do not secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 11, LLC.

<sup>(7)</sup> Investment is held through our Taxable Subsidiary.

<sup>(8)</sup> 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.

<sup>(9)</sup> The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of March 31, 2026, qualifying assets represented 86% of our total assets and non-qualifying assets represented 14% of our total assets.

<sup>(10)</sup> Non-accrual security.

<sup>(11)</sup> As of March 31, 2026, all investments were in U.S. companies and total cost, fair value, and percentage of Net Assets for the U.S companies were $2,646.4 million, $2,580.3 million, and 248.4%

<sup>(12)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 231.9% <sup>(3), (4)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 211.8% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/2/2023 | 10/02/2029 | IT Services | 9.29% | 3M SOFR+ 500 | 42247 | 41879 | 41824 |
| ACP Avenu Buyer, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/2/2023 | 04/21/2027 | IT Services |  |  | 10872 |  | (54) |
| ACP Avenu Buyer, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 10/2/2023 | 10/02/2029 | IT Services |  |  | 7612 |  | (76) |
| ACP Falcon Buyer, Inc. | 8/27/2025 | 08/01/2029 | Professional Services | 9.79% | 3M SOFR+ 550 | 818 | 827 | 827 |
| ACP Falcon Buyer, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/26/2023 | 08/01/2029 | Professional Services |  |  | 3096 |  |  |
| Ad.net Acquisition, LLC | 5/4/2021 | 05/07/2026 | Media | 10.26% | 3M SOFR+ 626 | 6583 | 6570 | 6583 |
| Ad.net Acquisition, LLC - Funded Revolver | 5/4/2021 | 05/07/2026 | Media | 10.26% | 3M SOFR+ 626 | 818 | 818 | 818 |
| Ad.net Acquisition, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 5/4/2021 | 05/07/2026 | Media |  |  | 426 |  |  |
| Aechelon Technology, Inc. | 8/16/2024 | 08/16/2029 | Aerospace and Defense | 9.91% | 1M SOFR+ 575 | 13440 | 13331 | 13440 |
| Aechelon Technology, Inc. - Funded Revolver | 8/16/2024 | 08/16/2029 | Aerospace and Defense | 10.66% | 1M SOFR+ 650 | 1666 | 1666 | 1666 |
| Aechelon Technology, Inc. - Unfunded Revolver <sup>(8)</sup> | 8/16/2024 | 08/16/2029 | Aerospace and Defense |  |  | 3054 |  |  |
| AFC-Dell Holding Corp. | 2/22/2024 | 04/09/2027 | Distributors | 9.70% | 3M SOFR+ 550 | 19768 | 19739 | 19669 |
| AFC-Dell Holding Corp. - Unfunded Term Loan <sup>(8)</sup> | 2/22/2024 | 04/09/2027 | Distributors |  |  | 7460 |  | (37) |
| Alpine Acquisition Corp II <sup>(10)</sup> | 8/27/2025 | 08/09/2025 | Containers and Packaging |  |  | 4044 | 2903 | 2103 |
| Amsive Holdings Corporation | 3/2/2020 | 12/10/2026 | Media | 10.35% | 3M SOFR+ 625 | 19273 | 19166 | 19080 |
| Aphix Buyer, Inc. | 7/17/2025 | 07/17/2031 | Business Services | 8.91% | 3M SOFR+ 475 | 9639 | 9579 | 9591 |
| Aphix Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 7/17/2025 | 07/16/2027 | Business Services |  |  | 15341 |  | 19 |
| Aphix Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 7/17/2025 | 07/17/2031 | Business Services |  |  | 3995 |  | (20) |
| APT OPCO, LLC | 9/29/2025 | 09/30/2031 | Healthcare Providers and Services | 9.00% | 3M SOFR+ 500 | 17500 | 17391 | 17391 |
| APT OPCO, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/29/2025 | 09/30/2027 | Healthcare Providers and Services |  |  | 2729 |  |  |
| APT OPCO, LLC - Unfunded Revolver <sup>(8)</sup> | 9/29/2025 | 09/30/2031 | Healthcare Providers and Services |  |  | 2729 |  |  |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 5/21/2019 | 06/30/2026 | Media | 9.90% | 3M SOFR+ 590 | 14707 | 14644 | 14707 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 5/21/2019 | 06/30/2026 | Media | 9.90% | 3M SOFR+ 590 | 1985 | 1979 | 1985 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Funded Revolver <sup>(6)</sup> | 5/21/2019 | 06/30/2026 | Media | 9.90% | 3M SOFR+ 590 | 410 | 410 | 410 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Unfunded Revolver <sup>(8)</sup> | 5/21/2019 | 06/30/2026 | Media |  |  | 2460 |  |  |
| Arcfield Acquisition Corp. | 10/28/2024 | 10/28/2031 | Aerospace and Defense | 9.31% | 3M SOFR+ 500 | 19393 | 19374 | 19296 |
| Arcfield Acquisition Corp. - Unfunded Revolver <sup>(6), (8)</sup> | 10/28/2024 | 10/28/2031 | Aerospace and Defense |  |  | 2874 |  | (14) |
| Archer Lewis, LLC | 8/28/2024 | 08/28/2029 | Healthcare Technology | 9.75% | 3M SOFR+ 575 | 32675 | 32401 | 32675 |
| Archer Lewis, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/28/2024 | 08/28/2026 | Healthcare Technology |  |  | 13292 |  | 133 |
| Archer Lewis, LLC - Unfunded Revolver <sup>(8)</sup> | 8/28/2024 | 08/28/2029 | Healthcare Technology |  |  | 3252 |  |  |
| Argano, LLC | 9/13/2024 | 09/13/2029 | Business Services | 9.89% | 3M SOFR+ 575 | 50851 | 50401 | 50088 |
| Argano, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/13/2024 | 10/02/2026 | Business Services |  |  | 7449 |  | (37) |
| Argano, LLC – Unfunded Revolver <sup>(8)</sup> | 9/13/2024 | 09/13/2029 | Business Services |  |  | 1421 |  | (21) |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 6/26/2024 | 06/26/2029 | Diversified Consumer Services | 9.75% | 3M SOFR+ 575 | 16854 | 16673 | 16365 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) - Funded Revolver | 6/26/2024 | 06/26/2029 | Diversified Consumer Services | 9.75% | 3M SOFR+ 575 | 1032 | 1032 | 1002 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) - Unfunded Revolver <sup>(8)</sup> | 6/26/2024 | 06/26/2029 | Diversified Consumer Services |  |  | 1548 |  | (45) |
| Beacon Behavioral Support Services, LLC | 6/21/2024 | 06/21/2029 | Healthcare Providers and Services | 9.50% | 3M SOFR+ 550 | 31929 | 31585 | 31929 |
| Beacon Behavioral Support Services, LLC - Unfunded Term Loan <sup>(8)</sup> | 6/21/2024 | 12/22/2025 | Healthcare Providers and Services |  |  | 7749 |  | 77 |
| Beacon Behavioral Support Services, LLC - Unfunded Term Loan - 3rd Amendment <sup>(8)</sup> | 6/21/2024 | 06/21/2027 | Healthcare Providers and Services |  |  | 23451 |  | 235 |
| Beacon Behavioral Support Services, LLC - Unfunded Revolver <sup>(8)</sup> | 6/21/2024 | 06/21/2029 | Healthcare Providers and Services |  |  | 2104 |  |  |
| Best Practice Associates, LLC | 11/7/2024 | 11/08/2029 | Aerospace and Defense | 10.91% | 3M SOFR+ 675 | 58796 | 58047 | 58355 |
| Best Practice Associates, LLC - Unfunded Revolver <sup>(8)</sup> | 11/7/2024 | 11/08/2029 | Aerospace and Defense |  |  | 5732 |  | (43) |
| Beta Plus Technologies, Inc. | 2/29/2024 | 07/02/2029 | Internet Software and Services | 9.75% | 1M SOFR+ 575 | 32742 | 32027 | 32415 |
| Big Top Holdings, LLC | 2/29/2024 | 03/01/2030 | Construction & Engineering | 9.50% | 3M SOFR+ 550 | 34812 | 34384 | 34812 |
| Big Top Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 2/29/2024 | 02/28/2030 | Construction & Engineering |  |  | 4479 |  |  |
| Bioderm, Inc. | 8/27/2025 | 01/31/2028 | Healthcare Equipment and Supplies | 10.77% | 1M SOFR+ 650 | 992 | 981 | 980 |
| Bioderm, Inc. - Funded Revolver | 1/30/2023 | 01/31/2028 | Healthcare Equipment and Supplies | 10.77% | 1M SOFR+ 650 | 1071 | 1071 | 1058 |
| Blackhawk Industrial Distribution, Inc. | 6/27/2022 | 09/17/2026 | Distributors | 9.40% | 3M SOFR+ 540 | 8126 | 8095 | 7984 |
| Blackhawk Industrial Distribution, Inc. - Funded Revolver <sup>(6)</sup> | 6/27/2022 | 09/17/2026 | Distributors | 9.40% | 3M SOFR+ 540 | 1747 | 1747 | 1717 |
| Blackhawk Industrial Distribution, Inc. - Unfunded Revolver <sup>(8)</sup> | 6/27/2022 | 09/17/2026 | Distributors |  |  | 2135 |  | (37) |
| BLC Holding Company, Inc. | 11/20/2024 | 11/20/2030 | Business Services | 8.50% | 3M SOFR+ 450 | 23155 | 23007 | 23155 |
| BLC Holding Company, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/20/2024 | 11/20/2026 | Business Services |  |  | 10994 |  | 82 |
| BLC Holding Company, Inc. - Funded Revolver | 11/20/2024 | 11/20/2030 | Business Services | 8.50% | 3M SOFR+ 450 | 484 | 484 | 484 |
| BLC Holding Company, Inc. - Unfunded Revolver <sup>(8)</sup> | 11/20/2024 | 11/20/2030 | Business Services |  |  | 3914 |  |  |
| Blue Cloud Pediatric Surgery Centers LLC | 8/12/2025 | 01/21/2031 | Healthcare Providers and Services | 9.48% | 3M SOFR+ 525 | 4988 | 4938 | 4938 |
| Blue Cloud Pediatric Surgery Centers LLC - Unfunded Term Loan <sup>(8)</sup> | 8/12/2025 | 07/30/2027 | Healthcare Providers and Services |  |  | 5517 |  |  |
| Boss Industries, LLC | 12/27/2024 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 9.00% | 3M SOFR+ 500 | 17952 | 17833 | 17952 |
| Boss Industries, LLC - Unfunded Revolver <sup>(8)</sup> | 12/27/2024 | 12/27/2030 | Independent Power and Renewable Electricity Producers |  |  | 2744 |  |  |
| Burgess Point Purchaser Corporation | 8/12/2024 | 07/25/2029 | Auto Components | 9.51% | 3M SOFR+ 535 | 18722 | 17573 | 16184 |
| By Light Professional IT Services, LLC | 7/15/2025 | 07/15/2031 | High Tech Industries | 9.66% | 1M SOFR+ 550 | 41446 | 41135 | 41135 |
| By Light Professional IT Services, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/15/2025 | 07/15/2031 | High Tech Industries |  |  | 3671 |  | (28) |
| Capital Construction, LLC | 6/30/2025 | 10/22/2026 | Consumer Services | 10.20% |  | 8000 | 7950 | 7920 |
| Capital Construction, LLC - Unfunded Term Loan <sup>(8)</sup> | 6/30/2025 | 12/30/2025 | Consumer Services |  |  | 14459 |  | (36) |
| Carisk Buyer, Inc. | 11/27/2023 | 12/03/2029 | Healthcare Technology | 9.00% | 3M SOFR+ 500 | 11309 | 11234 | 11309 |
| Carisk Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/27/2023 | 12/03/2029 | Healthcare Technology |  |  | 7868 |  | 71 |
| Carisk Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 11/27/2023 | 12/03/2029 | Healthcare Technology |  |  | 1750 |  |  |
| Carnegie Dartlet, LLC | 2/7/2024 | 02/07/2030 | Professional Services | 9.66% | 3M SOFR+ 550 | 33807 | 33385 | 33469 |
| Carnegie Dartlet, LLC - Unfunded Term Loan <sup>(8)</sup> | 2/7/2024 | 02/09/2026 | Professional Services |  |  | 12430 |  |  |
| Carnegie Dartlet, LLC - Unfunded Revolver <sup>(8)</sup> | 2/7/2024 | 02/07/2030 | Professional Services |  |  | 5405 |  | (54) |
| Cartessa Aesthetics, LLC | 6/1/2022 | 06/14/2028 | Distributors | 10.00% | 3M SOFR+ 600 | 15721 | 15614 | 15721 |
| Cartessa Aesthetics, LLC - Funded Revolver <sup>(6)</sup> | 6/1/2022 | 06/14/2028 | Distributors | 10.00% | 3M SOFR+ 600 | 511 | 511 | 511 |
| Cartessa Aesthetics, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 6/1/2022 | 06/14/2028 | Distributors |  |  | 927 |  |  |
| Case Works, LLC | 10/1/2024 | 10/01/2029 | Professional Services | 9.25% | 3M SOFR+ 525 | 20486 | 20336 | 19564 |
| Case Works, LLC - Funded Revolver | 10/1/2024 | 10/01/2029 | Professional Services | 9.25% | 3M SOFR+ 525 | 3903 | 3903 | 3727 |
| Case Works, LLC - Unfunded Revolver <sup>(8)</sup> | 10/1/2024 | 10/01/2029 | Professional Services |  |  | 205 |  | (9) |
| Cf512, Inc. | 8/17/2021 | 08/20/2026 | Media | 10.19% | 3M SOFR+ 619 | 10300 | 10240 | 10197 |
| Cf512, Inc. - Funded Revolver | 8/17/2021 | 08/20/2026 | Media | 10.18% | 3M SOFR+ 602 | 86 | 86 | 85 |
| Cf512, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/17/2021 | 08/20/2026 | Media |  |  | 869 |  | (9) |
| CJX Borrower, LLC | 7/8/2021 | 07/13/2027 | Media | 10.08% | 3M SOFR+ 576 | 8201 | 8135 | 8201 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| CJX Borrower, LLC - Unfunded Term Loan <sup>(8)</sup> | 7/8/2021 | 07/13/2027 | Media |  |  | 446 |  | 82 |
| CJX Borrower, LLC - Funded Revolver | 7/8/2021 | 07/13/2027 | Media | 10.07% | 3M SOFR+ 576 | 593 | 593 | 593 |
| CJX Borrower, LLC - Unfunded Revolver <sup>(8)</sup> | 7/8/2021 | 07/13/2027 | Media |  |  | 642 |  |  |
| Coolsys, Inc. | 8/27/2025 | 08/11/2028 | Commercial Services & Supplies | 9.34% | 3M SOFR+ 501 | 2251 | 1920 | 1984 |
| Commercial Fire Protection Holdings, LLC | 9/23/2024 | 09/23/2030 | Commercial Services & Supplies | 8.50% | 3M SOFR+ 450 | 38329 | 38070 | 38329 |
| Commercial Fire Protection Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/23/2024 | 09/23/2026 | Commercial Services & Supplies |  |  | 13370 |  | 100 |
| Commercial Fire Protection Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 9/23/2024 | 09/23/2030 | Commercial Services & Supplies |  |  | 5014 |  |  |
| Compex Legal Services, Inc. | 1/27/2020 | 02/07/2026 | Professional Services | 9.55% | 3M SOFR+ 555 | 10720 | 10716 | 10720 |
| Compex Legal Services, Inc. - Funded Revolver | 1/27/2020 | 02/07/2026 | Professional Services | 9.51% | 3M SOFR+ 555 | 984 | 984 | 984 |
| Compex Legal Services, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 1/27/2020 | 02/07/2026 | Professional Services |  |  | 422 |  |  |
| Confluent Health, LLC | 3/25/2024 | 11/30/2028 | Healthcare Providers and Services | 8.28% | 1M SOFR+ 400 | 11703 | 11165 | 11391 |
| Cornerstone Advisors of Arizona, LLC | 5/13/2025 | 05/13/2032 | Consulting Services | 8.75% | 3M SOFR+ 475 | 12833 | 12769 | 12769 |
| Cornerstone Advisors of Arizona, LLC - Unfunded Revolver <sup>(8)</sup> | 5/13/2025 | 05/13/2032 | Consulting Services |  |  | 1705 |  | (9) |
| Crane 1 Services, Inc. | 8/11/2021 | 08/16/2027 | Commercial Services & Supplies | 10.03% | 3M SOFR+ 575 | 6756 | 6703 | 6705 |
| Crane 1 Services, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/11/2021 | 08/16/2027 | Commercial Services & Supplies |  |  | 502 |  | (4) |
| C5MI Acquisition, LLC | 7/31/2024 | 07/31/2029 | IT Services | 10.00% | 3M SOFR+ 600 | 28710 | 28357 | 28710 |
| C5MI Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 7/31/2024 | 07/31/2029 | IT Services |  |  | 9093 |  |  |
| DRI Holding Inc. | 5/23/2024 | 12/21/2028 | Media | 9.51% | 1M SOFR+ 535 | 13168 | 12931 | 12905 |
| DRS Holdings III, Inc. | 10/29/2019 | 11/03/2025 | Chemicals, Plastics and Rubber | 9.41% | 3M SOFR+ 525 | 6714 | 6707 | 6781 |
| DRS Holdings III, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/29/2019 | 11/03/2025 | Personal Products |  |  | 487 |  |  |
| Duggal Acquisition, LLC | 9/30/2024 | 09/30/2030 | Marketing Services | 8.75% | 3M SOFR+ 475 | 10218 | 10130 | 10218 |
| Duggal Acquisition, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/30/2024 | 09/30/2026 | Marketing Services |  |  | 4470 |  | 45 |
| Duggal Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 9/30/2024 | 09/30/2030 | Marketing Services |  |  | 5605 |  |  |
| Dynata, LLC - First Out Term Loan | 7/15/2024 | 07/17/2028 | Business Services | 9.46% | 3M SOFR+ 526 | 2365 | 2261 | 2354 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Business Services | 9.96% | 3M SOFR+ 576 | 14672 | 14131 | 11946 |
| Emergency Care Partners, LLC | 10/18/2024 | 10/18/2027 | Healthcare Providers and Services | 9.00% | 3M SOFR+ 500 | 15484 | 15412 | 15484 |
| Emergency Care Partners, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/18/2024 | 10/19/2026 | Healthcare Providers and Services |  |  | 4320 |  |  |
| Emergency Care Partners, LLC - Unfunded Revolver <sup>(8)</sup> | 10/18/2024 | 10/18/2027 | Healthcare Providers and Services |  |  | 1810 |  |  |
| EDS Buyer, LLC | 12/19/2022 | 01/10/2029 | Electronic Equipment, Instruments, and Components | 8.75% | 3M SOFR+ 475 | 12545 | 12449 | 12577 |
| EDS Buyer, LLC. - Unfunded Revolver <sup>(6), (8)</sup> | 12/19/2022 | 01/10/2029 | Electronic Equipment, Instruments, and Components |  |  | 2298 |  | 6 |
| Efficient Collaborative Retail Marketing Company, LLC | 10/23/2018 | 09/30/2026 | Media: Diversified and Production | 11.01% | 3M SOFR+ 675 | 8357 | 8379 | 6686 |
|  |  |  |  | (PIK 3.75%) |  |  |  |  |
| ETE Intermediate II, LLC | 5/24/2023 | 05/29/2029 | Diversified Consumer Services | 9.16% | 3M SOFR+ 500 | 2633 | 2623 | 2633 |
| ETE Intermediate II, LLC - Funded Revolver | 5/24/2023 | 05/25/2029 | Diversified Consumer Services | 9.17% | 3M SOFR+ 500 | 166 | 166 | 166 |
| ETE Intermediate II, LLC - Unfunded Revolver <sup>(8)</sup> | 5/24/2023 | 05/25/2029 | Diversified Consumer Services |  |  | 2264 |  |  |
| Eval Home Care Solutions Intermediate, LLC | 5/10/2024 | 05/10/2030 | Healthcare, Education and Childcare | 9.91% | 1M SOFR+ 575 | 17758 | 17568 | 17758 |
| Eval Home Care Solutions Intermediate, LLC - Unfunded Revolver <sup>(8)</sup> | 5/10/2024 | 05/10/2030 | Healthcare, Education and Childcare |  |  | 2640 |  |  |
| Exigo Intermediate II, LLC | 8/27/2025 | 03/15/2027 | Software | 10.51% | 1M SOFR+ 635 | 4787 | 4787 | 4787 |
| Exigo Intermediate II, LLC - Unfunded Revolver <sup>(8)</sup> | 3/10/2022 | 03/15/2027 | Software |  |  | 689 |  |  |
| Express Wash Acquisition Company, LLC | 4/10/2025 | 04/10/2031 | Automobiles | 10.58% | 3M SOFR+ 625 | 35023 | 34852 | 34183 |
| Express Wash Acquisition Company, LLC - Unfunded Revolver <sup>(8)</sup> | 4/10/2025 | 04/10/2031 | Automobiles |  |  | 2139 |  | (51) |
| First Medical MSO, LLC | 6/13/2025 | 06/13/2031 | Healthcare Providers and Services | 9.75% |  | 7481 | 7408 | 7406 |
| First Medical MSO, LLC - Unfunded Term Loan <sup>(8)</sup> | 6/13/2025 | 06/13/2027 | Healthcare Providers and Services |  |  | 5000 |  |  |
| First Medical MSO, LLC - Unfunded Revolver <sup>(6)</sup> <sup>(8)</sup> | 6/13/2025 | 06/13/2031 | Healthcare Providers and Services |  |  | 1000 |  | (10) |
| Five Star Buyer, Inc. | 2/21/2023 | 02/23/2028 | Hotels, Restaurants and Leisure | 11.46% | 3M SOFR+ 715 | 5214 | 5155 | 5110 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Five Star Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 2/21/2023 | 02/23/2028 | Hotels, Restaurants and Leisure |  |  | 370 |  | (7) |
| Gauge ETE Blocker, LLC | 5/24/2023 | 05/21/2029 | Diversified Consumer Services | 12.56% |  | 285 | 285 | 285 |
| GGG Midco, LLC | 9/27/2024 | 09/27/2030 | Diversified Consumer Services | 9.00% | 3M SOFR+ 500 | 36984 | 36653 | 36984 |
| GGG Midco, LLC - Unfunded Term Loan <sup>(8)</sup> | 9/27/2024 | 09/27/2026 | Diversified Consumer Services |  |  | 5830 |  | 58 |
| GGG Midco, LLC – Unfunded Revolver <sup>(8)</sup> | 9/27/2024 | 09/27/2030 | Diversified Consumer Services |  |  | 1311 |  |  |
| Global Holdings InterCo, LLC | 3/11/2021 | 03/16/2026 | Diversified Financial Services | 9.74% | 1M SOFR+ 560 | 9134 | 8967 | 9134 |
| Graffiti Buyer, Inc. | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors | 9.66% | 3M SOFR+ 560 | 5518 | 5431 | 5407 |
| Graffiti Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors |  |  | 984 |  | (12) |
| Graffiti Buyer, Inc. - Funded Revolver | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors | 9.85% |  | 36 | 36 | 35 |
| Graffiti Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 8/9/2021 | 08/10/2027 | Trading Companies & Distributors |  |  | 829 |  | (17) |
| Hancock Roofing and Construction, LLC | 12/23/2020 | 12/31/2026 | Insurance | 9.90% | 3M SOFR+ 560 | 3916 | 3891 | 3877 |
| Hancock Roofing and Construction, LLC - Funded Revolver <sup>(6)</sup> | 12/23/2020 | 12/31/2026 | Insurance | 9.76% | 3M SOFR+ 560 | 750 | 750 | 743 |
| Halo Buyer, Inc. | 2/7/2025 | 08/07/2029 | Consumer products | 10.16% | 1M SOFR+ 600 | 10599 | 10502 | 10599 |
| Halo Buyer, Inc. - Funded Revolver | 2/7/2025 | 08/07/2029 | Consumer products | 10.16% | 1M SOFR+ 600 | 522 | 522 | 522 |
| Halo Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 2/7/2025 | 08/07/2029 | Consumer products |  |  | 2200 |  |  |
| Harris & Co. LLC | 8/9/2024 | 08/09/2030 | Professional Services | 9.16% | 3M SOFR+ 500 | 80066 | 79412 | 79365 |
| Harris & Co. LLC. - Unfunded Term Loan B <sup>(8)</sup> | 8/9/2024 | 02/09/2026 | Professional Services |  |  | 16832 |  |  |
| Harris & Co. LLC - Unfunded Term Loan C <sup>(8)</sup> | 8/9/2024 | 08/18/2027 | Professional Services |  |  | 4192 |  |  |
| Harris & Co. LLC - Funded Revolver | 8/9/2024 | 08/09/2030 | Professional Services | 9.16% | 1M SOFR+ 500 | 1683 | 1683 | 1669 |
| Harris & Co. LLC - Unfunded Revolver <sup>(8)</sup> | 8/9/2024 | 08/09/2030 | Professional Services |  |  | 7936 |  | (69) |
| HEC Purchaser Corp. | 6/17/2024 | 06/17/2029 | Healthcare, Education and Childcare | 8.87% | 3M SOFR+ 500 | 17457 | 17326 | 17457 |
| Help/Systems Holdings, Inc. | 8/27/2025 | 11/30/2026 | Software | 8.41% | 3M SOFR+ 410 | 1953 | 1839 | 1839 |
| Hills Distribution, Inc. | 11/2/2023 | 11/08/2029 | Distributors | 10.32% | 1M SOFR+ 600 | 18294 | 18121 | 18294 |
| Hills Distribution, Inc. - Unfunded Term Loan <sup>(8)</sup> | 11/2/2023 | 11/07/2025 | Distributors |  |  | 1514 |  | 15 |
| HW Holdco, LLC | 1/9/2019 | 05/11/2026 | Media | 9.90% | 3M SOFR+ 590 | 12283 | 12265 | 12283 |
| HW Holdco, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 1/9/2019 | 05/11/2026 | Media |  |  | 1452 |  |  |
| IG Investments Holdings, LLC <sup>(6)</sup> | 11/23/2021 | 09/22/2028 | Professional Services | 9.31% | 3M SOFR+ 500 | 9557 | 9477 | 9509 |
| IG Investments Holdings, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 11/23/2021 | 09/22/2028 | Professional Services |  |  | 722 |  | (4) |
| Imagine Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 11/4/2021 | 11/16/2027 | Software |  |  | 1193 |  |  |
| Impact Advisors, LLC | 3/21/2025 | 03/19/2032 | Business Services | 8.50% | 3M SOFR+ 450 | 16517 | 16436 | 16517 |
| Impact Advisors, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/21/2025 | 03/21/2027 | Business Services |  |  | 9723 |  | 49 |
| Impact Advisors, LLC - Unfunded Revolver <sup>(8)</sup> | 3/21/2025 | 03/19/2032 | Business Services |  |  | 1945 |  |  |
| Infinity Home Services Holdco, Inc. | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 10.00% | 3M SOFR+ 600 | 14855 | 14770 | 14825 |
| Infinity Home Services Holdco, Inc. (CAD) | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 10.00% | 3M SOFR+ 600 | CAD 1,704 | 1231 | 1225 |
| Infinity Home Services Holdco, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/21/2022 | 10/30/2026 | Commercial Services & Supplies |  |  | 7069 |  |  |
| Infinity Home Services Holdco, Inc. - Funded Revolver | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies | 12.25% |  | 161 | 161 | 161 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Infinity Home Services Holdco, Inc. - Unfunded Revolver <sup>(8)</sup> | 12/21/2022 | 12/28/2028 | Commercial Services & Supplies |  |  | 1130 |  |  |
| Inovex Information Systems Incorporated | 12/17/2024 | 12/17/2030 | Software | 9.25% | 3M SOFR+ 525 | 7940 | 7885 | 7940 |
| Inovex Information Systems Incorporated - Unfunded Term Loan <sup>(8)</sup> | 12/17/2024 | 12/17/2026 | Software |  |  | 2800 |  |  |
| Inovex Information Systems Incorporated - Unfunded Revolver <sup>(8)</sup> | 12/17/2024 | 12/17/2030 | Software |  |  | 3499 |  |  |
| Infolinks Media Buyco, LLC | 2/22/2024 | 11/02/2026 | Media | 9.50% | 3M SOFR+ 550 | 10155 | 10125 | 10104 |
| Inventus Power, Inc. | 6/29/2023 | 01/15/2026 | Electronic Equipment, Instruments, and Components | 11.78% | 3M SOFR+ 761 | 4888 | 4880 | 4888 |
| Inventus Power, Inc. - Funded Revolver | 6/29/2023 | 01/15/2026 | Electronic Equipment, Instruments, and Components | 11.76% | 3M SOFR+ 761 | 403 | 403 | 403 |
| Inventus Power, Inc. - Unfunded Revolver <sup>(8)</sup> | 6/29/2023 | 01/15/2026 | Electronic Equipment, Instruments, and Components |  |  | 1325 |  |  |
| Keel Platform, LLC | 1/26/2024 | 01/20/2031 | Metals and Mining | 8.75% | 3M SOFR+ 475 | 14601 | 14437 | 14455 |
| Keel Platform, LLC - Unfunded Term Loan <sup>(8)</sup> | 1/26/2024 | 01/20/2031 | Metals and Mining |  |  | 3260 |  | (8) |
| Kinetic Purchaser, LLC | 11/8/2021 | 11/10/2027 | Personal Products | 10.19% | 3M SOFR+ 615 | 17955 | 17641 | 15262 |
| Kinetic Purchaser, LLC - Funded Revolver | 11/8/2021 | 11/10/2026 | Personal Products | 10.15% | 3M SOFR+ 615 | 2172 | 2172 | 1846 |
| Kinetic Purchaser, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 11/8/2021 | 11/10/2026 | Personal Products |  |  | 1262 |  | (189) |
| Lash OpCo, LLC | 8/16/2021 | 02/18/2027 | Personal Products | 12.16% | 1M SOFR+ 785 | 16168 | 16026 | 15763 |
|  |  |  |  | (PIK 5.10%) |  |  |  |  |
| Lash OpCo, LLC - Funded Revolver <sup>(6)</sup> | 8/16/2021 | 08/16/2026 | Personal Products | 12.16% | 1M SOFR+ 785 | 969 | 969 | 945 |
|  |  |  |  | (PIK 5.10%) |  |  |  |  |
| Lash OpCo, LLC - Unfunded Revolver <sup>(6)</sup> <sup>(8)</sup> | 8/16/2021 | 08/16/2026 | Personal Products |  |  | 2026 |  | (51) |
| LAV Gear Holdings, Inc. | 7/31/2025 | 07/31/2029 | Capital Equipment | 10.10% |  | 9581 | 9592 | 9930 |
|  |  |  |  | (PIK 3.44%) |  |  |  |  |
| LAV Gear Holdings, Inc. - Incremental TL | 7/31/2025 | 07/31/2029 | Capital Equipment | 10.10% |  | 1098 | 1067 | 1353 |
|  |  |  |  | (PIK 3.44%) |  |  |  |  |
| LAV Gear Holdings, Inc. - Unfunded Revolver <sup>(6) (8)</sup> | 7/31/2025 | 07/31/2029 | Capital Equipment |  |  | 703 |  |  |
| Ledge Lounger, Inc. | 2/7/2022 | 11/09/2026 | Leisure Products | 11.65% | 3M SOFR+ 765 | 7605 | 7380 | 5932 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Ledge Lounger, Inc. - Funded Revolver | 2/7/2022 | 11/09/2026 | Leisure Products | 11.65% | 3M SOFR+ 765 | 663 | 663 | 518 |
|  |  |  |  | (PIK 1.00%) |  |  |  |  |
| Lightspeed Buyer, Inc. | 1/21/2020 | 02/03/2027 | Healthcare Technology | 8.75% | 3M SOFR+ 475 | 22918 | 22824 | 22918 |
| Lightspeed Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 1/21/2020 | 02/03/2027 | Healthcare Technology |  |  | 2499 |  |  |
| LJ Avalon Holdings, LLC | 1/18/2023 | 02/01/2030 | Construction & Engineering | 8.67% | 3M SOFR+ 450 | 11815 | 11770 | 11815 |
| LJ Avalon Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 1/18/2023 | 02/08/2027 | Construction & Engineering |  |  | 4873 |  | 24 |
| LJ Avalon Holdings, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 1/18/2023 | 02/01/2029 | Construction & Engineering |  |  | 2883 |  |  |
| Loving Tan Intermediate II, Inc. | 5/24/2023 | 05/31/2028 | Personal Products | 9.00% | 3M SOFR+ 500 | 53637 | 53066 | 53637 |
| Loving Tan Intermediate II, Inc. - Unfunded Term Loan <sup>(8)</sup> | 5/24/2023 | 07/12/2026 | Personal Products |  |  | 10823 |  | 108 |
| Loving Tan Intermediate II, Inc. - Funded Revolver | 5/24/2023 | 05/31/2028 | Personal Products | 9.00% | 3M SOFR+ 500 | 3559 | 3559 | 3559 |
| Loving Tan Intermediate II, Inc. - Unfunded Revolver <sup>(8)</sup> | 5/24/2023 | 05/31/2028 | Personal Products |  |  | 1780 |  |  |
| Lucky Bucks, LLC - First-Out Term Loan | 11/2/2023 | 10/02/2028 | Hotels, Restaurants and Leisure | 12.01% | 1M SOFR+ 765 | 256 | 256 | 238 |
| Lucky Bucks, LLC - Last-Out Term Loan | 11/2/2023 | 10/02/2029 | Hotels, Restaurants and Leisure | 12.01% | 1M SOFR+ 765 | 529 | 529 | 426 |
| MAG DS Corp. | 9/21/2020 | 04/01/2027 | Aerospace and Defense | 9.60% | 3M SOFR+ 560 | 12205 | 11985 | 12155 |
| Marketplace Events Acquisition, LLC | 12/19/2024 | 12/19/2030 | Media | 9.25% | 3M SOFR+ 525 | 56198 | 55699 | 56198 |
| Marketplace Events Acquisition, LLC - Unfunded Term Loan <sup>(8)</sup> | 12/19/2024 | 06/19/2026 | Media |  |  | 8717 |  | 87 |
| Marketplace Events Acquisition, LLC - Funded Revolver | 12/19/2024 | 12/19/2030 | Media | 9.25% |  | 610 | 610 | 610 |
| Marketplace Events Acquisition, LLC - Unfunded Revolver <sup>(8)</sup> | 12/19/2024 | 12/19/2030 | Media |  |  | 5486 |  |  |
| MBS Holdings, Inc. | 4/7/2025 | 04/16/2027 | Internet Software and Services | 9.30% | 3M SOFR+ 510 | 5632 | 5630 | 5632 |
| MBS Holdings, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 4/14/2021 | 04/16/2027 | Internet Software and Services |  |  | 1157 |  |  |
| MDI Buyer, Inc. | 3/16/2023 | 07/25/2028 | Commodity Chemicals | 8.75% | 3M SOFR+ 475 | 5066 | 5021 | 5066 |
| MDI Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 3/16/2023 | 07/25/2028 | Commodity Chemicals |  |  | 4416 |  | 33 |
| MDI Buyer, Inc. - Funded Revolver | 7/19/2022 | 07/25/2028 | Commodity Chemicals | 11.50% | 3M SOFR+ 375 | 1524 | 1524 | 1524 |
| MDI Buyer, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 7/19/2022 | 07/25/2028 | Commodity Chemicals | **—** |  | 353 |  |  |
| Meadowlark Acquirer, LLC | 12/9/2021 | 12/10/2027 | Professional Services | 9.65% | 3M SOFR+ 565 | 4344 | 4295 | 4344 |
| Meadowlark Acquirer, LLC - Funded Revolver | 12/9/2021 | 12/10/2027 | Professional Services | 9.65% | 3M SOFR+ 565 | 339 | 339 | 339 |
| Meadowlark Acquirer, LLC - Unfunded Revolver <sup>(8)</sup> | 12/9/2021 | 12/10/2027 | Professional Services |  |  | 1354 |  |  |
| Medina Health, LLC | 10/16/2023 | 10/20/2028 | Healthcare Providers and Services | 10.31% | 3M SOFR+ 625 | 20795 | 20600 | 20899 |
| Medina Health, LLC - Unfunded Revolver <sup>(8)</sup> | 10/16/2023 | 10/20/2028 | Healthcare Providers and Services |  |  | 5187 |  | 26 |
| Megawatt Acquisitionco, Inc. | 3/1/2024 | 03/01/2030 | Electronic Equipment, Instruments, and Components | 9.50% | 3M SOFR+ 550 | 9850 | 9545 | 9377 |
| Megawatt Acquisitionco, Inc. - Funded Revolver | 3/1/2024 | 03/01/2030 | Electronic Equipment, Instruments, and Components | 9.67% | 3M SOFR+ 550 | 406 | 406 | 387 |
| Megawatt Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 3/1/2024 | 03/01/2030 | Electronic Equipment, Instruments, and Components |  |  | 2844 |  | (137) |
| MOREgroup Holdings, Inc. | 1/9/2024 | 01/16/2030 | Construction & Engineering | 9.31% | 3M SOFR+ 525 | 32013 | 31653 | 32013 |
| MOREgroup Holdings, Inc. - Unfunded Term Loan <sup>(8)</sup> | 1/9/2024 | 01/16/2026 | Construction & Engineering |  |  | 11056 |  | 111 |
| MOREgroup Holdings, Inc. - Unfunded Revolver <sup>(8)</sup> | 1/9/2024 | 01/16/2030 | Construction & Engineering |  |  | 6634 |  |  |
| Municipal Emergency Services, Inc. | 9/23/2021 | 10/01/2027 | Distributors | 9.15% | 3M SOFR+ 515 | 9998 | 9959 | 9998 |
| Municipal Emergency Services, Inc. - Unfunded Term Loan <sup>(8)</sup> | 9/23/2021 | 01/15/2026 | Distributors |  |  | 1574 |  | 8 |
| Municipal Emergency Services, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 9/23/2021 | 10/01/2027 | Distributors |  |  | 947 |  |  |
| NBH Group, LLC | 8/29/2025 | 08/19/2026 | Healthcare Equipment and Supplies | 10.12% | 1M SOFR+ 585 | 2571 | 2571 | 2571 |
| NBH Group, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/16/2021 | 08/19/2026 | Healthcare Equipment and Supplies |  |  | 1677 |  |  |
| NORA Acquisition, LLC | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | 10.41% | 3M SOFR+ 635 | 20743 | 20443 | 20588 |
| NORA Acquisition, LLC - Funded Revolver | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | 10.35% | 3M SOFR+ 635 | 2466 | 2466 | 2447 |
| NORA Acquisition, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/22/2023 | 08/31/2029 | Healthcare Providers and Services | **—** |  | 3013 |  | (23) |
| North American Rail Solutions, LLC | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.75% | 3M SOFR+ 475 | 55000 | 54725 | 54725 |
| North American Rail Solutions, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/29/2025 | 08/29/2027 | Manufacturing/Basic Industry | **—** |  | 4231 |  |  |
| North American Rail Solutions, LLC - Funded Revolver | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | 8.75% | 3M SOFR+ 475 | 1467 | 1467 | 1467 |
| North American Rail Solutions, LLC - Unfunded Revolver <sup>(8)</sup> | 8/29/2025 | 08/29/2031 | Manufacturing/Basic Industry | **—** |  | 4456 |  |  |
| Omnia Exterior Solutions, LLC | 12/29/2023 | 12/31/2029 | Diversified Consumer Services | 9.25% | 3M SOFR+ 525 | 23484 | 23315 | 23014 |
| Omnia Exterior Solutions, LLC - Unfunded Term Loan <sup>(8)</sup> | 12/29/2023 | 09/30/2026 | Diversified Consumer Services |  |  | 8705 |  | (98) |
| Omnia Exterior Solutions, LLC - Funded Revolver | 12/29/2023 | 12/31/2029 | Diversified Consumer Services | 9.25% | 1M SOFR+ 525 | 2520 | 2520 | 2470 |
| Omnia Exterior Solutions, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/29/2023 | 12/31/2029 | Diversified Consumer Services |  |  | 1680 |  | (34) |
| One Stop Mailing, LLC | 5/26/2021 | 05/07/2027 | Air Freight and Logistics | 10.53% | 3M SOFR+ 636 | 12941 | 12881 | 12941 |
| ORL Acquisition, Inc. <sup>(6)</sup> | 9/1/2021 | 09/03/2027 | Consumer Finance | 13.70% | 3M SOFR+ 940 | 7710 | 7406 | 6823 |
|  |  |  |  | (PIK 7.50%) |  |  |  |  |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| ORL Acquisition, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 9/1/2021 | 09/03/2027 | Consumer Finance |  |  | 215 |  | (25) |
| OSP Embedded Purchaser, LLC | 12/11/2023 | 12/17/2029 | Aerospace and Defense | 9.77% | 3M SOFR+ 575 | 36810 | 36445 | 36294 |
| OSP Embedded Purchaser, LLC - Unfunded Revolver <sup>(8)</sup> | 12/11/2023 | 12/17/2029 | Aerospace and Defense |  |  | 2932 |  | (41) |
| Output Services Group, Inc. - First-out Term Loan | 11/30/2023 | 11/30/2028 | Business Services | 12.71% | 3M SOFR+ 843 | 828 | 828 | 828 |
| Output Services Group, Inc. - Last-out Term Loan | 11/30/2023 | 05/30/2028 | Business Services | 10.96% | 3M SOFR+ 668 | 1681 | 1681 | 1681 |
| Pacific Purchaser, LLC | 10/2/2023 | 10/02/2028 | Professional Services | 10.42% | 3M SOFR+ 625 | 7123 | 7034 | 7095 |
| Pacific Purchaser, LLC - Unfunded Revolver <sup>(8)</sup> | 10/2/2023 | 10/02/2028 | Professional Services |  |  | 1799 |  | (7) |
| PAR Excellence Holdings, Inc. | 9/3/2024 | 09/03/2030 | Healthcare Technology | 9.32% | 3M SOFR+ 500 | 27431 | 27186 | 26951 |
| PAR Excellence Holdings, Inc. - Unfunded Revolver <sup>(8)</sup> | 9/3/2024 | 09/03/2030 | Healthcare Technology |  |  | 4692 |  | (82) |
| Paving Lessor Corp. | 7/1/2025 | 07/01/2031 | Business Services | 9.25% |  | 21390 | 21231 | 21230 |
| Paving Lessor Corp. - Unfunded Term Loan <sup>(8)</sup> | 7/1/2025 | 07/01/2027 | Business Services |  |  | 8632 |  |  |
| Paving Lessor Corp. - Unfunded Revolver <sup>(8)</sup> | 7/1/2025 | 07/01/2031 | Business Services |  |  | 5755 |  | (43) |
| Peninsula Pacific Entertainment, LLC | 8/15/2025 | 08/22/2032 | Gaming | 9.02% | 3M SOFR+ 475 | 15002 | 14852 | 14965 |
| Peninsula Pacific Entertainment, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/15/2025 | 08/25/2027 | Gaming |  |  | 3516 |  | 9 |
| Penta Group Holdings, Inc. | 7/31/2025 | 07/31/2031 | Professional Services | 8.50% |  | 15000 | 14925 | 14925 |
| Penta Group Holdings, Inc. - Unfunded Term Loan <sup>(8)</sup> | 7/31/2025 | 07/31/2027 | Professional Services |  |  | 6056 |  |  |
| Penta Group Holdings, Inc. - Funded Revolver | 7/31/2025 | 07/31/2031 | Professional Services | 8.50% |  | 492 | 492 | 490 |
| Penta Group Holdings, Inc. - Unfunded Revolver <sup>(8)</sup> | 7/31/2025 | 07/31/2031 | Professional Services |  |  | 1022 |  | (5) |
| PCS MIDCO, Inc. | 3/1/2024 | 03/01/2030 | Professional Services | 9.75% | 3M SOFR+ 575 | 11843 | 11755 | 11843 |
| PCS MIDCO, Inc. - Unfunded Term Loan <sup>(8)</sup> | 3/1/2024 | 03/02/2026 | Professional Services |  |  | 2087 |  | 21 |
| PCS MIDCO, Inc. - Unfunded Revolver <sup>(8)</sup> | 3/1/2024 | 03/01/2030 | Professional Services |  |  | 1770 |  |  |
| Pink Lilly Holdco, LLC <sup>(12)</sup> | 11/5/2021 | 11/09/2027 | Textiles, Apparel and Luxury Goods | 4.35% |  | 9780 | 8422 | 3912 |
| Pink Lilly Holdco, LLC - Funded Revolver <sup>(12)</sup> | 11/5/2021 | 11/09/2027 | Textiles, Apparel and Luxury Goods | 4.27% |  | 611 | 611 | 244 |
| Pink Lilly Holdco, LLC - Unfunded Revolver <sup>(8)</sup> <sup>(12)</sup> | 11/5/2021 | 11/09/2027 | Textiles, Apparel and Luxury Goods |  |  | 534 |  | (321) |
| PlayPower, Inc. | 8/28/2024 | 08/28/2030 | Leisure Products | 9.25% | 1M SOFR+ 525 | 32086 | 31893 | 32086 |
| PlayPower, Inc. - Unfunded Revolver <sup>(8)</sup> | 8/28/2024 | 08/28/2030 | Leisure Products |  |  | 3981 |  |  |
| Podean Buyer, LLC | 8/4/2025 | 08/04/2031 | Marketing Services | 10.00% | 3M SOFR+ 600 | 8000 | 7920 | 7920 |
| Podean Buyer, LLC - Unfunded Revolver <sup>(8)</sup> | 8/4/2025 | 08/04/2031 | Marketing Services |  |  | 1579 |  | (16) |
| Project Granite Buyer, Inc. | 12/31/2024 | 12/31/2030 | Professional Services | 9.75% | 3M SOFR+ 575 | 11894 | 11790 | 12013 |
| Project Granite Buyer, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/31/2024 | 12/31/2026 | Professional Services |  |  | 1708 |  | 34 |
| Project Granite Buyer, Inc. - Unfunded Revolver <sup>(8)</sup> | 12/31/2024 | 12/31/2030 | Professional Services | **—** |  | 2846 |  | 28 |
| Pragmatic Institute, LLC | 7/5/2022 | 03/28/2030 | Professional Services | 9.50% |  | 575 | 575 | 417 |
| Rancho Health MSO, Inc. | 12/20/2024 | 06/20/2029 | Healthcare Equipment and Supplies | 9.29% | 3M SOFR+ 500 | 9310 | 9291 | 9310 |
| Rancho Health MSO, Inc. - Unfunded Term Loan <sup>(8)</sup> | 12/20/2024 | 06/30/2026 | Healthcare Equipment and Supplies |  |  | 3034 |  | 28 |
| Rancho Health MSO, Inc. - Funded Revolver <sup>(6)</sup> | 12/20/2024 | 06/20/2029 | Healthcare Equipment and Supplies | 9.29% | 3M SOFR+ 500 | 2420 | 2420 | 2420 |
| Rancho Health MSO, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 12/20/2024 | 06/20/2029 | Healthcare Equipment and Supplies |  |  | 880 |  |  |
| Recteq, LLC | 1/27/2021 | 01/29/2026 | Leisure Products | 10.40% | 3M SOFR+ 640 | 3820 | 3809 | 3810 |
| Recteq, LLC - Funded Revolver | 1/27/2021 | 01/29/2026 | Leisure Products | 10.46% | 3M SOFR+ 625 | 360 | 360 | 359 |
| Recteq, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 1/27/2021 | 01/29/2026 | Leisure Products |  |  | 936 |  | (2) |
| Rosco Parent, LLC | 9/9/2025 | 09/12/2031 | Business Services | 8.81% |  | 22000 | 21835 | 21835 |
| Rosco Parent, LLC - Unfunded Revolver <sup>(8)</sup> | 9/9/2025 | 09/12/2031 | Business Services |  |  | 2883 |  |  |
| Riverpoint Medical, LLC | 6/19/2019 | 06/21/2027 | Healthcare Equipment and Supplies | 8.75% | 3M SOFR+ 475 | 9728 | 9682 | 9728 |
| Riverpoint Medical, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 6/19/2019 | 06/21/2027 | Healthcare Equipment and Supplies |  |  | 909 |  |  |
| Ro Health, LLC | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services | 8.50% | 3M SOFR+ 450 | 15337 | 15235 | 15337 |
| Ro Health, LLC - Funded Revolver | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services | 9.00% | 3M SOFR+ 500 | 2329 | 2329 | 2329 |
| Ro Health, LLC - Unfunded Revolver <sup>(8)</sup> | 1/16/2025 | 01/17/2031 | Healthcare Providers and Services |  |  | 5435 |  |  |
| RRA Corporate, LLC | 8/15/2024 | 08/15/2029 | Diversified Consumer Services | 9.00% | 3M SOFR+ 500 | 17699 | 17546 | 17593 |
| RRA Corporate, LLC - Unfunded Term Loan <sup>(8)</sup> | 8/15/2024 | 08/17/2026 | Diversified Consumer Services |  |  | 15312 |  | 61 |
| RRA Corporate, LLC - Funded Revolver | 8/15/2024 | 08/15/2029 | Diversified Consumer Services | 9.27% | 3M SOFR+ 525 | 3090 | 3090 | 3071 |
| RRA Corporate, LLC - Unfunded Revolver <sup>(8)</sup> | 8/15/2024 | 08/15/2029 | Diversified Consumer Services |  |  | 3627 |  | (22) |
| RTIC Subsidiary Holdings, LLC | 5/3/2024 | 05/03/2029 | Leisure Products | 9.75% | 3M SOFR+ 575 | 47340 | 46734 | 46867 |
| RTIC Subsidiary Holdings, LLC - Funded Revolver | 5/3/2024 | 05/03/2029 | Leisure Products | 9.75% | 3M SOFR+ 575 | 3296 | 3296 | 3263 |
| RTIC Subsidiary Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 5/3/2024 | 05/03/2029 | Leisure Products |  |  | 6121 |  | (61) |
| Rural Sourcing Holdings, Inc. | 6/8/2023 | 06/15/2029 | Professional Services | 9.75% | 3M SOFR+ 575 | 2201 | 2161 | 1981 |
| Rural Sourcing Holdings, Inc. - Funded Revolver | 6/8/2023 | 06/15/2029 | Professional Services | 9.75% | 3M SOFR+ 575 | 487 | 487 | 438 |
| Rural Sourcing Holdings, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 6/8/2023 | 06/15/2029 | Professional Services |  |  | 373 |  | (37) |
| Sabel Systems Technology Solutions, LLC | 10/31/2024 | 10/31/2030 | Government Services | 9.77% | 3M SOFR+ 575 | 26649 | 26417 | 26649 |
| Sabel Systems Technology Solutions, LLC - Funded Revolver | 10/31/2024 | 10/31/2030 | Government Services | 12.75% | 3M SOFR+ 525 | 182 | 182 | 182 |
| Sabel Systems Technology Solutions, LLC - Unfunded Revolver <sup>(8)</sup> | 10/31/2024 | 10/31/2030 | Government Services |  |  | 3452 |  |  |
| Safe Haven Defense US, LLC | 5/23/2024 | 05/23/2029 | Building Products | 9.50% | 3M SOFR+ 525 | 19845 | 19681 | 19746 |
| Safe Haven Defense US, LLC - Unfunded Revolver <sup>(8)</sup> | 5/23/2024 | 05/23/2029 | Building Products |  |  | 2920 |  | (15) |
| Sales Benchmark Index, LLC | 12/23/2019 | 07/07/2026 | Professional Services | 10.20% | 3M SOFR+ 600 | 2504 | 2501 | 2504 |
| Sales Benchmark Index, LLC - Funded Revolver | 12/23/2019 | 07/07/2026 | Professional Services | 9.20% | 3M SOFR+ 520 | 431 | 431 | 431 |
| Sales Benchmark Index, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/23/2019 | 07/07/2026 | Professional Services |  |  | 646 |  |  |
| Sath Industries, LLC | 12/17/2024 | 12/17/2029 | Event Services | 9.54% | 3M SOFR+ 550 | 11295 | 11198 | 11295 |
| Sath Industries, LLC - Unfunded Revolver <sup>(8)</sup> | 12/17/2024 | 12/17/2029 | Event Services |  |  | 2466 |  |  |
| Schlesinger Global, Inc. | 10/24/2019 | 10/24/2025 | Professional Services | 12.76% | 3M SOFR+ 860 | 8169 | 8169 | 7761 |
|  |  |  |  | (PIK 5.85%) |  |  |  |  |
| Schlesinger Global, Inc. - Funded Revolver | 10/24/2019 | 10/24/2025 | Professional Services | 12.76% | 3M SOFR+ 860 | 1674 | 1674 | 1591 |
|  |  |  |  | (PIK 5.85%) |  |  |  |  |
| Schlesinger Global, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/24/2019 | 10/24/2025 | Professional Services |  |  | 401 |  | (20) |
| Seacoast Service Partners NA, LLC | 12/20/2024 | 12/20/2029 | Diversified Consumer Services | 9.01% | 3M SOFR+ 500 | 10596 | 10515 | 10162 |
| Seacoast Service Partners NA, LLC - Unfunded Term Loan <sup>(8)</sup> | 12/20/2024 | 12/21/2026 | Diversified Consumer Services |  |  | 5653 |  | (182) |
| Seacoast Service Partners NA, LLC - Funded Revolver | 12/20/2024 | 12/20/2029 | Diversified Consumer Services | 9.00% | 3M SOFR+ 500 | 892 | 892 | 855 |
| Seacoast Service Partners NA, LLC - Unfunded Revolver <sup>(8)</sup> | 12/20/2024 | 12/20/2029 | Diversified Consumer Services |  |  | 1231 |  | (50) |
| Seaway Buyer, LLC | 7/25/2024 | 06/13/2029 | Chemicals, Plastics and Rubber | 10.17% | 3M SOFR+ 615 | 1882 | 1864 | 1755 |
| Sigma Defense Systems, LLC | 11/30/2021 | 12/20/2027 | IT Services | 10.15% | 3M SOFR+ 615 | 26344 | 26096 | 26344 |
| Sigma Defense Systems, LLC - Funded Revolver | 11/30/2021 | 12/20/2027 | IT Services | 10.90% | 3M SOFR+ 690 | 764 | 764 | 764 |
| Sigma Defense Systems, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 11/30/2021 | 12/20/2027 | IT Services |  |  | 2548 |  |  |
| Smartronix, LLC | 2/6/2025 | 02/06/2032 | Aerospace and Defense | 8.66% | 1M SOFR+ 450 | 5970 | 5914 | 5992 |
| Smile Brands, Inc. | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals | 10.43% | 1M SOFR+ 610 | 4609 | 4323 | 3978 |
|  |  |  |  | (PIK 1.50%) |  |  |  |  |
| Smile Brands, Inc. - Funded Revolver | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals | 10.43% | 1M SOFR+ 610 | 1047 | 1047 | 903 |
| Smile Brands, Inc. - Unfunded Revolver <sup>(6), (8)</sup> | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals |  |  | 531 |  | (73) |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Smile Brands, Inc. - Unfunded Revolver - LC <sup>(6) (8)</sup> | 10/4/2018 | 10/12/2027 | Healthcare and Pharmaceuticals |  |  | 100 |  | (14) |
| Spendmend Holdings, LLC | 3/1/2022 | 03/01/2028 | Healthcare Technology | 9.15% | 3M SOFR+ 515 | 2949 | 2929 | 2949 |
| Spendmend Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/1/2022 | 11/25/2026 | Healthcare Technology |  |  | 2922 |  | 15 |
| Spendmend Holdings, LLC - Funded Revolver | 3/1/2022 | 03/01/2028 | Healthcare Technology | 9.15% | 3M SOFR+ 515 | 149 | 149 | 149 |
| Spendmend Holdings, LLC - Unfunded Revolver <sup>(8)</sup> | 3/1/2022 | 03/01/2028 | Healthcare Technology |  |  | 743 |  |  |
| STG Distribution, LLC - First Out New Money Term Loans | 8/27/2025 | 10/03/2029 | Air Freight and Logistics | 12.57% | 1M SOFR+ 835 | 784 | 700 | 698 |
| STG Distribution, LLC - Second Out Term Loans <sup>(12)</sup> | 8/27/2025 | 10/03/2029 | Air Freight and Logistics | 5.32% |  | 1814 | 541 | 145 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/01/2030 | Aerospace and Defense | 9.00% | 3M SOFR+ 500 | 15275 | 15211 | 15275 |
| SV-Aero Holdings, LLC - Unfunded Term Loan <sup>(8)</sup> | 10/31/2024 | 11/02/2026 | Aerospace and Defense |  |  | 7259 |  | 36 |
| Symplr Software, Inc. | 8/27/2025 | 12/20/2027 | Software | 8.91% | 3M SOFR+ 460 | 680 | 622 | 610 |
| Systems Planning And Analysis, Inc. | 10/12/2021 | 08/16/2027 | Aerospace and Defense | 8.75% | 3M SOFR+ 475 | 46315 | 46011 | 45944 |
| Systems Planning And Analysis, Inc. - Funded Revolver | 10/12/2021 | 08/16/2027 | Aerospace and Defense | 8.90% | 3M SOFR+ 475 | 774 | 774 | 768 |
| Systems Planning And Analysis, Inc. - Unfunded Term Loan <sup>(8)</sup> | 10/12/2021 | 06/12/2027 | Aerospace and Defense |  |  | 2131 |  | (6) |
| Systems Planning And Analysis, Inc. - Unfunded Revolver <sup>(8)</sup> | 10/12/2021 | 08/16/2027 | Aerospace and Defense |  |  | 7590 |  | (61) |
| TCG 3.0 Jogger Acquisitionco, Inc. | 1/23/2024 | 01/23/2029 | Media | 10.52% | 3M SOFR+ 650 | 9345 | 9259 | 9298 |
| TCG 3.0 Jogger Acquisitionco, Inc. - Funded Revolver | 1/23/2024 | 01/23/2029 | Media | 12.75% | 3M SOFR+ 550 | 437 | 437 | 435 |
| TCG 3.0 Jogger Acquisitionco, Inc. - Unfunded Revolver <sup>(8)</sup> | 1/23/2024 | 01/23/2029 | Media |  |  | 1990 |  | (10) |
| Team Services Group, LLC | 2/23/2024 | 12/20/2027 | Healthcare Providers and Services | 9.56% | 3M SOFR+ 525 | 15753 | 15590 | 15687 |
| The Bluebird Group, LLC | 7/22/2021 | 07/28/2026 | Professional Services | 9.90% | 3M SOFR+ 590 | 13608 | 13569 | 13608 |
| The Bluebird Group, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 7/22/2021 | 07/28/2026 | Professional Services |  |  | 862 |  |  |
| The Vertex Companies, LLC <sup>(6)</sup> | 8/25/2021 | 08/31/2028 | Construction & Engineering | 9.01% | 1M SOFR+ 495 | 22561 | 22428 | 22448 |
| The Vertex Companies, LLC - Funded Revolver | 8/25/2021 | 08/31/2028 | Construction & Engineering | 8.99% | 1M SOFR+ 495 | 2007 | 2007 | 1996 |
| The Vertex Companies, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 8/25/2021 | 08/31/2028 | Construction & Engineering | **—** |  | 3466 |  | (17) |
| TMII Enterprises, LLC | 12/19/2022 | 12/22/2028 | Commercial Services & Supplies | 8.66% | 3M SOFR+ 450 | 3543 | 3527 | 3543 |
| TMII Enterprises, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/19/2022 | 12/22/2028 | Commercial Services & Supplies |  |  | 748 |  |  |
| TPC US Parent, LLC | 11/15/2019 | 11/24/2025 | Food Products | 10.19% | 3M SOFR+ 590 | 12259 | 12251 | 12161 |
| TransGo, LLC | 12/29/2023 | 12/29/2028 | Auto Components | 9.91% | 3M SOFR+ 575 | 10904 | 10785 | 10985 |
| TransGo, LLC - Unfunded Revolver <sup>(6), (8)</sup> | 12/29/2023 | 12/29/2028 | Auto Components |  |  | 4440 |  | 33 |
| Tyto Athene, LLC | 3/26/2021 | 04/03/2028 | IT Services | 9.19% | 3M SOFR+ 490 | 16500 | 16304 | 16088 |
| US Fertility Enterprises, LLC | 10/7/2024 | 10/11/2031 | Healthcare Providers and Services | 8.80% | 1M SOFR+ 450 | 2039 | 2040 | 2039 |
| Urology Management Holdings, Inc. | 9/3/2024 | 06/15/2027 | Healthcare Providers and Services | 9.66% | 1M SOFR+ 550 | 5550 | 5530 | 5550 |
| Urology Management Holdings, Inc. - Unfunded Term Loan <sup>(8)</sup> | 9/3/2024 | 09/03/2026 | Healthcare Providers and Services |  |  | 2400 |  | 12 |
| Walker Edison Furniture Company, LLC - New Money DIP | 3/1/2023 | 03/01/2029 | Wholesale | 10.00% |  | 223 | 223 | 228 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(8)</sup> | 3/1/2023 | 03/01/2029 | Wholesale |  |  | 590 |  | 21 |
| Watchtower Buyer, LLC | 11/29/2023 | 12/03/2029 | Electronic Equipment, Instruments, and Components | 10.00% | 3M SOFR+ 600 | 12772 | 12643 | 12644 |
| Watchtower Buyer, LLC - Unfunded Revolver <sup>(8)</sup> | 11/29/2023 | 12/03/2029 | Electronic Equipment, Instruments, and Components |  |  | 6300 |  | (63) |
| Wash & Wax Systems, LLC | 4/30/2025 | 04/30/2028 | Consumer Services | 9.81% | 3M SOFR+ 550 | 6446 | 6559 | 6568 |
| Wash & Wax Systems, LLC - Funded Revolver | 4/30/2025 | 04/30/2028 | Consumer Services | 9.81% | 3M SOFR+ 550 | 17 | 17 | 17 |
| Wash & Wax Systems, LLC - Unfunded Revolver <sup>(6) (8)</sup> | 4/30/2025 | 04/30/2028 | Consumer Services |  |  | 830 |  |  |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $2289071 | $2275982 |
| **Second Lien Secured Debt - 0.1% of Net Assets** |  |  |  |  |  |  |  |  |
| Team Services Group, LLC - 2nd Lien | 2/23/2024 | 12/18/2028 | Healthcare Providers and Services | 13.57% | 3M SOFR+ 926 | 1000 | $995 | $995 |
| **Total Second Lien Secured Debt** |  |  |  |  |  |  | $995 | $995 |
| Subordinate Debt - 1.7% of Net Assets |  |  |  |  |  |  |  |  |
| Beacon Behavioral Holdings, LLC | 6/21/2024 | 06/21/2030 | Healthcare Providers and Services | 15.00% |  | 5229 | 5176 | 5229 |
| Integrative Nutrition, LLC - Promissory Note #1 | 4/17/2025 | 04/15/2030 | Consumer Services |  |  | 2623 | 2276 | 2243 |
| Integrative Nutrition, LLC - Promissory Note #2 | 4/17/2025 | 04/15/2033 | Consumer Services |  |  | 5975 | 2763 | 2763 |
| ORL Holdco, Inc. - Convertible Notes | 8/2/2024 | 03/08/2028 | Consumer Finance | 18.00% |  | 13 | 13 |  |
| ORL Holdco, Inc. - Unfunded Convertible Notes <sup>(8)</sup> | 8/2/2024 | 03/08/2028 | Consumer Finance |  |  | 13 |  | (13) |
| OSP Embedded Purchaser, LP - Convertible Note | 11/6/2024 | 05/08/2030 | Aerospace and Defense | 12.00% |  | 47 | 471 | 547 |
| Schlesinger Global, LLC - Promissory Note | 2/21/2024 | 01/08/2026 | Professional Services | 12.76% | 3M SOFR+ 860 | 66 | 66 | 136 |
| StoicLane, Inc. - Convertible Notes | 8/15/2024 | 08/16/2027 | Healthcare Technology | 12.00% |  | 2288 | 2288 | 2632 |
| StoicLane, Inc. - Unfunded Convertible Notes <sup>(8)</sup> | 8/15/2024 | 08/16/2027 | Healthcare Technology |  |  | 763 |  | 115 |
| Wash & Wax Systems, LLC - Subordinate Debt | 4/30/2025 | 07/30/2028 | Consumer Services | 12.00% |  | 4334 | 4334 | 4334 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $17387 | $17986 |
| Preferred Equity - 1.9% of Net Assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| Accounting Platform Holdings, Inc. - Preferred Equity - Series A | 8/9/2024 |  | Professional Services |  |  | 1075900 | 1076 | 1076 |
| Ad.Net Holdings, Inc. - Preferred Equity | 5/4/2021 |  | Media |  |  | 6720 | 672 | 602 |
| AFC Acquisitions, Inc. Preferred Equity - Series F-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 825 | 1262 | 1380 |
| AFC Acquisitions, Inc. Preferred Equity - Series G-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 18 | 31 | 33 |
| AFC Acquisitions, Inc. Preferred Equity - Series H-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 10 | 20 | 21 |
| AFC Acquisitions, Inc. Preferred Equity - Series I-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 9 | 19 | 19 |
| AFC Acquisitions, Inc. Preferred Equity - Series J-2 <sup>(7)</sup> | 12/7/2023 |  | Distributors |  |  | 17 | 34 | 33 |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Preferred Equity <sup>(6), (7)</sup> | 5/21/2019 |  | Media |  |  | 2018 | 2018 | 1990 |
| BioDerm Holdings, LP - Preferred Equity | 1/30/2023 |  | Healthcare Equipment and Supplies |  |  | 1313 | 1313 | 1308 |
| Cartessa Aesthetics, LLC - Preferred Equity <sup>(7)</sup> | 6/1/2022 |  | Distributors |  |  | 1437500 | 1438 | 3263 |
| Connatix Parent, LLC | 7/8/2021 |  | Media |  |  | 5311 | 5 | 5 |
| Consello Pacific Aggregator, LLC - Preferred Equity <sup>(7)</sup> | 10/2/2023 |  | Professional Services |  |  | 1025476 | 973 | 790 |
| C5MI Holdco, LLC - Preferred Equity <sup>(7)</sup> | 7/31/2024 |  | IT Services |  |  | 228900 | 223 | 238 |
| EvAL Home Health Solutions, LLC <sup>(7)</sup> | 5/10/2024 |  | Healthcare, Education and Childcare |  |  | 876386 | 1455 | 1315 |
| Five Star Parent Holdings, LLC - Preferred (Class P) | 2/21/2023 |  | Hotels, Restaurants and Leisure |  |  | 384 | 38 | 164 |
| Gauge Schlesinger Coinvest, LLC - Preferred Equity | 4/22/2020 |  | Professional Services |  |  | 64 | 64 |  |
| Hancock Claims Consultants Investors, LLC - Preferred Equity <sup>(7)</sup> | 12/23/2020 |  | Insurance |  |  | 116588 | 76 | 134 |
| HPA SPQ Aggregator, LP - Preferred Equity | 6/8/2023 |  | Professional Services |  |  | 52353 | 52 | 52 |
| Imagine Topco. LP - Preferred Equity | 11/4/2021 |  | Software | 8.00% |  | 1236027 | 1236 | 1689 |
| Magnolia Topco, LP - Preferred Equity - Class A <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 47 | 47 | 43 |
| Magnolia Topco, LP - Preferred Equity - Class A-1 <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 16 | 16 | 32 |
| Magnolia Topco, LP - Preferred Equity - Class B <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 31 | 20 |  |
| Megawatt Acquisition Partners, LLC - Preferred Equity - Class A | 6/28/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 9360 | 936 | 731 |
| NXOF Holdings, Inc. - Preferred Equity | 9/25/2018 |  | IT Services |  |  | 1935 | 1935 | 2021 |
| ORL Holdco, Inc. - Preferred Equity | 9/1/2021 |  | Consumer Finance |  |  | 1327 | 133 | 1 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Pink Lily Holdco, LLC - Preferred Equity - Class A-1 <sup>(7)</sup> | 11/5/2021 |  | Textiles, Apparel and Luxury Goods |  |  | 122 | 122 |  |
| RTIC Parent Holdings, LLC - Preferred Equity - Class A <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 9 | 9 |  |
| RTIC Parent Holdings, LLC - Preferred Equity - Class C <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 18450 | 1215 | 2246 |
| RTIC Parent Holdings, LLC - Preferred Equity - Class D <sup>(7)</sup> | 5/3/2024 |  | Leisure Products |  |  | 19584 | 196 | 264 |
| SP L2 Holdings, LLC - Preferred Equity | 11/4/2021 |  | Leisure Products |  |  | 135240 | 33 |  |
| SP L2 Holdings, LLC - Unfunded Preferred Equity <sup>(8)</sup> | 11/4/2021 |  | Leisure Products |  |  | 77280 |  | (19) |
| TPC Holding Company, LP - Preferred Equity | 12/4/2019 |  | Food Products |  |  | 409 | 409 | 441 |
| TWD Parent Holdings, LLC - Preferred Equity | 8/25/2021 |  | Construction & Engineering |  |  | 41 | 39 | 58 |
| UniTek Global Services, Inc. - Super Senior Preferred Equity | 1/13/2015 |  | Telecommunications | 20.00% |  | 320711 | 322 | 722 |
| UniTek Global Services, Inc. - Senior Preferred Equity | 1/13/2015 |  | Telecommunications | 19.00% |  | 448851 | 449 |  |
| UniTek Global Services, Inc. - Preferred Equity | 1/13/2015 |  | Telecommunications | 13.50% |  | 1047317 | 670 |  |
| **Total Preferred Equity** |  |  |  |  |  |  | $18556 | $20652 |
| Common Equity/Warrants - 16.4% of Net Assets<sup>(5)</sup> |  |  |  |  |  |  |  |  |
| A1 Garage Equity, LLC - Common Equity <sup>(7)</sup> | 12/19/2022 |  | Commercial Services & Supplies |  |  | 647943 | 648 | 1150 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 8/27/2025 |  | Business Services |  |  | 529 |  |  |
| ACP Big Top Holdings, LP - Common Equity | 2/29/2024 |  | Construction & Engineering |  |  | 3000500 | 2883 | 4398 |
| Ad.Net Holdings, Inc. - Common Equity | 5/4/2021 |  | Media |  |  | 7467 | 75 |  |
| Aechelon InvestCo, LP | 8/16/2024 |  | Aerospace and Defense |  |  | 29917 | 2992 | 11379 |
| Aechelon InvestCo, LP - Unfunded Common Equity <sup>(8)</sup> | 8/16/2024 |  | Aerospace and Defense |  |  | 33433 |  |  |
| Aftermarket Drivetrain Products Holdings, LLC - Common Equity | 12/29/2023 |  | Auto Components |  |  | 2632 | 2632 | 4899 |
| AG Investco - Common Equity <sup>(6), (7)</sup> | 11/5/2018 |  | Software |  |  | 8052 | 805 | 75 |
| AG Investco - Unfunded Common Equity <sup>(7), (8)</sup> | 11/5/2018 |  | Software |  |  | 1948 |  | (177) |
| Altamira Parent Holdings, LLC - Common Equity | 7/23/2019 |  | IT Services |  |  | 1437500 | 1438 | 1335 |
| Anteriad Holdings, LP (f/k/a MeritDirect Holdings, LP) - Common Equity <sup>(7)</sup> | 5/21/2019 |  | Media |  |  | 2018 |  |  |
| Athletico Holdings, LLC - Common Equity <sup>(7)</sup> | 2/4/2022 |  | Healthcare Providers and Services |  |  | 4678 | 5000 | 3449 |
| Aphix Topco, Inc. - Common Equity | 7/17/2025 |  | Business Services |  |  | 819190 | 819 | 868 |
| APT Holdings, LLC - Common Equity <sup>(7)</sup> | 9/29/2025 |  | Healthcare Providers and Services |  |  | 855110 | 1152 | 1152 |
| Azureon Holdings, LLC <sup>(7)</sup> | 6/26/2024 |  | Diversified Consumer Services |  |  | 1130707 | 1131 | 961 |
| BioDerm Holdings, LP - Common Equity | 1/30/2023 |  | Healthcare Equipment and Supplies |  |  | 1313 |  |  |
| Burgess Point Holdings, LP - Common Equity | 7/21/2022 |  | Auto Components |  |  | 112 | 114 | 121 |
| By Light Investco LP - Common Equity <sup>(7)</sup> | 5/15/2017 |  | High Tech Industries |  |  | 22789 |  | 15662 |
| Carisk Parent, LP - Common Equity | 11/27/2023 |  | Healthcare Technology |  |  | 239680 | 240 | 276 |
| Carnegie HoldCo, LLC <sup>(7)</sup> | 2/7/2024 |  | Professional Services |  |  | 2719600 | 2599 | 2040 |
| Connatix Parent, LLC - Common Equity | 7/8/2021 |  | Media |  |  | 182141 | 421 | 210 |
| Crane 1 Acquisition Parent Holdings, LP - Common Equity | 8/11/2021 |  | Commercial Services & Supplies |  |  | 130 | 120 | 254 |
| C5MI Holdco, LLC - Common Equity <sup>(7)</sup> | 7/31/2024 |  | IT Services |  |  | 1659050 | 1659 | 1526 |
| Delta InvestCo, LP - Common Equity <sup>(7)</sup> | 12/16/2020 |  | IT Services |  |  | 804615 | 763 | 1557 |
| Delta InvestCo, LP - Unfunded Common Equity <sup>(7), (8)</sup> | 12/16/2020 |  | IT Services |  |  | 200255 |  |  |
| Duggal Equity, LP - Common Equity | 9/30/2024 |  | Marketing Services |  |  | 686 | 686 | 629 |
| EDS Topco, LP - Common Equity | 12/19/2022 |  | Electronic Equipment, Instruments, and Components |  |  | 1125000 | 1125 | 2322 |
| Events TopCo, LP - Common Equity | 12/17/2024 |  | Event Services |  |  | 1016800 | 1017 | 1297 |
| Exigo, LLC - Common Equity | 3/10/2022 |  | Software |  |  | 541667 | 542 | 575 |
| FedHC InvestCo, LP - Common Equity <sup>(7)</sup> | 8/26/2021 |  | Aerospace and Defense |  |  | 22671 | 810 | 3006 |
| FedHC InvestCo, LP - Unfunded Common Equity <sup>(7), (8)</sup> | 8/26/2021 |  | Aerospace and Defense |  |  | 3721 |  |  |
| First Medical Holdings, LLC - Common Equity | 6/13/2025 |  | Healthcare Providers and Services |  |  | 75000 | 750 | 773 |
| Five Star Parent Holdings, LLC - Common Equity | 2/21/2023 |  | Hotels, Restaurants and Leisure |  |  | 655714 | 656 |  |
| Gauge ETE Blocker, LLC - Common Equity | 5/24/2023 |  | Diversified Consumer Services |  |  | 374444 | 374 | 288 |
| Gauge Lash Coinvest, LLC - Common Equity | 12/4/2019 |  | Personal Products |  |  | 2057387 | 1588 | 4059 |
| Gauge Loving Tan, LP - Common Equity | 5/25/2023 |  | Personal Products |  |  | 2914701 | 2915 | 3755 |
| Gauge Schlesinger Coinvest, LLC - Common Equity | 4/22/2020 |  | Professional Services |  |  | 465 | 476 | 3 |
| GCP Boss Holdco, LLC | 12/27/2024 |  | Independent Power and Renewable Electricity Producers |  |  | 2194800 | 2195 | 3182 |
| GCOM InvestCo, LP - Common Equity | 6/22/2021 |  | IT Services |  |  | 19184 | 3342 | 5115 |
| GGG Topco, LLC <sup>(7)</sup> | 9/27/2024 |  | Diversified Consumer Services |  |  | 2759800 | 2760 | 3586 |
| GMP Hills, LP - Common Equity | 11/2/2023 |  | Distributors |  |  | 4430843 | 4431 | 5494 |
| Hancock Claims Consultants Investors, LLC - Common Equity <sup>(7)</sup> | 12/23/2020 |  | Insurance |  |  | 450000 | 448 | 194 |
| HPA SPQ Aggregator, LP - Common Equity | 6/8/2023 |  | Professional Services |  |  | 750399 | 750 | 46 |
| HV Watterson Holdings, LLC - Common Equity | 6/13/2022 |  | Professional Services |  |  | 100000 | 100 |  |
| Icon Partners V C, LP - Common Equity | 12/20/2021 |  | Internet Software and Services |  |  | 2002138 | 2002 | 1973 |
| Icon Partners V C, LP - Unfunded Common Equity <sup>(8)</sup> | 12/20/2021 |  | Internet Software and Services |  |  | 497862 |  | (7) |
| Imagine Topco. LP - Common Equity | 11/4/2021 |  | Software |  |  | 1236027 |  | 114 |
| IHS Parent Holdings, LP - Common Equity | 12/21/2022 |  | Commercial Services & Supplies |  |  | 1218045 | 1218 | 1717 |
| Ironclad Holdco, LLC - Common Equity | 12/23/2020 |  | Commercial Services & Supplies |  |  | 6355 | 668 | 1450 |
| ITC Infusion Co-invest, LP - Common Equity <sup>(7)</sup> | 2/16/2022 |  | Healthcare Equipment and Supplies |  |  | 116032 | 1195 | 3156 |
| Kinetic Purchaser, LLC - Common Equity - Class A | 11/8/2021 |  | Personal Products |  |  | 1734775 | 1735 | 15 |
| Kinetic Purchaser, LLC - Common Equity - Class AA | 11/8/2021 |  | Personal Products |  |  | 153339 | 179 | 359 |
| KL Stockton Co-Invest, LP - Common Equity <sup>(7)</sup> | 7/16/2021 |  | Energy Equipment and Services |  |  | 382353 | 385 | 638 |
| Lightspeed Investment Holdco, LLC - Common Equity <sup>(6)</sup> | 1/21/2020 |  | Healthcare Technology |  |  | 585587 | 586 | 2129 |
| LJ Avalon, LP - Common Equity | 1/18/2023 |  | Construction & Engineering |  |  | 1638043 | 1638 | 2621 |
| Lucky Bucks Holdco, LLC - Common Equity | 10/2/2023 |  | Hotels, Restaurants and Leisure |  |  | 73870 | 2062 | 392 |
| Marketplace Events Acquisition, LLC - Common Equity | 12/19/2024 |  | Media: Diversified and Production |  |  | 40990 | 4099 | 4848 |
| Magnolia Topco, LP - Common Equity - Class A <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 46974 |  |  |
| Magnolia Topco, LP - Common Equity - Class B <sup>(7)</sup> | 7/25/2023 |  | Automobiles |  |  | 30926 |  |  |
| MDI Aggregator, LP - Common Equity | 7/19/2022 |  | Commodity Chemicals |  |  | 11078 | 1122 | 1054 |
| Meadowlark Title, LLC - Common Equity <sup>(7)</sup> | 12/9/2021 |  | Professional Services |  |  | 819231 | 806 | 385 |
| Megawatt Acquisition Partners, LLC - Common Equity - Class A | 6/28/2024 |  | Electronic Equipment, Instruments, and Components |  |  | 1040 | 104 |  |
| Municipal Emergency Services, Inc. - Common Equity | 9/28/2021 |  | Distributors |  |  | 1973370 | 2005 | 4105 |
| NEPRT Parent Holdings, LLC - Common Equity <sup>(7)</sup> | 1/27/2021 |  | Leisure Products |  |  | 1494 | 1438 | 236 |
| New Insight Holdings, Inc. <sup>(6)</sup> | 7/15/2024 |  | Business Services |  |  | 203819 | 3565 | 3055 |
| New Medina Health, LLC - Common Equity <sup>(7)</sup> | 10/16/2023 |  | Healthcare Providers and Services |  |  | 2672646 | 2673 | 4161 |
| NFS - CFP Holdings LLC - Common Equity | 9/13/2024 |  | Commercial Services & Supplies |  |  | 1337017 | 1337 | 1622 |
| NORA Parent Holdings, LLC - Common Equity <sup>(7)</sup> | 8/22/2023 |  | Healthcare Providers and Services |  |  | 2544 | 2525 | 1238 |

---

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current Coupon** | **Basis Point Spread Above Index** <sup>(1)</sup> | **Par / Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| North Haven Saints Equity Holdings, LP - Common Equity <sup>(7)</sup> | 2/25/2022 |  | Healthcare Technology |  |  | 223602 | 224 | 226 |
| NXOF Holdings, Inc. - Common Equity | 9/25/2018 |  | IT Services |  |  | 37561 | 496 |  |
| OceanSound Discovery Equity, LP - Common Equity <sup>(7)</sup> | 3/28/2024 |  | Aerospace and Defense |  |  | 211940 | 2119 | 2643 |
| OES Co-Invest, LP - Common Equity - Class A | 5/31/2024 |  | Diversified Consumer Services |  |  | 1560 | 1580 | 1326 |
| OHCP V BC COI, LP - Common Equity | 12/13/2021 |  | Distributors |  |  | 1166407 | 1166 | 642 |
| OHCP V BC COI, LP - Unfunded Common Equity <sup>(8)</sup> | 12/13/2021 |  | Distributors |  |  | 83593 |  | (38) |
| ORL Holdco, Inc. - Common Equity | 9/1/2021 |  | Consumer Finance |  |  | 1474 | 15 |  |
| OSP Embedded Aggregator, LP - Common Equity | 12/11/2023 |  | Aerospace and Defense |  |  | 1728 | 1728 | 2007 |
| Output Services Group, Inc. - Common Equity <sup>(6)</sup> | 11/30/2023 |  | Business Services |  |  | 127369 | 1155 | 1046 |
| OSP PAR Aggregator, LP - Common Equity | 9/3/2024 |  | Healthcare Technology |  |  | 3160 | 3171 | 3037 |
| Paving Parent, LLC - Common Equity | 7/1/2025 |  | Business Services |  |  | 3057 | 3057 | 2863 |
| Penta Group Holdings, Inc. - Common Equity | 7/31/2025 |  | Professional Services |  |  | 1901412 | 1901 | 1901 |
| PCS Parent, LP | 3/1/2024 |  | Professional Services |  |  | 423247 | 423 | 423 |
| Pink Lily Holdco, LLC - Common Equity <sup>(7)</sup> | 11/5/2021 |  | Textiles, Apparel and Luxury Goods |  |  | 1735 | 1735 |  |
| Podean Intermediate II, LLC - Common Equity | 8/4/2025 |  | Marketing Services |  |  | 570 | 570 | 570 |
| Pragmatic Holdco, Inc. - Common Equity | 3/28/2025 |  | Professional Services |  |  | 18 |  |  |
| Project Granite Holdings, LLC | 12/31/2024 |  | Professional Services |  |  | 1139 | 1139 | 1191 |
| Quad (U.S.) Co-Invest, LP - Common Equity | 10/3/2022 |  | Professional Services |  |  | 235194 | 235 | 364 |
| QuantiTech InvestCo, LP - Common Equity <sup>(7)</sup> | 5/1/2020 |  | Aerospace and Defense |  |  | 700 |  | 96 |
| QuantiTech InvestCo, LP - Unfunded Common Equity <sup>(7) (8)</sup> | 5/1/2020 |  | Aerospace and Defense |  |  | 955 |  |  |
| QuantiTech InvestCo II, LP - Common Equity <sup>(7)</sup> | 5/1/2020 |  | Aerospace and Defense |  |  | 40 | 12 | 7 |
| RFMG Parent, LP - Common Equity | 12/16/2020 |  | Healthcare Equipment and Supplies |  |  | 1050000 | 1050 | 1292 |
| Ro Health Holdings, Inc. - Common Equity | 1/16/2025 |  | Healthcare Providers and Services |  |  | 536400 | 536 | 807 |
| Rosco Topco, LLC - Common Equity | 9/9/2025 |  | Business Services |  |  | 1517241 | 1517 | 1517 |
| Safe Haven Defense Holdco, LLC - Common Equity <sup>(7)</sup> | 5/23/2024 |  | Building Products |  |  | 641 | 641 | 233 |
| SBI Holdings Investments, LLC - Common Equity | 12/23/2019 |  | Professional Services |  |  | 64634 | 646 | 724 |
| Sabel InvestCo, LP. - Common Equity <sup>(7)</sup> | 10/31/2024 |  | Government Services |  |  | 89712 | 2271 | 3007 |
| Sabel InvestCo, LP. - Unfunded Common Equity <sup>(7)</sup>, <sup>(8)</sup> | 10/31/2024 |  | Government Services |  |  | 131286 |  |  |
| Seaway Topco, LP - Common Equity | 6/8/2022 |  | Chemicals, Plastics and Rubber |  |  | 296 | 296 | 66 |
| Seacoast Service Partners, LLC - Common Equity | 12/20/2024 |  | Diversified Consumer Services |  |  | 429 | 549 | 413 |
| SP L2 Holdings, LLC - Common Equity | 11/4/2021 |  | Leisure Products |  |  | 360103 | 360 |  |
| SSC Dominion Holdings, LLC - Common Equity - Class B (US Dominion, Inc.) <sup>(6)</sup> | 7/11/2018 |  | Capital Equipment |  |  | 12 | 12 | 1159 |
| StellPen Holdings, LLC (CF512, Inc.) - Common Equity | 8/17/2021 |  | Media |  |  | 161538 | 162 | 120 |
| SV-Aero Holdings, LLC - Common Equity <sup>(7)</sup> | 12/6/2023 |  | Aerospace and Defense |  |  | 61 | 513 | 1504 |
| TAC Lifeport Holdings, LLC - Common Equity <sup>(7)</sup> | 2/24/2021 |  | Aerospace and Defense |  |  | 533833 | 502 | 1260 |
| TCG 3.0 Jogger Co-Invest, LP - Common Equity | 1/22/2024 |  | Media |  |  | 9108 | 1760 | 1182 |
| Tower Arch Infolinks Media, LP - Common Equity <sup>(7)</sup> | 10/27/2021 |  | Media |  |  | 223849 | 103 | 263 |
| Tower Arch Infolinks Media, LP - Unfunded Common Equity <sup>(7) (8)</sup> | 10/27/2021 |  | Media |  |  | 141758 |  |  |
| TPC Holding Company, LP - Common Equity | 12/4/2019 |  | Food Products |  |  | 21527 | 22 |  |
| TWD Parent Holdings, LLC - Common Equity | 8/25/2021 |  | Construction & Engineering |  |  | 824 | 4 | 21 |
| Tinicum Space Coast Co-Invest, LLC <sup>(7)</sup> | 10/29/2024 |  | Aerospace and Defense |  |  | 466 | 4702 | 5196 |
| UniTek Global Services, Inc. - Common Equity | 1/13/2015 |  | Telecommunications |  |  | 213739 |  |  |
| UniVista Insurance - Common Equity <sup>(7)</sup> | 6/14/2021 |  | Insurance |  |  | 400 |  | 113 |
| Urology Partners Co., LP - Common Equity | 1/20/2023 |  | Healthcare Providers and Services |  |  | 694444 | 694 | 2910 |
| Wash & Wax Group, LP - Common Equity <sup>(7)</sup> | 4/30/2025 |  | Consumer Services |  |  | 2747 | 4941 | 5062 |
| Watchtower Holdings, LLC - Common Equity <sup>(7)</sup> | 11/29/2023 |  | Electronic Equipment, Instruments, and Components |  |  | 12419 | 1242 | 1107 |
| WCP Ivyrehab Coinvestment, LP - Common Equity - Incremental <sup>(7)</sup> | 6/27/2022 |  | Healthcare Providers and Services |  |  | 208 | 208 | 268 |
| WCP Ivyrehab Coinvestment, LP - Common Equity <sup>(7)</sup> | 6/27/2022 |  | Healthcare Providers and Services |  |  | 3754 | 3853 | 4841 |
| WCP Ivyrehab Coinvestment, LP - Unfunded Common Equity <sup>(7)</sup> <sup>(8)</sup> | 6/27/2022 |  | Healthcare Providers and Services |  |  | 246 |  |  |
| White Tiger Newco, LLC - Common Equity <sup>(6)</sup> | 7/31/2025 |  | Capital Equipment |  |  | 38019 | 2901 | 2663 |
| Unitek Global Services, Inc. - Warrants | 1/13/2015 |  | Telecommunications |  |  | 23889 |  |  |
| Kentucky Racing Holdco, LLC - Warrants <sup>(7)</sup> | 4/16/2019 |  | Hotels, Restaurants and Leisure |  |  | 87345 |  | 993 |
| **Total Common Equity/Warrants** |  |  |  |  |  |  | $132009 | $175745 |
| **Total Investments in Non-Controlled, Non-Affiliated Portfolio Companies** |  |  |  |  |  |  | $2458018 | $2491360 |
| Investments in Controlled, Affiliated Portfolio Companies - 26.2% of Net Assets <sup>(3), (4)</sup> |  |  |  |  |  |  |  |  |
| **First Lien Secured Debt - 22.1% of Net Assets** |  |  |  |  |  |  |  |  |
| PennantPark Senior Secured Loan Fund I, LLC <sup>(6), (9)</sup> | 8/10/2020 | 05/07/2029 | Financial Services | 12.29% | 3M SOFR+ 800 | 237650 | 237650 | 237650 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $237650 | $237650 |
| **Equity Interests - 4.1% of Net Assets** |  |  |  |  |  |  |  |  |
| PennantPark Senior Secured Loan Fund I LLC - Common Equity <sup>(6), (9)</sup> | 6/16/2017 |  | Financial Services |  |  | 123725 | 123725 | 44318 |
| **Total Equity Interests** |  |  |  |  |  |  | $123725 | $44318 |
| **Total Investments in Controlled, Affiliated Portfolio Companies** |  |  |  |  |  |  | 361375 | 281968 |
| Total Investments - 258.1% of Net Assets <sup>(11), (13)</sup> |  |  |  |  |  |  | $2819393 | $2773328 |
| **Cash Equivalents - 3.8% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.11% |  |  | 13478 | 13478 |
| Blackrock Liq Fedfund Gov CL Inst (Money Market Fund) |  |  |  | 4.02% |  |  | 4907 | 4907 |
| JPMorgan US Dollar Liquidity Inst (Money Market Fund) |  |  |  | 4.10% |  |  | 5651 | 5651 |
| JPMorgan U.S. Government (Money Market Fund) |  |  |  | 4.02% |  |  | 6132 | 6132 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 4.18% |  |  | 10561 | 10561 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $40729 | $40729 |
| **Cash - 7.6% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | 81955 | 81959 |
| **Total Cash** |  |  |  |  |  |  | $81955 | $81959 |
| **Total Investments, Cash Equivalents and Cash - 269.5% of Net Assets** |  |  |  |  |  |  | $2942077 | $2896016 |
| **Liabilities in Excess of Other Assets - (169.5)% of Net Assets** |  |  |  |  |  |  |  | (1821500) |
| **Net Assets - 100%** |  |  |  |  |  |  |  | $1074516 |

---

______________

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**CONSOLIDATED SCHEDULE OF INVESTMENTS-(Continued)**

**SEPTEMBER 30, 2025**

**(in thousands, except per share data)**

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "SOFR", or Prime rate, or"P", or Sterling Overnight Index Average, or "SONIA." The spread may change based on the type of rate used. The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. SOFR loans are typically indexed to a 30-day, 90-day or 180-day SOFR rates (1M S, 3M S, or 6M S, respectively) at the borrower's option. SONIA loans are typically indexed daily for GBP loans with a quarterly frequency payment. All securities are subject to a SOFR or Prime rate floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on our accounting policy (See Note 2). The value of all securities was determined using significant unobservable inputs (See Note 5).

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Non-income producing securities.

<sup>(6)</sup> The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2036-R Asset-Backed Debt and are not held through PennantPark CLO I, Ltd.; 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO VIII, Ltd. and 4) do not secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 11, LLC.

<sup>(7)</sup> Investment is held through our Taxable Subsidiary.

<sup>(8)</sup> 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.

<sup>(9)</sup> The investment is treated as a non-qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets. As of September 30, 2025, qualifying assets represent 90% of our total assets and non-qualifying assets represent 10% of our total assets.

<sup>(10)</sup> Non-accrual security

<sup>(11)</sup> As of September 30, 2025, all investments were in U.S companies and total cost, fair value, and percentage of Net Assets for the U.S. companies were $2,819.4 million, $2,773.3 million, and 258.1%

<sup>(12)</sup> Partial PIK non-accrual security

<sup>(13)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**MARCH 31, 2026**

**(Unaudited)**

**1. ORGANIZATION**

PennantPark Floating Rate Capital Ltd. (the "Company", "we," "our" or "us") was organized as a Maryland corporation in October 2010. We are a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. On April 14, 2022, trading of the Company's common stock commenced on the New York Stock Exchange after the Company voluntarily withdrew the principal listing of its common stock from the Nasdaq Stock Market LLC.

Our principal investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. We seek to achieve our principal investment objective by investing primarily in floating rate loans, and other investments made to U.S. middle-market private companies whose debt is rated below investment grade. Floating rate loans pay interest at variable rates, which are determined periodically, on the basis of a floating base lending rate such as SOFR, with or without a floor, plus a fixed spread. Under normal market conditions, we generally expect that at least 80% of the value of our managed assets will be invested in floating rate loans and other investments bearing a variable rate of interest, which may include, from time to time, variable rate derivative instruments. We generally expect that first lien secured debt will represent at least 65% of our overall portfolio. We generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second lien secured debt, subordinated debt, and, to a lesser extent, equity investments.

We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term "subsidiary" means entities that primarily engage in investment activities in securities or other assets and are wholly owned by us. The Company does not intend to create or acquire primary control of any entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

We have entered into an investment management agreement, (the "Investment Management Agreement"), with PennantPark Investment Advisers LLC (the "Investment Adviser"), an external adviser that manages our day-to-day operations. We have also entered into an administration agreement, (the "Administration Agreement"), with PennantPark Investment Administration LLC (the "Administrator"), which provides the administrative services necessary for us to operate.

Funding I, our wholly owned subsidiary and a special purpose entity, was organized in Delaware as a limited liability company in May 2011. We formed Funding I in order to establish a credit facility. The Investment Adviser serves as the collateral manager to Funding I and has irrevocably directed that any management fee owed with respect to such services is to be paid to us so long as the Investment Adviser remains the collateral manager. This arrangement does not increase our consolidated management fee.

We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are subject to tax as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

In May 2017, we and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, ("Kemper"), formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL is a Delaware limited liability company. See Note 4.

In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II is a Delaware limited liability company. See Note 4.

In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt was secured by a carefully constructed portfolio of the Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2031 Asset-Backed Debt was to mature on October 15, 2031. On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. See Note 10.

In July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company initially retained $85.0 million of the debt securitization. In October 2025, the Company sold $21.0 million of the previously retained debt securitization. The 2036-R Asset-Backed Debt is secured by a carefully constructed portfolio of primarily middle market loans and participation interest in middle market loans. The 2036-R Asset-Backed Debt matures in July 2036.

On February 22, 2024, the 2036 Securitization Issuer completed the 2036 Debt Securitization. The 2036 Asset-Backed Debt is secured by a carefully constructed portfolio of the 2036-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2036 Asset-Backed Debt matures in April 2036. On the closing date of the 2036 Debt Securitization, in consideration of our transfer to the 2036 Securitization Issuer of the initial closing date loan portfolio it included loans distributed to us by certain wholly owned subsidiaries. See Note 10.

In February 2026, the 2036 Asset-Backed Debt was refinanced through a $356.5 million debt securitization in the form of a collateralized loan obligation, or the "2038-R Asset-Backed Debt". The Company retained $69.5 million of the debt securitization. The replacement debt matures in April 2038. The replacement debt was 100% funded at closing. The 2038-R Asset-Backed Debt is secured by a carefully constructed portfolio of the 2038-R Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. See Note 10.

In February 2025, the 2037 Securitization Issuer completed a $474.6 million term debt securitization (the "2037 Debt Securitization"). The Company initially retained $85.1 million of subordinated notes and $28.5 million of BBB-(sf) Class D Notes of the debt securitization issued by the 2037 Securitization Issuer. In November 2025, the Company sold $28.5 million of the previously retained Class D Notes. The 2037 Asset-Backed Debt is secured by a carefully constructed portfolio of the 2037-Securitization Issuer consisting primarily of middle market loans and participation interests in middle market loans. The 2037 Asset-Backed Debt matures on April 20, 2037. See Note 10.

In March 2021 and October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

price per note of 99.4% and 101.5% respectively. Interest on the 2026 Notes is paid semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system. The 2026 Notes were repaid in full on April 1, 2026.

In March 2026, we issued $200.0 million in aggregate principal amount of our 2029 Notes at a public offering price per note of 99.3%. Interest on the 2029 Notes is paid semiannually on March 4 and September 4 of each year, at a rate of 6.75% per year, commencing September 4, 2026. The effective interest rate is 7.00%. The 2029 Notes mature on March 4, 2029 and may be redeemed in whole or in part at our option subject to make whole premium if redeemed more than three months prior to maturity. The 2029 Notes, are our general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness. The 2029 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2029 Notes on any securities exchange or automated dealer quotation system.

In April 2021, we formed PennantPark-TSO Senior Loan Fund LP ("PTSF"), an unconsolidated limited partnership, organized as a Delaware limited liability partnership. We sold $81.4 million in investments to a wholly owned subsidiary of PTSF in exchange for cash in the amount of $69.5 million and an $11.9 million equity interest in PTSF representing 23.08% of the total outstanding Class A Units of PTSF. We recognized $0.4 million of realized gain upon the formation of PTSF.

In August 2025, in connection with the winding down of PTSF, an unconsolidated limited partnership, the Company acquired a portfolio of approximately $250 million of assets, including from TSO Puma SPV, LLC, an affiliate of Towerbrook Capital Partners. This portfolio includes assets with which the Company's Investment Adviser is familiar. The average spread and credit statistics are generally in-line with PFLT's existing portfolio. The Company acquired these assets at their most recent fair market value as of the date of the transaction. As of August 27, 2025, PFLT was the only remaining partner in PTSF, and as a result the entity became a wholly owned consolidated subsidiary as of that date.

On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company ("Holdings II"), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ("Holdings") to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings' investments.

In July 2024, the Company established a $500.0 million at-the-market offering program (the "2024 ATM Program") and terminated the existing $250.0 million at-the-market offering program (the "2022 ATM Program" and, together "with the 2024 ATM Program, the "ATM Programs").

During the three and six months ended March 31, 2026, we did not issue any shares of our common stock under the ATM Programs. During the three and six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock under the ATM Programs, respectively, at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 million of net proceeds after commissions to Sales Agents (as defined below) and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and six months ended March 31, 2026, we did not incur any legal and other offering costs associated with establishing the ATM Programs. During the three and six months ended March 31, 2025, we incurred $0.2 million and $0.2 million of legal and other offering costs associated with establishing the ATM Programs. As of March 31, 2026 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.

The Investment Adviser has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act"). The Investment Adviser intends to continue to affirm the exclusion on an annual basis and therefore, does not expect to be subject to registration or regulation as a commodity pool operator under the Commodity Exchange Act.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The preparation of our consolidated financial statements, in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Changes in the economic and regulatory environment, financial markets, the creditworthiness of our portfolio companies, and any other parameters used in determining these estimates and assumptions could cause actual results to differ from these estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to the Financial Accounting Standards Board's ("FASB's"), Accounting Standards Codification, as amended ("ASC"), serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated financial statements are issued.

Our consolidated financial statements are prepared in accordance with GAAP, consistent with ASC Topic 946, Financial Services – Investment Companies, and pursuant to the requirements for reporting on Form 10-K/Q and Articles 6, 10 and 12 of Regulation S-X, as appropriate. In accordance with Article 6-09 of Regulation S-X, we have provided a consolidated statement of changes in net assets in lieu of a Consolidated Statement of Changes in Stockholders' Equity.

Our significant accounting policies consistently applied are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;***(a) Investment Valuations***

We expect that there may not be readily available market values for many of the investments, which are or will be in our portfolio. We value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings

and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material. See Note 5.

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Preliminary valuation conclusions are then documented and discussed with the management of the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The audit committee of our board of directors reviews the valuations of our Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

Our board of directors may use market quotations to assess the value of our investments for which market quotations are readily available. We obtain such market values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

&nbsp;&nbsp;&nbsp;&nbsp;***(b) Security Transactions, Revenue Recognition, and Realized/Unrealized Gains or Losses***

Security transactions are recorded on a trade-date basis. We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments, and the Credit Facility during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount ("OID"), market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties earned on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or if there is reasonable doubt that principal or interest will be collected. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of March 31, 2026, we had three portfolio companies on non-accrual status, representing 0.8% and 0.5% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2025, we had three portfolio companies on non-accrual status, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;***(c) Income Taxes***

We have complied with the requirements of Subchapter M of the Code and have qualified to be treated as a RIC for federal income tax purposes. In this regard, we account for income taxes using the asset and liability method prescribed by ASC Topic 740, Income Taxes ("ASC 740"). Under this method, income taxes are provided for amounts currently payable and for amounts deferred as tax assets and liabilities based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. Based upon our qualification and election to be treated as a RIC for U.S. federal income tax purposes, we typically do not incur material U.S. federal income taxes. However, we may choose to retain a portion of our calendar year income, which may result in the imposition of a federal excise tax, or we may incur taxes through our taxable subsidiaries, including the Taxable Subsidiary.

For the three and six months ended March 31, 2026, we recorded a provision for taxes on net investment income of less than $0.1 million and $0.3 million, respectively, pertaining to federal excise tax. For the three and six months ended March 31, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million, respectively, pertaining to federal excise tax.

We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the "more-likely-than-not" threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the periods presented herein. The Company's determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

not limited to, an ongoing analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company's major tax jurisdiction is federal.

For the three and six months ended March 31, 2026, the Company recorded a provision for taxes of $(0.3) million and $0.3 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2025, the Company recorded a provision for taxes of $0.5 million and $1.1 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of March 31, 2026, and September 30, 2025, $1.6 million and $1.9 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2026, the Company recorded a provision for taxes of zero, respectively, relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2025, the Company recorded a provision for taxes of less than $(0.1) million and $(0.1) million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2026 and 2025, the Taxable Subsidiary did not make any federal tax payments on realized gains on the sale of investments held by the Taxable Subsidiary.

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Statements of Assets and Liabilities to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

&nbsp;&nbsp;&nbsp;&nbsp;***(d) Distributions and Capital Transactions***

Distributions to holders of our common stock are recorded on the ex-dividend date. The amount to be paid, if any, as a distribution is determined by the board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, may be distributed at least annually. The tax attributes for distributions will generally include ordinary income and capital gains but may also include certain tax-qualified dividends and/or a return of capital.

Capital transactions through offerings of our common stock are recorded when issued and offering costs are charged as a reduction of capital upon issuance of our common stock.

On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the 2024 ATM Program. The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and six months ended March 31, 2026, we did not issue any shares of our common stock under the ATM Programs. During the three and six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock under the ATM Programs, respectively, at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 million of net proceeds after commissions to Sales Agents (as defined below) and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and six months ended March 31, 2026, we did not incur any legal and other offering costs associated with establishing the ATM Programs. During the three and six months ended March 31, 2025, we incurred $0.2 million and $0.2 million of legal and other offering costs associated with establishing the ATM Programs. As of March 31, 2026 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.

&nbsp;&nbsp;&nbsp;&nbsp;***(e) Foreign Currency Translation***

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair value of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities.

&nbsp;&nbsp;&nbsp;&nbsp;***(f) Consolidation***

As permitted under Regulation S-X and as explained by ASC paragraph 946-810-45-3, we will generally not consolidate our investment in a company other than an investment company wholly owned subsidiary or a controlled operating company whose business consists of providing services to us. Accordingly, we have consolidated the results of our taxable subsidiaries, including the Taxable Subsidiary, Funding I, 2036 Securitization Issuers, the 2036-R Securitization Issuers, 2037 Securitization Issuer, the

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

2038-R Securitization Issuers and PTSF and PTSF's GP (effective, August 27, 2025; see Note 1) in our Consolidated Financial Statements. We do not consolidate our non-controlling interest in PSSL or PSSL II. See further description of our investment in PSSL and PSSLII in Note 4.

&nbsp;&nbsp;&nbsp;&nbsp;***(g) Asset Transfers and Servicing***

Asset transfers that do not meet requirements for sale accounting treatment are reflected in the Consolidated Statements of Assets and Liabilities and the Consolidated Schedules of Investments as investments. The creditors of Funding I have received a security interest in all of its assets and such assets are not intended to be available to our creditors or any of our affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;***(h) Segment Reporting***

In accordance with ASC Topic 280 - Segment Reporting, the Company has determined that it has a single reporting segment and operating unit structure. As a result, the Company's segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets. See Note 12 for additional information on the Company's segment accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;***(i) Recent Accounting Pronouncements***

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (the "CODM") and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.

**3. AGREEMENTS AND RELATED PARTY TRANSACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;***(a) Investment Management Agreement***

The Investment Management Agreement was reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in May 2026. Under the Investment Management Agreement, the Investment Adviser, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to us. For providing these services, the Investment Adviser receives a fee from us consisting of two components - a base management fee and an incentive fee. The Investment Adviser serves as the collateral manager to Funding I and has irrevocably directed that any management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager. This arrangement does not increase our consolidated management fee.

***Base Management Fee***

The base management fee is calculated at an annual rate of 1.00% of our "average adjusted gross assets," which equals our gross assets (net of U.S. Treasury Bills, temporary draws under any credit facility, cash and cash equivalents, repurchase agreements or other balance sheet transactions undertaken at the end of a fiscal quarter for purposes of preserving investment flexibility for the next quarter and unfunded commitments, if any) and is payable quarterly in arrears. The base management fee is calculated based on the average adjusted gross assets at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. For example, if we sold shares on the 45th day of a quarter and did not use the proceeds from the sale to repay outstanding indebtedness, our gross assets for such quarter would give effect to the net proceeds of the issuance for only 45 days of the quarter during which the additional shares were outstanding. For the three and six months ended March 31, 2026, we recorded a base management fee of $6.4 million and $13.2 million, respectively, paid by us to the Investment Adviser. For the three and six months ended March 31, 2025, we recorded a base management fee of $5.6 million and $10.9 million, respectively, paid by us to the Investment Adviser.

***Incentive Fee***

The incentive fee has two parts, as follows:

One part is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance), such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus our operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement and any interest expense or amendment fees under any credit facility and distribution paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero-coupon securities), accrued income not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, computed net of all realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized). We pay the Investment Adviser an incentive fee with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar

quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 50% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.9167% in any calendar quarter (11.67% annualized) (we refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 2.9167%) as the "catch-up," which is meant to provide our Investment Adviser with 20% of our Pre-Incentive Fee Net Investment Income, as if a hurdle did not apply, if this net investment income exceeds 2.9167% in any calendar quarter), and (3) 20% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.9167% in any calendar quarter. These calculations are pro-rated

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

for any share issuances or repurchases during the relevant quarter, if applicable. For the three and six months ended March 31, 2026, we recorded $6.4 million and $13.1 million, respectively, related to incentive fees on net investment income, paid by us to the Investment Adviser. For the three and six months ended March 31, 2025, we recorded $6.3 million and $13.8 million, respectively, related to incentive fees on net investment income, paid by us to the Investment Adviser.

The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees. For the three and six months ended March 31, 2026 and 2025, the Company did not pay an incentive fee on capital gains.

Under GAAP, we are required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, we considered the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years. If such amount is negative, then there is no accrual for such year. There can be no assurance that such unrealized capital appreciation will be realized in the future. The incentive fee accrued for, but not payable, under GAAP on our unrealized and realized capital gains for the three and six months ended March 31, 2026 and 2025 was zero.

&nbsp;&nbsp;&nbsp;&nbsp;***(b) Administration Agreement***

The Administration Agreement with the Administrator was reapproved by our board of directors, including a majority of the directors who are not interested persons of us, in May 2026. Under the Administration Agreement, the Administrator provides administrative services and office facilities to us. For providing these services, facilities and personnel, we have agreed to reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. The amount billed by the Administrator may include credits related to its administrative agreement with PSSL. The Administrator also offers, on our behalf, significant managerial assistance to portfolio companies to which we are required to offer such assistance. Reimbursement for certain of these costs is included in administrative services expenses in the Consolidated Statements of Operations. For the three and six months ended March 31, 2026, we recorded administrative expenses of $0.7 million and $1.4 million, related to expenses the Company incurred for services described above, respectively. For the three and six months ended March 31, 2025, we recorded administrative expenses of $0.5 million and $0.9 million related to expenses the Company incurred for services described above, respectively.

Under the Administration Agreement the Administrator may be reimbursed by the Company for the costs and expenses to be borne by the Company set forth above to include the costs and expenses allocable with respect to the provision of in-house legal, tax, or other professional advice and/or services to the Company, including performing due diligence on its prospective portfolio companies as deemed appropriate by the Administrator, where such in-house personnel perform services that would be paid by the Company if outside service providers provided the same services, subject to the Board's oversight.

&nbsp;&nbsp;&nbsp;&nbsp;***(c) Other Related Party Transactions***

The Company, the Investment Adviser and certain other affiliates have been granted an order for exemptive relief by the SEC for the Company to co-invest with other funds managed by the Investment Adviser. If we co-invest with other affiliated funds, our Investment Adviser will not receive compensation except to the extent permitted by the exemptive order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act.

There were no transactions subject to Rule 17a-7 under the 1940 Act during each of the three and six months ended March 31, 2026 and 2025.

For the three and six months ended March 31, 2026, we sold $56.9 million and $189.4 million in investments to PSSL at fair value, respectively, and recognized $(0.1) million and $0.2 million of net realized gain (losses). For the three and six months ended March 31, 2025, we sold $52.9 million and $240.6 million in investments to PSSL at fair value, respectively, and recognized zero and $(0.1) million of net realized gain (losses).

For the three and six months ended March 31, 2026, we sold $148.1 million and $344.6 million in investments to PSSL II at fair value, respectively, and recognized $0.5 million and $1.0 million of net realized gain (losses). For the three and six months ended March 31, 2025, we sold zero investments to PSSL II at fair value and recognized zero net realized gain (losses).

For the three and six months ended March 31, 2026 and 2025, we sold no investments to PTSF.

As of March 31, 2026 and September 30, 2025, the Company had a receivable from the Administrator of $0.1 million and $0.3 million, respectively, presented as due from affiliate on the Consolidated Statements of Assets and Liabilities. This amount relates to agency fees collected on behalf of the Company.

As of March 31, 2026 and September 30, 2025, the Company had a receivable from PSSL II of $0.9 million and zero, respectively, presented as a distribution receivable on the Consolidated Statements of Assets and Liabilities. This amount relates to a dividend distribution.

As of March 31, 2026 and September 30, 2025, PFLT had a payable to PSSL and the Investment Adviser of zero and $0.7 million, respectively, presented as a Due to Affiliates on the consolidated statement of assets and liabilities. These amounts are related to cash owed to PSSL and the Investment Adviser from the Company in connection with trades between the funds and wind down of PTSF.

**4. INVESTMENTS**

For the three and six months ended March 31, 2026, purchases of investments, including payment-in-kind ("PIK") interest totaled $296.3 million and $599.0 million, respectively. Sales and repayments of investments for the three and six months ended March 31, 2026, totaled $328.0 million and $769.5 million, respectively. For the three and six months ended March 31, 2025, purchases of investments, including payment-in-kind ("PIK") interest totaled $295.0 million and $903.3 million, respectively. Sales and repayments of the investments for the three and six months ended March 31, 2025, totaled $122.4 million and $523.7 million, respectively.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Investments and cash and cash equivalents consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($ in thousands)** | **March 31, 2026** | **March 31, 2026** | **September 30, 2025** | **September 30, 2025** |
| **Investment Classification** | **Cost** | **Fair Value** | **Cost** | **Fair Value** |
| First lien | $1982553 | $1948853 | $2289071 | $2275982 |
| First lien in PSSL | 237650 | 237650 | 237650 | 237650 |
| First Lien in PSSL II | 65625 | 65625 |  |  |
| Second Lien |  |  | 995 | 995 |
| Subordinate debt | 18866 | 18813 | 17387 | 17986 |
| Equity | 150506 | 221345 | 150565 | 196397 |
| Equity interests in PSSL | 163100 | 60116 | 123725 | 44318 |
| Equity interests in PSSL II | 28125 | 27879 |  |  |
| Total investments | 2646425 | 2580281 | 2819393 | 2773328 |
| Cash and cash equivalents | 121873 | 121871 | 122684 | 122688 |
| Total investments and cash and cash equivalents | $2768298 | $2702152 | $2942077 | $2896016 |

---

The table below describes investments by industry classification by cost and fair value and enumerates the percentage of the total net asset value in such industries:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Industry Classification** | **March 31, 2026** <sup>(1)</sup> | **March 31, 2026** <sup>(1)</sup> | **March 31, 2026** <sup>(1)</sup> | **March 31, 2026** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> | **September 30, 2025** <sup>(1)</sup> |
|  | **Cost** | **Fair Value** | **Fair Value Percentage** | **Net asset value Percentage** | **Cost** | **Fair Value** | **Fair Value Percentage** | **Net asset value Percentage** |
| Aerospace and Defense | $205014 | $251979 | 12% | 24% | $222607 | $236703 | 10% | 22% |
| Professional Services | 221792 | 219229 | 10% | 21% | 252226 | 248621 | 10% | 23% |
| Media | 186885 | 184864 | 8% | 18% | 169182 | 169013 | 7% | 16% |
| Healthcare Providers and Services | 160133 | 160893 | 7% | 15% | 195695 | 199549 | 8% | 19% |
| Diversified Consumer Services | 132306 | 133846 | 6% | 13% | 121706 | 120861 | 5% | 11% |
| Business Services | 130206 | 123494 | 6% | 12% | 171987 | 169086 | 7% | 16% |
| IT Services | 105340 | 103905 | 5% | 10% | 123257 | 125392 | 5% | 12% |
| Personal Products | 102180 | 93547 | 4% | 9% | 99851 | 99069 | 4% | 9% |
| Distributors | 79729 | 84981 | 4% | 8% | 84194 | 88795 | 4% | 8% |
| All Other | 89371 | 79719 | 4% | 9% | 112159 | 102794 | 3% | 10% |
| Construction & Engineering | 74366 | 78455 | 4% | 8% | 106806 | 110299 | 4% | 10% |
| Healthcare Technology | 66085 | 67515 | 3% | 7% | 103230 | 105500 | 4% | 10% |
| Commercial Services & Supplies | 56072 | 57924 | 3% | 6% | 70373 | 73060 | 3% | 7% |
| Leisure Products | 60176 | 57691 | 3% | 6% | 97385 | 95499 | 4% | 9% |
| Electronic Equipment, Instruments, and Components | 50234 | 51287 | 2% | 5% | 43733 | 44241 | 2% | 4% |
| Government Services | 45155 | 46483 | 2% | 4% | 28870 | 29837 | 1% | 3% |
| Auto Components | 44038 | 44733 | 2% | 4% | 31104 | 32224 | 1% | 3% |
| Automobiles | 41550 | 40511 | 2% | 4% | 34935 | 34207 | 1% | 3% |
| High Tech Industries | 23440 | 35724 | 2% | 3% | 41135 | 56769 | 2% | 5% |
| Healthcare, Education and Childcare | 27648 | 27841 | 1% | 3% | 36349 | 36530 | 1% | 3% |
| Consumer Services | 29777 | 25730 | 1% | 2% | 28840 | 28878 | 1% | 3% |
| Manufacturing/Basic Industry | 24740 | 24701 | 1% | 2% | 56192 | 56192 | 2% | 5% |
| Internet Software and Services | 24609 | 24041 | 1% | 2% | 39660 | 40012 | 2% | 4% |
| Healthcare Equipment and Supplies | 19625 | 21690 | 1% | 2% | 29575 | 31850 | 1% | 3% |
| Marketing Services | 19982 | 20092 | 1% | 2% | 19307 | 19365 | 1% | 2% |
| Building Products | 20471 | 19510 | 1% | 2% | 20322 | 19964 | 1% | 2% |
| Gaming | 18378 | 18426 | 1% | 2% | 14852 | 14974 | 1% | 2% |
| Software | 17672 | 15708 | 1% | 2% | 17716 | 17453 | 1% | 2% |
| Independent Power and Renewable Electricity Producers | 14148 | 15315 | 1% | 1% | 20028 | 21134 | 1% | 2% |
| Metals and Mining | 14783 | 14825 | 1% | 1% | 14437 | 14447 | 1% | 1% |
| Air Freight and Logistics | 13736 | 13416 |  | 1% | 14122 | 13785 | 1% | 1% |
| Media: Diversified and Production | 8756 | 7337 |  | 1% | 12478 | 11534 |  | 1% |
| Food Products | 12231 | 12280 |  | 1% | 12681 | 12602 | 1% | 1% |
| Consumer products | 11297 | 11319 |  | 1% | 11024 | 11121 | 0% | 0% |
| Total | $2151925 | $2189011 | 100% | 211% | $2458018 | $2491360 | 100% | 232% |

---

(1) Excludes investments in PSSL and PSSL II

**PennantPark Senior Secured Loan Fund I LLC** 

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of March 31, 2026 and September 30, 2025, PSSL had total assets of $1,248.8 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL was $24.9 million and the five largest investments totaled $111.9 million. As of September 30, 2025, at fair value,

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of March 31, 2026 and September 30, 2025, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $163.1 million ($26.3 million remaining unfunded) and $123.7 million ($65.6 remaining unfunded), respectively. During the three and six months ended March 31, 2026, the Company made capital contributions of zero and approximately $39.4 million of assets at their most recent fair market value as of the date of the transaction.

We and Kemper each appointed two members to PSSL's four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee constitutes a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

In December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 basis points (including a spread adjustment) with Ally Bank through its wholly owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2032 Asset-Backed Debt". The 2032 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt matures in January 2032. On the closing date of the transaction, in consideration of PSSL's transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt matures in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary as of March 31, 2026.

In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the "2035 Asset-Backed Debt". The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO VI, LLC, a wholly owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt matures in April 2035. On the closing date of the transaction, in consideration of PSSL's transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC, all of which were held by PSSL.

In May 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL retained all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes was extended to April 2037.

In April 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four-year reinvestment period, twelve-year final maturity $301.0 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL retained all of the subordinated notes through a consolidated subsidiary as of March 31, 2026. The reinvestment period for the term debt securitization ends in April 2029 and the debt matures in April 2037. The proceeds from the debt repaid a portion of PSSL's $325.0 million secured credit facility.

Below is a summary of PSSL's portfolio at fair value:

---

| | | |
|:---|:---|:---|
| ($ in thousands) | **March 31, 2026** | **September 30, 2025** |
| Total investments | $1209044 | $1084649 |
| Weighted average cost yield on income producing investments | 9.5% | 10.1% |
| Number of portfolio companies in PSSL | 120 | 117 |
| Largest portfolio company investment | $24874 | $20901 |
| Total of five largest portfolio company investments | $111858 | $99270 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Below is a listing of PSSL's individual investments as of March 31, 2026 (Par and $ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 1,737.2% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/6/2023 | 10/2/2029 | Business Services | 8.66% | SOFR+500 | 19912 | $19709 | $19414 |
| ACP Falcon Buyer, Inc. | 8/22/2023 | 8/1/2029 | Business Services | 9.16% | SOFR+550 | 18478 | 18247 | 18478 |
| APT OPCO, LLC | 10/23/2025 | 9/30/2031 | Healthcare and Pharmaceuticals | 8.70% | SOFR+500 | 12438 | 12377 | 12438 |
| Ad.net Acquisition, LLC | 5/24/2021 | 5/7/2026 | Media | 9.96% | SOFR+626 | 12716 | 12707 | 12716 |
| Aechelon Technology, Inc. | 4/10/2025 | 8/16/2029 | Aerospace and Defense | 9.42% | SOFR+575 | 11400 | 11400 | 11514 |
| AFC-Dell Holding Corp. | 12/23/2024 | 4/9/2027 | Distributors | 8.67% | SOFR+500 | 7594 | 7573 | 7594 |
| Aphix Buyer, Inc. | 9/3/2025 | 7/17/2031 | Business Services | 8.42% | SOFR+475 | 8955 | 8906 | 8910 |
| Alpine Acquisition Corp II - Second out Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 1048 | 1048 | 1048 |
| Alpine Acquisition Corp II - Third out Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 1398 | 1398 | 1398 |
| Alpine Acquisition Corp II - Unfunded Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 419 | - | - |
| Alpine Acquisition Corp II - Unfunded Revolver | 11/30/2026 | 12/29/2030 | Containers and Packaging |  |  | 105 | - | - |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 4/10/2025 | 12/31/2027 | Media: Advertising, Printing & Publishing | 9.60% | SOFR+590 | 10962 | 10931 | 10880 |
| Arcfield Acquisition Corp. | 11/11/2024 | 10/28/2031 | Aerospace and Defense | 8.67% | SOFR+500 | 5925 | 5917 | 5895 |
| Archer Lewis, LLC | 11/22/2024 | 8/28/2029 | Commercial Services & Supplies | 9.45% | SOFR+575 | 14825 | 14754 | 14528 |
| Argano, LLC | 1/9/2025 | 9/13/2029 | Business Services | 9.17% | SOFR+550 | 22313 | 22071 | 22090 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 4/10/2025 | 6/26/2029 | Diversified Consumer Services | 9.45% | SOFR+575 | 4950 | 4855 | 4876 |
| Beacon Behavioral Support Services, LLC | 10/9/2024 | 6/21/2029 | Healthcare and Pharmaceuticals | 9.20% | SOFR+550 | 24874 | 24701 | 24874 |
| Best Practice Associates, LLC | 4/10/2025 | 11/8/2029 | Aerospace and Defense | 10.42% | SOFR+675 | 14850 | 14727 | 14516 |
| Beta Plus Technologies, Inc. | 7/21/2022 | 7/2/2029 | Business Services | 9.45% | SOFR+575 | 14799 | 14563 | 14577 |
| Big Top Holdings, LLC | 6/26/2024 | 2/28/2030 | Business Services | 8.95% | SOFR+525 | 14594 | 14407 | 14594 |
| BioDerm, Inc. | 2/28/2023 | 1/31/2028 | Healthcare and Pharmaceuticals | 10.17% | SOFR+650 | 8753 | 8703 | 8621 |
| Blackhawk Industrial Distribution, Inc. | 6/30/2022 | 9/17/2026 | Distributors | 9.10% | SOFR+540 | 14737 | 14694 | 14295 |
| BLC Holding Company, Inc. | 4/10/2025 | 11/20/2030 | Business Services | 8.20% | SOFR+450 | 4950 | 4929 | 4950 |
| Boss Industries, LLC | 4/10/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 8.45% | SOFR+500 | 4950 | 4886 | 4950 |
| Burgess Point Purchaser Corporation | 10/3/2022 | 7/25/2029 | Automotive | 9.02% | SOFR+535 | 435 | 417 | 378 |
| By Light Professional IT Services, LLC | 8/28/2025 | 7/15/2031 | High Tech Industries | 9.17% | SOFR+550 | 18399 | 18278 | 18124 |
| C5MI Acquisition, LLC | 3/7/2025 | 7/31/2029 | IT Services | 9.70% | SOFR+600 | 14775 | 14621 | 14775 |
| Capital Construction, LLC | 8/28/2025 | 10/22/2026 | Consumer Services | 9.59% | SOFR+590 | 4252 | 4238 | 4188 |
| Carisk Buyer, Inc. | 10/16/2024 | 12/3/2029 | Healthcare Technology | 8.70% | SOFR+500 | 9875 | 9821 | 9900 |
| Carnegie Dartlet, LLC | 4/11/2025 | 2/7/2030 | Media: Advertising, Printing & Publishing | 9.17% | SOFR+550 | 15014 | 14839 | 14901 |
| Cartessa Aesthetics, LLC | 4/11/2023 | 6/14/2028 | Distributors | 9.70% | SOFR+600 | 9392 | 9325 | 9345 |
| Case Works, LLC | 4/10/2025 | 10/1/2029 | Professional Services | 8.95% | SOFR+525 | 14812 | 14721 | 14664 |
| CF512, Inc. | 12/27/2021 | 8/20/2026 | Media | 9.86% | SOFR+619 | 6449 | 6434 | 6384 |
| Commercial Fire Protection Holdings, LLC | 11/26/2024 | 9/23/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 19737 | 19658 | 19737 |
| Confluent Health, LLC | 1/12/2024 | 11/30/2028 | Healthcare and Pharmaceuticals | 7.78% | SOFR+750 | 6602 | 6468 | 5603 |
| CJX Borrower, LLC | 7/29/2021 | 7/13/2027 | Media | 9.41% | SOFR+576 | 3715 | 3695 | 3659 |
| Crane 1 Services, Inc. | 4/11/2023 | 8/16/2027 | Commercial Services & Supplies | 9.53% | SOFR+536 | 2036 | 2027 | 2005 |
| DRI Holding Inc. | 9/15/2022 | 12/21/2028 | Media | 9.02% | SOFR+535 | 2560 | 2435 | 2470 |
| DRS Holdings III, Inc. | 1/27/2021 | 11/1/2028 | Consumer Goods: Durable | 8.92% | SOFR+525 | 4384 | 4378 | 4428 |
| Duggal Acquisition, LLC | 4/10/2025 | 9/30/2030 | Marketing Services | 8.45% | SOFR+475 | 4925 | 4888 | 4925 |
| Dynata, LLC - First Out Term Loan <sup>(5)</sup> | 7/15/2024 | 7/17/2028 | Diversified Consumer Services | 8.91% | SOFR+576 | 1340 | 1277 | 1307 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Diversified Consumer Services | 9.41% | SOFR+576 | 8312 | 8312 | 4198 |
| EDS Buyer, LLC | 4/11/2023 | 1/10/2029 | Electronic Equipment, Instruments, and Components | 8.20% | SOFR+450 | 8731 | 8662 | 8731 |
| Emergency Care Partners, LLC | 11/11/2024 | 10/18/2027 | Healthcare Providers and Services | 8.70% | SOFR+500 | 7166 | 7145 | 7166 |
| Exigo Intermediate II, LLC | 11/21/2022 | 3/15/2027 | Software | 10.02% | SOFR+635 | 12351 | 12297 | 11734 |
| ETE Intermediate II, LLC | 6/12/2023 | 5/29/2029 | Diversified Consumer Services | 8.70% | SOFR+500 | 12062 | 11912 | 12062 |
| EvAL Home Care Solutions Intermediate, LLC | 7/10/2024 | 5/10/2030 | Healthcare and Pharmaceuticals | 9.42% | SOFR+575 | 8601 | 8496 | 8601 |
| GGG MIDCO, LLC | 4/10/2025 | 9/27/2030 | Diversified Consumer Services | 8.67% | SOFR+500 | 24449 | 24377 | 24644 |
| Global Holdings InterCo, LLC | 6/8/2021 | 9/16/2027 | Diversified Financial Services | 9.28% | SOFR+560 | 3344 | 3334 | 3344 |
| Graffiti Buyer, Inc. | 3/15/2022 | 8/10/2027 | Trading Companies & Distributors | 9.27% | SOFR+560 | 3666 | 3648 | 3565 |
| Halo Buyer, Inc. | 5/22/2025 | 8/7/2029 | Consumer Products | 9.67% | SOFR+600 | 6435 | 6324 | 6403 |
| Hancock Roofing And Construction, LLC | 1/27/2021 | 12/31/2026 | Insurance | 9.30% | SOFR+560 | 2112 | 2105 | 1975 |
| Harris & Co, LLC | 11/26/2024 | 8/9/2030 | Professional Services | 8.67% | SOFR+500 | 19700 | 19564 | 19700 |
| Harvest Group Topco Buyer, LLC | 3/2/2026 | 3/2/2032 | Media | 8.42% |  | 10000 | 9958 | 9950 |
| HEC Purchaser Corp. | 4/10/2025 | 6/17/2029 | Healthcare and Pharmaceuticals | 8.70% | SOFR+500 | 6419 | 6391 | 6419 |
| Highwire Public Relations, LLC | 1/12/2026 | 1/12/2031 | Professional Services | 8.70% |  | 10000 | 9852 | 9900 |
| Hills Distribution, Inc. | 5/3/2024 | 11/8/2029 | Business Services | 9.21% | SOFR+550 | 8230 | 8145 | 8230 |
| HW Holdco, LLC | 4/11/2023 | 5/11/2026 | Media | 9.53% | SOFR+590 | 3441 | 3439 | 3441 |
| Imagine Acquisitionco, Inc. | 3/15/2022 | 11/15/2027 | Software | 8.75% | SOFR+510 | 9013 | 8939 | 8833 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Infinity Home Services Holdco, Inc. | 4/11/2023 | 12/28/2028 | Commercial Services & Supplies | 9.70% | SOFR+600 | 5937 | 5871 | 5937 |
| Inovex Information Systems Incorporated | 3/3/2025 | 12/17/2030 | Software | 8.95% | SOFR+525 | 8102 | 8053 | 7980 |
| Inventus Power, Inc. | 7/11/2023 | 6/30/2026 | Consumer Goods: Durable | 11.29% | SOFR+761 | 8040 | 8026 | 8040 |
| Kinetic Purchaser, LLC <sup>(4)</sup> | 11/30/2021 | 11/10/2027 | Personal Products |  |  | 13960 | 13380 | 7643 |
| Lash OpCo, LLC | 10/14/2021 | 9/17/2027 | Personal Products | 10.77% | SOFR+710 | 15755 | 15693 | 15479 |
| LAV Gear Holdings, Inc. - Takeback TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Leisure, Amusement, Motion Pictures, Entertainment | 9.61% | SOFR+594 | 7707 | 7707 | 6551 |
| LAV Gear Holdings, Inc. - Priority TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Leisure, Amusement, Motion Pictures, Entertainment | 9.61% | SOFR+594 | 2439 | 2413 | 2439 |
| LJ Avalon Holdings, LLC | 4/11/2023 | 2/1/2030 | Environmental Industries | 8.15% | SOFR+450 | 2520 | 2488 | 2495 |
| Loving Tan Intermediate II, Inc. | 10/25/2023 | 5/31/2028 | Personal Products | 8.95% | SOFR+500 | 12130 | 12039 | 12070 |
| MAG DS Corp. | 9/27/2023 | 4/1/2027 | Aerospace and Defense | 9.30% | SOFR+560 | 2181 | 2149 | 2169 |
| Marketplace Events Acquisition, LLC | 1/13/2025 | 12/19/2030 | Media | 8.99% | SOFR+525 | 16830 | 16700 | 16704 |
| MBS Holdings, Inc. | 6/8/2021 | 4/16/2027 | Internet Software and Services | 8.77% | SOFR+510 | 8201 | 8163 | 8201 |
| MDI Buyer, Inc. | 4/11/2023 | 7/25/2028 | Chemicals, Plastics and Rubber | 8.67% | SOFR+475 | 6219 | 6162 | 6219 |
| Meadowlark Acquirer, LLC | 1/29/2022 | 12/10/2027 | Professional Services | 9.35% | SOFR+565 | 2311 | 2295 | 2311 |
| Medina Health, LLC | 11/6/2023 | 10/20/2028 | Healthcare and Pharmaceuticals | 9.95% | SOFR+625 | 18833 | 18648 | 18833 |
| Megawatt Acquisitionco, Inc. | 4/29/2024 | 3/1/2030 | Electronic Equipment, Instruments, and Components | 9.20% | SOFR+550 | 15435 | 15269 | 15126 |
| MOREgroup Holdings, Inc. | 3/22/2024 | 1/16/2030 | Business Services | 8.95% | SOFR+525 | 17844 | 17714 | 17844 |
| MES Intermediate, Inc. | 4/11/2023 | 10/1/2027 | Distributors | 8.45% | SOFR+475 | 3343 | 3321 | 3336 |
| NBH Group, LLC | 8/25/2021 | 8/19/2026 | Healthcare, Education & Childcare | 9.52% | SOFR+585 | 10298 | 10278 | 9784 |
| NORA Acquisition, LLC | 10/2/2023 | 8/31/2029 | Healthcare Providers and Services | 10.05% | SOFR+635 | 20952 | 20689 | 20061 |
| North American Rail Solutions, LLC | 10/23/2025 | 8/29/2031 | Road and Rail | 8.45% | SOFR+475 | 17413 | 17346 | 17325 |
| Omnia Exterior Solutions, LLC | 11/1/2024 | 12/31/2029 | Diversified Consumer Services | 9.20% | SOFR+525 | 16864 | 16748 | 16569 |
| One Stop Mailing, LLC | 7/8/2021 | 5/7/2027 | Air Freight and Logistics | 10.03% | SOFR+636 | 14395 | 14313 | 14395 |
| ORL Acquisition, Inc. <sup>(5)</sup> | 5/22/2025 | 9/3/2027 | Consumer Finance | 13.10% | SOFR+940 | 2295 | 2287 | 1354 |
| OSP Embedded Purchaser, LLC | 11/19/2024 | 12/17/2029 | Aerospace and Defense | 9.45% | SOFR+575 | 14825 | 14645 | 14602 |
| Output Services Group, Inc. - First-Out Term Loan | 12/1/2023 | 11/30/2028 | Business Services | 12.16% | SOFR+842 | 821 | 821 | 821 |
| Output Services Group, Inc. - Last-Out Term Loan | 12/1/2023 | 5/30/2028 | Business Services | 10.41% | SOFR+667 | 1667 | 1667 | 1667 |
| PCS MIDCO, Inc. | 4/10/2025 | 3/1/2030 | Diversified Consumer Services | 9.45% | SOFR+575 | 3434 | 3397 | 3434 |
| Pacific Purchaser, LLC | 1/12/2024 | 10/2/2028 | Business Services | 9.99% | SOFR+625 | 11758 | 11633 | 11758 |
| PAR Excellence Holdings, Inc. | 10/16/24 | 9/3/2030 | Healthcare Technology | 8.67% | SOFR+500 | 10878 | 10794 | 10660 |
| Paving Lessor Corp. First Lien - Term Loan | 8/28/2025 | 7/1/2031 | Business Services | 8.95% | SOFR+525 | 19877 | 19755 | 19877 |
| PN Buyer, Inc. | 11/19/2025 | 7/31/2031 | Professional Services | 8.17% | SOFR+450 | 9975 | 9933 | 9875 |
| Podean Buyer, LLC | 11/4/2025 | 8/4/2031 | Education | 9.70% | SOFR+600 | 4980 | 4938 | 4930 |
| Pragmatic Institute, LLC <sup>(4)</sup> | 3/28/2025 | 3/28/2030 | Education |  |  | 4381 | 4180 | 2059 |
| Project Granite Buyer, Inc. | 5/22/2025 | 12/31/2030 | Professional Services | 9.45% | SOFR+575 | 6435 | 6350 | 6435 |
| Puget Collision, LLC | 11/19/2025 | 10/3/2030 | Automobiles | 8.45% | SOFR+475 | 14963 | 14888 | 14813 |
| RRA Corporate, LLC | 4/10/2025 | 8/15/2029 | Diversified Consumer Services | 8.95% | SOFR+525 | 7661 | 7609 | 7355 |
| RTIC Subsidiary Holdings, LLC | 11/1/2024 | 5/3/2029 | Leisure Products | 9.45% | SOFR+575 | 14800 | 14657 | 14578 |
| Rancho Health MSO, Inc. | 4/11/2023 | 6/20/2029 | Healthcare Providers and Services | 8.69% | SOFR+500 | 18660 | 18608 | 18660 |
| Ro Health, LLC | 3/3/2025 | 1/17/2031 | Healthcare Providers and Services | 8.20% | SOFR+450 | 10462 | 10399 | 10462 |
| Rosco Parent, LLC | 11/19/2025 | 8/29/2031 | Auto Components | 8.45% | SOFR+475 | 10448 | 10384 | 10448 |
| Rural Sourcing Holdings, Inc. | 9/6/2023 | 6/15/2029 | High Tech Industries | 9.85% | SOFR+625 | 4395 | 4345 | 3659 |
| SCP Clinical Research Intermediate Holdings, LLC | 1/2/2026 | 1/2/2032 | Healthcare Providers and Services | 8.42% |  | 10000 | 9962 | 9950 |
| Sabel Systems Technology Solutions, LLC | 11/11/2024 | 10/31/2030 | Government Services | 9.67% | SOFR+600 | 13406 | 13359 | 13406 |
| Safe Haven Defense US, LLC | 9/19/2024 | 5/23/2029 | Construction and Building | 9.22% | SOFR+550 | 9810 | 9710 | 9590 |
| Sales Benchmark Index, LLC | 1/27/2021 | 7/7/2026 | Professional Services | 9.90% | SOFR+620 | 9131 | 9126 | 9131 |
| Sath Industries, LLC | 4/10/2025 | 12/17/2029 | Event Services | 9.20% | SOFR+550 | 10254 | 10174 | 10254 |
| Schlesinger Global, Inc. | 9/30/2021 | 3/31/2027 | Business Services | 10.02% | SOFR+610 | 6611 | 6611 | 6280 |
| Seaway Buyer, LLC | 4/11/2023 | 6/13/2029 | Chemicals, Plastics and Rubber | 9.84% | SOFR+615 | 4944 | 4902 | 4944 |
| Sigma Defense Systems, LLC | 12/27/2021 | 12/20/2027 | Aerospace and Defense | 10.10% | SOFR+690 | 20393 | 20133 | 20189 |
| Smile Brands, Inc. | 1/27/2021 | 10/12/2027 | Healthcare and Pharmaceuticals | 9.77% | SOFR+600 | 12327 | 12252 | 9837 |
| Spendmend Holdings, LLC | 4/11/2023 | 3/1/2028 | Healthcare Technology | 8.85% | SOFR+515 | 4008 | 3977 | 4008 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(4)(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics |  |  | 2028 | 1858 | 2028 |
| STG Distribution, LLC - Second Out Term Loans <sup>(4),(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics |  |  | 4637 | 2562 | 111 |
| STG Distribution, LLC - Final initial New Money TL | 10/24/2024 | 7/14/2026 | Air Freight and Logistics | 8.00% |  | 1324 | 1232 | 1324 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/1/2030 | Aerospace and Defense | 8.70% | SOFR+500 | 14531 | 14476 | 14531 |
| Systems Planning And Analysis, Inc. | 3/15/2022 | 8/16/2027 | Aerospace and Defense | 8.45% | SOFR+475 | 14363 | 14293 | 14363 |
| TMII Enterprises, LLC | 4/11/2023 | 12/22/2028 | Commercial Services & Supplies | 8.17% | SOFR+450 | 2859 | 2827 | 2859 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 4/26/2024 | 1/23/2029 | Media | 10.20% | SOFR+650 | 19331 | 19118 | 18799 |
| The Bluebird Group, LLC | 8/9/2021 | 7/28/2026 | Professional Services | 9.60% | SOFR+590 | 7171 | 7157 | 7171 |
| The Vertex Companies, LLC | 4/11/2023 | 8/31/2028 | Construction and Engineering | 8.68% | SOFR+475 | 17393 | 17266 | 17306 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| TPC US Parent, LLC | 4/11/2023 | 4/20/2026 | Consumer Goods: Non-Durable | 9.56% | SOFR+590 | 15751 | 15745 | 15751 |
| Transgo, LLC | 1/19/2024 | 12/29/2028 | Automotive | 8.92% | SOFR+575 | 15780 | 15616 | 15543 |
| Tyto Athene, LLC | 5/5/2021 | 4/3/2028 | IT Services | 8.56% | SOFR+490 | 14604 | 14547 | 14202 |
| Walker Edison Furniture Company, LLC - Litigation DIP <sup>(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale | 10.00% |  | 146 | 146 | 151 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(5),(3)</sup> | 8/29/2025 | 3/1/2029 | Wholesale |  |  | 116 | - | 5 |
| Watchtower Buyer, LLC | 5/20/2024 | 12/3/2029 | Diversified Consumer Services | 9.70% | SOFR+600 | 12005 | 11870 | 11885 |
| Wash & Wax Systems LLC <sup>(5)</sup> | 4/30/2025 | 4/30/2028 | Automobiles | 9.17% | SOFR+550 | 5959 | 6043 | 6078 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $1215640 | $1193499 |
| **Subordinate Debt - 10.6% of Net Assets** |  |  |  |  |  |  |  |  |
| Integrative Nutrition, LLC - Promissory Note #1 | 4/17/2025 | 4/15/2030 | Diversified Consumer Services |  |  | 1877 | $1654 | $1633 |
| Integrative Nutrition, LLC - Promissory Note #2 | 4/17/2025 | 4/15/2033 | Diversified Consumer Services |  |  | 3623 | 1977 | 1449 |
| Wash & Wax Systems LLC | 4/30/2025 | 7/30/2028 | Automobiles | 12.00% |  | 4174 | 4174 | 4174 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $7805 | $7256 |
| **Equity Securities - 12.1% of Net Assets** |  |  |  |  |  |  |  |  |
| 48Forty Intermediate Holdings, Inc. - Preferred Equity | 11/5/2024 |  | Containers and Packaging |  |  | 699 | $4158 | $4158 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/5/2024 |  | Containers and Packaging |  |  | 699 |  |  |
| New Insight Holdings, Inc. - Common Equity | 7/15/2024 |  | Diversified Consumer Services |  |  | 116055 | 2031 | 1322 |
| Output Services Group, Inc. - Common Equity | 12/1/2023 |  | Business Services |  |  | 126324 | 1012 | 687 |
| PLB Brands, LLC - Common Equity | 3/5/2026 |  | Education |  |  | 560239 | 560 | 560 |
| Pragmatic Holdco, Inc. - Common Equity | 3/28/2025 |  | Education |  |  | 134 |  |  |
| Wash & Wax Group, LP - Common Equity | 4/30/2025 |  | Automobiles |  |  | 2493 | 4449 | 1562 |
| White Tiger Newco, LLC - Common Equity <sup>(5)</sup> | 7/31/2025 |  | Capital Equipment |  |  | 35834 | 2734 |  |
| **Total Equity Securities** |  |  |  |  |  |  | $14944 | $8289 |
| **Total Investments - 1,759.8% of Net Assets** <sup>(6)(7)</sup> |  |  |  |  |  |  | $1238389 | $1209044 |
| **Cash Equivalents - 26.2% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 3.54% |  |  | $470 | $470 |
| Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  | 3.54% |  |  | 3739 | 3739 |
| JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  | 3.65% |  |  | 1462 | 1462 |
| JP Morgan US Government Fund (Money Market Fund) |  |  |  | 3.46% |  |  | 3014 | 3014 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 3.56% |  |  | 9316 | 9316 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $18001 | $18001 |
| **Cash - 23.3% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $15997 | $15997 |
| **Total Cash** |  |  |  |  |  |  | $15997 | $15997 |
| **Total Investments, Cash Equivalents, and Cash —1,809.3% of Net Assets** |  |  |  |  |  |  | $1272387 | $1243042 |
| **Liabilities in Excess of Other Assets — (1,709.3)% of Net Assets** |  |  |  |  |  |  |  | (1174338) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $68704 |

---

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL's accounting policy.

<sup>(3)</sup> Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

<sup>(4)</sup> Non-accrual security.

<sup>(5)</sup> The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, Ltd, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and, 4) do not secure the 2037 Asset-Backed Debt and are held through PennantPark CLO 12, LLC.

<sup>(6)</sup> As of March 31, 2026, all investments were in U.S Companies and total cost, fair value, percentage of Net Assets for the U.S Companies were $1,238.4 million, $1,209.0 million and 1,759.8%.

<sup>(7)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Below is a listing of PSSL's individual investments as of September 30, 2025 (Par and $ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 2,106.3% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/6/2023 | 10/2/2029 | Business Services | 9.29% | SOFR+500 | 14825 | $14649 | $14677 |
| ACP Falcon Buyer, Inc. | 8/22/2023 | 8/1/2029 | Business Services | 9.79% | SOFR+550 | 18573 | 18304 | 18759 |
| Ad.net Acquisition, LLC | 5/24/2021 | 5/7/2026 | Media | 10.26% | SOFR+626 | 11610 | 11566 | 11610 |
| Aechelon Technology, Inc. | 4/10/2025 | 8/16/2029 | Aerospace and Defense | 9.91% | SOFR+575 | 11640 | 11640 | 11640 |
| AFC-Dell Holding Corp. | 12/23/2024 | 4/9/2027 | Distributors | 9.83% | SOFR+550 | 7608 | 7576 | 7570 |
| Aphix Buyer, Inc. | 9/3/2025 | 7/17/2031 | Business Services | 8.91% | SOFR+475 | 9000 | 8951 | 8955 |
| Alpine Acquisition Corp II <sup>(4)</sup> | 10/11/2022 | 11/30/2026 | Containers and Packaging |  |  | 13154 | 13012 | 6840 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 4/10/2025 | 6/30/2026 | Media: Advertising, Printing & Publishing | 9.90% | SOFR+575 | 4434 | 4357 | 4434 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 4/11/2023 | 6/30/2026 | Media: Advertising, Printing & Publishing | 9.90% | SOFR+575 | 4375 | 4360 | 4375 |
| Arcfield Acquisition Corp. | 11/11/2024 | 10/28/2031 | Aerospace and Defense | 9.31% | SOFR+500 | 5955 | 5946 | 5925 |
| Archer Lewis, LLC | 11/22/2024 | 8/28/2029 | Commercial Services & Supplies | 9.75% | SOFR+575 | 9900 | 9821 | 9900 |
| Argano, LLC | 1/9/2025 | 9/13/2029 | Business Services | 9.89% | SOFR+575 | 9900 | 9819 | 9752 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 4/10/2025 | 6/26/2029 | Diversified Consumer Services | 9.75% | SOFR+575 | 4975 | 4865 | 4831 |
| Beacon Behavioral Support Services, LLC | 10/9/2024 | 6/21/2029 | Healthcare and Pharmaceuticals | 9.50% | SOFR+550 | 17748 | 17549 | 17748 |
| Best Practice Associates, LLC | 4/10/2025 | 11/8/2029 | Aerospace and Defense | 10.91% | SOFR+675 | 14925 | 14792 | 14813 |
| Beta Plus Technologies, Inc. | 7/21/2022 | 7/2/2029 | Business Services | 9.75% | SOFR+575 | 4850 | 4794 | 4802 |
| Big Top Holdings, LLC | 6/26/2024 | 3/1/2030 | Business Services | 9.25% | SOFR+525 | 14671 | 14458 | 14671 |
| BioDerm, Inc. | 2/28/2023 | 1/31/2028 | Healthcare and Pharmaceuticals | 10.77% | SOFR+650 | 8798 | 8730 | 8688 |
| Blackhawk Industrial Distribution, Inc. | 6/30/2022 | 9/17/2026 | Distributors | 9.40% | SOFR+540 | 14816 | 14714 | 14557 |
| BLC Holding Company, Inc. | 4/10/2025 | 11/20/2030 | Business Services | 8.50% | SOFR+450 | 4975 | 4952 | 4975 |
| Boss Industries, LLC | 4/10/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 9.00% | SOFR+500 | 4975 | 4904 | 4975 |
| Burgess Point Purchaser Corporation | 10/3/2022 | 7/25/2029 | Automotive | 9.51% | SOFR+535 | 438 | 416 | 378 |
| By Light Professional IT Services, LLC | 8/28/2025 | 7/15/2031 | High Tech Industries | 9.66% | SOFR+550 | 5000 | 5000 | 4963 |
| C5MI Acquisition, LLC | 3/7/2025 | 7/31/2029 | IT Services | 10.00% | SOFR+600 | 14850 | 14670 | 14850 |
| Capital Construction, LLC | 8/28/2025 | 10/22/2026 | Consumer Services | 9.89% | SOFR+590 | 4263 | 4236 | 4220 |
| Carisk Buyer, Inc. | 10/16/2024 | 12/3/2029 | Healthcare Technology | 9.00% | SOFR+500 | 9925 | 9863 | 9925 |
| Carnegie Dartlet, LLC | 4/11/2025 | 2/7/2030 | Media: Advertising, Printing & Publishing | 9.66% | SOFR+550 | 15090 | 14897 | 14939 |
| Cartessa Aesthetics, LLC | 4/11/2023 | 6/14/2028 | Distributors | 10.00% | SOFR+600 | 9441 | 9359 | 9441 |
| Case Works, LLC | 4/10/2025 | 10/1/2029 | Professional Services | 9.25% | SOFR+525 | 14887 | 14783 | 14218 |
| CF512, Inc. | 12/27/2021 | 8/20/2026 | Media | 10.36% | SOFR+619 | 6483 | 6447 | 6418 |
| Commercial Fire Protection Holdings, LLC | 11/26/2024 | 9/23/2030 | Commercial Services & Supplies | 8.50% | SOFR+450 | 19837 | 19746 | 19837 |
| Confluent Health, LLC | 1/12/2024 | 11/30/2028 | Healthcare and Pharmaceuticals | 11.66% | SOFR+750 | 6637 | 6479 | 6206 |
| CJX Borrower, LLC | 7/29/2021 | 7/13/2027 | Media | 10.08% | SOFR+576 | 3735 | 3708 | 3735 |
| Crane 1 Services, Inc. | 4/11/2023 | 8/16/2027 | Commercial Services & Supplies | 10.03% | SOFR+586 | 2046 | 2034 | 2031 |
| DRI Holding Inc. | 9/15/2022 | 12/21/2028 | Media | 9.51% | SOFR+535 | 2574 | 2429 | 2522 |
| DRS Holdings III, Inc. | 1/27/2021 | 11/3/2025 | Consumer Goods: Durable | 9.41% | SOFR+525 | 4487 | 4487 | 4532 |
| Duggal Acquisition, LLC | 4/10/2025 | 9/30/2030 | Marketing Services | 8.75% | SOFR+475 | 4950 | 4909 | 4950 |
| Dynata, LLC - First Out Term Loan <sup>(5)</sup> | 7/15/2024 | 7/17/2028 | Diversified Consumer Services | 9.46% | SOFR+526 | 1347 | 1273 | 1341 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Diversified Consumer Services | 9.96% | SOFR+576 | 8354 | 8354 | 6802 |
| EDS Buyer, LLC | 4/11/2023 | 1/10/2029 | Electronic Equipment, Instruments, and Components | 8.75% | SOFR+475 | 8776 | 8694 | 8797 |
| Emergency Care Partners, LLC | 11/11/2024 | 10/18/2027 | Healthcare Providers and Services | 9.00% | SOFR+500 | 5940 | 5911 | 5940 |
| Exigo Intermediate II, LLC | 11/21/2022 | 3/15/2027 | Software | 10.51% | SOFR+635 | 12416 | 12335 | 12416 |
| ETE Intermediate II, LLC | 6/12/2023 | 5/29/2029 | Diversified Consumer Services | 9.16% | SOFR+500 | 12124 | 11950 | 12124 |
| EvAL Home Care Solutions Intermediate, LLC | 7/10/2024 | 5/10/2030 | Healthcare and Pharmaceuticals | 9.91% | SOFR+575 | 8822 | 8704 | 8822 |
| GGG MIDCO, LLC | 4/10/2025 | 9/27/2030 | Diversified Consumer Services | 9.00% | SOFR+500 | 19573 | 19491 | 19573 |
| Global Holdings InterCo, LLC | 6/8/2021 | 3/16/2026 | Diversified Financial Services | 9.74% | SOFR+560 | 3505 | 3503 | 3505 |
| Graffiti Buyer, Inc. | 3/15/2022 | 8/10/2027 | Trading Companies & Distributors | 9.80% | SOFR+560 | 3685 | 3660 | 3611 |
| Halo Buyer, Inc. | 5/22/2025 | 8/7/2029 | Consumer Products | 10.16% | SOFR+600 | 6468 | 6344 | 6468 |
| Hancock Roofing And Construction, LLC | 1/27/2021 | 12/31/2026 | Insurance | 9.60% | SOFR+550 | 2112 | 2100 | 2091 |
| Harris & Co, LLC | 11/26/2024 | 8/9/2030 | Professional Services | 9.16% | SOFR+500 | 19800 | 19650 | 19627 |
| HEC Purchaser Corp. | 4/10/2025 | 6/17/2029 | Healthcare and Pharmaceuticals | 8.87% | SOFR+500 | 3606 | 3572 | 3606 |
| Hills Distribution, Inc. | 5/3/2024 | 11/8/2029 | Business Services | 10.32% | SOFR+600 | 8867 | 8761 | 8867 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| HW Holdco, LLC | 4/11/2023 | 5/11/2026 | Media | 9.90% | SOFR+590 | 3441 | 3431 | 3441 |
| Imagine Acquisitionco, Inc. | 3/15/2022 | 11/15/2027 | Software | 9.29% | SOFR+510 | 9060 | 8961 | 9060 |
| Infinity Home Services Holdco, Inc. | 4/11/2023 | 12/28/2028 | Commercial Services & Supplies | 10.16% | SOFR+600 | 5968 | 5891 | 5968 |
| Inovex Information Systems Incorporated | 3/3/2025 | 12/17/2030 | Software | 9.25% | SOFR+525 | 8143 | 8087 | 8143 |
| Inventus Power, Inc. | 7/11/2023 | 1/15/2026 | Consumer Goods: Durable | 11.78% | SOFR+761 | 8081 | 8062 | 8081 |
| Kinetic Purchaser, LLC | 11/30/2021 | 11/10/2027 | Personal Products | 10.15% | SOFR+615 | 13492 | 13344 | 11468 |
| Lash OpCo, LLC | 10/14/2021 | 2/18/2027 | Personal Products | 12.16% | SOFR+785 | 15508 | 15400 | 15120 |
| LAV Gear Holdings, Inc. - Takeback TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Capital Equipment | 10.10% | SOFR+594 | 7612 | 7612 | 7612 |
| LAV Gear Holdings, Inc. - Priority TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Capital Equipment | 10.10% | SOFR+594 | 2409 | 2381 | 2967 |
| Lightspeed Buyer, Inc. | 1/27/2021 | 2/3/2027 | Healthcare Providers and Services | 8.75% | SOFR+475 | 16232 | 16187 | 16232 |
| LJ Avalon Holdings, LLC | 4/11/2023 | 2/1/2030 | Environmental Industries | 8.77% | SOFR+450 | 2533 | 2497 | 2533 |
| Loving Tan Intermediate II, Inc. | 10/25/2023 | 5/31/2028 | Personal Products | 9.00% | SOFR+500 | 12279 | 12164 | 12279 |
| Lucky Bucks, LLC - First-Out Term Loan <sup>(5)</sup> | 12/1/2023 | 10/2/2028 | Hotel, Gaming and Leisure | 11.66% | SOFR+765 | 256 | 256 | 238 |
| Lucky Bucks, LLC - Last-Out Term Loan | 5/20/2024 | 10/2/2029 | Hotel, Gaming and Leisure | 11.66% | SOFR+765 | 529 | 529 | 426 |
| MAG DS Corp. | 9/27/2023 | 4/1/2027 | Aerospace and Defense | 9.60% | SOFR+560 | 2193 | 2146 | 2184 |
| Marketplace Events Acquisition, LLC | 1/13/2025 | 12/19/2030 | Media | 9.12% | SOFR+525 | 16915 | 16769 | 16915 |
| MBS Holdings, Inc. | 6/8/2021 | 4/16/2027 | Internet Software and Services | 9.30% | SOFR+510 | 8244 | 8186 | 8244 |
| MDI Buyer, Inc. | 4/11/2023 | 7/25/2028 | Chemicals, Plastics and Rubber | 8.95% | SOFR+475 | 6251 | 6181 | 6251 |
| Meadowlark Acquirer, LLC | 1/29/2022 | 12/10/2027 | Professional Services | 9.65% | SOFR+565 | 2323 | 2303 | 2323 |
| Medina Health, LLC | 11/6/2023 | 10/20/2028 | Healthcare and Pharmaceuticals | 10.25% | SOFR+625 | 18833 | 18613 | 18927 |
| Megawatt Acquisitionco, Inc. | 4/29/2024 | 3/1/2030 | Electronic Equipment, Instruments, and Components | 9.25% | SOFR+525 | 15514 | 15338 | 14769 |
| MOREgroup Holdings, Inc. | 3/22/2024 | 1/16/2030 | Business Services | 9.25% | SOFR+525 | 12935 | 12788 | 12935 |
| Municipal Emergency Services, Inc. | 4/11/2023 | 10/1/2027 | Distributors | 9.15% | SOFR+515 | 3360 | 3332 | 3360 |
| NBH Group, LLC | 8/25/2021 | 8/19/2026 | Healthcare, Education & Childcare | 10.12% | SOFR+585 | 10352 | 10304 | 10352 |
| NORA Acquisition, LLC | 10/2/2023 | 8/31/2029 | Healthcare Providers and Services | 10.35% | SOFR+635 | 21059 | 20761 | 20901 |
| Omnia Exterior Solutions, LLC | 11/1/2024 | 12/31/2029 | Diversified Consumer Services | 9.26% | SOFR+525 | 16958 | 16824 | 16619 |
| One Stop Mailing, LLC | 7/8/2021 | 5/7/2027 | Air Freight and Logistics | 10.53% | SOFR+636 | 15484 | 15358 | 15484 |
| ORL Acquisition, Inc. <sup>(5)</sup> | 5/22/2025 | 9/3/2027 | Consumer Finance | 13.70% | SOFR+940 | 2231 | 2220 | 1975 |
| OSP Embedded Purchaser, LLC | 11/19/2024 | 12/17/2029 | Aerospace and Defense | 9.76% | SOFR+575 | 14900 | 14695 | 14691 |
| Output Services Group, Inc. - First-Out Term Loan | 12/1/2023 | 11/30/2028 | Business Services | 12.71% | SOFR+843 | 821 | 821 | 821 |
| Output Services Group, Inc. - Last-Out Term Loan | 12/1/2023 | 5/30/2028 | Business Services | 10.96% | SOFR+668 | 1667 | 1667 | 1667 |
| PCS MIDCO, Inc. | 4/10/2025 | 3/1/2030 | Diversified Consumer Services | 9.75% | SOFR+575 | 3833 | 3787 | 3833 |
| Pacific Purchaser, LLC | 1/12/2024 | 10/2/2028 | Business Services | 10.42% | SOFR+625 | 11818 | 11669 | 11770 |
| PAR Excellence Holdings, Inc. | 10/16/24 | 9/3/2030 | Healthcare Technology | 9.17% | SOFR+500 | 10933 | 10836 | 10741 |
| Paving Lessor Corp. First Lien - Term Loan | 8/28/2025 | 7/1/2031 | Business Services | 9.25% | SOFR+525 | 9963 | 9896 | 9888 |
| Penta Group Holdings, Inc. | 9/8/2025 | 7/31/2031 | Professional Services | 8.81% | SOFR+450 | 5000 | 4979 | 4975 |
| Pink Lily Holdco, LLC <sup>(5),(7)</sup> | 11/30/2021 | 11/9/2027 | Textiles, Apparel and Luxury Goods | 4.35% |  | 8359 | 8323 | 3343 |
| Pragmatic Institute, LLC | 3/28/2025 | 3/28/2030 | Education | 9.50% | SOFR+550 | 4200 | 4200 | 3045 |
| Project Granite Buyer, Inc. | 5/22/2025 | 12/31/2030 | Professional Services | 9.75% | SOFR+575 | 6467 | 6375 | 6532 |
| Rancho Health MSO, Inc. | 4/11/2023 | 6/20/2029 | Healthcare Providers and Services | 9.29% | SOFR+500 | 18781 | 18717 | 18781 |
| Recteq, LLC | 2/24/2021 | 1/29/2026 | Leisure Products | 10.40% | SOFR+640 | 4775 | 4768 | 4763 |
| Ro Health, LLC | 3/3/2025 | 1/17/2031 | Healthcare Providers and Services | 8.50% | SOFR+450 | 10518 | 10449 | 10518 |
| RRA Corporate, LLC | 4/10/2025 | 8/15/2029 | Diversified Consumer Services | 9.25% | SOFR+525 | 7700 | 7639 | 7654 |
| RTIC Subsidiary Holdings, LLC | 11/1/2024 | 5/3/2029 | Leisure Products | 9.75% | SOFR+575 | 9875 | 9758 | 9776 |
| Rural Sourcing Holdings, Inc. | 9/6/2023 | 6/15/2029 | High Tech Industries | 9.92% | SOFR+575 | 4303 | 4245 | 3873 |
| Sabel Systems Technology Solutions, LLC | 11/11/2024 | 10/31/2030 | Government Services | 9.91% | SOFR+575 | 5955 | 5905 | 5955 |
| Safe Haven Defense US, LLC | 9/19/2024 | 5/23/2029 | Construction and Building | 9.50% | SOFR+550 | 9864 | 9747 | 9815 |
| Sales Benchmark Index, LLC | 1/27/2021 | 7/7/2026 | Professional Services | 10.20% | SOFR+620 | 9186 | 9172 | 9186 |
| Sath Industries, LLC | 4/10/2025 | 12/17/2029 | Event Services | 9.66% | SOFR+550 | 10306 | 10213 | 10306 |
| Schlesinger Global, Inc. <sup>(6)</sup> | 9/30/2021 | 10/24/2025 | Business Services | 12.76% | SOFR+860 | 6647 | 6647 | 6315 |
| Seaway Buyer, LLC | 4/11/2023 | 6/13/2029 | Chemicals, Plastics and Rubber | 10.15% | SOFR+615 | 4850 | 4802 | 4523 |
| Sigma Defense Systems, LLC | 12/27/2021 | 12/20/2027 | Aerospace and Defense | 10.31% | SOFR+615 | 18078 | 17812 | 18078 |
| Smile Brands, Inc. | 1/27/2021 | 10/12/2027 | Healthcare and Pharmaceuticals | 10.10% | SOFR+610 | 12294 | 12212 | 10609 |
| Spendmend Holdings, LLC | 4/11/2023 | 3/1/2028 | Healthcare Technology | 9.15% | SOFR+515 | 4029 | 3989 | 4029 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics | 12.57% | SOFR+835 | 1961 | 1871 | 1745 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| STG Distribution, LLC - Second Out Term Loans <sup>(5),(7)</sup> | 5/22/2025 | 10/3/2029 | Air Freight and Logistics | 5.32% |  | 4535 | 2562 | 363 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/1/2030 | Aerospace and Defense | 9.00% | SOFR+500 | 14719 | 14656 | 14719 |
| Systems Planning And Analysis, Inc. | 3/15/2022 | 8/16/2027 | Aerospace and Defense | 8.92% | SOFR+475 | 14438 | 14345 | 14322 |
| TMII Enterprises, LLC | 4/11/2023 | 12/22/2028 | Commercial Services & Supplies | 8.66% | SOFR+450 | 2873 | 2835 | 2873 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 4/26/2024 | 1/23/2029 | Media | 10.52% | SOFR+650 | 19429 | 19179 | 19332 |
| Team Services Group, LLC | 10/4/2022 | 12/20/2027 | Healthcare and Pharmaceuticals | 9.56% | SOFR+525 | 5327 | 5141 | 5305 |
| The Bluebird Group, LLC | 8/9/2021 | 7/28/2026 | Professional Services | 9.90% | SOFR+590 | 7985 | 7943 | 7985 |
| The Vertex Companies, LLC | 4/11/2023 | 8/31/2028 | Construction and Engineering | 8.93% | SOFR+475 | 17482 | 17309 | 17395 |
| TPC US Parent, LLC | 4/11/2023 | 11/24/2025 | Consumer Goods: Non-Durable | 10.19% | SOFR+590 | 16355 | 16341 | 16224 |
| Transgo, LLC | 1/19/2024 | 12/29/2028 | Automotive | 9.91% | SOFR+575 | 15880 | 15694 | 16005 |
| Tyto Athene, LLC | 5/5/2021 | 4/3/2028 | IT Services | 9.19% | SOFR+490 | 14604 | 14530 | 14238 |
| Urology Management Holdings, Inc. | 4/11/2023 | 6/15/2027 | Healthcare and Pharmaceuticals | 9.66% | SOFR+550 | 6753 | 6718 | 6753 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(3),(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale |  |  | 353 |  | 12 |
| Walker Edison Furniture Company, LLC - New Money DIP <sup>(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale | 10.00% |  | 134 | 134 | 136 |
| Watchtower Buyer, LLC | 5/20/2024 | 12/3/2029 | Diversified Consumer Services | 10.00% | SOFR+600 | 12066 | 11914 | 11946 |
| Wash & Wax Systems LLC <sup>(5)</sup> | 4/30/2025 | 4/30/2028 | Automobiles | 9.81% | SOFR+550 | 5847 | 5947 | 5964 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $1083891 | $1066863 |
| **Subordinate Debt - 14.8% of Net Assets** |  |  |  |  |  |  |  |  |
| Integrative Nutrition, LLC | 4/17/2025 | 4/15/2030 | Diversified Consumer Services |  |  | 1877 | 1628 | 1605 |
| Integrative Nutrition, LLC | 4/17/2025 | 4/15/2033 | Diversified Consumer Services |  |  | 4275 | 1977 | 1977 |
| Wash & Wax Systems LLC | 4/30/2025 | 7/30/2028 | Automobiles | 12.00% |  | 3932 | 3932 | 3932 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $7537 | $7514 |
| **Equity Securities - 20.3% of Net Assets** |  |  |  |  |  |  |  |  |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/5/2024 |  | Containers and Packaging |  |  | 1722 |  |  |
| New Insight Holdings, Inc. - Common Equity | 7/15/2024 |  | Diversified Consumer Services |  |  | 116055 | 2031 | 1740 |
| Lucky Bucks, LLC - Common Equity | 12/1/2023 |  | Hotel, Gaming and Leisure |  |  | 73870 | 2062 | 392 |
| Output Services Group, Inc. - Common Equity | 12/1/2023 |  | Business Services |  |  | 126324 | 1012 | 1037 |
| Pragmatic Holdco, Inc. - Common Equity | 3/28/2025 |  | Education |  |  | 134 |  |  |
| Wash & Wax Group, LP - Common Equity | 4/30/2025 |  | Automobiles |  |  | 2493 | 4449 | 4593 |
| White Tiger Newco, LLC - Common Equity <sup>(5)</sup> | 7/31/2025 |  | Automobiles |  |  | 35834 | 2734 | 2510 |
| **Total Equity Securities** |  |  |  |  |  |  | $12288 | $10272 |
| **Total Investments - 2,141.5% of Net Assets** <sup>(6)(8)</sup> |  |  |  |  |  |  | $1103716 | $1084649 |
| **Cash Equivalents - 94.5% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.11% |  |  | $12475 | $12475 |
| Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  | 4.02% |  |  | 4265 | 4265 |
| JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  | 4.10% |  |  | 14682 | 14682 |
| JP Morgan US Government Fund (Money Market Fund) |  |  |  | 4.02% |  |  | 10539 | 10539 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 4.10% |  |  | 5909 | 5909 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $47870 | $47870 |
| **Cash - 27.0% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $13690 | $13690 |
| **Total Cash** |  |  |  |  |  |  | $13690 | $13690 |
| **Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets** |  |  |  |  |  |  | $1165276 | $1146209 |
| **Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets** |  |  |  |  |  |  |  | (1095559) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $50650 |

---

------

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL's accounting policy.

<sup>(3)</sup> Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

<sup>(4)</sup> Non-accrual security.

<sup>(5)</sup> The securities, or a portion thereof, are not 1) pledged as collateral under the Credit Facility and held through Funding I; or, 2) securing the 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, or, 3) securing the 2036 Asset-Backed Debt and held through PennantPark CLO II, Ltd. or, 4) securing the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.

<sup>(6)</sup> As of September 30, 2025, all investments are in U.S Companies. Total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%.

<sup>(7)</sup> Partial PIK non-accrual security

<sup>(8)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Below are the Consolidated Statements of Assets and Liabilities for PSSL ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** |  |
|  | **(Unaudited)** | **September 30, 2025** |
| **Assets** |  |  |
| Investments at fair value (amortized cost—$1,238,389 and $1,103,716, respectively) | 1209044 | 1084649 |
| Cash equivalents (cost—$18,001 and $47,870, respectively) | 18001 | 47870 |
| Cash (cost—15,997 and $13,690, respectively) | 15997 | 13690 |
| Interest receivable | 3782 | 4138 |
| Receivable for investments sold | 37 | 838 |
| Due from affiliate | 25 | 208 |
| Prepaid expenses and other assets | 1881 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1248767 | 1153689 |
| **Liabilities** |  |  |
| Credit facility payable | 158500 | 74500 |
| 2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,197 and $1,341, respectively) | 244803 | 244659 |
| 2037 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,732 and $1,904, respectively) | 244268 | 244096 |
| 2037-R Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $2,296 and $2,518, respectively) | 243704 | 243481 |
| Notes payable to members | 271600 | 271600 |
| Interest payable on credit facility and asset backed debt | 9361 | 16868 |
| Interest payable on notes to members | 6251 | 6788 |
| Accrued expenses | 1314 | 997 |
| Due to affiliate | 262 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1180063 | 1103039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 68704 | 50650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $1248767 | $1153689 |

---

------

<sup>(1)</sup> As of March 31, 2026 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.6 million and $0.4 million, respectively.

Below are the Consolidated Statements of Operations for PSSL ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $28992 | $27350 | $58159 | $56776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 218 | 205 | 524 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 29210 | 27555 | 58683 | 57564 |
| **Expenses:**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expense on credit facility and asset-backed debt | 13914 | 13731 | 28216 | 27816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on notes to members | 7984 | 8393 | 16296 | 17247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 795 | 717 | 1553 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 633 | 414 | 1096 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 23326 | 23255 | 47161 | 47354 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 5884 | 4300 | 11522 | 10210 |
| **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (14364) | (7788) | (16540) | (6455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 108 | (4252) | (10278) | (15142) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (14256) | (12040) | (26818) | (21597) |
| **Net increase (decrease) in members' equity resulting from operations** | $(8372) | $(7740) | $(15296) | $(11387) |

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<sup>(1)</sup> No management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Consolidated Statement of Operations. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management on a quarterly basis.

**PennantPark Senior Secured Loan Fund II LLC** 

In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II invests in portfolio companies in the same industries in which we may directly invest. PSSL II commenced operations on November 18, 2025. As of March 31, 2026, PSSL II had total assets of $357.5 million and its investment portfolio consisted of investments in 54 portfolio companies. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL II was $13.0 million and the five largest investments totaled $64.8 million. PSSL II invests in portfolio companies in the same industries in which we may directly invest.

We and HL have committed to invest up to $200.0 million in the aggregate in PSSL II, with the Company committing to invest up to $150.0 million and HL committing to invest up to $50.0 million. Investments by each of the Company and HL are made in the form of membership interests and secured notes. The Company's commitment consists of $105.0 million in secured notes and $45.0 million in membership interests. HL's commitment consists of $35.0 million in secured notes and $15.0 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL.

We and HL provide capital to PSSL II in the form of secured notes and equity interests. As of March 31, 2026, our investment in PSSL II consisted of secured notes of $65.6 million ($39.4 million remaining unfunded) and equity interests of $28.1 million ($16.9 million remaining unfunded). During the three and six months ended March 31, 2025, the Company made capital contributions of approximately $37.5 million and $93.8 million of assets at their most recent fair market value as of the date of the transaction.

In November 2025, PSSL II entered into a $150.0 million revolving credit facility which bears all-in interest rate at SOFR plus 1.85% with Goldman Sachs Bank USA as administrative agent, through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions. In February 2026, the revolving credit facility was upsized to $250.0 million.

Below is a summary of PSSL II's portfolio at fair value:

---

| | |
|:---|:---|
| ($ in thousands) | **March 31, 2026** |
| Total investments | $339929 |
| Weighted average cost yield on income producing investments | 8.9% |
| Number of portfolio companies in PSSL II | 54 |
| Largest portfolio company investment | $12989 |
| Total of five largest portfolio company investments | $64847 |

---

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Below is a listing of PSSL II's individual investments as of March 31, 2026 (Par and $ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 914.5% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 11/18/2025 | 10/2/2029 | IT Services | 8.66% | SOFR+500 | 13000 | $12935 | $12675 |
| ACP Falcon Buyer, Inc. | 11/18/2025 | 8/1/2029 | Internet Software and Services | 9.16% | SOFR+550 | 814 | 822 | 814 |
| APT OPCO, LLC | 11/18/2025 | 9/30/2031 | Healthcare Providers & Services | 8.70% | SOFR+500 | 4975 | 4918 | 4975 |
| Arcfield Acquisition Corp. | 2/3/2026 | 10/28/2031 | Aerospace and Defense | 8.67% | SOFR+500 | 3990 | 3971 | 3970 |
| Archer Lewis, LLC | 11/18/2025 | 8/28/2029 | Professional Services | 9.45% | SOFR+575 | 1128 | 1128 | 1105 |
| Argano, LLC | 1/27/2026 | 9/13/2029 | Software | 9.18% | SOFR+550 | 4987 | 5037 | 4938 |
| Beacon Behavioral Support Services, LLC | 11/18/2025 | 6/21/2029 | Healthcare Providers & Services | 9.20% | SOFR+550 | 8362 | 8317 | 8362 |
| Big Top Holdings, LLC | 11/18/2025 | 2/28/2030 | Construction and Engineering | 8.95% | SOFR+525 | 12966 | 12966 | 12966 |
| BLC Holding Company, Inc. | 11/18/2025 | 11/20/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 3782 | 3782 | 3782 |
| Boss Industries, LLC | 11/18/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 8.45% | SOFR+500 | 5839 | 5839 | 5839 |
| By Light Professional IT Services, LLC | 11/18/2025 | 7/15/2031 | Aerospace and Defense | 9.17% | SOFR+550 | 6982 | 6932 | 6878 |
| Carisk Buyer, Inc. | 11/18/2025 | 12/3/2029 | Healthcare Technology | 8.70% | SOFR+500 | 5862 | 5862 | 5876 |
| Case Works, LLC | 11/18/2025 | 10/1/2029 | Professional Services | 8.95% | SOFR+525 | 4468 | 4375 | 4424 |
| Commercial Fire Protection Holdings, LLC | 11/18/2025 | 9/23/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 12967 | 12967 | 12967 |
| Cornerstone Advisors of Arizona, LLC | 1/27/2026 | 5/13/2032 | Professional Services | 8.45% | SOFR+475 | 6501 | 6471 | 6468 |
| Crane 1 Services, Inc. | 11/18/2025 | 8/16/2027 | Commercial Services & Supplies | 9.53% | SOFR+586 | 2511 | 2496 | 2473 |
| EDS Buyer, LLC | 11/18/2025 | 1/10/2029 | Aerospace and Defense | 8.20% | SOFR+450 | 1970 | 1975 | 1970 |
| Emergency Care Partners, LLC | 11/18/2025 | 10/18/2027 | Healthcare Providers & Services | 8.70% | SOFR+500 | 6250 | 6250 | 6250 |
| ETE Intermediate II, LLC | 11/18/2025 | 5/29/2029 | Auto Components | 8.70% | SOFR+500 | 973 | 973 | 973 |
| GGG MIDCO, LLC | 11/18/2025 | 9/27/2030 | Diversified Consumer Services | 8.67% | SOFR+500 | 9458 | 9458 | 9546 |
| Global Holdings InterCo, LLC | 2/12/2026 | 9/16/2027 | Diversified Financial Services | 9.28% | SOFR+560 | 4204 | 4090 | 4204 |
| Harris & Co, LLC | 11/18/2025 | 8/9/2030 | Professional Services | 8.67% | SOFR+500 | 12967 | 12925 | 12967 |
| Harvest Group Topco Buyer, LLC | 3/31/2026 | 3/2/2032 | Media | 8.42% | SOFR+475 | 8000 | 7963 | 7960 |
| HEC Purchaser Corp. | 11/18/2025 | 6/17/2029 | Health Care Equipment & supplies | 8.70% | SOFR+500 | 4839 | 4839 | 4839 |
| Highwire Public Relations, LLC | 1/28/2026 | 1/12/2031 | Professional Services | 8.70% | SOFR+500 | 3500 | 3479 | 3465 |
| Hills Distribution, Inc. | 11/18/2025 | 11/8/2029 | Distributors | 9.21% | SOFR+550 | 2609 | 2598 | 2609 |
| IG Investments Holdings, LLC | 2/11/2026 | 9/22/2028 | Professional Services | 8.67% | SOFR+500 | 5077 | 5053 | 4963 |
| Impact Advisors, LLC | 1/27/2026 | 3/19/2032 | Healthcare Technology | 8.19% | SOFR+450 | 9108 | 9108 | 9108 |
| LJ Avalon Holdings, LLC | 12/2/2025 | 2/1/2030 | Construction and Engineering | 8.15% | SOFR+450 | 7963 | 7963 | 7883 |
| MBS Holdings, Inc. | 11/18/2025 | 4/16/2027 | Internet Software and Services | 8.77% | SOFR+510 | 5106 | 5106 | 5106 |
| MOREgroup Holdings, Inc. | 1/6/2026 | 1/16/2030 | Construction and Engineering | 8.95% | SOFR+525 | 7204 | 7204 | 7204 |
| Medina Health, LLC | 11/18/2025 | 10/20/2028 | Healthcare and Pharmaceuticals | 9.95% | SOFR+625 | 3314 | 3323 | 3314 |
| MES Intermediate, Inc. | 11/18/2025 | 10/1/2027 | Distributors | 8.45% | SOFR+475 | 12984 | 12984 | 12958 |
| North American Rail Solutions | 11/18/2025 | 8/29/2031 | Road and Rail | 8.45% | SOFR+475 | 12967 | 12908 | 12903 |
| OSP Embedded Purchaser, LLC | 11/18/2025 | 12/17/2029 | Aerospace and Defense | 9.45% | SOFR+575 | 6965 | 6864 | 6860 |
| PCS MIDCO, Inc. | 11/18/2025 | 3/1/2030 | Professional Services | 9.45% | SOFR+575 | 2343 | 2354 | 2343 |
| PD Tri-State Holdco, LLC. | 11/18/2025 | 10/14/2030 | Diversified Consumer Services | 8.95% | SOFR+525 | 2963 | 2939 | 2992 |
| PN Buyer, Inc. | 1/9/2026 | 7/31/2031 | Professional Services | 8.17% | SOFR+450 | 9975 | 9929 | 9875 |
| Pacific Purchaser, LLC | 11/18/2025 | 10/2/2028 | Professional Services | 9.99% | SOFR+625 | 2199 | 2179 | 2199 |
| PAR Excellence Holdings, Inc. | 11/18/2025 | 9/3/2030 | Healthcare Technology | 8.67% | SOFR+500 | 6965 | 6902 | 6826 |
| Paving Lessor Corp. | 1/28/2026 | 7/1/2031 | Commercial Services & Supplies | 8.94% | SOFR+525 | 4815 | 4793 | 4815 |
| Project Granite Buyer, Inc. | 11/18/2025 | 12/31/2030 | Professional Services | 9.45% | SOFR+575 | 3934 | 3972 | 3934 |
| Puget Collision, LLC | 11/18/2025 | 10/3/2030 | Automobiles | 8.45% | SOFR+475 | 8124 | 8078 | 8043 |
| Rancho Health MSO, Inc. | 11/18/2025 | 6/20/2029 | Healthcare Providers & Services | 8.66% | SOFR+500 | 6841 | 6841 | 6841 |
| Sabel Systems Technology Solutions, LLC | 1/31/2025 | 10/31/2030 | IT Services | 9.67% | SOFR+600 | 8977 | 8977 | 8977 |
| Sath Industries, LLC | 11/18/2025 | 12/17/2029 | Building Products | 9.20% | SOFR+550 | 3338 | 3338 | 3338 |
| Sigma Defense Systems, LLC | 11/18/2025 | 12/20/2027 | Aerospace and Defense | 10.10% | SOFR+640 | 10422 | 10388 | 10318 |
| Smartronix, LLC | 11/24/2025 | 2/6/2032 | Aerospace and Defense | 8.17% | SOFR+450 | 5940 | 5919 | 5841 |
| Systems Planning And Analysis, Inc. | 11/18/2025 | 8/16/2027 | Aerospace and Defense | 8.45% | SOFR+475 | 12989 | 12931 | 12989 |
| TMII Enterprises, LLC | 11/18/2025 | 12/22/2028 | Professional Services | 8.17% | SOFR+450 | 1969 | 1969 | 1969 |
| The Bluebird Group, LLC | 11/18/2025 | 7/28/2026 | Professional Services | 9.60% | SOFR+590 | 5012 | 5012 | 5012 |
| The Vertex Companies, LLC | 11/18/2025 | 8/31/2028 | Construction and Engineering | 8.77% | SOFR+500 | 7705 | 7692 | 7666 |
| Transgo, LLC | 11/18/2025 | 12/29/2028 | Auto Components | 8.92% | SOFR+525 | 7980 | 7927 | 7860 |
| Tyto Athene, LLC | 11/18/2025 | 4/3/2028 | IT Services | 8.56% | SOFR+490 | 4626 | 4524 | 4497 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $340545 | $339929 |
| **Total Investments - 914.5% of Net Assets** <sup>(3)(4)</sup> |  |  |  |  |  |  | $340545 | $339929 |
| **Cash Equivalents - 14.4% of Net Assets** |  |  |  |  |  |  |  |  |
| Dreyfus Govt CM INST 289 |  |  |  | 3.54% |  |  | $5320 | $5320 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $5320 | $5320 |
| **Cash - 24.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $9169 | $9169 |
| **Total Cash** |  |  |  |  |  |  | $9169 | $9169 |
| **Total Investments, Cash Equivalents, and Cash —953.5% of Net Assets** |  |  |  |  |  |  | $355034 | $354418 |
| **Liabilities in Excess of Other Assets — (853.5)% of Net Assets** |  |  |  |  |  |  |  | (317246) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $37172 |

---

**——————————————————**

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL II's accounting policy.

<sup>(3)</sup> As of March 31, 2026, all investments were in U.S Companies, and total cost, fair value, percentage of Net Assets for the U.S Companies were $340.5 million, $339.9 million and 914.5%.

<sup>(4)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Below are the Consolidated Statements of Assets and Liabilities for PSSL II ($ in thousands):

---

| | |
|:---|:---|
|  | **March 31, 2026** |
|  | **(Unaudited)** |
| **Assets** |  |
| Investments at fair value (amortized cost—$340,545) | 339929 |
| Cash equivalents (cost—$5,320) | 5320 |
| Cash (cost—$9,169) | 9169 |
| Interest receivable | 904 |
| Prepaid expenses and other assets | 2169 |
| Due from affiliate | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 357509 |
| **Liabilities** |  |
| Credit facility payable | 226000 |
| Notes payable to members | 87500 |
| Interest payable on credit facility | 3247 |
| Interest payable on notes to members | 1644 |
| Distribution payable to members | 1200 |
| Accrued expenses | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 320337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 37172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $357509 |

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—————————————————

<sup>(1)</sup> As of March 31, 2026, PSSL II had unfunded commitments to fund investments of zero.

Below are the Consolidated Statements of Operations for PSSL II ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **For the period November 18, 2025 (commencement of operations) through March 31, 2026** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $6333 | $8535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 18 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 6351 | 8560 |
| **Expenses:**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expense on credit facility | 2659 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on notes to members | 2238 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 233 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 156 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses before debt issuance costs** | 5286 | 7039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 1032 | 1488 |
| **Realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (135) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (135) | (616) |
| **Net increase (decrease) in members' equity resulting from operations** | $897 | $872 |

---

—————————————————

<sup>(1)</sup> No management or incentive fees are payable by PSSL II. If any fees were to be charged, they would be separately disclosed in the Consolidated Statement of Operations. PSSL II pays the Administrator an annual fee of 0.25% of the total assets under management on a quarterly basis.

**5. FAIR VALUE OF FINANCIAL INSTRUMENTS**

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

---

| | |
|:---|:---|
| Level 1: | Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.<br>|
| Level 2: | Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.<br>|

---

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, including our 2036 Asset-Backed Debt, 2036-R, Asset-Backed Debt, 2037 Asset-Backed Debt, 2038-R Asset Backed Debt and our Credit Facility are classified as Level 3. Our 2026 Notes and 2029 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

The inputs into the determination of fair value may require significant management judgment or estimation. Even if observable market data is available, such information may be the result of consensus pricing information, disorderly transactions or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence was available. Corroborating evidence that would result in classifying these non-binding broker/dealer bids as a Level 2 asset includes observable orderly market-based transactions for the same or similar assets or other relevant observable market-based inputs that may be used in pricing an asset.

Our investments are generally structured as floating rate loans, mainly first lien secured debt, but also may include second lien secured debt, subordinated debt and equity investments. The transaction price, excluding transaction costs, is typically the best estimate of fair value at inception. Ongoing reviews by our Investment Adviser and independent valuation firms are based on an assessment of each underlying investment, incorporating valuations that consider the evaluation of financing and sale transactions with third parties, expected cash flows and market-based information including comparable transactions, performance multiples and yields, among other factors. These non-public investments valued using unobservable inputs are included in Level 3 of the fair value hierarchy.

A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in our ability to observe valuation inputs may result in a reclassification for certain financial assets or liabilities.

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, our 2029 Notes, our 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt, our 2037 Asset-Backed Debt, our 2038-R Asset-Backed Debt and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value. See Note 2.

As outlined in the table below, some of our Level 3 investments use a market-based valuation technique which values such assets using the average of the bids from brokers or dealers. The bids include a disclaimer, may not have corroborating evidence, may be the result of a disorderly transaction and may be the result of consensus pricing. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such bids do not reflect the fair value of an investment, it may independently value such investment by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available. In accordance with ASC 820, we do not categorize any investments for which fair value is measured using net asset value per share as a practical expedient within the fair value hierarchy.

The remainder of our investment portfolio and our long-term Credit Facility are valued using a market comparable or an enterprise market value technique. With respect to investments for which there is no readily available market value, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company's ability to make payments, its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities, discounted for lack of marketability and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event, excluding transaction costs, is used to corroborate the valuation. When using earnings multiples to value a portfolio company, the multiple used requires the use of judgment and estimates in determining how a market participant would price such an asset. These non-public investments using unobservable inputs are included in Level 3 of the fair value hierarchy. Generally, the sensitivity of unobservable inputs or combination of inputs such as industry comparable companies, market outlook, consistency, discount rates and reliability of earnings and prospects for growth, or lack thereof, affects the multiple used in pricing an investment. As a result, any change in any one of those factors may have a significant impact on the valuation of an investment. Generally, an increase in a market yield will result in a decrease in the valuation of a debt investment, while a decrease in a market yield will have the opposite effect. Generally, an increase in earnings before interest, taxes, depreciation and amortization, or EBITDA, multiple will result in an increase in the valuation of an investment, while a decrease in an EBITDA multiple will have the opposite effect.

Our Level 3 valuation techniques, unobservable inputs and ranges were categorized as follows for ASC 820 purposes ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair value at March 31, 2026** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br>(Weighted Average)** <sup>(1)</sup> |
| First lien | $92244 | Market Comparable | Broker/Dealer bids or quotes | N/A |
| First lien | 2092114 | Market Comparable | Market yield | 7.0% - 20.1% (9.6%) |
| First lien | 62964 | Enterprise Market Value | EBITDA multiple | 6.5x - 17.9x (13.2x) |
| First lien | 4806 | Market Comparable | Revenue multiple | 0.9x |
| Subordinated debt | 14528 | Market Comparable | Market yield | 12.0% - 25.0% (15.5%) |
| Subordinated debt | 4285 | Enterprise Market Value | EBITDA multiple | 7.5% - 26.2% (24.3%) |
| Equity | 221345 | Enterprise Market Value | EBITDA multiple | 1.3x - 28.0x (14.4x) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Level 3 investments | $2492286 |  |  |  |
| Long-Term Credit Facility | $328333 | Market Comparable | Market yield | 5.5% |

---

**____________________________________________**

<sup>(1)</sup> The weighted averages disclosed in the table above were weighted by their relative fair value.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Fair value at September 30, 2025** | **Valuation Technique** | **Unobservable Input** | **Range of Input<br>(Weighted Average)** <sup>(1)</sup> |
| First lien | $114625 | Market Comparable | Broker/Dealer bids <br>or quotes | N/A |
| First lien | 2377201 | Market Comparable | Market Yield | 4.0% - 24.5% (9.9%) |
| First lien | 17969 | Enterprise Market Value | EBITDA multiple | 8.3x |
| First lien | 3836 | Market Comparable | Revenue Multiple | 0.6x |
| Second Lien | 995 | Market Comparable | Broker/Dealer bids <br>or quotes | N/A |
| Subordinated debt | 17439 | Market Comparable | Market Yield | 7.0% - 25.4% (17.1%) |
| Subordinated debt | 547 | Enterprise Market Value | EBITDA multiple | 14.8x |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity | $196398 | Enterprise Market Value | EBITDA multiple | 0.6x - 28.3x (10.8x) |
| Total Level 3 investments | $2729010 |  |  |  |
| Long-Term Credit Facility | $683837 | Market Comparable | Market Yield | 4.8% |

---

------

<sup>(1)</sup> The weighted averages disclosed in the table above were weighted by their relative fair value.

Our investments, cash and cash equivalents, Credit Facility, 2026 Notes, 2029 Notes, 2038-R Asset-Backed Debt, 2036-R Asset-Backed Debt, 2036 Asset-Backed Debt, and 2037 Asset-Backed Debt were categorized as follows in the fair value hierarchy for ASC 820 purposes ($ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** | **Fair Value at March 31, 2026** |
| **Description** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Measured at Net<br>Asset Value** <sup>(1)</sup> |
| First lien | $2252128 | $— | $— | $2252128 | $— |
| Subordinate debt | 18813 |  |  | 18813 |  |
| Equity | 309340 |  |  | 221345 | 87995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 2580281 |  |  | 2492286 | 87995 |
| Cash equivalents | 31427 | 31427 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash equivalents | $2611708 | $31427 | $— | $2492286 | $87995 |
| Long Term Credit Facility payable | $328333 | $— | $— | $328333 | $— |
| 2026 Notes payable<sup>(2)</sup> | 184998 |  | 184998 |  |  |
| 2029 Notes payable <sup>(2)</sup> | 195868 |  | 195868 |  |  |
| 2038-R Asset-Backed Debt<sup>(2)</sup> | 284770 |  |  | 284770 |  |
| 2036-R Asset-Backed Debt<sup>(2)</sup> | 286585 |  |  | 286585 |  |
| 2037 Asset-Backed Debt <sup>(2)</sup> | 387145 |  |  | 387145 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $1667699 | $— | $380866 | $1286833 | $— |

---

———————————————

<sup>(1)</sup> In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL and PSSL II are measured using net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.

<sup>(2)</sup> We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes, 2029 Notes, 2038-R Asset-Backed Debt, 2036-R Asset-Backed Debt, and 2037 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** | **Fair Value at September 30, 2025** |
| **Description** | **Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Measured at Net<br>Asset Value** <sup>(1)</sup> |
| First lien | $2513631 | $— | $— | $2513631 | $— |
| Second lien and Subordinate debt | 18981 |  |  | 18981 |  |
| Equity | 240716 |  |  | 196398 | 44318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 2773328 |  |  | 2729010 | 44318 |
| Cash equivalents | 40729 | 40729 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments and cash equivalents | $2814057 | $40729 | $— | $2729010 | $44318 |
| Long Term Credit Facility payable | $683837 | $— | $— | $683837 | $— |
| 2026 Notes payable<sup>(2)</sup> | 184609 |  | 184609 |  |  |
| 2036 Asset-Backed Debt<sup>(2)</sup> | 284627 |  |  | 284627 |  |
| 2036-R Asset-Backed Debt<sup>(2)</sup> | 265366 |  |  | 265366 |  |
| 2037 Asset-Backed Debt<sup>(2)</sup> | 358331 |  |  | 358331 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total debt | $1776770 | $— | $184609 | $1592161 | $— |

---

<sup>(1)</sup> In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, our equity investments in PSSL is measured using net asset value per share (or its equivalent) as a practical expedient for fair value in accordance with the specialized accounting guidance for investment companies, and thus has not been classified in the fair value hierarchy.

<sup>(2)</sup> We elected not to apply the fair value option allowed by ASC 825-10 to the 2026 Notes, 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, and the 2037 Asset-Backed Debt and thus the balance reported in the Consolidated Statement of Assets and Liabilities represents the carrying value, which approximates the fair value.

The tables below show a reconciliation of the beginning and ending balances for fair valued investments measured using significant unobservable inputs (Level 3)

($ in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** | **Six Months Ended March 31, 2026** |
| **Description** | **First Lien** | **Second lien,<br>subordinated<br>debt and equity<br>investments** | **Totals** |
| Beginning balance | $2513631 | $215379 | $2729010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (8012) | 1945 | (6067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (20609) | 24353 | 3744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, PIK interest, net discount accretion and non-cash exchanges | 394789 | 7167 | 401956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, repayments and non-cash exchanges | (627671) | (8686) | (636357) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in and/or out of Level 3 |  |  |  |
| Ending balance | $2252128 | $240158 | $2492286 |
| Net change in unrealized appreciation (depreciation) reported within the net change in unrealized<br> appreciation (depreciation) on investments in our consolidated statements of operations<br> attributable to our Level 3 assets still held at the reporting date. | $(25226) | $24575 | $(651) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** | **Six Months Ended March 31, 2025** |
| **Description** | **First Lien** | **Second lien,<br>subordinated<br>debt and equity<br>investments** | **Totals** |
| Beginning balance | $1746697 | $171142 | $1917839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 879 | 22318 | 23197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (18852) | (11597) | (30449) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, PIK interest, net discount accretion and non-cash exchanges | 870397 | 18472 | 888869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales, repayments and non-cash exchanges | (498948) | (24720) | (523668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers in and/or out of Level 3 |  |  |  |
| Ending balance | $2100173 | $175615 | $2275788 |
| Net change in unrealized depreciation reported within the net change in unrealized<br> depreciation on investments in our consolidated statements of operations<br> attributable to our Level 3 assets still held at the reporting date. | $(14454) | $7798 | $(6656) |

---

The table below shows a reconciliation of the beginning and ending balances for liabilities recognized at fair value and measured using significant unobservable inputs (Level 3)($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
| **Long-Term Credit Facility** | **2026** | **2025** |
| Beginning balance (cost – $683,855 and $443,855, respectively) | $683837 | $443880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) appreciation included in earnings | (4) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 141500 | 235001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments | (497000) | (405000) |
| Ending balance (cost – $328,355 and $273,855, respectively) | $328333 | $273790 |

---

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

As of March 31, 2026, we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S. dollar borrowings as of March 31, 2026 (CAD and $ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Amount<br>Borrowed** | **Borrowing Cost** | **Current Value** | **Reset Date** | **Unrealized appreciation (depreciation)** |
| Canadian Dollar | CAD 2,000 | $1455 | $1433 | 4/1/26 | (22) |

---

As of September 30, 2025 we had outstanding non-U.S. dollar borrowings on our Credit Facility. The following table shows our non-U.S dollar borrowings as of September 30, 2025. (CAD and $ in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Foreign Currency** | **Amount<br>Borrowed** | **Borrowing Cost** | **Current Value** | **Reset Date** | **Unrealized appreciation (depreciation)** |
| Canadian Dollar | CAD 2,000 | $1455 | $1437 | 10/1/2025 | (18) |

---

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles under ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility. We elected to use the fair value option for the Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred zero and $0.5 million of expenses relating to amendment costs on the Credit Facility for the three and six months ended March 31, 2026 and we incurred $0.4 million relating to amendment costs on the Credit Facility during the three and six months ended March 31, 2025. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company's choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including our 2026 Notes, our 2029 Notes, 2036-R Asset-Backed Debt, the 2037 Asset-Backed Debt and 2038-R Asset-Backed Debt, .

For the three and six months ended March 31, 2026, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and less than $0.1 million, respectively. For the three and six months ended March 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively. As of March 31, 2026 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately zero and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

**6. TRANSACTIONS WITH AFFILIATED COMPANIES**

An affiliated portfolio company is a company in which we have ownership of 5% or more of its voting securities. A portfolio company is generally presumed to be a non-controlled affiliate when we own at least 5% but less than 25% of its voting securities and a controlled affiliate generally when we own more than 25% of its voting securities. Transactions related to our funded investments with both controlled and non-controlled affiliates for the six months ended March 31, 2026 and 2025 were as follows ($ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at September 30, 2025** | **Gross Additions** | **Gross Reductions** | **Net Realized<br>Gains (Losses)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair Value at March 31, 2026** | **Interest Income** | **Dividend/<br>Other<br> Income** |
| **Controlled Affiliates** |  |  |  |  |  |  |  |  |
| PennantPark Senior Secured Loan Fund II LLC \*\* | $— | $93750 | $— | $— | $(246) | $93504 | $2264 | $900 |
| PennantPark Senior Secured Loan Fund I LLC \* | 281968 | 39375 |  |  | (23577) | 297766 | 14233 | 10194 |
| Total Controlled Affiliates | $281968 | $133125 | $— | $— | $(23823) | $391270 | $16497 | $11094 |

---

**\*** We and Kemper are the members of PSSL, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL make investments in PSSL in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL must be submitted to PSSL's board of directors or investment committee, both of which are comprised of two members appointed by each of us and Kemper. Because management of PSSL is shared equally between us and Kemper, we do not believe we control PSSL for purposes of the 1940 Act or otherwise

\*\* We and HL are the members of PSSL II, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL II make investments in PSSL II in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL II must be submitted to PSSL II's board of directors or investment committee, both of which are comprised of equal number of representatives from each the Company and HL. Because management of PSSL II is shared equally between us and HL, we do not believe we control PSSL II for purposes of the 1940 Act or otherwise.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Investment** | **Fair Value at September 30, 2024** | **Gross Additions** | **Gross Reductions** | **Net Realized<br>Gains (Losses)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Fair Value at March 31, 2025** | **Interest Income** | **Dividend/<br>Other<br> Income** |
| **Controlled Affiliates** |  |  |  |  |  |  |  |  |
| Marketplace Events, LLC\*\* | $57107 | $4214 | $(59795) | $22811 | $(24337) | $— | $5062 | $306 |
| PennantPark Senior Secured |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Loan Fund I LLC \* | 294128 | 21875 |  |  | (18713) | 297290 | 15091 | 8750 |
| Total Controlled Affiliates | $351235 | $26089 | $(59795) | $22811 | $(43050) | $297290 | $20153 | $9056 |

---

\* We and Kemper are the members of PSSL, a joint venture formed as a Delaware limited liability company that is not consolidated by us for financial reporting purposes. The members of PSSL make investments in PSSL in the form of first lien secured debt and equity interests, and all portfolio and other material decisions regarding PSSL must be submitted to PSSL's board of directors or investment committee, both of which are comprised of two members appointed by each of us and Kemper. Because management of PSSL is shared equally between us and Kemper, we do not believe we control PSSL for purposes of the 1940 Act or otherwise.

\*\* Marketplace was sold during the Q1 2025 quarter.

**7. CHANGE IN NET ASSETS FROM OPERATIONS PER COMMON SHARE**

The following information sets forth the computation of basic and diluted per share net increase in net assets resulting from operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;($ in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| Numerator for net increase in net assets resulting from operations | $28738 | $1225 | $25159 | $29553 |
| Denominator for basic and diluted weighted average shares | 99217896 | 90086785 | 99217896 | 85828775 |
| Basic and diluted net increase in net assets per share resulting from operations | $0.29 | $0.01 | $0.25 | $0.34 |

---

**8. CASH AND CASH EQUIVALENTS**

Cash equivalents represent cash in money market funds pending investment in longer-term portfolio holdings and for other general purposes. Our portfolio may consist of temporary investments in U.S. Treasury Bills (of varying maturities), repurchase agreements, money market funds or repurchase agreement-like treasury securities. These temporary investments with original maturities of 90 days or less are deemed cash equivalents and are included in the Consolidated Schedule of Investments. At the end of each fiscal quarter, we may take proactive steps to preserve investment flexibility for the next quarter by investing in cash equivalents, which depends upon the composition of our total assets at quarter-end. We may accomplish this in several ways, including purchasing U.S. Treasury Bills and closing out positions on a net cash basis after quarter-end, temporarily drawing down on the Credit Facility, or utilizing repurchase agreements or other balance sheet transactions as are deemed appropriate for this purpose. These amounts are excluded from average adjusted gross assets for purposes of computing the Investment Adviser's management fee. U.S. Treasury Bills with maturities greater than 60 days from the time of purchase are valued consistent with our valuation policy. As of March 31, 2026, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $31.4 million and $90.4 million at fair value, respectively, for total cash and cash equivalents of $121.9 million as shown on the Consolidated Statement of Cash Flows for the period ended March 31, 2026. As of September 30, 2025, cash and cash equivalents consisted of money market funds and non-money market fund in the amounts of $40.7 million and $82.0 million at fair value, respectively.

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

**9. FINANCIAL HIGHLIGHTS**

Below are the financial highlights ($ in thousands, except per share data):

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** |
| **Per Share Data:** |  |  |
| Net asset value, beginning of period | $10.83 | $11.31 |
| Net investment income <sup>(1)</sup> | 0.53 | 0.64 |
| Net change in realized and unrealized gain (loss) <sup>(1)</sup> | (0.27) | (0.30) |
| Net increase (decrease) in net assets resulting from operations <sup>(1), (7)</sup> | 0.25 | 0.34 |
| Distributions to stockholders <sup>(1), (2)</sup> | (0.62) | (0.62) |
| Accretive effect of common stock issuance |  | 0.04 |
| Net asset value, end of period <sup>(7)</sup> | $10.47 | $11.07 |
| Per share market value, end of period | $8.04 | $11.19 |
| Total return <sup>\*(3)</sup> | (3.11%) | 2.20% |
| Shares outstanding at end of period | 99217896 | 96417896 |
| **Ratios**<sup>\*\*</sup> **/ Supplemental Data:** |  |  |
| Ratio of operating expenses to average net assets\*\* <sup>(4)</sup> | 5.84% | 5.88% |
| Ratio of debt related expenses to average net assets\*\* <sup>(5)</sup> | 9.88% | 9.26% |
| Ratio of total expenses to average net assets\*\* <sup>(5)</sup> | 15.72% | 15.14% |
| Ratio of net investment income to average net assets\*\* <sup>(5)</sup> | 10.08% | 11.34% |
| Net assets at end of period | $1038657 | $1067131 |
| Weighted average debt outstanding | $1708987 | $1330975 |
| Weighted average debt per share <sup>(1)</sup> | $17.22 | $15.51 |
| Asset coverage per unit <sup>(6)</sup> | $1619 | $1777 |
| Portfolio turnover rate<sup>\*</sup> | 22.74% | 21.14% |

---

Note: The expense and investment income ratios above do not reflect the Company's proportionate share of income and expenses of PSSL, PSSL II, and PTSF II (prior to becoming a wholly owned consolidated subsidiary)

**\*** Not annualized for periods less than one year.

**\*\*** Re-occurring investment income and expenses included in these ratios are annualized for periods less than one year.

<sup>(1)</sup> Based on the weighted average shares outstanding for the respective periods.

<sup>(2)</sup> The tax status of distributions is calculated in accordance with U.S federal income tax regulations, which may differ from amounts determined under GAAP, and reported on Form 1099-DIV each calendar year.

<sup>(3)</sup> Based on the change in market price per share during the periods and assumes distributions, if any, are reinvested.

<sup>(4)</sup> Total expenses excluding debt-related costs.

<sup>(5)</sup> Includes interest and expenses on debt (annualized) as well as Credit Facility amendment and debt issuance costs, if any, (not annualized).

<sup>(6)</sup> The asset coverage ratio for a class of senior securities representing indebtedness is calculated on our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by the senior securities representing indebtedness at par (changed from fair value). This asset coverage ratio is multiplied by $1,000 to determine the asset coverage per unit.

<sup>(7)</sup> Does not foot due to rounding, as applicable.

**10. DEBT**

The annualized weighted average cost of debt for the six months ended March 31, 2026 and 2025, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.1% and 6.8%, respectively.

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the Small Business Credit Availability Act, or SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of March 31, 2026 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act, was 162% and 160%, respectively.

***Credit Facility***

As of March 31, 2026, the Credit Facility had commitments $768.0 million (increased from $718.0 million in November 2025) and an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 200 basis points, a maturity date of August 2030 and a revolving period that ends in August 2028. As of March 31, 2026 and September 30, 2025, Funding I had $328.3 million and $683.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 5.7% and 6.3%, exclusive of the fee on undrawn commitments as of March 31, 2026 and September 30, 2025, respectively. As of March 31, 2026 and September 30, 2025, Funding I had $439.7 million and $34.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions. The Credit Facility is subject to satisfaction of certain conditions and the regulatory restrictions that the 1940 Act imposes on us as a BDC.

In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028 from August 2027, extended the maturity date of the Credit Facility by one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.

In November 2025, the Credit Facility was amended. The terms of the amendment increased the aggregate commitment amounts of the lenders party to the Credit Facility from $718.0 million to $768.0 million, pricing under the Credit Facility remains at SOFR plus 200 basis points.

The Credit Facility contains customary covenants, including, but not limited to, restrictions of loan size, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a minimum equity

------

**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of March 31, 2026, we were in compliance with the covenants relating to the Credit Facility.

We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.

Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made all required payments of (1) cash interest and, if applicable, principal to the Lenders, (2) administrative expenses and (3) claims of other unsecured creditors of Funding I. The Investment Adviser has irrevocably directed that any management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.

***2026 Notes***

In March 2021 and in October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of $185.0 million of our 2026 Notes at a public offering price per note of 99.4% and 101.5%, respectively. Interest on the 2026 Notes is paid semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all of our existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system. The 2026 Notes were repaid in full on April 1, 2026.

***2029 Notes***

In March 2026, we issued $200.0 million in aggregate principal amount of our 2029 Notes at a public offering price per note of 99.3%. Interest on the 2029 Notes is paid semiannually on March 4 and September 4 of each year, at a rate of 6.75% per year, commencing September 4, 2026. The effective interest rate is 7.00%. The 2029 Notes mature on March 4, 2029 and may be redeemed in whole or in part at our option subject to make whole premium if redeemed more than three months prior to maturity. The 2029 Notes, are our general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness. The 2029 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2029 Notes on any securities exchange or automated dealer quotation system.

***2031 Asset-Backed Debt / 2036-R Asset-Backed Debt***

In September 2019, the Company completed the $301.4 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company's asset coverage requirements. The 2031 Asset-Backed Debt was issued by the Securitization Issuer. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Loans maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C-1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The annualized interest on the 2031 Asset-Backed Debt will be paid, to the extent of funds available. The reinvestment period of the Debt Securitization ended on October 15, 2023 and the 2031 Asset-Backed Debt is scheduled to mature on October 15, 2031.

On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by certain of our wholly owned subsidiaries, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of approximately $55.4 million at the closing of the Debt Securitization.

On July 25, 2024, the Company closed the refinancing of the 2031Asset-Backed Debt and upsize of a four-year reinvestment period and 12-year final maturity $351.0 million debt securitization in the form of a collateralized loan obligation (the "2036-R Asset-Backed Debt"). The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12.0 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21.0 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the Issuer of $64.0 million of subordinated notes pursuant to the Indenture and (C) the borrowing by the Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, dated the closing date, by and among the Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The replacement debt matures in July 2036. The replacement debt was 100% funded at closing.

The obligations of the Issuers under the replacement are non-recourse to the Company. As of September 30, 2025, the Company retained the D-R Notes and the Subordinated Notes through a consolidated subsidiary. On October 29, 2025 the Company sold $21.0 million of initially retained D-R Notes, to a third party. As of March 31, 2026, the Company no longer consolidates the D-R Notes. As of March 31, 2026 and September 30, 2025, the Company had $287.0 million and $266.0 million, respectively of external, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 5.7% and 6.2%, respectively. As of March 31, 2026 and September 30, 2025, the unamortized fees on the 2036-R Asset-Backed Debt were $0.4 million and $0.6 million, respectively.

Our Investment Adviser serves as collateral manager to the Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

***2036 Asset-Backed Debt / 2038-R Asset-Backed Debt***

In February 2024, the Company completed the $350.6 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company's asset coverage requirements. The 2036 Asset-Backed Debt was issued by the 2036 Securitization Issuer. The 2036 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the 2036 Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 2.30%, (ii) $14.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 2.70%, (iii) $24.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 2.90%, (iv) $28 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 3.90%, (v) $21.0 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 5.90%, (together, the "Secured Notes"), and (vi) $63.6 million of subordinated notes ("Subordinated Notes") and (B) the borrowing of $60.0 million AAA(sf) Class A-1 Senior Secured Floating Rate Loans (the "Class A-1 Loans" and together with the Secured Notes and Subordinated Notes, the "Debt"), which bear interest at three-month SOFR plus 2.30%, under a credit agreement (the "Credit Agreement"), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.

In February 2026, the Company closed the refinancing of the 2036 Asset-Backed Debt and a four-year reinvestment period and 12-year final maturity $356.5 million debt securitization in the form of a collateralized loan obligation (the "2038-R Asset-Backed Debt"). The 2038-R Asset-Backed Debt was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain indenture, dated February 2026: (i) $123.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.43%, (ii) $80.0 million of A-1-R Loans, which bear interest at three-month SOFR plus 1.43%, (iii) $14.0 million of Class A-2-R Notes, which bear interest at three-month SOFR plus 1.60%, (iv) $26.3 million of B-R Loans, which bear interest at three-month SOFR plus 1.75% and (v) $24.5 million of C-R Notes, which bear interest at three-month SOFR plus 2.15%, (vi) $19.3 million of D-R Notes, which bear interest at three-month SOFR plus 3.20%, (B) the issuance by the Issuer of $69.5 million of subordinated notes pursuant to the Indenture. The replacement debt matures in April 2038. The replacement debt was 100% funded at closing. The Company retained the $69.5 million of the subordinated notes.

The 2038-R Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Subordinated Notes of the 2038-R Securitization Issuer were eliminated in consolidation. As of March 31, 2026 and September 30, 2025, the Company had $287.0 million of 2038-R Asset-Backed Debt and 2036 Asset Backed Debt, respectively, outstanding with a weighted average interest rate of 5.3% and 7.1%, respectively. As of March 31, 2026, and September 30, 2025, the unamortized fees on the 2038-R Asset-Backed Debt and 2036 Asset Backed Debt, respectively, were $2.2 million and $2.4 million, respectively.

Our Investment Adviser serves as collateral manager to the 2038-R-Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

***2037 Asset-Backed Debt***

In February 2025, the Company completed the 2037 Debt Securitization. The 2037 Notes were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the "2037 Class A-1 Notes"), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the "2037 Class A-2 Notes"), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the "2037 Class B Notes"), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the "2037 Class C Notes"), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the "2037 Class D Notes" and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the "2037 Secured Notes"), and (vi) $85.1 million of subordinated notes (the "2037 Subordinated Notes" and, together with the 2037 Secured Notes, the "2037 Notes") and (B) the borrowing by the 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the "2037 Class A-1L-A Loans") and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (the "2037 Class A-1L-B Loans" and, together with the Class A-1L-A Loans, the "2037 Asset-Backed Loans," and collectively with the 2037 Secured Notes and 2037 Subordinated Notes, the "2037 Asset-Backed Debt"), which bear interest at three-month SOFR plus 1.49%. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037.

The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation. As of September 30, 2025, the Company retained the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Asset-Backed Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029.

In November 2025 the Company sold $28.5 million of initially retained BBB-(sf) Class D Notes, to a third party. As of March 31, 2026, the Company no longer consolidates the BBB-(sf) Class D Notes.

As of March 31, 2026 and September 30, 2025, the Company had $389.5 million and $361.0 million of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.4% and 5.9%, respectively. As of March 31, 2026 and September 30, 2025, the unamortized fees on the 2037 Asset-Backed Debt were $2.4 million and $2.7 million, respectively.

Our Investment Adviser serves as collateral manager to the 2037 Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

**11. COMMITMENTS AND CONTINGENCIES**

From time to time, we may be a party to legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations. Unfunded debt and equity investments, if any, are disclosed in the Consolidated Schedules of Investments. As of March 31, 2026 and September 30, 2025, we had $581.0 million and $603.7 million, respectively, in commitments to fund investments. Additionally, as described in Note 4, the Company had unfunded commitments of $26.3 million and $65.6 million to PSSL as of March 31, 2026 and September 30, 2025, respectively, that may be contributed primarily for the purpose of funding new investments approved by the PSSL board of directors or investment committee. Additionally, the Company had unfunded commitments of $56.3

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**PENNANTPARK FLOATING RATE CAPITAL LTD. AND SUBSIDIARIES**

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued)**

**MARCH 31, 2026**

**(Unaudited)**

million to PSSL II as of March 31, 2026, that may be contributed primarily for the purpose of funding new investments approved by the PSSL II board of directors or investment committee.

**12. SEGMENT REPORTING** 

The Company operates through a single operating and reporting segment with a principal investment objective to generate both current income and capital appreciation through debt and equity investments. The CODM is comprised of the Company's Chief Executive Officer and Chief Financial Officer. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net increase (decrease) in net assets resulting from operations ("Net Income") and net investment income ("NII"). The CODM utilizes Net Income and NII as the key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of single reporting segment, the segment assets are reflected on the accompanying consolidated statements of assets and liabilities as 'total assets" and significant segment expenses are listed on accompanying consolidated statements of operations.

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**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors of PennantPark Floating Rate Capital Ltd. and its Subsidiaries

**Results of Review of Interim Financial Statements**

We have reviewed the accompanying consolidated statement of assets and liabilities of PennantPark Floating Rate Capital, Ltd. and its subsidiaries (the Company), including the consolidated schedule of investments, as of March 31, 2026, the related consolidated statements of operations and changes in net assets for the three and six month periods ended March 31, 2026 and 2025, and cash flows for the six month period ended March 31, 2026 and 2025, and the related notes to the consolidated financial statements (collectively, the interim financial information or financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of assets and liabilities of the Company, including the consolidated schedule of investments, as of September 30, 2025, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended (not presented herein); and in our report dated November 24, 2025, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of September 30, 2025, is fairly stated, in all material respects, in relation to the consolidated statement of assets and liabilities, including the consolidated schedule of investments, from which it has been derived.

**Basis for Review Results**

These interim financial statements are the responsibility of the Company's management. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ RSM US LLP

New York, New York

May 7, 2026

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**Awareness Letter of Independent Registered Public Accounting Firm**

To the Board of Directors and Stockholders of PennantPark Floating Rate Capital Ltd. and its Subsidiaries

We have reviewed, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the unaudited interim financial information of PennantPark Floating Rate Capital Ltd. and its Subsidiaries for the periods ended March 31, 2026 and 2025, as indicated in our report dated May 7, 2026; because we did not perform an audit, we expressed no opinion on that information.

We are aware that our report referred to above, which is included in your Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, is incorporated by reference in Registration Statement No.333-279726 on Form N-2.

We are also aware that the aforementioned report, pursuant to Rule 436(c) under the Securities Act of 1933, is not considered a part of the Registration Statement prepared or certified by an accountant or a report prepared or certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ RSM US LLP

New York, New York

May 7, 2026

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**Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF** **FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**FORWARD-LOOKING STATEMENTS**

This Report, including Management's Discussion and Analysis of Financial Condition and Results of Operations, contains statements that constitute forward-looking statements, which relate to us and our consolidated subsidiaries regarding future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. The forward-looking statements contained in this Report involve risks and uncertainties, including statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our future operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our business prospects and the prospects of our prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in political, economic or industry conditions, the interest rate environment or conditions affecting the financial and capital markets that could result in changes to the value of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of fluctuations in interest rates and foreign exchange rates on our business and our portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the dependence of our future success on the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the valuation of our investments in portfolio companies, particularly those having no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our expected financings and investments and ability to fund capital commitments to PSSL and PSSL II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the adequacy of our cash resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the timing of cash flows, if any, from the operations of our prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of price and volume fluctuations in the stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increasing levels of inflation, and its impact on us and our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our Investment Adviser to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the impact of future legislation and regulation on our business and our portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability to develop and maintain effective internal control over financial reporting.

We use words such as "anticipates," "believes," "expects," "intends," "seeks," "plans," "estimates" and similar expressions to identify forward-looking statements. You should not place undue influence on the forward-looking statements as our actual results could differ materially from those projected in the forward-looking statements for any reason, including the factors in "Risk Factors" and elsewhere in this Report.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and, as a result, the forward-looking statements based on those assumptions also could be inaccurate. Important assumptions include our ability to originate new loans and investments, certain margins and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Report should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based the forward-looking statements included in this Report on information available to us on the date of this Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including reports on Form 10-Q/K and current reports on Form 8-K.

You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Exchange Act, the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports we file under the Exchange Act.

The following analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and the related notes thereto contained elsewhere in this Report.

***Overview***

PennantPark Floating Rate Capital Ltd. (the "Company," "we," "our" or "us") is a business development company ("BDC") whose principal objectives are to generate both current income and capital appreciation while seeking to preserve capital by investing primarily in floating rate loans and other investments made to U.S. middle-market companies.

We believe that floating rate loans to U.S. middle-market companies offer attractive risk-reward to investors due to a limited amount of capital available for such companies. We use the term "middle-market" to refer to companies with annual revenues between $50.0 million and $1.0 billion. Our investments are typically rated below investment grade. Securities rated below investment grade are often referred to as "leveraged loans," "high yield" securities or "junk bonds" and are often higher risk compared

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to debt instruments that are rated above investment grade and have speculative characteristics. However, when compared to junk bonds and other non-investment grade debt, senior secured floating rate loans typically have more robust capital-preserving qualities, such as historically lower default rates than junk bonds, represent the senior source of capital in a borrower's capital structure and often have certain of the borrower's assets pledged as collateral. Our debt investments may generally range in maturity from three to ten years and are made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities which operate in various industries and geographical regions.

Under normal market conditions, we generally expect that at least 80% of the value of our managed assets will be invested in floating rate loans and other investments bearing a variable-rate of interest. We generally expect that first lien secured debt will represent at least 65% of our overall portfolio. We also generally expect to invest up to 35% of our overall portfolio opportunistically in other types of investments, including second lien secured debt and subordinated debt and, to a lesser extent, equity investments. We seek to create a carefully constructed portfolio by generally targeting an investment size between $5.0 million and $30.0 million, on average, although we expect that this investment size will vary proportionately with the size of our capital base.

Our investment activity depends on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity for such companies, the general economic environment and the competitive environment for the types of investments we make. We have used, and expect to continue to use, our debt capital, proceeds from the rotation of our portfolio and proceeds from public and private offerings of securities to finance our investment objectives.

***Organization and Structure of PennantPark Floating Rate Capital Ltd.***

The Company, a Maryland corporation organized in October 2010, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for federal income tax purposes we elected to be treated, and intend to qualify annually, as a RIC under the Code.

We execute our investment strategy directly and through our wholly owned subsidiaries, our unconsolidated joint venture and unconsolidated limited partnership. The term "subsidiary" means entities that primarily engage in investments activities in securities or other assets that are wholly owned by us. The Company does not intend to create or acquire primary control of an entity which primarily engages in investment activities of securities or other assets other than entities wholly owned by the Company. We comply with the provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 17 of the 1940 Act related to affiliated transactions and custody. To the extent that the Company forms a subsidiary advised by an investment adviser other than the Investment Adviser, the investment adviser to such subsidiaries will comply with the provisions of the 1940 Act relating to investment advisory contracts, including but not limited to, Section 15, as if it were an investment adviser to the Company under Section 2(a)(20) of the 1940 Act.

Our investment activities are managed by the Investment Adviser. Under our Investment Management Agreement, we have agreed to pay our Investment Adviser an annual base management fee based on our average adjusted gross assets as well as an incentive fee based on our investment performance. We have also entered into an Administration Agreement with the Administrator. Under our Administration Agreement, we have agreed to reimburse the Administrator for our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs. Our board of directors, a majority of whom are independent of us and the Investment Adviser, provides overall supervision of our activities, and the Investment Adviser supervises our day-to-day activities.

***Revenues***

We generate revenue in the form of interest income on the debt securities we hold and capital gains and dividends, if any, on investment securities that we may acquire in portfolio companies. Our debt investments, whether in the form of first lien secured debt, second lien secured debt or subordinated debt, typically have a term of three to ten years and bear interest at a floating or fixed rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, our investments provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally becomes due at the maturity date. In addition, we may generate revenue in the form of amendment, commitment, origination, structuring or diligence fees, fees for providing significant managerial assistance and possibly consulting fees. Loan origination fees, OID and market discount or premium are capitalized and accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees and amendment fees and agency fees, and are recorded as other investment income when earned. Litigation settlements are accounted for in accordance with the gain contingency provisions of ASC Subtopic 450-30, Gain Contingencies, or ASC 450-30.

***Expenses***

Our primary operating expenses include the payment of a management fee and the payment of an incentive fee to our Investment Adviser, if any, our allocable portion of overhead under our Administration Agreement and other operating costs as detailed below. Our management fee compensates our Investment Adviser for its work in identifying, evaluating, negotiating, consummating and monitoring our investments. Additionally, we pay interest expense on the outstanding debt and unused commitment fees on undrawn amounts under our various debt facilities. We bear all other direct or indirect costs and expenses of our operations and transactions, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of calculating our NAV, including the cost of any third-party valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of effecting sales and repurchases of shares of our common stock and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees payable to third parties relating to, or associated with, making investments, including fees and expenses associated with performing due diligence and reviews of prospective investments or complementary businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•expenses incurred by the Investment Adviser in performing due diligence and reviews of investments, including expenses incurred by the Investment Adviser payable to third parties, (including agents and consultants) in monitoring financial and legal affairs for the Company's and in monitoring the Company's investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with marketing efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal and state registration fees and any exchange listing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•federal, state, local and foreign taxes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•independent directors' fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•brokerage commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•direct costs such as printing, mailing, long distance telephone and staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fees and expenses associated with independent audits and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs associated with our reporting and compliance obligations under the 1940 Act, the 1958 Act and applicable federal and state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•all other expenses incurred by either the Administrator or us in connection with administering our business, including payments under our Administration Agreement that will be based upon our allocable portion of overhead, and other expenses incurred by the Administrator in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of compensation and related expenses of our Chief Compliance Officer, Chief Financial Officer, Corporate Counsel and their respective staffs.

Generally, during periods of asset growth, we expect our general and administrative expenses to be relatively stable or to decline as a percentage of total assets and increase during periods of asset declines. Incentive fees, interest expense and costs relating to future offerings of securities would be additive to the expenses described above.

**PORTFOLIO AND INVESTMENT ACTIVITY**

**PennantPark Floating Rate Capital Ltd.**

As of March 31, 2026, our portfolio totaled $2,580.3 million, and consisted of $2,252.1 million of first lien secured debt (including $237.7 million in PSSL and $65.6 million in PSSL II), $18.8 million of subordinated debt and $309.3 million of preferred and common equity (including $60.1 million in PSSL and $27.9 million in PSSL II). As of March 31, 2026, our debt portfolio consisted of approximately 99% variable-rate investments. As of March 31, 2026, we had three portfolio companies on non-accrual, representing 0.8% and 0.5% of our overall portfolio on a cost and fair value basis, respectively. As of March 31, 2026, the portfolio had net unrealized depreciation of $66.1 million. Our overall portfolio consisted of 162 companies with an average investment size of $15.9 million and had a weighted average yield on debt investments of 9.8%, and was invested 87%in first lien secured debt (including 9% in PSSL and 3% in PSSL II), 1% in subordinate debt and 12% in preferred and common equity (including 2% in PSSL and 1% in PSSL II). As of March 31, 2026, over 98% of the investments held by PSSL were first lien secured debt. As of March 31, 2026, 100% of the investments held by PSSL II were first lien secured debt.

As of September 30, 2025, our portfolio totaled $2,773.3 million and consisted of $2,513.6 million of first lien secured debt (including $237.7 million in PSSL), $19.0 million of second lien secured debt and subordinated debt and $240.7 million of preferred and common equity (including $44.3 million in PSSL). Our debt portfolio consisted of approximately 99% variable-rate investments. As of September 30, 2025, we had three portfolio companies on non-accrual, representing 0.4% and 0.2% of our overall portfolio on a cost and fair value basis, respectively. As of September 30, 2025, the portfolio had net unrealized depreciation of $46.1 million. Our overall portfolio consisted of 164 companies with an average investment size of $16.9 million, had a weighted average yield on debt investments of 10.2%, and was invested 90% in first lien secured debt (including 9% in PSSL), 1% in second lien secured debt and subordinated debt and 9% in preferred and common equity (including 2% in PSSL). As of September 30, 2025, over 98% of the investments held by PSSL were first lien secured debt.

For the three months ended March 31, 2026, we invested $294.8 million in six new and 53 existing portfolio companies at a weighted average yield on debt investments of 9.3%. For the three months ended March 31, 2026, sales and repayments of investments totaled $328.0 million, including $56.9 million of sales to PSSL and $148.1 million of sales to PSSL II. For the six months ended March 31, 2026, we invested $595.8 million in 10 new and 74 existing portfolio companies at a weighted average yield on debt investments of 9.6%. For the six months ended March 31, 2026, sales and repayments of investments totaled $769.5 million, including $189.4 million of sales to PSSL and $344.6 million of sales to PSSL II.

For the three months ended March 31, 2025, we invested $293.3 million in three new and 54 existing portfolio companies at a weighted average yield on debt investments of 9.9%. For the three months ended March 31, 2025, sales and repayments of investments totaled $122.4 million, including $52.9 million of sales to PSSL. For the six months ended March 31, 2025, we invested $900.2 million in 14 new and 96 existing portfolio companies at a weighted average yield on debt investments of 10.2%. For the six months ended March 31, 2025, sales and repayments of investments totaled $523.7 million, including $240.6 million of sales to PSSL.

**PennantPark Senior Secured Loan Fund I LLC**

As of March 31, 2026, PSSL's portfolio totaled $1,209.0 million and consisted of 120 companies with an average investment size of $10.1 million and at a weighted average yield on debt investments of 9.5%. As of September 30, 2025, PSSL's portfolio totaled $1,084.6 million, consisted of 117 companies with an average investment size of $9.3 million and at a weighted average yield on debt investments of 10.1%.

For the three months ended March 31, 2026, PSSL invested $58.6 million (including $56.9 million purchased from the Company) in three new and five existing portfolio companies at a weighted average yield on debt investments of 9.2%. Sales and repayments of investments for the three months ended March 31, 2026 totaled $32.2 million. For the six months ended March 31, 2026, PSSL invested $192.4 million (including $189.4 million purchased from the Company) in seven new and 22 existing portfolio companies at a weighted average yield on debt investments of 9.3%. Sales and repayments of investments for the six months ended March 31, 2026 totaled $44.6 million.

For the three months ended March 31, 2025, PSSL invested $60.0 million (including $52.9 million purchased from the Company) in four new and five existing portfolio companies at a weighted average yield on debt investments of 9.8%. For the three months ended March 31, 2025, sales and repayments of investments totaled

$36.8 million. For the six months ended March 31, 2025, we invested $284.9 million (including $240.6 million purchased from the Company) in 21 new and 12 existing portfolio companies at a weighted average yield on debt investments of 10.2%. For the six months ended March 31, 2025, sales and repayments of investments totaled $123.4 million.

**PennantPark Senior Secured Loan Fund II LLC**

As of March 31, 2026, PSSL II's portfolio totaled $339.9 million and consisted of 54 companies with an average investment size of $6.3 million and at a weighted average yield on debt investments of 8.9%.

For the three months ended March 31, 2026, PSSL II invested $148.1 million (including $148.1 million purchased from the Company) in 12 new and 15 existing portfolio companies at a weighted average yield on debt investments of 8.8%. Sales and repayments of investments for the three months ended March 31, 2026 totaled $1.3 million. For the six months ended March 31, 2026, PSSL II invested $344.6 million (including $344.6 million purchased from the Company) in 54 new and zero existing

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portfolio companies at a weighted average yield on debt investments of 9.1%. Sales and repayments of investments for the six months ended March 31, 2026 totaled $4.2 million.

**At-the-Market Offering**

On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the 2024 ATM Program. The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and six months ended March 31, 2026, we did not issue any shares of our common stock under the ATM Programs. During the three and six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock under the ATM Programs, respectively, at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 million of net proceeds after commissions to Sales Agents (as defined below) and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and six months ended March 31, 2026, we did not incur any legal and other offering costs associated with establishing the ATM Programs. During the three and six months ended March 31, 2025, we incurred $0.2 million and $0.2 million of legal and other offering costs associated with establishing the ATM Programs. As of March 31, 2026 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of our assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of income and expenses during the reported periods. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included. Actual results could differ from these estimates due to changes in the economic and regulatory environment, financial markets and any other parameters used in determining such estimates and assumptions. We may reclassify certain prior period amounts to conform to the current period presentation. We have eliminated all intercompany balances and transactions. References to ASC serve as a single source of accounting literature. Subsequent events are evaluated and disclosed as appropriate for events occurring through the date the Consolidated Financial Statements are issued. In addition to the discussion below, we describe our critical accounting policies in the notes to our Consolidated Financial Statements. We discuss our critical accounting estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2025 Annual Report on Form 10-K. There have been no significant changes in our critical accounting estimates from those disclosed in our 2025 Annual Report on Form 10-K during the three months ended March 31, 2026.

***Investment Valuations***

We expect that there may not be readily available market values for many of our investments which are or will be in our portfolio, and we value such investments at fair value as determined in good faith by or under the direction of our board of directors using a documented valuation policy and a consistently applied valuation process, as described in this Report. With respect to investments for which there are no readily available market values, the factors that the board of directors may take into account in pricing our investments at fair value include, as relevant, the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we consider the pricing indicated by the external event to corroborate or revise our valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and the difference may be material.

Our portfolio generally consists of illiquid securities, including debt and equity investments. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, our board of directors undertakes a multi-step valuation process each quarter, as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Our quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of our Investment Adviser responsible for the portfolio investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Preliminary valuation conclusions are then documented and discussed with the management of our Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Our board of directors also engages independent valuation firms to conduct independent appraisals of our investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. The independent valuation firms review management's preliminary valuations in light of their own independent assessment and also in light of any market quotations obtained from an independent pricing service, broker, dealer or market maker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The audit committee of our board of directors reviews the valuations of our Investment Adviser and those of the independent valuation firms on a quarterly basis, periodically assesses the valuation methodologies of the independent valuation firms, and responds to and supplements the valuation recommendations of the independent valuation firms to reflect any comments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Our board of directors discusses these valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of our Investment Adviser, the respective independent valuation firms and the audit committee.

Our board of directors generally uses market quotations to assess the value of our investments for which market quotations are readily available. We obtain these market values from independent pricing services or at the bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. The Investment Adviser assesses the source and reliability of bids from brokers or dealers. If the board of directors has a bona fide reason to believe any such market quote does not reflect the fair value of an investment, it may independently value such investments by using the valuation procedure that it uses with respect to assets for which market quotations are not readily available.

Fair value, as defined under ASC 820, is the price that we would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment or liability. ASC 820 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including

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assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing an asset or liability based on market data obtained from sources independent of us. Unobservable inputs reflect the assumptions market participants would use in pricing an asset or liability based on the best information available to us on the reporting period date.

ASC 820 classifies the inputs used to measure these fair values into the following hierarchies:

Level 1: Inputs that are quoted prices (unadjusted) in active markets for identical assets or liabilities, accessible by us at the measurement date.

Level 2: Inputs that are quoted prices for similar assets or liabilities in active markets, or that are quoted prices for identical or similar assets or liabilities in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term, if applicable, of the financial instrument.

Level 3: Inputs that are unobservable for an asset or liability because they are based on our own assumptions about how market participants would price the asset or liability.

A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Generally, most of our investments, our 2036 Asset-Backed Debt, our 2036-R Asset-Backed Debt, 2037 Asset-Backed Debt, 2038-R Asset-Backed Debt and our Credit Facility are classified as Level 3. Our 2026 Notes and 2029 Notes are classified as Level 2 as they are financial instruments with readily observable market inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the price used in an actual transaction may be different than our valuation and those differences may be material.

On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, which establishes an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. The new rule clarifies how fund boards of directors can satisfy their valuation obligations and requires, among other things, the boards of directors to assess periodically material valuation risks and take steps to manage those risks. The rule also permits boards of directors, subject to board oversight and certain other conditions, to designate the fund's investment adviser to perform fair value determinations. The new rule went into effect on March 8, 2021 and had a compliance date of September 8, 2022. We came into compliance with Rule 2a-5 under the 1940 Act before the compliance date. While our board of directors has not elected to designate the Investment Adviser as the valuation designee as of the date of this report, we have adopted certain revisions to our valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 under the 1940 Act.

In addition to using the above inputs to value cash equivalents, investments, our 2026 Notes, our 2029 Notes, our 2036 Asset-Backed Debt, our 2036-R Asset-Backed Debt, our 2037 Asset-Backed Debt, our 2038-R Asset-Backed Debt, and our Credit Facility, we employ the valuation policy approved by our board of directors that is consistent with ASC 820. Consistent with our valuation policy, we evaluate the source of inputs, including any markets in which our investments are trading, in determining fair value.

Generally, the carrying value of our consolidated financial liabilities approximates fair value. We have adopted the principles ASC Subtopic 825-10, Financial Instruments, or ASC 825-10, which provides companies with an option to report selected financial assets and liabilities at fair value, and made an irrevocable election to apply ASC 825-10 to the Credit Facility. We elected to use the fair value option for the Credit Facility to align the measurement attributes of both our assets and liabilities while mitigating volatility in earnings from using different measurement attributes. Due to that election and in accordance with GAAP, we incurred zero and $0.5 million of expenses relating to amendment costs on the Credit Facility during the three and six months ended March 31, 2026 and we incurred $0.4 million of expenses relating to amendment costs on the Credit Facility during the three and six months ended, March 31, 2025. ASC 825-10 establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect on earnings of a company's choice to use fair value. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the Consolidated Statements of Assets and Liabilities and changes in fair value of the Credit Facility are reported in our Consolidated Statements of Operations. We elected not to apply ASC 825-10 to any other financial assets or liabilities, including the 2026 Notes, 2029 Notes, the 2036 Asset-Backed Debt, the 2036-R Asset-Backed Debt, the 2037 Asset-Backed Debt and the 2038-R Asset-Backed Debt.

For the three and six months ended March 31, 2026, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and less than $0.1 million. For the three and six months ended March 31, 2025, the Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million. As of March 31, 2026 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately zero and zero, respectively. We use a nationally recognized independent valuation service to measure the fair value of the Credit Facility in a manner consistent with the valuation process that our board of directors uses to value our investments.

***Revenue Recognition***

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt investments with contractual PIK interest, which represents interest accrued and added to the loan balance that generally becomes due at maturity, we will generally not accrue PIK interest when the portfolio company valuation indicates that such PIK interest is not collectable. We do not accrue as a receivable interest on loans and debt investments if we have reason to doubt our ability to collect such interest. Loan origination fees, OID, market discount or premium and deferred financing costs on liabilities, which we do not fair value, are capitalized and then accreted or amortized using the effective interest method as interest income or, in the case of deferred financing costs, as interest expense. We record prepayment penalties on loans and debt investments as income. Dividend income, if any, is recognized on an accrual basis on the ex-dividend date to the extent that we expect to collect such amounts. From time to time, the Company receives certain fees from portfolio companies, which may or may not be non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, amendment fees and agency fees, and are recorded as other investment income when earned.

***Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation***

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in the fair values of our portfolio investments, our Credit Facility, during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

***Foreign Currency Translation***

Our books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Fair value of investment securities, other assets and liabilities – at the exchange rates prevailing at the end of the applicable period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Purchases and sales of investment securities, income and expenses – at the exchange rates prevailing on the respective dates of such transactions.

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Although net assets and fair values are presented based on the applicable foreign exchange rates described above, we do not isolate that portion of the results of operations due to changes in foreign exchange rates on investments, other assets and debt from the fluctuations arising from changes in fair value of investments and liabilities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and liabilities.

***Payment -in-kind, or PIK Interest*** 

We have investments in our portfolio which contain a PIK interest provision. PIK interest is added to the principal balance of the investment and is recorded as income. In order for us to maintain our ability to be subject to tax as a RIC, substantially all of this income must be paid out to stockholders in the form of dividends for federal income tax purposes, even though we may not have collected any cash with respect to interest on PIK securities.

***Federal Income Taxes***

We have elected to be treated and intend to qualify annually to maintain our election to be treated, as a RIC under Subchapter M of the Code. To maintain our RIC tax election, we must, among other requirements, meet certain annual source-of-income and quarterly asset diversification requirements. We also must annually distribute dividends for federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of the sum of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid.

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for U.S. federal income tax purposes to our stockholders in respect of each calendar year of an amount at least equal to the <u>s</u>um of (1) 98% of our net ordinary income (subject to certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gain net income (i.e., the excess, if any, of our capital gains over capital losses), adjusted for certain ordinary losses, generally for the one-year period ending on October 31 of the calendar year plus (3) any net ordinary income or capital gain net income for the preceding years that was not distributed during such years on which we did not incur any corporate income tax, or the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, subject to maintaining our ability to be taxed as a RIC, in order to provide us with additional liquidity.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gain recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

For the three and six months ended March 31, 2026, we recorded a provision for taxes on net investment income of less than $0.1 million and $0.3 million pertaining to federal excise tax. For the three and six months ended March 31, 2025, we recorded a provision for taxes on net investment income of $0.2 million and $0.5 million pertaining to federal excise tax.

On February 4, 2022, we formed PFLT Investment Holdings II, LLC, a Delaware limited liability company ("Holdings II"), as a wholly owned subsidiary. On December 31, 2022, we contributed 100% of our interests in PFLT Investment Holdings, LLC ("Holdings") to Holdings II. Effective as of January 1, 2024, Holdings II elected to be treated as a corporation for U.S. federal income tax purposes. On January 3, 2024, we purchased an equity interest in Holdings from Holdings II and Holdings became a partnership for U.S. federal income tax purposes. The Company and Holdings II entered into a limited liability company agreement with respect to Holdings that provides for certain payments and the sharing of income, gain, loss and deductions attributable to Holdings' investments.

For the three and six months ended March 31, 2026, the Company recorded a provision for taxes of $(0.3) million and $0.3 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. For the three and six months ended March 31, 2025, the Company recorded a provision for taxes of $0.5 million and $1.1 million on unrealized appreciation (depreciation) on investments by the Taxable Subsidiary. The provision for taxes on unrealized appreciation (depreciation) on investments is the result of netting (i) the expected tax liability on gains from sales of investments and (ii) the expected tax benefit from the use of losses in the current year. As of March 31, 2026, and September 30, 2025, $1.6 million and $1.9 million, respectively, was accrued as a deferred tax liability on the Consolidated Statements of Assets and Liabilities relating to unrealized gain on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2026, the Company recorded a provision for taxes of zero, respectively, relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2025, the Company recorded a provision for taxes of less than $(0.1) million and $(0.1) million relating to realized gain (loss) on investments held by the Taxable Subsidiary. During the three and six months ended March 31, 2026 and 2025, the Taxable Subsidiary did not make any federal tax payments on realized gains on the sale of investments held by the Taxable Subsidiary.

We operate in a manner to maintain our election to be subject to tax as a RIC and to eliminate corporate-level U.S. federal income tax (other than the 4% excise tax) by distributing sufficient investment company taxable income and capital gain net income (if any). As a result, we will have an effective tax rate equal to 0% before the excise tax and income taxes incurred by the Taxable Subsidiary. As such, a reconciliation of the differences between our reported income tax expense and its tax expense at the federal statutory rate of 21% is not meaningful.

We have formed and expect to continue to form certain taxable subsidiaries, including the Taxable Subsidiary, which are taxed as corporations. These taxable subsidiaries allow us to hold equity securities of certain portfolio companies treated as pass-through entities for U.S. federal income tax purposes while facilitating our ability to qualify as a RIC under the Code.

**RESULTS OF OPERATIONS**

Set forth below are the results of operations for the three and six months ended March 31, 2026 and 2025.

***Investment Income***

For the three and six months ended March 31, 2026, investment income was $66.0 million and $136.0 million, respectively, which was attributable to $58.6 million and $122.9 million from first lien secured debt and $7.3 million and $13.2 million from other investments, respectively. For the three and six months ended March 31, 2025, investment income was $61.9 million and $128.9 million, respectively, which was attributable to $56.2 million and $117.2 million from first lien secured debt and $5.7 million and $11.7 million from other investments, respectively. The increase in investment income for the three and six months ended March 31, 2026, was primarily due to the increase in the size of our debt portfolio.

***Expenses***

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For the three and six months ended March 31, 2026, expenses totaled $40.2 million and $83.7 million, respectively, and were comprised of: $24.1 million and $51.3 million of debt related interest and expenses, $6.4 million and $13.2 million of base management fees, $6.4 million and $13.1 million of performance-based incentive fees, $2.1 million and $4.2 million of general and administrative expenses, less than $0.1 million and $0.3 million of taxes and $1.1 million and $1.6 million in Credit Facility amendment and debt issuance costs. For the three and six months ended March 31, 2025, expenses totaled $36.9 million and $74.0 million, respectively, and were comprised of: $22.5 million and $44.9 million of debt related interest and expenses, $5.6 million and $10.9 million of base management fee, $6.3 million and $13.8 million of performance-based incentive fee, $1.9 million and $3.6 million of general and administrative expenses, $0.2 million and $0.5 million of taxes, and $0.4 million and $0.4 million in Credit Facility amendment costs. The increase in expenses for the three and six months ended March 31, 2026, was primarily due to the increase in interest expense from increased borrowings as a result of the increase in our investment portfolio.

***Net Investment Income***

For the three and six months ended March 31, 2026, net investment income totaled $25.8 million or $0.26 per share, and $52.4 million or $0.53 per share, respectively. For the three and six months ended March 31, 2025, net investment income totaled $25.0 million or $0.28 per share, and $55.0 million or $0.64 per share, respectively. The decrease in net investment income for the three and six months ended March 31, 2026, was primarily due to an increase in interest expense and one time credit facility amendment and debt issuance costs.

***Net Realized Gains or Losses***

For the three and six months ended March 31, 2026, net realized gains (losses) totaled $(8.9) million and $(7.5) million, respectively. For the three and six months ended March 31, 2025, net realized gains (losses) totaled $(3.5) million and $23.1 million, respectively. The change in net realized gains (losses) was primarily due to changes in the market conditions of our investments and the values at which investments were realized.

***Unrealized Appreciation or Depreciation on Investments and Debt***

For the three and six months ended March 31, 2026, we reported net change in unrealized appreciation (depreciation) on investments of $12.2 million and $(20.1) million, respectively. For the three and six months ended March 31, 2025, we reported net change in unrealized appreciation (depreciation) on investments of $(20.8) million and $(49.7) million, respectively. As of March 31, 2026 and September 30, 2025, our net unrealized appreciation (depreciation) on investments totaled $(66.1) million and $(46.1) million, respectively. The net change in unrealized appreciation (depreciation) on our investments was primarily due to the operating performance of the portfolio companies within our portfolio, changes in the capital market conditions of our investments, and realization of investments.

For the three and six months ended March 31, 2026, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and less than $0.1 million, respectively. For the three and six months ended March 31, 2025, our Credit Facility had a net change in unrealized appreciation (depreciation) of less than $0.1 million and $0.1 million, respectively. As of March 31, 2026 and September 30, 2025, the net unrealized appreciation (depreciation) on the Credit Facility totaled approximately zero and zero, respectively. The net change in net unrealized (appreciation) or depreciation was primarily due to changes in the capital markets.

***Net Change in Net Assets Resulting from Operations***

For the three and six months ended March 31, 2026, net increase (decrease) in net assets resulting from operations totaled $28.7 million or $0.29 per share and $25.2 million or $0.25 per share, respectively. For the three and six months ended March 31, 2025, net increase (decrease) in net assets resulting from operations totaled $1.2 million or $0.01 per share and $29.6 million or $0.34 per share, respectively. The net increase or (decrease) from operations for the three and six months ended March 31, 2026, was primarily due to operating performance of our portfolio and changes in capital market conditions of our investments along with change in size and cost yield of our debt portfolio and costs of financing.

**LIQUIDITY AND CAPITAL RESOURCES**

Our liquidity and capital resources are derived primarily from cash flows from operations, including income earned on our investments, proceeds from investment sales and repayments, and proceeds of securities offerings and debt financings. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our debt capital, proceeds from our portfolio and proceeds from public and private offerings of securities to finance our investment objectives and operations. As of March 31, 2026, in accordance with the 1940 Act, with certain limited exceptions, we were only allowed to borrow amounts such that we were in compliance with a 150% asset coverage ratio requirement after such borrowing.

On April 5, 2018, our board of directors approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Consolidated Appropriations Act of 2018 (which includes the SBCAA). As a result, the asset coverage requirement applicable to us for senior securities was reduced from 200% (i.e., $1 of debt outstanding for each $1 of equity) to 150% (i.e., $2 of debt outstanding for each $1 of equity), effective as of April 5, 2019, subject to compliance with certain disclosure requirements. As of March 31, 2026 and September 30, 2025, our asset coverage ratio, as computed in accordance with the 1940 Act, was 162% and 160%, respectively.

As of March 31, 2026, the Credit Facility had commitments $768.0 million (increased from $718.0 million in November 2025) and an interest rate spread above SOFR (or an alternative risk-free floating interest rate index) of 200 basis points, a maturity date of August 2030 and a revolving period that ends in August 2028. As of March 31, 2026 and September 30, 2025, Funding I had $328.3 million and $683.9 million of outstanding borrowings under the Credit Facility, respectively. The Credit Facility had a weighted average interest rate of 5.7% and 6.3%, exclusive of the fee on undrawn commitments as of March 31, 2026 and September 30, 2025, respectively.

For the six months ended March 31, 2026 and 2025, the annualized weighted average cost of debt, inclusive of the fee on the undrawn commitment on the Credit Facility, amendment costs and debt issuance costs, was 6.1% and 6.8%, respectively. As of March 31, 2026 and September 30, 2025, we had $439.7 million and $34.1 million of unused borrowing capacity under the Credit Facility, respectively, subject to leverage and borrowing base restrictions.

In April 2025, the Credit Facility was amended. The terms of the amendment decreased the aggregate commitment amounts of the lenders party to the Credit Facility from $736.0 million to $718.0 million, decreased pricing under the Credit Facility to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028 from August 2027, extended the maturity date one year to August 2030 from August 2029, and increased the maximum first lien advance rate to 72.5% from 70.0%.

In November 2025, the Credit Facility was amended. The terms of the amendment increased the aggregate commitment amounts of the lenders party to the Credit Facility from $718.0 million to $768.0 million, pricing under the Credit Facility remains at SOFR plus 200 basis points.

The Credit Facility contains covenants, including but not limited to, restrictions of loan size, currency types and amounts, industry requirements, average life of loans, geographic and individual portfolio concentrations, minimum portfolio yield and loan payment frequency. Additionally, the Credit Facility requires the maintenance of a

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minimum equity investment in Funding I and income ratio as well as restrictions on certain payments and issuance of debt. The Credit Facility compliance reporting is prepared on a basis of accounting other than GAAP. As of March 31, 2026 , we were in compliance with the covenants relating to our Credit Facility.

We own 100% of the equity interest in Funding I and treat the indebtedness of Funding I as our leverage. Our Investment Adviser serves as collateral manager to Funding I under the Credit Facility.

Our interest in Funding I (other than the management fee) is subordinate in priority of payment to every other obligation of Funding I and is subject to certain payment restrictions set forth in the Credit Facility. We may receive cash distributions on our equity interests in Funding I only after it has made (1) all required cash interest and, if applicable, principal payments to the Lenders, (2) required administrative expenses and (3) claims of other unsecured creditors of Funding I. We cannot assure you that there will be sufficient funds available to make any distributions to us or that such distributions will meet our expectations from Funding I. The Investment Adviser has irrevocably directed that the management fee owed with respect to such services is to be paid to the Company so long as the Investment Adviser remains the collateral manager.

In March 2021 and in October 2021, we issued $100.0 million and $85.0 million, respectively, in aggregate principal amount of our 2026 Notes at a public offering price per note of 99.4% and 101.5%, respectively. Interest on the 2026 Notes is paid semiannually on April 1 and October 1 of each year, at a rate of 4.25% per year, commencing October 1, 2021. The effective interest rate is 4.15%. The 2026 Notes mature on April 1, 2026 and may be redeemed in whole or in part at our option subject to a make-whole premium if redeemed more than three months prior to maturity. The 2026 Notes are our general, unsecured obligations and rank equal in right of payment with all of our existing and future senior unsecured indebtedness. The 2026 Notes are effectively subordinated to all of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system. The 2026 Notes were repaid in full on April 1, 2026.

In March 2026, we issued $200.0 million in aggregate principal amount of our 2029 Notes at a public offering price per note of 99.3%. Interest on the 2029 Notes is paid semiannually on March 4 and September 4 of each year, at a rate of 6.75% per year, commencing September 4, 2026. The effective interest rate is 7.00%. The 2029 Notes mature on March 4, 2029 and may be redeemed in whole or in part at our option subject to make whole premium if redeemed more than three months prior to maturity. The 2029 Notes, are our general, unsecured obligations and rank equal in right of payment with all of our existing and future unsecured indebtedness. The 2029 Notes are effectively subordinated to our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2029 Notes on any securities exchange or automated dealer quotation system.

In September 2019, the Securitization Issuers completed the Debt Securitization. The 2031 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $78.5 million Class A-1 Senior Secured Floating Rate Notes maturing 2031, which bear interest at the three-month SOFR plus 1.8%, (ii) $15.0 million Class A-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 3.7%, (iii) $14.0 million Class B-1 Senior Secured Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 2.9%, (iv) $16.0 million Class B-2 Senior Secured Fixed Rate Notes due 2031, which bear interest at 4.3%, (v) $19.0 million Class C-1 Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.0%, (vi) $8.0 million Class C-2 Secured Deferrable Fixed Rate Notes due 2031, which bear interest at 5.4%, and (vii) $18.0 million Class D Secured Deferrable Floating Rate Notes due 2031, which bear interest at the three-month SOFR plus 4.8% and (B) the borrowing of $77.5 million Class A-1 Senior Secured Floating Rate Loans due 2031, which bear interest at the three-month SOFR plus 1.8%, under a credit agreement by and among the Securitization Issuers, as borrowers, various financial institutions, as lenders, and U.S. Bank National Association, as collateral agent and as loan agent. The 2031 Asset-Backed Debt was scheduled to mature on October 15, 2031.

On the closing date of the Debt Securitization, in consideration of our transfer to the Securitization Issuer of the initial closing date loan portfolio, which included loans distributed to us by our wholly owned subsidiary, the Securitization Issuer transferred to us 100% of the Preferred Shares of the Securitization Issuer, 100% of the Class D Secured Deferrable Floating Rate Notes issued by the Securitization Issuer, and a portion of the net cash proceeds received from the sale of the 2031 Asset-Backed Debt. The Preferred Shares of the Securitization Issuer do not bear interest and had a stated value of $55.4 million at the closing of the Debt Securitization.

Our Investment Adviser serves as collateral manager to the Securitization Issuer pursuant to a collateral management agreement between our Investment Adviser and the Securitization Issuer, or the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

In July 2024, the 2031 Asset-Backed Debt was refinanced through a $351.0 million debt securitization in the form of a collateralized loan obligation, or the "2036-R Asset-Backed Debt". The Company retained $85.0 million of the debt securitization. The 2036-R Asset-Backed Debt was executed through: (A) the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant that certain indenture, dated September 19, 2019, by and among the 2036-R Securitization Issuers and U.S. Bank Trust Company, National Association, as amended by the second supplemental indenture, dated June 25, 2024): (i) $203.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.75%, (ii) $10.5 million of A-2-R Notes, which bear interest at three-month SOFR plus 1.90%, (iii) $12.0 million of Class B-R Notes, which bear interest at three-month SOFR plus 2.05%, (iv) $28.0 million of C-R Notes, which bear interest at three-month SOFR plus 2.75% and (v) $21.0 million of D-R Notes, which bear interest at three-month SOFR plus 4.30%, (B) the issuance by the issuer of $64.0 million of subordinated notes pursuant to the Indenture and (C) the borrowing by one of the 2036-R Securitization Issuers of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%, pursuant to a credit agreement, by and among the 2036-R Securitization Issuers, the various financial institutions and other persons party thereto, as lenders and U.S. Bank Trust Company, National Association, as loan agent and as trustee. The 2036-R Asset-Backed Debt matures in July 2036. The company initially retained the D-R Notes and the subordinated Notes through a consolidated subsidiary. On October 29, 2025 the Company sold $21.0 million of D-R Notes, to a third party. As of March 31, 2026, the Company no longer consolidates the D-R Notes.

As of March 31, 2026 and September 30, 2025, the Company had $287.0 million and $266.0 million, respectively of external, 2036-R Asset-Backed Debt outstanding with a weighted average interest rate of 5.7% and 6.2%, respectively. As of March 31, 2026 and September 30, 2025, the unamortized fees on the 2036-R Asset-Backed Debt were $0.4 million and $0.6 million, respectively.

In February 2024, the Company completed the $350.6 million term debt securitization. Term debt securitizations, also known as CLOs, are a form of secured financing incurred by the Company, which is consolidated by the Company and subject to the Company's asset coverage requirements. The 2036 Asset-Backed Debt was issued by the 2036 Securitization Issuer. The 2036 Asset-Backed Debt is secured by the middle market loans, participation interests in middle market loans and other assets of the 2036 Securitization Issuer. The Debt Securitization was executed through (A) a private placement of: (i) $139.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York ("SOFR") plus 2.30%, (ii) $14.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 2.70%, (iii) $24.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 2.90%, (iv) $28.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 3.90%, (v) $21.0 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 5.90%, (together, the "Secured Notes"), and (vi) $63.6 million of subordinated notes ("Subordinated Notes") and (B) the borrowing of $60.0 million AAA(sf) Class A-1 Senior Secured Floating Rate Loans (the "Class A-1 Loans" and together with the Secured Notes and Subordinated Notes, the "Debt"), which bear interest at three-month SOFR plus 2.30%, under a credit agreement (the "Credit Agreement"), dated as of the Closing Date, by and among the Issuer, as borrower, various financial institutions, as lenders, and Wilmington Trust, National Association, as collateral agent and as loan agent. The Debt is scheduled to mature on April 18, 2036.

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The 2038-R Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the Subordinated Notes of the 2038-R Securitization Issuer were eliminated in consolidation. As of March 31, 2026 and September 30, 2025, the Company had $287.0 million of 2038-R Asset-Backed Debt and 2036 Asset Backed Debt, respectively, outstanding with a weighted average interest rate of 5.3% and 7.1%, respectively. As of March 31, 2026, and September 30, 2025, the unamortized fees on the 2038-R Asset-Backed Debt and 2036 Asset Backed Debt, respectively, were $2.2 million and $2.4 million, respectively.

In February 2026, the Company closed the refinancing of the 2036 Asset-Backed Debt and a four-year reinvestment period and 12-year final maturity $356.5 million debt securitization in the form of a collateralized loan obligation (the "2038-R Asset-Backed Debt"). The 2038-R Asset-Backed Debt was executed through: (A) the issuance by the Issuers of the following classes of notes pursuant that certain indenture, dated February 2026: (i) $123.0 million of A-1-R Notes, which bear interest at the three-month SOFR plus 1.43%, (ii) $80.0 million of A-1-R Loans, which bear interest at three-month SOFR plus 1.43%, (iii) $14.0 million of Class A-2-R Notes, which bear interest at three-month SOFR plus 1.60%, (iv) $26.3 million of B-R Loans, which bear interest at three-month SOFR plus 1.75% and (v) $24.5 million of C-R Notes, which bear interest at three-month SOFR plus 2.15%, (vi) $19.3 million of D-R Notes, which bear interest at three-month SOFR plus 3.20%, (B) the issuance by the Issuer of $69.5 million of subordinated notes pursuant to the Indenture. The replacement debt matures in April 2038. The replacement debt was 100% funded at closing.

Our Investment Adviser serves as collateral manager to the 2038-R Securitization Issuer and 2036 Asset Backed debt, respectively, pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

In February 2025, we completed the $474.6 million term debt securitization (the "2037 Debt Securitization"). The notes offered in the 2037 Debt Securitization were issued by the 2037 Securitization Issuer and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the 2037 Securitization Issuer. The Company retained $113.6 million of the debt securitization issued by the 2037 Securitization Issuer. The transaction was executed through (A) a private placement of $220.5 million of AAA(sf) Class A-1 Notes, which bear interest at the three-month SOFR plus 1.49% (the "2037 Class A-1 Notes"), (ii) $19.0 million of AAA(sf) Class A-2 Notes, which bear interest at three-month SOFR plus 1.60% (the "2037 Class A-2 Notes"), (iii) $28.5 million of AA(sf) Class B Notes, which bear interest at three-month SOFR plus 1.75% (the "2037 Class B Notes"), (iv) $38.0 million of A(sf) Class C Notes, which bear interest at three-month SOFR plus 2.20% (the "2037 Class C Notes"), (v) $28.5 million of BBB-(sf) Class D Notes, which bear interest at three-month SOFR plus 3.60%, (the "2037 Class D Notes" and, collectively with the 2037 Class A-2 Notes, the 2037 Class B Notes and the 2037 Class D Notes, the "2037 Secured Notes"), and (vi) $85.1 million of subordinated notes (the "2037 Subordinated Notes") and (B) the borrowing by 2037 Securitization Issuer of $10.0 million under AAA(sf) Class A-1L-A floating rate loans (the "2037 Class A-1L-A Loans") and $45.0 million under AAA(sf) Class A-1L-B floating rate loans (the "2037 Class A-1L-B Loans" and, together with the 2037 Class A-1L-A Loans, the "2037 Asset-Backed Loans," and collectively with the 2037 Notes, the "2037 Asset-Backed Debt"), which bear interest at three-month SOFR plus 1.49%. The 2037 Class A-1 Loans and the 2037 Secured Notes are secured by the middle market loans, participation interests in middle market loans and other assets of the 2037 Securitization Issuer. The 2037 Asset-Backed Debt is scheduled to mature on April 20, 2037. The Company initially retained the 2037 Class D Notes and the 2037 Subordinated Notes. A portion of the proceeds received by the 2037 Securitization Issuer from the loans securing the 2037 Class A-1 Loans and the 2037 Secured Notes may be used to purchase additional middle market loans under the direction of the Investment Adviser through April 20, 2029. On November 25, 2025 the Company sold $28.5 million of BBB -(sf) Class D Notes, to a third party. As of March 31, 2026, the Company no longer consolidates the BBB-(sf) Class D Notes. The 2037 Asset-Backed Debt is included in the Consolidated Statement of Assets and Liabilities as debt of the Company and the 2037 Class D Notes and the 2037 Subordinated Notes of the 2037 Securitization Issuer were eliminated in consolidation.

As of March 31, 2026 and September 30, 2025, the Company had $389.5 million and $361.0 million of 2037 Asset-Backed Debt outstanding with a weighted average interest rate of 5.4% and 5.9%, respectively. As of March 31, 2026 and September 30, 2025, the unamortized fees on the 2037 Asset-Backed Debt were $2.4 million and $2.7 million, respectively.

Our Investment Adviser serves as collateral manager to the 2037 Securitization Issuer pursuant to the Collateral Management Agreement. For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.

On July 17, 2024, we entered into equity distribution agreements (together, the "Equity Distribution Agreements") with Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. as the sales agents (collectively the "Sales Agents" and each a "Sales Agent") in connection with the 2024 ATM Program. The Equity Distribution Agreements provide that we may offer and sell shares of our common stock from time to time through the Sales Agents in amounts and at times to be determined by us. Actual sales will depend on a variety of factors to be determined by us from time to time, including, market conditions and the trading price of our common stock. The Investment Adviser may, from time to time, in its sole discretion, pay some or all of the commissions payable under the Equity Distribution Agreements or make additional supplemental payments to ensure that the sales price per share of our common stock in connection with all of the 2024 ATM Program offerings, net of any commissions of the Sale Agents, will not be less than our then current NAV per share. Any such payments made by the Investment Adviser will not be subject to reimbursement by us. In connection with the entry into the Equity Distribution Agreements, the Company terminated the equity distribution agreements with each of Citizens JMP Securities LLC, Raymond James & Associates, Inc. and Truist Securities, Inc. in connection with the 2022 ATM Program.

During the three and six months ended March 31, 2026, we did not issue any shares of our common stock under the ATM Programs. During the three and six months ended March 31, 2025 we issued 11,562,000 shares and 18,838,000 shares of our common stock under the ATM Programs, respectively, at an average price of $11.34 per share and $11.35 per share raising $131.0 million and $213.2 million of net proceeds after commissions to Sales Agents (as defined below) and inclusive of proceeds from the Investment Adviser to ensure that all shares were sold at or above NAV, respectively. During the three and six months ended March 31, 2026, we did not incur any legal and other offering costs associated with establishing the ATM Programs. During the three and six months ended March 31, 2025, we incurred $0.2 million and $0.2 million of legal and other offering costs associated with establishing the ATM Programs. As of March 31, 2026 and September 30, 2025, we had $192.2 million and $192.2 million, respectively, of our common stock available to be sold under the ATM Programs.

We may raise equity or debt capital through both registered offerings off our shelf registration statement and private offerings of securities, securitizing a portion of our investments among other considerations or mergers and acquisitions. Furthermore, the Credit Facility availability depends on various covenants and restrictions as discussed in the preceding paragraphs. The primary use of existing funds and any funds raised in the future is expected to be for repayment of indebtedness, investments in portfolio companies, cash distributions to our stockholders or for other general corporate purposes.

We have entered into certain contracts under which we have material future commitments. Under our Investment Management Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us or the Investment Adviser, in May 2026, PennantPark Investment Advisers serves as our investment adviser. Payments under our Investment Management Agreement in each reporting period are equal to (1) a management fee equal to a percentage of the value of our average adjusted gross assets and (2) an incentive fee based on our performance.

Under our Administration Agreement, which was most recently reapproved by our board of directors, including a majority of our directors who are not interested persons of us, in May 2026, the Administrator furnishes us with office facilities and administrative services necessary to conduct our day-to-day operations. If requested to provide significant managerial assistance to our portfolio companies, we or the Administrator will be paid an additional amount based on the services provided. Payment under our Administration Agreement is based upon our allocable portion of the Administrator's overhead in performing its obligations under our Administration Agreement, including rent and our allocable portion of the costs of our Chief Financial Officer, Chief Compliance Officer, Corporate Counsel and their respective staffs.

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If any of our contractual obligations discussed above are terminated, our costs under new agreements that we enter into may increase. In addition, we will likely incur significant time and expense in locating alternative parties to provide the services we expect to receive under our Investment Management Agreement and our Administration Agreement. Any new investment management agreement would also be subject to approval by our stockholders.

As of March 31, 2026 and September 30, 2025, we had cash and cash equivalents of $121.9 million and $122.7 million, respectively, available for investing and general corporate purposes. We believe our liquidity and capital resources are sufficient to take advantage of market opportunities.

For the six months ended March 31, 2026, our operating activities provided cash of $172.9 million and our financing activities used cash of $173.7 million. Our operating activities provided cash primarily due to our investment activities and our financing activities used cash primarily due to repayments of our Credit Facility offset by proceeds received from the sales of $28.5 million of 2037 Class D Notes, $21.0 million of 2036-R Asset-Backed Debt D-R Notes to third parties and the issuance of $200.0 million of our 2029 Notes.

For the six months ended March 31, 2025, our operating activities used cash of $350.8 million and our financing activities provided cash of $350.1 million. Our operating activities used cash primarily due to our investment activities and our financing activities provided cash primarily due to borrowings under our Credit Facility, proceeds from the 2037 Asset-Backed debt and proceeds from public offerings under our 2024 ATM Program.

**PennantPark Senior Secured Loan Fund I LLC**

In May 2017, we and Kemper formed PSSL, an unconsolidated joint venture. PSSL invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL was formed as a Delaware limited liability company. As of March 31, 2026 and September 30, 2025, PSSL had total assets of $1,248.8 million and $1,153.7 million, respectively, and its investment portfolio consisted of investments in 120 and 117 portfolio companies, respectively. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL was $24.9 million and the five largest investments totaled $111.9 million. As of September 30, 2025, at fair value, the largest investment in a single portfolio company in PSSL was $20.9 million and the five largest investments totaled $99.3 million. PSSL invests in portfolio companies in the same industries in which we may directly invest.

We and Kemper provide capital to PSSL in the form of first lien secured debt and equity interests. As of March 31, 2026 and September 30, 2025, we and Kemper owned 87.5% and 12.5%, respectively, of each of the outstanding first lien secured debt and equity interests. As of the same dates, our investment in PSSL consisted of first lien secured debt of $237.7 million (zero remaining unfunded) and $237.7 million (zero remaining unfunded), respectively, and equity interests of $163.1 million ($26.3 million remaining unfunded) and $123.7 million ($65.6 remaining unfunded), respectively. During the three and six months ended March 31, 2026, the Company made capital contributions of zero and approximately $39.4 million of assets at their most recent fair market value as of the date of the transaction.

We and Kemper each appointed two members to PSSL's four-person board of directors and investment committee. All material decisions with respect to PSSL, including those involving its investment portfolio, require unanimous approval of a quorum of the board of directors or investment committee. Quorum is defined as (i) the presence of two members of the board of directors or investment committee, provided that at least one individual is present that was elected, designated or appointed by each member; (ii) the presence of three members of the board of directors or investment committee, provided that the individual that was elected, designated or appointed by the member with only one individual present shall be entitled to cast two votes on each matter; and (iii) the presence of four members of the board of directors or investment committee constitutes a quorum, provided that two individuals are present that were elected, designated or appointed by each member.

In December 2024, PSSL entered into a $325.0 million (increased from $260.0 million) senior secured revolving credit facility which bears interest at SOFR plus 225 basis points (including a spread adjustment) with Ally Bank through its wholly owned subsidiary, PennantPark Senior Secured Loan Facility LLC II, or PSSL Subsidiary II, subject to leverage and borrowing base restrictions.

In January 2021, PSSL completed a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2032 Asset-Backed Debt". The 2032 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2032 Asset-Backed Debt matures in January 2032. On the closing date of the transaction, in consideration of PSSL's transfer to PennantPark CLO II, Ltd. of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO II, Ltd. transferred to PSSL 100% of the Preferred Shares of PennantPark CLO II, Ltd. and 100% of the Class E Notes issued by PennantPark CLO II, Ltd.

In May 2024, PSSL completed the refinancing of the 2032 Asset-Backed Debt through a $300.7 million debt securitization in the form of a collateralized loan obligation, or the "2036 PSSL Asset-Backed Debt". The 2036 PSSL Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO II, Ltd., a wholly owned subsidiary of PSSL, consisting primarily of middle market loans and participation interest in middle market loans. The 2036 PSSL Asset-Backed Debt matures in April 2036. PSSL retained the preferred shares and Class E-R Notes through a consolidated subsidiary as of March 31, 2026.

In April 2023, PSSL completed a $297.8 million debt securitization in the form of a collateralized loan obligation, or the "2035 Asset-Backed Debt". The 2035 Asset-Backed Debt is secured by a carefully constructed portfolio of PennantPark CLO VI, LLC, a wholly owned and consolidated subsidiary of PSSL, consisting primarily of middle market loans and participation interests in middle market loans. The 2035 Asset-Backed Debt matures in April 2035. On the closing date of the transaction, in consideration of PSSL's transfer to PennantPark CLO VI, LLC of the initial closing date loan portfolio, which included loans distributed to PSSL by certain of its wholly owned subsidiaries and us, PennantPark CLO VI, LLC transferred to PSSL 100% of the Preferred Shares of CLO VI, LLC, all of which were held by PSSL.

In May 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO VI, LLC closed the refinancing of the 2035 Asset-Backed Debt through a four year reinvestment period, twelve-year final maturity $315.8 million debt securitization or the "2037-R Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $228.0 million of Class A-R Loans, which bears interest at three-month SOFR plus 1.85%, (ii) $18.0 million of Class B-R Loans, which bears interest at three-month SOFR plus 4.50%, (iii) $18.0 million of Class C-R Loans and (iv) $51.8 million of subordinated notes. PSSL will continue to retain all of the subordinated notes and Class C-R Loans through a consolidated subsidiary. The maturity of the replacement debt and existing subordinated notes is now extended to April 2037.

In April 2025, PSSL through its wholly owned and consolidated subsidiary, PennantPark CLO 12, LLC closed a four-year reinvestment period, twelve-year final maturity $301 million debt securitization in the form of a collateralized loan obligation or the "2037 Asset-Backed Debt." The debt in this securitization is structured in the following manner: (i) $30.0 million of Class A-1 Loans, which bear interest at three-month SOFR plus 1.45%, (ii) $141.0 million of Class A-1 Notes, which bear interest at three-month SOFR plus 1.45%, (iii) $12.0 million of Class A-2 Notes, which bear interest at a three-month SOFR plus 1.60%, (iv) $21.0 million of Class B notes, which bears interest at three-month SOFR plus 1.85%, (v) $24.0 million of Class C notes, which bears interest at three-month SOFR plus 2.30%, (vi) $18.0 million Class D notes, which bears interest at three-month SOFR plus 3.30%, (vii) $55.0 million of subordinated notes. PSSL will continue to retain all of the subordinated notes through a consolidated subsidiary. The reinvestment period for the term debt securitization ends in April 2029 and the debt is scheduled to mature in April 2037. The proceeds from the debt repaid a portion of PSSL's $325 million secured credit facility.

Below is a summary of PSSL's portfolio at fair value:

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| | | |
|:---|:---|:---|
| ($ in thousands) | **March 31, 2026** | **September 30, 2025** |
| Total investments | $1209044 | $1084649 |
| Weighted average cost yield on income producing investments | 9.5% | 10.1% |
| Number of portfolio companies in PSSL | 120 | 117 |
| Largest portfolio company investment | $24874 | $20901 |
| Total of five largest portfolio company investments | $111858 | $99270 |

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Below is a listing of PSSL's individual investments as of March 31, 2026 (Par and $ in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 1,737.2% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/6/2023 | 10/2/2029 | Business Services | 8.66% | SOFR+500 | 19912 | $19709 | $19414 |
| ACP Falcon Buyer, Inc. | 8/22/2023 | 8/1/2029 | Business Services | 9.16% | SOFR+550 | 18478 | 18247 | 18478 |
| APT OPCO, LLC | 10/23/2025 | 9/30/2031 | Healthcare and Pharmaceuticals | 8.70% | SOFR+500 | 12438 | 12377 | 12438 |
| Ad.net Acquisition, LLC | 5/24/2021 | 5/7/2026 | Media | 9.96% | SOFR+626 | 12716 | 12707 | 12716 |
| Aechelon Technology, Inc. | 4/10/2025 | 8/16/2029 | Aerospace and Defense | 9.42% | SOFR+575 | 11400 | 11400 | 11514 |
| AFC-Dell Holding Corp. | 12/23/2024 | 4/9/2027 | Distributors | 8.67% | SOFR+500 | 7594 | 7573 | 7594 |
| Aphix Buyer, Inc. | 9/3/2025 | 7/17/2031 | Business Services | 8.42% | SOFR+475 | 8955 | 8906 | 8910 |
| Alpine Acquisition Corp II - Second out Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 1048 | 1048 | 1048 |
| Alpine Acquisition Corp II - Third out Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 1398 | 1398 | 1398 |
| Alpine Acquisition Corp II - Unfunded Term Loan | 11/30/2026 | 1/14/2031 | Containers and Packaging |  |  | 419 | - | - |
| Alpine Acquisition Corp II - Unfunded Revolver | 11/30/2026 | 12/29/2030 | Containers and Packaging |  |  | 105 | - | - |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 4/10/2025 | 12/31/2027 | Media: Advertising, Printing & Publishing | 9.60% | SOFR+590 | 10962 | 10931 | 10880 |
| Arcfield Acquisition Corp. | 11/11/2024 | 10/28/2031 | Aerospace and Defense | 8.67% | SOFR+500 | 5925 | 5917 | 5895 |
| Archer Lewis, LLC | 11/22/2024 | 8/28/2029 | Commercial Services & Supplies | 9.45% | SOFR+575 | 14825 | 14754 | 14528 |
| Argano, LLC | 1/9/2025 | 9/13/2029 | Business Services | 9.17% | SOFR+550 | 22313 | 22071 | 22090 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 4/10/2025 | 6/26/2029 | Diversified Consumer Services | 9.45% | SOFR+575 | 4950 | 4855 | 4876 |
| Beacon Behavioral Support Services, LLC | 10/9/2024 | 6/21/2029 | Healthcare and Pharmaceuticals | 9.20% | SOFR+550 | 24874 | 24701 | 24874 |
| Best Practice Associates, LLC | 4/10/2025 | 11/8/2029 | Aerospace and Defense | 10.42% | SOFR+675 | 14850 | 14727 | 14516 |
| Beta Plus Technologies, Inc. | 7/21/2022 | 7/2/2029 | Business Services | 9.45% | SOFR+575 | 14799 | 14563 | 14577 |
| Big Top Holdings, LLC | 6/26/2024 | 2/28/2030 | Business Services | 8.95% | SOFR+525 | 14594 | 14407 | 14594 |
| BioDerm, Inc. | 2/28/2023 | 1/31/2028 | Healthcare and Pharmaceuticals | 10.17% | SOFR+650 | 8753 | 8703 | 8621 |
| Blackhawk Industrial Distribution, Inc. | 6/30/2022 | 9/17/2026 | Distributors | 9.10% | SOFR+540 | 14737 | 14694 | 14295 |
| BLC Holding Company, Inc. | 4/10/2025 | 11/20/2030 | Business Services | 8.20% | SOFR+450 | 4950 | 4929 | 4950 |
| Boss Industries, LLC | 4/10/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 8.45% | SOFR+500 | 4950 | 4886 | 4950 |
| Burgess Point Purchaser Corporation | 10/3/2022 | 7/25/2029 | Automotive | 9.02% | SOFR+535 | 435 | 417 | 378 |
| By Light Professional IT Services, LLC | 8/28/2025 | 7/15/2031 | High Tech Industries | 9.17% | SOFR+550 | 18399 | 18278 | 18124 |
| C5MI Acquisition, LLC | 3/7/2025 | 7/31/2029 | IT Services | 9.70% | SOFR+600 | 14775 | 14621 | 14775 |
| Capital Construction, LLC | 8/28/2025 | 10/22/2026 | Consumer Services | 9.59% | SOFR+590 | 4252 | 4238 | 4188 |
| Carisk Buyer, Inc. | 10/16/2024 | 12/3/2029 | Healthcare Technology | 8.70% | SOFR+500 | 9875 | 9821 | 9900 |
| Carnegie Dartlet, LLC | 4/11/2025 | 2/7/2030 | Media: Advertising, Printing & Publishing | 9.17% | SOFR+550 | 15014 | 14839 | 14901 |
| Cartessa Aesthetics, LLC | 4/11/2023 | 6/14/2028 | Distributors | 9.70% | SOFR+600 | 9392 | 9325 | 9345 |
| Case Works, LLC | 4/10/2025 | 10/1/2029 | Professional Services | 8.95% | SOFR+525 | 14812 | 14721 | 14664 |
| CF512, Inc. | 12/27/2021 | 8/20/2026 | Media | 9.86% | SOFR+619 | 6449 | 6434 | 6384 |
| Commercial Fire Protection Holdings, LLC | 11/26/2024 | 9/23/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 19737 | 19658 | 19737 |
| Confluent Health, LLC | 1/12/2024 | 11/30/2028 | Healthcare and Pharmaceuticals | 7.78% | SOFR+750 | 6602 | 6468 | 5603 |
| CJX Borrower, LLC | 7/29/2021 | 7/13/2027 | Media | 9.41% | SOFR+576 | 3715 | 3695 | 3659 |
| Crane 1 Services, Inc. | 4/11/2023 | 8/16/2027 | Commercial Services & Supplies | 9.53% | SOFR+536 | 2036 | 2027 | 2005 |
| DRI Holding Inc. | 9/15/2022 | 12/21/2028 | Media | 9.02% | SOFR+535 | 2560 | 2435 | 2470 |
| DRS Holdings III, Inc. | 1/27/2021 | 11/1/2028 | Consumer Goods: Durable | 8.92% | SOFR+525 | 4384 | 4378 | 4428 |
| Duggal Acquisition, LLC | 4/10/2025 | 9/30/2030 | Marketing Services | 8.45% | SOFR+475 | 4925 | 4888 | 4925 |
| Dynata, LLC - First Out Term Loan <sup>(5)</sup> | 7/15/2024 | 7/17/2028 | Diversified Consumer Services | 8.91% | SOFR+576 | 1340 | 1277 | 1307 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Diversified Consumer Services | 9.41% | SOFR+576 | 8312 | 8312 | 4198 |
| EDS Buyer, LLC | 4/11/2023 | 1/10/2029 | Electronic Equipment, Instruments, and Components | 8.20% | SOFR+450 | 8731 | 8662 | 8731 |
| Emergency Care Partners, LLC | 11/11/2024 | 10/18/2027 | Healthcare Providers and Services | 8.70% | SOFR+500 | 7166 | 7145 | 7166 |
| Exigo Intermediate II, LLC | 11/21/2022 | 3/15/2027 | Software | 10.02% | SOFR+635 | 12351 | 12297 | 11734 |
| ETE Intermediate II, LLC | 6/12/2023 | 5/29/2029 | Diversified Consumer Services | 8.70% | SOFR+500 | 12062 | 11912 | 12062 |
| EvAL Home Care Solutions Intermediate, LLC | 7/10/2024 | 5/10/2030 | Healthcare and Pharmaceuticals | 9.42% | SOFR+575 | 8601 | 8496 | 8601 |
| GGG MIDCO, LLC | 4/10/2025 | 9/27/2030 | Diversified Consumer Services | 8.67% | SOFR+500 | 24449 | 24377 | 24644 |
| Global Holdings InterCo, LLC | 6/8/2021 | 9/16/2027 | Diversified Financial Services | 9.28% | SOFR+560 | 3344 | 3334 | 3344 |
| Graffiti Buyer, Inc. | 3/15/2022 | 8/10/2027 | Trading Companies & Distributors | 9.27% | SOFR+560 | 3666 | 3648 | 3565 |
| Halo Buyer, Inc. | 5/22/2025 | 8/7/2029 | Consumer Products | 9.67% | SOFR+600 | 6435 | 6324 | 6403 |
| Hancock Roofing And Construction, LLC | 1/27/2021 | 12/31/2026 | Insurance | 9.30% | SOFR+560 | 2112 | 2105 | 1975 |
| Harris & Co, LLC | 11/26/2024 | 8/9/2030 | Professional Services | 8.67% | SOFR+500 | 19700 | 19564 | 19700 |
| Harvest Group Topco Buyer, LLC | 3/2/2026 | 3/2/2032 | Media | 8.42% |  | 10000 | 9958 | 9950 |
| HEC Purchaser Corp. | 4/10/2025 | 6/17/2029 | Healthcare and Pharmaceuticals | 8.70% | SOFR+500 | 6419 | 6391 | 6419 |
| Highwire Public Relations, LLC | 1/12/2026 | 1/12/2031 | Professional Services | 8.70% |  | 10000 | 9852 | 9900 |
| Hills Distribution, Inc. | 5/3/2024 | 11/8/2029 | Business Services | 9.21% | SOFR+550 | 8230 | 8145 | 8230 |
| HW Holdco, LLC | 4/11/2023 | 5/11/2026 | Media | 9.53% | SOFR+590 | 3441 | 3439 | 3441 |
| Imagine Acquisitionco, Inc. | 3/15/2022 | 11/15/2027 | Software | 8.75% | SOFR+510 | 9013 | 8939 | 8833 |
| Infinity Home Services Holdco, Inc. | 4/11/2023 | 12/28/2028 | Commercial Services & Supplies | 9.70% | SOFR+600 | 5937 | 5871 | 5937 |
| Inovex Information Systems Incorporated | 3/3/2025 | 12/17/2030 | Software | 8.95% | SOFR+525 | 8102 | 8053 | 7980 |
| Inventus Power, Inc. | 7/11/2023 | 6/30/2026 | Consumer Goods: Durable | 11.29% | SOFR+761 | 8040 | 8026 | 8040 |
| Kinetic Purchaser, LLC <sup>(4)</sup> | 11/30/2021 | 11/10/2027 | Personal Products |  |  | 13960 | 13380 | 7643 |
| Lash OpCo, LLC | 10/14/2021 | 9/17/2027 | Personal Products | 10.77% | SOFR+710 | 15755 | 15693 | 15479 |
| LAV Gear Holdings, Inc. - Takeback TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Leisure, Amusement, Motion Pictures, Entertainment | 9.61% | SOFR+594 | 7707 | 7707 | 6551 |
| LAV Gear Holdings, Inc. - Priority TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Leisure, Amusement, Motion Pictures, Entertainment | 9.61% | SOFR+594 | 2439 | 2413 | 2439 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| LJ Avalon Holdings, LLC | 4/11/2023 | 2/1/2030 | Environmental Industries | 8.15% | SOFR+450 | 2520 | 2488 | 2495 |
| Loving Tan Intermediate II, Inc. | 10/25/2023 | 5/31/2028 | Personal Products | 8.95% | SOFR+500 | 12130 | 12039 | 12070 |
| MAG DS Corp. | 9/27/2023 | 4/1/2027 | Aerospace and Defense | 9.30% | SOFR+560 | 2181 | 2149 | 2169 |
| Marketplace Events Acquisition, LLC | 1/13/2025 | 12/19/2030 | Media | 8.99% | SOFR+525 | 16830 | 16700 | 16704 |
| MBS Holdings, Inc. | 6/8/2021 | 4/16/2027 | Internet Software and Services | 8.77% | SOFR+510 | 8201 | 8163 | 8201 |
| MDI Buyer, Inc. | 4/11/2023 | 7/25/2028 | Chemicals, Plastics and Rubber | 8.67% | SOFR+475 | 6219 | 6162 | 6219 |
| Meadowlark Acquirer, LLC | 1/29/2022 | 12/10/2027 | Professional Services | 9.35% | SOFR+565 | 2311 | 2295 | 2311 |
| Medina Health, LLC | 11/6/2023 | 10/20/2028 | Healthcare and Pharmaceuticals | 9.95% | SOFR+625 | 18833 | 18648 | 18833 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Megawatt Acquisitionco, Inc. | 4/29/2024 | 3/1/2030 | Electronic Equipment, Instruments, and Components | 9.20% | SOFR+550 | 15435 | 15269 | 15126 |
| MOREgroup Holdings, Inc. | 3/22/2024 | 1/16/2030 | Business Services | 8.95% | SOFR+525 | 17844 | 17714 | 17844 |
| MES Intermediate, Inc. | 4/11/2023 | 10/1/2027 | Distributors | 8.45% | SOFR+475 | 3343 | 3321 | 3336 |
| NBH Group, LLC | 8/25/2021 | 8/19/2026 | Healthcare, Education & Childcare | 9.52% | SOFR+585 | 10298 | 10278 | 9784 |
| NORA Acquisition, LLC | 10/2/2023 | 8/31/2029 | Healthcare Providers and Services | 10.05% | SOFR+635 | 20952 | 20689 | 20061 |
| North American Rail Solutions, LLC | 10/23/2025 | 8/29/2031 | Road and Rail | 8.45% | SOFR+475 | 17413 | 17346 | 17325 |
| Omnia Exterior Solutions, LLC | 11/1/2024 | 12/31/2029 | Diversified Consumer Services | 9.20% | SOFR+525 | 16864 | 16748 | 16569 |
| One Stop Mailing, LLC | 7/8/2021 | 5/7/2027 | Air Freight and Logistics | 10.03% | SOFR+636 | 14395 | 14313 | 14395 |
| ORL Acquisition, Inc. <sup>(5)</sup> | 5/22/2025 | 9/3/2027 | Consumer Finance | 13.10% | SOFR+940 | 2295 | 2287 | 1354 |
| OSP Embedded Purchaser, LLC | 11/19/2024 | 12/17/2029 | Aerospace and Defense | 9.45% | SOFR+575 | 14825 | 14645 | 14602 |
| Output Services Group, Inc. - First-Out Term Loan | 12/1/2023 | 11/30/2028 | Business Services | 12.16% | SOFR+842 | 821 | 821 | 821 |
| Output Services Group, Inc. - Last-Out Term Loan | 12/1/2023 | 5/30/2028 | Business Services | 10.41% | SOFR+667 | 1667 | 1667 | 1667 |
| PCS MIDCO, Inc. | 4/10/2025 | 3/1/2030 | Diversified Consumer Services | 9.45% | SOFR+575 | 3434 | 3397 | 3434 |
| Pacific Purchaser, LLC | 1/12/2024 | 10/2/2028 | Business Services | 9.99% | SOFR+625 | 11758 | 11633 | 11758 |
| PAR Excellence Holdings, Inc. | 10/16/24 | 9/3/2030 | Healthcare Technology | 8.67% | SOFR+500 | 10878 | 10794 | 10660 |
| Paving Lessor Corp. First Lien - Term Loan | 8/28/2025 | 7/1/2031 | Business Services | 8.95% | SOFR+525 | 19877 | 19755 | 19877 |
| PN Buyer, Inc. | 11/19/2025 | 7/31/2031 | Professional Services | 8.17% | SOFR+450 | 9975 | 9933 | 9875 |
| Podean Buyer, LLC | 11/4/2025 | 8/4/2031 | Education | 9.70% | SOFR+600 | 4980 | 4938 | 4930 |
| Pragmatic Institute, LLC <sup>(4)</sup> | 3/28/2025 | 3/28/2030 | Education |  |  | 4381 | 4180 | 2059 |
| Project Granite Buyer, Inc. | 5/22/2025 | 12/31/2030 | Professional Services | 9.45% | SOFR+575 | 6435 | 6350 | 6435 |
| Puget Collision, LLC | 11/19/2025 | 10/3/2030 | Automobiles | 8.45% | SOFR+475 | 14963 | 14888 | 14813 |
| RRA Corporate, LLC | 4/10/2025 | 8/15/2029 | Diversified Consumer Services | 8.95% | SOFR+525 | 7661 | 7609 | 7355 |
| RTIC Subsidiary Holdings, LLC | 11/1/2024 | 5/3/2029 | Leisure Products | 9.45% | SOFR+575 | 14800 | 14657 | 14578 |
| Rancho Health MSO, Inc. | 4/11/2023 | 6/20/2029 | Healthcare Providers and Services | 8.69% | SOFR+500 | 18660 | 18608 | 18660 |
| Ro Health, LLC | 3/3/2025 | 1/17/2031 | Healthcare Providers and Services | 8.20% | SOFR+450 | 10462 | 10399 | 10462 |
| Rosco Parent, LLC | 11/19/2025 | 8/29/2031 | Auto Components | 8.45% | SOFR+475 | 10448 | 10384 | 10448 |
| Rural Sourcing Holdings, Inc. | 9/6/2023 | 6/15/2029 | High Tech Industries | 9.85% | SOFR+625 | 4395 | 4345 | 3659 |
| SCP Clinical Research Intermediate Holdings, LLC | 1/2/2026 | 1/2/2032 | Healthcare Providers and Services | 8.42% |  | 10000 | 9962 | 9950 |
| Sabel Systems Technology Solutions, LLC | 11/11/2024 | 10/31/2030 | Government Services | 9.67% | SOFR+600 | 13406 | 13359 | 13406 |
| Safe Haven Defense US, LLC | 9/19/2024 | 5/23/2029 | Construction and Building | 9.22% | SOFR+550 | 9810 | 9710 | 9590 |
| Sales Benchmark Index, LLC | 1/27/2021 | 7/7/2026 | Professional Services | 9.90% | SOFR+620 | 9131 | 9126 | 9131 |
| Sath Industries, LLC | 4/10/2025 | 12/17/2029 | Event Services | 9.20% | SOFR+550 | 10254 | 10174 | 10254 |
| Schlesinger Global, Inc. | 9/30/2021 | 3/31/2027 | Business Services | 10.02% | SOFR+610 | 6611 | 6611 | 6280 |
| Seaway Buyer, LLC | 4/11/2023 | 6/13/2029 | Chemicals, Plastics and Rubber | 9.84% | SOFR+615 | 4944 | 4902 | 4944 |
| Sigma Defense Systems, LLC | 12/27/2021 | 12/20/2027 | Aerospace and Defense | 10.10% | SOFR+690 | 20393 | 20133 | 20189 |
| Smile Brands, Inc. | 1/27/2021 | 10/12/2027 | Healthcare and Pharmaceuticals | 9.77% | SOFR+600 | 12327 | 12252 | 9837 |
| Spendmend Holdings, LLC | 4/11/2023 | 3/1/2028 | Healthcare Technology | 8.85% | SOFR+515 | 4008 | 3977 | 4008 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(4)(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics |  |  | 2028 | 1858 | 2028 |
| STG Distribution, LLC - Second Out Term Loans <sup>(4),(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics |  |  | 4637 | 2562 | 111 |
| STG Distribution, LLC - Final initial New Money TL | 10/24/2024 | 7/14/2026 | Air Freight and Logistics | 8.00% |  | 1324 | 1232 | 1324 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/1/2030 | Aerospace and Defense | 8.70% | SOFR+500 | 14531 | 14476 | 14531 |
| Systems Planning And Analysis, Inc. | 3/15/2022 | 8/16/2027 | Aerospace and Defense | 8.45% | SOFR+475 | 14363 | 14293 | 14363 |
| TMII Enterprises, LLC | 4/11/2023 | 12/22/2028 | Commercial Services & Supplies | 8.17% | SOFR+450 | 2859 | 2827 | 2859 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 4/26/2024 | 1/23/2029 | Media | 10.20% | SOFR+650 | 19331 | 19118 | 18799 |
| The Bluebird Group, LLC | 8/9/2021 | 7/28/2026 | Professional Services | 9.60% | SOFR+590 | 7171 | 7157 | 7171 |
| The Vertex Companies, LLC | 4/11/2023 | 8/31/2028 | Construction and Engineering | 8.68% | SOFR+475 | 17393 | 17266 | 17306 |
| TPC US Parent, LLC | 4/11/2023 | 4/20/2026 | Consumer Goods: Non-Durable | 9.56% | SOFR+590 | 15751 | 15745 | 15751 |
| Transgo, LLC | 1/19/2024 | 12/29/2028 | Automotive | 8.92% | SOFR+575 | 15780 | 15616 | 15543 |
| Tyto Athene, LLC | 5/5/2021 | 4/3/2028 | IT Services | 8.56% | SOFR+490 | 14604 | 14547 | 14202 |
| Walker Edison Furniture Company, LLC - Litigation DIP <sup>(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale | 10.00% |  | 146 | 146 | 151 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(5),(3)</sup> | 8/29/2025 | 3/1/2029 | Wholesale |  |  | 116 | - | 5 |
| Watchtower Buyer, LLC | 5/20/2024 | 12/3/2029 | Diversified Consumer Services | 9.70% | SOFR+600 | 12005 | 11870 | 11885 |
| Wash & Wax Systems LLC <sup>(5)</sup> | 4/30/2025 | 4/30/2028 | Automobiles | 9.17% | SOFR+550 | 5959 | 6043 | 6078 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $1215640 | $1193499 |
| **Subordinate Debt - 10.6% of Net Assets** |  |  |  |  |  |  |  |  |
| Integrative Nutrition, LLC - Promissory Note #1 | 4/17/2025 | 4/15/2030 | Diversified Consumer Services |  |  | 1877 | $1654 | $1633 |
| Integrative Nutrition, LLC - Promissory Note #2 | 4/17/2025 | 4/15/2033 | Diversified Consumer Services |  |  | 3623 | 1977 | 1449 |
| Wash & Wax Systems LLC | 4/30/2025 | 7/30/2028 | Automobiles | 12.00% |  | 4174 | 4174 | 4174 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $7805 | $7256 |
| **Equity Securities - 12.1% of Net Assets** |  |  |  |  |  |  |  |  |
| 48Forty Intermediate Holdings, Inc. - Preferred Equity | 11/5/2024 |  | Containers and Packaging |  |  | 699 | $4158 | $4158 |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/5/2024 |  | Containers and Packaging |  |  | 699 |  |  |
| New Insight Holdings, Inc. - Common Equity | 7/15/2024 |  | Diversified Consumer Services |  |  | 116055 | 2031 | 1322 |
| Output Services Group, Inc. - Common Equity | 12/1/2023 |  | Business Services |  |  | 126324 | 1012 | 687 |
| PLB Brands, LLC - Common Equity | 3/5/2026 |  | Education |  |  | 560239 | 560 | 560 |
| Pragmatic Holdco, Inc. - Common Equity | 3/28/2025 |  | Education |  |  | 134 |  |  |
| Wash & Wax Group, LP - Common Equity | 4/30/2025 |  | Automobiles |  |  | 2493 | 4449 | 1562 |
| White Tiger Newco, LLC - Common Equity <sup>(5)</sup> | 7/31/2025 |  | Capital Equipment |  |  | 35834 | 2734 |  |
| **Total Equity Securities** |  |  |  |  |  |  | $14944 | $8289 |
| **Total Investments - 1,759.8% of Net Assets** <sup>(6)(7)</sup> |  |  |  |  |  |  | $1238389 | $1209044 |
| **Cash Equivalents - 26.2% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 3.54% |  |  | $470 | $470 |
| Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  | 3.54% |  |  | 3739 | 3739 |
| JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  | 3.65% |  |  | 1462 | 1462 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| JP Morgan US Government Fund (Money Market Fund) |  |  |  | 3.46% |  |  | 3014 | 3014 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 3.56% |  |  | 9316 | 9316 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $18001 | $18001 |
| **Cash - 23.3% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $15997 | $15997 |
| **Total Cash** |  |  |  |  |  |  | $15997 | $15997 |
| **Total Investments, Cash Equivalents, and Cash —1,809.3% of Net Assets** |  |  |  |  |  |  | $1272387 | $1243042 |
| **Liabilities in Excess of Other Assets — (1,709.3)% of Net Assets** |  |  |  |  |  |  |  | (1174338) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $68704 |

---

——————————————————————

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL's accounting policy.

<sup>(3)</sup> Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

<sup>(4)</sup> Non-accrual security.

<sup>(5)</sup> The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do not secure the 2037-R Asset-Backed Debt and are not held through PennantPark CLO VI, LLC, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and 4) do not secure the 2037 Asset-Backed Debt held through PennantPark CLO 12, LLC.

<sup>(6)</sup> As of March 31, 2026 , all investments in U.S companies and total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,238.4 million, $1,209.0 million and 1,759.8%.

<sup>(7)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

Below is a listing of PSSL's individual investments as of September 30, 2025 (Par and $ in thousands):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 2,106.3% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 10/6/2023 | 10/2/2029 | Business Services | 9.29% | SOFR+500 | 14825 | $14649 | $14677 |
| ACP Falcon Buyer, Inc. | 8/22/2023 | 8/1/2029 | Business Services | 9.79% | SOFR+550 | 18573 | 18304 | 18759 |
| Ad.net Acquisition, LLC | 5/24/2021 | 5/7/2026 | Media | 10.26% | SOFR+626 | 11610 | 11566 | 11610 |
| Aechelon Technology, Inc. | 4/10/2025 | 8/16/2029 | Aerospace and Defense | 9.91% | SOFR+575 | 11640 | 11640 | 11640 |
| AFC-Dell Holding Corp. | 12/23/2024 | 4/9/2027 | Distributors | 9.83% | SOFR+550 | 7608 | 7576 | 7570 |
| Aphix Buyer, Inc. | 9/3/2025 | 7/17/2031 | Business Services | 8.91% | SOFR+475 | 9000 | 8951 | 8955 |
| Alpine Acquisition Corp II <sup>(4)</sup> | 10/11/2022 | 11/30/2026 | Containers and Packaging |  |  | 13154 | 13012 | 6840 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | 4/10/2025 | 6/30/2026 | Media: Advertising, Printing & Publishing | 9.90% | SOFR+575 | 4434 | 4357 | 4434 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) - Incremental Term Loan | 4/11/2023 | 6/30/2026 | Media: Advertising, Printing & Publishing | 9.90% | SOFR+575 | 4375 | 4360 | 4375 |
| Arcfield Acquisition Corp. | 11/11/2024 | 10/28/2031 | Aerospace and Defense | 9.31% | SOFR+500 | 5955 | 5946 | 5925 |
| Archer Lewis, LLC | 11/22/2024 | 8/28/2029 | Commercial Services & Supplies | 9.75% | SOFR+575 | 9900 | 9821 | 9900 |
| Argano, LLC | 1/9/2025 | 9/13/2029 | Business Services | 9.89% | SOFR+575 | 9900 | 9819 | 9752 |
| Azureon, LLC (F/K/A Tpcn Midco, LLC) | 4/10/2025 | 6/26/2029 | Diversified Consumer Services | 9.75% | SOFR+575 | 4975 | 4865 | 4831 |
| Beacon Behavioral Support Services, LLC | 10/9/2024 | 6/21/2029 | Healthcare and Pharmaceuticals | 9.50% | SOFR+550 | 17748 | 17549 | 17748 |
| Best Practice Associates, LLC | 4/10/2025 | 11/8/2029 | Aerospace and Defense | 10.91% | SOFR+675 | 14925 | 14792 | 14813 |
| Beta Plus Technologies, Inc. | 7/21/2022 | 7/2/2029 | Business Services | 9.75% | SOFR+575 | 4850 | 4794 | 4802 |
| Big Top Holdings, LLC | 6/26/2024 | 3/1/2030 | Business Services | 9.25% | SOFR+525 | 14671 | 14458 | 14671 |
| BioDerm, Inc. | 2/28/2023 | 1/31/2028 | Healthcare and Pharmaceuticals | 10.77% | SOFR+650 | 8798 | 8730 | 8688 |
| Blackhawk Industrial Distribution, Inc. | 6/30/2022 | 9/17/2026 | Distributors | 9.40% | SOFR+540 | 14816 | 14714 | 14557 |
| BLC Holding Company, Inc. | 4/10/2025 | 11/20/2030 | Business Services | 8.50% | SOFR+450 | 4975 | 4952 | 4975 |
| Boss Industries, LLC | 4/10/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 9.00% | SOFR+500 | 4975 | 4904 | 4975 |
| Burgess Point Purchaser Corporation | 10/3/2022 | 7/25/2029 | Automotive | 9.51% | SOFR+535 | 438 | 416 | 378 |
| By Light Professional IT Services, LLC | 8/28/2025 | 7/15/2031 | High Tech Industries | 9.66% | SOFR+550 | 5000 | 5000 | 4963 |
| C5MI Acquisition, LLC | 3/7/2025 | 7/31/2029 | IT Services | 10.00% | SOFR+600 | 14850 | 14670 | 14850 |
| Capital Construction, LLC | 8/28/2025 | 10/22/2026 | Consumer Services | 9.89% | SOFR+590 | 4263 | 4236 | 4220 |
| Carisk Buyer, Inc. | 10/16/2024 | 12/3/2029 | Healthcare Technology | 9.00% | SOFR+500 | 9925 | 9863 | 9925 |
| Carnegie Dartlet, LLC | 4/11/2025 | 2/7/2030 | Media: Advertising, Printing & Publishing | 9.66% | SOFR+550 | 15090 | 14897 | 14939 |
| Cartessa Aesthetics, LLC | 4/11/2023 | 6/14/2028 | Distributors | 10.00% | SOFR+600 | 9441 | 9359 | 9441 |
| Case Works, LLC | 4/10/2025 | 10/1/2029 | Professional Services | 9.25% | SOFR+525 | 14887 | 14783 | 14218 |
| CF512, Inc. | 12/27/2021 | 8/20/2026 | Media | 10.36% | SOFR+619 | 6483 | 6447 | 6418 |
| Commercial Fire Protection Holdings, LLC | 11/26/2024 | 9/23/2030 | Commercial Services & Supplies | 8.50% | SOFR+450 | 19837 | 19746 | 19837 |
| Confluent Health, LLC | 1/12/2024 | 11/30/2028 | Healthcare and Pharmaceuticals | 11.66% | SOFR+750 | 6637 | 6479 | 6206 |
| CJX Borrower, LLC | 7/29/2021 | 7/13/2027 | Media | 10.08% | SOFR+576 | 3735 | 3708 | 3735 |
| Crane 1 Services, Inc. | 4/11/2023 | 8/16/2027 | Commercial Services & Supplies | 10.03% | SOFR+586 | 2046 | 2034 | 2031 |
| DRI Holding Inc. | 9/15/2022 | 12/21/2028 | Media | 9.51% | SOFR+535 | 2574 | 2429 | 2522 |
| DRS Holdings III, Inc. | 1/27/2021 | 11/3/2025 | Consumer Goods: Durable | 9.41% | SOFR+525 | 4487 | 4487 | 4532 |
| Duggal Acquisition, LLC | 4/10/2025 | 9/30/2030 | Marketing Services | 8.75% | SOFR+475 | 4950 | 4909 | 4950 |
| Dynata, LLC - First Out Term Loan <sup>(5)</sup> | 7/15/2024 | 7/17/2028 | Diversified Consumer Services | 9.46% | SOFR+526 | 1347 | 1273 | 1341 |
| Dynata, LLC - Last Out Term Loan | 7/15/2024 | 10/16/2028 | Diversified Consumer Services | 9.96% | SOFR+576 | 8354 | 8354 | 6802 |
| EDS Buyer, LLC | 4/11/2023 | 1/10/2029 | Electronic Equipment, Instruments, and Components | 8.75% | SOFR+475 | 8776 | 8694 | 8797 |
| Emergency Care Partners, LLC | 11/11/2024 | 10/18/2027 | Healthcare Providers and Services | 9.00% | SOFR+500 | 5940 | 5911 | 5940 |
| Exigo Intermediate II, LLC | 11/21/2022 | 3/15/2027 | Software | 10.51% | SOFR+635 | 12416 | 12335 | 12416 |
| ETE Intermediate II, LLC | 6/12/2023 | 5/29/2029 | Diversified Consumer Services | 9.16% | SOFR+500 | 12124 | 11950 | 12124 |
| EvAL Home Care Solutions Intermediate, LLC | 7/10/2024 | 5/10/2030 | Healthcare and Pharmaceuticals | 9.91% | SOFR+575 | 8822 | 8704 | 8822 |
| GGG MIDCO, LLC | 4/10/2025 | 9/27/2030 | Diversified Consumer Services | 9.00% | SOFR+500 | 19573 | 19491 | 19573 |
| Global Holdings InterCo, LLC | 6/8/2021 | 3/16/2026 | Diversified Financial Services | 9.74% | SOFR+560 | 3505 | 3503 | 3505 |
| Graffiti Buyer, Inc. | 3/15/2022 | 8/10/2027 | Trading Companies & Distributors | 9.80% | SOFR+560 | 3685 | 3660 | 3611 |
| Halo Buyer, Inc. | 5/22/2025 | 8/7/2029 | Consumer Products | 10.16% | SOFR+600 | 6468 | 6344 | 6468 |
| Hancock Roofing And Construction, LLC | 1/27/2021 | 12/31/2026 | Insurance | 9.60% | SOFR+550 | 2112 | 2100 | 2091 |
| Harris & Co, LLC | 11/26/2024 | 8/9/2030 | Professional Services | 9.16% | SOFR+500 | 19800 | 19650 | 19627 |
| HEC Purchaser Corp. | 4/10/2025 | 6/17/2029 | Healthcare and Pharmaceuticals | 8.87% | SOFR+500 | 3606 | 3572 | 3606 |
| Hills Distribution, Inc. | 5/3/2024 | 11/8/2029 | Business Services | 10.32% | SOFR+600 | 8867 | 8761 | 8867 |
| HW Holdco, LLC | 4/11/2023 | 5/11/2026 | Media | 9.90% | SOFR+590 | 3441 | 3431 | 3441 |
| Imagine Acquisitionco, Inc. | 3/15/2022 | 11/15/2027 | Software | 9.29% | SOFR+510 | 9060 | 8961 | 9060 |
| Infinity Home Services Holdco, Inc. | 4/11/2023 | 12/28/2028 | Commercial Services & Supplies | 10.16% | SOFR+600 | 5968 | 5891 | 5968 |
| Inovex Information Systems Incorporated | 3/3/2025 | 12/17/2030 | Software | 9.25% | SOFR+525 | 8143 | 8087 | 8143 |
| Inventus Power, Inc. | 7/11/2023 | 1/15/2026 | Consumer Goods: Durable | 11.78% | SOFR+761 | 8081 | 8062 | 8081 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Kinetic Purchaser, LLC | 11/30/2021 | 11/10/2027 | Personal Products | 10.15% | SOFR+615 | 13492 | 13344 | 11468 |
| Lash OpCo, LLC | 10/14/2021 | 2/18/2027 | Personal Products | 12.16% | SOFR+785 | 15508 | 15400 | 15120 |
| LAV Gear Holdings, Inc. - Takeback TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Capital Equipment | 10.10% | SOFR+594 | 7612 | 7612 | 7612 |
| LAV Gear Holdings, Inc. - Priority TL <sup>(5)</sup> | 7/31/2025 | 7/31/2029 | Capital Equipment | 10.10% | SOFR+594 | 2409 | 2381 | 2967 |
| Lightspeed Buyer, Inc. | 1/27/2021 | 2/3/2027 | Healthcare Providers and Services | 8.75% | SOFR+475 | 16232 | 16187 | 16232 |
| LJ Avalon Holdings, LLC | 4/11/2023 | 2/1/2030 | Environmental Industries | 8.77% | SOFR+450 | 2533 | 2497 | 2533 |
| Loving Tan Intermediate II, Inc. | 10/25/2023 | 5/31/2028 | Personal Products | 9.00% | SOFR+500 | 12279 | 12164 | 12279 |
| Lucky Bucks, LLC - First-Out Term Loan <sup>(5)</sup> | 12/1/2023 | 10/2/2028 | Hotel, Gaming and Leisure | 11.66% | SOFR+765 | 256 | 256 | 238 |
| Lucky Bucks, LLC - Last-Out Term Loan | 5/20/2024 | 10/2/2029 | Hotel, Gaming and Leisure | 11.66% | SOFR+765 | 529 | 529 | 426 |
| MAG DS Corp. | 9/27/2023 | 4/1/2027 | Aerospace and Defense | 9.60% | SOFR+560 | 2193 | 2146 | 2184 |
| Marketplace Events Acquisition, LLC | 1/13/2025 | 12/19/2030 | Media | 9.12% | SOFR+525 | 16915 | 16769 | 16915 |
| MBS Holdings, Inc. | 6/8/2021 | 4/16/2027 | Internet Software and Services | 9.30% | SOFR+510 | 8244 | 8186 | 8244 |
| MDI Buyer, Inc. | 4/11/2023 | 7/25/2028 | Chemicals, Plastics and Rubber | 8.95% | SOFR+475 | 6251 | 6181 | 6251 |
| Meadowlark Acquirer, LLC | 1/29/2022 | 12/10/2027 | Professional Services | 9.65% | SOFR+565 | 2323 | 2303 | 2323 |
| Medina Health, LLC | 11/6/2023 | 10/20/2028 | Healthcare and Pharmaceuticals | 10.25% | SOFR+625 | 18833 | 18613 | 18927 |
| Megawatt Acquisitionco, Inc. | 4/29/2024 | 3/1/2030 | Electronic Equipment, Instruments, and Components | 9.25% | SOFR+525 | 15514 | 15338 | 14769 |
| MOREgroup Holdings, Inc. | 3/22/2024 | 1/16/2030 | Business Services | 9.25% | SOFR+525 | 12935 | 12788 | 12935 |
| Municipal Emergency Services, Inc. | 4/11/2023 | 10/1/2027 | Distributors | 9.15% | SOFR+515 | 3360 | 3332 | 3360 |
| NBH Group, LLC | 8/25/2021 | 8/19/2026 | Healthcare, Education & Childcare | 10.12% | SOFR+585 | 10352 | 10304 | 10352 |
| NORA Acquisition, LLC | 10/2/2023 | 8/31/2029 | Healthcare Providers and Services | 10.35% | SOFR+635 | 21059 | 20761 | 20901 |
| Omnia Exterior Solutions, LLC | 11/1/2024 | 12/31/2029 | Diversified Consumer Services | 9.26% | SOFR+525 | 16958 | 16824 | 16619 |
| One Stop Mailing, LLC | 7/8/2021 | 5/7/2027 | Air Freight and Logistics | 10.53% | SOFR+636 | 15484 | 15358 | 15484 |
| ORL Acquisition, Inc. <sup>(5)</sup> | 5/22/2025 | 9/3/2027 | Consumer Finance | 13.70% | SOFR+940 | 2231 | 2220 | 1975 |
| OSP Embedded Purchaser, LLC | 11/19/2024 | 12/17/2029 | Aerospace and Defense | 9.76% | SOFR+575 | 14900 | 14695 | 14691 |
| Output Services Group, Inc. - First-Out Term Loan | 12/1/2023 | 11/30/2028 | Business Services | 12.71% | SOFR+843 | 821 | 821 | 821 |
| Output Services Group, Inc. - Last-Out Term Loan | 12/1/2023 | 5/30/2028 | Business Services | 10.96% | SOFR+668 | 1667 | 1667 | 1667 |
| PCS MIDCO, Inc. | 4/10/2025 | 3/1/2030 | Diversified Consumer Services | 9.75% | SOFR+575 | 3833 | 3787 | 3833 |
| Pacific Purchaser, LLC | 1/12/2024 | 10/2/2028 | Business Services | 10.42% | SOFR+625 | 11818 | 11669 | 11770 |
| PAR Excellence Holdings, Inc. | 10/16/24 | 9/3/2030 | Healthcare Technology | 9.17% | SOFR+500 | 10933 | 10836 | 10741 |
| Paving Lessor Corp. First Lien - Term Loan | 8/28/2025 | 7/1/2031 | Business Services | 9.25% | SOFR+525 | 9963 | 9896 | 9888 |
| Penta Group Holdings, Inc. | 9/8/2025 | 7/31/2031 | Professional Services | 8.81% | SOFR+450 | 5000 | 4979 | 4975 |
| Pink Lily Holdco, LLC <sup>(5),(7)</sup> | 11/30/2021 | 11/9/2027 | Textiles, Apparel and Luxury Goods | 4.35% |  | 8359 | 8323 | 3343 |
| Pragmatic Institute, LLC | 3/28/2025 | 3/28/2030 | Education | 9.50% | SOFR+550 | 4200 | 4200 | 3045 |
| Project Granite Buyer, Inc. | 5/22/2025 | 12/31/2030 | Professional Services | 9.75% | SOFR+575 | 6467 | 6375 | 6532 |
| Rancho Health MSO, Inc. | 4/11/2023 | 6/20/2029 | Healthcare Providers and Services | 9.29% | SOFR+500 | 18781 | 18717 | 18781 |
| Recteq, LLC | 2/24/2021 | 1/29/2026 | Leisure Products | 10.40% | SOFR+640 | 4775 | 4768 | 4763 |
| Ro Health, LLC | 3/3/2025 | 1/17/2031 | Healthcare Providers and Services | 8.50% | SOFR+450 | 10518 | 10449 | 10518 |
| RRA Corporate, LLC | 4/10/2025 | 8/15/2029 | Diversified Consumer Services | 9.25% | SOFR+525 | 7700 | 7639 | 7654 |
| RTIC Subsidiary Holdings, LLC | 11/1/2024 | 5/3/2029 | Leisure Products | 9.75% | SOFR+575 | 9875 | 9758 | 9776 |
| Rural Sourcing Holdings, Inc. | 9/6/2023 | 6/15/2029 | High Tech Industries | 9.92% | SOFR+575 | 4303 | 4245 | 3873 |
| Sabel Systems Technology Solutions, LLC | 11/11/2024 | 10/31/2030 | Government Services | 9.91% | SOFR+575 | 5955 | 5905 | 5955 |
| Safe Haven Defense US, LLC | 9/19/2024 | 5/23/2029 | Construction and Building | 9.50% | SOFR+550 | 9864 | 9747 | 9815 |
| Sales Benchmark Index, LLC | 1/27/2021 | 7/7/2026 | Professional Services | 10.20% | SOFR+620 | 9186 | 9172 | 9186 |
| Sath Industries, LLC | 4/10/2025 | 12/17/2029 | Event Services | 9.66% | SOFR+550 | 10306 | 10213 | 10306 |
| Schlesinger Global, Inc. <sup>(6)</sup> | 9/30/2021 | 10/24/2025 | Business Services | 12.76% | SOFR+860 | 6647 | 6647 | 6315 |
| Seaway Buyer, LLC | 4/11/2023 | 6/13/2029 | Chemicals, Plastics and Rubber | 10.15% | SOFR+615 | 4850 | 4802 | 4523 |
| Sigma Defense Systems, LLC | 12/27/2021 | 12/20/2027 | Aerospace and Defense | 10.31% | SOFR+615 | 18078 | 17812 | 18078 |
| Smile Brands, Inc. | 1/27/2021 | 10/12/2027 | Healthcare and Pharmaceuticals | 10.10% | SOFR+610 | 12294 | 12212 | 10609 |
| Spendmend Holdings, LLC | 4/11/2023 | 3/1/2028 | Healthcare Technology | 9.15% | SOFR+515 | 4029 | 3989 | 4029 |
| STG Distribution, LLC - First Out New Money Term Loans <sup>(5)</sup> | 10/24/2024 | 10/3/2029 | Air Freight and Logistics | 12.57% | SOFR+835 | 1961 | 1871 | 1745 |
| STG Distribution, LLC - Second Out Term Loans <sup>(5),(7)</sup> | 5/22/2025 | 10/3/2029 | Air Freight and Logistics | 5.32% |  | 4535 | 2562 | 363 |
| SV-Aero Holdings, LLC | 10/31/2024 | 11/1/2030 | Aerospace and Defense | 9.00% | SOFR+500 | 14719 | 14656 | 14719 |
| Systems Planning And Analysis, Inc. | 3/15/2022 | 8/16/2027 | Aerospace and Defense | 8.92% | SOFR+475 | 14438 | 14345 | 14322 |
| TMII Enterprises, LLC | 4/11/2023 | 12/22/2028 | Commercial Services & Supplies | 8.66% | SOFR+450 | 2873 | 2835 | 2873 |
| TCG 3.0 Jogger Acquisitionco, Inc. | 4/26/2024 | 1/23/2029 | Media | 10.52% | SOFR+650 | 19429 | 19179 | 19332 |
| Team Services Group, LLC | 10/4/2022 | 12/20/2027 | Healthcare and Pharmaceuticals | 9.56% | SOFR+525 | 5327 | 5141 | 5305 |
| The Bluebird Group, LLC | 8/9/2021 | 7/28/2026 | Professional Services | 9.90% | SOFR+590 | 7985 | 7943 | 7985 |
| The Vertex Companies, LLC | 4/11/2023 | 8/31/2028 | Construction and Engineering | 8.93% | SOFR+475 | 17482 | 17309 | 17395 |
| TPC US Parent, LLC | 4/11/2023 | 11/24/2025 | Consumer Goods: Non-Durable | 10.19% | SOFR+590 | 16355 | 16341 | 16224 |
| Transgo, LLC | 1/19/2024 | 12/29/2028 | Automotive | 9.91% | SOFR+575 | 15880 | 15694 | 16005 |
| Tyto Athene, LLC | 5/5/2021 | 4/3/2028 | IT Services | 9.19% | SOFR+490 | 14604 | 14530 | 14238 |
| Urology Management Holdings, Inc. | 4/11/2023 | 6/15/2027 | Healthcare and Pharmaceuticals | 9.66% | SOFR+550 | 6753 | 6718 | 6753 |
| Walker Edison Furniture Company, LLC - Unfunded Term Loan <sup>(3),(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale |  |  | 353 |  | 12 |
| Walker Edison Furniture Company, LLC - New Money DIP <sup>(5)</sup> | 8/29/2025 | 3/1/2029 | Wholesale | 10.00% |  | 134 | 134 | 136 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| Watchtower Buyer, LLC | 5/20/2024 | 12/3/2029 | Diversified Consumer Services | 10.00% | SOFR+600 | 12066 | 11914 | 11946 |
| Wash & Wax Systems LLC <sup>(5)</sup> | 4/30/2025 | 4/30/2028 | Automobiles | 9.81% | SOFR+550 | 5847 | 5947 | 5964 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $1083891 | $1066863 |
| **Subordinate Debt - 14.8% of Net Assets** |  |  |  |  |  |  |  |  |
| Integrative Nutrition, LLC | 4/17/2025 | 4/15/2030 | Diversified Consumer Services |  |  | 1877 | 1628 | 1605 |
| Integrative Nutrition, LLC | 4/17/2025 | 4/15/2033 | Diversified Consumer Services |  |  | 4275 | 1977 | 1977 |
| Wash & Wax Systems LLC | 4/30/2025 | 7/30/2028 | Automobiles | 12.00% |  | 3932 | 3932 | 3932 |
| **Total Subordinate Debt** |  |  |  |  |  |  | $7537 | $7514 |
| **Equity Securities - 20.3% of Net Assets** |  |  |  |  |  |  |  |  |
| 48Forty Intermediate Holdings, Inc. - Common Equity | 11/5/2024 |  | Containers and Packaging |  |  | 1722 |  |  |
| New Insight Holdings, Inc. - Common Equity | 7/15/2024 |  | Diversified Consumer Services |  |  | 116055 | 2031 | 1740 |
| Lucky Bucks, LLC - Common Equity | 12/1/2023 |  | Hotel, Gaming and Leisure |  |  | 73870 | 2062 | 392 |
| Output Services Group, Inc. - Common Equity | 12/1/2023 |  | Business Services |  |  | 126324 | 1012 | 1037 |
| Pragmatic Holdco, Inc. - Common Equity | 3/28/2025 |  | Education |  |  | 134 |  |  |
| Wash & Wax Group, LP - Common Equity | 4/30/2025 |  | Automobiles |  |  | 2493 | 4449 | 4593 |
| White Tiger Newco, LLC - Common Equity <sup>(5)</sup> | 7/31/2025 |  | Automobiles |  |  | 35834 | 2734 | 2510 |
| **Total Equity Securities** |  |  |  |  |  |  | $12288 | $10272 |
| **Total Investments - 2,141.5% of Net Assets** <sup>(6)(8)</sup> |  |  |  |  |  |  | $1103716 | $1084649 |
| **Cash Equivalents - 94.5% of Net Assets** |  |  |  |  |  |  |  |  |
| BlackRock Federal FD Institutional 81 (Money Market Fund) |  |  |  | 4.11% |  |  | $12475 | $12475 |
| Blackrock Liquidity Fed Fund Inst (Money Market Fund) |  |  |  | 4.02% |  |  | 4265 | 4265 |
| JP Morgan USD Liquidity Inst (Money Market Fund) |  |  |  | 4.10% |  |  | 14682 | 14682 |
| JP Morgan US Government Fund (Money Market Fund) |  |  |  | 4.02% |  |  | 10539 | 10539 |
| Goldman Sachs Financial Square Government Fund (Money Market Fund) |  |  |  | 4.10% |  |  | 5909 | 5909 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $47870 | $47870 |
| **Cash - 27.0% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $13690 | $13690 |
| **Total Cash** |  |  |  |  |  |  | $13690 | $13690 |
| **Total Investments, Cash Equivalents, and Cash —2,263.0% of Net Assets** |  |  |  |  |  |  | $1165276 | $1146209 |
| **Liabilities in Excess of Other Assets — (2,163.0)% of Net Assets** |  |  |  |  |  |  |  | (1095559) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $50650 |

---

------

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL's accounting policy.

<sup>(3)</sup> Represents the purchase of a security with a delayed settlement or a revolving line of credit that is currently an unfunded investment. This security does not earn a basis point spread above an index while it is unfunded.

<sup>(4)</sup> Non-accrual security.

<sup>(5)</sup> The securities, or a portion thereof, 1) are not pledged as collateral under the Credit Facility and held through Funding I; 2) do no secure the 2037-R Asset-Backed Debt and held through PennantPark CLO VI, LLC, 3) do not secure the 2036 Asset-Backed Debt and are not held through PennantPark CLO II, Ltd. and 4) do not secure the 2037 Asset-Backed Debt and are not held through PennantPark CLO 12, LLC.

<sup>(6)</sup> As of September 30, 2025, all investments were in U.S Companies and total cost, fair value, and percentage of Net Assets for the U.S Companies were $1,103.7 million, $1,084.6 million and 2,141.5%.

<sup>(7)</sup> Partial PIK non-accrual security

<sup>(8)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

Below are the consolidated statements of assets and liabilities for PSSL ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** |  |
|  | **(Unaudited)** | **September 30, 2025** |
| **Assets** |  |  |
| Investments at fair value (amortized cost—$1,238,389 and $1,103,716, respectively) | 1209044 | 1084649 |
| Cash equivalents (cost—$18,001 and $47,870, respectively) | 18001 | 47870 |
| Cash (cost—15,997 and $13,690, respectively) | 15997 | 13690 |
| Interest receivable | 3782 | 4138 |
| Receivable for investments sold | 37 | 838 |
| Due from affiliate | 25 | 208 |
| Prepaid expenses and other assets | 1881 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 1248767 | 1153689 |
| **Liabilities** |  |  |
| Credit facility payable | 158500 | 74500 |
| 2036 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,197 and $1,341, respectively) | 244803 | 244659 |
| 2037 Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $1,732 and $1,904, respectively) | 244268 | 244096 |
| 2037-R Asset-backed debt, net (par—$246,000 and $246,000, respectively and unamortized deferred financing costs of $2,296 and $2,518, respectively) | 243704 | 243481 |
| Notes payable to members | 271600 | 271600 |
| Interest payable on credit facility and asset backed debt | 9361 | 16868 |
| Interest payable on notes to members | 6251 | 6788 |
| Accrued expenses | 1314 | 997 |
| Due to affiliate | 262 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 1180063 | 1103039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 68704 | 50650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $1248767 | $1153689 |

---

———————————————————

\* As of March 31, 2026 and September 30, 2025, PSSL had unfunded commitments to fund investments of $0.6 million and $0.4 million, respectively.

Below are the consolidated statements of operations for PSSL ($ in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Six Months Ended March 31,** | **Six Months Ended March 31,** |
|  | **2026** | **2025** | **2026** | **2025** |
| **Investment income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $28992 | $27350 | $58159 | $56776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 218 | 205 | 524 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 29210 | 27555 | 58683 | 57564 |
| **Expenses:**<sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expense on credit facility and asset-backed debt | 13914 | 13731 | 28216 | 27816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on notes to members | 7984 | 8393 | 16296 | 17247 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 795 | 717 | 1553 | 1385 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 633 | 414 | 1096 | 906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | 23326 | 23255 | 47161 | 47354 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 5884 | 4300 | 11522 | 10210 |
| **Realized and unrealized gain (loss) on investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments | (14364) | (7788) | (16540) | (6455) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 108 | (4252) | (10278) | (15142) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (14256) | (12040) | (26818) | (21597) |
| **Net increase (decrease) in members' equity resulting from operations** | $(8372) | $(7740) | $(15296) | $(11387) |

---

———————————————————

<sup>(1)</sup> Currently, no management or incentive fees are payable by PSSL. If any fees were to be charged, they would be separately disclosed in the Statements of Operations. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management on a quarterly basis.

**PennantPark Senior Secured Loan Fund II LLC** 

In August 2025, we and Hamilton Lane ("HL") formed PSSL II, an unconsolidated joint venture. PSSL II invests primarily in middle-market and other corporate debt securities consistent with our strategy. PSSL II was formed as a Delaware limited liability company. PSSL II invests in portfolio companies in the same industries in which we may directly invest. PSSL II commenced operations on November 18, 2025. As of March 31, 2026, PSSL II had total assets of $357.5 million and its investment portfolio consisted of investments in 54 portfolio companies. As of March 31, 2026, at fair value, the largest investment in a single portfolio company in PSSL II was $13.0 million and the five largest investments totaled $64.8 million. PSSL II invests in portfolio companies in the same industries in which we may directly invest.

We and HL have committed to invest up to $200.0 million in the aggregate in PSSL II, with the Company committing to invest up to $150.0 million and HL committing to invest up to $50.0 million. Investments by each of the Company and HL are made in the form of membership interests and secured notes. The Company's commitment consists of $105.0 million in secured notes and $45.0 million in membership interests. HL's commitment consists of $35.0 million in secured notes and $15.0 million in membership interests. All material decisions regarding PSSL II must be submitted to its board of managers, which is comprised of an equal number of representatives from each of the Company and HL. Further, all portfolio and other material decisions require the affirmative vote of at least one board member designated by the Company and one board member from HL.

------

We and HL provide capital to PSSL II in the form of secured notes and equity interests. As of March 31, 2026, our investment in PSSL II consisted of secured notes of $65.6 million ($39.4 million remaining unfunded) and equity interests of $28.1 million ($16.9 million remaining unfunded). During the three and six months ended March 31, 2025, the Company made capital contributions of approximately $37.5 million and $93.8 million of assets at their most recent fair market value as of the date of the transaction.

In November 2025, PSSL II entered into a $150.0 million revolving credit facility which bears all-in interest rate at SOFR plus 1.85% with Goldman Sachs Bank USA as administrative agent, through its wholly owned subsidiary, PSSL II SPV LLC, subject to leverage and borrowing base restrictions. In February 2026, the revolving credit facility was upsized to $250.0 million.

Below is a summary of PSSL II's portfolio at fair value:

---

| | |
|:---|:---|
| ($ in thousands) | **March 31, 2026** |
| Total investments | $339929 |
| Weighted average cost yield on income producing investments | 8.9% |
| Number of portfolio companies in PSSL II | 54 |
| Largest portfolio company investment | $12989 |
| Total of five largest portfolio company investments | $64847 |

---

------

Below is a listing of PSSL II's individual investments as of March 31, 2026 (Par and $ in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Name** | **Acquisition** | **Maturity** | **Industry** | **Current<br> Coupon** | **Basis Point<br>Spread Above<br>Index** <sup>(1)</sup> | **Par or Number<br>of Shares** | **Cost** | **Fair Value** <sup>(2)</sup> |
| **First Lien Secured Debt - 914.5% of Net Assets** |  |  |  |  |  |  |  |  |
| ACP Avenu Buyer, LLC | 11/18/2025 | 10/2/2029 | IT Services | 8.66% | SOFR+500 | 13000 | $12935 | $12675 |
| ACP Falcon Buyer, Inc. | 11/18/2025 | 8/1/2029 | Internet Software and Services | 9.16% | SOFR+550 | 814 | 822 | 814 |
| APT OPCO, LLC | 11/18/2025 | 9/30/2031 | Healthcare Providers & Services | 8.70% | SOFR+500 | 4975 | 4918 | 4975 |
| Arcfield Acquisition Corp. | 2/3/2026 | 10/28/2031 | Aerospace and Defense | 8.67% | SOFR+500 | 3990 | 3971 | 3970 |
| Archer Lewis, LLC | 11/18/2025 | 8/28/2029 | Professional Services | 9.45% | SOFR+575 | 1128 | 1128 | 1105 |
| Argano, LLC | 1/27/2026 | 9/13/2029 | Software | 9.18% | SOFR+550 | 4987 | 5037 | 4938 |
| Beacon Behavioral Support Services, LLC | 11/18/2025 | 6/21/2029 | Healthcare Providers & Services | 9.20% | SOFR+550 | 8362 | 8317 | 8362 |
| Big Top Holdings, LLC | 11/18/2025 | 2/28/2030 | Construction and Engineering | 8.95% | SOFR+525 | 12966 | 12966 | 12966 |
| BLC Holding Company, Inc. | 11/18/2025 | 11/20/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 3782 | 3782 | 3782 |
| Boss Industries, LLC | 11/18/2025 | 12/27/2030 | Independent Power and Renewable Electricity Producers | 8.45% | SOFR+500 | 5839 | 5839 | 5839 |
| By Light Professional IT Services, LLC | 11/18/2025 | 7/15/2031 | Aerospace and Defense | 9.17% | SOFR+550 | 6982 | 6932 | 6878 |
| Carisk Buyer, Inc. | 11/18/2025 | 12/3/2029 | Healthcare Technology | 8.70% | SOFR+500 | 5862 | 5862 | 5876 |
| Case Works, LLC | 11/18/2025 | 10/1/2029 | Professional Services | 8.95% | SOFR+525 | 4468 | 4375 | 4424 |
| Commercial Fire Protection Holdings, LLC | 11/18/2025 | 9/23/2030 | Commercial Services & Supplies | 8.20% | SOFR+450 | 12967 | 12967 | 12967 |
| Cornerstone Advisors of Arizona, LLC | 1/27/2026 | 5/13/2032 | Professional Services | 8.45% | SOFR+475 | 6501 | 6471 | 6468 |
| Crane 1 Services, Inc. | 11/18/2025 | 8/16/2027 | Commercial Services & Supplies | 9.53% | SOFR+586 | 2511 | 2496 | 2473 |
| EDS Buyer, LLC | 11/18/2025 | 1/10/2029 | Aerospace and Defense | 8.20% | SOFR+450 | 1970 | 1975 | 1970 |
| Emergency Care Partners, LLC | 11/18/2025 | 10/18/2027 | Healthcare Providers & Services | 8.70% | SOFR+500 | 6250 | 6250 | 6250 |
| ETE Intermediate II, LLC | 11/18/2025 | 5/29/2029 | Auto Components | 8.70% | SOFR+500 | 973 | 973 | 973 |
| GGG MIDCO, LLC | 11/18/2025 | 9/27/2030 | Diversified Consumer Services | 8.67% | SOFR+500 | 9458 | 9458 | 9546 |
| Global Holdings InterCo, LLC | 2/12/2026 | 9/16/2027 | Diversified Financial Services | 9.28% | SOFR+560 | 4204 | 4090 | 4204 |
| Harris & Co, LLC | 11/18/2025 | 8/9/2030 | Professional Services | 8.67% | SOFR+500 | 12967 | 12925 | 12967 |
| Harvest Group Topco Buyer, LLC | 3/31/2026 | 3/2/2032 | Media | 8.42% | SOFR+475 | 8000 | 7963 | 7960 |
| HEC Purchaser Corp. | 11/18/2025 | 6/17/2029 | Health Care Equipment & supplies | 8.70% | SOFR+500 | 4839 | 4839 | 4839 |
| Highwire Public Relations, LLC | 1/28/2026 | 1/12/2031 | Professional Services | 8.70% | SOFR+500 | 3500 | 3479 | 3465 |
| Hills Distribution, Inc. | 11/18/2025 | 11/8/2029 | Distributors | 9.21% | SOFR+550 | 2609 | 2598 | 2609 |
| IG Investments Holdings, LLC | 2/11/2026 | 9/22/2028 | Professional Services | 8.67% | SOFR+500 | 5077 | 5053 | 4963 |
| Impact Advisors, LLC | 1/27/2026 | 3/19/2032 | Healthcare Technology | 8.19% | SOFR+450 | 9108 | 9108 | 9108 |
| LJ Avalon Holdings, LLC | 12/2/2025 | 2/1/2030 | Construction and Engineering | 8.15% | SOFR+450 | 7963 | 7963 | 7883 |
| MBS Holdings, Inc. | 11/18/2025 | 4/16/2027 | Internet Software and Services | 8.77% | SOFR+510 | 5106 | 5106 | 5106 |
| MOREgroup Holdings, Inc. | 1/6/2026 | 1/16/2030 | Construction and Engineering | 8.95% | SOFR+525 | 7204 | 7204 | 7204 |
| Medina Health, LLC | 11/18/2025 | 10/20/2028 | Healthcare and Pharmaceuticals | 9.95% | SOFR+625 | 3314 | 3323 | 3314 |
| MES Intermediate, Inc. | 11/18/2025 | 10/1/2027 | Distributors | 8.45% | SOFR+475 | 12984 | 12984 | 12958 |
| North American Rail Solutions | 11/18/2025 | 8/29/2031 | Road and Rail | 8.45% | SOFR+475 | 12967 | 12908 | 12903 |
| OSP Embedded Purchaser, LLC | 11/18/2025 | 12/17/2029 | Aerospace and Defense | 9.45% | SOFR+575 | 6965 | 6864 | 6860 |
| PCS MIDCO, Inc. | 11/18/2025 | 3/1/2030 | Professional Services | 9.45% | SOFR+575 | 2343 | 2354 | 2343 |
| PD Tri-State Holdco, LLC. | 11/18/2025 | 10/14/2030 | Diversified Consumer Services | 8.95% | SOFR+525 | 2963 | 2939 | 2992 |
| PN Buyer, Inc. | 1/9/2026 | 7/31/2031 | Professional Services | 8.17% | SOFR+450 | 9975 | 9929 | 9875 |
| Pacific Purchaser, LLC | 11/18/2025 | 10/2/2028 | Professional Services | 9.99% | SOFR+625 | 2199 | 2179 | 2199 |
| PAR Excellence Holdings, Inc. | 11/18/2025 | 9/3/2030 | Healthcare Technology | 8.67% | SOFR+500 | 6965 | 6902 | 6826 |
| Paving Lessor Corp. | 1/28/2026 | 7/1/2031 | Commercial Services & Supplies | 8.94% | SOFR+525 | 4815 | 4793 | 4815 |
| Project Granite Buyer, Inc. | 11/18/2025 | 12/31/2030 | Professional Services | 9.45% | SOFR+575 | 3934 | 3972 | 3934 |
| Puget Collision, LLC | 11/18/2025 | 10/3/2030 | Automobiles | 8.45% | SOFR+475 | 8124 | 8078 | 8043 |
| Rancho Health MSO, Inc. | 11/18/2025 | 6/20/2029 | Healthcare Providers & Services | 8.66% | SOFR+500 | 6841 | 6841 | 6841 |
| Sabel Systems Technology Solutions, LLC | 1/31/2025 | 10/31/2030 | IT Services | 9.67% | SOFR+600 | 8977 | 8977 | 8977 |
| Sath Industries, LLC | 11/18/2025 | 12/17/2029 | Building Products | 9.20% | SOFR+550 | 3338 | 3338 | 3338 |
| Sigma Defense Systems, LLC | 11/18/2025 | 12/20/2027 | Aerospace and Defense | 10.10% | SOFR+640 | 10422 | 10388 | 10318 |
| Smartronix, LLC | 11/24/2025 | 2/6/2032 | Aerospace and Defense | 8.17% | SOFR+450 | 5940 | 5919 | 5841 |
| Systems Planning And Analysis, Inc. | 11/18/2025 | 8/16/2027 | Aerospace and Defense | 8.45% | SOFR+475 | 12989 | 12931 | 12989 |
| TMII Enterprises, LLC | 11/18/2025 | 12/22/2028 | Professional Services | 8.17% | SOFR+450 | 1969 | 1969 | 1969 |
| The Bluebird Group, LLC | 11/18/2025 | 7/28/2026 | Professional Services | 9.60% | SOFR+590 | 5012 | 5012 | 5012 |
| The Vertex Companies, LLC | 11/18/2025 | 8/31/2028 | Construction and Engineering | 8.77% | SOFR+500 | 7705 | 7692 | 7666 |
| Transgo, LLC | 11/18/2025 | 12/29/2028 | Auto Components | 8.92% | SOFR+525 | 7980 | 7927 | 7860 |
| Tyto Athene, LLC | 11/18/2025 | 4/3/2028 | IT Services | 8.56% | SOFR+490 | 4626 | 4524 | 4497 |
| **Total First Lien Secured Debt** |  |  |  |  |  |  | $340545 | $339929 |
| **Total Investments - 914.5% of Net Assets** <sup>(3)(4)</sup> |  |  |  |  |  |  | $340545 | $339929 |
| **Cash Equivalents - 14.4% of Net Assets** |  |  |  |  |  |  |  |  |
| Dreyfus Govt CM INST 289 |  |  |  | 3.54% |  |  | $5320 | $5320 |
| **Total Cash Equivalents** |  |  |  |  |  |  | $5320 | $5320 |
| **Cash - 24.7% of Net Assets** |  |  |  |  |  |  |  |  |
| Cash |  |  |  |  |  |  | $9169 | $9169 |
| **Total Cash** |  |  |  |  |  |  | $9169 | $9169 |
| **Total Investments, Cash Equivalents, and Cash —953.5% of Net Assets** |  |  |  |  |  |  | $355034 | $354418 |
| **Liabilities in Excess of Other Assets — (853.5)% of Net Assets** |  |  |  |  |  |  |  | (317246) |
| **Members' Equity—100.0%** |  |  |  |  |  |  |  | $37172 |

---

———————————————————

<sup>(1)</sup> Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate or "SOFR". The spread may change based on the type of rate used. The terms in the Consolidated Schedule of Investments disclose the actual interest rate in effect as of the reporting period. All securities are subject to a SOFR floor where a spread is provided, unless noted. The spread provided includes PIK interest and other fee rates, if any.

<sup>(2)</sup> Valued based on PSSL II's accounting policy.

<sup>(3)</sup> As of March 31, 2026 , all investments were in U.S companies, and total cost, fair value, percentage of Net Assets for the U.S companies were $340.5 million, $339.9 million and 914.5%.

<sup>(4)</sup> All of our investments are not registered under the 1933 Act and have restrictions on resale.

------

Below are the consolidated statements of assets and liabilities for PSSL II ($ in thousands):

---

| | |
|:---|:---|
|  | **March 31, 2026** |
|  | **(Unaudited)** |
| **Assets** |  |
| Investments at fair value (amortized cost—$340,545) | 339929 |
| Cash equivalents (cost—$5,320) | 5320 |
| Cash (cost—$9,169) | 9169 |
| Interest receivable | 904 |
| Prepaid expenses and other assets | 2169 |
| Due from affiliate | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 357509 |
| **Liabilities** |  |
| Credit facility payable | 226000 |
| Notes payable to members | 87500 |
| Interest payable on credit facility | 3247 |
| Interest payable on notes to members | 1644 |
| Distribution payable to members | 1200 |
| Accrued expenses | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 320337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Members' equity** | 37172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and members' equity** | $357509 |

---

———————————————————

\* As of March 31, 2026 PSSL II had unfunded commitments to fund investments of zero.

Below are the consolidated statements of operations for PSSL II ($ in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31, 2026** | **For the period November 18, 2025 (commencement of operations) through March 31, 2026** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | $6333 | $8535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 18 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total investment income** | 6351 | 8560 |
| **Expenses:**<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and expense on credit facility | 2659 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense on notes to members | 2238 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 233 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 156 | 239 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Expenses before debt issuance costs** | 5286 | 7039 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net investment income** | 1032 | 1488 |
| **Realized and unrealized gain (loss) on investments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (135) | (616) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (135) | (616) |
| **Net increase (decrease) in members' equity resulting from operations** | $897 | $872 |

---

———————————————————

<sup>1)</sup> No management or incentive fees are payable by PSSL II. If any fees were to be charged, they would be separately disclosed in the Statements of Operations. PSSL II pays the Administrator an annual fee of 0.25% of the total assets under management on a quarterly basis.

------

***Off-Balance Sheet Arrangements***

We currently engage in no off-balance sheet arrangements other than our funding requirements for the unfunded investments described above.

***Distributions*** 

In order to be treated as a RIC for federal income tax purposes and to not be subject to corporate-level tax on undistributed income or gains, we are required, under Subchapter M of the Code, to annually distribute dividends for U.S. federal income tax purposes to our stockholders out of the assets legally available for distribution of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid.

Although not required for us to maintain our RIC tax status, in order to preclude the imposition of a 4% nondeductible federal excise tax imposed on RICs, we must distribute dividends for federal income tax purposes to our stockholders in respect of each calendar year an amount at least equal to the Excise Tax Avoidance Requirement. In addition, although we may distribute realized net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually, out of the assets legally available for such distributions in the manner described above, we have retained and may continue to retain such net capital gains or investment company taxable income, subject to maintaining our ability to be taxed as a RIC, in order to provide us with additional liquidity.

During the three and six months ended March 31, 2026, we declared distributions of $0.3075 and $0.615 per share for total distributions of $30.5 million and $61.0 million, respectively. During the three and six months ended March 31, 2025, we declared distributions of $0.3075 and $0.615 per share for total distributions of $27.7 million and $52.9 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.

We intend to continue to make monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors quarterly.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage ratio for borrowings applicable to us as a BDC under the 1940 Act and due to provisions in future credit facilities. If we do not distribute at least a certain percentage of our income annually, we could suffer adverse tax consequences, including possible loss of our ability to be subject to tax as a RIC. We cannot assure stockholders that they will receive any distributions at a particular level.

***Recent Accounting Pronouncements***

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities' segment disclosure by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosure of a reportable segment's profit or loss and assets. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for fiscal years beginning December 15, 2024, and should be applied on a retrospective basis to all periods presented, noting early adoption is permitted. The Company has adopted ASU 2023-07 effective September 30, 2025 and concluded that the application of this guidance did not have a material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023 - 09 "Improvements to Income Tax Disclosures" ("ASU 2023 - 09"). ASU 2023 - 09 intends to improve the transparency of income tax disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance, however, we do not expect a material impact to our financial statements.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

We are subject to financial market risks, including changes in interest rates. As of March 31, 2026, our debt portfolio consisted of approximately 99% variable-rate investments. The variable-rate loans are usually based on a SOFR (or an alternative risk-free floating interest rate index) rate and typically have durations of three months, after which they reset to current market interest rates. Variable-rate investments subject to a floor generally reset by reference to the current market index after one to nine months only if the index exceeds the floor. In regards to variable-rate instruments with a floor, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In contrast, our cost of funds, to the extent it is not fixed, will fluctuate with changes in interest rates since it has no floor.

Assuming that the most recent Consolidated Statements of Assets and Liabilities was to remain constant, and no actions were taken to alter the existing interest rate sensitivity, the following table shows the annualized impact of hypothetical base rate changes in interest rates:

---

| | | |
|:---|:---|:---|
| **Change in Interest Rates** | **Change in Interest Income, <br>Net of Interest Expense<br>(in thousands)** | **Change in Interest Income,<br>Net of Interest<br>Expense Per Share** |
| Down 3% | $(23770) | $(0.24) |
| Down 2% | (19690) | (0.20) |
| Down 1% | (9845) | (0.10) |
| Up 1% | 9845 | 0.10 |
| Up 2% | 19690 | 0.20 |
| Up 3% | 29535 | 0.30 |

---

Although management believes that this measure is indicative of our sensitivity to interest rate changes, it does not adjust for potential changes in the credit market, credit quality, size and composition of the assets on the Consolidated Statements of Assets and Liabilities and other business developments that could affect net increase in net assets resulting from operations or net investment income. Accordingly, no assurances can be given that actual results would not differ materially from those shown above.

Because we borrow money to make investments, our net investment income is dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds, as well as our level of leverage. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income or net assets.

We may hedge against interest rate and foreign currency fluctuations by using standard hedging instruments such as futures, options and forward contracts or our Credit Facility subject to the requirements of the 1940 Act and applicable commodities laws. While hedging activities may insulate us against adverse changes in interest rates and

------

foreign currencies, they may also limit our ability to participate in benefits of lower interest rates or higher exchange rates with respect to our portfolio of investments with fixed interest rates or investments denominated in foreign currencies. During the periods covered by this Report, we did not engage in interest rate hedging activities or foreign currency derivatives hedging activities.

**Item 4. Controls and Procedures**

As of the period ended March 31, 2026 , we including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13-a-15(e) of the Exchange Act). As disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, a material weakness was previously identified in the operation of controls related to our quarterly review of equity investment valuations with respect to the allocation of value of the portfolio company to the Company's holdings. We have taken steps to remediate this material weakness, which steps have included (i) enhancing existing review controls of equity investments related to the allocation of the portfolio company's enterprise value to the Company's holdings to ensure allocations are consistent with the relevant and respective source document and (ii) enhancing policies and procedures to demonstrate a commitment to improving our overall control environment.

Taking the above efforts into consideration, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures for the period ended March 31, 2026 were effective and provided reasonable assurance that information required to be disclosed in our periodic filings with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of such possible controls and procedures.

Other than disclosed in this Item 4, there have been no changes in our internal controls over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II – OTHER INFORMATION**

**Item 1. Legal** **Proceedings**

Neither us, our Investment Adviser or our Administrator, is currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us, or against our Investment Adviser or Administrator. From time to time, we, our Investment Adviser or Administrator, may be a party to certain legal proceedings, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these and any future legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

**Item 1A. R** **isk Factors** 

In addition to the other information set forth in this Report, you should consider carefully the factors discussed below, as well as in Part I "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed on November 24, 2025, which could materially affect our business, financial condition and/or operating results. The risks described as in our Annual Report on Form 10-K are not the only risks facing PennantPark Floating Rate Capital Ltd. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

***Middle East Conflict*** 

The ongoing conflicts in the Middle East, including the involvement of the United States, Iran and other countries, as well as political and civil unrest related to the foregoing, could have severe adverse effects on regional and global economic markets. It is difficult to predict the conflicts' impact on global and market conditions and, as a result, there is material uncertainty and risk with respect to us and our portfolio companies, and our ability and the ability of the portfolio companies to achieve their investment objectives.

***We may be subject to risks related to investments in companies in the software industry.***

The software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence. Companies in the software industry are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in this industry, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products) . In addition, many software companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term.

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

None.

**Item 3. Defaults Upo** **n Senior Securities**

None.

**Item 4. Mine Saf** **ety Disclosures**

Not applicable.

**Item 5. Other** **Information**

Not applicable.

**10b5-1 Disclosure**

None of the officers or directors of the Company have adopted or terminated any Rule 10b5-1 trading arrangements applicable to them (if any) or the Company.

------

**Item 6. Exhibits** 

Unless specifically indicated otherwise, the following exhibits are incorporated by reference to exhibits previously filed with the SEC:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | [<u>Articles of Amendment and Restatement of the Registrant (Incorporated by reference to Exhibit 99(A) to the Registrant's Pre-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-170243), filed on March 29, 2011).</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312511080862/dex99a.htm) |
| 3.2 | [<u>Articles of Amendment to Articles of Amendment and Restatement of the Registrant (Incorporated by reference to Exhibit 3.2) to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00891), filed on August 07, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1504619/000095017024092750/pflt-ex3_2.htm) |
| 3.3 | [<u>Second Amended and Restated Bylaws of the Registrant (Incorporated by reference to Exhibit 3.2 to the Registrant's Quarterly Report on Form 10-Q (File No. 814-00891), filed on May 11, 2020).</u>](https://www.sec.gov/Archives/edgar/data/1504619/000156459020024167/pflt-ex32_144.htm) |
| 4.1 | [<u>Form of Share Certificate (Incorporated by reference to Exhibit 99(D) to the Registrant's Pre-Effective Amendment No. 5 to the Registration Statement on Form N-2 (File No. 333-170243), filed on April 5, 2011).</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312511088977/dex99d.htm) |
| 10.1 | [<u>Supplemental Indenture, dated February 24, 2026, by and between PennantPark CLO VIII, LLC and Wilmington Trust, National Association). (File No. 814-00891), filed on February 27, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex101.htm) |
| 10.2 | [<u>Credit Agreement, dated February 24, 2026, by and among PennantPark CLO VIII, LLC, the various financial institutions and other persons party thereto, and Wilmington Trust, National Association.</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex102.htm)[<u>(File No. 814-00891), filed on February 27, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex101.htm) |
| 10.3 | [<u>Amended and Restated Master Loan Sale Agreement, dated February 24, 2026, by and between PennantPark Floating Rate Capital Ltd. and PennantPark CLO VIII, LLC.</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex103.htm)[<u>(File No. 814-00891), filed on February 27, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex101.htm) |
| 10.4 | [<u>Amended and Restated Collateral Management Agreement, dated February 24, 2026, by and between PennantPark CLO VIII, LLC and PennantPark Investment Advisers, LLC. (File No. 814-00891), filed on February 27, 2026)</u>](https://www.sec.gov/Archives/edgar/data/1504619/000119312526082897/d24827dex104.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](pflt-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.</u>](pflt-ex31_2.htm) |
| 32.1\* | [<u>Certification of Chief Executive Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.</u>](pflt-ex32_1.htm) |
| 32.2\* | [<u>Certification of Chief Financial Officer pursuant to section 906 of The Sarbanes-Oxley Act of 2002.</u>](pflt-ex32_2.htm) |
| 99.1 | [Privacy Policy of the Registrant (Incorporated by reference to Exhibit 99.1 to the Registrant's Annual Report on Form 10-K (File No. 814-00891), filed on November 17, 2011).](https://www.sec.gov/Archives/edgar/data/1504619/000150461911000050/pfltprivacypolicy09302011.htm) |
| 101.INS\* | Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page formatted as Inline XBRL and contained in Exhibit 101 |

---

------

\* Filed herewith.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | PENNANTPARK FLOATING RATE CAPITAL LTD. | PENNANTPARK FLOATING RATE CAPITAL LTD. |
| Date: May 7, 2026 | By: | /s/ Arthur H. Penn |
|  |  | **Arthur H. Penn** |
|  |  | **Chief Executive Officer and Chairman of the Board of Directors**<br>**(Principal Executive Officer)** |
| Date: May 7, 2026 | By:  | /s/ Richard T. Allorto, Jr. |
|  |  | **Richard T. Allorto, Jr.** |
|  |  | **Chief Financial Officer and Treasurer**<br>**(Principal Financial and Accounting Officer)** |

---

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION PURSUANT TO SECTION 302**

**CHIEF EXECUTIVE OFFICER CERTIFICATION**

I, Arthur H. Penn, Chief Executive Officer of PennantPark Floating Rate Capital, Ltd., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Report on Form 10-Q of PennantPark Floating Rate Capital, Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 7, 2026

---

| | |
|:---|:---|
| /s/ Arthur H. Penn | /s/ Arthur H. Penn |
| Name: | Arthur H. Penn |
| Title: | Chief Executive Officer |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION PURSUANT TO SECTION 302**

**CHIEF FINANCIAL OFFICER CERTIFICATION**

I, Richard T. Allorto, Jr., Chief Financial Officer of PennantPark Floating Rate Capital, Ltd., certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Report on Form 10-Q of PennantPark Floating Rate Capital, Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this Report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this Report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this Report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this Report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this Report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: May 7, 2026

---

| | |
|:---|:---|
| /s/ Richard T. Allorto, Jr. | /s/ Richard T. Allorto, Jr. |
| Name: | Richard T. Allorto, Jr. |
| Title: | Chief Financial Officer |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with this Report on Form 10-Q for the three and six months ended March 31, 2026 (the "Report") of PennantPark Floating Rate Capital, Ltd. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Arthur H. Penn, Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Arthur H. Penn | /s/ Arthur H. Penn |
| Name: | Arthur H. Penn |
| Title: | Chief Executive Officer |
| Date: | May 7, 2026 |

---

------

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

**PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. 1350)**

In connection with this Report on Form 10-Q for the three and six months ended March 31, 2026 (the "Report") of PennantPark Floating Rate Capital, Ltd. (the "Registrant"), as filed with the Securities and Exchange Commission on the date hereof, I, Richard T. Allorto, Jr., Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| /s/ Richard T. Allorto, Jr. | /s/ Richard T. Allorto, Jr. |
| Name: | Richard T. Allorto, Jr. |
| Title: | Chief Financial Officer |
| Date: | May 7, 2026 |

---

------