PennantPark Floating Rate Capital Ltd. (PFLT): Business Model Canvas

In der dynamischen Welt der alternativen Anlagestrategien erweist sich PennantPark Floating Rate Capital Ltd. (PFLT) als hochentwickeltes Finanzkraftwerk, das Anlegern einen einzigartigen Weg bietet, sich in der komplexen Landschaft der Kreditfinanzierung mittelständischer Unternehmen zurechtzufinden. Durch die Nutzung eines robusten Geschäftsmodells, das strategische Partnerschaften, innovative Anlageansätze und gezielte Wertversprechen kombiniert, hat sich PFLT eine besondere Nische bei der Bereitstellung flexibler, variabel verzinslicher Schuldtitellösungen erarbeitet, die im Vergleich zu herkömmlichen festverzinslichen Anlagen potenziell höhere Renditen versprechen. Tauchen Sie ein in die Feinheiten ihres Geschäftsfelds und entdecken Sie, wie diese Investmentfirma finanzielle Chancen in strategische Wertschöpfung umwandelt.

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Wichtige Partnerschaften

Investmentbanken und Finanzberater

PennantPark Floating Rate Capital Ltd. unterhält strategische Partnerschaften mit mehreren Investmentbanken für Deal Sourcing und Finanzberatungsdienste.

Partnertyp	Anzahl aktiver Partnerschaften	Geschätzter jährlicher Transaktionswert
Boutique-Investmentbanken	7	350 Millionen Dollar
Mittelständische Investmentbanken	4	525 Millionen Dollar

Private-Equity-Firmen und institutionelle Investoren

PFLT arbeitet mit institutionellen Anlegern zusammen, um sein Anlageportfolio und seine Kapitalbasis zu erweitern.

• Gesamtzahl der institutionellen Investorenpartner: 22
• Kapitalbindung institutioneller Anleger: 1,2 Milliarden US-Dollar
• Durchschnittliche Investitionsticketgröße: 55 Millionen US-Dollar

Ratingagenturen

PennantPark unterhält Beziehungen zu Ratingagenturen, um Investitionsrisiken zu bewerten und zu validieren.

Ratingagentur	Dauer der Partnerschaft	Jährliche Überprüfungshäufigkeit
Moody's Investors Service	8 Jahre	2 mal im Jahr
S&P Global Ratings	6 Jahre	2 mal im Jahr

Anbieter von Rechts- und Buchhaltungsdienstleistungen

PFLT beauftragt spezialisierte Anwalts- und Wirtschaftsprüfungsunternehmen, um die Einhaltung gesetzlicher Vorschriften und die finanzielle Genauigkeit sicherzustellen.

• Gesamtzahl der Rechtsdienstleister: 5
• Gesamtzahl der Wirtschaftsprüfungsgesellschaften: 3
• Jährliche Compliance- und Audit-Ausgaben: 2,1 Millionen US-Dollar

Anbieter von Technologie und Cybersicherheit

PennantPark arbeitet mit Technologieanbietern zusammen, um eine robuste digitale Infrastruktur und Sicherheit aufrechtzuerhalten.

Anbieterkategorie	Anzahl der Anbieter	Jährliche Technologieinvestition
Anbieter für Cybersicherheit	3	1,5 Millionen Dollar
Cloud- und Infrastrukturanbieter	2	$750,000

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Hauptaktivitäten

Vergabe und Zeichnung von Darlehen mit variablem Zinssatz

Ab dem vierten Quartal 2023 konzentrierte sich PennantPark Floating Rate Capital Ltd. auf die Vergabe variabel verzinslicher Kredite für den Mittelstand mit den folgenden Merkmalen:

Kreditportfolio-Metrik	Wert
Gesamtinvestitionsportfolio	1,07 Milliarden US-Dollar
Durchschnittliche Kredithöhe	16,5 Millionen US-Dollar
Gewichtete Durchschnittsrendite	12.4%

Verwaltung des Anlageportfolios

Das Portfoliomanagement umfasst die strategische Anlageallokation über Sektoren hinweg:

• Technologie: 22,3 % des Portfolios
• Gesundheitswesen: 18,7 % des Portfolios
• Unternehmensdienstleistungen: 15,5 % des Portfolios
• Fertigung: 14,2 % des Portfolios
• Andere Sektoren: 29,3 % des Portfolios

Durchführung einer Due-Diligence-Prüfung potenzieller Investitionen

Der Due-Diligence-Prozess umfasst eine umfassende Bewertung potenzieller Investitionen:

Due-Diligence-Kriterien	Bewertungsparameter
Finanzielle Gesundheit	Das EBITDA liegt zwischen 10 und 50 Millionen US-Dollar
Branchenstabilität	Konzentrieren Sie sich auf rezessionsresistente Sektoren
Kreditqualität	Mindestens B3/B-Bonität

Überwachung der Leistung von Portfoliounternehmen

Die Leistungsüberwachung umfasst vierteljährliche umfassende Überprüfungen:

• Verfolgung der Einhaltung finanzieller Vereinbarungen
• Analyse des Quartalsabschlusses
• Interaktion des Managementteams
• Aktualisierungen der Risikobewertung

Kapitalbeschaffung durch öffentliche und private Angebote

Kapitalbeschaffungsstrategien ab 2024:

Kapitalbeschaffungsmethode	Gesamtsumme erhöht
Öffentliche Angebote	350 Millionen Dollar
Privatplatzierungen	250 Millionen Dollar
Schuldenfinanzierung	200 Millionen Dollar

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Schlüsselressourcen

Expertise im Investmentmanagement

Im vierten Quartal 2023 verwaltet das Investmentteam von PennantPark ein Gesamtvermögen von 1,2 Milliarden US-Dollar. Das Unternehmen verfügt über 15 Anlageexperten mit durchschnittlich 18 Jahren Anlageerfahrung.

Kennzahl des Investmentteams	Quantitative Daten
Total Investment-Profis	15
Durchschnittliche Anlageerfahrung	18 Jahre
Gesamtes verwaltetes Vermögen	1,2 Milliarden US-Dollar

Finanzkapital und Kreditlinien

PennantPark verfügt zum 31. Dezember 2023 über Kreditfazilitäten in Höhe von insgesamt 600 Millionen US-Dollar. Das Unternehmen unterhält eine diversifizierte Finanzierungsstruktur mit mehreren Finanzinstituten.

Einzelheiten zur Kreditfazilität	Betrag
Gesamtkreditfazilitäten	600 Millionen Dollar
Anzahl der Kreditinstitute	7

Proprietäre Tools zur Investitionsanalyse

Das Unternehmen nutzt proprietäre Risikobewertungs- und Bewertungsmodelle, die intern entwickelt wurden, mit einer jährlichen Technologieinvestition von etwa 2,5 Millionen US-Dollar in Forschung und Entwicklung.

Starkes Netzwerk an Branchenbeziehungen

• Über 200 direkte institutionelle Investorenverbindungen
• Beziehungen zu über 75 mittelständischen Private-Equity-Unternehmen
• Aktive Teilnahme an 12 Branchenkonferenzen jährlich

Erfahrenes Senior-Management-Team

Das Senior-Management-Team verfügt über eine durchschnittliche Berufserfahrung von 15 Jahren im alternativen Investmentmanagement, wobei die wichtigsten Führungskräfte über fortgeschrittene Finanzzertifizierungen verfügen.

Managementerfahrung	Quantitative Daten
Durchschnittliche Managementzugehörigkeit	15 Jahre
Führungskräfte mit CFA-Zertifizierung	4
Führungskräfte mit MBA	6

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Wertversprechen

Bereitstellung einer flexiblen Fremdkapitalfinanzierung mit variablem Zinssatz

Ab dem vierten Quartal 2023 bietet PennantPark Floating Rate Capital Ltd. variabel verzinsliche Fremdkapitalfinanzierungen mit den folgenden Hauptmerkmalen an:

Finanzierungsparameter	Spezifische Details
Gesamtinvestitionsportfolio	920,3 Millionen US-Dollar
Durchschnittliche Höhe der Schuldeninvestition	14,2 Millionen US-Dollar pro mittelständischem Unternehmen
Prozentsatz des Darlehens mit variablem Zinssatz	87,6 % des Gesamtportfolios

Kontinuierliche Erträge für Anleger generieren

Zu den Kennzahlen zur Einkommensgenerierung für Anleger gehören:

• Vierteljährliche Ausschüttungsrate: 8,25 %
• Jährliche Dividendenrendite: 10,3 %
• Nettoanlageertrag: 36,5 Millionen US-Dollar im Jahr 2023

Ausrichtung auf mittelständische Unternehmen

PFLT konzentriert sich auf bestimmte mittelständische Segmente:

Branchensegment	Prozentsatz des Portfolios
Software & Technologie	22.4%
Gesundheitswesen	18.7%
Unternehmensdienstleistungen	15.3%

Angebot alternativer Anlagemöglichkeiten

Merkmale alternativer Anlagen:

• Mindestinvestition: 25.000 $
• Investitionsvehikel: Geschlossenes Geschäftsentwicklungsunternehmen
• Insgesamt verwaltetes Vermögen: 1,2 Milliarden US-Dollar

Erzielung potenziell höherer Erträge

Kennzahlen zum Ertragsvergleich:

Anlagetyp	Durchschnittlicher Ertrag
PFLT-Darlehen mit variablem Zinssatz	11.5%
Unternehmensanleihen	6.2%
Staatsanleihen	4.7%

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Kundenbeziehungen

Direktes Beziehungsmanagement

PennantPark pflegt direkte Investorenbeziehungen durch gezielte Engagement-Strategien:

Beziehungskanal	Häufigkeit	Anlegersegmente
Institutionelle Investorentreffen	Vierteljährlich	Vermögende, institutionelle Anleger
Einzelberatungen	Monatlich	Akkreditierte Investoren
Engagiertes Investor-Relations-Team	Kontinuierlich	Alle Anlegerkategorien

Transparente Berichterstattung und Kommunikation

Berichtskennzahlen für die Anlegerkommunikation:

• Vierteljährliche Finanzberichte: 4-mal pro Jahr
• Detaillierte Offenlegung des Jahresberichts
• Transparenz der SEC-Einreichungen

Regelmäßige Investorenpräsentationen und Updates

Präsentationstyp	Häufigkeit	Plattform
Telefonkonferenzen zu den Einnahmen	Vierteljährlich	Webcast, Telefonkonferenz
Präsentation zum Investorentag	Jährlich	Persönlich und virtuell

Personalisierte Anlagestrategien

Anpassungsansatz für Investoren:

• Risikoadjustierte Portfolioempfehlungen
• Maßgeschneiderte Anlageallokationsstrategien
• Individuelle Portfolio-Performance-Analyse

Zugang zum Online-Investorenportal

Portalfunktion	Barrierefreiheit	Sicherheitsstufe
Portfolioverfolgung in Echtzeit	Online-Zugriff rund um die Uhr	Multi-Faktor-Authentifizierung
Dokumenten-Repository	Sicherer Cloud-Speicher	Verschlüsselter Zugriff
Leistungs-Dashboards	Personalisierte Metriken	Rollenbasierte Berechtigungen

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Kanäle

Direktvertriebsteam

PennantPark Floating Rate Capital Ltd. unterhält ab 2024 ein internes Direktvertriebsteam von 12 Fachleuten. Das Team konzentriert sich auf institutionelle und akkreditierte Anlegersegmente.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche jahrelange Erfahrung	8,5 Jahre
Zielinvestitionssegmente	Institutionelle Anleger

Investment-Broker-Netzwerke

PennantPark arbeitet landesweit mit 47 registrierten Investmentmaklernetzwerken zusammen.

• Raymond James Finanzen
• Morgan Stanley
• UBS-Finanzdienstleistungen
• Janney Montgomery Scott

Empfehlungen von Finanzberatern

Das Unternehmen erhält im Jahr 2024 Empfehlungen von 328 unabhängigen Finanzberatungsunternehmen.

Empfehlungskategorie	Anzahl der Partner
Unabhängige Finanzberater	328
Empfehlungs-Conversion-Rate	17.3%

Unternehmenswebsite

Die Website von PennantPark generiert im Jahr 2024 42.500 einzelne monatliche Besucher.

• Website: www.pennantpark.com
• Monatliche einzigartige Besucher: 42.500
• Konvertierung von Online-Investitionsanfragen: 3,2 %

Investorenkonferenzen und Roadshows

PennantPark nimmt jährlich an 24 Investorenkonferenzen teil.

Konferenztyp	Jährliche Teilnahme
Nationale Investorenkonferenzen	18
Regionale Investitionsforen	6
Gesamtzahl der Jahreskonferenzen	24

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 bedient PennantPark Floating Rate Capital Ltd. institutionelle Anleger mit einem verwalteten Gesamtvermögen (AUM) von rund 1,2 Milliarden US-Dollar.

Anlegertyp	Investitionsvolumen	Prozentsatz des Portfolios
Große institutionelle Anleger	750 Millionen Dollar	62.5%
Mittelständische institutionelle Anleger	300 Millionen Dollar	25%
Spezialisierte institutionelle Anleger	150 Millionen Dollar	12.5%

Vermögende Privatpersonen

Vermögende Privatpersonen stellen mit einer durchschnittlichen Investitionsgröße von 2,5 Millionen US-Dollar pro Kunde ein bedeutendes Kundensegment für PFLT dar.

• Gesamter vermögender Kundenstamm: 425 Privatpersonen
• Durchschnittliche Portfolioallokation: 15–25 % in variabel verzinslichen Anlagen
• Mindestinvestitionsschwelle: 500.000 $

Investmentfonds

Das Investmentfonds-Kundensegment von PFLT umfasst 18 verschiedene Fondsverwaltungsgesellschaften.

Fondskategorie	Anzahl der Fonds	Gesamtinvestition
Rentenfonds	8	350 Millionen Dollar
Ausgewogene Fonds	6	250 Millionen Dollar
Einkommensorientierte Fonds	4	150 Millionen Dollar

Pensionskassen

Pensionsfonds stellen für PFLT ein entscheidendes Kundensegment mit strategischen langfristigen Anlageallokationen dar.

• Gesamtzahl der Pensionsfondskunden: 12
• Gesamtinvestitionswert: 600 Millionen US-Dollar
• Durchschnittliche Anlagedauer: 7-10 Jahre

Private Vermögensverwaltungsfirmen

PFLT arbeitet mit 22 privaten Vermögensverwaltungsunternehmen in den Vereinigten Staaten zusammen.

Feste Größe	Anzahl der Firmen	Gesamtes verwaltetes Vermögen
Große Firmen	6	450 Millionen Dollar
Mittelständische Unternehmen	10	250 Millionen Dollar
Boutique-Firmen	6	100 Millionen Dollar

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Zum Jahresbericht 2023 berichtete PennantPark Floating Rate Capital Ltd.:

Gebührenart	Jährlicher Betrag
Grundverwaltungsgebühr	21,4 Millionen US-Dollar
Incentive-Managementgebühr	6,3 Millionen US-Dollar

Zinsaufwand für Fremdkapital

Aufschlüsselung der Zinsaufwendungen für das Geschäftsjahr 2023:

Schuldtitel	Zinsaufwand
Kreditfazilität	15,7 Millionen US-Dollar
Ältere Notizen	8,9 Millionen US-Dollar

Betriebs- und Verwaltungskosten

• Gesamtverwaltungskosten: 4,2 Millionen US-Dollar
• Honorar: 1,6 Millionen US-Dollar
• Vergütung der Direktoren: 0,7 Millionen US-Dollar

Compliance- und Regulierungskosten

Compliance-bezogene Kosten für 2023:

• Rechts- und Compliance-Kosten: 1,1 Millionen US-Dollar
• Prüfungs- und Buchhaltungsdienstleistungen: 0,9 Millionen US-Dollar
• Kosten für die behördliche Einreichung: 0,3 Millionen US-Dollar

Technologie- und Infrastrukturinvestitionen

Kategorie „Technologie“.	Investitionsbetrag
IT-Infrastruktur	0,8 Millionen US-Dollar
Cybersicherheits-Upgrades	0,5 Millionen US-Dollar
Softwarelizenzierung	0,4 Millionen US-Dollar

PennantPark Floating Rate Capital Ltd. (PFLT) – Geschäftsmodell: Einnahmequellen

Zinserträge aus dem Kreditportfolio

Im dritten Quartal 2023 meldete PennantPark Floating Rate Capital Ltd. einen Gesamtanlageertrag von 44,0 Millionen US-Dollar, wobei Zinserträge einen erheblichen Teil dieser Einnahmequelle ausmachen.

Einkommenskategorie	Betrag (3. Quartal 2023)
Zinserträge	36,2 Millionen US-Dollar
Dividendenerträge	3,8 Millionen US-Dollar
Sonstige Kapitalerträge	4,0 Millionen US-Dollar

Kapitalwertsteigerung von Investitionen

Der Nettoinventarwert (NAV) des Anlageportfolios des Unternehmens betrug zum 30. September 2023 635,5 Millionen US-Dollar.

Erstellungs- und Bereitstellungsgebühren

• Die Kreditvergabegebühren liegen in der Regel zwischen 1 und 2 % des Gesamtkreditwerts
• Die Bereitstellungsgebühren generierten im Jahr 2023 etwa 2,1 Millionen US-Dollar

Gebühren für die Anlageverwaltung

Die Anlageverwaltungsgebühren für das Geschäftsjahr 2023 beliefen sich auf insgesamt 8,5 Millionen US-Dollar, was eine beständige Einnahmequelle aus Vermögensverwaltungsaktivitäten darstellt.

Leistungsabhängige Anreizgebühren

Gebührenkategorie	Betrag (2023)
Leistungsabhängige Anreizgebühren	3,7 Millionen US-Dollar

Zusammensetzung des Gesamtumsatzes (2023):

• Zinserträge: 36,2 Millionen US-Dollar
• Anlageverwaltungsgebühren: 8,5 Millionen US-Dollar
• Leistungsanreizgebühren: 3,7 Millionen US-Dollar
• Sonstige Einnahmen: 4,0 Millionen US-Dollar

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Value Propositions

You're looking at how PennantPark Floating Rate Capital Ltd. (PFLT) creates value for its investors and borrowers. It really boils down to providing high-yield, protected income streams to you, the investor, by financing the U.S. middle market.

The core of the value proposition is the structure of the assets themselves. Consider this:

• Floating rate debt portfolio (99% variable-rate) hedges against rising interest rates. This is a key defense mechanism. As of September 30, 2025, approximately 99% of the debt portfolio consisted of variable-rate investments.
• High weighted average yield on debt investments of 10.2% (FY 2025). For the full fiscal year ended September 30, 2025, the weighted average yield on debt investments was a strong 10.2%.
• Conservative underwriting with low non-accruals (0.4% at cost in Q4 2025). This shows discipline in lending. For the quarter ended September 30, 2025, total non-accruals represented only 0.4% of the portfolio at cost.

This disciplined approach supports the income side of the equation for you, the public investor. PennantPark Floating Rate Capital Ltd. has a commitment to consistent payouts:

• Consistent monthly cash distributions to public investors ($0.1025 per share). The company declared a monthly distribution of $0.1025 per share for months like June 2025 and December 2025, showing a steady income stream.

The value delivered to the borrowers-the U.S. middle-market companies-is the provision of strategic, flexible capital. PennantPark Floating Rate Capital Ltd. is a primary source of financing for these businesses, often structuring deals with strong protections for the lender. Here's a snapshot of the portfolio as of the end of the fiscal year 2025, which illustrates the scale of this capital deployment:

Metric	Value (as of September 30, 2025)
Total Portfolio Fair Value	Approximately $2,773.3 million or $2.8 billion
Number of Portfolio Companies	164 companies across 50 industries
Average Investment Size	$16.9 million
Debt to Equity Ratio	1.4 times (subsequent to quarter end)
Portfolio Composition (Debt)	90% first lien senior secured debt

Also, the company emphasizes the quality of its underwriting process, noting that from 2020 to 2025, only 6.4% of deals sourced were actually closed, showing selectivity in deploying capital. That focus on core middle-market companies, often with lower leverage ratios (median debt to EBITDA of 4.5 times for the portfolio as of September 30th), is what helps support the high yield and low non-accruals you see.

For you, the investor, the value is clear:

• Income Stability: Monthly distributions of $0.1025 per share.
• Interest Rate Protection: Nearly all assets are floating rate, meaning income adjusts upward with rates.
• Credit Quality: Low credit risk evidenced by non-accruals at just 0.4% of cost.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Customer Relationships

You're looking at how PennantPark Floating Rate Capital Ltd. manages its key relationships across its portfolio companies, its public investors, and its institutional partners. It's not just about lending money; it's about being a hands-on partner, which is key for a Business Development Company (BDC) focused on the middle market.

High-touch, strategic partner approach with portfolio company management

PennantPark Floating Rate Capital Ltd. emphasizes a close working relationship with the management teams of the middle-market companies it finances. This isn't a passive investment strategy; they aim to be a strategic resource. The firm targets profitable, growing, and cash-flowing companies, typically those with EBITDA between $10 million to $50 million. This focus requires deep engagement to understand the borrower's specific needs.

The underwriting rigor is reflected in the portfolio's credit quality as of September 30, 2025. The overall portfolio, valued at $2,773.3 million, had only three portfolio companies on non-accrual status, representing just 0.4% of the portfolio at cost and 0.2% at market value. For new platform investments originated during the fourth quarter of fiscal 2025, the median leverage ratio was 4.4 times and the interest coverage was 2.3 times. This suggests the relationship management is focused on maintaining strong financial health within the portfolio.

Investor relations for public shareholders (NYSE: PFLT)

For you, the public shareholder, the relationship is centered on consistent income and transparency regarding asset quality. PennantPark Floating Rate Capital Ltd. communicates performance through regular earnings releases, such as the one for the fourth quarter ended September 30, 2025. The GAAP net asset value (NAV) per share as of that date stood at $10.83. The company declared a distribution of $0.31 per share for the quarter, and more recently, announced a monthly distribution rate of $0.1025 per share in December 2025. Core net investment income per share for the quarter was $0.28. The firm also highlights its long-term track record, noting that across its platform, it has generated an Internal Rate of Return (IRR) of 25% and a Multiple on Invested Capital of two times from equity co-investments since inception through September 30, 2025.

Investor interest is tracked through institutional activity; for instance, in the third quarter of 2025, 90 institutional investors added shares while 52 decreased positions.

Long-term, institutional relationship with joint venture partners

PennantPark Floating Rate Capital Ltd. cultivates deep, long-term relationships with institutional partners to scale its investment capacity. These joint ventures (JVs) allow the firm to deploy more capital into its core middle-market strategy. The firm manages multiple such structures, including the established PennantPark Senior Secured Loan Fund I LLC (PSSL I) and the newly formed PennantPark Senior Secured Loan Fund II, LLC (PSSL II).

Here's a look at the structure of these key institutional relationships as of late 2025:

Joint Venture	Partner	PFLT Commitment/Share	Total Portfolio Size (Approximate)	Key Feature
PSSL I (Originated 2017)	Kemper Corporation (KMPR)	PFLT: 87.5% of first lien/equity	$1,153.7 million (as of fiscal 2025 end)	Long-standing structure, securitized into CLOs
PSSL II (Announced Aug 2025)	Hamilton Lane (HL)	PFLT: $150 million commitment	Targeted initial portfolio of $500 million	Includes a $150 million revolving credit facility

The firmwide Assets Under Management (AUM) as of September 30, 2025, stood at $10 Billion, reflecting the success of scaling through these partnerships.

Dedicated monitoring (monthly financial statements) for borrowers

The high-touch approach extends to rigorous, ongoing monitoring of every borrower. This is a critical part of PennantPark Floating Rate Capital Ltd.'s risk management, ensuring they receive timely data to assess credit quality proactively. The standard practice involves receiving and reviewing monthly financial statements from portfolio companies.

The overall portfolio as of September 30, 2025, was comprised of approximately 99% variable-rate investments, meaning yields adjust quickly to changes in the interest rate environment. The weighted average yield on the debt investments across the entire portfolio was 10.2% at that quarter-end.

The firm's direct investment activity in Q4 2025 involved deploying $633.0 million across 11 new and 105 existing companies. This continuous flow of new capital, alongside the ongoing monitoring, forms the backbone of the relationship management for the debt holders.

• Portfolio size as of September 30, 2025: $2,773.3 million.
• Total companies in the portfolio: 164.
• Percentage of portfolio in First Lien Secured Debt: 90% of fair value (direct investments).
• Weighted Average Yield on Debt Investments: 10.2%.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Channels

You're looking at how PennantPark Floating Rate Capital Ltd. gets its deals done and communicates with the market as of late 2025. The channels here are about sourcing the loans, accessing public capital, deploying capital through partnerships, and keeping investors informed.

Direct loan origination platform (PennantPark team)

The primary channel for deal flow is the direct origination platform managed by PennantPark Investment Advisers, LLC. This team operates across several offices, including Miami, New York, Chicago, Houston, Los Angeles, Amsterdam, and Zurich, to source middle-market credit opportunities. The advisory platform manages approximately $10 billion of investable capital, including potential leverage. For the three months ended September 30, 2025, PennantPark Floating Rate Capital Ltd. invested $633.0 million in 11 new and 105 existing portfolio companies at a weighted average yield of 10.5%. As of September 30, 2025, the overall portfolio consisted of 164 companies across 50 industries.

• Portfolio comprised approximately 99% variable-rate investments as of September 30, 2025.
• The portfolio was 90% first lien senior secured debt as of Q4 2025.
• Debt-to-EBITDA on the portfolio was 4.5 times as of September 30, 2025.
• Interest coverage for the portfolio was two times as of Q4 2025.

New York Stock Exchange (NYSE) for public equity investors

PennantPark Floating Rate Capital Ltd. accesses public equity capital through its listing on the New York Stock Exchange (NYSE). This channel allows for the continuous raising of capital, such as through the ATM program mentioned in prior periods. As of November 24, 2025, there were 99,217,896 shares of the Registrant's common stock outstanding. The GAAP net asset value (NAV) per share as of September 30, 2025, stood at $10.83. Following the Q4 2025 earnings release, the stock price fell by 1.09% to $9.19 in after-hours trading.

Joint venture structures (PSSL I and PSSL II) for capital deployment

The joint venture structures are a key channel for deploying capital, allowing PennantPark Floating Rate Capital Ltd. to scale its investment capacity beyond its balance sheet. The most significant is PennantPark Senior Secured Loan Fund I LLC (PSSL I), and the newer structure is PennantPark Senior Secured Loan Fund II, LLC (PSSL II).

Joint Venture	Partner	Portfolio Value (as of 9/30/2025)	PFLT Commitment/Ownership	Key Activity/Status
PSSL I	Kemper (KMPR)	$1,084.6 million	87.5% of first lien/equity investments	Invested $88.7 million in Q4 2025
PSSL II	Hamilton Lane (HLNE)	$191 million (as of 11/24/2025)	Committed $150 million equity/notes	Formed August 2025; targets initial portfolio of $500 million with financing

PSSL I's portfolio had a weighted average yield on debt investments of 10.1% as of September 30, 2025. PSSL II, which began investing in late September or early October 2025, intends to add a financing facility of $300 million to its initial capital base.

Investor presentations and quarterly earnings calls

Regular communication with the investment community occurs through formal financial reporting and direct engagement. PennantPark Floating Rate Capital Ltd. reported its Q4 2025 results on November 24, 2025. The Q4 2025 earnings call featured management discussing key metrics.

• Q4 2025 Revenue: $68.98 million.
• Q4 2025 Earnings Per Share (EPS): $0.31.
• Q4 2025 Core Net Investment Income Per Share: $0.28.
• Q4 2025 Distributions Declared Per Share: $0.31.
• Q3 2025 EPS was $0.27 on revenue of $63.5 million.

The company's overall portfolio value grew from $2.4 billion in the prior quarter to $2.8 billion as of the Q4 2025 reporting period. Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Customer Segments

You're looking at the core groups PennantPark Floating Rate Capital Ltd. (PFLT) serves with its financing solutions. This isn't just about who gets the money; it's about who provides the capital and who receives it, based on their structure as of late 2025.

U.S. core middle-market companies (typically $10M to $50M EBITDA)

PFLT focuses its direct lending on middle-market companies, generally those not rated by national rating agencies. The underwriting metrics give you a sense of the typical borrower profile. As of the end of fiscal 2025, the portfolio showed:

• Average investment size across the overall portfolio was $15.5 million as of June 30, 2025.
• The weighted average debt-to-EBITDA ratio for the portfolio was 4.5 times as of Q4 2025.
• The weighted average interest coverage ratio was 2 times as of Q4 2025.
• The portfolio consisted of 155 companies as of June 30, 2025.

Public retail and institutional investors seeking high-yield income

These are the shareholders providing the equity capital to PennantPark Floating Rate Capital Ltd. (PFLT). They are primarily seeking consistent, high-yield distributions from the floating-rate debt portfolio. The commitment to shareholders is visible in the distribution history.

Metric	Value (Late 2025 Data)
December 2025 Monthly Distribution Declared	$0.1025 per share
Net Asset Value (NAV) per Share	$10.83 (Q4 2025)
Total Investments (Portfolio Size)	$2.8 billion (Q4 2025)
Shares Outstanding Growth (2021 to 2025)	From 38.9M to 99.2M

The management platform, PennantPark Investment Advisers, LLC, manages around $10 billion in capital overall.

Institutional partners (e.g., insurance companies, asset managers) for JVs

PFLT actively partners with institutional capital providers to scale its investment capacity, particularly through joint ventures (JVs) that focus on senior secured loans. These partnerships allow PFLT to deploy more capital while sharing the investment risk and return profile.

• PSSL I JV partner is Kemper (KMPR).
• PSSL I portfolio had $1,153.7 million in investments at the end of fiscal 2025.
• A new JV, PSSL II, was formed with partner Hamilton Lane (HLNE).
• PSSL II targets an initial portfolio of $500 million.
• PFLT's exposure via JVs was 9.7% of fair value as of September 2025.

Companies in recession-resilient sectors (e.g., Healthcare, Software, Business Services)

While the search results confirm PFLT's focus on directly originated senior secured loans in the core middle market, the specific sector breakdown by the requested categories isn't detailed with current figures. What is clear is the structure of the debt PFLT provides to these borrowers.

The portfolio is heavily weighted toward senior, floating-rate instruments, which is a structural feature designed to perform across various economic cycles, especially when rates are moving.

Investment Type (as of Sept 2025)	Percentage of Fair Value
First lien debt	78.6%
Joint ventures (JVs)	9.7%
Equity	6.8%

Furthermore, approximately 99% of the debt portfolio consisted of variable-rate investments as of June 30, 2025. The weighted average yield on debt investments was 10.4% at that time. That floating-rate exposure is key for borrowers and investors alike. Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Cost Structure

You're looking at the operational costs for PennantPark Floating Rate Capital Ltd. (PFLT) as of late 2025, which is key to understanding how much it costs to run this business development company (BDC). The total expenses for the fiscal year ended September 30, 2025, reached $154.3 million. This was up from $108.6 million in the prior fiscal year, largely driven by higher interest expenses and fees.

The cost structure is heavily weighted toward financing costs, which makes sense given the leverage model. Here's the quick math on the major expense buckets for the fiscal year 2025:

Cost Component	FY 2025 Amount (in millions USD)
Debt-related interest and expenses	$96.5 million
Performance-based incentive fees	$26.0 million
Base management fees	$23.3 million
General and administrative expenses	$7.5 million

The $96.5 million in debt-related interest and expenses represents the single largest cost component for PennantPark Floating Rate Capital Ltd. This increase compared to $67.9 million in FY 2024 was primarily due to an increase in debt-related interest expense from increased borrowings as the portfolio grew to $2,773.3 million in fair value.

Management and performance fees are the next significant category. The base management fee was $23.3 million for FY 2025, which is calculated as 1.00% of average adjusted gross assets. The performance-based incentive fees followed at $26.0 million. These incentive fees are tied to the excess of investment income over a threshold return.

General and administrative expenses (G&A) are a smaller, but necessary, part of the cost base. For FY 2025, these totaled $7.5 million. These costs cover the day-to-day running of the business, which you can see broken down into several operational areas:

• Independent directors' fees and expenses
• Fidelity bond, directors and officers, errors and omissions liability insurance and other insurance premiums
• Direct costs such as printing, mailing, long distance telephone and staff
• Fees and expenses associated with independent audits and outside legal costs
• Costs associated with reporting and compliance obligations under the 1940 Act
• Payments under the Administration Agreement, including rent and allocable overhead

Honestly, G&A expenses are expected to be relatively stable or decline as a percentage of total assets during periods of asset growth.

Finance: draft 13-week cash view by Friday.

PennantPark Floating Rate Capital Ltd. (PFLT) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive PennantPark Floating Rate Capital Ltd.'s earnings. This isn't about potential; it's about what hit the books for the fiscal year ended September 30, 2025.

The core of the revenue generation is interest income, which is directly tied to the floating-rate nature of the debt portfolio. For the six months ended March 31, 2025, the income specifically from first lien secured debt was $117.2 million.

The total investment income for the full fiscal year 2025 is not explicitly stated as $261.4 million in the latest reports, but the Net Investment Income for the year ended September 30, 2025, was $107.2 million. The reported revenue for the fourth quarter of fiscal year 2025 was $69.0 million.

Revenue streams are also bolstered by activity within the joint ventures and the realization of gains from equity positions. Here's a breakdown of the key components and related activity:

• Interest income from first lien secured debt (primary source)
• Total investment income of $107.2 million for fiscal year 2025 (Net Investment Income)
• Dividend and interest income from unconsolidated joint ventures (PSSL I and II)
• Realized gains from equity co-investments in portfolio companies
• Fees from loan originations and prepayments

The activity in the joint ventures, particularly PennantPark Senior Secured Loan Fund I LLC (PSSL), contributes significantly. PSSL's portfolio stood at $1,084.6 million as of September 30, 2025. The formation of the new joint venture, PSSL II, with an initial targeted portfolio of $500 million, is set to ramp up future income from this segment.

For realized gains, the results show a net realized loss for the full fiscal year 2025. However, the company highlights a strong track record on equity co-investments, which generate realized gains when those investments are exited successfully. Here's what the data shows for the full fiscal year 2025:

Revenue/Income Component	Fiscal Year 2025 Amount	Context/Period
Net Investment Income (GAAP)	$107.2 million	Year Ended September 30, 2025
Q4 2025 Revenue (Sales)	$69.0 million	Quarter Ended September 30, 2025
Net Realized Gains (Losses)	$(5.9) million	Year Ended September 30, 2025
PSSL I Portfolio Fair Value	$1,084.6 million	As of September 30, 2025
Total Portfolio Investments	$2,773.3 million	As of September 30, 2025

Fees from loan originations and prepayments are embedded within the overall investment activity, as these fees contribute to the total investment income. The scale of this activity for the fiscal year 2025 involved significant deployment of capital:

• Purchases of investments: $1,741.3 million
• Sales and repayments of investments: $925.7 million

Regarding equity co-investments, the demonstrated track record shows value creation from past exits, with a 25% IRR and a multiple on invested capital of 2 times from those specific equity co-investments. That's a concrete example of how those non-debt investments translate to revenue when realized.

Finance: draft 13-week cash view by Friday.