# EDGAR Filing Document

**Accession Number:** 0001504619
**File Stem:** 0001193125-26-082552
**Filing Date:** 2026-2
**Character Count:** 478594
**Document Hash:** bb4cf4927e41e308da7bab576f9c7159
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082552.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082552

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-279726
- **FILM NUMBER:** 26699666

**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'? 424B2

#### Filed Pursuant to Rule 424(b)(2) File No. 333-279726

#### Prospectus Supplement

#### To the Prospectus dated July 17, 2024
![](g894111g11a12.jpg)

#### $200,000,000

#### 6.75% Notes due 2029
PennantPark Floating Rate Capital Ltd. is offering for sale $200.0 million in aggregate principal amount of 6.75% notes due 2029 (the "Notes"). The Notes will mature on March 4, 2029. We will pay interest on the Notes on March 4 and September 4 of each year, beginning on September 4, 2026. We may redeem the Notes in whole or in part at any time or from time to time at the redemption price discussed under the caption "*Description of the Notes—Optional redemption*" in this prospectus supplement. The Notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The Notes will be our direct unsecured obligations and rank pari passu with any current and future unsecured unsubordinated indebtedness issued by PennantPark Floating Rate Capital Ltd. Because the Notes will not be secured by any of our assets, they will be effectively subordinated to all of our existing and future secured indebtedness (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. The Notes will be structurally subordinated to all existing and future indebtedness and other obligations of any of our subsidiaries because the Notes will be obligations exclusively of PennantPark Floating Rate Capital Ltd. and not of any of our subsidiaries. The Notes will be senior in right of payment to any future outstanding series of our preferred stock. None of our subsidiaries is a guarantor of the Notes and the Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future. As of December 31, 2025, our total consolidated indebtedness was approximately $1.6 billion, approximately $1.4 billion of which was secured indebtedness, all of which was senior indebtedness. None of our current indebtedness will be subordinated to the Notes. Currently, there is no public market for the Notes. We do not intend to list the Notes on any securities exchange or automated dealer quotation system.

PennantPark Floating Rate Capital Ltd., a Maryland corporation, is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a business development company ("BDC"), under the Investment Company Act of 1940, as amended (the "1940 Act"). Our investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. We seek to achieve our investment objectives by investing primarily in loans bearing variable rates of interest ("Floating Rate Loans"), and other investments made to U.S. middle-market private companies whose debt is rated below investment grade. Securities rated below investment grade are often referred to as "leveraged loans" or "high yield" securities or "junk bonds" and are often higher risk compared to debt instruments that are rated above investment grade and have speculative characteristics. We are externally managed by PennantPark Investment Advisers, LLC (the "Investment Adviser"). PennantPark Investment Administration, LLC (the "Administrator") provides the administrative services necessary for us to operate.

This prospectus supplement, the accompanying prospectus, any related free writing prospectus, and the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, contain important information you should know before investing in our securities. Please read this prospectus supplement, the accompanying prospectus, and any related free writing prospectus, and the documents incorporated by reference in this prospectus supplement and the accompanying prospectus, before you invest in our securities and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the "SEC"). You may also obtain such information free of charge or make stockholder inquiries by contacting us in writing at 1691 Michigan Avenue, Miami Beach, Florida 33139, by calling us collect at (786) 297-9500 or by visiting our website at www.pennantpark.com. Except for the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, the information on our website is not part of this prospectus supplement or the accompanying prospectus. The SEC also maintains a website at www.sec.gov that contains such information free of charge.

**Investing in the Notes involves a high degree of risk, including the risk of leverage. Before buying any of the Notes, you should read the discussion of the material risks of investing in us in "[Risk Factors](#s894111_5)" beginning on page S-13 of this prospectus supplement and page 11 of the accompanying prospectus, in our most recent Annual Report on Form 10-K, in our most recent Quarterly Report on Form 10-Q and in any of our other filings with the SEC incorporated by reference in this prospectus supplement.** 

**Neither the SEC nor any state securities commission, nor any other regulatory body, has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

**THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.** 

---

| | | |
|:---|:---|:---|
|  | Per Note | Total |
| Public offering price<sup>1</sup> | 99.334% | $198668000 |
| Underwriting discounts and commissions (sales load) | 1.200% | $2400000 |
| Proceeds, before expenses, to us<sup>2</sup> | 98.134% | $196268000 |

---

1 The public offering price set forth above does not include accrued interest, if any. Interest on the Notes will accrue from March 4, 2026 and must be paid by the purchaser if the Notes are delivered after March 4, 2026.

---

| | |
|:---|:---|
| 2 | Total expenses of the offering payable by us, excluding the underwriting discount, are estimated to be $0.4 million. See "Underwriting" in this prospectus supplement.  |

---

Delivery of the Notes in book-entry form through The Depository Trust Company (the "DTC") will be made on or about March 4, 2026.

#### Joint Book-Running Managers
Raymond James Keefe, Bruyette & Woods A Stifel Company Citizens Capital Markets Truist Securities

#### Co-Managers
ING Oppenheimer & Co. Regions Securities LLC

#### The date of this prospectus supplement is February 25, 2026.

------

#### **TABLE OF CONTENTS**

#### PROSPECTUS SUPPLEMENT

---

| | |
|:---|:---|
|  | Page |
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#s894111_1) | S-1 |
| [THE OFFERING](#s894111_2) | S-2 |
| [PROSPECTUS SUPPLEMENT SUMMARY](#s894111_3) | S-7 |
| [FORWARD-LOOKING STATEMENTS](#s894111_4) | S-11 |
| [RISK FACTORS](#s894111_5) | S-13 |
| [RISKS RELATED TO THE NOTES](#s894111_6) | S-14 |
| [USE OF PROCEEDS](#s894111_7) | S-18 |
| [CAPITALIZATION](#s894111_8) | S-19 |
| [DESCRIPTION OF THE NOTES](#s894111_9) | S-20 |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#s894111_10) | S-36 |
| [UNDERWRITING](#s894111_11) | S-40 |
| [LEGAL MATTERS](#s894111_12) | S-45 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#s894111_13) | S-46 |
| [INDEPENDENT AUDITOR](#s894111_14) | S-47 |
| [INCORPORATION BY REFERENCE](#s894111_15) | S-48 |
| [AVAILABLE INFORMATION](#s894111_16) | S-49 |
|  | Page |
| [PROSPECTUS SUMMARY](#tx894111_1) | 2 |
| [FEES AND EXPENSES](#tx894111_2) | 7 |
| [FINANCIAL HIGHLIGHTS](#tx894111_3) | 9 |
| [RISK FACTORS](#tx894111_4) | 11 |
| [FORWARD-LOOKING STATEMENTS](#tx894111_5) | 12 |
| [USE OF PROCEEDS](#tx894111_6) | 14 |
| [SENIOR SECURITIES](#tx894111_7) | 15 |
| [PRICE RANGE OF COMMON STOCK](#tx894111_8) | 16 |
| [SALES OF COMMON STOCK BELOW NET ASSET VALUE](#tx894111_9) | 17 |
| [DISTRIBUTIONS](#tx894111_10) | 22 |
| [PORTFOLIO COMPANIES](#tx894111_11) | 23 |
| [MANAGEMENT OF THE COMPANY](#tx894111_11a) | 36 |
| [INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT](#tx894111_11b) | 37 |
| [PORTFOLIO MANAGEMENT](#tx894111_12) | 38 |
| [DETERMINATION OF NET ASSET VALUE](#tx894111_13) | 41 |
| [DESCRIPTION OF OUR CAPITAL STOCK](#tx894111_14) | 44 |
| [DESCRIPTION OF OUR PREFERRED STOCK](#tx894111_15) | 51 |
| [DESCRIPTION OF OUR WARRANTS](#tx894111_16) | 52 |
| [DESCRIPTION OF OUR SUBSCRIPTION RIGHTS](#tx894111_17) | 54 |
| [DESCRIPTION OF OUR DEBT SECURITIES](#tx894111_18) | 55 |
| [BROKERAGE ALLOCATIONS AND OTHER PRACTICES](#tx894111_19) | 69 |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tx894111_20) | 70 |
| [PLAN OF DISTRIBUTION](#tx894111_21) | 81 |
| [SUB-ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT AND TRUSTEE](#tx894111_22) | 83 |
| [LEGAL MATTERS](#tx894111_23) | 83 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tx894111_24) | 83 |
| [INDEPENDENT AUDITORS](#tx894111_25) | 83 |
| [INCORPORATION BY REFERENCE](#tx894111_26) | 84 |
| [AVAILABLE INFORMATION](#tx894111_27) | 84 |

---

S-i

------

#### ABOUT THIS PROSPECTUS SUPPLEMENT
This document is in two parts. The first part is this prospectus supplement, which describes the specific details regarding this offering of Notes and also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus. The second part is the accompanying prospectus, which provides general information about us and the securities we may offer from time to time, some of which do not apply to this offering. To the extent the information contained in this prospectus supplement differs from the information contained in the accompanying prospectus or the information included in any document filed prior to the date of this prospectus supplement and incorporated by reference in this prospectus supplement and the accompanying prospectus, the information in this prospectus supplement will control. Generally, when we refer to this "prospectus", we are referring to both this prospectus supplement and the accompanying prospectus combined, together with any free writing prospectus that we have authorized for use in connection with this offering.

**WE ARE RESPONSIBLE FOR THE INFORMATION CONTAINED IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS AND THE DOCUMENTS INCORPORATED BY REFERENCE IN THIS PROSPECTUS SUPPLEMENT AND ACCOMPANYING PROSPECTUS. NEITHER WE NOR ANY UNDERWRITER HAS AUTHORIZED ANY OTHER PERSON TO PROVIDE YOU WITH DIFFERENT OR ADDITIONAL INFORMATION OR TO MAKE REPRESENTATIONS AS TO MATTERS NOT STATED IN THIS PROSPECTUS SUPPLEMENT, THE ACCOMPANYING PROSPECTUS OR IN ANY FREE WRITING PROSPECTUS PREPARED BY OR ON BEHALF OF US THAT RELATES TO THIS OFFERING. WE TAKE NO RESPONSIBILITY FOR, AND CAN PROVIDE NO ASSURANCE AS TO THE RELIABILITY OF, ANY OTHER INFORMATION THAT OTHERS MAY GIVE YOU. IF ANYONE PROVIDES YOU WITH DIFFERENT OR ADDITIONAL INFORMATION, YOU SHOULD NOT RELY ON IT. WE ARE NOT, AND THE UNDERWRITERS ARE NOT, MAKING AN OFFER TO SELL THE NOTES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED. YOU SHOULD ASSUME THAT THE INFORMATION APPEARING IN THIS PROSPECTUS SUPPLEMENT, INCLUDING THE DOCUMENTS WE INCORPORATE BY REFERENCE HEREIN, THE ACCOMPANYING PROSPECTUS AND ANY FREE WRITING PROSPECTUS, INCLUDING THE DOCUMENTS WE INCORPORATE BY REFERENCE THEREIN, ARE ACCURATE ONLY AS OF THEIR RESPECTIVE DATE, REGARDLESS OF THE TIME OF DELIVERY OF THIS PROSPECTUS SUPPLEMENT, THE ACCOMPANYING PROSPECTUS, ANY FREE WRITING PROSPECTUS OR ANY SALES OF THE NOTES. OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS AND PROSPECTS MAY HAVE CHANGED SINCE THOSE DATES.** 

------

#### THE OFFERING
This prospectus supplement sets forth certain terms of the Notes that we are offering pursuant to this prospectus supplement and the accompanying prospectus. This section outlines the specific legal and financial terms of the Notes. You should read this section together with the more general description of the Notes under the heading "Description of the Notes" and in the accompanying prospectus under the heading "Description of Our Debt Securities" before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined will have the meanings given to them in the accompanying prospectus or in the indenture governing the Notes.

Issuer PennantPark Floating Rate Capital Ltd.

---

| | |
|:---|:---|
| Title of the securities  | 6.75% Notes due 2029 |

---

---

| | |
|:---|:---|
| Aggregate principal amount being offered  | $200.0 million |

---

---

| | |
|:---|:---|
| Issue price  | 99.334% of the aggregate principal amount |

---

---

| | |
|:---|:---|
| Principal payable at maturity  | 100% of the aggregate principal amount; the principal amount of each Note will be payable on its stated maturity date at the office of Equiniti Trust Company, LLC (the "Paying Agent" and "Registrar" for the Notes) or at such other office in New York City as we may designate. |

---

Type of Note Fixed-rate note

---

| | |
|:---|:---|
| No established trading market  | We do not intend to list the Notes on any securities exchange or automated dealer quotation system. Although certain of the underwriters have informed us that they intend to make a market in the Notes, they are not obligated to do so, and may discontinue any such market-making at any time without notice. Accordingly, we cannot assure you that a liquid market for the Notes will develop or be maintained. |

---

---

| | |
|:---|:---|
| Interest rate  | 6.75% per year |

---

---

| | |
|:---|:---|
| Yield to maturity  | 7.00% per year |

---

Day count basis 360-day year of twelve 30-day months

Trade date February 25, 2026

Original issue date March 4, 2026

Stated maturity date March 4, 2029

Date interest starts accruing March 4, 2026

------

Interest payment dates Every March 4 and September 4, commencing September 4, 2026. If an interest payment date is a non-business day, the applicable interest payment will be made on the next business day, and no additional interest will accrue as a result of such delayed payment

---

| | |
|:---|:---|
| Interest periods  | The initial interest period will be the period from and including March 4, 2026 to, but excluding, the initial interest payment date, and the subsequent interest periods will be the periods from and including an interest payment date to, but excluding, the next interest payment date or the stated maturity date, as the case may be. |

---

Regular record dates for interest Every February 20 and August 20, commencing August 20, 2026; if a record date for interest is a non-business day, then that record date will be the next business day.

Specified currency U.S. Dollars

Place of payment The City of New York

Ranking of Notes The Notes will be our direct unsecured obligations and will rank:

• pari passu in right of payment with any existing and future unsecured unsubordinated indebtedness, including approximately $185.0 million in aggregate principal amount outstanding under our 4.25% Notes due 2026 (the "2026 Notes") as of December 31, 2025;

• senior to any of our future indebtedness that is expressly subordinated in right of payment to the Notes;

• senior to any series of preferred stock that we may issue in the future;

• effectively subordinated in right of payment to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured, but to which we subsequently grant security), 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, including without limitation, approximately (i) $488.9 million of borrowings outstanding under our multi-currency senior secured revolving credit facility, as amended and restated with Truist Bank and other lenders (the "Credit Facility") as of December 31, 2025 and (ii) $287.0 million of our 2036 Asset-Backed Debt, $287.0 million of our 2036-R Asset-Backed Debt and $389.5 million of our 2037 Asset-Backed Debt (collectively, the "Asset-Backed Debt") as of December 31, 2025.

------

---

| | |
|:---|:---|
| Denominations  | We will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof. |

---

Business day Each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York are authorized or required by law or executive order to close.

---

| | |
|:---|:---|
| Optional Redemption  | Prior to December 4, 2028 (three months prior to maturity date of the Notes) (the "Par Call Date"), we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. |

---

On or after the Par Call Date, we may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act and the related rules, regulations and interpretations, to the extent applicable.

If we redeem only some of the Notes, Equiniti Trust Company, LLC, as trustee (in such capacity or any successor trustee under the indenture, the "Trustee"), or DTC, as applicable, will determine the method for selection of the particular Notes to be redeemed, in accordance with the 1940 Act, to the extent applicable. Unless we default in payment of the redemption price, on and after the date of redemption interest will cease to accrue on the Notes called for redemption.

---

| | |
|:---|:---|
| Offer to Purchase upon a Change of Control Repurchase Event  | If a Change of Control Repurchase Event (as described under "Description of the Notes") occurs prior to maturity, unless we have exercised our right to redeem the Notes in full, holders will have the right, at their option, to require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. |

---

Sinking fund The Notes will not be subject to any sinking fund.

------

Defeasance The Notes are subject to defeasance by us.

Covenant defeasance The Notes are subject to covenant defeasance by us.

---

| | |
|:---|:---|
| Form of Notes  | The Notes will be represented by global securities that will be deposited and registered in the name of DTC or its nominee. This means that, except in limited circumstances, you will not receive certificates for the Notes. Beneficial interests in the Notes will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in DTC. Investors may elect to hold interests in the Notes through either DTC, if they are a participant, or indirectly through organizations that are participants in DTC. |

---

Trustee, Paying Agent and Registrar Equiniti Trust Company, LLC

Other covenants In addition to standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment and related matters, the following covenants will apply to the Notes:

• We agree that for the period of time during which the Notes are outstanding, we will not violate Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, giving effect to any exemptive relief granted to us by the SEC.

• If, at any time, we are not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to file any periodic reports with the SEC, we agree to publish on our website and to furnish to holders of the Notes and the Trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of our fiscal year end, and unaudited interim consolidated financial statements, within 45 days of our fiscal quarter end (other than our fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with applicable U.S. generally accepted accounting principles ("GAAP").

The lien covenant included in the base indenture will not apply to the Notes.

---

| | |
|:---|:---|
| Events of Default  | If an event of default (as described under "Description of the Notes") on the Notes occurs, the principal amount of the Notes, plus accrued and unpaid interest, may be declared immediately due and payable, subject to conditions set forth in the indenture. These amounts automatically become due and payable in the case of certain types of bankruptcy or insolvency events involving the Company. |

---

------

---

| | |
|:---|:---|
| Further Issuances  | We have the ability to issue additional debt securities under the indenture with terms different from the Notes and, without consent of the holders thereof, to reopen the Notes and issue additional Notes. If we issue additional debt securities, these additional debt securities could have a lien or other security interest greater than that accorded to the holders of the Notes, which are unsecured. |

---

---

| | |
|:---|:---|
| Global Clearance and Settlement Procedures  | Interests in the Notes will trade in DTC's Same Day Funds Settlement System, and any permitted secondary market trading activity in such Notes will, therefore, be required by DTC to be settled in immediately available funds. None of the Company, the Trustee or the Paying Agent will have any responsibility for the performance by DTC or its participants or indirect participants of their respective obligations under the rules and procedures governing their operations. |

---

---

| | |
|:---|:---|
| Use of Proceeds  | We estimate that net proceeds we will receive from the sale of the $200.0 million aggregate principal amount of the Notes in this offering will be approximately $195.9 million based on a public offering price of 99.334% of the aggregate principal amount, after deducting the underwriting discounts and commissions of approximately $2.4 million payable by us and estimated offering expenses of approximately $0.4 million payable by us. We expect to use the net proceeds from this offering to repay outstanding obligations under the Credit Facility, to invest in new or existing portfolio companies and for general corporate or strategic purposes. |

---

---

| | |
|:---|:---|
| Risk Factors  | See "[Risk Factors](#s894111_5)" in this prospectus supplement and beginning on page 13 of the accompanying prospectus for a discussion of risks you should carefully consider before deciding to invest in the Notes. |

---

------

#### PROSPECTUS SUPPLEMENT SUMMARY
This summary highlights some of the information in this prospectus supplement and the accompanying prospectus. It is not complete and may not contain all of the information that you may want to consider in making an investment decision. References to our portfolio and investments include investments we make through our consolidated subsidiaries. Some of the statements in this prospectus supplement and accompanying prospectus constitute forward-looking statements which apply to us and our consolidated subsidiaries, and relate to future events, future performance or future financial condition. The forward-looking statements involve risks and uncertainties on a consolidated basis and actual results could differ materially from those projected in the forward-looking statements for many reasons, including those factors discussed in "Risk Factors" and elsewhere in this prospectus supplement and accompanying prospectus. You should read carefully the more detailed information set forth under "Risk Factors" and the other information included in this prospectus supplement and accompanying prospectus.

In this prospectus supplement and the accompanying prospectus, except where the context suggests otherwise, the terms "Company," "we," "our" or "us" refer to PennantPark Floating Rate Capital Ltd. and its wholly owned consolidated subsidiaries; "2036-R Asset-Backed Debt" refers to the issuance by the 2036-R Securitization Issuers of the following classes of notes pursuant to 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 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%, (B) the issuance by a 2036-R Securitization Issuer of $64 million of subordinated notes pursuant to the 2036-R Indenture and (C) the borrowing by the 2036-R Securitization Issuer of $12.5 million of Class B-R Loans, which bear interest at three-month SOFR plus 2.05%; "2036-Debt Securitization refers to the $350.6 million term debt securitization completed by the 2036 Securitization Issuer; "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 borrowing issuance of AAA(sf) Class A-1 floating rate loans. (the "Class A-1 Loans" with the 2036-Secured Notes); "2036-R Securitization Issuers" refers to Securitization Issuer and PennantPark CLO I LLC; "2037 Asset-Backed Debt" refers to (A) the issuance by 2037 Securitization Issuer of the following classes of notes pursuant to the underlying 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, which bear interest at three-month SOFR plus 3.60%, and (vi) $85.1 million of subordinated notes (B) the borrowing by the Issuers of $10.0 million under AAA(sf) Class A-1LA floating rate loans and $45.0 million under AAA(sf) Class A-1L-B floating rate loans, which bear interest at three-month SOFR plus 1.49%; "Code" refers to the Internal Revenue Code of 1986, as amended; "2036-R Securitization Issuers" refer to PennantPark CLO I, Ltd., our wholly owned and consolidated subsidiary, and PennantPark CLO I LLC, a wholly owned subsidiary of PennantPark CLO I Ltd.; "Funding I" refers to PennantPark Floating Rate Funding I, LLC; "2037 Securitization Issuer" refers to PennantPark CLO 11, LLC, a consolidated Delaware limited liability company; "2036 Securitization Issuer" refers to PennantPark CLO VIII, LLC; "RIC" refers to a regulated investment company under the Code; and References to our portfolio, our investments, the Credit Facility, and our business include investments we make through our subsidiaries.

#### General Business of PennantPark Floating Rate Capital Ltd.
PennantPark Floating Rate Capital Ltd. is a 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 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.
PennantPark Floating Rate Capital Ltd., 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 have 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 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, as modified by Section 61, of the 1940 Act governing capital structure and leverage on an aggregate basis with our subsidiaries. Our subsidiaries comply with the provisions of Section 57 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 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 the Administrator, which provides the administrative services necessary for us to operate. In addition to furnishing us with clerical, bookkeeping and

------

record keeping services, the Administrator also oversees our financial records as well as the preparation of our reports to stockholders and reports filed with the SEC under the Administration Agreement.

We have formed and expect to continue to form certain taxable subsidiaries, 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.

For a description of our Credit Facility, the 2026 Notes, and the Asset-Backed Debt, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" in our most recent Quarterly Report on Form 10-Q.

#### Our Investment Adviser and Administrator
We utilize the investing experience and contacts of the Investment Adviser in developing what we believe is an attractive and diversified portfolio. The senior investment professionals of the Investment Adviser have worked together for many years and average over 25 years of experience in the senior lending, mezzanine lending, leveraged finance, distressed debt and private equity businesses. In addition, our senior investment professionals have been involved in originating, structuring, negotiating, managing and monitoring investments in each of these businesses across changing economic and market cycles. We believe this experience and history have resulted in a strong reputation with financial sponsors, management teams, investment bankers, attorneys and accountants, which provides us with access to substantial investment opportunities across the capital markets. Our Investment Adviser has a rigorous investment approach, which is based upon intensive financial analysis with a focus on capital preservation, diversification and active management. Since our Investment Adviser's inception in 2007, it has invested through its managed funds $28.4 billion in 745 companies with more than 250 different financial sponsors through its managed funds, which includes investments by us totaling $8.7 billion in 545 companies.

Our Administrator has experienced professionals with substantial backgrounds in finance and administration of registered investment companies. In addition to furnishing us with clerical, bookkeeping and record keeping services, the Administrator also oversees our financial records as well as the preparation of our reports to stockholders and reports filed with the SEC. The Administrator assists in the determination and publication of our net asset value, or NAV, oversees the preparation and filing of our tax returns, and monitors the payment of our expenses as well as the performance of administrative and professional services rendered to us by others. Furthermore, our Administrator offers, on our behalf, significant managerial assistance to those portfolio companies to which we are required to offer such assistance. See "Risk Factors—Risks Relating to our Business and Structure—There are significant potential conflicts of interest which could impact our investment returns" in our most recent Annual Report on Form 10-K for more information.

#### Our Corporate Information
Our administrative and principal executive offices are located at 1691 Michigan Avenue Miami Beach, Florida 33139. Our common stock is quoted on The New York Stock Exchange under the symbol "PFLT." Our phone number is (786) 297-9500, and our Internet website address is www.pennantpark.com. Except for the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, the information on our website is not part of this prospectus supplement or the accompanying prospectus. We file periodic reports, proxy statements and other information with the SEC and make such reports available on our website free of charge as soon as reasonably practicable. In addition, the SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

------

#### Recent Developments
In February 2026, PennantPark Senior Secured Loan Fund II LLC ("PSSL II") upsized its revolving credit facility to $250 million.

Subsequent to quarter end, we sold approximately $47.5 million of assets to PennantPark Senior Secured Loan Fund I LLC ("PSSL") and approximately $133 million of assets to PSSL II. Following these transactions and other portfolio activity post the December 31, 2025 quarter end, our total investment portfolio was approximately $2.53 billion and our debt to equity ratio was 1.5x.

On February 24, 2026, the 2036 Securitization Issuer refinanced the 2036-Debt Securitization through the issuance of a four-year reinvestment period, twelve-year final maturity $356.5 million debt securitization. As a result, the $287.0 million of external 2036 Asset-Backed Debt outstanding as of December 31, 2025 was refinanced with $287.0 million of replacement secured debt of the 2036 Securitization Issuer due April 2038 (the "<u>2038 Asset-Backed Debt</u>"). The debt issued in this securitization is structured in the following manner:

---

| | | |
|:---|:---|:---|
| Class | Par Amount | Coupon |
| A-1-R Notes | $123000000 | 3 Mo SOFR + 1.43% |
| A-1-R Loans | 80000000 | 3 Mo SOFR + 1.43% |
| A-2-R Notes | 14000000 | 3 Mo SOFR + 1.60% |
| B-R Loans | 26250000 | 3 Mo SOFR + 1.75% |
| C-R Notes | 24500000 | 3 Mo SOFR + 2.15% |
| D-R Notes | 19250000 | 3 Mo SOFR + 3.20% |
| Subordinated Notes | 69450000 | N/A |
| Total | $356450000 |  |

---

The average weighted cost of capital of the 2038 Asset-Backed Debt decreased to SOFR + 1.65%, compared to the average weighted cost of capital on the 2036 Asset-Backed Debt of SOFR + 2.79% as of December 31, 2025.

------

#### FORWARD-LOOKING STATEMENTS
This prospectus supplement, the accompanying prospectus and any free writing prospectus, including any documents we incorporate by reference herein or therein, contain 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 us, our industry, our beliefs and our assumptions. These forward-looking statements involve risks and uncertainties, including statements as to:

• our future operating results;

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

• 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;

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

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

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

• the impact of investments that we expect to make;

• our contractual arrangements and relationships with third parties;

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

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

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

• the adequacy of our cash resources and working capital;

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

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

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

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

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

• 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" in this prospectus supplement and the accompanying prospectus, in the documents incorporated by reference, and elsewhere in this prospectus supplement, the accompanying prospectus and any free writing prospectus, including any documents we incorporate by reference herein or therein.

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 prospectus supplement, including the documents we incorporate by reference herein, and the accompanying prospectus and any free writing prospectus, including any documents we incorporate by reference herein or therein, should not be regarded as a representation by us that our plans and objectives will be achieved.

We have based these forward-looking statements on information available to us on the date of this prospectus supplement, 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 prospectus supplement, 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 Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q 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 this prospectus supplement, the accompanying prospectus or periodic reports we file under the Exchange Act.

------

#### RISK FACTORS
Before you invest in our securities, you should be aware of various risks. In addition to the other information contained in this prospectus supplement, the accompanying prospectus, and any free writing prospectus, you should consider carefully the following information and the risk factors incorporated by reference in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus supplement, and all other information contained or incorporated by reference into this prospectus supplement, the accompanying prospectus, and any free writing prospectus, as updated by our subsequent filings under the Exchange Act, before you decide whether to make an investment in our securities. The risks set out below are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our NAV and the market value of the Notes may decline, and an investor may lose all or part of your investment.

------

#### RISKS RELATED TO THE NOTES
**The Notes will be unsecured and therefore will be effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.** 

The Notes will not be secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes will be effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of December 31, 2025, we had $1.6 billion of debt outstanding of which $185.0 million was unsecured debt of the Company pari passu with the Notes and $1.4 billion of which was secured indebtedness of our subsidiaries, and which is therefore effectively senior in right of payment to the Notes.

#### The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.
The Notes will be obligations exclusively of PennantPark Floating Rate Capital Ltd. and not of any of our subsidiaries. None of our subsidiaries is or acts as a guarantor of the Notes, and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Our secured indebtedness with respect to the Credit Facility is held through Funding I, and our secured indebtedness with respect to the 2036 Asset-Backed Debt, 2036-R Asset-Backed Debt and 2037 Asset-Backed Debt is held through the 2036 Securitization Issuer, the 2036-R Securitization Issuer and the 2037 Securitization Issuer, respectively. The assets of any such subsidiaries are not directly available to satisfy the claims of our creditors, including holders of the Notes.

Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including holders of preferred stock, if any, of our subsidiaries) will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes will be structurally subordinated to all indebtedness and other liabilities (including trade payables) of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. As of December 31, 2025, our subsidiaries had total indebtedness outstanding of $1.4 billion, all of which was secured indebtedness. All of such indebtedness would be structurally senior to the Notes. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes.

#### The indenture under which the Notes will be issued contains limited protection for holders of the Notes.
The indenture under which the Notes will be issued offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have an adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes will not place any restrictions on our or our subsidiaries' ability to:

• issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3) indebtedness or other obligations of ours that are guaranteed by one or more of our subsidiaries and which therefore would rank structurally senior to the Notes and (4) securities, indebtedness or other obligations issued

------

or incurred by our subsidiaries that would be senior in right of payment to our equity interests in our subsidiaries and therefore would rank structurally senior in right of payment to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligations that would cause a violation of Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) and (2) of the 1940 Act or any successor provisions, as such obligations may be amended or superseded, and giving effect to any exemptive relief granted to us by the SEC; <br>

• pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes;

• sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets);

• enter into transactions with affiliates;

• create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

• make investments; or

• create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

In addition, the indenture will not require us to offer to purchase the Notes in connection with a change of control or any other event.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity, except as required under the 1940 Act.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including negatively affecting the trading value of the Notes or making it more difficult for us to satisfy our obligations with respect to the Notes.

Certain of our current debt instruments include more protections for their respective holders than the indenture and the Notes. See "Risk Factors—Risks Relating to Our Business and Structure" including "Risk Factors—Risks Relating to Our Business and Structure— We are subject to various covenants under Funding I's Credit Facility which, if not complied with, could result in reduced availability and/or mandatory prepayments under Funding I's Credit Facility, our 2026 Notes, and our Asset-Backed Debt" in our most recent Annual Report on Form 10-K for more information. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture governing the Notes and the Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for and trading levels and prices of the Notes.

**Our amount of debt outstanding may increase as a result of this offering. Our current indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.** 

The use of debt could have significant consequences on our future operations, including:

• making it more difficult for us to meet our payment and other obligations under the Notes and our other outstanding debt;

• resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our financing arrangements, which event of default could result in substantially all of our debt becoming immediately due and payable;

------

• reducing the availability of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

• subjecting us to the risk of increased sensitivity to interest rate increases on our indebtedness with variable interest rates, including borrowings under our financing arrangements; and

• limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy.

Any of the factors listed above could have an adverse effect on our business, financial condition and results of operations and our ability to meet our payment obligations under the Notes and our other debt.

Our ability to meet our payment and other obligations under our financing arrangements depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under our financing arrangements or otherwise, in an amount sufficient to enable us to meet our payment obligations under the Notes and our other debt and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, including the Notes, sell assets, reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the Notes and our other debt, including the obligation to repurchase the Notes at maturity.

#### The optional redemption provision may materially adversely affect your return on the Notes.
The Notes will be redeemable in whole or in part at any time, or from time to time, at our option, as described in "Description of the Notes—Optional Redemption". We may choose to redeem the Notes at times when prevailing interest rates are lower than the interest rate paid on the Notes. In this circumstance, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the Notes being redeemed.

**There is currently no public market for the Notes. If an active trading market for the Notes does not develop or is not maintained, you may not be able to sell them.** 

We cannot assure you that an active and liquid trading market for the Notes will develop or be maintained. We do not intend to list the Notes on any securities exchange or for quotation of the Notes on any automated dealer quotation system. If the Notes are traded after their initial issuance, they may trade at a discount to their public offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, general economic conditions, our financial condition, performance and prospects and other factors. Certain of the underwriters of the Notes have indicated that they will make a market for the Notes, but they may discontinue any such market-making activity at any time in their sole discretion. In addition, any market-making activity will be subject to limits imposed by law. Accordingly, we cannot assure you that a liquid trading market for the Notes will develop or be maintained, that you will be able to sell the Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market is not maintained, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

#### If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.
Any default under the agreements governing our indebtedness, including a default under the Credit Facility, the 2026 Notes and the Asset-Backed Debt or under other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

------

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders or holders under the Credit Facility, the 2026 Notes, the Asset-Backed Debt or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation.

If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders or holders under the agreements relating to the Credit Facility, the 2026 Notes and the Asset-Backed Debt or other debt that we may incur in the future to avoid being in default. If we breach our covenants under the Credit Facility, the 2026 Notes and the Asset-Backed Debt or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders or holders having secured obligations, including the lenders or holders under the Credit Facility, the 2026 Notes and the Asset-Backed Debt, could proceed against the collateral securing such debt. Because the Credit Facility and the Asset-Backed Debt have, and any future debt will likely have, customary cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

**A downgrade, suspension or withdrawal of a credit rating assigned by a rating agency to us or our unsecured debt, if any, or change in the debt markets could cause the liquidity or market value of the Notes to decline significantly.** 

Our credit ratings are an assessment by a rating agency of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of the Notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of the Notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. Neither we nor any underwriter undertakes any obligation to maintain our credit ratings or to advise holders of Notes of any changes in our credit ratings. There can be no assurance that our credit ratings will remain for any given period of time or that such credit ratings will not be lowered or withdrawn entirely by a rating agency if in its judgment future circumstances relating to the basis of the credit ratings, such as adverse changes in our company, so warrant. An increase in the competitive environment, inability to cover distributions, or increase in leverage could lead to a downgrade in our credit ratings and limit our access to the debt and equity markets capability impairing our ability to grow the business. The conditions of the financial markets and prevailing interest rates have fluctuated in the past and are likely to fluctuate in the future, which could have an adverse effect on the market prices of the Notes.

#### We may not be able to repurchase the Notes upon a Change of Control Repurchase Event.
We may not be able to repurchase the Notes upon a Change of Control Repurchase Event because we may not have sufficient funds. Upon a Change of Control Repurchase Event, holders of the Notes may require us to repurchase for cash some or all of the Notes at a repurchase price equal to 100% of the aggregate principal amount of the Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. Our failure to purchase such tendered Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the Notes and a cross-default under the agreements governing certain of our other indebtedness, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately.

------

#### USE OF PROCEEDS
We estimate that the net proceeds we will receive from the sale of the $200.0 million aggregate principal amount of the Notes in this offering will be approximately $195.9 million, based on a public offering price of 99.334%, after deducting the underwriting discounts and commissions of approximately $2.4 million payable by us and estimated offering expenses of approximately $0.4 million payable by us.

We expect to use the net proceeds from this offering to repay our outstanding obligations under the Credit Facility, to invest in new or existing portfolio companies and for general corporate or strategic purposes. Affiliates of certain of the underwriters serve as lenders under our Credit Facility. Accordingly, affiliates of certain of the underwriters are expected to receive proceeds from this offering that are used to reduce our outstanding obligations under our Credit Facility.

As of December 31, 2025, the Credit Facility had commitments $768.0 million 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 December 31, 2025, Funding I had $488.9 million of outstanding borrowings under the Credit Facility. The Credit Facility had a weighted average interest rate of 5.9%, exclusive of the fee on undrawn commitments as of December 31, 2025. As of December 31, 2025, Funding I had $279.1 million of unused borrowing capacity under the Credit Facility, 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.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Quarterly Report on Form 10-Q for more information.

We may invest the net proceeds from this offering in new or existing portfolio companies, and such investments may take up to a year from the closing of this offering, in part because privately negotiated investments in illiquid securities or private middle-market companies require substantial due diligence and structuring. During this period, we may use the net proceeds from this offering to reduce then-outstanding indebtedness or to invest such proceeds in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. We expect to earn yields on such investments, if any, that are lower than the interest income that we anticipate receiving in respect of investments in non-temporary investments. As a result, any distributions we make during this investment period may be lower than the distributions that we would expect to pay when such proceeds are fully invested in non-temporary investments. See "Business—Regulation —Temporary Investments" in our most recently filed Annual Report on Form 10- K for more information.

------

#### CAPITALIZATION
The following table sets forth our cash and capitalization on December 31, 2025 (1) on an actual basis and (2) on an as-adjusted basis to reflect the effects of the sale of $200.0 million aggregate principal amount of Notes in this offering based on a public offering price of 99.334%, after deducting the underwriting discounts and commissions of $2.4 million payable by us and estimated offering expenses of approximately $0.4 million payable by us. The as-adjusted information is illustrative only; our capitalization following the completion of this offering is subject to further adjustments, such as the potential repayment of certain of the amounts borrowed under the Credit Facility. You should read this table together with "*Use of Proceeds*" set forth in this prospectus supplement for more information. You should also read this table in conjunction with our Consolidated Financial Statements and related notes thereto and the information under the caption "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" included in our most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q.

---

| | | |
|:---|:---|:---|
|  | As of December 31, 2025<br>(unaudited) | As of December 31, 2025<br>(unaudited) |
| ($ in thousands) | Actual | As adjusted |
| Cash and cash equivalents (cost—$95,264 and $291,132, respectively) | $95268 | $291136 |
| Debt |  |  |
| Credit Facility payable, at fair value (cost—$488,855) | 488859 | 488859 |
| 2026 Notes payable, net (par—$185,000) (unamortized deferred financing cost of $197)<br>| 184803 | 184803 |
| 2036 Asset-Backed Debt, net (par—$287,000) (unamortized deferred financing cost of $2,238)<sup>(1)</sup><br>| 284762 | 284762 |
| 2036-R Asset-Backed Debt, net (par—$287,000) (unamortized deferred financing cost of $439) | 286561 | 286561 |
| 2037 Asset-Backed Debt, net (par—$389,500) (unamortized deferred financing cost of $2,475) | 387025 | 387025 |
| Notes (par—$200,000), (unamortized deferred financing cost of $4,132)<br>|  | 195868 |
| Net Asset Value |  |  |
| Common stock, 99,217,896 shares issued and outstanding 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 | (179172) | (179172) |
| Total net assets | $1040429 | $1040429 |

---

(1) The 2036 Asset-Backed Debt was refinanced on February 24, 2026 through the issuance of the 2038 Asset-Backed Debt.

------

#### DESCRIPTION OF THE NOTES
The following description of the particular terms of the Notes supplements and, to the extent inconsistent with, replaces the description of the general terms and provisions of the debt securities set forth in the accompanying prospectus. We will issue the Notes under the base indenture between us and the Trustee, dated as of March 23, 2021, as supplemented by the second supplemental indenture between us and the Trustee, to be dated as of the settlement date for the Notes (together, the "indenture"). The terms of the Notes include those expressly set forth in the indenture and those made part of the indenture by reference to the Trust Indenture Act of 1939, as amended.

The following description is a summary of the material provisions of the Notes and the indenture and does not purport to be complete. This summary is subject to and is qualified by reference to all the provisions of the Notes and the indenture, including the definitions of certain terms used in the indenture. We urge you to read these documents because they, and not this description, define your rights as a holder of the Notes.

For purposes of this description, references to the "Company," "we," "our" or "us" refer only to PennantPark Floating Rate Capital Ltd., and not to any of its current or future subsidiaries, and references to "subsidiaries" refer only to our consolidated subsidiaries and exclude any investments held by the Company in the ordinary course of business which are not, under GAAP, consolidated on the financial statements of the Company and its subsidiaries.

#### General
The Notes:

• will be our direct, general unsecured, senior obligations;

• will initially be issued in an aggregate principal amount of $200.0 million;

• will mature on March 4, 2029, unless earlier redeemed or repurchased, as discussed below;

• will bear interest from March 4, 2026 at an annual rate of 6.75% payable semi-annually on March 4 and September 4 of each year, beginning on September 4, 2026;

• will be subject to redemption at our option as described under " —Optional Redemption ";

• will be subject to repurchase by us at the option of the holders following a Change of Control Repurchase Event (as defined below under " —Offer to Repurchase Upon a Change of Control Repurchase Event "), at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the date of repurchase;

• will be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof; and

• will be represented by one or more registered Notes in global form, but in certain limited circumstances may be represented by Notes in definitive form. See " —Book-Entry, Settlement and Clearance ".

The indenture does not limit the amount of debt that may be issued by us or our subsidiaries under the indenture or otherwise. The indenture does not contain any financial covenants and does not restrict us from paying dividends or issuing or repurchasing its other securities. Other than restrictions described under "—Offer to Repurchase Upon a Change of Control Repurchase Event" and "—Merger, Consolidation or Sale of Assets" in this prospectus supplement, the indenture does not contain any covenants or other provisions designed to afford holders of the Notes protection in the event of a highly leveraged transaction involving us or in the event of a decline in our credit rating as the result of a takeover, recapitalization, highly leveraged transaction or similar restructuring involving us that could adversely affect such holders. We may, without the consent of the holders, issue additional Notes under the indenture with the same terms (except that the issue date, public offering price

------

and initial payment date may be different); provided that such additional Notes must be part of the same issue as the Notes offered hereby for U.S. federal income tax purposes if represented by the same CUSIP number as the Notes offered hereby and would have to be issued in compliance with the covenants set forth in the indenture.

We do not intend to list the Notes on any securities exchange or any automated dealer quotation system.

#### Payments on the Notes; Paying Agent and Registrar; Transfer and Exchange
We will pay the principal of, and interest on, Notes in global form registered in the name of or held by DTC, or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such Global Note (as defined below).

Payment of principal of (and premium, if any) and any such interest on the Notes will be made at the corporate trust office of the Paying Agent, which initially will be the Trustee, in such coin or currency of the U.S. as at the time of payment is legal tender for payment of public and private debts; provided, however, that, in the case of notes that are not in global form, at our option, payment of interest may be made by check mailed to the address of the person entitled thereto as such address will appear in the security register.

A holder of Notes may transfer or exchange Notes at the office of the registrar in accordance with the indenture. A holder may be required, among other things, to furnish appropriate endorsements and transfer documents. No service charge will be imposed by us, the Trustee or the registrar for any registration of transfer or exchange of Notes, but we may require a holder to pay a sum sufficient to cover any transfer tax or other similar governmental charge required by law or permitted by the indenture.

The transferor will provide to the Trustee all information reasonably requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information provided to it and will have no responsibility to verify or ensure the accuracy of such information.

The registered holder of the Notes will be treated as its owner for all purposes.

#### Interest
The Notes will bear cash interest at a rate of 6.75% per year until maturity. Interest on the Notes will accrue from March 4, 2026 or from the most recent date on which interest has been paid or duly provided for. Interest will be payable semi-annually in arrears on March 4 and September 4 of each year, beginning on September 4, 2026.

Interest will be paid to the person in whose name a Note is registered at 5:00 p.m. New York City time (the "close of business") on February 20 or August 20 as the case may be, immediately preceding the relevant interest payment date. Interest on the Notes will be computed on the basis of a 360-day year composed of twelve 30-day months.

If any interest payment date, redemption date, the maturity date or any earlier required repurchase date upon a Change of Control Repurchase Event (defined below) of the Notes falls on a day that is not a business day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of the delay. The term "business day" means, with respect to any of the Notes, any day other than a Saturday, a Sunday or a day on which banking institutions in The City of New York or the city in which the corporate trust office of the Trustee is located are authorized or obligated by law or executive order to close.

#### Ranking
The Notes will be the Company's direct, general unsecured obligations and will rank:

• pari passu in right of payment with any existing and future unsecured unsubordinated indebtedness, including approximately $185.0 million in aggregate principal amount outstanding under our 2026 Notes as of December 31, 2025;

------

• senior to any of our future indebtedness that expressly states it is subordinated in right of payment to the Notes;

• senior to any series of preferred stock that we may issue in the future;

• effectively subordinated in right of payment to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured, but to which we subsequently grant security), 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, including as of December 31, 2025 without limitation, approximately (i) $488.9 million of borrowings outstanding under the Credit Facility, to the extent of the value of the assets securing our Credit Facility and (ii) $287.0 million of our 2036 Asset-Backed Debt, $287.0 million of our 2036-R Asset-Backed Debt and $389.5 million of our 2037 Asset-Backed Debt as of December 31, 2025.

As of December 31, 2025, we had $1.6 billion of debt outstanding, of which $185 million was unsecured and unsubordinated indebtedness and $1.4 billion was secured indebtedness. After giving effect to the issuance of the Notes and assuming no repayment of amounts owed under the Credit Facility, our total indebtedness would have been approximately $1.8 billion aggregate principal amount outstanding as of December 31, 2025.

In the event of the Company's bankruptcy, liquidation, reorganization or other winding up, its assets that secure secured debt will be available to pay obligations on the Notes only after all indebtedness under such secured debt has been repaid in full from such assets. We advise you that there may not be sufficient assets remaining to pay amounts due on any or all the Notes then outstanding.

#### Optional Redemption
Prior to the Par Call Date, we may redeem the Notes at our option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after the Par Call Date, we may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

For purposes of calculating the redemption price in connection with the redemption of the Notes, on any redemption date, the following terms have the meanings set forth below:

"Treasury Rate" means, with respect to any redemption date, the yield determined by us in accordance with the following two paragraphs.

The Treasury Rate shall be determined by us after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily)—H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities—Treasury constant

------

maturities—Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

If on the third business day preceding the redemption date H.15 TCM or any successor designation or publication is no longer published, we shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, we shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, we shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

Our actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

If we choose to redeem any of the Notes, we will deliver a notice of redemption to holders of the Notes not less than 30 nor more than 60 days before the redemption date. Any exercise of our option to redeem the Notes will be done in compliance with the 1940 Act. If we are redeeming less than all of the Notes, the particular Notes to be redeemed will be selected by the Trustee on a pro rata basis to the extent practicable, or, if a pro rata basis is not practicable for any reason, by lot or in such other manner as the Trustee deems fair and appropriate, and in any case in accordance with the applicable procedures of DTC and in accordance with the 1940 Act as directed by the Company; provided, however, that no such partial redemption will reduce the portion of the principal amount of the Notes not redeemed to less than $2,000.

Unless we default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

#### Offer to Repurchase Upon a Change of Control Repurchase Event
If a Change of Control Repurchase Event occurs, unless we have exercised our right to redeem the Notes in full, we will make an offer to each holder of Notes to repurchase all or any part (in minimum denominations of $2,000 and integral multiples of $1,000 principal amount in excess thereof) of that holder's Notes at a repurchase price in cash equal to 100% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase. Within 30 days following any

------

Change of Control Repurchase Event or, at our option, prior to any Change of Control, but after the public announcement of the Change of Control, we will send a notice to each holder and the trustee describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. We will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, we will comply with the applicable securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict.

On the Change of Control Repurchase Event payment date, subject to extension if necessary to comply with the provisions of the 1940 Act and the rules and regulations promulgated thereunder, we will, to the extent lawful:

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to our offer;

(2) deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and

(3) deliver or cause to be delivered to the trustee the Notes properly accepted, together with an officers' certificate stating the aggregate principal amount of Notes being purchased by us.

The paying agent will promptly remit to each holder of Notes properly tendered the purchase price for the Notes, and the trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note equal in principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

We will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and such third party purchases all Notes properly tendered and not withdrawn under its offer.

The source of funds that will be required to repurchase Notes in the event of a Change of Control Repurchase Event will be our available cash or cash generated from our operations or other potential sources, including funds provided by a purchaser in the Change of Control transaction, borrowings, sales of assets or sales of equity. We cannot assure you that sufficient funds from such sources will be available at the time of any Change of Control Repurchase Event to make required repurchases of Notes tendered. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Financial Condition, Liquidity and Capital Resources" in our most recent Quarterly Report on Form 10-Q for the quarter ended December 31, 2025 and incorporated by reference herein, as well as any amendments reflected in subsequent filings with the SEC. Before making any such repurchase of the Notes, we would also have to comply with certain requirements under the Credit Facility to the extent any such requirements remain in effect at such time, or otherwise obtain consent from the lenders under the Credit Facility. Our future financing arrangements may contain similar restrictions and provisions. If the holders of the Notes exercise their right to require us to repurchase Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our future financing arrangements, even if the Change of Control Repurchase Event itself would not cause a default. It is possible that we will not have sufficient funds at the time of the Change of Control Repurchase Event to make the required repurchase of the Notes and/or our other debt. See "Risk Factors—Risks Related to the Notes—We may not be able to repurchase the Notes upon a Change of Control Repurchase Event" in this prospectus supplement for more information.

------

The definition of "Change of Control" includes a phrase relating to the direct or indirect sale, transfer, conveyance or other disposition of "all or substantially all" of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all," there is no precise, established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries taken as a whole to another person or group may be uncertain

For purposes of the Notes, the following terms have the meanings set forth below:

"Below Investment Grade Rating Event" means the Notes are downgraded below Investment Grade by the Rating Agency on any date from the date of the public notice of an arrangement that results in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by the Rating Agency); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

"Change of Control" means the occurrence of any of the following:

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation) in one or a series of related transactions, of all or substantially all of the assets of PennantPark Floating Rate Capital Ltd. and its Controlled Subsidiaries taken as a whole to any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act), other than to any Permitted Holders; provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of PennantPark Floating Rate Capital Ltd. or its Controlled Subsidiaries shall not be deemed to be any such sale, lease, transfer, conveyance or disposition;

(2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person" or "group" (as those terms are used in Section 13(d)(3) of the Exchange Act) (other than any Permitted Holders) becomes the "beneficial owner" (as defined in Rules 13d-3 and 13d-5 promulgated under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of PennantPark Floating Rate Capital Ltd., measured by voting power rather than number of shares; or

(3) the approval by PennantPark Floating Rate Capital Ltd.'s stockholders of any plan or proposal relating to the liquidation or dissolution of PennantPark Floating Rate Capital Ltd.

"Change of Control Repurchase Event" means the occurrence of a Change of Control and a Below Investment Grade Rating Event.

"Controlled Subsidiary" means any subsidiary of PennantPark Floating Rate Capital Ltd., 50% or more of the outstanding equity interests of which are owned by PennantPark Floating Rate Capital Ltd. and its direct or indirect subsidiaries and of which PennantPark Floating Rate Capital Ltd. possesses, directly or indirectly, the power to direct or cause the direction of the management or policies, whether through the ownership of voting equity interests, by agreement or otherwise.

"DBRS" means DBRS, Inc. or any successor thereto.

------

"Investment Grade" means a rating of BBB (low) or better by DBRS (or its equivalent under any successor rating categories of DBRS) (or if DBRS ceases to rate the Notes for reasons outside of our control, the equivalent investment grade credit rating from any Rating Agency selected by us as a replacement Rating Agency).

"Permitted Holders" means (i) us, (ii) one or more of our Controlled Subsidiaries and (iii) the Investment Adviser, any affiliate of the Investment Adviser or any entity that is managed or advised by the Investment Adviser or any of its affiliates that is organized under the laws of a jurisdiction located in the U.S. and in the business of managing or advising clients.

"Rating Agency" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) DBRS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if DBRS ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of our control, a "nationally recognized statistical rating organization" as defined in Section 3(a)(62) of the Exchange Act selected by us as a replacement agency for DBRS.

"Voting Stock" as applied to stock of any person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such person, other than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency.

#### Covenants
In addition to standard covenants relating to payment of principal and interest, maintaining an office where payments may be made or securities can be surrendered for payment and related matters, the following covenants will apply to the Notes, the following covenants shall apply to the Notes.

#### Merger, Consolidation or Sale of Assets
The indenture will provide that we will not merge or consolidate with or into any other person (other than a merger of a wholly owned subsidiary into the Company), or sell, transfer, lease, convey or otherwise dispose of all or substantially all our property (provided that, for the avoidance of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its subsidiaries will not be deemed to be any such sale, transfer, lease, conveyance or disposition; and provided further that this covenant will not apply to any sale, transfer, lease, conveyance, or other disposition of all or substantially all of our property to a wholly owned subsidiary of the Company) in any one transaction or series of related transactions unless:

• The Company is the surviving person (the "Surviving Person") or the Surviving Person (if other than the Company) formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made will be a corporation or limited liability company or trust organized and existing under the laws of the U.S. or any state or territory thereof or the District of Columbia;

• the Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants and conditions of the indenture to be performed by the Company;

• immediately before and immediately after giving effect to such transaction or series of related transactions, no default or event of default will have occurred and be continuing; and

• we will deliver, or cause to be delivered, to the Trustee, an officers' certificate and an opinion of counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto, comply with this covenant, that all conditions precedent in the indenture relating to such transaction have been complied with.

------

For the purposes of this covenant, the sale, transfer, lease, conveyance or other disposition of all the property of one or more of our subsidiaries, which property, if held by the Company instead of such subsidiaries, would constitute all or substantially all of our property on a consolidated basis, will be deemed to be the transfer of all or substantially all of our property.

Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, in certain circumstances there may be a degree of uncertainty as to whether a particular transaction would involve "all or substantially all" of the properties or assets of a person. As a result, it may be unclear as to whether the merger, consolidation or sale of assets covenant would apply to a particular transaction as described above absent a decision by a court of competent jurisdiction.

An assumption by any person of obligations under the Notes and the indenture might be deemed for U.S. federal income tax purposes to be an exchange of the Notes for new Notes by the beneficial owners thereof, potentially resulting in recognition of gain or loss for such purposes and possibly other adverse tax consequences to the beneficial owners. Beneficial owners of the Notes should consult their own tax advisors regarding the tax consequences of such an assumption.

#### Other Covenants
• We agree that for the period of time during which the Notes are outstanding, it will not violate, whether or not the Company is subject thereto, Section 18(a)(1)(A) as modified by Section 61(a) of the 1940 Act or any successor provisions, but giving effect, in either case, to any exemptive relief granted to the Company by the SEC.

• If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports with the SEC, we agree to furnish to holders of the Notes and the Trustee, for the period of time during which the Notes are outstanding, our audited annual consolidated financial statements, within 90 days of its fiscal year end, and unaudited interim consolidated financial statements, within 45 days of its fiscal quarter end (other than its fourth fiscal quarter). All such financial statements will be prepared, in all material respects, in accordance with GAAP, as applicable. Delivery of such financial statements to the Trustee is for informational purposes only and the Trustee's receipt of such shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including our compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on officers' certificates).

#### Modification or Waiver
There are three types of changes we can make to the indenture and the Notes issued thereunder.

#### Changes Requiring Your Approval
First, there are changes that we cannot make to your Notes without your specific approval. The following is a list of those types of changes:

• change the stated maturity of the principal of or interest on the Notes;

• reduce any amounts due on the Notes;

• reduce the amount of principal payable upon acceleration of the maturity of the Notes following a default;

• adversely affect any right of repayment at the holder's option;

------

• change the place (except as otherwise described in the accompanying prospectus or this prospectus supplement) or currency of payment on the Notes;

• impair your right to sue for payment;

• modify the subordination provisions in the indenture in a manner that is adverse to outstanding holders of the Notes;

• reduce the percentage of holders of the Notes whose consent is needed to modify or amend the indenture;

• reduce the percentage of holders of the Notes whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

• modify certain of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

• change any obligation we have to pay additional amounts.

#### Changes Not Requiring Approval
The second type of change does not require any vote by the holders of the Notes. This type is limited to clarifications, establishment of the form or terms of new securities of any series as permitted by the indenture, and certain other changes that would not adversely affect holders of the outstanding Notes in any material respect, including adding additional covenants or event of default. We also do not need any approval to make any change that affects only Notes to be issued under the indenture after the change takes effect.

#### Changes Requiring Majority Approval
Any other change to the indenture and the Notes would require the following approval:

• If the change affects only one series of the Notes issued under the indenture, it must be approved by the holders of a majority in principal amount of the Notes of such series.

• If the change affects more than one series of the Notes issued under the indenture, it must be approved by the holders of a majority in aggregate principal amount of all of the Notes affected by the change, with all affected series voting together as one class for this purpose.

The holders of a majority in principal amount of a series of debt securities issued under an indenture, or all series, voting together as one class for this purpose, may waive our compliance with some of its covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "—Changes Requiring Your Approval."

#### Further Details Concerning Voting
When taking a vote, we will use the following rules to decide how much principal to attribute to the Notes:

The Notes will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. The Notes will also not be eligible to vote if they have been fully defeased as described later under "—Defeasance—Legal Defeasance."

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

------

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the Notes or request a waiver.

#### Events of Default
Each of the following is an event of default:

(1) default in the payment of any interest upon any Notes when due and payable and the default continues for a period of 30 days;

(2) default in the payment of the principal of (or premium, if any, on) any Note when it becomes due and payable at its maturity, including upon any redemption date or required repurchase date;

(3) Our failure for 60 consecutive days after written notice from the Trustee or the holders of at least 25% in principal amount of the Notes then outstanding to the Company and the Trustee, as applicable, has been received to comply with any of our other agreements contained in the Notes or indenture;

(4) default by the Company or any of its significant subsidiaries, as defined in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act (as applicable to business development companies) (but excluding any subsidiary which is (a) a non-recourse or limited recourse subsidiary, (b) a bankruptcy remote special purpose vehicle or (c) is not consolidated with the Company for purposes of GAAP), with respect to any mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $75 million in the aggregate of the Company and/or any such subsidiary, whether such indebtedness now exists or will hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, unless, in either case, such indebtedness is discharged, or such acceleration is rescinded, stayed or annulled, within a period of 30 calendar days after written notice of such failure is given to the Company by the Trustee or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the Notes then outstanding;

(5) Pursuant to Section 18(a)(1)(C)(ii) and Section 61 of the 1940 Act, or any successor provisions, on the last business day of each of 24 consecutive calendar months, any class of securities will have an asset coverage (as such term is used in the 1940 Act) of less than 100%, giving effect to any amendments to such provisions of the 1940 Act or to any exemptive relief granted to us by the SEC; and

(6) certain events of bankruptcy, insolvency, or reorganization involving the Company occur and remain undischarged or unstayed for a period of 90 days.

If an event of default occurs and is continuing, then and in every such case (other than an event of default specified in item (6) above) the Trustee or the holders of at least 25% in principal amount of the outstanding Notes may declare the entire principal amount of Notes to be due and immediately payable, by a notice in writing to us (and to the Trustee if given by the holders), and upon any such declaration such principal or specified portion thereof will become immediately due and payable. Notwithstanding the foregoing, in the case of the events of bankruptcy, insolvency or reorganization described in item (6) above, 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.

At any time after a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee, the holders of a majority in principal amount of the outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if (i) we have paid or deposited with the Trustee a sum sufficient to pay all overdue installments of interest, if any, on all outstanding Notes, the principal of (and premium, if any, on) all outstanding Notes that have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Notes, to the extent that payment of such interest is

------

lawful interest upon overdue installments of interest at the rate or rates borne by or provided for in such Notes, and all sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and (ii) all events of default with respect to the Notes, other than the nonpayment of the principal of (or premium, if any, on) or interest on such Notes that have become due solely by such declaration of acceleration, have been cured or waived. No such rescission will affect any subsequent default or impair any right consequent thereon.

No holder of Notes will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture, or for the appointment of a receiver or Trustee, or for any other remedy under the indenture, unless:

(i) such holder has previously given written notice to the Trustee of a continuing event of default with respect to the Notes;

(ii) the holders of not less than 25% in principal amount of the outstanding Notes have made a written request to the Trustee to institute proceedings in respect of such event of default;

(iii) such holder or holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request;

(iv) the Trustee for 60 days after its receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and

(v) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the holders of a majority in principal amount of the outstanding Notes.

Notwithstanding any other provision in the indenture, the holder of any Note will have the right, which is absolute and unconditional, to receive payment of the principal of (and premium, if any, on) and interest, if any, on such Note on the stated maturity or maturity expressed in such Note (or, in the case of redemption, on the redemption date or, in the case of repayment at the option of the holders, on the repayment date) and to institute suit for the enforcement of any such payment, and such rights will not be impaired without the consent of such holder.

The Trustee will be under no obligation to exercise any of the rights or powers vested in it by the indenture at the request or direction of any of the holders of the Notes unless such holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. Subject to the foregoing, the holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes, provided that (i) such direction will not be in conflict with any rule of law or with this indenture, (ii) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction and (iii) the Trustee need not take any action that it determines in good faith may involve it in personal liability or be unjustly prejudicial (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such holders) to the holders of Notes not consenting.

The holders of not less than a majority in principal amount of the outstanding Notes may on behalf of the holders of all of the Notes waive any past default under the indenture with respect to the Notes and its consequences, except a default (i) in the payment of (or premium, if any, on) or interest, if any, on any of the Notes, or (ii) in respect of a covenant or provision of the indenture which cannot be modified or amended without the consent of the holder of each outstanding Note affected. Upon any such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been cured, for every purpose, but no such waiver will extend to any subsequent or other default or event of default or impair any right consequent thereto.

------

We are required to deliver to the Trustee, within 120 days after the end of each fiscal year, an officers' certificate stating that to the knowledge of the signers whether we are in default in the performance of any of the terms, provisions or conditions of the indenture.

Within 90 days after the occurrence of any default under the indenture with respect to the Notes, the Trustee will transmit notice of such default actually known to a responsible officer of the Trustee, unless such default will have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any, on) or interest, if any, on any of the Notes, the Trustee will be protected in withholding such notice if and so long as it in good faith determines that withholding of such notice is in the interest of the holders of the Notes.

#### Satisfaction and Discharge
We may satisfy and discharge its obligations under the indenture by delivering to the securities registrar for cancellation all outstanding Notes or by depositing with the Trustee, in trust, funds in U.S. dollars in an amount sufficient to pay all of the outstanding Notes after the Notes have become due and payable or will become due and payable within one year (or scheduled for redemption within one year). Such discharge is subject to terms contained in the indenture.

#### Defeasance
The Notes will be subject to covenant defeasance and legal defeasance.

#### Covenant Defeasance
If certain conditions are satisfied, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the Notes were issued. This is called "covenant defeasance." In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your Notes. In order to achieve covenant defeasance, we must do the following:

• deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates.

• deliver to the Trustee a legal opinion of our counsel confirming, subject to customary limitations and exclusions, that, under current U.S. federal income tax law, we may make the above deposit without causing you to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such covenant defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity.

• deliver to the Trustee a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplished covenant defeasance, you can still look to us for repayment of the Notes if there were a shortfall in the trust deposit or the Trustee is prevented from making payment. For example, if one of the remaining Events of Default occurred (such as our bankruptcy) and the Notes became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

------

#### Legal Defeasance
If there is a change in U.S. federal tax law, as described below, the Company can legally release itself from all payment and other obligations on the Notes (called "defeasance" or "legal defeasance") if we put in place the following other arrangements for you to be repaid:

• We must deposit in trust for the benefit of all holders of the Notes a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to make interest, principal and any other payments on the Notes on their various due dates.

• We must deliver to the Trustee a legal opinion confirming, subject to customary limitations and exclusions, that there has been a change in current U.S. federal tax law or an IRS ruling that allows it to make the above deposit without causing you to recognize income, gain, or loss for U.S. federal income tax purposes as a result of such defeasance or to be taxed on the Notes any differently than if we did not make the deposit and repaid the Notes at maturity. Under current U.S. federal tax law, the deposit and our legal release from the Notes would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your Notes and you would recognize gain or loss on the Notes at the time of the deposit.

• We must deliver to the Trustee a legal opinion and officers' certificate stating that all conditions precedent to defeasance have been complied with.

If we ever accomplished legal defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the Notes. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent.

#### Trustee
Equiniti Trust Company, LLC is the Trustee, Registrar and Paying Agent. Equiniti Trust Company, LLC, in each of its capacities, including as Trustee, Registrar and Paying Agent, assumes no responsibility for the accuracy or completeness of the information concerning the Company or its affiliates or any other party contained in this prospectus supplement or the related documents or for any failure by the Company or any other party to disclose events that may have occurred and may affect the significance or accuracy of such information, or for any information provided to it by the Company, including settlement amounts and any other information.

We may maintain banking relationships in the ordinary course of business with the Trustee and its affiliates.

#### Resignation of Trustee
The Trustee may resign or be removed with respect to the Notes provided that a successor trustee is appointed to act with respect to these series. In the event that two or more persons are acting as trustee with respect to different series of securities issued under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

#### No Personal Liability of Directors, Officers, Employees and Stockholders
No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, will have any liability for any obligations of the Company's under the indenture or the Notes or for any claim based on, in respect of, or by reason of, such obligations or their creation. By accepting any Note, each holder of the Notes will be deemed to waive and release all such liability, and such waiver and release are part of the consideration for the issuance of the Notes.

------

#### Governing Law
The indenture provides that it and the Notes will be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would cause the application of laws of another jurisdiction.

#### Book-Entry, Settlement and Clearance

#### Global Notes
The Notes will be initially issued in the form of one or more registered Notes in global form, without interest coupons, (the "Global Notes"). Upon issuance, each of the Global Notes will be deposited with the Trustee as custodian for DTC and registered in the name of Cede & Co., as nominee of DTC. Ownership of beneficial interests in a Global Note will be limited to persons who have accounts with DTC, or DTC participants, or persons who hold interests through DTC participants. We expect that under procedures established by DTC:

• upon deposit of a Global Note with DTC's custodian, DTC will credit portions of the principal amount of the Global Note to the accounts of the DTC participants designated by the underwriters; and

• ownership of beneficial interests in a Global Note will be shown on, and transfer of ownership of those interests will be effected only through, records maintained by DTC (with respect to interests of DTC participants) and the records of DTC participants (with respect to other owners of beneficial interests in the Global Note).

Beneficial interests in Global Notes may not be exchanged for Notes in physical, certificated form except in the limited circumstances described below.

#### Book-Entry Procedures for Global Notes
All interests in the Global Notes will be subject to the operations and procedures of DTC. We provide the following summary of those operations and procedures solely for the convenience of investors. The operations and procedures of DTC are controlled by that settlement system and may be changed at any time. Neither the Company, the Trustee nor the underwriters are responsible for those operations or procedures.

DTC has advised the Company that it is:

• a limited purpose trust company organized under the laws of the State of New York;

• a "banking organization" within the meaning of the New York State Banking Law;

• a member of the Federal Reserve System;

• a "clearing corporation" within the meaning of the Uniform Commercial Code; and

• a "clearing agency" registered under Section 17A of the Exchange Act.

DTC was created to hold securities for its participants and to facilitate the clearance and settlement of securities transactions between its participants through electronic book-entry changes to the accounts of its participants. DTC's participants include securities brokers and dealers, including the underwriters; banks and trust companies; clearing corporations and other organizations. Indirect access to DTC's system is also available to others such as banks, brokers, dealers and trust companies; these indirect participants clear through or maintain a custodial relationship with a DTC participant, either directly or indirectly. Investors who are not DTC participants may beneficially own securities held by or on behalf of DTC only through DTC participants or indirect participants in DTC.

------

So long as DTC's nominee is the registered owner of a Global Note, that nominee will be considered the sole owner or holder of the Notes represented by that Global Note for all purposes under the indenture. Except as provided below, owners of beneficial interests in a Global Note:

• will not be entitled to have Notes represented by the Global Note registered in their names;

• will not receive or be entitled to receive physical, certificated Notes; and

• will not be considered the owners or holders of the Notes under the indenture for any purpose, including with respect to receiving notices or the giving of any direction, instruction or approval to the Trustee under the indenture.

As a result, each investor who owns a beneficial interest in a Global Note must rely on the procedures of DTC to exercise any rights of a holder of Notes under the indenture (and, if the investor is not a participant or an indirect participant in DTC, on the procedures of the DTC participant through which the investor owns its interest). Payments of principal and interest with respect to the Notes represented by a Global Note will be made by the Trustee to DTC's nominee as the registered holder of the Global Note. Neither the Company nor the Trustee will have any responsibility or liability for the payment of amounts to owners of beneficial interests in a Global Note, for any aspect of the records relating to or payments made on account of those interests by DTC, or for maintaining, supervising or reviewing any records of DTC relating to those interests.

Payments by participants and indirect participants in DTC to the owners of beneficial interests in a Global Note will be governed by standing instructions and customary industry practice and will be the responsibility of those participants or indirect participants and DTC.

Cross-market transfers of beneficial interests in Global Notes between DTC participants, on the one hand, and Euroclear or Clearstream participants, on the other hand, will be effected within DTC through the DTC participants that are acting as depositaries for Euroclear and Clearstream. To deliver or receive an interest in a Global Note held in a Euroclear or Clearstream account, an investor must send transfer instructions to Euroclear or Clearstream, as the case may be, under the rules and procedures of that system and within the established deadlines of that system. If the transaction meets its settlement requirements, Euroclear or Clearstream, as the case may be, will send instructions to its DTC depositary to take action to effect final settlement by delivering or receiving interests in the relevant Global Notes in DTC, and making or receiving payment under normal procedures for same-day funds settlement applicable to DTC. Euroclear and Clearstream participants may not deliver instructions directly to the DTC depositaries that are acting for Euroclear or Clearstream.

Because the settlement of cross-market transfers takes place during New York business hours, DTC participants may employ their usual procedures for sending securities to the applicable DTC participants acting as depositaries for Euroclear and Clearstream. The sale proceeds will be available to the DTC participant seller on the settlement date. Thus, to a DTC participant, a cross-market transaction will settle no differently from a trade between two DTC participants. Because of time zone differences, the securities account of a Euroclear or Clearstream participant that purchases an interest in a Global Note from a DTC participant will be credited on the business day for Euroclear or Clearstream immediately following the DTC settlement date. Cash received in Euroclear or Clearstream from the sale of an interest in a Global Note to a DTC participant will be reflected in the account of the Euroclear or Clearstream participant the following business day, and receipt of the cash proceeds in the Euroclear or Clearstream participant's account will be back-valued to the date on which settlement occurs in New York. DTC, Euroclear and Clearstream have agreed to the above procedures to facilitate transfers of interests in the Global Notes among participants in those settlement systems. However, the settlement systems are not obligated to perform these procedures and may discontinue or change these procedures at any time. Neither the Company nor the Trustee will have any responsibility or liability for the performance by DTC, Euroclear or Clearstream or their participants or indirect participants of their obligations under the rules and procedures governing their operations, including maintaining, supervising or reviewing the records relating to, or payments made on account of, beneficial ownership interests in Global Notes.

------

Transfers between participants in DTC will be effected under DTC's procedures and will be settled in same-day funds.

In connection with any proposed transfer outside the book entry only system, the Trustee will be provided all information reasonably requested by the Trustee that is necessary to allow the Trustee to comply with any applicable tax reporting obligations, including any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information provided to it and will have no responsibility to verify or ensure the accuracy of such information.

#### Certificated Notes
Notes in physical, certificated form will be issued and delivered to each person that DTC identifies as a beneficial owner of the related Notes only if:

• DTC notifies us at any time that it is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days;

• DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days; or

• an event of default with respect to the Notes has occurred and is continuing and such beneficial owner requests that its Notes be issued in physical, certificated form.

------

#### CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a general summary of certain U.S., or U.S., federal income tax considerations (and, in the case of a non-U.S. holder (as defined below), certain U.S. federal estate tax consequences) applicable to the ownership and disposition of the Notes. This summary does not purport to be a complete description of the income or estate tax considerations applicable to an investment in the Notes. The discussion is based upon the Code, Treasury Regulations, and administrative and judicial interpretations, each as of the date of this prospectus supplement and all of which are subject to change, potentially with retroactive effect or differing interpretations by the Internal Revenue Service, or IRS, so as to result in U.S. federal income tax consequences different from those discussed below. We have not sought and will not seek any ruling from the IRS in respect of the Notes. You should consult your own tax advisor with respect to tax considerations that pertain to your ownership and disposition of our Notes.

This discussion deals only with Notes held as capital assets within the meaning of Section 1221 of the Code and does not purport to deal with persons in special tax situations or subject to special rules, such as financial institutions, insurance companies, controlled foreign corporations, passive foreign investment companies and regulated investment companies (and shareholders of such corporations), dealers in securities or currencies, traders in securities, former citizens of the U.S., persons holding the Notes as a hedge against currency risks or as a position in a "straddle," "hedge," "constructive sale transaction" or "conversion transaction" for tax purposes, entities that are tax-exempt for U.S. federal income tax purposes, retirement plans, individual retirement accounts, tax-deferred accounts, persons subject to the alternative minimum tax, persons subject to special rules for the taxable year of inclusion under Section 451(b) of the Code, pass-through entities (including partnerships and entities and arrangements classified as partnerships for U.S. federal income tax purposes) and beneficial owners of pass-through entities, or U.S. holders (as defined below) whose functional currency is not the U.S. dollar. It also does not deal with beneficial owners of the Notes other than those beneficial owners who acquire the Notes in this offering for a price equal to their original issue price (i.e., the first price at which a substantial amount of the notes is sold other than to bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers). If you are considering purchasing the Notes, you should consult your own tax advisor concerning the application of the U.S. federal tax laws to you in light of your particular situation, as well as any consequences to you of purchasing, owning and disposing of the Notes under the laws of any other taxing jurisdiction.

For purposes of this discussion, the term "U.S. holder" means a beneficial owner of a Note that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the U.S., (ii) a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the U.S. or of any political subdivision thereof, (iii) a trust (a) subject to the control of one or more U.S. persons and the primary supervision of a court in the U.S., or (b) that has a valid election (under applicable Treasury Regulations) to be treated as a U.S. person for U.S. federal income tax purposes, or (iv) an estate the income of which is subject to U.S. federal income taxation regardless of its source. The term "non-U.S. holder" means a beneficial owner of a Note that is neither a U.S. holder nor a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes). An individual may, subject to exceptions, be deemed to be a resident of the U.S. for U.S. federal income tax purposes, as opposed to a non-resident alien, by, among other ways, being present in the U.S. (i) on at least 31 days in the calendar year, and (ii) for an aggregate of at least 183 days during a three-year period ending in the current calendar year, counting for such purposes all of the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year. Individuals who are residents for such purposes are subject to U.S. federal income tax as if they were U.S. citizens.

If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds any Notes, the U.S. federal income tax treatment of a partner of the partnership generally will depend upon the status of the partner, the activities of the partnership and certain determinations made at the partner level. Partners of partnerships holding Notes should consult their own tax advisors.

------

#### Taxation of Note Holders

#### Taxation of U.S. Holders
Payments or accruals of interest on a Note generally will be taxable to a U.S. holder as ordinary interest income at the time they are received (actually or constructively) or accrued, in accordance with the U.S. holder's regular method of tax accounting. In general, if the terms of a debt instrument entitle a holder to receive payments (other than fixed periodic interest) that exceed the issue price of the instrument by not less than a statutory de minimis amount, the holder will be required to recognize additional interest as "original issue discount" over the term of the instrument, irrespective of the holder's regular method of tax accounting. We expect that the Notes will not be treated as issued with original issue discount for U.S. federal income tax purposes.

Upon the sale, exchange, redemption or retirement of a Note, a U.S. holder generally will recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange, redemption or retirement (excluding any amounts representing accrued and unpaid interest, which are treated as ordinary income) and the U.S. holder's tax basis in the Note. A U.S. holder's tax basis in a Note generally will equal the amount of the U.S. holder's initial investment in the Note. Capital gain or loss generally will be long-term capital gain or loss if the Note was held for more than one year. Long-term capital gains recognized by individuals and certain other non-corporate U.S. holders generally are eligible for reduced rates of taxation.

Under applicable U.S. Treasury Regulations, if a shareholder recognizes a loss with respect to the Notes in excess of certain prescribed thresholds (generally, $2 million or more for a non-corporate U.S. holder or $10 million or more for a corporate U.S. holder), the U.S. holder may be required to file a disclosure statement on IRS Form 8886. Direct U.S. holders of portfolio securities are in many cases excepted from this reporting requirement, but, under current guidance, U.S. holders of securities issued by a RIC are not exempt from this reporting requirement. The fact that a loss is reportable by a taxpayer as just described does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. holders of the Notes should consult their own tax advisors to determine the applicability of this reporting requirement in light of their particular circumstances.

An additional tax of 3.8% is imposed on certain "net investment income" (or "undistributed net investment income", in the case of estates and trusts) received by certain taxpayers with modified adjusted gross incomes above certain threshold amounts. "Net investment income" generally includes interest payments and gain recognized from the sale, exchange, redemption or other taxable disposition of the Notes. U.S. holders should consult their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of the Notes.

#### Taxation of Non-U.S. Holders
A non-U.S. holder generally will not be subject to U.S. federal income or withholding taxes on payments of principal or interest on a Note provided that in the case of interest on a Note (i) the interest is not effectively connected with the conduct by the non-U.S. holder of a trade or business within the U.S., (ii) the non-U.S. holder is not a controlled foreign corporation related to the Company through sufficient stock ownership, (iii) the recipient is not a bank receiving interest described in Section 881(c)(3)(A) of the Code, (iv) the non-U.S. holder does not own (actually or constructively) 10% or more of the total combined voting power of all classes of stock of the Company, and (v) the non-U.S. holder provides to the applicable withholding agent a statement on an IRS Form W-8BEN or W-8BEN-E (or other applicable form) signed under penalties of perjury that includes its name and address and certifies that it is not a U.S. person in compliance with applicable requirements, or satisfies documentary evidence requirements for establishing that it is a non-U.S. holder. A non-U.S. holder that is not exempt from tax under these rules generally will be subject to withholding of U.S. federal income tax on payments of interest on the Notes at a rate of 30% unless (i) the interest is effectively connected with the conduct

------

of a U.S. trade or business, in which case the interest will be subject to U.S. federal income tax on a net income basis as applicable to U.S. holders generally (unless an applicable income tax treaty provides otherwise) and such non-U.S. holder would be required to provide a properly executed IRS Form W-8ECI in lieu of the certificates described above, or (ii) an applicable income tax treaty provides for a lower rate of, or exemption from, this withholding. In the case of a non-U.S. holder that is a corporation for U.S. federal income tax purposes and that receives income that is effectively connected with the conduct of a U.S. trade or business, such income may also be subject to a branch profits tax (which is generally imposed on a non-U.S. corporation on the actual or deemed repatriation from the U.S. of earnings and profits attributable to a U.S. trade or business) at a 30% rate. The branch profits tax may not apply (or may apply at a reduced rate) if the non-U.S. holder is a qualified resident of a country with which the U.S. has an income tax treaty.

To claim the benefit of an income tax treaty or to claim exemption from withholding because interest is effectively connected with a U.S. trade or business, the non-U.S. holder must timely provide the appropriate, properly executed IRS forms to the applicable withholding agent. These forms may be required to be periodically updated.

Generally, a non-U.S. holder will not be subject to U.S. federal income or withholding taxes on any amount that constitutes capital gain upon the sale, exchange, redemption or retirement of a Note, provided the gain is not effectively connected with the conduct of a trade or business in the U.S. by the non-U.S. holder (and, if required by an applicable income tax treaty, is not attributable to a U.S. "permanent establishment" maintained by the non-U.S. holder). Certain other exceptions may be applicable, and a non-U.S. holder should consult its tax advisor in this regard.

A Note that is held by an individual who, at the time of death, is not a citizen or resident of the U.S. (as specially defined for U.S. federal estate tax purposes) generally will not be subject to the U.S. federal estate tax, unless, at the time of death, (i) such individual directly or indirectly, actually or constructively, owns ten percent or more of the total combined voting power of all classes of our stock entitled to vote within the meaning of Section 871(h)(3) of the Code and the Treasury Regulations thereunder or (ii) such individual's interest in the Notes is effectively connected with the individual's conduct of a U.S. trade or business.

#### Information Reporting and Backup Withholding
A U.S. holder (other than an "exempt recipient," including a corporation and certain other persons who, when required, demonstrate their exempt status) may be subject to backup withholding at the applicable rate (currently 24%) on, and will be subject to information reporting requirements with respect to, payments of principal or interest on, and proceeds from the sale, exchange, redemption or retirement of, the Notes. In general, if a non-corporate U.S. holder subject to information reporting fails to furnish a correct taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements, backup withholding at the applicable rate may apply.

If you are a non-U.S. holder, generally, the applicable withholding agent must report to the IRS and to you payments of interest on the Notes and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which you reside under the provisions of a treaty or agreement. In general, backup withholding will not apply to payments of interest on your Notes if you have provided to the applicable withholding agent the required certification that you are not a U.S. person and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person. Information reporting and, depending on the circumstances, backup withholding will apply to payment to you of the proceeds of a sale or other disposition (including a retirement or redemption) of your Notes within the U.S. or conducted through certain U.S.-related financial intermediaries, unless you certify under penalties of perjury that you are not a U.S. person or you otherwise establish an exemption, and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person.

------

You should consult your own tax advisor regarding the application of information reporting and backup withholding in your particular circumstance and the availability of and procedure for obtaining an exemption from backup withholding. Backup withholding is not an additional tax, and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

#### FATCA Withholding on Payments to Certain Foreign Entities
Sections 1471 through 1474 of the Code (provisions commonly referred to as "FATCA") impose a 30% withholding tax on payments of U.S. source interest, and gross proceeds from the sale, redemption, retirement or other disposition of obligations that give rise to U.S. source interest payments, in each case to certain non-U.S. entities, including certain foreign financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. An intergovernmental agreement between the U.S. and an applicable foreign country, or future U.S. Treasury regulations or other guidance, may modify these requirements. Accordingly, the entity through which the Notes are held may affect the determination of whether such withholding is required.

While existing U.S. Treasury Regulations would require FATCA withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, in 2018 the U.S. Treasury Department released proposed regulations that eliminated this requirement. Pursuant to these proposed regulations, a taxpayer may (but is not required to) rely on this proposed change to FATCA withholding until final regulations are issued or until such proposed regulations are rescinded.

The FATCA withholding tax will apply to all withholdable payments without regard to whether the beneficial owner of the payment would otherwise be entitled to an exemption from imposition of withholding tax pursuant to an applicable tax treaty with the U.S. or U.S. domestic law. If payment of this withholding tax is made, holders that are otherwise eligible for an exemption from, or reduction of, U.S. federal withholding taxes with respect to such interest or proceeds will be required to seek a credit or refund from the IRS to obtain the benefit of such exemption or reduction, if any. We will not pay additional amounts to holders of the Notes in respect of any amounts withheld.

Each prospective purchaser should consult its own tax advisor regarding FATCA and how it may affect such investor in its particular circumstances.

**You should consult your own tax advisor with respect to the particular tax consequences to you of an investment in the Notes, including the possible effect of any pending legislation or proposed regulations.** 

------

#### UNDERWRITING
We are offering the Notes described in this prospectus supplement through a number of underwriters. Raymond James & Associates, Inc. is acting as representative of the underwriters. We and the Investment Adviser have entered into an underwriting agreement with the underwriters. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriters, and each underwriter has severally agreed to purchase, the aggregate principal amount of notes listed next to its name in the following table:

---

| | |
|:---|:---|
| Name | Principal<br>Amount<br>of Notes |
| Raymond James & Associates, Inc. | $120000000 |
| Keefe, Bruyette & Woods, Inc. | 22000000 |
| Citizens JMP Securities, LLC | 22000000 |
| Truist Securities, Inc. | 22000000 |
| ING Financial Markets LLC | 6000000 |
| Oppenheimer & Co. Inc. | 4000000 |
| Regions Securities LLC | 4000000 |
| Total | $200000000 |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the Notes sold under the underwriting agreement if any of these Notes are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated.

We and the Investment Adviser have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the Notes, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the Notes, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officers' certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Commissions and Discounts
The following table shows the per Note and total underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering.

---

| | | |
|:---|:---|:---|
|  | Per Note | Amount |
| Public offering price | 99.334% | $198668000 |
| Underwriting discount (sales load) | 1.200% | $2400000 |
| Proceeds, before expenses to us | 98.134% | $196268000 |

---

The underwriters propose to offer some of the Notes to the public at the public offering price set forth on the cover page of this prospectus supplement and some of the Notes to certain other dealers at the public offering price less a concession not in excess of 0.40% of the aggregate principal amount of the Notes. The underwriters may allow, and the dealers may reallow, a discount not in excess of 0.25% of the aggregate principal amount of the Notes. After the initial offering of the Notes to the public, the public offering price and other selling terms may be changed. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus supplement.

------

The expenses of the offering, not including the underwriting discount, are estimated at $0.4 million and are payable by us.

#### No Sales of Similar Securities
Subject to certain exceptions, we have agreed not to directly or indirectly, offer, pledge, sell, contract to sell, grant any option for the sale of or otherwise transfer or dispose of any debt securities issued or guaranteed by the Company or any securities convertible into or exercisable or exchangeable for debt securities issued or guaranteed by the Company or file any registration statement under the Securities Act with respect to any of the foregoing through the closing date without first obtaining the written consent of the representative. This consent may be given at any time without public notice.

#### Listing
The Notes are a new issue of securities with no established trading market. The Notes will not be listed on any securities exchange or quoted on any automated dealer quotation system.

We have been advised by certain of the underwriters that they currently intend to make a market in the Notes after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the Notes and any such market-making may be discontinued at any time in the sole discretion of the underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.

#### Price Stabilization, Short Positions
In connection with the offering, the underwriters may purchase and sell Notes in the open market. These transactions may include over-allotment, covering transactions and stabilizing transactions. Over-allotment involves sales of Notes in excess of the aggregate principal amount of Notes to be purchased by the underwriters in the offering, which creates a short position for the underwriters. Covering transactions involve purchases of the Notes in the open market after the distribution has been completed in order to cover short positions. Stabilizing transactions consist of certain bids or purchases of Notes made for the purpose of preventing or retarding a decline in the market price of the Notes while the offering is in progress.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representative has repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

Any of these activities may cause the price of the Notes to be higher than the price that otherwise would exist in the open market in the absence of such transactions. These transactions may be effected in the over-the-counter market or otherwise and, if commenced, may be discontinued at any time without any notice relating thereto.

Neither the Company nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the Notes. In addition, neither the Company nor any of the underwriters make any representation that the representative will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

#### Other Relationships
The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment

------

management, investment research, principal investment, hedging, market making, brokerage, valuation services and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to our assets, securities or instruments (directly, as collateral securing other obligations or otherwise) or persons and entities with relationships with us. Certain of the underwriters and their affiliates that have a lending relationship with us routinely hedge their credit exposure to the Company consistent with their customary risk management policies. Typically, such underwriters and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in our securities, including potentially the Notes. Any such credit default swaps or short positions could adversely affect future trading prices of the Notes. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long or short positions in such assets, securities and instruments.

Affiliates of certain of the underwriters serve as lenders under our Credit Facility and may serve as lenders under any future credit facilities. Some of the underwriters and/or their affiliates were underwriters in connection with our initial public offerings and follow-on public offerings for which they received customary fees. Affiliates of certain of the underwriters serve as lenders under our Credit Facility. Accordingly, affiliates of certain of the underwriters are expected to receive proceeds from this offering that are used to reduce our outstanding obligations under our Credit Facility.

#### Settlement
We expect that delivery of the Notes will be made to investors on or about March 4, 2026, which will be the third business day following the date of pricing of the notes (such settlement cycle being herein referred to as "T+5"). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to one business day prior to the date of delivery hereunder will be required, by virtue of the fact that the Notes initially will settle in T+5 business days, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement.

#### Principal Business Addresses
The principal business address of Raymond James & Associates, Inc. is 880 Carillon Parkway, St. Petersburg, FL 33716.

#### Other Jurisdictions
Other than in the U.S., no action has been taken by us or the underwriters that would permit a public offering of the Notes offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The Notes offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restrictions relating

------

to the offering and the distribution of this prospectus supplement. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any Notes offered by this prospectus supplement in any jurisdiction in which such an offer or a solicitation is unlawful.

#### Notice to Prospective Investors in the European Economic Area
The Notes may not be offered, sold or otherwise made available to any retail investor in the European Economic Area, or EEA. For these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a retail investor means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client as defined in point (11) of Article 4(1) of Article 4(1) of Directive 2014/65/EU (as amended or superseded, or MiFID II); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended or superseded, the "Prospectus Regulation"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes.

Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, or the PRIIPs Regulation) for offering or selling the Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. This prospectus has been prepared on the basis that any offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of the Notes. This prospectus is not a prospectus for the purposes of the Prospectus Regulation.

#### Notice to Prospective Investors in the United Kingdom
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom. For the purposes of this provision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expression "retail investor" means a person who is one (or more) of the following:

(i) a retail client as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 ("EUWA"); or

(ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000 (as amended, the "FSMA") of the United Kingdom and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or

(iii) not a qualified investor as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2014/15 (the "UK POAT Regulation"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

------

Consequently, no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic law by virtue of the EUWA (the "UK PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. This prospectus has been prepared on the basis that any offer of Notes in the UK will be made pursuant to an exception to the prohibition on offers of "relevant securities" to the public under the UK POAT Regulation from the requirement to publish a prospectus for offers of Notes. This prospectus is not a prospectus for the purposes of the UK POAT Regulation.

This prospectus and any other material in relation to the Notes is only being distributed to, and is directed only at, persons in the United Kingdom who are "qualified investors" (as defined in the UK POAT Regulation who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (ii) high net worth entities or other persons falling within Articles 49(2)(a) to (d) of the Order, or (iii) persons to whom it would otherwise be lawful to distribute it, all such persons together being referred to as "Relevant Persons". The Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Notes will be engaged in only with, Relevant Persons. This prospectus and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by any recipients to any other person in the United Kingdom. Any person in the United Kingdom that is not a Relevant Person should not act or rely on this prospectus or its contents. The Notes are not being offered to the public in the United Kingdom.

In addition, in the United Kingdom, each underwriter has represented and agreed the Notes may not be offered other than by an underwriter that:

• has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Notes in circumstances in which Section 21(1) of the FSMA does not apply to us; and

• has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

------

#### LEGAL MATTERS
Certain legal matters regarding the securities offered by this prospectus supplement will be passed upon for PennantPark Floating Rate Capital Ltd. by Dechert LLP and Venable LLP. Certain legal matters in connection with the offering will be passed upon for the underwriters by Kirkland & Ellis LLP.

------

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The consolidated financial statements and the related consolidated senior securities table of PennantPark Floating Rate Capital Ltd. as of September 30, 2025 and 2024 and for each of the years in the three-year period ended September 30, 2025 and the effectiveness of internal control over financial reporting as of September 30, 2025 incorporated in this prospectus supplement by reference from the PennantPark Floating Rate Capital Ltd. Annual Report on Form 10-K for the year ended September 30, 2025 have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report, which is incorporated into this prospectus supplement by reference.

------

#### INDEPENDENT AUDITOR
The consolidated financial statements of PSSL as of and for the fiscal years ended September 30, 2025 and September 30, 2024 included as Exhibits 99.3 and 99.4, respectively, in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 have been so included in reliance on the report of RSM US LLP.

------

#### INCORPORATION BY REFERENCE
This prospectus supplement is part of a registration statement that we have filed with the SEC. We "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to comprise a part of this prospectus supplement, and later information that we file with the SEC will automatically update and, where applicable, supersede this information.

We incorporate by reference into this prospectus supplement additional documents that we may file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act until all of the securities offered by this prospectus supplement have been sold or we otherwise terminate the offering of these securities; provided, however, that information "furnished" under Item 2.02 or Item 7.01 of Form 8-K or other information "furnished" to the SEC which is not deemed filed is not incorporated by reference in this prospectus supplement.

This prospectus supplement incorporates by reference the documents set forth below that have previously been filed with the SEC:

• our Quarterly Report on [Form 10-Q](http://www.sec.gov/ix?doc=/Archives/edgar/data/1504619/000119312526042778/pflt-20251231.htm) for the fiscal quarter ended December 31, 2025, filed with the SEC on February 9, 2026;

• our Annual Report on [Form 10-K](http://www.sec.gov/ix?doc=/Archives/edgar/data/1504619/000119312525293672/pflt-20250930.htm) for the fiscal year ended September 30, 2025, filed with the SEC on November 24, 2025;

• our Current Reports on Form 8-K, filed with the SEC on [November 26, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1504619/000119312525300797/d24379d8k.htm) and [February 5, 2026](http://www.sec.gov/ix?doc=/Archives/edgar/data/1504619/000119312526039366/pflt-20240206.htm) ; and

• our Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/1504619/000119312525322696/pflt-20251217.htm) , filed with the SEC on December 17, 2025 (to the extent incorporated by reference into Part III of our Annual Report on Form 10-K for the fiscal year ended [September 30, 2025](http://www.sec.gov/ix?doc=/Archives/edgar/data/1504619/000119312525293672/pflt-20250930.htm)).

To obtain copies of these filings, see "Available Information."

------

#### AVAILABLE INFORMATION
We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. This information is available free of charge by calling us collect at (786) 297-9500 or on our website at www.pennantpark.com. Except for the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, the information on our website is not part of this prospectus supplement or the accompanying prospectus. The SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC which are available free of charge on the SEC's Internet website at <u>www.sec.gov</u>.

------

#### PROSPECTUS

### $1,000,000,000
![LOGO](g894111g00a01.jpg)

### Common Stock

### Preferred Stock

### Warrants

### Subscription Rights

### Debt Securities
PennantPark Floating Rate Capital Ltd. is a closed-end, externally managed, non-diversified investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended.

Our investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. We seek to achieve our 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 or variable-rate investments pay interest at variable rates, which are determined periodically, on the basis of a floating base lending rate such as the Secured Overnight Financing Rate, or SOFR, with or without a floor, plus a fixed spread. We can offer no assurances that we will achieve our investment objectives.

We are managed by PennantPark Investment Advisers, LLC. PennantPark Investment Administration, LLC provides the administrative services necessary for us to operate.

We may offer, from time to time, in one or more offerings or series, together or separately, up to $1,000,000,000 of our common stock, preferred stock, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, subscription rights or debt securities, which we refer to, collectively, as the "securities." We may sell our securities through underwriters or dealers, "at-the-market" to or through a market maker into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of methods of sale. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may be offered at prices and on terms to be described in one or more supplements to this prospectus. In the event we offer common stock, the offering price per share of our common stock exclusive of any underwriting commissions or discounts will not be less than the net asset value, or NAV, per share of our common stock at the time we make the offering except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the majority of our common stockholders and approval of our board of directors, or (3) under such circumstances as the Securities and Exchange Commission, or the SEC, may permit. See "[Risk Factors](#tx894111_4)" on page 11 and "[Sales of Common Stock Below Net Asset Value](#tx894111_9)" on page 17 of this prospectus for more information.

Our common stock is traded on The New York Stock Exchange under the symbol "PFLT." Prior to April 14, 2022, our common stock was traded on The Nasdaq Global Select Market under the same symbol. The last reported closing price for our common stock on May 23, 2024 was $11.26 per share, and our NAV on March 31, 2024 was $11.40 per share.

This prospectus and any accompanying prospectus supplement contain important information you should know before investing in our securities. We may also authorize one or more free writing prospectuses to be provided to you in connection with offerings. The prospectus supplement and any free writing prospectus may also add, update, or change information contained in this prospectus. Please read this prospectus, the applicable prospectus supplement, and any free writing prospectus, and the documents incorporated by reference, before you invest in our securities and keep them for future reference. We file annual, quarterly and current reports, proxy statements and other information with the SEC. You may also obtain such information free of charge or make stockholder inquiries by contacting us in writing at 1691 Michigan Avenue, Miami Beach, Florida 33139, by calling us collect at (786) 297-9500 or by visiting our website at *www.pennantpark.com.* The information on our website is not incorporated by reference into this prospectus. The SEC also maintains a website at *www.sec.gov* that contains such information free of charge.

**Investing in our securities involves a high degree of risk, including the risk of the use of leverage. Before buying any of our securities, you should read the discussion of the material risks of investing in us in "[Risk Factors](#tx894111_4)" beginning on page 11 of this prospectus.** 

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

#### This prospectus may not be used to consummate sales of securities unless accompanied by a prospectus supplement.

#### Prospectus dated July 17, 2024

------

You should rely only on the information contained in this prospectus, any accompanying prospectus supplement, any free writing prospectus and the documents incorporated by reference in this prospectus and any applicable prospectus supplement when considering whether to purchase any securities offered by this prospectus. We have not authorized anyone to provide you with additional information, or information different from that contained in this prospectus and any accompanying prospectus supplements or free writing prospectuses. If anyone provides you with different or additional information, you should not rely on it. We are offering to sell and seeking offers to buy, securities only in jurisdictions where offers are permitted. The information contained in or incorporated by reference in this prospectus and any accompanying prospectus supplement or free writing prospectus is accurate only as of the date of this prospectus or such prospectus supplement or free writing prospectus. We will update these documents to reflect material changes only as required by law. Our business, financial condition, results of operations and prospects may have changed since then.

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#tx894111_1) | 2 |
|  [FEES AND EXPENSES](#tx894111_2) | 7 |
|  [FINANCIAL HIGHLIGHTS](#tx894111_3) | 9 |
|  [RISK FACTORS](#tx894111_4) | 11 |
|  [FORWARD-LOOKING STATEMENTS](#tx894111_5) | 12 |
|  [USE OF PROCEEDS](#tx894111_6) | 14 |
|  [SENIOR SECURITIES](#tx894111_7) | 15 |
|  [PRICE RANGE OF COMMON STOCK](#tx894111_8) | 16 |
|  [SALES OF COMMON STOCK BELOW NET ASSET VALUE](#tx894111_9) | 17 |
|  [DISTRIBUTIONS](#tx894111_10) | 22 |
|  [PORTFOLIO COMPANIES](#tx894111_11) | 23 |
|  [MANAGEMENT OF THE COMPANY](#tx894111_11a) | 36 |
|  [INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT](#tx894111_11b) | 37 |
|  [PORTFOLIO MANAGEMENT](#tx894111_12) | 38 |
|  [DETERMINATION OF NET ASSET VALUE](#tx894111_13) | 41 |
|  [DESCRIPTION OF OUR CAPITAL STOCK](#tx894111_14) | 44 |
|  [DESCRIPTION OF OUR PREFERRED STOCK](#tx894111_15) | 51 |
|  [DESCRIPTION OF OUR WARRANTS](#tx894111_16) | 52 |
|  [DESCRIPTION OF OUR SUBSCRIPTION RIGHTS](#tx894111_17) | 54 |
|  [DESCRIPTION OF OUR DEBT SECURITIES](#tx894111_18) | 55 |
|  [BROKERAGE ALLOCATIONS AND OTHER PRACTICES](#tx894111_19) | 69 |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tx894111_20) | 70 |
|  [PLAN OF DISTRIBUTION](#tx894111_21) | 81 |
|  [SUB-ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT AND TRUSTEE](#tx894111_22) | 83 |
|  [LEGAL MATTERS](#tx894111_23) | 83 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#tx894111_24) | 83 |
|  [INDEPENDENT AUDITORS](#tx894111_25) | 83 |
|  [INCORPORATION BY REFERENCE](#tx894111_26) | 84 |
|  [AVAILABLE INFORMATION](#tx894111_27) | 84 |

---

i

------

#### ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the SEC using the "shelf" registration process. Under the shelf registration process, we may offer from time to time up to $1,000,000,000 of our common stock, preferred stock, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities, subscription rights or debt securities on the terms to be determined at the time of the offering. We may sell our securities through underwriters or dealers, "at-the-market" to or through a market maker, into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of methods of sale. The identities of such underwriters, dealers, market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the securities that we may offer. The information contained in this prospectus is accurate only as of the date on the front of this prospectus and our business, financial condition, results of operations and prospects may have changed since that date. Each time we use this prospectus to offer securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. Please carefully read this prospectus and any prospectus supplement and any free writing prospectus, together with any exhibits and the additional information described in the sections titled "Incorporation By Reference" and "Available Information," before you make an investment decision.

------

#### PROSPECTUS SUMMARY
*This summary highlights some of the information in this prospectus. It is not complete and may not contain all of the information that you may want to consider in making an investment decision. References to our portfolio, our investments and our business include investments we make through our consolidated subsidiaries. Some of the statements in this prospectus constitute forward-looking statements, which apply to both us and our consolidated subsidiaries, as applicable, and relate to future events, future performance or future financial condition. The forward-looking statements involve risks and uncertainties on a consolidated basis and actual results could differ materially from those projected in the forward-looking statements for many reasons, including those factors discussed in "Risk Factors" and elsewhere in this prospectus. You should read carefully the more detailed information set forth under "Risk Factors" and the other information included in this prospectus. In this prospectus and any accompanying prospectus supplement or free writing prospectus, except where the context suggests otherwise: the terms "we," "us," "our" and "Company" refer 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 PFLT Investment Holdings, LLC and PFLT Investment Holdings II, LLC; "PSSL" refers to PennantPark Senior Secured Loan Fund I LLC, an unconsolidated joint venture; "PTSF" refers to PennantPark-TSO Senior Loan Fund, LP, an unconsolidated limited partnership; "PennantPark Investment Advisers" and "Investment Adviser" refer to PennantPark Investment Advisers, LLC; "PennantPark Investment Administration" and "Administrator" refer to PennantPark Investment Administration, LLC; "2026 Notes" refers to our 4.25% Notes due 2026; "Code" refers to the Internal Revenue Code of 1986, as amended; "RIC" refers to a regulated investment company under the Code; "1940 Act" refers to the Investment Company Act of 1940, as amended; "BDC" refers to a business development company under the 1940 Act; "MCG" refers to MCG Capital Corporation; "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; and "2031 Asset-Backed Debt" refers to (i) the issuance of the Class A-1 Senior Secured Floating Rate Notes due 2031, the Class A-2 Senior Secured Fixed Rate Notes due 2031, the Class B-1 Senior Secured Floating Rate Notes due 2031, the Class B-2 Senior Secured Fixed Rate Notes due 2031, the Class C-1 Secured Deferrable Floating Rate Notes due 2031, the Class C-2 Notes Secured Deferrable Fixed Rate Notes due 2031, and the Class D Secured Deferrable Floating Notes due 2031 and (ii) the borrowing of the Class A-1 Senior Secured Floating Rate Notes due 2031 by the Securitization Issuers in connection with the Debt Securitization; "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 Issuer; "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 borrowing issuance of AAA(sf) Class A-1 floating rate loans. 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 include investments we make through our subsidiaries.* 

#### General Business of PennantPark Floating Rate Capital Ltd.
PennantPark Floating Rate Capital Ltd. is a BDC whose 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 million and $1 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 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, which means our net assets plus any borrowings for investment purposes, 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 diversified portfolio by generally targeting an investment size between $5 million and $30 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.
PennantPark Floating Rate Capital Ltd., 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 have 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 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.

Funding I, our wholly owned subsidiary and a special purpose entity, was organized in Delaware as a limited liability company in May 2011. On August 12, 2021, Funding I, as borrower, entered into the Credit Facility, which provides the ability for Funding I to borrow up to $436 million (increased from $386 million on April 9, 2024). The Credit Facility is secured by all of the assets of Funding I.

In May 2017, we and a subsidiary of Kemper Corporation (NYSE: KMPR), Trinity Universal Insurance Company, or 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.

------

In April 2019, our wholly owned subsidiary, the Securitization Issuer, was incorporated in the Cayman Islands as an exempted company with limited liability. We formed the Securitization Issuer in order to complete the Debt Securitization.

In addition, in April 2021, we formed PTSF, an unconsolidated limited partnership, organized as a Delaware limited liability partnership. As of March 31, 2024, our capital commitment of $15.3 million is fully funded and we hold 23.08% of the total outstanding Class A Units of PTSF and a 4.99% voting interest in the general partner which manages PTSF. PTSF also invests primarily in middle-market and other corporate debt securities consistent with our strategy.

In January 2024, our wholly owned subsidiary, the 2036 Securitization Issuer, was incorporated in Delaware as a limited liability company. We formed the 2036 Securitization Issuer in order to complete the 2036-Debt Securitization.

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 made an election 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.

#### Our Investment Adviser and Administrator
We utilize the investing experience and contacts of PennantPark Investment Advisers in developing what we believe is an attractive and diversified portfolio. The senior investment professionals of the Investment Adviser have worked together for many years and average over 25 years of experience in the senior lending, mezzanine lending, leveraged finance, distressed debt and private equity businesses. In addition, our senior investment professionals have been involved in originating, structuring, negotiating, managing and monitoring investments in each of these businesses across changing economic and market cycles. We believe this experience and history have resulted in a strong reputation with financial sponsors, management teams, investment bankers, attorneys and accountants, which provides us with access to substantial investment opportunities across the capital markets. Our Investment Adviser has a rigorous investment approach, which is based upon intensive financial analysis with a focus on capital preservation, diversification and active management. Since our Investment Adviser's inception in 2007, it has invested through its managed funds $20.3 billion in 674 companies with more than 200 different financial sponsors through its managed funds, which includes investments by the Company totaling $5.9 billion in 492 companies.

Our Administrator has experienced professionals with substantial backgrounds in finance and administration of registered investment companies. In addition to furnishing us with clerical, bookkeeping and record keeping services, the Administrator also oversees our financial records as well as the preparation of our reports to stockholders and reports filed with the SEC. The Administrator assists in the determination and publication of our net asset value, or NAV, oversees the preparation and filing of our tax returns, and monitors the payment of our expenses as well as the performance of administrative and professional services rendered to us by others. Furthermore, our Administrator offers, on our behalf, significant managerial assistance to those portfolio companies to which we are required to offer such assistance. See "Risk Factors—Risks Relating to our Business and Structure—There are significant potential conflicts of interest which could impact our investment returns" in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) for more information.

------

#### Market Opportunity
We believe that the limited amount of capital available to middle-market companies, coupled with the desire of these companies for flexible sources of capital, creates an attractive investment environment for us.

• **We believe middle-market companies have faced difficulty raising debt in private markets.** From time to time, banks, finance companies, hedge funds and collateralized loan obligation, or CLO, funds have withdrawn, and may again withdraw, capital from the middle-market, resulting in opportunities for alternative funding sources.

• **We believe middle-market companies have faced difficulty in raising debt through the capital markets.** Many middle-market companies look to raise funds by issuing high-yield bonds and broadly syndicated loans. We believe this approach to financing becomes difficult at times when institutional investors seek to invest in larger, more liquid offerings. We believe this has made it harder for middle-market companies to raise funds by issuing high-yield securities from time to time.

• **We believe that credit market dislocation for middle-market companies improves the risk-reward on our investments.** From time to time, market participants have reduced lending to middle-market and non-investment grade borrowers. As a result, we believe there is less competition in our market, more conservative capital structures, higher yields and stronger covenants.

• **We believe there is a large pool of uninvested private equity capital likely to seek to combine their capital with sources of debt capital to complete private investments.** We expect that private equity firms will continue to be active investors in middle-market companies. These private equity funds generally seek to leverage their investments by combining their capital with loans provided by other sources, and we believe that we are well-positioned to partner with such equity investors.

• **We believe there is substantial supply of opportunities resulting from maturing loans that seek refinancing.** A high volume of financings will come due in the next few years. Additionally, we believe that demand for debt financing from middle-market companies will remain strong because these companies will continue to require credit to refinance existing debt, to support growth initiatives and to finance acquisitions. We believe the combination of strong demand by middle-market companies and, from time to time, the reduced supply of credit described above should increase lending opportunities for us. We believe this supply of opportunities coupled with a lack of demand offers attractive risk-reward to investors.

#### Use of Proceeds
We may use the net proceeds from selling securities pursuant to this prospectus to reduce our then-outstanding debt obligations, to invest in new or existing portfolio companies, to capitalize a subsidiary or for other general corporate or strategic purposes. Any supplements to this prospectus or free writing prospectus relating to an offering will more fully identify the use of the proceeds from such offering. See "Use of Proceeds" for more information.

#### Distributions on Common Stock
We intend to continue our monthly distributions to our stockholders. Our monthly distributions, if any, are determined by our board of directors. Distributions may include a return of capital. See "Distributions" for more information.

#### Dividends on Preferred Stock
We may issue preferred stock from time to time, although we have no immediate intention to do so. Any such preferred stock will be a senior security for purposes of the 1940 Act and, accordingly, subject to the

------

leverage test under the 1940 Act. If we issue shares of preferred stock, holders of such preferred stock will be entitled to receive cash dividends at an annual rate that will be fixed or will vary for the successive dividend periods for each series. In general, the dividend periods for fixed rate preferred stock can range from weekly to quarterly and are subject to extension. The dividend rate could be variable and determined for each dividend period. See "Description of our Preferred Stock" for more information.

#### Plan of Distribution
We may offer, from time to time, up to $1,000,000,000 of our securities, on terms to be determined at the time of each such offering and set forth in a supplement to this prospectus.

Securities may be offered at prices and on terms described in one or more supplements to this prospectus. We may sell our securities through underwriters or dealers, "at-the-market" to or through a market maker, into an existing trading market or otherwise directly to one or more purchasers or through agents or through a combination of methods of sale. A supplement to this prospectus relating to any offering will identify any agents or underwriters involved in the sale of our securities and will set forth any applicable purchase price, fee and commission or discount arrangement or the basis upon which such amount may be calculated. In compliance with the guidelines of the Financial Industry Regulatory Authority, Inc., or FINRA, the compensation to the underwriters or dealers in connection with the sale of our securities pursuant to this prospectus and any accompanying supplements to this prospectus may not exceed 10% of the aggregate offering price of the securities as set forth on the cover page of such supplement to this prospectus.

We may not sell securities pursuant to this prospectus without delivering a prospectus supplement describing the terms of the particular securities to be offered and the method of the offering of such securities. See "Plan of Distribution" for more information.

#### Risks Associated with Our Business
Our business is subject to numerous risks, as described in the section titled "Risk Factors" in this prospectus, the applicable prospectus supplement and related free writing prospectuses we may authorize for use in connection with a specific offering, if any, and under similar headings in the documents that are incorporated by reference into this prospectus, including the section titled "Risk Factors" included in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) and Quarterly Reports on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/1504619/000095017024055631/pflt-20240331.htm), as well as any amendments reflected in subsequent filings with the SEC.

#### Our Corporate Information
Our administrative and principal executive offices are located at 1691 Michigan Avenue, Miami Beach, Florida 33139. Our phone number is (786) 297-9500, and our internet website address is *www.pennantpark.com*. Information contained on our website is not incorporated by reference into this prospectus or any supplements to this prospectus, and you should not consider information contained on our website to be part of this prospectus or any supplements to this prospectus.

------

#### FEES AND EXPENSES
The following table will assist you in understanding the various costs and expenses that an investor in shares of our common stock will bear directly or indirectly. However, we caution you that some of the percentages indicated in the table below are estimates and may vary from actual results. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever reference is made to fees or expenses paid by "you" or "us" or that "we" will pay, stockholders will indirectly bear such fees or expenses as investors in us.

---

| | |
|:---|:---|
|  **Stockholder transaction expenses** |  |
|  Sales load (as a percentage of offering price) | —%<sup>(1)</sup> |
|  Offering expenses (as a percentage of offering price) | —<sup>(2)</sup> |
|  Total stockholder expenses (as a percentage of offering price) |  |
|  **Estimated annual expenses (as a percentage of average net assets attributable to common shares)<sup>(3)</sup>** |  |
|  Management fees | 1.98%<sup>(4)</sup> |
|  Incentive fees | 2.76%<sup>(5)</sup> |
|  Interest on borrowed funds | 8.50%<sup>(6)</sup> |
|  Acquired fund fees and expenses | 12.26%<sup>(7)</sup> |
|  Other expenses | 1.38%<sup>(8)</sup> |
|  **Total estimated annual expenses** | 26.88%<sup>(9)</sup> |

---

(1) In the event that the securities to which any applicable prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement will disclose the applicable sales load.

(2) In the event that we conduct an offering of our securities, a corresponding prospectus supplement will disclose the estimated amount of offering expenses, the offering price and the offering expenses borne by us as a percentage of the offering price.

(3) Net assets attributable to common shares equals average net assets for the fiscal quarter ended March 31, 2024.

(4) The contractual management fee is calculated at an annual rate of 1.00% of our average adjusted gross assets on March 31, 2024.

(5) The portion of incentive fees paid with respect to net investment income and capital gains, if any, is based on actual amounts incurred during the fiscal quarter ended March 31, 2024. Such incentive fees are based on performance, vary from period to period and are not paid unless our performance exceeds specified thresholds. Incentive fees in respect of net investment income do not include incentive fees in respect of net capital gains. The portion of our incentive fee paid in respect of net capital gains 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 20.0% 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 purposes of this chart and our Consolidated Financial Statements, our incentive fees on capital gains are calculated in accordance with GAAP. As we cannot predict our future net investment income or capital gains, the incentive fee paid in future periods, if any, may be substantially different than the fee earned during the fiscal quarter ended March 31, 2024. For more detailed information about the incentive fee, please see "Item 1. Business—Investment Management Agreement" and "Item 1. Business—Investment Advisory Fees" in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm#item_1_business) .

(6) As of March 31, 2024, we had $168.9 million in borrowings outstanding under the Credit Facility, $185.0 million outstanding under of 2026 Notes, $226.3 million outstanding under the 2031 Asset-Backed Debt and $287.0 million outstanding under the 2036 Asset-Backed Debt. We may use proceeds of an offering of securities under any applicable registration statement to repay outstanding obligations under our existing financing arrangements or other indebtedness. After completing any such offering, we may continue to borrow under our existing financing arrangements to finance our investment objectives. We

------

have estimated the annual interest expense on borrowed funds and we caution you that our actual interest expense in the future will depend on prevailing interest rates and our rate of borrowing, which may be substantially higher than the amount provided in this table.

(7) Our stockholders indirectly bear 87.5% of the expenses of our investment in PSSL. No management fee is charged by PennantPark Investment Advisers in connection with PSSL. PSSL pays the Administrator an annual fee of 0.25% of average gross assets under management. For this chart, PSSL fees and operating expenses are based on our share of the actual fees and operating expenses of PSSL for the fiscal quarter ended March 31, 2024, annualized for a full year. Expenses for PSSL may fluctuate over time and may be substantially higher or lower in the future.

Our stockholders indirectly bear 23.08% of the expenses of our investment in PTSF. A management fee equal to 0.50% per annum of the gross assets of PTSF and its subsidiaries is charged by PennantPark Investment Advisers in connection with PTSF and the entity is subject to an incentive fee of 20% of residual income proceeds after the internal rate of return on the equity has reached at least 12%. For this chart, PTSF fees and operating expenses are based on our share of the actual fees and operating expenses of PTSF for the fiscal quarter ended March 31, 2024, annualized for a full year. Expenses for PTSF may fluctuate over time and may be substantially higher or lower in the future.

(8) "Other expenses" includes our general and administrative expenses, professional fees, directors' fees, insurance costs, taxes and the expenses of the Investment Adviser reimbursable under our Investment Management Agreement and of the Administrator reimbursable under our Administration Agreement. Such expenses are estimated for the current fiscal year based on actual other expenses for the quarter ended March 31, 2024, annualized for a full year.

(9) "Total estimated annual expenses" as a percentage of average net assets attributable to common shares, to the extent we borrow money to make investments, are higher than the total estimated annual expenses percentage would be for a company that is not leveraged. We may borrow money to leverage our net assets and increase our total assets. The SEC requires that the "total estimated annual expenses" percentage be calculated as a percentage of average net assets (defined as total assets less indebtedness) rather than total assets, which include assets that have been funded with borrowed money. If the "Total estimated annual expenses" percentage were calculated instead as a percentage of total assets, our "Total estimated annual expenses" would be 12.21% of average total assets.

#### Example
The following example illustrates the projected dollar amount of total cumulative expenses that you would pay on a $1,000 hypothetical investment in common shares, assuming (1) a 3.0% sales load (underwriting discounts and commissions) and offering expenses totaling 0.50%, (2) total net estimated annual expenses of 24.12% of average net assets attributable to common shares as set forth in the table above (other than performance-based incentive fees) and (3) a 5% annual return.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **You would pay the following expenses on a $1,000 common stock investment** | **1 Years** | **3 Years** | **5 Years** | **10 Years** |
|  Assuming a 5% annual return (assumes no return from net realized capital gains or net unrealized capital appreciation) | $246 | $553 | $755 | $1004 |
|  Assuming a 5% annual return (assumes return only from realized capital gains and thus subject to the capital gains incentive fee) | $253 | $566 | $766 | $1004 |

---

This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses may be greater or less than those assumed. The table above is provided to assist you in understanding the various costs and expenses that an investor in our common stock will bear directly or indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. If we were to earn an annual return equal to or less than 5% from net investment income, the incentive fee under our Investment Management Agreement would not be earned or payable. If our returns on our investments, including the realized capital gains, result in an incentive fee, then our expenses would be higher. The example assumes that all distributions are reinvested at NAV. See "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Distributions" for more information in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm#item_5_market_for_registrants_common_equ).

------

#### FINANCIAL HIGHLIGHTS
The financial data set forth in the following table as of and for the years ended September 30, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015 and 2014 are derived from our consolidated financial statements, which have been audited by an independent registered public accounting firm for those periods. The financial data set forth in the following table as of and for the six months ended March 31, 2024 is derived from our unaudited consolidated financial statements, but in the opinion of management, reflects all adjustments (consisting only of normal recurring adjustments) that are necessary to present fairly the results of such interim period. Interim results as of and for the six months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024. This financial data should be read in conjunction with our Consolidated Financial Statements and related notes thereto and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) and our most recent Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024055631/pflt-20240331.htm).

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br>six months<br>ended in<br>March 31,<br>2024<br>(unaudited)** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** | **2016** | **2015** | **2014** |
|  **Per Share Data:** |  |  |  |  |  |  |  |  |  |  |  |
|  Net asset value, beginning of period | $11.13 | $11.62 | $12.62 | $12.31 | $12.97 | $13.82 | $14.10 | $14.06 | $13.95 | $14.40 | $14.10 |
|  Net investment income (1) | 0.64 | 1.33 | 1.18 | 1.02 | 1.12 | 1.17 | 0.81 | 1.10 | 1.02 | 1.08 | 1.12 |
|  Net realized and unrealized (loss) gain (1) | 0.25 | (0.56) | (1.10) | 0.44 | (0.65) | (0.88) | 0.06 | 0.10 | 0.23 | (0.31) | 0.26 |
|  Net increase in net assets resulting from operations (1) | 0.89 | 0.77 | 0.08 | 1.46 | 0.47 | 0.29 | 0.87 | 1.20 | 1.25 | 0.77 | 1.38 |
|  Distribution of net investment income | (0.62) | (1.19) | (1.14) | (1.14) | (1.14) | (1.14) | (1.03) | (1.15) | (1.13) | (0.98) | (0.84) |
|  Distribution of realized gains |  |  |  |  |  |  | (0.11) |  | (0.01) | (0.18) | (0.24) |
|  Total distributions to stockholders (1),(2) | (0.62) | (1.19) | (1.14) | (1.14) | (1.14) | (1.14) | (1.14) | (1.15) | (1.14) | (1.16) | (1.08) |
|  Accretive (dilutive) effect of common stock issuance and acquisition of MCG (1) |  | (0.08) | 0.06 |  |  |  | (0.01) | (0.01) |  | (0.06) |  |
|  Net asset value, end of period | 11.40 | 11.13 | $11.62 | $12.62 | $12.31 | $12.97 | $13.82 | $14.10 | 14.06 | 13.95 | 14.40 |
|  Per share market value, end of period | 11.38 | 10.66 | $9.60 | $12.79 | $8.44 | $11.60 | $13.15 | $14.48 | 13.23 | 11.94 | 13.78 |
|  Total return\*(3) | 12.76% | 23.84% | (17.76)% | 66.47% | (17.15)% | (3.20)% | (1.29)% | 18.71% | 21.77% | (6.01)% | 8.05% |
|  Shares outstanding at end of period | 63228138 | 58734702 | 45345638 | 38880728 | 38772074 | 38772074 | 38772074 | 32480074 | 26730074 | 26730074 | 14898056 |
|  **Ratios\*\*/ Supplemental Data:** |  |  |  |  |  |  |  |  |  |  |  |
|  Ratio of operating expenses to average net assets (4) | 5.97% | 5.90% | 5.34% | 3.77% | 5.19% | 3.94% | 3.01% | 4.13% | 3.56% | 3.01% | 4.45% |
|  Ratio of debt related expenses to average net assets (5) | 7.00% | 6.68% | 5.85% | 5.00% | 5.63% | 5.21% | 4.73% | 1.98% | 1.58% | 2.34% | 1.95% |
|  Ratio of total expenses to average net assets (5) | 12.97% | 12.58% | 11.19% | 8.77% | 10.82% | 9.15% | 7.74% | 6.11% | 5.14% | 5.35% | 6.40% |
|  Ratio of net investment income to average net assets (5) | 11.42% | 11.82% | 9.55% | 8.07% | 9.00% | 8.76% | 5.81% | 7.85% | 7.42% | 7.43% | 7.77% |
|  Net assets at end of period (in thousands) | $720711 | $653605 | $527092 | $490611 | $477270 | $503057 | $535842 | $457906 | $375907 | $372890 | $214528 |
|  Weighted average debt outstanding (in thousands) | $667111 | $615068 | $698765 | $622739 | $737209 | $512135 | $354322 | $269320 | $140218 | $123924 | $147599 |
|  Weighted average debt per share (1) | $11.13 | $12.10 | $17.06 | $16.06 | $19.01 | $13.21 | $9.25 | $8.90 | $5.25 | $7.61 | $9.91 |
|  Asset coverage per unit (6) | $1825 | $2304 | $1784 | $1746 | $1677 | $1786 | $2122 | $2780 | $2601 | $13598 | $2469 |
|  Portfolio turnover ratio | 17.58% | 28.64% | 45.03% | 62.58% | 35.08% | 52.64% | 47.15% | 59.70% | 32.16% | 51.02% | 62.74% |

---

------

Note: The expense and investment income ratios above do not reflect the Company's proportionate share of income and expenses of PSSL and PTSF.

\* Not annualized for periods less than one year.

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

(1) Based on the weighted average shares outstanding for the respective periods.

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

(3) Based on the change in market price per share during the period and assumes distributions, if any, are reinvested.

(4) Excludes debt related costs.

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

(6) 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 ratio coverage is multiplied by $1,000 to determine the asset coverage per unit.

------

#### RISK FACTORS
Investing in our securities involves a number of significant risks. In addition to the other information contained in this prospectus and the applicable prospectus supplement and any free writing prospectus, you should consider carefully the following information and the risk factors incorporated by reference in our Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) for the fiscal year ended September 30, 2023, filed on December 8, 2023, or our then most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K we file after the date of this prospectus, and all other information contained or incorporated by reference into this prospectus, as updated by our subsequent filings under the Exchange Act and the risk factors and other information contained in any prospectus supplement and any free writing prospectus before acquiring any of such securities and before making an investment in our securities. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. Each of the risk factors could materially adversely affect our business, financial condition and results of operations. In such case, the NAV and market price of our common stock could decline or the value of our preferred stock, warrants, subscription rights or debt securities may decline, and investors may lose all or part of their investment. Please also read carefully the section titled "Forward-Looking Statements."

------

#### FORWARD-LOOKING STATEMENTS
This prospectus, including the documents we incorporate by reference herein, contains, and any applicable prospectus supplement or free writing prospectus, including the documents we incorporate by reference therein, contain 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 or incorporated by reference in this prospectus and any applicable prospectus supplement or free writing prospectus involve risks and uncertainties, including statements as to:

• our future operating results;

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

• 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;

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

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

• the impact of investments that we expect to make;

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

• our contractual arrangements and relationships with third parties;

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

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

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

• the adequacy of our cash resources and working capital;

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

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

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

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

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

• the impact of the ongoing Russia-Ukraine and Hamas-Israel conflicts and other world economic and political issues; and

• 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 set forth in "Risk Factors" and elsewhere in this prospectus.

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 contained or incorporated by reference in this prospectus and any applicable prospectus supplement or free writing prospectus should not be regarded as a representation by us that our plans and objectives will be achieved.

We base the forward-looking statements included in this prospectus, any prospectus supplement, free writing prospectus and documents incorporated by reference on information available to us on the date of the relevant document, 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 such documents, 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 have filed or in the future may file with the SEC, including reports on Forms 10-K and 10-Q and current reports on Form 8-K.

You should understand that, under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E(b)(2) 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 connection with any offering of securities pursuant to this prospectus or in periodic reports we file under the Exchange Act.

------

#### USE OF PROCEEDS
Unless otherwise specified in a prospectus supplement or a free writing prospectus we have authorized for use in connection with a specific offering, we may use the net proceeds from selling securities pursuant to this prospectus to reduce our then-outstanding debt obligations, to invest in new or existing portfolio companies, to capitalize a subsidiary or for other general corporate or strategic purposes.

We may invest the proceeds from an offering of securities in new or existing portfolio companies, and such investments may take up to a year from the closing of such offering, in part because privately negotiated investments in illiquid securities or private middle-market companies require substantial due diligence and structuring. During this period, we may use the net proceeds from our offering to reduce then-outstanding indebtedness or to invest such proceeds in cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less. We expect to earn yields on such investments, if any, that are lower than the interest income that we anticipate receiving in respect of investments in non-temporary investments. As a result, any distributions we make during this investment period may be lower than the distributions that we would expect to pay when such proceeds are fully invested in non-temporary investments. See "Business—Regulation—Temporary Investments" in our most recently filed Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) for more information.

------

#### SENIOR SECURITIES
Information about our senior securities is shown in the following table as of the end of the fiscal quarter ended March 31, 2024 and as of September 30, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. The report of RSM US LLP, an independent registered public accounting firm, on our senior securities table as of September 30, 2023 is included in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm), filed on December 8, 2023, and is incorporated by reference into the registration statement of which this prospectus is a part.

---

| | | | |
|:---|:---|:---|:---|
| **Class and Year/Period** | **Total Amount<br>Outstanding <sup>(1)</sup>** | **Asset Coverage<br>Per Unit <sup>(2)</sup>** | **Average<br>Market Value<br>Per Unit <sup>(3)</sup>** |
|  **Credit Facility** |  |  |  |
|  Fiscal 2024 (as of March 31, 2024) | $168855 | $1825 | N/A |
|  Fiscal 2023 | 9400 | 2304 | N/A |
|  Fiscal 2022 | 168830 | 1784 | N/A |
|  Fiscal 2021 | 219400 | 1746 | N/A |
|  Fiscal 2020 | 308599 | 1677 | N/A |
|  Fiscal 2019 | 265308 | 1786 | N/A |
|  Fiscal 2018 | 333728 | 2122 | N/A |
|  Fiscal 2017 | 253783 | 2780 | N/A |
|  Fiscal 2016 | 232908 | 2601 | N/A |
|  Fiscal 2015 | 29600 | 13598 | N/A |
|  Fiscal 2014 | 146400 | 2469 | N/A |
|  **2023 Notes** |  |  |  |
|  Fiscal 2023 | $76219 | $2304 | N/A |
|  Fiscal 2022 | 97006 | 1784 | N/A |
|  Fiscal 2021 | 117793 | 1746 | N/A |
|  Fiscal 2020 | 138580 | 1677 | N/A |
|  Fiscal 2019 | 138580 | 1786 | N/A |
|  Fiscal 2018 | 138580 | 2122 | N/A |
|  **2026 Notes** |  |  |  |
|  Fiscal 2024 (as of March 31, 2024) | $185000 | $1825 | N/A |
|  Fiscal 2023 | 185000 | 2304 | N/A |
|  Fiscal 2022 | 185000 | 1784 | N/A |
|  Fiscal 2021 | 100000 | 1746 | N/A |
|  **2031 Asset-Backed Debt** |  |  |  |
|  Fiscal 2024 (as of March 31, 2024) | $226259 | $1825 | N/A |
|  Fiscal 2023 | 228000 | 2304 | N/A |
|  Fiscal 2022 | 228000 | 1784 | N/A |
|  Fiscal 2021 | 228000 | 1746 | N/A |
|  Fiscal 2020 | 228000 | 1677 | N/A |
|  Fiscal 2019 | 228000 | 1786 | N/A |
|  **2036 Asset-Backed Debt** |  |  |  |
|  Fiscal 2024 (as of March 31, 2024) | $287000 | $1825 | N/A |

---

**<sup>(1)</sup>** Total cost of each class of senior securities outstanding at the end of the period presented in thousands (000s). 

**<sup>(2)</sup>** The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness at par. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit. 

**<sup>(3)</sup>** Not applicable, as senior securities are not registered for public trading in the United States of America. 

------

#### PRICE RANGE OF COMMON STOCK
On April 14, 2022, listing and 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 Global Stock Market effective at market close on April 13, 2022. Our common stock trades on the New York Stock Exchange under the symbol "PFLT." The following table lists the high and low closing sale prices for our common stock, the closing sale prices as a premium or (discount) to our NAV per share and distributions per share for each full quarterly period within the fiscal years ended September 30, 2023 and 2022, and each full fiscal quarter since the beginning of the fiscal year ended September 30, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Closing Sale Prices** | **Closing Sale Prices** | **Premium /**<br> (Discount)<br> **of High Sale** | **Premium /**<br> (Discount)<br> **of Low Sale** | **Distributions** |
| **Period** | **NAV <sup>(1)</sup>** | **High** | **Low** | **Price to NAV <sup>(2)</sup>** | **Price to NAV <sup>(2)</sup>** | **Declared** |
|  **Year Ended September 30, 2024** |  |  |  |  |  |  |
|  Second quarter | $11.40 | $12.61 | $11.09 | 11% | (3)% | $0.308 |
|  First quarter | 11.20 | 12.24 | 9.71 | 9 | (13) | 0.308 |
|  **Year Ended September 30, 2023** |  |  |  |  |  |  |
|  Fourth quarter | $11.13 | $11.39 | $10.32 | 2% | (7)% | $0.308 |
|  Third quarter | 10.96 | 11.06 | 10.37 | 1 | (5) | 0.303 |
|  Second quarter | 11.15 | 12.20 | 9.98 | 9 | (10) | 0.290 |
|  First quarter | 11.30 | 11.56 | 9.77 | 2 | (14) | 0.285 |
|  **Year Ended September 30, 2022** |  |  |  |  |  |  |
|  Fourth quarter | $11.62 | $13.19 | $9.60 | 14% | (17)% | $0.285 |
|  Third quarter | 12.21 | 14.20 | 10.45 | 16 | (14) | 0.285 |
|  Second quarter | 12.62 | 13.56 | 12.23 | 7 | (3) | 0.285 |
|  First quarter | 12.70 | 13.80 | 12.23 | 9 | (4) | 0.285 |

---

**<sup>(1)</sup>** NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. 

**<sup>(2)</sup>** Calculated as the respective high or low closing sales price less NAV per share, divided by the quarter-end NAV per share. 

Shares of BDCs may trade at a market price both above and below the NAV that is attributable to those shares. Our shares have traded above and below our NAV. Our shares closed on the New York Stock Exchange at $11.38 and $10.61 on March 31, 2024 and 2023, respectively. Our NAV per share was $11.40 and $11.15 as of the same dates. The possibility that our shares of common stock will trade at a discount from NAV or at a premium that is unsustainable over the long term is separate and distinct from the risk that our NAV will decrease. It is not possible to predict whether our shares will trade at, above or below our NAV in the future.

#### Sale of Unregistered Securities
We did not engage in any sales of unregistered securities during the quarter ended March 31, 2024.

#### Issuer Purchases of Equity Securities
We did not repurchase any of our common stock under our share repurchase plan during the quarter ended March 31, 2024.

------

#### SALES OF COMMON STOCK BELOW NET ASSET VALUE
Our stockholders may approve our ability to sell shares of our common stock below our then current NAV per share in one or more public offerings of our common stock. In making a determination that an offering below NAV per share is in our and our stockholders' best interests, our board of directors, a majority of our directors who have no financial interest in the sale and a majority of our independent directors considered a variety of factors, including:

• The effect that an offering below NAV per share would have on our stockholders, including the potential dilution they would experience as a result of the offering;

• The amount per share by which the offering price per share and the net proceeds per share are less than the most recently determined NAV per share;

• The relationship of recent market prices of our common stock to NAV per share and the potential impact of the offering on the market price per share of our common stock;

• Whether the estimated offering price would closely approximate the market value of our shares, less distributing commissions or discounts, and would not be below current market price;

• The potential market impact of being able to raise capital in the current financial market;

• The nature of any new investors anticipated to acquire shares in the offering;

• The anticipated rate of return on and quality, type and availability of investments;

• The leverage available to us, both before and after the offering and other borrowing terms; and

• The potential investment opportunities available relative to the potential dilutive effect of additional capital at the time of the offering.

Our board of directors will also consider the fact that a sale of shares of common stock at a discount will benefit our Investment Adviser, as the Investment Adviser will earn additional investment management fees on the proceeds of such offerings, as it would from the offering of any other securities of PennantPark Floating Rate Capital Ltd. or from the offering of common stock at a premium to NAV per share.

Sales by us of our common stock at a discount from NAV pose potential risks for our existing stockholders whether or not they participate in the offering, as well as for new investors who participate in the offering. As of the date of this registration statement, stockholders have not approved sales of our common stock below our then current NAV per share.

We will not seek to sell shares under a prospectus supplement to the registration statement, or a post-effective amendment to the registration statement, of which this prospectus forms a part (the "current registration statement") if the cumulative dilution to our NAV per share arising from offerings from the effective date of the current registration statement through and including any follow-on offering would exceed 15% based on the anticipated pricing of such follow-on offering. This limit would be measured separately for each offering pursuant to the current registration statement by calculating the percentage dilution or accretion to aggregate NAV from that offering and then summing the anticipated percentage dilution from each subsequent offering. For example, if our most recently determined NAV per share at the time of the first offering is $10.00, and we have 100 million shares outstanding, the sale of an additional 25 million shares at net proceeds to us of $5.00 per share (a 50% discount) would produce dilution of 10.0%. If we subsequently determined that our NAV per share increased to $11.00 on the then outstanding 125 million shares and contemplated an additional offering, we could, for example, propose to sell approximately 31.25 million additional shares at a price that would be expected to yield net proceeds to us of $8.25 per share, resulting in incremental dilution of 5.0%, before we would reach the aggregate 15% limit. If we file a new post-effective amendment, the threshold would reset.

------

The following three headings and accompanying tables explain and provide hypothetical examples assuming proceeds are temporarily invested in cash equivalents on the impact of an offering at a price less than NAV per share on three different sets of investors:

• existing stockholders who do not purchase any shares in the offering;

• existing stockholders who purchase a relatively small amount of shares in the offering or a relatively large amount of shares in the offering; and

• new investors who become stockholders by purchasing shares in the offering.

#### Impact on Existing Stockholders who do not Participate in the Offering
Our existing stockholders who do not participate, or who are not given the opportunity to participate, in an offering below NAV per share or who do not buy additional shares in the secondary market at the same or lower price we obtain in the offering (after any underwriting discounts and commissions) face the greatest potential risks. All stockholders will experience an immediate decrease (often called dilution) in the NAV of the shares they hold. Stockholders who do not participate in the offering will also experience a disproportionately greater decrease in their participation in our earnings and assets and their voting power than stockholders who do participate in the offering. All stockholders may also experience a decline in the market price of their shares, which often reflects, to some degree, announced or potential increases and decreases in NAV per share. This decrease could be more pronounced as the size of the offering and level of discounts increase.

The following examples illustrate the level of NAV dilution that would be experienced by a nonparticipating stockholder in three different hypothetical common stock offerings of different sizes and levels of discount from NAV per share, although it is not possible to predict the level of market price decline that may occur. Actual sales prices and discounts may differ from the presentation below.

The examples assume that Company XYZ has 1,000,000 shares of common stock outstanding, $15.0 million in total assets and $5.0 million in total liabilities. The current NAV and NAV per share are thus $10.0 million and $10.00, respectively. The table below illustrates the dilutive effect on nonparticipating stockholder A of (1) an offering of 50,000 shares (5% of the outstanding shares) at $9.50 per share after any underwriting discounts and commissions (a 5% discount from NAV); (2) an offering of 100,000 shares (10% of

------

the outstanding shares) at $9.00 per share after any underwriting discounts and commissions (a 10% discount from NAV); and (3) an offering of 250,000 shares (25% of the outstanding shares) at $7.50 per share after any underwriting discounts and commissions (a 25% discount from NAV).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Example 1<br>5% Offering<br>at 5% Discount** | **Example 1<br>5% Offering<br>at 5% Discount** | **Example 2<br>10% Offering<br>at 10% Discount** | **Example 2<br>10% Offering<br>at 10% Discount** | **Example 3<br>25% Offering<br>at 25% Discount** | **Example 3<br>25% Offering<br>at 25% Discount** |
|  | **Prior to Sale**<br> **Below NAV** | **Following<br>Sale** | **% Change** | **Following<br>Sale** | **% Change** | **Following<br>Sale** | **% Change** |
|  ***Offering Price*** |  |  |  |  |  |  |  |
|  Price per share to public |  | $10.00 |  | $9.47 |  | $7.89 |  |
|  Net offering proceeds per share to issuer |  | $9.50 |  | $9.00 |  | $7.50 |  |
|  ***Decrease to NAV*** |  |  |  |  |  |  |  |
|  Total shares outstanding | 1000000 | 1050000 | 5.00% | 1100000 | 10.00% | 1250000 | 25.00% |
|  NAV per share | $10.00 | $9.98 | (0.20)% | $9.91 | (0.90)% | $9.50 | (5.00)% |
|  ***Dilution to Stockholder A*** |  |  |  |  |  |  |  |
|  Shares held by stockholder A | 10000 | 10000 |  | 10000 |  | 10000 |  |
|  Percentage held by stockholder A | 1.00% | 0.95% | (5.00)% | 0.91% | (9.00)% | 0.80% | (20.00)% |
|  **Total Asset Values** |  |  |  |  |  |  |  |
|  Total NAV held by stockholder A | $100000 | $99800 | (0.20)% | $99100 | (0.90)% | $95000 | (5.00)% |
|  Total investment by stockholder A (assumed to be $10.00 per share) | $100000 | $100000 |  | $100000 |  | $100000 |  |
|  Total dilution to stockholder A (total NAV less total investment) |  | $(200) |  | $(900) |  | $(5000) |  |
|  **Per Share Amounts** |  |  |  |  |  |  |  |
|  NAV per share held by stockholder A |  | $9.98 |  | $9.91 |  | $9.50 |  |
|  Investment per share held by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $10.00 | $10.00 |  | $10.00 |  | $10.00 |  |
|  Dilution per share held by stockholder A (NAV per share less investment per share) |  | $(0.02) |  | $(0.09) |  | $(0.50) |  |
|  Percentage dilution to stockholder A (dilution per share divided by investment per share) |  |  | (0.20)% |  | (0.90)% |  | (5.00)% |

---

#### Impact on Existing Stockholders who Participate in the Offering
Our existing stockholders who participate in an offering below NAV per share or who buy additional shares in the secondary market at the same or lower price as we obtain in the offering (after any underwriting discounts and commissions) will experience the same types of NAV dilution as the nonparticipating stockholders, albeit at a lower level, to the extent they purchase less than the same percentage of the offering below NAV as their interest in our shares immediately prior to the offering. The level of NAV dilution on an aggregate basis will decrease as the number of shares such stockholders purchase increases. Existing stockholders who buy more than such percentage will experience NAV dilution but will, in contrast to existing stockholders who purchase less than their proportionate share of the offering, experience an increase (often called accretion) in NAV per share over their investment per share and will also experience a disproportionately greater increase in their participation in our earnings and assets and their voting power than our increase in assets, potential earning power and voting interests due to the offering. The level of accretion will increase as the excess number of shares such stockholder purchases increases. Even a stockholder who over-participates will, however, be subject to the risk that we may make additional offerings below NAV in which such stockholder does not participate, in which case such a stockholder will experience NAV dilution as described above in such subsequent offerings. These stockholders may also experience a decline in the market price of their shares, which often reflects to some degree announced or potential increases and decreases in NAV per share. This decrease could be more pronounced as the size of the offering and level of discount to NAV increases.

------

The examples assume that Company XYZ has 1,000,000 shares of common stock outstanding, $15.0 million in total assets and $5.0 million in total liabilities. The current NAV and NAV per share are thus $10.0 million and $10.00, respectively. The table below illustrates the (dilutive) and accretive effect in the hypothetical offering of 25% of the shares outstanding at a 25% discount to NAV from the prior chart for stockholder A that acquires shares equal to (1) 50% of their proportionate share of the offering (i.e., 1,250 shares which is 0.50% of the offering of 250,000 shares rather than their 1.00% proportionate share) and (2) 150% of their proportionate share of the offering (i.e., 3,750 shares which is 1.50% of the offering of 250,000 shares rather than their 1.00% proportionate share).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **50% Participation** | **50% Participation** | **150% Participation** | **150% Participation** |
|  | **Prior to Sale**<br> **Below NAV** | **Following<br>Sale** | **% Change** | **Following<br>Sale** | **% Change** |
|  ***Offering Price*** |  |  |  |  |  |
|  Price per share to public |  | $7.89 |  | $7.89 |  |
|  Net proceeds per share to issuer |  | $7.50 |  | $7.50 |  |
|  ***Increases in Shares and Decrease to NAV*** |  |  |  |  |  |
|  Total shares outstanding | 1000000 | 1250000 | 25.00% | 1250000 | 25.00% |
|  NAV per share | $10.00 | $9.50 | (5.00)% | $9.50 | (5.00)% |
|  ***(Dilution)/Accretion to Participating Stockholder A*** |  |  |  |  |  |
|  Shares held by stockholder A | 10000 | 11250 | 12.50% | 13750 | 37.50% |
|  Percentage held by stockholder A | 1.00% | 0.90% | (10.00)% | 1.10% | 10.00% |
|  **Total Asset Values** |  |  |  |  |  |
|  Total NAV held by stockholder A | $100000 | $106875 | 6.88% | $130625 | 30.63% |
|  Total investment by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $100000 | $109863 | 9.86% | $129588 | 29.59% |
|  Total (dilution)/accretion to stockholder A (total NAV less total investment) |  | (2988) |  | $1037 |  |
|  **Per Share Amounts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV per share held by stockholder A |  | $9.50 |  | $9.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment per share held by stockholder A (assumed to be $10.00 per share on shares held prior to sale) | $10.00 | $9.77 | (2.30)% | $9.42 | (5.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dilution)/accretion per share held by stockholder A (NAV per share less investment per share) |  | $(0.27) |  | $0.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage (dilution)/accretion to stockholder A (dilution)/accretion per share divided by investment per share |  |  | (2.76)% |  | 0.85% |

---

#### Impact on New Investors
The following examples illustrate the level of NAV dilution or accretion that would be experienced by a new stockholder in three different hypothetical common stock offerings of different sizes and levels of discount from NAV per share, although it is not possible to predict the level of market price decline that may occur. Actual sales prices and discounts may differ from the presentation below.

Investors who are not currently stockholders, but who participate in an offering below NAV and whose investment per share is greater than the resulting NAV per share due to any underwriting discounts and commissions paid by us will experience an immediate decrease, albeit small, in the NAV of their shares and their NAV per share compared to the price they pay for their shares. Investors who are not currently stockholders and who participate in an offering below NAV per share and whose investment per share is also less than the resulting NAV per share due to any underwriting discounts and commissions paid by us being significantly less than the discount per share, will experience an immediate increase in the NAV of their shares and their NAV per share compared to the price they pay for their shares. All these investors will experience a disproportionately greater participation in our earnings and assets and their voting power than our increase in assets, potential earning power and voting interests. These investors will, however, be subject to the risk that we may make additional offerings below NAV in which such new stockholder does not participate, in which case such new

------

stockholder will experience dilution as described above in such subsequent offerings. These investors may also experience a decline in the market price of their shares, which often reflects to some degree announced or potential increases and decreases in NAV per share. Their decrease could be more pronounced as the size of the offering and level of discounts increases.

The following examples illustrate the level of NAV dilution or accretion that would be experienced by a new stockholder who purchases the same percentage (1.00%) of the shares in the three different hypothetical offerings of common stock of different sizes and levels of discount from NAV per share. The examples assume that Company XYZ has 1,000,000 shares of common stock outstanding, $15.0 million in total assets and $5.0 million in total liabilities. The current NAV and NAV per share are thus $10.0 million and $10.00, respectively. The table below illustrates the dilutive and accretive effects on stockholder A at (1) an offering of 50,000 shares (5% of the outstanding shares) at $9.50 per share after any underwriting discounts and commissions (a 5% discount from NAV); (2) an offering of 100,000 shares (10% of the outstanding shares) at $9.00 per share after any underwriting discounts and commissions (a 10% discount from NAV); and (3) an offering of 250,000 shares (25% of the outstanding shares) at $7.50 per share after any underwriting discounts and commissions (a 25% discount from NAV).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Example 1<br>5% Offering<br>at 5% Discount** | **Example 1<br>5% Offering<br>at 5% Discount** | **Example 2<br>10% Offering<br>at 10% Discount** | **Example 2<br>10% Offering<br>at 10% Discount** | **Example 3<br>25% Offering<br>at 25% Discount** | **Example 3<br>25% Offering<br>at 25% Discount** |
|  | **Prior to Sale**<br> **Below NAV** | **Following<br>Sale** | **% Change** | **Following<br>Sale** | **% Change** | **Following<br>Sale** | **% Change** |
|  ***Offering Price*** |  |  |  |  |  |  |  |
|  Price per share to public |  | $10.00 |  | $9.47 |  | $7.89 |  |
|  Net offering proceeds per share to issuer |  | $9.50 |  | $9.00 |  | $7.50 |  |
|  ***Decrease to NAV*** |  |  |  |  |  |  |  |
|  Total shares outstanding |  | 1050000 | 5.00% | 1100000 | 10.00% | 1250000 | 25.00% |
|  NAV per share |  | $9.98 | (0.20)% | $9.91 | (0.90)% | $9.50 | (5.00)% |
|  ***Dilution to Stockholder A*** |  |  |  |  |  |  |  |
|  Shares held by stockholder A |  | 500 |  | 1000 |  | 2500 |  |
|  Percentage held by stockholder A |  | 0.05% |  | 0.09% |  | 0.20% |  |
|  **Total Asset Values** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total NAV held by stockholder A |  | $4990 |  | $9910 |  | $23750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment by stockholder A |  | $5000 |  | $9470 |  | $19725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total (dilution)/accretion to stockholder A (total NAV less total investment) |  | $(10) |  | $440 |  | $4025 |  |
|  **Per Share Amounts** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAV per share held by stockholder A |  | $9.98 |  | $9.91 |  | $9.50 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment per share held by stockholder A |  | $10.00 |  | $9.47 |  | $7.89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Dilution)/accretion per share held by stockholder A (NAV per share less investment per share) |  | $(0.02) |  | $0.44 |  | $1.61 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage (dilution)/accretion to stockholder A (dilution)/ accretion per share divided by investment per share |  |  | (0.20)% |  | 4.65% |  | 20.41% |

---

------

#### DISTRIBUTIONS
We intend to continue making monthly distributions to our stockholders. The timing and amount of our monthly distributions, if any, is determined by our board of directors. Any distributions to our stockholders are declared out of assets legally available for distribution. We monitor available net investment income to determine if a tax return of capital 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, a portion of those distributions may be deemed to be a tax return of capital to our common stockholders.

Each year, a Form 1099-DIV will be sent to stockholders subject to information reporting that will state the amount and composition of distributions and provide information with respect to appropriate tax treatment of our distributions.

The tax characteristics of distributions declared, in accordance with Section 19(a) of the 1940 Act, for our fiscal and taxable years ended September 30, 2023 and 2022 from ordinary income (including short-term gains), if any, totaled $60.5 million, or $1.19 per share, and $46.7 million, or $1.14 per share, respectively, based on the weighted average shares outstanding for the respective periods. Additionally, for both years ended September 30, 2023 and 2022, we did not pay any distributions from long-term capital gains.

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 when applicable to us as a BDC under the 1940 Act and due to provisions in future credit facilities. If we do not distribute a certain minimum percentage of our income annually, we will 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 or distributions at a particular level.

------

#### PORTFOLIO COMPANIES
The following is a listing of each portfolio company or its affiliate, together referred to as portfolio companies, in which we had an investment as of March 31, 2024. Percentages shown for class of investment securities held by us represent percentage of voting ownership and not economic ownership. Percentages shown for equity securities, other than warrants or options held, if any, represent the actual percentage of the class of security held before dilution. For additional information see our "Consolidated Schedule of Investments" in our Consolidated Financial Statements included in our most recent Quarterly Report on [Form 10-Q](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024055631/pflt-20240331.htm) for the fiscal quarter ended March 31, 2024.

The portfolio companies are presented in three categories: "Companies less than 5% owned" which represent portfolio companies where we directly or indirectly own less than 5% of the outstanding voting securities of such portfolio company and where we have no other affiliations with such portfolio company; "Companies 5% to 24% owned" which represent portfolio companies where we directly or indirectly own 5% or more but less than 25% of the outstanding voting securities of such portfolio company and, therefore, are deemed to be an affiliated person under the 1940 Act; and "Companies 25% or more owned" which represent portfolio companies where we directly or indirectly own 25% or more of the outstanding voting securities of such portfolio company and, therefore, are generally presumed to be controlled by us under the 1940 Act. We make available significant managerial assistance to our portfolio companies. Certain assets are pledged as collateral under our Credit Facility or secure the 2031 Asset-Backed Debt and 2036 Asset-Backed Debt as disclosed in our Consolidated Schedule of Investments. Unless otherwise noted, we held no voting board membership on any of our portfolio companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  **Companies Less than 5% Owned** |  |  |  |  |
|  A1 Garage Merger Sub, LLC<br> (A1 Garage Equity, LLC)<sup>(5)</sup><br> 3254 E Broadway Rd.<br> Phoenix, AZ 85040 | Commercial Services & Supplies | First Lien Secured Debt(4),<br> 3M S+660, 12/22/2028<br> Common Equity | 0.2% | $2270 |
|  ACP Avenu Buyer, LLC<br> 5860 Trinity Pkwy<br> Centerville, VA 20120 | IT Services | First Lien Secured Debt(4),<br> 3M S+625, 10/02/2029 |  | 13669 |
|  ACP Falcon Buyer, LLC<br> 2141 Rosecrans Ave<br> El Segundo, CA 90245 | Professional Services | First Lien Secured Debt(4),<br> — , 08/01/2029 |  |  |
|  Ad.net Acquisition, LLC<br> (Ad.net Holdings, Inc.)<br> 1100 Glendon Avenue, Suite 1200<br> Los Angeles, CA 90024 | Media | First Lien Secured Debt(4),<br> 3M S+626, 05/07/2026<br> Preferred Equity<br> Common Equity | 0.6% | 5698 |
|  Aeronix, Inc.<br> (SV Aero Holdings, LLC)<sup>(5)</sup><br> 1775 West Hibiscus Boulevard, Suite 200<br> Melbourne, FL 32901 | Aerospace and Defense | First Lien Secured Debt(4),<br> 3M S+550, 12/18/2028<br> Common Equity | 0.2% | 34996 |
|  AFC Dell Holding Corp.<br> (AFC Acquisitions, Inc.)<sup>(5)</sup><br> 9030 Port Union Road<br> West Chester Township, OH 45011 | Distributors | First Lien Secured Debt(4),<br> 3M S+640, 04/09/2027<br> Preferred Equity | 0.3% | 13465 |
|  Affinion Group Holdings, Inc.<br> 6 High Ridge Park<br> Stamford, CT 06905 | Consumer Goods: Durable | Warrants |  |  |
|  AG Investco LP<sup>(5)</sup><br> 251 Little Falls Drive<br> Herndon, VA 19808 | Software | Common Equity(4) | 1.6% | 1131 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  Altamira Technologies, LLC<br> (Altamira Intermediate Company II, Inc.)<br> 8201 Greensboro Drive, Suite 800<br> McLean, VA 22102 | IT Services | Common Equity | 1.0% | $1679 |
| Amsive Holding Corporation (f/k/a Vision Purchaser Corporation)<br> 605 Territorial Drive<br> Suite A, B & C<br> Bolingbrook, IL 60440 | Media | First Lien Secured Debt,<br> 3M S+640, 06/10/2025 |  | 13712 |
| Anteriad, LLC (f/k/a MeritDirect, LLC) | Media | First Lien Secured Debt(4), | 1.1% | 18751 |
|  (Anterida Holdings, LP (5)) |  | 3M S+575, 06/30/2026 |  |  |
|  2 International Drive |  | Preferred Equity |  |  |
|  Rye Brook, NY 10573 |  | Common Equity |  |  |
| Any Hour Services | Energy Equipment and Services | First Lien Secured Debt(4), | 0.1% | 7085 |
|  (KL Stockton Co-Invest LP) <sup>(5)</sup> |  | 3M S+585, 07/21/2027 |  |  |
|  1374 130 S |  | Common Equity |  |  |
|  Orem, UT 84058 |  |  |  |  |
| Applied Technical Services, LLC | Commercial Services & Supplies | First Lien Secured Debt(4), | 0.3% | 13853 |
|  (Ironclad Holdco, LLC) <sup>(5)</sup> |  | 3M S+590, 12/29/2026 |  |  |
|  1049 Triad Ct |  | Common Equity |  |  |
|  Marietta, GA 30062 |  |  |  |  |
| Arcfield Acquisition Corp. | Aerospace and Defense | First Lien Secured Debt(4), |  | 5907 |
|  14295 Park Meadow Drive |  | 1M S+625, 08/03/2029 |  |  |
|  Chantilly, VA 20151 |  |  |  |  |
| Athletico Holdings, LLC<sup>(5)</sup> | Healthcare Providers and Services | Common Equity | 0.4% | 4048 |
|  2122 York Road, Ste. 300 |  |  |  |  |
|  Oak Brook, IL 60523 |  |  |  |  |
| Beta Plus Technologies, Inc. | Internet Software and Services | First Lien Secured Debt, |  | 11580 |
|  7 World Trade Center, 47th Floor |  | 1M S+575, 07/01/2029 |  |  |
|  New York, NY 10007 |  |  |  |  |
| Big Top Holdings, LLC | Construction & Engineering | First Lien Secured Debt(4), | 2.4% | 48636 |
|  (ACP Big Top Holdings, LP) |  | 1M S+625, 02/28/2030 |  |  |
|  3255 U.S. Hwy 19 N |  | Common Equity |  |  |
|  Perry, FL 32347 |  |  |  |  |
| BioDerm, Inc.<br> (BioDerm holdings, LP)<br> 12320 73rd Court N<br> Largo, FL 33773 | Healthcare Equipment and<br> Supplies | First Lien Secured Debt(4),<br>1M S+650, 01/31/2028<br>Common Equity | 1.6% | 1867 |
| Blackhawk Industrial Distribution, Inc. | Distributors | First Lien Secured Debt(4), |  | 6307 |
|  1501 SW Expressway Drive |  | 3M S+565, 09/17/2026 |  |  |
|  Broken Arrow, OK 74012 |  |  |  |  |
| BlueHalo Financing Holdings, LLC | Aerospace and Defense | First Lien Secured Debt, |  | 6397 |
|  410 Jan Davis Drive |  | 3M S+475, 10/31/2025 |  |  |
|  Huntsville, AL 35806 |  |  |  |  |
| Broder Bros., Co.<br> Six Neshaminy Interplex, 6 Floor<br> Trevose, PA 19053 | Textiles, Apparel and Luxury<br>Goods | First Lien Secured Debt,<br>3M S+626, 12/04/2025 |  | 3262 |
| Burgess Point Holdings, LP | Auto Components | Common Equity |  | 96 |
|  29627 Renaissance Blvd |  |  |  |  |
|  Daphne, AL 26526 |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
| By Light Professional IT Services, LLC | High Tech Industries | First Lien Secured Debt(4), | 2.9% | $40004 |
|  (By Light Investco, LP)<sup>(5)</sup> |  | 3M S+688, 05/16/2025 |  |  |
|  8484 Westpark Drive Suite 600 |  | Common Equity |  |  |
|  McLean, VA 22102 |  |  |  |  |
| Carisk Buyer, Inc. | Healthcare Technology | First Lien Secured Debt(4), | 0.2% | 5600 |
|  (Carisk Parent, LP) |  | 3M S+575, 12/01/2029 |  |  |
|  10685 North Kendall Drive |  | Common Equity |  |  |
|  Miami, FL 33176 |  |  |  |  |
| Carnegie Dartlet, LLC | Professional Services | First Lien Secured Debt(4), | 1.5% | 48279 |
|  (Carnegie HoldCo, LLC)<sup>(5)</sup> |  | 3M S+550, 02/07/2030 |  |  |
|  210 Littleton Road, Suite 100 |  | Common Equity |  |  |
|  Westford, MA 01886 |  |  |  |  |
| Cartessa Aesthetics, LLC<sup>(5)</sup> | Distributors | First Lien Secured Debt(4), | 0.8% | 15787 |
|  175 Broadhollow Road |  | 1M S+575, 06/14/2028 |  |  |
|  Melville, NY 11747 |  | Preferred Equity |  |  |
| CF512, Inc. | Media | First Lien Secured Debt(4), | 0.3% | 5991 |
|  (StellPen Holdings, LLC) |  | 3M S+619, 08/20/2026 |  |  |
|  960B Harvest Drive |  | Common Equity |  |  |
|  Blue Bell, PA 19422 |  |  |  |  |
| Challenger Performance Optimization, Inc. 1201 Wilson Blvd<br> Arlington, VA 22209 | Business Services | First Lien Secured Debt,<br> 3M S+775 (PIK 2.00%),08/31/2024 |  | 227 |
| Compex Legal Services, Inc. | Professional Services | First Lien Secured Debt(4), |  | 9160 |
|  1100 Glendon Avenue |  | 3M S+555, 02/09/2026 |  |  |
|  Suite 1200 |  |  |  |  |
|  Los Angeles, CA 90024 |  |  |  |  |
| Confluent Health, LLC | Healthcare Providers and Services | First Lien Secured Debt, |  | 6948 |
|  75 S English Station Road |  | 3M S+500, 11/30/2028 |  |  |
|  Louisville, KY 40245 |  |  |  |  |
| Connatix Buyer, Inc. | Media | First Lien Secured Debt(4), |  | 3769 |
|  (Connatix Parent, LLC) |  | 3M S+576, 07/13/2027 |  |  |
|  666 Broadway, Floor 10 |  | Common Equity |  |  |
|  New York, NY 10012 |  |  |  |  |
| Crane 1 Services, Inc. | Commercial Services & Supplies | First Lien Secured Debt(4), | 0.5% | 1228 |
|  (Crane 1 Acquisition Parent Holdings, L.P.) |  | 3M S+501, 08/16/2027 |  |  |
|  1027 Byers Rd |  | Common Equity |  |  |
|  Miamisburg, OH 45342 |  |  |  |  |
| Dr. Squatch, LLC | Personal Products | First Lien Secured Debt(4), |  | 6596 |
|  2355 Westwood Blvd. #1834 |  | 3M S+585, 08/31/2027 |  |  |
|  Los Angeles, CA 90064 |  |  |  |  |
| DRS Holdings III, Inc. | Chemicals, Plastics and Rubber | First Lien Secured Debt(4), |  | 15810 |
|  225 State Street |  | 3M S+640, 11/03/2025 |  |  |
|  Boston MA 02109 |  |  |  |  |
| Duraco Specialty Tapes LLC | Containers and Packaging | First Lien Secured Debt, |  | 3417 |
|  7400 Industrial Dr. |  | 3M S+650, 06/30/2024 |  |  |
|  Forest Park, IL 60130 |  |  |  |  |
| ECL Entertainment, LLC | Hotels, Restaurants and Leisure | First Lien Secured Debt, |  | 5928 |
|  (Kentucky Racing Holco, LLC)<sup>(5)</sup> |  | 1M S+475, 08/31/2030 |  |  |
|  5629 Nashville Rd<br> Franklin, KY 42134 |  | Warrants |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
| eCommission Holding Corporation<sup>(6)</sup><br> 11612 Bee Caves Road, Building II, Suite 200 Austin, TX, 78738 | Banking, Finance, Insurance &<br>Real Estate | Common Equity | 1.4% | $596 |
| EDS Buyer, LLC<br> (EDS Topco, LP)<br> 810 7th Ave 12th floor<br> New York, NY 10019 | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt,<br>3M S+575, 01/10/2029<br>Common Equity | 0.7% | 4952 |
| Efficient Collaborative Retail Marketing Company, LLC<br> 27070 Miles Road<br> Solon, OH 44139 | Media: Diversified and<br>Production | First Lien Secured Debt,<br> 3M S+900 (PIK 1.50%),<br> 06/15/2024 |  | 5706 |
| Eisner Advisory Group, LLC | Professional Services | First Lien Secured Debt, |  | 7018 |
|  733 Third Avenue |  | 3M S+400, 02/23/2031 |  |  |
|  New York, NY 10017 |  |  |  |  |
| ETE Intermediate II, LLC<br> (Gauge ETE Blocker, LLC)<br> 1604 South West Avenue<br> Waukesha, WI 53186 | Diversified Consumer Services | First Lien Secured Debt,<br> —(4), 05/25/2029<br> 12.56% Fixed, 05/19/2029<br> Common Equity | 0.2% | 601 |
| Exigo Intermediate II, LLC | Software | First Lien Secured Debt(4), | 0.5% | 587 |
|  (Exigo, LLC) |  | — , 03/15/2027 |  |  |
|  1256 Main Street, Suite 256 |  | Common Equity |  |  |
|  Southlake, TX 76092 |  |  |  |  |
| Fairbanks Morse Defense | Aerospace and Defense | First Lien Secured Debt, |  | 997 |
|  655 3rd St Suite 301 |  | 3M S+501, 06/23/2028 |  |  |
|  Beloit, WI 53511 |  |  |  |  |
| FedHC InvestCo LP<sup>(5)</sup> | Aerospace and Defense | Common Equity(4) | 1.0% | 1985 |
|  3100 Clarendon Blvd |  |  |  |  |
|  Arlington, VA 22201 |  |  |  |  |
| Five Star Buyer, Inc. | Hotels, Restaurants and Leisure | First Lien Secured Debt(4), | 0.4% | 5061 |
|  (Five Star Parent Holdings, LLC) |  | 3M S+710, 02/23/2028 |  |  |
|  3388 Green Mountain Dr |  | Common Equity |  |  |
|  Branson, MO 65616 |  |  |  |  |
| GCOM InvestCo LP | IT Services | Common Equity | 1.0% | 4557 |
|  9175 Guilford Road, Suite 101 |  |  |  |  |
|  Columbia, MD 21046 |  |  |  |  |
| Global Holdings InterCo LLC | Diversified Financial Services | First Lien Secured Debt, |  | 4761 |
|  4343 South 118th East Ave Suite 220 |  | 3M S+610, 03/16/2026 |  |  |
|  Tulsa, OK 74146 |  |  |  |  |
|  Graffiti Buyer, Inc.<br> 25195 Brest Road<br> Taylor, MI 48180 | Trading Companies &<br>Distributors | First Lien Secured Debt(4),<br> 3M S+560, 08/10/2027 |  | 1647 |
|  Graffiti Buyer, Inc.<br> 25195 Brest Road<br> Taylor, MI 48180 |  |  |  |  |
| Hancock Roofing and Construction L.L.C. | Insurance | First Lien Secured Debt(4), | 0.4% | 4338 |
|  (Hancock Claims Consultants Investors, LLC)<sup>(5)</sup> |  | 3M S+560, 12/31/2026<br> Common Equity |  |  |
|  6875 Shiloh Rd. East |  |  |  |  |
|  Alpharetta, GA 30005 |  |  |  |  |
| Hills Distribution Inc. | Distributors | First Lien Secured Debt(4), | 2.7% | 12460 |
|  (GMP Hills, L.P.) |  | 3M S+600, 11/07/2029 |  |  |
|  2 Brainard Road |  | Common Equity |  |  |
|  Hartford, CT 06114 |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
| HV Watterson Holdings, LLC | Professional Services | Common Equity | 0.1% | $84 |
|  1821 Walden Office Square Unit 111 |  |  |  |  |
|  Schaumburg, IL 60173 |  |  |  |  |
| HW Holdco, LLC | Media | First Lien Secured Debt(4), |  | 10312 |
|  One Thomas Circle, NW Suite 600 |  | 1M S+640, 05/10/2026 |  |  |
|  Washington, D.C. 20005 |  |  |  |  |
| Icon Partners V C, L.P. | Internet Software and Services | Common Equity(4) | 0.1% | 1733 |
|  315 Capitol St Suite 100 |  |  |  |  |
|  Houston, TX 77002 |  |  |  |  |
| ITC Infusion Co-Invest, LP<sup>(5)</sup> | Healthcare Equipment and | Common Equity | 0.8% | 1651 |
|  3609 Park East Drive | Supplies |  |  |  |
|  Beachwood, OH 44122 |  |  |  |  |
| IG Investments Holdings, LLC | Professional Services | First Lien Secured Debt(4), |  | 4308 |
|  1224 Hammond Drive, Suite 1500 |  | 3M S+610, 09/22/2028 |  |  |
|  Atlanta, GA 30346 |  |  |  |  |
| Imagine Acquisitionco, LLC | Software | First Lien Secured Debt(4), | 0.3% | 1376 |
|  (Imagine Topco, LP) |  | — , 11/15/2027 |  |  |
|  8757 Red Oak Blvd, |  | Preferred Equity |  |  |
|  Charlotte, NC 28217 |  | Common Equity |  |  |
| Inception Fertility Ventures, LLC | Healthcare Providers and Services | First Lien Secured Debt, |  | 23538 |
|  4828 Loop Central Drive, Suite 900 |  | 3M S+725, 12/31/2024 |  |  |
|  Houston, TX 77081 |  |  |  |  |
| Infinity Home Services Holdco, Inc. | Commercial Services & Supplies | First Lien Secured Debt(4), | 0.3% | 5834 |
|  (IHS Parent Holdings, L.P.) |  | 3M S+685, 12/28/2028 |  |  |
|  16600 W Cleveland Ave |  | Common Equity |  |  |
|  New Berlin, WI 53151 |  |  |  |  |
| Infolinks Media Buyco, LLC | Media | First Lien Secured Debt, | 0.2% | 3321 |
|  (Tower Arch Infolinks Media, LP)<sup>(5)</sup> |  | 3M S+585, 11/01/2026 |  |  |
|  45 North Broad Street |  | Common Equity(4) |  |  |
|  Ridgewood, NJ 07450 |  |  |  |  |
| Integrative Nutrition, LLC | Consumer Services | First Lien Secured Debt, | 1.4% | 14500 |
|  (IIN Group Holdings, LLC)<sup>(5)</sup> |  | 3M S+715 (PIK 2.25%), |  |  |
|  245 5th Avenue |  | 01/31/2025 |  |  |
|  New York, NY 10016 |  | Common Equity |  |  |
| Integrity Marketing Acquisition, LLC | Insurance | First Lien Secured Debt(4), |  | 15942 |
|  1445 Ross Avenue, 22nd Floor |  | 3M S+615, 08/27/2026 |  |  |
|  Dallas, TX 75202 |  |  |  |  |
| ITC Rumba, LLC<sup>(5)</sup> | Healthcare and Pharmaceuticals | Common Equity |  |  |
|  9725 NW 117th Ave #200, |  |  |  |  |
|  Miami, FL 33178 |  |  |  |  |
|  Inventus Power, Inc.<br> 1200 Internationale Parkway<br> Woodridge, IL 60517 | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt(4),<br> 3M S+761, 06/30/2025 |  | 4829 |
| ITI Holdings, Inc. | IT Services | First Lien Secured Debt(4), |  | 573 |
|  2980 E. Coliseum Blvd. |  | 3M S+560, 03/03/2028 |  |  |
|  Fort Wayne, IN 46805 |  |  |  |  |
| Keel Platform, LLC | Metals and Mining | First Lien Secured Debt(4), |  | 10726 |
|  Building 1 9801, 9801 US-78 |  | 3M S+525, 01/19/2031 |  |  |
|  Ladson, SC 29456 |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
| Kinetic Purchaser, LLC | Personal Products | First Lien Secured Debt(4), | 2.3% | $19735 |
|  12552 S. 125 West |  | 3M S+615, 11/10/2027 |  |  |
|  Draper, UT 84020 |  | Common Equity |  |  |
| Lash OpCo, LLC | Personal Products | First Lien Secured Debt(4), | 1.3% | 21041 |
|  (Gauge Lash Coinvest LLC)<br> 1256 Main Street, Suite 256<br> Southlake, TX 76092 |  | 1M S+810 (PIK 5.10%),<br> 02/18/2027Common Equity |  |  |
| LAV Gear Holdings, Inc. | Capital Equipment | First Lien Secured Debt(4), |  | 14594 |
|  3165 W Sunset Rd, |  | 1M S+640, 10/31/25 |  |  |
|  Las Vegas, NV 89118 |  |  |  |  |
| Ledge Lounger, Inc. | Leisure Products | First Lien Secured Debt(4), | 0.5% | 4468 |
|  (SP L2 Holdings, LLC) |  | 3M S+665, 11/09/2026 |  |  |
|  616 Cane Island Pkwy Suite 200 |  | Common Equity |  |  |
|  Katy, TX 77494 |  |  |  |  |
| Lightspeed Buyer Inc. | Healthcare Technology | First Lien Secured Debt(4), | 0.3% | 24268 |
|  (Lightspeed Investment Holdco LLC) |  | 1M S+535, 02/03/2026 |  |  |
|  1457 East 40th Street |  | Common Equity |  |  |
|  Cleveland, OH 44103 |  |  |  |  |
| LJ Avalon Holdings, LLC | Construction & Engineering | First Lien Secured Debt(4), | 0.5% | 3001 |
|  (LJ Avalon LP) |  | 3M S+640, 02/01/2030 |  |  |
|  4921 Memorial Hwy, Suite 300 |  | Common Equity |  |  |
|  Tampa, FL 33634 |  |  |  |  |
| Loving Tan Intermediate II, Inc. | Personal Products | First Lien Secured Debt(4), | 3.2% | 22121 |
|  (Gauge Loving Tan, LP) |  | 3M S+700, 05/31/2028 |  |  |
|  857 Post Rd, Suite 348 |  | Common Equity |  |  |
|  Fairfield, CT 06824 |  |  |  |  |
| LSF9 Atlantis Holdings, LLC | Specialty Retail | First Lien Secured Debt, |  | 5581 |
|  8510 Colonnade Center Dr. |  | 3M S+650, 06/30/2029 |  |  |
|  Unit 300 |  |  |  |  |
|  Raleigh, MN 27615 |  |  |  |  |
| Lucky Bucks, LLC | Hotels, Restaurants and Leisure | First Lien Secured Debt, |  | 2885 |
|  5820 Live Oak Parkway #300 |  | 3M S+765, 10/02/2028 |  |  |
|  Norcross, GA 30093 |  | Common Equity |  |  |
| MAG DS Corp. | Aerospace and Defense | First Lien Secured Debt, |  | 3485 |
|  2730 Fair Lakes Circle |  | 1M S+550, 04/01/2027 |  |  |
|  Fairfax VA, 22033 |  |  |  |  |
| Magnolia Topco LP<sup>(5)</sup> | Automobiles | Preferred Equity |  | 70 |
|  5821 Fairview Road |  | Common Equity |  |  |
|  Charlotte, NC 28209 |  |  |  |  |
| Mars Acquisition Holdings Corp. | Media | First Lien Secured Debt(4), | 0.7% | 10213 |
|  (Mars Intermediate Holdings II, Inc.) |  | 3M S+565, 05/14/2026 |  |  |
|  25200 Telegraph Rd., 5th Floor |  | Preferred Equity |  |  |
|  Southfield, MI 48033 |  | Common Equity |  |  |
| MBS Holdings, Inc. | Internet Software and Services | First Lien Secured Debt(4), |  | (17) |
|  880 Montclair Road Suite 400 |  | — , 04/16/2027 |  |  |
|  Birmingham, AL 35213 |  |  |  |  |
| MDI Buyer, Inc. | Commodity Chemicals | First Lien Secured Debt(4), | 0.6% | 3702 |
|  (MDI Aggregator, LP) |  | 3M S+550, 07/25/2028 |  |  |
|  740 W Knox Road |  | Common Equity |  |  |
|  Tempe, AZ 85284 |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  Meadowlark Acquirer, LLC | Professional Services | First Lien Secured Debt(4), | 1.1% | $1895 |
|  (Meadowlark Title, LLC)<sup>(5)</sup> |  | 3M S+565, 12/10/2027 |  |  |
|  888 Boylston, Ste. 1600, |  | Common Equity |  |  |
|  Boston, MA, 02199 |  |  |  |  |
|  Medina Health, LLC<br> (New Medina Health, LLC)<sup>(5)</sup><br> One Parkview Plaza,<br> Oakbrook Terrace, IL 60181 | Healthcare Providers and<br>Services | First Lien Secured Debt(4),<br> 3M S+625, 10/20/2028<br> Common Equity | 1.7 | 21471 |
|  Medina Health, LLC<br> (New Medina Health, LLC)<sup>(5)</sup><br> One Parkview Plaza,<br> Oakbrook Terrace, IL 60181 | Healthcare Providers and<br>Services | First Lien Secured Debt(4),<br> 3M S+625, 10/20/2028<br> Common Equity | 1.7 | 21471 |
|  Medina Health, LLC<br> (New Medina Health, LLC)<sup>(5)</sup><br> One Parkview Plaza,<br> Oakbrook Terrace, IL 60181 | Healthcare Providers and<br>Services | First Lien Secured Debt(4),<br> 3M S+625, 10/20/2028<br> Common Equity | 1.7 | 21471 |
|  Medina Health, LLC<br> (New Medina Health, LLC)<sup>(5)</sup><br> One Parkview Plaza,<br> Oakbrook Terrace, IL 60181 | Healthcare Providers and<br>Services | First Lien Secured Debt(4),<br> 3M S+625, 10/20/2028<br> Common Equity | 1.7 | 21471 |
|  Megawatt Acquisitionco, Inc. | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt(4), | 0.6% | 23449 |
|  (Megawatt Acquisition Partners, LLC) | Electronic Equipment,<br>Instruments, and Components | 3M S+625, 03/01/2030 |  |  |
|  6060 Phyllis Dr | Electronic Equipment,<br>Instruments, and Components | Common Equity |  |  |
|  Cypress, CA 90630 | Electronic Equipment,<br>Instruments, and Components |  |  |  |
| Mission Critical Electronics, Inc. | Capital Equipment | First Lien Secured Debt(4), |  | 3202 |
|  15272 Newsboy Circle |  | 3M S+625, 03/31/2025 |  |  |
|  Huntington, CA 92649 |  |  |  |  |
| MOREGroup Holdings, Inc. | Construction & Engineering | First Lien Secured Debt(4), |  | 31614 |
|  801 Cherry Street Suite 500 |  | 3M S+590, 01/16/2030 |  |  |
|  Fort Worth, TX 76102 |  |  |  |  |
| Municipal Emergency Services, Inc. | Distributors | First Lien Secured Debt(4), | 1.1% | 4095 |
|  12 Turnberry Ln |  | 3M S+515, 10/01/2027 |  |  |
|  Sandy Hook, CT 06482 |  | Common Equity |  |  |
|  NBH Group LLC | Healthcare Equipment and<br>Supplies | First Lien Secured Debt(4), |  | (75) |
|  3035 S Maryland Pkwy #110 | Healthcare Equipment and<br>Supplies | — , 08/19/2026 |  |  |
|  Las Vegas, NV 89109 | Healthcare Equipment and<br>Supplies |  |  |  |
| Neptune Flood Incorporated | Insurance | First Lien Secured Debt(4), |  |  |
|  400 6th St S |  | — , 05/09/2029 |  |  |
|  St. Petersburg, FL 33701 |  |  |  |  |
|  NORA Acquisition, LLC | Healthcare Providers and<br>Services | First Lien Secured Debt(4), | 1.6% | 22741 |
|  (NORA Parent Holdings, LLC)<sup>(5)</sup> | Healthcare Providers and<br>Services | 3M S+635, 08/31/2029 |  |  |
|  3805 E Main St. | Healthcare Providers and<br>Services | Common Equity |  |  |
|  St. Charlees, IL 60174 | Healthcare Providers and<br>Services |  |  |  |
| OHCP V BC COI, L.P. | Distributors | Common Equity(4) |  | 990 |
|  525 West Monroe Street |  |  |  |  |
|  Chicago, IL 60661 |  |  |  |  |
| Omnia Exterior Solutions, LLC | Diversified Consumer Services | First Lien Secured Debt(4), |  | 10790 |
|  6650 Walnut Street |  | 3M S+550, 12/29/2029 |  |  |
|  New Albany, OH 43054 |  |  |  |  |
| One Stop Mailing, LLC | Air Freight and Logistics | First Lien Secured Debt, |  | 8471 |
|  601 Regency Drive |  | 3M S+636, 05/07/2027 |  |  |
|  Glendale Heights, IL 60139 |  |  |  |  |
|  ORL Acquisition, Inc. | Consumer Finance | First Lien Secured Debt(4), | 0.3% | 3523 |
|  (ORL Holdco, Inc.)<br> 5555 N Beach St #4100,<br> Fort Worth, TX 76137 | Consumer Finance | 3M S+940 (PIK 2.00%),<br>09/03/2027 |  |  |
|  (ORL Holdco, Inc.)<br> 5555 N Beach St #4100,<br> Fort Worth, TX 76137 | Consumer Finance | Preferred Equity |  |  |
|  (ORL Holdco, Inc.)<br> 5555 N Beach St #4100,<br> Fort Worth, TX 76137 | Consumer Finance | Common Equity |  |  |
| OSP Embedded Purchaser, LLC | Aerospace and Defense | First Lien Secured Debt(4), | 1.5% | 14486 |
|  (OSP Embedded Aggregator, LP) |  | 3M S+585, 12/15/2029 |  |  |
|  2680 Grand Island Blvd, Suite 2 |  | Common Equity |  |  |
|  Grand Island, NY 14072 |  |  |  |  |
| Output Services Group, Inc. | Business Services | First Lien Secured Debt, |  | 2253 |
|  775 Washington Ave |  | 3M S+843, 11/30/2028 |  |  |
|  Carlstadt, NJ 07072 |  | Common Equity |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
| Owl Acquisition, LLC | Professional Services | First Lien Secured Debt, |  | $3834 |
|  47 Old Webster Road |  | 3M S+550, 02/04/2028 |  |  |
|  Oxford, MA 01540 |  |  |  |  |
| Ox Two, LLC | Construction and Building | First Lien Secured Debt(4), |  | 22736 |
|  22260 Haggerty Road #365 |  | 1M S+651, 05/18/2026 |  |  |
|  Northville, MI 48167 |  |  |  |  |
| Pacific Purchaser, LLC | Professional Services | First Lien Secured Debt(4), | 1.3% | 6016 |
|  (Consello Pacific Aggregator, LLC)<sup>(5)</sup> |  | 3M S+625, 09/30/2028 |  |  |
|  3250 Wilshire Blvd # 900 |  | Common Equity |  |  |
|  Los Angeles, CA 90010 |  |  |  |  |
| PCS Midco, Inc. | Professional Services | First Lien Secured Debt(4), | 0.2% | 11706 |
|  (PCS Parent, LP) |  | 3M S+575, 03/01/2030 |  |  |
|  9450 SW Gemini Dr |  | Common Equity |  |  |
|  Beaverton, OR 97008 |  |  |  |  |
| PennantPark-TSO Senior Loan Fund, LP<sup>(6)</sup> | Financial Services | Common Equity | 4.99%<sup>(3)</sup> | 9705 |
|  1691 Michigan Avenue |  |  |  |  |
|  Miami, FL 33139 |  |  |  |  |
|  PL Acquisitionco, LLC | Textiles, Apparel and Luxury<br>Goods | First Lien Secured Debt(4), | 0.4% | 4879 |
|  (Pink Lily Holdco, LLC)<sup>(5)</sup> | Textiles, Apparel and Luxury<br>Goods | 3M S+710 (PIK 3.50%), |  |  |
|  323 Mitch McConnell Way | Textiles, Apparel and Luxury<br>Goods | 11/09/2027 |  |  |
|  Bowling Green KY 42101 | Textiles, Apparel and Luxury<br>Goods | Preferred Equity |  |  |
|  |  | Common Equity |  |  |
|  PlayPower, Inc. | Leisure Products | First Lien Secured Debt, |  | 3314 |
|  13310 James E. Casey Ave. | Leisure Products | 1M S+565, 05/08/2026 |  |  |
|  Englewood, CO 80112 | Leisure Products |  |  |  |
|  Pragmatic Institute, LLC | Professional Services | First Lien Secured Debt(4), |  | 996 |
|  8910 East Raintree Drive | Professional Services | 3M S+575, 07/06/2028 |  |  |
|  Scottsdale, AZ 85620 | Professional Services | Common Equity |  |  |
|  Quad (U.S.) Co-Invest, L.P. | Professional Services | Common Equity |  | 321 |
|  330 Old Country Rd | Professional Services | Common Equity |  |  |
|  Suite 300 | Professional Services | Common Equity |  |  |
|  Mineola, NY 11501 | Professional Services | Common Equity |  |  |
|  Quantic Electronics, LLC | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt(4), |  | 6467 |
|  Four Embarcadero Center, Suite 3460 | Electronic Equipment,<br>Instruments, and Components | 1M S+635, 11/19/2026 |  |  |
|  San Francisco, CA 94111 | Electronic Equipment,<br>Instruments, and Components |  |  |  |
|  QuantiTech LLC | Aerospace and Defense | Second Lien Secured Debt, | 0.2% | 630 |
|  (QuantiTech Investco LP)<sup>(5)</sup> | Aerospace and Defense | 3M S+1010, 02/04/2027 |  |  |
|  (QuantiTech InvestCo II LP)<sup>(5)</sup> | Aerospace and Defense | Common Equity(4) |  |  |
|  360A-360D Quality Circle, Suite 100/430 | Aerospace and Defense |  |  |  |
|  Huntsville, AL 35806 |  |  |  |  |
|  Questex, LLC | Media: Diversified and<br>Production | First Lien Secured Debt(4), |  | 6731 |
|  275 Grove Street, Suite 2-130 | Media: Diversified and<br>Production | 3M S+440, 09/09/2024 |  |  |
|  Newton, MA 02466 | Media: Diversified and<br>Production |  |  |  |
|  Rancho Health MSO, Inc. | Healthcare Equipment and<br>Supplies | First Lien Secured Debt(4), | 0.7% | 1481 |
|  (RFMG Parent, LP) | Healthcare Equipment and<br>Supplies | 3M S+440, 12/18/2025 |  |  |
|  31720 Temecula Pkwy Suite 100 | Healthcare Equipment and<br>Supplies | Common Equity |  |  |
|  Temecula, CA 92592 | Healthcare Equipment and<br>Supplies |  |  |  |
|  Recteq, LLC | Leisure Products | First Lien Secured Debt(4), | 0.7% | 1758 |
|  (NEPRT Parent Holdings, LLC)<sup>(5)</sup> | Leisure Products | 3M S+715, 01/29/2026 |  |  |
|  1061 Triad Ct., Ste. 3 | Leisure Products | Common Equity |  |  |
|  Marietta, GA 30062 | Leisure Products |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  Research Now Group, LLC and Dynata, LLC | Business Services | First Lien Secured Debt, |  | $14341 |
|  5800 Tennyson Parkway, Suite 600 | Business Services | 3M S+576, 12/20/2024 |  |  |
|  Plano, TX 75024 | Business Services |  |  |  |
|  Riverpoint Medical, LLC | Healthcare Equipment and<br>Supplies | First Lien Secured Debt(4), |  | 10122 |
|  825 NE 25th Avenue | Healthcare Equipment and<br>Supplies | 3M S+515, 06/20/2025 |  |  |
|  Portland, OR 97232 | Healthcare Equipment and<br>Supplies |  |  |  |
|  Rural Sourcing Holdings, Inc. | Professional Services | First Lien Secured Debt(4), | 0.4% | 1015 |
|  (HPA SPQ Aggregator LP) | Professional Services | 3M S+625, 06/15/2029 |  |  |
|  817 West Peachtree St. Suite M100 | Professional Services | Common Equity |  |  |
|  Atlanta, GA 30308 | Professional Services |  |  |  |
|  S101 Holdings, Inc. | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt(4), |  | 12377 |
|  1450 Centrepark Blvd. | Electronic Equipment,<br>Instruments, and Components | 3M S+615, 12/29/2026 |  |  |
|  Suite 210 | Electronic Equipment,<br>Instruments, and Components |  |  |  |
|  West Palm Beach, FL 33401 | Electronic Equipment,<br>Instruments, and Components |  |  |  |
|  Sales Benchmark Index LLC | Professional Services | First Lien Secured Debt(4), | 0.1% | 3117 |
|  (SBI Holdings Investments LLC) | Professional Services | 3M S+620, 01/03/2025 |  |  |
|  2021 McKinney Avenue Suite 550 | Professional Services | Common Equity |  |  |
|  Dallas, TX 75201 | Professional Services |  |  |  |
|  Sargent & Greenleaf Inc. | Electronic Equipment,<br>Instruments, and Components | First Lien Secured Debt(4), |  | 4112 |
|  One Security Drive<br> Nicholasville, KY 40356 | Electronic Equipment,<br>Instruments, and Components | 1M S+760 (PIK 1.00%),<br>12/20/2024 |  |  |
|  Schlesinger Global, Inc. | Professional Services | First Lien Secured Debt(4), | 1.1% | 16420 |
|  (Gauge Schlesinger Coinvest, LLC)<br> 101 Wood Avenue South, Suite 501<br> Iselin, NJ 08830 | Professional Services | 3M S+825 (PIK 5.60%),<br> 07/14/2025Subordinate Debt<br> 3M S+700, 07/26/2024<br> Preferred Equity<br> Common Equity |  |  |
|  | Professional Services | 3M S+825 (PIK 5.60%),<br> 07/14/2025Subordinate Debt<br> 3M S+700, 07/26/2024<br> Preferred Equity<br> Common Equity |  |  |
|  | Professional Services | 3M S+825 (PIK 5.60%),<br> 07/14/2025Subordinate Debt<br> 3M S+700, 07/26/2024<br> Preferred Equity<br> Common Equity |  |  |
|  |  | 3M S+825 (PIK 5.60%),<br> 07/14/2025Subordinate Debt<br> 3M S+700, 07/26/2024<br> Preferred Equity<br> Common Equity |  |  |
|  Seaway Buyer, LLC | Chemicals, Plastics and Rubber | First Lien Secured Debt, | 0.3% | 2078 |
|  (Seaway Topco, LP) | Chemicals, Plastics and Rubber | 3M S+615, 06/13/2029 |  |  |
|  6006 Siesta Lane | Chemicals, Plastics and Rubber | Common Equity |  |  |
|  Port Richey, FL 34668 | Chemicals, Plastics and Rubber |  |  |  |
|  Sigma Defense Systems, LLC | IT Services | First Lien Secured Debt(4), | 1.4% | 23587 |
|  (Delta InvestCo LP)<sup>(5)</sup> | IT Services | 3M S+715, 12/18/2027 |  |  |
|  1812 Macon Rd | IT Services | Common Equity(4) |  |  |
|  Perry, GA 31069 | IT Services |  |  |  |
| Simplicity Financial Marketing Group Holdings Inc. | Diversified Financial Services | First Lien Secured Debt(4),<br> 3M S+640, 12/02/2026 |  | 4331 |
|  86 Summit Avenue Suite 303 | Diversified Financial Services |  |  |  |
|  Summit, NJ 07901 | Diversified Financial Services |  |  |  |
|  Skopima Consilio Parent, LLC | Business Services | First Lien Secured Debt, |  | 595 |
|  1828 L Street NW Suite 1070 | Business Services | 1M S+450, 05/17/2028 |  |  |
|  Washington, DC 20036 | Business Services |  |  |  |
|  Smartronix, LLC | Aerospace and Defense | First Lien Secured Debt(4), |  | 15326 |
|  (OceanSound Discovery Equity, LP)<sup>(5)</sup> | Aerospace and Defense | 1M S+635, 11/23/2028 |  |  |
|  310 The Bridge Street, Suite 350 | Aerospace and Defense | Common Equity |  |  |
|  Huntsville, AL 35806 | Aerospace and Defense |  |  |  |
|  Smile Brands Inc. | Healthcare and<br>Pharmaceuticals | First Lien Secured Debt(4), |  | 2576 |
|  100 Spectrum Center Drive, Suite 100 | Healthcare and<br>Pharmaceuticals | 1M S+450, 10/14/2025 |  |  |
|  Irvine, CA 92618 | Healthcare and<br>Pharmaceuticals |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  Solutionreach, Inc. | Healthcare Technology | First Lien Secured Debt(4), |  | $4652 |
|  2600 N. Ashton Blvd. | Healthcare Technology | 3M S+700, 07/17/2025 |  |  |
|  Lehi, UT 84043 | Healthcare Technology |  |  |  |
|  Spendmend Holdings LLC | Healthcare Technology | First Lien Secured Debt(4), | 0.1% | 2804 |
| (North Haven Saints Equity Holdings, LP)<sup>(5)</sup> | Healthcare Technology | 3M S+565, 03/01/2028, |  |  |
|  2680 Horizon Dr SE, | Healthcare Technology | Common Equity |  |  |
|  Grand Rapids, MI 49546 | Healthcare Technology |  |  |  |
|  SSC Dominion Holdings, LLC | Capital Equipment | Common Equity | 0.8% | 1001 |
| (US Dominion, Inc.)<br> 215 Spadina Avenue, Suite 200 | Capital Equipment | Common Equity |  |  |
|  Toronto, ON MST 2C7 | Capital Equipment | Common Equity |  |  |
|  Summit Behavioral Healthcare, LLC | Healthcare Providers and Services | First Lien Secured Debt, |  | 1990 |
|  501 Corporate Centre Dr. #600 | Healthcare Providers and Services | 1M S+501, 11/24/2028 |  |  |
|  Franklin, TN 37067 | Healthcare Providers and Services |  |  |  |
| System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) | Aerospace and Defense | First Lien Secured Debt(4), |  | 20622 |
| System Planning and Analysis, Inc. (f/k/a Management Consulting & Research, LLC) | Aerospace and Defense | 3M S+590, 08/16/2027 |  |  |
|  1220 12th Street SE | Aerospace and Defense |  |  |  |
|  Washington DC, 20003 | Aerospace and Defense |  |  |  |
|  TAC LifePort Purchaser, LLC<sup>(5)</sup> | Aerospace and Defense | Common Equity | 0.9% | 897 |
|  1610 Heritage St | Aerospace and Defense | Common Equity |  |  |
|  Woodland, WA 98674 | Aerospace and Defense | Common Equity |  |  |
|  TCG 3.0 Jogger Acquisitionco, Inc. | Media | First Lien Secured Debt(4), | 0.9 | 27893 |
|  (TCG 3.0 Jogger Co-Invest, LP) | Media | 3M S+650, 01/26/2029 | 0.9 | 27893 |
|  3344 Walnut Street | Media | Common Equity | 0.9 | 27893 |
|  Denver, CO 80205 | Media |  | 0.9 | 27893 |
|  Team Services Group, LLC | Healthcare Providers and Services | First Lien Secured Debt(4), |  | 1990 |
|  131 Camino Del Rio N, Suite 650 | Healthcare Providers and Services | 3M S+543, 12/20/2027 |  | 1990 |
|  San Diego, CA 92108 | Healthcare Providers and Services |  |  | 1990 |
|  The Bluebird Group LLC | Professional Services | First Lien Secured Debt(4), |  | 2576 |
|  81 South Ninth Street, Suite 420, | Professional Services | 3M S+665, 07/28/2026 |  | 2576 |
|  Minneapolis, MN, 55402 | Professional Services |  |  | 2576 |
|  The Vertex Companies, LLC | Construction & Engineering | First Lien Secured Debt(4), | 0.2 | 3856 |
|  (TWD Parent Holdings, LLC) | Construction & Engineering | 1M S+610, 08/30/2027 | 0.2 | 3856 |
|  398 Libbey Industrial Pkwy, | Construction & Engineering | Preferred Equity | 0.2 | 3856 |
|  Weymouth, MA 02189 | Construction & Engineering | Common Equity | 0.2 | 3856 |
|  TPC US Parent, LLC | Food Products | First Lien Secured Debt(4), | 0.6 | 12853 |
|  (TPC Holding Company, LP) | Food Products | 3M S+565, 11/24/2025 | 0.6 | 12853 |
|  151 Struthers Street | Food Products | Preferred Equity | 0.6 | 12853 |
|  Warren, PA 16365 | Food Products | Common Equity | 0.6 | 12853 |
|  TransGo, LLC | Auto Components | First Lien Secured Debt(4), | 4.7 | 15569 |
| (Aftermarket Drivetrain Products Holdings, LLC) | Auto Components | 3M S+600, 12/29/2028<br> Common Equity | 4.7 | 15569 |
|  2621 Merced Avenue | Auto Components |  | 4.7 | 15569 |
|  El Monte, CA, 91733 | Auto Components |  | 4.7 | 15569 |
|  TWS Acquisition Corporation | Diversified Consumer Services | First Lien Secured Debt(4), |  | 3657 |
|  120 N. 44th Street #230 | Diversified Consumer Services | 1M S+640, 06/16/2025 |  | 3657 |
|  Phoenix, AZ 85034 | Diversified Consumer Services |  |  | 3657 |
|  Tyto Athene, LLC | IT Services | First Lien Secured Debt(4), |  | 12692 |
|  (NXOF Holdings, Inc) | IT Services | 1M S+565, 04/01/2028 |  | 12692 |
|  510 Spring Street, Suite 200 | IT Services | Preferred Equity |  | 12692 |
|  Herndon, VA 20170 | IT Services | Common Equity |  | 12692 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Address of Portfolio Company** | **Nature of Business** | **Type of Investment,**<br>**Interest (1), Maturity** | **Voting**<br>**Percentage**<br>**Ownership (2)** | **Fair Value**<br>**(in thousands)** |
|  UniTek Global Services Inc. | Telecommunications | Preferred Equity |  | $— |
|  1817 Crane Ridge Drive, Suite 500 | Telecommunications | Common Equity |  | $— |
|  Jackson, MS 39216 | Telecommunications | Warrants |  | $— |
|  UniVista Insurance<sup>(5)</sup> | Insurance | Common Equity | 0.2 | 701 |
|  1817 Crane Ridge Drive, Suite 500 | Insurance | Common Equity | 0.2 | 701 |
|  Jackson, MS 39216 | Insurance | Common Equity | 0.2 | 701 |
|  Urology Partners Co., LP | Healthcare Providers and Services | Common Equity | 0.2 | 660 |
|  500 East Broward Blvd, Suite 2150 | Healthcare Providers and Services | Common Equity | 0.2 | 660 |
|  Fort Lauderdale, FL 33394 | Healthcare Providers and Services | Common Equity | 0.2 | 660 |
|  Walker Edison Furniture Company LLC | Wholesale | First Lien Secured Debt(4), | 2.5 | 4947 |
|  (Walker Edison Holdco LLC) | Wholesale | —, 03/01/2029 | 2.5 | 4947 |
|  1553 W 9000 S | Wholesale | Common Equity | 2.5 | 4947 |
|  West Jordan, UT 84088 | Wholesale |  | 2.5 | 4947 |
|  Watchtower Intermediate, LLC | Electronic Equipment, Instruments,<br>and Components | First Lien Secured Debt(4), | 2.5 | 11530 |
|  (Watchtower Holdings, LLC)<sup>(5)</sup> | Electronic Equipment, Instruments,<br>and Components | 3M S+600 , 12/01/2029 | 2.5 | 11530 |
|  127 Weldon Parkway | Electronic Equipment, Instruments,<br>and Components | Common Equity | 2.5 | 11530 |
|  Maryland Heights, MO 63043 | Electronic Equipment, Instruments,<br>and Components |  | 2.5 | 11530 |
|  WCP IvyRehab QP CF Feeder, LP<sup>(5)</sup> | Healthcare Providers and Services | Common Equity | 0.2 | 4173 |
| (WCP IvyRehab Coinvestment, LP) <sup>(5)</sup> <br> 1311 Mamaroneck Avenue, Suite 140 | Healthcare Providers and Services | Common Equity | 0.2 | 4173 |
|  White Plains, NY 10605 | Healthcare Providers and Services | Common Equity | 0.2 | 4173 |
|  Wildcat Buyerco, Inc. | Electronic Equipment, Instruments,<br>and Components | First Lien Secured Debt(4), |  | 13378 |
|  (Wildcat Parent, LP) | Electronic Equipment, Instruments,<br>and Components | 3M S+575, 02/26/2027 |  | 13378 |
|  9730 Northcross Center Court | Electronic Equipment, Instruments,<br>and Components | Common Equity |  | 13378 |
|  Huntersville, NC 28078 | Electronic Equipment, Instruments,<br>and Components |  |  | 13378 |
|  Wrench Group, LLC | Commercial Services & Supplies | First Lien Secured Debt, |  | 3509 |
|  1819 Main Street Suite 1300 | Commercial Services & Supplies | 3M S+426, 10/30/2028 |  | 3509 |
|  Sarasota, FL 34236 | Commercial Services & Supplies |  |  | 3509 |
| Zips Car Wash, LLC<br> 1809 East Parker Road<br> Jonesboro, AR 72404 | Automobiles | First Lien Secured Debt,<br>3M S+735 (PIK 1.50%),<br>12/31/2024 |  | 12960 |
|  **Companies 25% or More Owned** | Automobiles |  |  | 12960 |
|  Marketplace Events LLC | Media: Diversified and Production | First Lien Secured Debt(4), | 32.6 | 38004 |
|  (New MPE Holdings, LLC)<sup>(5)</sup> | Media: Diversified and Production | 3M S+550, 09/30/2026 | 32.6 | 38004 |
|  31105 Bainbridge Road, Suite 3 | Media: Diversified and Production |  | 32.6 | 38004 |
|  Solon, OH 44139 | Media: Diversified and Production |  | 32.6 | 38004 |
|  PennantPark Senior Secured Loan Fund I LLC<sup>(6)</sup><br> 1691 Michigan Avenue<br> Miami, FL 33139 | Financial Services | First Lien Secured Debt,<br>3M S+800, 05/06/2024<br>Common Equity | 50.0%<sup>(3)</sup> | 263199 |
|  | Financial Services |  |  |  |
|  Total Investments |  |  |  | $1477883 |

---

(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable Secured Overnight Financing Rate, or "S" 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.

------

(2) Voting ownership percentage refers only to common equity, preferred equity and warrants held, if any, were we to have voting rights.

(3) We hold one or more voting seats on the portfolio company's board of directors/managers.

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

(5) Investment is held through our Taxable Subsidiary.

(6) 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, 2024, qualifying assets represent 83% of our total assets and non-qualifying assets represent 17% of our total assets.

Set forth below is a brief description of each portfolio company in which we have made an investment that represents greater than 5% of our total assets as of March 31, 2024:

<u>PennantPark Senior Secured Loan Fund I LLC (Financial Services)</u> 

PennantPark Senior Secured Loan Fund I LLC is an unconsolidated joint venture between the Company and certain entities of Kemper Insurance Corporation, or Kemper, which invests primarily in floating rate loans, with an emphasis on senior secured loans, in middle-market leveraged companies.

The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets (excluding cash and cash equivalents) in such industries:

---

| | | |
|:---|:---|:---|
| **Industry Classification** | **March 31, 2024 (1)** | **September 30, 2023 (1)** |
|  Professional Services | 10% | 7 |
|  Aerospace and Defense | 9 | 6 |
|  Media | 8 | 9 |
|  Healthcare Providers and Services | 7 | 9 |
|  Electronic Equipment, Instruments, and Components | 7 | 3 |
|  Construction & Engineering | 7 | 1 |
|  Personal Products | 6 | 8 |
|  IT Services | 5 | 4 |
|  Distributors | 4 | 3 |
|  Media: Diversified and Production | 4 | 6 |
|  Healthcare Technology | 3 | 4 |
|  High Tech Industries | 3 | 5 |
|  Commercial Services & Supplies | 2 | 4 |
|  Construction and Building | 2 | 3 |
|  Insurance | 2 | 3 |
|  Capital Equipment | 2 | 2 |
|  Air Freight and Logistics | 1 | 1 |
|  Auto Components | 1 |  |
|  Automobiles | 1 | 2 |
|  Business Services | 1 | 2 |
|  Chemicals, Plastics and Rubber | 1 | 2 |
|  Consumer Services | 1 | 2 |
|  Diversified Consumer Services | 1 | 3 |
|  Diversified Financial Services | 1 | 1 |
|  Energy Equipment and Services | 1 | 1 |
|  Financial Services | 1 | 1 |
|  Food Products | 1 | 1 |

---

------

---

| | | |
|:---|:---|:---|
| **Industry Classification** | **March 31, 2024 (1)** | **September 30, 2023 (1)** |
|  Healthcare Equipment and Supplies | 1 | 1 |
|  Hotels, Restaurants and Leisure | 1 | 2 |
|  Internet Software and Services | 1 | 1 |
|  Leisure Products | 1 | 1 |
|  Metals and Mining | 1 |  |
|  Textiles, Apparel and Luxury Goods | 1 | 1 |
|  All Other | 2 | 1 |
|  **Total** | 100% | 100% |

---

<sup>(1)</sup> Excludes investments in PSSL.

------

#### MANAGEMENT OF THE COMPANY
The information in the sections entitled "Security Ownership of Certain Beneficial Owners and Management," "Information About the Nominees and Directors," "Corporate Governance," and "Board's Oversight Role in Management" in our most recent Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/1504619/000095017023070038/pflt-2024-def_14a.htm) is incorporated herein by reference.

------

#### INVESTMENT MANAGEMENT AND ADMINISTRATION AGREEMENT
The information in the section entitled "Business—Investment Management Agreement," "Business—Investment Advisory Fees," "Business—Organization of the Investment Adviser," "Business—Administration Agreements" in Part I, Item 1 of our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) and in the notes to our consolidated financial statements under the caption "Note 3. Agreements and Related Party Transactions" in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) is incorporated herein by reference.

------

#### PORTFOLIO MANAGEMENT
Our Investment Adviser, which manages our day-to-day investment activities under the supervision of our board of directors, has nine experienced portfolio managers. These senior investment professionals of the Investment Adviser have worked together for many years and average over 25 years of experience in the senior lending, mezzanine lending, leveraged finance, distressed debt and private equity businesses. In addition, our senior investment professionals have been involved in originating, structuring, negotiating, managing and monitoring investments in each of these businesses across changing economic and market cycles. We believe this experience and history has resulted in a strong reputation with financial sponsors, management teams, investment bankers, attorneys and accountants, which provides us with access to substantial investment opportunities across the capital markets. Below is a summary of their biographical information. Our portfolio managers receive no compensation from us. The compensation of these individuals is paid by our Investment Adviser and compensation includes a base salary and a bonus contingent upon past and future performance.

Arthur H. Penn became the Chief Executive Officer and a Director of PennantPark Floating Rate Capital Ltd. at its inception in 2010. Mr. Penn is the Founder, Chairman and Chief Executive Officer of the Company and Managing Member of the Adviser and the Administrator. Mr. Penn co-founded Apollo Investment Management in 2004, where he was a Managing Partner from 2004 to 2006. He also served as Chief Operating Officer of Apollo Investment Corporation from its inception in 2004 to 2006, and served as President and Chief Operating Officer of that company in 2006. Mr. Penn was formerly a Managing Partner of Apollo Value Fund L.P. (formerly Apollo Distressed Investment Fund, L.P.) from 2003 to 2006. From 2002 to 2003, prior to joining Apollo, Mr. Penn was a Managing Director of CDC-IXIS Capital Markets. Mr. Penn previously served as Global Head of Leveraged Finance at UBS Warburg LLC (now UBS Investment Bank) from 1999 through 2001. Prior to joining UBS Warburg, Mr. Penn was Global Head of Fixed Income Capital Markets for BT Securities and BT Alex Brown Incorporated from 1994 to 1999. In these capacities, Mr. Penn oversaw groups responsible for more than 200 high-yield and leveraged bank financings aggregating over $34 billion in capital raised. From 1992 to 1994, Mr. Penn served as Head of High Yield Capital Markets at Lehman Brothers.

José A. Briones joined PennantPark Investment Advisers in December 2009 and became a member of the Board of Directors of PennantPark Floating Rate Capital Ltd. on May 3, 2022. Previously, Mr. Briones was a Partner of Apollo Investment Management, L.P. and a member of its investment committee since 2006. He was a Managing Director with UBS Securities LLC in the Financial Sponsors and Leveraged Finance Group from 2001 to 2006. Prior to joining UBS he was a Vice President with JP Morgan in the Global Leveraged Finance Group from 1999 to 2001. From 1992 to 1999, Mr. Briones was a Vice President at BT Securities and BT Alex Brown Inc. in the Corporate Finance Department.

Salvatore Giannetti III joined PennantPark Investment Advisers in February 2007. Previously, Mr. Giannetti was a Partner in the private equity firm Wilton Ivy Partners since 2004. He was a Managing Director at UBS Securities LLC in its Financial Sponsors and Leveraged Finance Group from 2000 to 2001. From 1997 to 2000, Mr. Giannetti was a Managing Director in the Investment Banking Division at Deutsche Bank (joining BT Securities and BT Alex Brown Inc.). From 1986 to 1997, Mr. Giannetti worked in the Investment Banking, Syndicated Loan & Private Equity groups at Chase Securities Inc. and its predecessor firms, Chemical Securities and Manufacturers Hanover.

Michael Appelbaum joined PennantPark Investment Advisers in August 2011. Previously, Mr. Appelbaum was an Analyst in the Leveraged Finance Group at Bank of America Merrill Lynch from 2010 to 2011 and an Analyst in Aerospace and Defense Finance at CIT Group from 2007 to 2010.

Terence Clerkin joined PennantPark Investment Advisers in September 2012. Previously, Mr. Clerkin was an Associate in the Mezzanine Group at Crescent Capital from 2010 to 2012. Before that, he was an Analyst at Moelis & Company from 2008 to 2010 and an Analyst at Bear, Stearns & Co. from 2007 to 2008.

------

Dan Horn joined PennantPark Investment Advisers in June 2015. Previously, Mr. Horn spent two and a half years at Loop Capital Markets in the Corporate Investment Banking Division based in Chicago from 2013 to 2015, two years in a similar role at boutique firm TTK Partners from 2011 to 2013, and 12 years at Deutsche Bank Securities and its predecessor firm, Bankers Trust, from 1991 to 2003. He also served as Chief Financial Officer of Unicous Marketing from 2005 to 2008, and served as Vice President of Finance at GDX Automotive in 2004.

Ryan Raskopf joined PennantPark Investment Advisers in August 2007. Previously, Mr. Raskopf was an Analyst in the Financial Institutions Group at Credit Suisse Securities (USA) LLC from 2005 to 2007.

James Stone joined PennantPark Investment Advisers in July 2015. Previously, Mr. Stone was a Managing Director and Head of Financial Sponsor Coverage at Cowen and Company, which he joined in 2012. He has over 20 years of leveraged finance experience, including Managing Director positions at Gleacher & Company, Macquarie Capital, Imperial Capital, and Credit Suisse. Before joining Credit Suisse, he served as a Vice President in the Financial Sponsor Coverage Group at DLJ, as an Associate in the Corporate Finance Department at BT Securities, and was an Associate at BT Alex. Brown.

Steve Winograd joined PennantPark Investment Advisers in September 2015. Previously, Mr. Winograd spent 33 years in Investment Banking, Restructuring Advisory and Private Equity Investing. His Investment Banking experience includes 25 years originating and executing leveraged finance, M&A, and public and private equity transactions for private equity firms and their portfolio companies. During this period, he held senior positions in the Financial Sponsors Groups of BMO Capital Markets from 2011 to 2015, Bank of America Merrill Lynch from 2004 to 2011, Deutsche Bank from 2000 to 2004, Bear Stearns from 1994 to 2000, and Drexel Burnham Lambert from 1984 to 1989. He was also an associate for two years in the Corporate Finance Group of Shearson/American Express from 1982 to 1984. His Restructuring Advisory experience includes four years originating, negotiating and consummating restructuring advisory assignments at The Argosy Group from 1992 to 1994 and the Mercury Financial Group from 1990 to 1992. His Private Equity experience includes two years originating and closing control private equity investments as a General Partner of The Blackstone Group from 1989 to 1990.

In addition to managing our investments, as of March 31, 2024, our portfolio managers also managed investments on behalf of the following entities:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Entity** | **Investment Focus** | **Gross Assets<br>($ in millions)** |
|  PennantPark Investment Corporation | Business development company | Primarily in U.S. middle market companies in the form of first lien secured loans, second lien secured debt, subordinated debt and equity investments | $1291 |
|  PennantPark Senior Secured Loan Fund I LLC | Joint Venture | Primarily floating rate loans, with an emphasis on senior secured loans, in middle-market leveraged companies. | $941 |
|  PennantPark Senior Loan Fund, LLC | Joint Venture | Primarily invests in middle-market and other corporate debt consistent with PennantPark Investment Corporation's strategy. | $987 |
|  Other Managed Funds or Accounts<sup>(1)</sup> | Direct Lending Funds | Other credit opportunities | $1898 |

---

------

(1) The following table identifies, based on gross assets as of March 31, 2024, (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the portfolio managers; and (ii) the total assets of such companies, vehicles and accounts.

---

| | | |
|:---|:---|:---|
| **Type of Account** | **Number of<br>Accounts** | **Assets of<br>Accounts<br>($millions)** |
|  Registered Investment companies | 0 | 0 |
|  Other pooled investment vehicles | 10 | $1703 |
|  Other accounts | 5 | $195 |

---

Because the professionals of the Investment Adviser and Administrator may serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of investment funds managed by affiliates of us that currently exist or may be formed in the future, we are subject to inherent conflicts of interest. See "Risk Factors—Risks Relating to our Business and Structure—There are significant potential conflicts of interest which could impact our investment returns" in our most recent Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) for more information of potential conflicts of interests.

The following table sets forth the dollar range of our common stock beneficially owned by each of our senior investment professionals as of March 31, 2024. Information as to the beneficial ownerships is based on information furnished to us by such persons. We are not part of a "family of investment companies," as that term is defined in the 1940 Act.

---

| | |
|:---|:---|
|  | **Dollar Range of the**<br> **Common Stock of**<br> **PennantPark Floating Rate<br>Capital Ltd. <sup>(1)</sup>** |
|  Arthur H. Penn<sup>(2)</sup> | Over $1,000,000 |
|  José A. Briones | Over $1,000,000 |
|  Salvatore Giannetti III | Over $1,000,000 |
|  Michael Appelbaum | $100001 - $500000 |
|  Terence Clerkin | $100001 - $500000 |
|  Dan Horn | Over $1,000,000 |
|  Ryan Raskopf | $100001 - $500000 |
|  James Stone | $50001 - $100000 |
|  Steve Winograd | $500001 - $1000000 |

---

(1) Dollar ranges are as follows: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; or over $1,000,000. Beneficial ownership has been determined in accordance with Rule 16a-1(a)(2) promulgated under the Exchange Act.

(2) Also reflects holdings of PennantPark Investment Advisers, LLC.

------

#### DETERMINATION OF NET ASSET VALUE
The NAV per share of our outstanding shares of common stock is determined quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding.

As a BDC, we generally invest in illiquid securities including debt and equity investments of middle-market companies.

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 herein. 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 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:

(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;

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

(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;

(4) The audit committee of our board of directors reviews the preliminary 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

(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 the Financial Accounting Standards Board's Accounting Standards Codification, Topic 820, Fair Value Measurements and Disclosures, or 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.

---

| | |
|:---|:---|
| 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 2031 Asset-Backed Debt, 2036 Asset-Backed Debt and our Credit Facility are classified as Level 3. Our 2026 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 board of directors to periodically assess material valuation risks and take steps to manage those risks. The rule also permit 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 at this time, 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.

#### Determinations In Connection With Offerings
In connection with each offering of shares of our common stock, our board of directors or a committee thereof is required to make the determination that we are not selling shares of our common stock at a price below the then current NAV of our common stock at the time at which the sale is made or otherwise in violation of the 1940 Act unless we receive the consent of the majority of our common stockholders to do so, and the board of directors decides that such an offering is in the best interests of our common stockholders. Our board of directors will consider the following factors, among others, in making such determination:

• the NAV of our common stock disclosed in the most recent periodic report that we filed with the SEC;

------

• our management's assessment of whether any change in the NAV of our common stock has occurred (including through the realization of gains on the sale of our portfolio securities) during the period beginning on the date of the most recent public filing with the SEC that discloses the NAV of our common stock and ending two days prior to the date of the sale of our common stock; and

• the magnitude of the difference between the offering price of the shares of our common stock in the proposed offering and management's assessment of any change in the NAV of our common stock during the period discussed above.

Whenever we do not have current stockholder approval to issue shares of our common stock at a price per share below our then current NAV per share, the offering price per share (exclusive of any distributing commission or discount) will equal or exceed our then current NAV per share, based on the value of our portfolio securities and other assets determined in good faith by our board of directors as of a time within 48 hours (excluding Sundays and holidays) of the sale. See "Sales Of Common Stock Below Net Asset Value" for more information.

In addition, we will only sell shares of our common stock at a price below NAV per share if the following conditions are met:

• A majority of our independent directors who have no financial interest in the sale must have approved the sale; and

• A majority of such directors, in consultation with the underwriters of the offering if it is to be underwritten, must have determined in good faith, and as of a time immediately prior to the first solicitation by us or on our behalf of firm commitments to purchase such shares or immediately prior to the issuance of such shares, that the price at which such shares are to be sold is not less than a price which closely approximates the market value of those shares, less any underwriting commission or discount.

We may, however, subject to the requirements of the 1940 Act, issue subscription rights to acquire our common stock at a price below the current NAV of the common stock if our board of directors determines that such sale is in our best interests and the best interests of our common stockholders. In any such case, the price at which our securities are to be issued and sold may not be less than a price, that in the determination of our board of directors, closely approximates the market value of such securities. We will not offer transferable subscription rights to our stockholders at a price equivalent to less than the then current NAV per share of common stock, excluding underwriting commissions, unless we first file a post-effective amendment that is declared effective by the SEC with respect to such issuance and the common stock to be purchased in connection with the rights represents no more than one-third of our outstanding common stock at the time such rights are issued. If we raise additional funds by issuing more common stock or warrants or senior securities convertible into, or exchangeable for, our common stock, the percentage ownership of our common stockholders at that time would decrease, and our common stockholders may experience dilution.

These processes and procedures are part of our compliance policies and procedures. Records will be made contemporaneously with all determinations of the board of directors described in this section, and we will maintain these records with other records that we are required to maintain under the 1940 Act.

------

#### DESCRIPTION OF OUR CAPITAL STOCK
The following description is based on relevant portions of the Maryland General Corporation Law and on our charter and bylaws. This summary is not necessarily complete, and we refer you to the Maryland General Corporation Law and our charter and bylaws for a more detailed description of the provisions summarized below.

#### Capital Stock
As of March 31, 2024, our authorized capital stock consisted of 100,000,000 shares of stock, par value $0.001 per share, all of which is classified as common stock. Our common stock is quoted on The New York Stock Exchange under the ticker symbol "PFLT." There are no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under Maryland law, our stockholders generally are not personally liable for our debts or obligations.

The last reported closing market price of our common stock on May 23, 2024 was $11.26 per share. As of March 31, 2024, we had 32 stockholders of record.

The following are our outstanding classes of securities as of March 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount<br>Authorized** | **Amount<br>Held by<br>Us or<br>for Our<br>Account** | **Amount<br>Outstanding** |
|  Common Stock, par value $0.001 per share | 100000000 | – | 63228138 |

---

Under our charter, our board of directors is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of shares of stock without obtaining stockholder approval. As permitted by the Maryland General Corporation Law, our charter provides that the board of directors, without any action by our stockholders, may amend the charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

#### Common Stock
All shares of our common stock have equal rights as to earnings, assets, distributions and voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of our common stock if, as and when authorized by our board of directors and declared by us out of assets legally available. Shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of a liquidation, dissolution or winding up of us, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time. Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director.

#### Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses
Maryland law permits a Maryland corporation to include in its charter a provision eliminating the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting

------

from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. Our charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act. Nothing in our charter restricting or eliminating the liabilities of directors under Maryland law will apply to, or in any way limit, the duties or liabilities of such persons with respect to matters arising under the federal securities laws.

Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to obligate us to indemnify, and to pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, any present or former director or officer or any individual who, while a director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust employee benefit plan, or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding.

Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while a director or officer and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to a proceeding by reason of his or her service in any such capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and, without requiring a preliminary determination of the ultimate entitlement to indemnification to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

In addition to the indemnification provided for in our charter and bylaws, we have entered into indemnification agreements with each of our current directors and certain of our officers that provide for the maximum indemnification permitted under Maryland law and the 1940 Act.

Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either case, a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

------

#### Provisions of the Maryland General Corporation Law and our Charter and Bylaws
The Maryland General Corporation Law and our charter and bylaws contain provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our board of directors. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

#### Classified board of directors
Our board of directors is divided into three classes of directors serving staggered three-year terms. The terms of the first, second and third classes will expire at the annual meeting of stockholders held in 2027, 2025 and 2026 respectively, and in each case, those directors will serve until their successors are duly elected and qualify. Upon expiration of their current terms, directors of each class will be elected to serve for a term expiring at the annual meeting of stockholders held in the third year following the year of their election and until their successors are duly elected and qualify and each year one class of directors will be elected by the stockholders. A classified board may render a change in control of us or removal of our incumbent management more difficult. We believe, however, that the longer time required to elect a majority of a classified board of directors will help to ensure the continuity and stability of our management and policies.

#### Election of directors
Our charter and bylaws provide that, to elect a director, the affirmative vote of a majority of the total votes cast with respect to a director nominee is required (i.e., the number of votes cast for a director nominee must exceed the number of votes cast against the nominee), provided that if the election is contested, directors shall be elected by a plurality of the votes cast. Pursuant to the charter, our board of directors may amend the bylaws to alter the vote required to elect directors.

#### Number of directors; vacancies; removal
Our charter provides that the number of directors will be set only by the board of directors in accordance with our bylaws. Our bylaws provide that a majority of our entire board of directors may at any time increase or decrease the number of directors. However, unless our bylaws are amended, the number of directors may never be less than four nor more than eight. We have elected to be subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the board of directors. Accordingly, except as may be provided by the board of directors in setting the terms of any class or series of preferred stock, any and all vacancies on the board of directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.

Our charter provides that a director may be removed only for cause, as defined in our charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of directors.

#### Action by stockholders
Under the Maryland General Corporation Law, stockholder action can be taken only at an annual or special meeting of stockholders or by unanimous written consent in lieu of a meeting (unless the charter provides for stockholder action by less than unanimous consent, which our charter does not). These provisions may have the effect of delaying consideration of a stockholder proposal until the next annual meeting.

------

#### Advance notice provisions for stockholder nominations and stockholder proposals
Our bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to the board of directors and the proposal of business to be considered by stockholders may be made only (1) pursuant to our notice of the meeting, (2) by or at the direction of the board of directors or (3) by a stockholder who was a stockholder of record at the time of provision of notice and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice procedures of the bylaws. With respect to special meetings of stockholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the board of directors at a special meeting may be made only (1) by or at the direction of the board of directors or (2) provided that the special meeting has been called in accordance with our bylaws for the purposes of electing directors by a stockholder who was a stockholder of record at the time of provision of notice and at the time of the meeting, who is entitled to vote at the meeting and who has complied with the advance notice provisions of the bylaws.

The purpose of requiring stockholders to give us advance notice of nominations and other business is to afford our board of directors a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our board of directors, to inform stockholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of stockholders. Although our bylaws do not give our board of directors any power to disapprove stockholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of stockholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our stockholders.

#### Calling of special meetings of stockholders
Our bylaws provide that special meetings of stockholders may be called by our board of directors and certain of our officers. Additionally, our bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the stockholders requesting the meeting, a special meeting of stockholders will be called by the secretary of the corporation upon the written request of stockholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

#### Approval of extraordinary corporate action; amendment of charter and bylaws
Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, convert, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of stockholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. Our charter generally provides for approval of charter amendments and extraordinary transactions by the stockholders entitled to cast at least a majority of the votes entitled to be cast on the matter. Our charter also provides that certain charter amendments and any proposal for our conversion, whether by merger or otherwise, from a closed-end company to an open-end company or any proposal for our liquidation or dissolution requires the approval of the stockholders entitled to cast at least 80 percent of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by at least two-thirds of our continuing directors (in addition to approval by our board of directors), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The "continuing directors" are defined in our charter as our current directors as well as those directors whose nomination for election by the stockholders or whose election by the directors to fill vacancies is approved by a majority of the continuing directors then on the board of directors.

------

Our charter and bylaws provide that the board of directors will have the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws.

#### No appraisal rights
Except with respect to appraisal rights arising in connection with the Control Share Acquisition Act discussed below, as permitted by the Maryland General Corporation Law, our charter provides that stockholders will not be entitled to exercise appraisal rights.

#### Control share acquisitions
Our bylaws contain a provision exempting from the Control Share Acquisition Act any and all acquisitions by any person of shares of our stock. There can be no assurance that such provision will not be amended or eliminated at any time in the future to the extent permitted by the 1940 Act.

The Control Share Acquisition Act provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

• one-tenth or more but less than one-third;

• one-third or more but less than a majority; or

• a majority or more of all voting power.

The requisite stockholder approval must be obtained each time an acquirer crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval or shares acquired directly from the corporation. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may repurchase for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to repurchase control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of any meeting of stockholders at which the voting rights of the shares are considered and not approved or, if no such meeting is held, as of the date of the last control share acquisition by the acquirer. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

The Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.

------

#### Business combinations
Under Maryland law, "business combinations" between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested stockholder is defined as:

• any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation's shares; or

• an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding voting stock of the corporation.

A person is not an interested stockholder under this statute if the board of directors approved in advance the transaction by which he otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

• 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

• two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.

These super-majority vote requirements do not apply if the corporation's common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder. Our board of directors has adopted a resolution that any business combination between us and any other person is exempted from the provisions of the Business Combination Act, provided that the business combination is first approved by the board of directors, including a majority of the directors who are not interested persons as defined in the 1940 Act. This resolution, however, may be altered or repealed in whole or in part at any time. If this resolution is repealed, or the board of directors does not otherwise approve a business combination, the statute may discourage others from trying to acquire control of us and increase the difficulty of consummating any offer.

#### Conflict with 1940 Act
If and to the extent that any provision of the Maryland General Corporation Law, including the Control Share Acquisition Act (if we amend our bylaws to be subject to such Act) and the Business Combination Act, or any provision of our charter or bylaws conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

------

#### Exclusive Forum
Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, will be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in Section 1-101(q) of the Maryland General Corporation Law, or any successor provision thereof, (b) any derivative action or proceeding brought on behalf of the Company, other than actions arising under federal securities laws, (c) any action asserting a claim of breach of any duty owed by any director or officer or other agent of the Company to the Company or to the stockholders of the Company, (d) any action asserting a claim against the Company or any director or officer or other agent of the Company arising pursuant to any provision of the Maryland General Corporation Law or our charter or bylaws or (e) any other action asserting a claim against the Company or any director or officer or other agent of the Company that is governed by the internal affairs doctrine. None of the foregoing actions, claims or proceedings may be brought in any court sitting outside the State of Maryland unless the Company consents in writing to such court.

------

#### DESCRIPTION OF OUR PREFERRED STOCK
Our charter authorizes our board of directors to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. Prior to issuance of shares of each class or series, the board of directors is required by Maryland law and by our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of preferred stock with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or otherwise be in their best interest. You should note, however, that any issuance of preferred stock must comply with the requirements of the 1940 Act.

The 1940 Act generally requires that (1) immediately after issuance and before any distribution is made with respect to our common stock and before any purchase of common stock is made, such preferred stock together with all other senior securities must not exceed an amount equal to 66 2/3% of our total assets less liabilities not represented by indebtedness, and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if distributions on such preferred stock are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, holders of preferred stock would vote separately from the holders of common stock on a proposal to cease operations as a BDC. We believe that the availability for issuance of preferred stock will provide us with increased flexibility in structuring future financings and acquisitions.

For any series of preferred stock that we may issue, our board of directors will determine and the prospectus supplement relating to such series will describe:

• the designation and number of shares of such series;

• the rate and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such series, as well as whether such dividends are cumulative or non-cumulative and participating or non-participating;

• any provisions relating to convertibility or exchangeability of the shares of such series;

• the rights and preferences, if any, of holders of shares of such series upon our liquidation, dissolution or winding up of our affairs;

• the voting powers, if any, of the holders of shares of such series;

• any provisions relating to the redemption of the shares of such series;

• any limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such series are outstanding;

• any conditions or restrictions on our ability to issue additional shares of such series or other securities;

• if applicable, a discussion of certain U.S. federal income tax considerations; and

• any other relative power, preferences and participating, optional or special rights of shares of such series, and the qualifications, limitations or restrictions thereof.

All shares of preferred stock that we may issue will be identical and of equal rank except as to the particular terms thereof that may be fixed by our board of directors, and all shares of each series of preferred stock will be identical and of equal rank except as to the dates from which cumulative dividends, if any, thereon will be cumulative. If we issue shares of preferred stock, holders of such preferred stock will be entitled to receive cash dividends at an annual rate that will be fixed or will vary for the successive dividend periods for each series. In general, the dividend periods for fixed rate preferred stock can range from quarterly to weekly and are subject to extension. We expect the dividend rate to be variable and determined for each dividend period.

------

#### DESCRIPTION OF OUR WARRANTS
The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with shares of common or preferred stock or a specified principal amount of debt securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement will describe the particular terms of any series of warrants we may issue, including the following:

• the title of such warrants;

• the aggregate number of such warrants;

• the price or prices at which such warrants will be issued;

• the currency or currencies, including composite currencies, in which the price of such warrants may be payable;

• if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

• in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise;

• in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise;

• the date on which the right to exercise such warrants will commence and the date on which such right will expire;

• whether such warrants will be issued in registered form or bearer form;

• if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

• if applicable, the date on and after which such warrants and the related securities will be separately transferable;

• information with respect to book-entry procedures, if any;

• the terms of the securities issuable upon exercise of the warrants;

• if applicable, a discussion of certain U.S. federal income tax considerations; and

• any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

------

Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years, (2) the exercise price is not less than the market value of our common stock at the date of issuance, (3) if no such market value exists for our common stock, the exercise price is not less than the then current NAV per share of our common stock (unless the requirements of Section 63 of the 1940 Act are met), (4) our stockholders authorize the proposal to issue such warrants, and our board of directors approves such issuance on the basis that the issuance is in the best interests of us and our stockholders and (5) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants at the time of issuance may not exceed 25% of our outstanding voting securities.

------

#### DESCRIPTION OF OUR SUBSCRIPTION RIGHTS
We may issue subscription rights to purchase common stock. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any subscription rights offering to our stockholders, we may enter into a standby underwriting or other arrangement with one or more underwriters or other persons pursuant to which such underwriters or other persons would purchase any offered securities remaining unsubscribed for after such subscription rights offering. We will not offer transferable subscription rights to our stockholders at a price equivalent to less than the then current NAV per share of common stock, excluding underwriting commissions, unless we first file a post-effective amendment that is declared effective by the SEC with respect to such issuance and the common stock to be purchased in connection with the rights represents no more than one-third of our outstanding common stock at the time such rights are issued. In connection with a subscription rights offering to our stockholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement to our stockholders on the record date that we set for receiving subscription rights in such subscription rights offering.

The applicable prospectus supplement would describe the following terms of subscription rights in respect of which this prospectus is being delivered:

• the title of such subscription rights;

• the exercise price or a formula for the determination of the exercise price for such subscription rights;

• the number or a formula for the determination of the number of such subscription rights issued to each stockholder;

• the extent to which such subscription rights are transferable;

• if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

• the date on which the right to exercise such subscription rights would commence, and the date on which such rights will expire (subject to any extension);

• the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities;

• if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the subscription rights offering; and

• any other terms of such subscription rights, including terms, procedures and limitations relating to the exchange and exercise of such subscription rights.

#### Exercise of Subscription Rights
Each subscription right would entitle the holder of the subscription right to purchase for cash such amount of shares of common stock or other securities at such exercise price as will in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription rights offered thereby or another report filed with the SEC. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the applicable prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights would become void.

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement, we will forward, as soon as practicable, the shares of common stock or other securities purchasable upon such exercise. We may determine to offer any unsubscribed offered securities directly to stockholders, persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting or other arrangements, as set forth in the applicable prospectus supplement.

------

#### DESCRIPTION OF OUR DEBT SECURITIES
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. The 2026 Notes were issued pursuant to the Base Indenture, dated March 23, 2021 (the "Base Indenture"), between the Company and Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC), or Equiniti, as trustee, as supplemented by the First Supplemental Indenture, dated March 23, 2021, between the Company and Equiniti. The 2026 Notes are due on April 1, 2026 and may be redeemed in whole or in part at the Company's option.

The 2026 Notes bear interest at a rate of 4.25% per year payable semi-annually on April 1 and October 1 of each year. The 2026 Notes are the Company's direct unsecured obligations and rank pari passu in right of payment with the Company's current and future unsecured unsubordinated indebtedness, senior to any of the Company's future indebtedness that expressly states it is subordinated in right of payment to the 2026 Notes, effectively subordinated in right of payment to all of the Company's existing and future secured indebtedness (including indebtedness that is initially unsecured, but to which the Company subsequently grant security) 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 the Company's subsidiaries, financing vehicles, or similar facilities. We do not intend to list the 2026 Notes on any securities exchange or automated dealer quotation system.

We may issue additional debt securities in one or more series. The specific terms of each additional series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus and the prospectus supplement relating to that particular series.

As required by federal law for all bonds and notes of companies that are publicly offered in the United States, the debt securities are governed by a document called an "indenture." An indenture is a contract between us and a financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf. See "Description of our Debt Securities - Events of Default" For more information. Second, the trustee performs certain administrative duties for us, such as sending interest and principal payments to holders.

Because this section is a summary, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities issued pursuant to this prospectus and any accompanying prospectus supplement. For example, in this section, we use capitalized words to signify terms that are specifically defined in the indenture. Some of the definitions are repeated in this prospectus, but for the rest, you will need to read the indenture. See "Available Information" for information on how to obtain a copy of the indenture.

A prospectus supplement, which will accompany this prospectus with respect to a particular offering of debt securities, will describe the particular series of debt securities being offered by including:

• the designation or title of the series of debt securities;

• the total principal amount of the series of debt securities and whether or not the offering may be reopened for additional securities of that series and on what terms;

• the percentage of the principal amount at which the series of debt securities will be offered;

• the date or dates on which principal will be payable;

------

• the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

• the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

• the terms for redemption, extension or early repayment, if any;

• the currencies in which the series of debt securities are issued and payable;

• whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;

• the place or places, if any, other than or in addition to The City of New York, of payment, transfer, conversion and/or exchange of the debt securities;

• the denominations in which the offered debt securities will be issued;

• the provision for any sinking fund;

• any restrictive covenants;

• any Events of Default;

• whether the series of debt securities are issuable in certificated form;

• any provisions for defeasance or covenant defeasance;

• any special federal income tax implications, including, if applicable, federal income tax considerations relating to original issue discount, or OID;

• whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

• any provisions for convertibility or exchangeability of the debt securities into or for any other securities;

• whether the debt securities are subject to subordination and the terms of such subordination;

• the listing, if any, on a securities exchange; and

• any other terms.

The debt securities may be secured or unsecured obligations. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue debt only in amounts such that we are in compliance with our asset coverage ratio, as defined in the 1940 Act, after each issuance of debt. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

#### General
The indenture provides that any debt securities proposed to be sold under this prospectus and any prospectus supplement, or offered debt securities, and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities, or underlying debt securities may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of, or premium or interest, if any, on, debt securities will include additional amounts if required by the terms of the debt securities.

------

The indenture limits the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the "indenture securities." The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See "Description of our Debt Securities—Resignation of Trustee" below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term "indenture securities" means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.

The indenture does not contain any provisions that give you protection in the event we issue a large amount of debt or we are acquired by another entity.

A prospectus supplement will contain information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

If any debt securities are convertible into shares of our common stock, the exercise price for such conversion will not be less than the NAV per share at the time of issuance of such debt securities (unless the majority of our board of directors determines that a lower exercise price is in the best interests of us and our stockholders, a majority of our stockholders (including stockholders who are not affiliated persons of us) have approved an issuance of common stock below the then current NAV per share in the 12 months preceding the issuance and the exercise price closely approximates the market value of our common stock at the time the debt securities are issued).

#### Conversion and Exchange
If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement.

#### Issuance of Securities in Registered Form
We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in "certificated" form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will issue debt securities in book-entry only form represented by global securities.

We also will have the option of issuing debt securities in non-registered form as bearer securities if we issue the securities outside the United States to non-U.S. persons. In that case, the prospectus supplement will set forth

------

the mechanics for holding the bearer securities, including the procedures for receiving payments, for exchanging the bearer securities, including the procedures for receiving payments, for exchanging the bearer securities for registered securities of the same series, and for receiving notices. The prospectus supplement will also describe the requirements with respect to our maintenance of offices or agencies outside the United States and the applicable U.S. federal tax law requirements.

*Book-Entry Holders* 

We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary's book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary's book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

*Street Name Holders* 

In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in "street name." Debt securities held in street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor holds a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities, and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

*Legal Holders* 

Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers

------

or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

When we refer to you, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

*Special Considerations for Indirect Holders* 

If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

• how it handles securities payments and notices;

• whether it imposes fees or charges;

• how it would handle a request for the holders' consent, if ever required;

• whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities;

• how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and

• if the debt securities are in book-entry form, how the depositary's rules and procedures will affect these matters.

#### Global Securities
As noted above, we expect that we will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all debt securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under "Description of our Debt Securities—Global Securities—Special Situations when a Global Security Will Be Terminated." As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

*Special Considerations for Global Securities* 

As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers.

------

The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

If debt securities are issued only in the form of a global security, an investor should be aware of the following:

• an investor cannot cause the debt securities to be registered in his or her name and cannot obtain certificates for his or her interest in the debt securities, except in the special situations we describe below;

• an investor will be an indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal rights relating to the debt securities, as we describe under "Description of our Debt Securities—Issuance of Securities in Registered Form" above;

• an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form;

• an investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

• the depositary's policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor's interest in a global security. We and the trustee have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way;

• if we redeem less than all the debt securities of a particular series being redeemed, DTC's practice is to determine by lot the amount to be redeemed from each of its participants holding that series;

• an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC's records, to the applicable trustee;

• DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds. Your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and

• financial institutions that participate in the depositary's book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities. There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any of those intermediaries.

*Special Situations when a Global Security Will Be Terminated* 

In a few special situations described below, a global security will be terminated and interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of holders and street name investors under "Description of our Debt Securities—Issuance of Securities in Registered Form" above.

The special situations for termination of a global security are as follows:

• if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security, and we are unable to appoint another institution to act as depositary;

• if we notify the trustee that we wish to terminate that global security; or

------

• if an event of default has occurred with regard to the debt securities represented by that global security and has not been cured or waived; we discuss defaults later under "Description of our Debt Securities—Events of Default."

The prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. If a global security is terminated, only the depositary, and not we or the applicable trustee, is responsible for deciding the names of the institutions in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

#### Payment and Paying Agents
We will pay interest to the person listed in the applicable trustee's records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, often about two weeks in advance of the interest due date, is called the "record date." Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called "accrued interest."

*Payments on Global Securities* 

We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder's right to those payments will be governed by the rules and practices of the depositary and its participants, as described under "Description of our Debt Securities—Global Securities."

*Payments on Certificated Securities* 

We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date by check mailed on the interest payment date to the holder at his or her address shown on the trustee's records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, New York and/or at other offices that may be specified in the prospectus supplement or in a notice to holders against surrender of the debt security.

Alternatively, if the holder asks us to do so, we will pay any amount that becomes due on the debt security by wire transfer of immediately available funds to an account at a bank in the City of New York, on the due date. To request payment by wire, the holder must give the applicable trustee or other paying agent appropriate transfer instructions at least 15 business days before the requested wire payment is due. In the case of any interest payment due on an interest payment date, the instructions must be given by the person who is the holder on the relevant regular record date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above.

*Payment When Offices Are Closed* 

If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

------

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

#### Events of Default
You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term "Event of Default" in respect of the debt securities of your series means any of the following:

• we do not pay the principal of, or any premium on, a debt security of the series on its due date;

• we do not pay interest on a debt security of the series within 30 days of its due date;

• we do not deposit any sinking fund payment in respect of debt securities of the series on its due date;

• we remain in breach of a covenant in respect of debt securities of the series for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25% of the principal amount of debt securities of the series;

• we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur; and

• any other Event of Default in respect of debt securities of the series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium or interest, if it considers the withholding of notice to be in the best interests of the holders.

*Remedies if an Event of Default Occurs* 

If an Event of Default has occurred and has not been cured or waived, the trustee or the holders of not less than 25% in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the debt securities of the affected series if the default is cured or waived and certain other conditions are satisfied.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability (called an "indemnity"). If reasonable indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

• you must give the trustee written notice that an Event of Default has occurred and remains uncured;

• the holders of at least 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer reasonable indemnity to the trustee against the cost and other liabilities of taking that action;

------

• the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity; and

• the holders of a majority in principal amount of the debt securities must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

**Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.** 

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities, or else specifying any default.

*Waiver of Default* 

The holders of a majority in principal amount of the relevant series of debt securities may waive a default for all the relevant series of debt securities. If this happens, the default will be treated as if it had not occurred. No one can waive a payment default on a holder's debt security, however, without the holder's approval.

#### Merger or Consolidation
Under the terms of the indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:

• where we merge out of existence or sell our assets, the resulting entity must agree to be legally responsible for our obligations under the debt securities;

• alternatively, we must be the surviving company;

• immediately after the transaction no event of default will exist;

• we must deliver certain certificates and documents to the trustee; and

• we must satisfy any other requirements specified in the prospectus supplement relating to a particular series of debt securities.

#### Modification or Waiver
There are three types of changes we can make to the indenture and the debt securities issued thereunder.

*Changes Requiring Your Approval* 

First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

• change the stated maturity of the principal of or interest on a debt security;

• reduce any amounts due on a debt security;

• reduce the amount of principal payable upon acceleration of the maturity of a security following a default;

• adversely affect any right of repayment at the holder's option;

------

• change the place or currency of payment on a debt security (except as otherwise described in the prospectus or prospectus supplement);

• impair your right to sue for payment;

• adversely affect any right to convert or exchange a debt security in accordance with its terms;

• reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

• reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

• modify any other aspect of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

• change any obligation we have to pay additional amounts.

*Changes Not Requiring Approval* 

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

*Changes Requiring Majority Approval* 

Any other change to the indenture and the debt securities would require the following approval:

• if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and

• if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, the required approval must be given by written consent.

The holders of a majority in principal amount of all of the series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "Description of our Debt Securities—Modification or Waiver—Changes Requiring Your Approval."

*Further Details Concerning Voting* 

When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

• for OID securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default;

• for debt securities whose principal amount is not known (for example, because it is based on an index), we will use a special rule for that debt security described in the prospectus supplement; and

• for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent.

------

Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "Description of our Debt Securities—Defeasance—Full Defeasance." We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

**Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.** 

#### Defeasance
The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

*Covenant Defeasance* 

Under current U.S. federal tax law, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called "covenant defeasance." In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If applicable, you also would be released from the subordination provisions described under "Description of our Debt Securities—Indenture Provisions—Subordination" below. In order to achieve covenant defeasance, we must do the following:

• if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates; and

• we may be required to deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity.

We must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended, and a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

*Full Defeasance* 

If there is a change in U.S. federal tax law, as described below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "full defeasance") if we put in place the following other arrangements for you to be repaid:

• if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and U.S. government or

------

U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates;

• we may be required to deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an Internal Revenue Service, or IRS, ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity. Under current U.S. federal tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; and

• we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers' certificate certifying compliance with all conditions precedent to defeasance.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If applicable, you would also be released from the subordination provisions described later under "Description of our Debt Securities—Indenture Provisions—Subordination."

#### Form, Exchange and Transfer of Certificated Registered Securities
If registered debt securities cease to be issued in book-entry form, they will be issued:

• only in fully registered certificated form;

• without interest coupons; and

• unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed.

Holders may exchange or transfer their certificated securities at the office of their trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder's proof of legal ownership.

If we have designated additional transfer agents for your debt security, they will be named in the prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

------

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

#### Resignation of Trustee
Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

#### Indenture Provisions—Subordination
Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness, but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money's worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

• our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to the subordinated debt securities; and

• renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, an accompanying prospectus supplement will set forth the approximate amount of our Senior Indebtedness outstanding as of a recent date.

#### The Trustee under the Indenture
Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC) is the trustee under the indenture and the 2026 Notes.

------

#### Certain Considerations Relating to Foreign Currencies
Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement.

------

#### BROKERAGE ALLOCATIONS AND OTHER PRACTICES
Since we generally acquire and dispose of our investments in privately negotiated transactions, we infrequently use brokers in the normal course of our business. Subject to policies established by our board of directors, the Investment Adviser is primarily responsible for the execution of the publicly traded securities portion of our portfolio transactions and the allocation of brokerage commissions. The Investment Adviser does not expect to execute transactions through any particular broker or dealer, but seeks to obtain the best net results for us, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the brokerage firm and the firm's risk and skill in positioning blocks of securities. While the Investment Adviser generally seeks reasonably competitive trade execution costs, we will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Investment Adviser may select a broker based partly upon brokerage or research services provided to the Investment Adviser and us and any other clients. In return for such services, we may pay a higher commission than other brokers would charge if the Investment Adviser determines in good faith that such commission is reasonable in relation to the services provided.

------

#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a general summary of the material U.S. federal income tax considerations applicable to us and to an investment in our common stock. This summary does not purport to be a complete description of the income tax considerations applicable to an investment in any of our securities. For example, we have not described tax consequences that we assume to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including stockholders subject to the alternative minimum tax, persons that have a functional currency (as such term is defined in the Code) other than the U.S. dollar, tax-exempt organizations, insurance companies, dealers in securities, pension plans and trusts, and financial institutions. This summary assumes that investors hold our common stock as capital assets (as such term is defined in the Code). The discussion is based upon the Code, Treasury regulations, and administrative and judicial interpretations, each as of the date of this prospectus and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek any ruling from the IRS regarding this offering. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets.

A "U.S. stockholder" generally is a beneficial owner of shares of our common stock that is for U.S. federal income tax purposes:

• a citizen or individual resident of the United States;

• a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia; or

• a trust, if a court in the United States has primary supervision over its administration and one or more U.S. persons have the authority to control all substantial decisions of the trust, or the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person; or

• an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

A "Non-U.S. stockholder" is a beneficial owner of shares of our common stock that is neither a U.S. stockholder nor a partnership for U.S. federal income tax purposes.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds shares of our common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective stockholder that is a partner of a partnership holding shares of our common stock should consult its tax advisors with respect to the purchase, ownership and disposition of shares of our common stock.

Tax matters are very complicated and the tax consequences to an investor of an investment in our shares will depend on the facts of his, her or its particular situation. We encourage investors to consult their own tax advisors regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty and the effect of any possible changes in the tax laws.

#### Taxation in Connection with Holding Securities other than our Common Stock
We intend to describe in any prospectus supplement related to the offering of preferred stock, debt securities, warrants or rights offerings to purchase our common stock, the U.S. federal income tax considerations applicable to such securities as will be sold by us pursuant to that supplement, including the taxation of any debt securities that will be sold at an OID or acquired with market discount or amortizable bond premium and the tax treatment of sales, exchanges or retirements of our debt securities. In addition, we may describe in the applicable prospectus supplement the U.S. federal income tax considerations applicable to holders of our debt securities who are not "U.S. persons."

------

#### Election to be Treated as a RIC
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 (as described below). We also must annually distribute dividends for U.S. federal income tax purposes to our stockholders of an amount generally at least equal to 90% of the sum of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, or investment company taxable income, and determined without regard to any deduction for dividends paid, out of the assets legally available for distribution, or the Annual Distribution Requirement.

In order to qualify as a RIC for federal income tax purposes, we must:

• maintain an election to be treated as a BDC under the 1940 Act at all times during each taxable year;

• derive in each taxable year at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities, net income from certain qualified publicly traded partnerships or other income derived with respect to our business of investing in such stock or securities, or the 90% Income Test; and

• diversify our holdings, or the Diversification Tests, so that at the end of each quarter of the taxable year:

1) at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities if such other securities of any one issuer neither represents more than 5% of the value of our assets nor more than 10% of the outstanding voting securities of the issuer; and 

2) no more than 25% of the value of our assets is invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer or of two or more issuers that are controlled, as determined under applicable tax rules, by us and that are engaged in the same or similar or related trades or businesses or in certain qualified publicly traded partnerships. 

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 sum 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.

While we intend to make sufficient distributions each taxable year to avoid incurring any material U.S. federal excise tax on our earnings, we may not be able to, or may choose not to, distribute amounts sufficient to avoid the imposition of the tax entirely. In that event, we generally will be liable for the excise tax only on the amount by which we do not meet the Excise Tax Avoidance Requirement. Under certain circumstances, however, we may, in our sole discretion, determine that it is in our best interests to retain a portion of our income or capital gains rather than distribute such amount as dividends and accordingly cause us to bear the excise tax burden associated therewith.

------

We may invest in partnerships which may result in our being subject to additional state, local or foreign income, franchise or other tax liabilities. In addition, some of the income and fees that we may recognize will not satisfy the 90% Income Test. In order to mitigate the risk that such income and fees would disqualify us as a RIC as a result of a failure to satisfy the 90% Income Test, we may be required to recognize such income and fees indirectly through the Taxable Subsidiary, which is classified as a corporation for U.S. federal income tax purposes. The Taxable Subsidiary generally will be subject to corporate income taxes on its earnings, which ultimately will reduce our return on such income and fees.

#### Taxation as a RIC
If we qualify as a RIC, and satisfy the Annual Distribution Requirement, then we will not be subject to federal income tax on the portion of our investment company taxable income and net capital gains, determined without regard to any deduction for dividends paid, we distribute (or are deemed to have distributed) as dividends for U.S. federal income tax purposes to stockholders. Additionally, upon satisfying these requirements, we will be subject to U.S. federal income tax at the regular corporate rates on any investment company taxable income or net capital gains determined without regard to any deduction for dividends paid, that is not distributed (or not deemed to have been distributed) as dividends for U.S. federal income tax purposes to our stockholders.

We may be required to recognize taxable income in circumstances in which we do not receive cash. For example, if we hold a debt instrument that is treated under applicable tax rules as having OID (such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants), we must include in income each taxable year a portion of the OID that accrues over the life of the debt instrument, regardless of whether cash representing such income is received by us in the same taxable year. Because any OID accrued will be included in our investment company taxable income in the taxable year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the Annual Distribution Requirement, even though we will not have received any corresponding cash amount.

We invest in below investment grade instruments. Investments in these types of instruments may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when we may cease to accrue interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless debt instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt instruments in a bankruptcy or workout context are taxable. We will address these and other issues to the extent necessary in order to continue to maintain our qualification to be subject to tax as a RIC.

In order to enable us to make distributions to stockholders that will be sufficient to enable us to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement we may need to liquidate or sell some of our assets at times or at prices that are not advantageous, raise additional equity or debt capital, take out loans, forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business). If we borrow money, we may be prevented by loan covenants from declaring and paying dividends in certain circumstances. Even if we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements, under the 1940 Act, we are generally not permitted to make distributions to our stockholders while our debt obligations and senior securities are outstanding unless certain "asset coverage" tests or other financial covenants are met. Limits on our payment of dividends may prevent us from meeting the Annual Distribution Requirement, and may, therefore, jeopardize our qualification for taxation as a RIC, or subject us to the 4% excise tax on undistributed income.

A portfolio company in which we invest may face financial difficulty that requires us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such restructuring could, depending on the specific terms of the restructuring, cause us to recognize taxable income without a corresponding receipt of cash, which could affect our ability to satisfy the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, or result in unusable capital losses and future non-cash income. Any such restructuring could also result in our receiving assets that give rise to non-qualifying gross income for purposes of the 90% Income Test.

------

Certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (a) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (b) convert long-term capital gain (currently taxed at lower rates for non-corporate taxpayers) into higher taxed short-term capital gain or ordinary income, (c) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (d) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (e) adversely alter the characterization of certain complex financial transactions, (f) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (g) cause us to recognize income or gain without receipt of a corresponding cash payment, and (h) produce income that will not be qualifying income for purposes of the 90% Income Test. We will monitor our transactions and may make certain tax elections in order to mitigate the effects of these provisions; however, no assurance can be given that we will be eligible for any such tax elections or that any elections we make will fully mitigate the effects of these provisions.

Gain or loss realized by us from equity securities and warrants acquired by us, as well as any loss attributable to the lapse of such warrants, generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant.

We are authorized to borrow funds and to sell assets in order to satisfy our Annual Distribution Requirement or the Excise Tax Avoidance Requirement. However, under the 1940 Act, we are not permitted to make distributions to our stockholders while our debt instruments and other senior securities are outstanding unless certain asset coverage requirements are met. Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and/or (2) other requirements relating to our status as a RIC, including the Diversification Tests. If we dispose of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

We may distribute our common stock as a dividend from our taxable income and a stockholder could receive a portion of such distributions declared and distributed by us in shares of our common stock with the remaining amount in cash. A stockholder will be considered to have recognized dividend income generally equal to the fair market value of the stock paid by us plus cash received with respect to such dividend. The total dividend declared and distributed by us would be taxable income to a stockholder even though only a small portion of the dividend was paid in cash to pay any taxes due on the total dividend. We have not yet elected to distribute stock as a dividend but reserve the right to do so.

Our investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, our yield on those securities would be decreased. Stockholders will generally not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by us. If we acquire shares in a passive foreign investment company, or "PFIC," we may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or gain from the disposition of, such shares, even if such income is distributed as a taxable dividend by us to our stockholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. Furthermore, if we hold shares in a PFIC and elect to treat the PFIC as a qualified electing fund, or "QEF," under the Code, in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to us. Alternatively, we may elect to mark-to-market at the end of each taxable year our shares in such PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. Our ability to make either election will depend on factors beyond our control, and we are subject to restrictions that may limit the availability or benefit of these elections. Under either election, we may be required to recognize in any year income in excess of the distributions we receive from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether we satisfy the Excise Tax Avoidance Requirement.

------

If we are deemed to own ten percent (10%) or more (by vote or value) of the stock of a non-U.S. corporation that qualifies as a "controlled foreign corporation," or "CFC," for U.S. federal income tax purposes, we would be required to include in income the amount of the CFC's "Subpart F income" to which it would have been entitled had the CFC currently distributed all of its earnings. Additionally, all or any part of any gain resulting from the sale or exchange of stock of the CFC could be treated as a dividend. For this purpose, a non-U.S. corporation is generally considered a CFC if more than 50% of the corporation's stock (by vote or value) is owned, directly or indirectly or through application of certain constructive ownership rules, by U.S. persons who each own, directly or indirectly or constructively, 10% or more (by vote or value) of the non-U.S. corporation's voting stock, or a "U.S. Shareholder." If we are treated as receiving a deemed inclusion of income from a CFC, we would be required to include such distribution in our investment company taxable income regardless of whether we receive any distributions from such CFC, and we would be required to include such deemed inclusion of income in determining our satisfaction of the Annual Distribution Requirement and the Excise Tax Avoidance Requirement.

The PFIC rules would not apply to us with respect to any investment for any period during which the CFC rules were applicable to such investment. Furthermore, in determining the amount of any deemed inclusion of income from any CFC, we are required to include in gross income each taxable year our share of any "global intangible low-taxed income," or "GILTI." Rules relating to GILTI and CFCs are complex. As such, shareholders should consult their own tax advisors about the applicability and U.S. federal income tax consequences of the CFC rules to their investment in our shares, including the potential impact of rules governing the inclusion of Subpart F income and the related GILTI rules.

Our functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time we accrue income, expenses or other liabilities denominated in a foreign currency and the time we actually collect such income or pay such expenses or liabilities may be treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts, the disposition of debt denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, may also be treated as ordinary income or loss. Some of the income and fees that we recognize, may not satisfy the 90% Income Test. In order to ensure that such income and fees do not disqualify us as a RIC for a failure to satisfy the 90% Income Test, we may be required to recognize such income or fees through one or more entities treated as U.S. corporations for U.S. federal income tax purposes, such as the Taxable Subsidiary. While we expect that recognizing such income through such corporations will assist us in satisfying the 90% Income Test, no assurance can be given that this structure will be respected for U.S. federal income tax purposes, which could result in such income not being counted towards satisfying the 90% Income Test. If the amount of such income were too great and we were otherwise unable to mitigate this effect, it could result in our disqualification as a RIC. If, as we expect, the structure is respected, such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce the yield on such income and fees.

We are limited in our ability to deduct expenses in excess of our investment company taxable income. If our expenses in a given year exceed our investment company taxable income, we will have a net operating loss for that year. However, we are not permitted to carry forward our net operating losses to subsequent years, so these net operating losses generally will not pass through to our stockholders. In addition, expenses can be used only to offset investment company taxable income, and may not be used to offset net capital gain. As a RIC, we may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset our investment company taxable income, but may carry forward those losses indefinitely, and use them to offset future capital gains to the extent permitted by the Code. Further, our deduction of net business interest expense is generally limited to 30% of our "adjusted taxable income" plus "floor plan financing interest expense."

------

#### Failure to Qualify as a RIC
If we fail to satisfy the Annual Distribution Requirement or fail to qualify as a RIC in any taxable year, unless certain cure provisions of the Code apply, we will be subject to tax in that taxable year on all of our taxable income at regular corporate tax rates, regardless of whether we make any dividend distributions to our stockholders. In that case, all of our income will be subject to corporate-level federal income tax, reducing the amount available to be distributed to our stockholders. In contrast, assuming we qualify as a RIC, our corporate-level federal income tax should be substantially reduced or eliminated. See "Election to be Treated as a RIC" above for more information.

If we are unable to maintain our status as a RIC, we also would not be able to deduct distributions to stockholders, nor would distributions be required to be made. Distributions would generally be taxable as dividends to our stockholders to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, U.S. non-corporate stockholders generally would be eligible to treat such dividends as "qualified dividend income," which generally would be subject to reduced rates of U.S. federal income tax, and dividends paid by us to certain U.S. corporate stockholders would be eligible for the dividends received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's tax basis in our common stock, and any remaining distributions would be treated as a capital gain. Moreover, if we fail to qualify as a RIC in any taxable year, to qualify again to be treated as a RIC for federal income tax purposes in a subsequent taxable year, we would be required to distribute our earnings and profits attributable to any of our non-RIC taxable years as dividends to our stockholders. In addition, if we fail to qualify as a RIC for a period greater than two consecutive taxable years, to qualify as a RIC in a subsequent taxable year we may be subject to regular corporate tax on any net built-in gains with respect to certain of our assets (that is, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had sold the property at fair market value at the end of the taxable year) that we elect to recognize on requalification or when recognized over the next five taxable years.

The remainder of this discussion assumes that we qualify as a RIC and have satisfied the Annual Distribution Requirement.

#### Taxation of U.S. Stockholders
Distributions by us, including distributions pursuant to a dividend reinvestment plan or where stockholders can elect to receive cash or stock, generally are taxable to U.S. stockholders as ordinary income or capital gains. Distributions of our "investment company taxable income" (which is, generally, our ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) will be taxable as ordinary income to U.S. stockholders to the extent of our current or accumulated earnings and profits, whether paid in cash or reinvested in additional common stock. We have the ability to declare and pay a large portion of any distribution qualifying as a dividend for U.S. federal income tax purposes in shares of our stock. The IRS has published guidance for publicly offered RICs stating that as long as at least 20% of the dividends are paid in cash and if certain other requirements are met, stockholders will be subject to tax on 100% of such dividends in the same manner as a cash dividend, even though most of the dividends were paid in shares of common stock.

To the extent distributions paid by us to non-corporate stockholders (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations and are properly designated by us as "qualified dividend income," such distributions generally will be eligible for a reduced U.S. federal income tax rate, if certain holding period requirements are satisfied. However, it is anticipated that distributions paid by us generally will not be attributable to dividends and, therefore, generally will not qualify for the preferential rates applicable to qualified dividends or the dividends received deduction available to corporations under the Code. A corporate U.S. stockholder may be required to reduce its basis in our common stock with respect to certain "extraordinary dividends," as defined in Section 1059 of the Code. Corporate U.S. stockholders should consult their own tax advisors in determining the application of these rules in their particular circumstances.

------

Distributions of our net capital gains (which is generally our realized net long-term capital gains in excess of realized net short- term capital losses) properly designated by us as "capital gain dividends" will be taxable to a U.S. stockholder as long-term capital gains at a reduced rate in the case of individuals, trusts or estates, regardless of the U.S. stockholder's holding period in such common stock and regardless of whether paid in cash or reinvested in additional common stock. Distributions in excess of our earnings and profits first will reduce a U.S. stockholder's adjusted tax basis in such stockholder's common stock and, after the adjusted basis is reduced to zero, will constitute capital gains to such U.S. stockholder.

Distributions out of our current and accumulated earnings and profits will not be eligible for the 20% pass through deduction under Section 199A of the Code.

Certain distributions reported by us as Section 163(j) interest dividends may be treated as interest income by U.S. stockholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by U.S. stockholders is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that we are eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of our business interest income over the sum of our (i) business interest expense and (ii) other deductions properly allocable to our business interest income.

Although we currently intend to distribute any long-term capital gains as capital gain dividends at least annually, we may in the future decide to retain some or all of our long-term capital gains, but designate the retained amount as a "deemed distribution." In that case, among other consequences, we will be subject to tax on the retained amount, each U.S. stockholder will be required to include his, her or its share of the deemed distribution of net capital gains in income as if it had been actually distributed to the U.S. stockholder, and the U.S. stockholder will be entitled to claim a credit equal to his, her or its allocable share of the tax paid thereon by us. The amount of the deemed distribution of net capital gains net of such tax will be added to the U.S. stockholder's tax basis for his, her or its common stock. Since we expect to be subject to tax on any retained capital gains at our regular corporate tax rates, and since that rate is in excess of the maximum rate currently payable by individuals on long-term capital gains, the amount of tax that individual stockholders will be treated as having paid and for which they will receive a credit generally will exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. stockholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds a stockholder's liability for U.S. federal income tax. A stockholder that is not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to use the deemed distribution approach, we must provide written notice to our stockholders. We cannot treat any of our investment company taxable income as a "deemed distribution."

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of capital gain distributions paid for that year, we may, under certain circumstances, elect to treat a distribution that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. stockholder will still be treated as receiving the distribution in the taxable year in which the distribution is made. However, any distribution declared by us in October, November or December of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated as if it had been received by our U.S. stockholders on December 31 of the calendar year in which the distribution was declared.

If an investor purchases shares of our common stock shortly before the record date of a distribution, the price of the shares will include the value of the distribution and the investor will be subject to tax on the distribution even though economically it represents a return of his, her or its investment.

------

The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if we issue preferred stock, we intend each year to allocate capital gain dividends, if any, between our shares of common stock and shares of preferred stock in proportion to the total dividends paid to each class with respect to such tax year.

A stockholder generally will recognize taxable gain or loss if the stockholder sells or otherwise disposes of his, her or its shares of our common stock. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the stockholder has held his, her or its shares for more than one year. Otherwise, such gain or loss will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of shares of our common stock held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain distributions received or undistributed capital gain deemed received, with respect to such shares. In addition, all or a portion of any loss recognized upon a disposition of shares of our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of dividends or other distributions or otherwise) within 30 days before or after the disposition.

In general, individual U.S. stockholders currently are subject to a maximum federal income tax rate of 20% (depending on whether the stockholder's income exceeds certain threshold amounts) on their net capital gain, i.e., the excess of realized net long-term capital gain over realized net short-term capital loss for a taxable year, including a long-term capital gain derived from an investment in our shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. stockholders currently are subject to federal income tax on net capital gain at the maximum rate of 21%, and this rate also applies to ordinary income. Non-corporate stockholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate stockholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate stockholders generally may not deduct any net capital losses for a year, but may carryback such losses for three taxable years or carry forward such losses for five taxable years.

A 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from us and net gains from redemptions or other taxable dispositions of our shares) of U.S. individuals and on the undistributed net investment income of certain estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

Under U.S. Treasury regulations, if a U.S. stockholder recognizes a loss with respect to either our preferred stock or common stock of $2 million or more for a non-corporate U.S. stockholder or $10 million or more for a corporate U.S. stockholder in any single taxable year, such stockholder must file with the IRS a disclosure statement on an IRS Form 8886. Direct U.S. stockholders of certain "portfolio securities" in many cases are excepted from this reporting requirement, but under current guidance, equity owners of a RIC are not excepted. The fact that a loss is reportable under these U.S. Treasury regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. stockholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

We (or if a U.S. stockholder holds our shares through an intermediary, such intermediary) will provide information to our U.S. stockholders, as promptly as possible after the end of each calendar year, detailing, on a per share and per distribution basis, the amounts includible in such U.S. stockholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS (including the amount of distributions, if any, eligible for the

------

preferential rate). Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. stockholder's particular situation.

The Code requires reporting of adjusted cost basis information for covered securities, which generally include shares of a RIC acquired after January 1, 2012, to the IRS and to taxpayers. Stockholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

A U.S. stockholder (other than an "exempt recipient," including a "C" corporation and certain other persons who, when required, demonstrate their exempt status) may be subject to federal income tax withholding ("backup withholding") at the applicable rate from all taxable distributions to any U.S. stockholder (1) who fails to furnish a correct taxpayer identification number or a certificate that such stockholder is exempt from backup withholding, or (2) with respect to whom the IRS notifies a withholding agent that such stockholder has failed to properly report certain interest and distribution income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Backup withholding is not an additional tax. Any amount withheld under backup withholding is allowed as a credit against the U.S. stockholder's federal income tax liability and may entitle such stockholder to a refund, provided that proper information is timely provided to the IRS.

#### Taxation of Tax-Exempt U.S. Stockholders
A U.S. stockholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. stockholder of the activities that we propose to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. stockholder should not be subject to U.S. federal income taxation solely as a result of such stockholder's direct or indirect ownership of our shares and receipt of distributions with respect to such shares (regardless of whether we incur indebtedness). Moreover, under current law, if we incur indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. stockholder. Therefore, a tax-exempt U.S. stockholder should not be treated as earning income from "debt-financed property" and distributions we pay should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that it incurs. Certain tax-exempt private universities are subject to an additional 1.4% excise tax on their "net investment income," including income from interest, dividends, and capital gains. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if we were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which we do not currently plan to do, that could result in a tax-exempt U.S. stockholder recognizing income that would be treated as UBTI.

#### Taxation of Non-U.S. Stockholders
Whether an investment in the shares is appropriate for a Non-U.S. stockholder will depend upon that person's particular circumstances. An investment in the shares by a Non-U.S. stockholder may have adverse tax consequences. Non-U.S. stockholders should consult their tax advisers before investing in our common stock.

Subject to the discussions below, distributions of our "investment company taxable income" to Non-U.S. stockholders (including interest income and net short-term capital gain) are generally expected to be subject to withholding of U.S. federal taxes at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits. If the distributions are effectively connected with a U.S. trade or business of the Non-U.S. stockholder, we will not be required to withhold U.S. federal tax if the Non-U.S. stockholder complies with applicable certification and disclosure requirements, although the distributions will be

------

subject to U.S. federal income tax at the rates applicable to U.S. persons. Special certification requirements apply to a Non-U.S. stockholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors. Backup withholding will not be applied to payments that have been subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph.

In addition, with respect to certain distributions made by RICs to Non-U.S. stockholders, no withholding is required and the distributions generally are not subject to U.S. federal income tax if (i) the distributions are properly designated in a notice timely delivered to our stockholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends and (iii) certain other requirements are satisfied. Nevertheless, it should be noted that in the case of shares of our stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we designated the payment as an interest-related dividend or as a short-term capital gain dividend. Moreover, depending on the circumstances, we may designate all, some or none of our potentially eligible dividends as ineligible for this exemption from withholding.

Actual or deemed distributions of our net long-term capital gains to a Non-U.S. stockholder, and gains realized by a Non-U.S. stockholder upon the sale of our common stock, will not be subject to federal withholding tax and generally will not be subject to federal income tax unless, (i) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the Non-U.S. stockholder and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the Non-U.S. stockholder in the United States or (ii) in the case of an individual stockholder, the stockholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the distributions or gains and certain other conditions are met.

We are required to withhold U.S. tax (at a 30% rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Stockholders may be requested to provide additional information to the withholding agents to enable the withholding agents to determine whether withholding is required. A non-U.S. stockholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the non-U.S. stockholder and the applicable foreign government comply with the terms of such agreement.

If we distribute our net capital gains in the form of deemed rather than actual distributions (which we may do in the future), a Non-U.S. stockholder will be entitled to claim a U.S. federal income tax credit or tax refund equal to the stockholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the Non-U.S. stockholder would be required to obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. stockholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate Non-U.S. stockholder, distributions (both actual and deemed), and gains realized upon the sale of our common stock that are effectively connected with a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty). Accordingly, investment in the shares of our common stock may not be appropriate for a Non-U.S. stockholder.

We have the ability to declare and pay a large portion of any distribution qualifying as a dividend for U.S. federal income tax purposes in shares of our stock. Generally, were we to declare such a distribution, each Non-U.S. stockholder generally would be treated as having received a taxable distribution (including for purposes of the application of the withholding tax rules discussed above) on the date the distribution is received in an amount equal to the cash that such Non-U.S. stockholder would have received if the entire distribution had been paid in cash, even if such Non-U.S. stockholder received all or most of the distribution in shares of our stock. In such a circumstance, all or substantially all of the cash that would otherwise be distributed to a Non-U.S. stockholder may be withheld or shares of our stock may be withheld and sold to fund the applicable withholding.

------

A Non-U.S. stockholder who is a non-resident alien individual, and who is otherwise subject to withholding of federal income tax, may be subject to information reporting and backup tax withholding of federal income tax on distributions unless the Non-U.S. stockholder provides us or the distribution paying agent with an IRS Form W-8BEN, IRS Form W-8BEN-E, or other applicable IRS Form W-8, or otherwise meets documentary evidence requirements for establishing that it is a Non-U.S. stockholder or otherwise establishes an exemption from backup withholding.

Non-U.S. stockholders may also be subject to U.S. estate tax with respect to their investment in our common shares.

Non-U.S. persons should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

------

#### PLAN OF DISTRIBUTION
We may sell the securities in any of three ways (or in any combination): (a) through underwriters or dealers; (b) directly to a limited number of purchasers or to a single purchaser; or (c) through agents. The securities may also be sold "at-the-market" to or through a market maker or into an existing trading market for the securities, on an exchange or otherwise. The prospectus supplement will set forth the terms of the offering of such securities, including:

• the name or names of any underwriters, dealers or agents and the amounts of securities underwritten or purchased by each of them;

• the offering price of the securities and the proceeds to us and any discounts, commissions or concessions allowed or reallowed or paid to dealers; and

• any securities exchanges on which the securities may be listed.

Any offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

We may offer our shares of common stock in a public offering at-the-market to a select group of investors, in which case a stockholder may not be able to participate in such offering and a stockholder will experience dilution unless the stockholder purchases additional shares of our common stock in the secondary market at the same or lower price.

If underwriters are used in the sale of any securities, the securities will be acquired by the underwriters for their own accounts and may be resold from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters, or directly by underwriters. Generally, the underwriters' obligations to purchase the securities will be subject to certain conditions precedent. The underwriters will be obligated to purchase all of the securities if they purchase any of the securities.

In compliance with the guidelines of FINRA, the maximum compensation to the underwriters or dealers in connection with the sale of our securities pursuant to this prospectus and the accompanying supplement to this prospectus may not exceed 10% of the aggregate offering price of the securities as set forth on the cover page of the supplement to this prospectus.

We may sell the securities through agents from time to time. The prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions we pay to them. Generally, any agent will be acting on a best efforts basis for the period of its appointment.

We may authorize underwriters, dealers or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth any commissions we pay for soliciting these contracts.

Agents and underwriters may be entitled to indemnification by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments which the agents or underwriters may be required to make in respect thereof. Agents and underwriters may be customers of, engage in transactions with, or perform services for us in the ordinary course of business. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

------

We may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment). We or one of our affiliates may loan or pledge securities to a financial institution or other third party that in turn may sell the securities using this prospectus. Such financial institution or third party may transfer its short position to investors in our securities or in connection with a simultaneous offering of other securities offered by this prospectus or otherwise.

------

#### SUB-ADMINISTRATOR, CUSTODIAN, TRANSFER AGENT AND TRUSTEE
BNY Mellon Investment Servicing (US) Inc., a subsidiary of The Bank of New York Mellon, provides administrative and accounting services to us under a sub-administration and accounting services agreement and serves as custodian for PFLT Investment Holdings, LLC, a subsidiary of PennantPark Floating Rate Capital Ltd. The Bank of New York Mellon provides custodian services to us pursuant to a custodian services agreement. The principal business address of The Bank of New York Mellon is 240 Greenwich Street, New York, NY 10286. Equiniti Trust Company, LLC (f/k/a American Stock Transfer & Trust Company, LLC) acts as our transfer agent, distribution paying agent and registrar. Equiniti also serves as trustee under our 2026 Notes. The principal business address of Equiniti is 48 Wall Street, 22<sup>nd</sup> Floor, New York, NY 10005, telephone number: (800) 468-9716.

In addition, Wilmington Trust, National Association, serves as custodian for PennantPark CLO VIII, LLC, a subsidiary of PennantPark Floating Rate Capital Ltd., in connection with certain financing matters. The principal business address of Wilmington Trust, National Association is 1100 North Market Street, Wilmington, Delaware 19890, telephone number: (302) 651-1000. In addition, U.S. Bank National Association serves as custodian for PennantPark Floating Rate Funding I, LLC, PennantPark Floating Rate Funding II, LLC, PennantPark CLO I, LLC and PennantPark CLO I, Ltd., each a subsidiary of PennantPark Floating Rate Capital Ltd., in connection with certain financing matters. The principal business address of U.S. Bank National Association is One Federal Street, Third Floor, Boston, Massachusetts 02110, telephone number: (617) 603-6461.

#### LEGAL MATTERS
Certain legal matters regarding the securities offered by this prospectus will be passed upon for us by Dechert LLP, Boston, Massachusetts and by Venable LLP, as special Maryland counsel. Certain legal matters will be passed upon for underwriters, if any, by the counsel named in the prospectus supplement, if any.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The consolidated financial statements of PennantPark Floating Rate Capital Ltd. and Subsidiaries (the Company) as of September 30, 2023 and 2022 and for each of the years in the three-year period ended September 30, 2023 and the effectiveness of internal control over financial reporting as of September 30, 2023 incorporated in this Prospectus by reference from the PennantPark Floating Rate Capital Ltd. Annual Report on Form 10-K for the year ended September 30, 2023 have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report thereon (which report expresses an unqualified opinion and includes an emphasis of matter paragraph relating to the reclassification of certain amounts presented therewithin of the 2022 and 2021 financial statements), incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.

The report of RSM US LLP dated December 7, 2023, on the effectiveness of internal control over financial reporting as of September 30, 2023, expressed an opinion that PennantPark Floating Rate Capital Ltd. had not maintained effective internal control over financial reporting as of September 30, 2023, based on criteria established in *Internal Control — Integrated Framework* issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

#### INDEPENDENT AUDITOR
The consolidated financial statements of PennantPark Senior Secured Loan Fund I LLC as of September 30, 2023, September 30, 2022 and September 30, 2021 and for the years then ended included as Exhibits 99.3 and 99.4 in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023 have been incorporated herein by reference, and have been incorporated in this Prospectus and Registration Statement in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.

------

#### INCORPORATION BY REFERENCE
This prospectus is part of a registration statement that we have filed with the SEC. Pursuant to the Small Business Credit Availability Act, we are allowed to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file that document.

We incorporate by reference into this prospectus additional documents that we may file with the SEC under Section 13(a), 13(c), 14 or 15(d) of the Exchange Act until all of the securities offered by this prospectus and any accompanying prospectus supplement have been sold or we otherwise terminate the offering of these securities, including all such documents we may file with the SEC after the date of the initial registration statement and prior to effectiveness of the registration statement; provided, however, that information "furnished" under Item 2.02 or Item 7.01 of Form 8-K or other information "furnished" to the SEC which is not deemed filed is not incorporated by reference in this prospectus and any accompanying prospectus supplement. Information that we file with the SEC will automatically update and may supersede information in this prospectus, any accompanying prospectus supplement, and information previously filed with the SEC.

This prospectus and any prospectus supplement incorporates by reference the documents set forth below that have previously been filed with the SEC:

• Our Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017023068908/pflt-20230930.htm) for the fiscal year ended September 30, 2023, filed on December 8, 2023;

• Our Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/1504619/000095017023070038/pflt-2024-def_14a.htm) , filed with the SEC on December 13, 2023;

• Our Quarterly Reports on Form 10-Q for the fiscal quarters ended December 31, 2023 and March 31, 2024, filed with the SEC on [February 7, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024012187/pflt-20231231.htm) and [May 8, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024055631/pflt-20240331.htm) , respectively;

• Our Current Reports on Form 8-K filed with the SEC on [January 12, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000117184324000243/f8k_011224.htm) , [February 8, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000117184324000688/f8k_020824.htm) , [February 9, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024013264/pflt-20240206.htm) , [February 27, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000119312524047922/d620677d8k.htm) , [April 18, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000095017024045307/pflt-20240416.htm) and [May 8, 2024](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1504619/000117184324002668/f8k_050824.htm) ; and

• The description of our common stock contained in [Exhibit 4.4](http://www.sec.gov/Archives/edgar/data/1504619/000156459019043972/pflt-ex44_124.htm) of our Annual Report on Form 10-K for the fiscal year ended September 30, 2019 (File No. 814-00891), as filed with the SEC on November 20, 2019, which updated the description thereof referenced in our Registration Statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1504619/000119312511090965/d8a12b.htm) (File No. 001-35127), as filed with the SEC on April 7, 2011, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering of the common stock registered hereby.

To obtain copies of these filings, see "Available Information."

#### AVAILABLE INFORMATION
This prospectus is part of a registration statement we filed with the SEC. This prospectus does not contain all of the information set forth in the registration statement, some of which is contained in exhibits to the registration statement as permitted by the rules and regulations of the SEC. For further information with respect to us and the securities we are offering under this prospectus, we refer you to the registration statement, including the exhibits filed as a part of the registration statement. Statements contained in this prospectus concerning the contents of any contract or any other document are not necessarily complete. If a contract or other document has been filed as an exhibit to the registration statement, please see the copy of the contract or document that has been filed. Each statement in this prospectus relating to a contract or document filed as an exhibit is qualified in all respects by the filed exhibit.

------

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. This information is available free of charge by calling us collect at (786) 297-9500 or on our website at *www.pennantpark.com*. Except for the documents incorporated by reference into this prospectus and any accompanying prospectus supplement, the information on our website is not part of this prospectus or any accompanying prospectus supplement. The SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC which are available free of charge on the SEC's Internet website at *www.sec.gov*. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by sending a request by email to: publicinfo@sec.gov.

------

### $200,000,000

### 6.75% Notes due 2029

### PROSPECTUS SUPPLEMENT

#### Joint Book-Running Managers

---

| | | | |
|:---|:---|:---|:---|
| **Raymond James** | **Keefe, Bruyette & Woods** | **Citizens Capital Markets** | **Truist Securities** |
|  | **A Stifel Company** |  |  |

---

#### Co-Managers

---

| | | |
|:---|:---|:---|
| **ING** | **Oppenheimer & Co.** | **Regions Securities LLC** |

---

#### The date of this prospectus supplement is February 25, 2026.