Pennantpark Floating Taxa Capital Ltd. (PFLT): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico de estratégias alternativas de investimento, a Pennantpark Floating Taxa Capital Ltd. (PFLT) surge como uma sofisticada potência financeira, oferecendo aos investidores um caminho único para navegar no cenário complexo do financiamento da dívida do mercado médio. Ao alavancar um modelo de negócios robusto que combina parcerias estratégicas, abordagens inovadoras de investimento e proposições de valor direcionadas, a PFLT criou um nicho distinto em fornecer soluções de dívida flexíveis e flutuantes que prometem rendimentos potencialmente mais altos em comparação aos investimentos tradicionais de indeciência fixa. Mergulhe nos meandros de seus negócios e descubra como essa empresa de investimentos transforma oportunidades financeiras em criação de valor estratégico.

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: Parcerias -chave

Bancos de investimento e consultores financeiros

Pennantpark Floating Taxa Capital Ltd. mantém parcerias estratégicas com vários bancos de investimento para fornecimento de acordos e serviços de consultoria financeira.

Tipo de parceiro	Número de parcerias ativas	Valor da transação anual estimado
Bancos de investimento boutique	7	US $ 350 milhões
Bancos de investimento no mercado intermediário	4	US $ 525 milhões

Empresas de private equity e investidores institucionais

A PFLT colabora com investidores institucionais para expandir seu portfólio de investimentos e base de capital.

• Total de Parceiros Investidores Institucionais: 22
• Compromisso institucional de capital para investidores: US $ 1,2 bilhão
• Tamanho médio do ingresso de investimento: US $ 55 milhões

Agências de classificação de crédito

O Pennantpark mantém o relacionamento com as agências de classificação de crédito para avaliar e validar riscos de investimento.

Agência de classificação de crédito	Duração da parceria	Frequência de revisão anual
Serviço de investidores da Moody	8 anos	2 vezes por ano
Classificações globais da S&P	6 anos	2 vezes por ano

Provedores de serviços legais e de contabilidade

A PFLT envolve empresas de contabilidade especializadas e contábeis para garantir a conformidade regulatória e a precisão financeira.

• Provedores de serviços jurídicos totais: 5
• Total de empresas de contabilidade: 3
• Gastos anuais de conformidade e auditoria: US $ 2,1 milhões

Fornecedores de tecnologia e segurança cibernética

A PennantPark faz parceria com os provedores de tecnologia para manter infraestrutura e segurança robustas.

Categoria de fornecedor	Número de fornecedores	Investimento de tecnologia anual
Provedores de segurança cibernética	3	US $ 1,5 milhão
Fornecedores de nuvem e infraestrutura	2	$750,000

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: Atividades -chave

Empréstimos de taxa flutuante de origem e subscrição

A partir do quarto trimestre 2023, a Pennantpark Floating Taxa Capital Ltd. focou empréstimos de taxa flutuante de origem do mercado intermediário com as seguintes características:

Métrica da carteira de empréstimos	Valor
Portfólio total de investimentos	US $ 1,07 bilhão
Tamanho médio do empréstimo	US $ 16,5 milhões
Rendimento médio ponderado	12.4%

Gerenciando portfólio de investimentos

O gerenciamento de portfólio envolve a alocação estratégica de investimentos entre os setores:

• Tecnologia: 22,3% do portfólio
• Saúde: 18,7% do portfólio
• Serviços de negócios: 15,5% do portfólio
• Fabricação: 14,2% do portfólio
• Outros setores: 29,3% do portfólio

Conduzindo a devida diligência em possíveis investimentos

O processo de due diligence inclui avaliação abrangente de possíveis investimentos:

Critérios de due diligence	Parâmetros de avaliação
Saúde financeira	EBITDA RANGE US $ 10 a US $ 50 milhões
Estabilidade da indústria	Concentre-se nos setores resistentes à recessão
Qualidade de crédito	Classificação mínima de crédito B3/B

Monitorando o desempenho da empresa de portfólio

O monitoramento de desempenho envolve revisões trimestrais abrangentes:

• Rastreamento de conformidade da Aliança Financeira
• Análise trimestral de demonstração financeira
• Interação da equipe de gerenciamento
• Atualizações de avaliação de risco

Levantar capital através de ofertas públicas e privadas

Estratégias de levantamento de capital a partir de 2024:

Método de elevação de capital	Total aumentado
Ofertas públicas	US $ 350 milhões
Colocações privadas	US $ 250 milhões
Financiamento da dívida	US $ 200 milhões

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: Recursos -chave

Experiência em gerenciamento de investimentos

A partir do quarto trimestre de 2023, a equipe de investimentos da Pennantpark gerencia US $ 1,2 bilhão em ativos totais sob gestão. A empresa possui 15 profissionais de investimento, com uma média de 18 anos de experiência em investimento.

Equipe de investimento Métrica	Dados quantitativos
Total de profissionais de investimento	15
Experiência média de investimento	18 anos
Total de ativos sob gestão	US $ 1,2 bilhão

Capital financeiro e linhas de crédito

O Pennantpark garantiu linhas de crédito totalizando US $ 600 milhões em 31 de dezembro de 2023. A Companhia mantém uma estrutura de financiamento diversificada com várias instituições financeiras.

Detalhes da instalação de crédito	Quantia
Total de linhas de crédito	US $ 600 milhões
Número de instituições de empréstimos	7

Ferramentas de análise de investimento proprietárias

A Companhia utiliza modelos de avaliação e avaliação de riscos proprietários desenvolvidos internamente, com um investimento anual tecnológico de aproximadamente US $ 2,5 milhões em pesquisa e desenvolvimento.

Forte rede de relacionamentos da indústria

• Mais de 200 conexões de investidores institucionais diretos
• Relacionamentos com mais de 75 empresas de private equity de mercado intermediário
• Participação ativa em 12 conferências do setor anualmente

Equipe de gestão sênior experiente

A equipe de gerenciamento sênior tem um mandato médio de 15 anos em gerenciamento alternativo de investimentos, com os principais executivos mantendo certificações financeiras avançadas.

Experiência de gerenciamento	Dados quantitativos
Possui de gerenciamento médio	15 anos
Executivos com certificação CFA	4
Executivos com MBA	6

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: proposições de valor

Fornecendo financiamento de dívida flexível e flutuante

A partir do quarto trimestre 2023, a Pennantpark Floating Taxa Capital Ltd. fornece financiamento da dívida com taxa flutuante com as seguintes características -chave:

Parâmetro de financiamento	Detalhes específicos
Portfólio total de investimentos	US $ 920,3 milhões
Tamanho médio de investimento da dívida	US $ 14,2 milhões por empresa de mercado intermediário
Porcentagem de empréstimo de taxa flutuante	87,6% do portfólio total

Gerando renda consistente para investidores

As métricas de geração de renda para investidores incluem:

• Taxa de distribuição trimestral: 8,25%
• Rendimento anual de dividendos: 10,3%
• Receita líquida de investimento: US $ 36,5 milhões em 2023

Direcionando empresas de médio porte

O PFLT se concentra em segmentos específicos do mercado intermediário:

Segmento da indústria	Porcentagem de portfólio
Software & Tecnologia	22.4%
Assistência médica	18.7%
Serviços de negócios	15.3%

Oferecendo oportunidades alternativas de investimento

Características de investimento alternativas:

• Investimento mínimo: US $ 25.000
• Veículo de investimento: empresa de desenvolvimento de negócios fechado
• Total de ativos sob gestão: US $ 1,2 bilhão

Fornecendo possíveis rendimentos mais altos

Métricas de comparação de rendimento:

Tipo de investimento	Rendimento médio
Empréstimos de taxa flutuante de pflT	11.5%
Títulos corporativos	6.2%
Títulos do Tesouro	4.7%

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: Relacionamentos do cliente

Gerenciamento de relacionamento direto

O Pennantpark mantém as relações diretas dos investidores por meio de estratégias direcionadas de engajamento:

Canal de relacionamento	Freqüência	Segmentos de investidores
Reuniões institucionais de investidores	Trimestral	Alto patrimônio líquido, investidores institucionais
Consultas individuais	Mensal	Investidores credenciados
Equipe dedicada de relações com investidores	Contínuo	Todas as categorias de investidores

Relatórios e comunicação transparentes

Relatando métricas para comunicação para investidores:

• Relatórios financeiros trimestrais: 4 vezes por ano
• Relatório Anual Divulgação detalhada
• Sec. Transparência

Apresentações e atualizações regulares de investidores

Tipo de apresentação	Freqüência	Plataforma
Damadas de conferência de ganhos	Trimestral	Webcast, teleconferência
Apresentação do Dia do Investidor	Anualmente	Pessoalmente e virtual

Estratégias de investimento personalizadas

Abordagem de personalização para investidores:

• Recomendações de portfólio ajustadas por risco
• Estratégias de alocação de investimento personalizadas
• Análise de desempenho de portfólio individual

Acesso ao portal de investidores on -line

Recurso do portal	Acessibilidade	Nível de segurança
Rastreamento de portfólio em tempo real	24/7 de acesso online	Autenticação multifatorial
Repositório de documentos	Armazenamento em nuvem segura	Acesso criptografado
Painéis de desempenho	Métricas personalizadas	Permissões baseadas em funções

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Capital Capital Ltd. Flutuating Ltd. mantém uma equipe interna de vendas diretas de 12 profissionais a partir de 2024. A equipe se concentra em segmentos de investidores institucionais e credenciados.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Anos médios de experiência	8,5 anos
Segmentos de investimento alvo	Investidores institucionais

Redes de corretores de investimento

O Pennantpark colabora com 47 redes de corretores de investimentos registrados em todo o país.

• Raymond James Financial
• Morgan Stanley
• Serviços financeiros do UBS
• Janney Montgomery Scott

Referências de consultores financeiros

A empresa recebe referências de 328 empresas de consultoria financeira independentes em 2024.

Categoria de referência	Número de parceiros
Consultores financeiros independentes	328
Taxa de conversão de referência	17.3%

Site da empresa

O site da Pennantpark gera 42.500 visitantes mensais exclusivos em 2024.

• Site: www.pennantpark.com
• Visitantes únicos mensais: 42.500
• Conversão de consulta de investimento on -line: 3,2%

Conferências de investidores e roadshows

O Pennantpark participa de 24 conferências de investidores anualmente.

Tipo de conferência	Participação anual
Conferências Nacionais de Investidores	18
Fóruns de investimento regional	6
Conferências anuais totais	24

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre de 2023, a Capital Capital Capital Ltd. da Pennantpark atende a investidores institucionais com ativos totais sob gestão (AUM) de aproximadamente US $ 1,2 bilhão.

Tipo de investidor	Volume de investimento	Porcentagem de portfólio
Grandes investidores institucionais	US $ 750 milhões	62.5%
Investidores institucionais de tamanho médio	US $ 300 milhões	25%
Investidores institucionais especializados	US $ 150 milhões	12.5%

Indivíduos de alto patrimônio líquido

Os indivíduos de alto patrimônio líquido representam um segmento de clientes significativo para a PFLT, com um tamanho médio de investimento de US $ 2,5 milhões por cliente.

• Base total de clientes líquidos de alto patrimônio líquido: 425 indivíduos
• Alocação média de portfólio: 15-25% em investimentos de taxa flutuante
• Limite mínimo de investimento: US $ 500.000

Fundos mútuos

O segmento de clientes do PFLT Fund Fund compreende 18 empresas de gerenciamento de fundos diferentes.

Categoria de fundo	Número de fundos	Investimento total
Fundos de renda fixa	8	US $ 350 milhões
Fundos equilibrados	6	US $ 250 milhões
Fundos orientados a renda	4	US $ 150 milhões

Fundos de pensão

Os fundos de pensão constituem um segmento crucial do cliente para a PFLT, com alocações estratégicas de investimentos a longo prazo.

• Total de clientes de fundo de pensão: 12
• Valor agregado de investimento: US $ 600 milhões
• Duração média do investimento: 7-10 anos

Empresas de gerenciamento de patrimônio privado

A PFLT colabora com 22 empresas privadas de gerenciamento de patrimônio nos Estados Unidos.

Tamanho da empresa	Número de empresas	Total de ativos gerenciados
Grandes empresas	6	US $ 450 milhões
Empresas médias	10	US $ 250 milhões
Empresas boutiques	6	US $ 100 milhões

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: Estrutura de custos

Taxas de gestão e consultoria

A partir de 2023 Relatório Anual, relatou a Pennantpark Floating Taxa Capital Ltd.:

Tipo de taxa	Valor anual
Taxa de gerenciamento base	US $ 21,4 milhões
Taxa de gerenciamento de incentivos	US $ 6,3 milhões

Despesas de juros em capital emprestado

Redução de despesas com juros para o ano fiscal de 2023:

Instrumento de dívida	Despesa de juros
Linha de crédito	US $ 15,7 milhões
Notas seniores	US $ 8,9 milhões

Custos operacionais e administrativos

• Total de despesas administrativas: US $ 4,2 milhões
• Taxas profissionais: US $ 1,6 milhão
• Compensação dos diretores: US $ 0,7 milhão

Conformidade e despesas regulatórias

Custos relacionados à conformidade para 2023:

• Taxas legais e de conformidade: US $ 1,1 milhão
• Serviços de auditoria e contabilidade: US $ 0,9 milhão
• Custos de arquivamento regulatório: US $ 0,3 milhão

Investimentos de tecnologia e infraestrutura

Categoria de tecnologia	Valor do investimento
Infraestrutura de TI	US $ 0,8 milhão
Atualizações de segurança cibernética	US $ 0,5 milhão
Licenciamento de software	US $ 0,4 milhão

Pennantpark Floating Taxa Capital Ltd. (PFLT) - Modelo de negócios: fluxos de receita

Receita de juros da carteira de empréstimos

A partir do terceiro trimestre de 2023, a Capital Capital Capital Ltd. da Pennantpark relatou receita total de investimento de US $ 44,0 milhões, com receita de juros representando uma parcela significativa desse fluxo de receita.

Categoria de renda	Valor (Q3 2023)
Receita de juros	US $ 36,2 milhões
Renda de dividendos	US $ 3,8 milhões
Outras receitas de investimento	US $ 4,0 milhões

Apreciação de capital dos investimentos

O valor líquido do portfólio de investimentos da empresa (NAV) era de US $ 635,5 milhões em 30 de setembro de 2023.

Taxas de origem e comprometimento

• As taxas de originação geralmente variam entre 1-2% do valor total do empréstimo
• As taxas de compromisso geraram aproximadamente US $ 2,1 milhões em 2023

Taxas de gerenciamento de investimentos

As taxas de gerenciamento de investimentos para o ano fiscal de 2023 totalizaram US $ 8,5 milhões, representando um fluxo de receita consistente das atividades de gerenciamento de ativos.

Taxas de incentivo baseadas em desempenho

Categoria de taxa	Valor (2023)
Taxas de incentivo baseadas em desempenho	US $ 3,7 milhões

Composição total de receita (2023):

• Receita de juros: US $ 36,2 milhões
• Taxas de gerenciamento de investimentos: US $ 8,5 milhões
• Taxas de incentivo de desempenho: US $ 3,7 milhões
• Outra renda: US $ 4,0 milhões

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.