PennantPark Floating Rate Capital
Inside PennantPark Floating Rate Capital’s $2.5B private-credit portfolio — 535 holdings disclosed in SEC filings. The portfolio is concentrated in Financial Services Current Coupon 11.68% Basis Point (13%), a weighted-average spread near 581 bps.
Aug 10 · SEC EDGAR
Credit Snapshot
How PFLT’s own Schedule of Investments reads as a credit. Fair values are the manager’s own estimates; balance-sheet metrics (NAV, leverage) appear once annual financials are on file.
| Metric | Value | What healthy looks like |
|---|---|---|
| Top-5 Borrower Concentration | 20% of portfolio FV largest: Fund I, LLC (9.5% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 3.2% (1.9% below 80) of marked debt FV (86% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 1.9% of debt FV carries a PIK component 6th pct of 16 lower-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 98% floating, mostly SOFR of rate-classified debt (98% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-10 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (100% of debt FV carries a parsed maturity). The refinancing question: 14% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-10 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $79M | 3.5% |
| 2027 | $229M | 10.1% |
| 2028 | $251M | 11.1% |
| 2029 | $835M | 37.0% |
| 2030 | $406M | 18.0% |
| 2031+ | $455M | 20.2% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-10 filing.
| Avg debt mark vs 4q ago | 84.6 vs 85.0 (-0.4 pts) |
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-07 and 2026-08-10 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 19
- Fund I, Llc$238M
- Fund Ii, Llc$66M
- Interests Pennantpark Senior Secured Loan Fund I Llc$53M
- Bluebird Parent, Inc.$40M
- Interestspennantpark Senior Secured Loan Fund Ii Llc$28M
- By Light Investco Lp$11M
Exited 28
- Pennantpark Senior Secured Loan Fund I, Llc$238M
- Pennantpark Senior Secured Loan Fund Ii, Llc$66M
- Interests Pennantpark Senior Secured Loan Fund I Llc - Common Equity$60M
- Ggg Midco, Llc$31M
- Interestspennantpark Senior Secured Loan Fund Ii Llc - Common Equity$28M
- Big Top Holdings, Llc$22M
Biggest mark moves
- Kinetic Purchaser, Llc↓ 55→29
- Rural Sourcing Holdings, Inc.↓ 83→70
- Stoiclane, Inc. - Convertible Notes↓ 120→107
- Efficient Collaborative Retail Marketing Company, Llc↓ 84→72
- Orl Acquisition, Inc.↑ 59→67
- Exigo Intermediate Ii, Llc↓ 95→87
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV |
|---|---|---|---|---|---|---|---|
| 1 | Fund I, LLC | 1L Sr Secured | Financial Services Current Coupon 11.68% Basis Point | SOFR + 8.00% | May 2029 | $238M | 9.5% |
| 2 | Harris & Co. LLC | Debt | Professional Services Current Coupon 8.89% Basis Point | SOFR + 5.25% | Aug 2030 | $77M | 3.1% |
| 3 | Fund II, LLC | 1L Sr Secured | Financial Services Current Coupon 11.66% Basis Point | SOFR + 8.00% | Aug 2032 | $66M | 2.6% |
| 4 | Loving Tan Intermediate II, Inc. | Debt | SOFR + 5.25% | May 2028 | $57M | 2.3% | |
| 5 | Best Practice Associates, LLC | Debt | Aerospace and Defense Current Coupon 10.39% Basis Point | SOFR + 6.75% | Nov 2029 | $54M | 2.2% |
| 6 | Interests PennantPark Senior Secured Loan Fund I LLC | Equity | — | — | $53M | 2.1% | |
| 7 | Harvest Group Topco Buyer, LLC | Debt | Media Current Coupon 8.39% Basis Point | SOFR + 4.75% | Mar 2032 | $42M | 1.7% |
| 8 | RTIC Subsidiary Holdings, LLC | Debt | Leisure Products Current Coupon 9.48% Basis Point | SOFR + 5.75% | May 2029 | $42M | 1.7% |
| 9 | Argano, LLC | Debt | Business Services Current Coupon 9.15% Basis Point | SOFR + 5.50% | Sep 2029 | $41M | 1.6% |
| 10 | C5MI Acquisition, LLC | Debt | IT Services Current Coupon 9.73% Basis Point | SOFR + 6.00% | Jul 2029 | $39M | 1.6% |
| Full schedule — all 535 holdings, sortable and screenable → | |||||||
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — PennantPark Floating Rate Capital shares 156 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 633 to 581 bps over 13 quarters while marks held near 89.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 161 | 303 | 588 | 90.1 | $10.2B |
| Q2 2025 | 130 | 171 | 587 | 85.0 | $2.2B |
| Q3 2025 | 150 | 183 | 572 | 84.4 | $2.5B |
| Q4 2025 | 138 | 181 | 576 | 82.9 | $2.3B |
| Q1 2026 | 143 | 181 | 581 | 83.8 | $2.3B |
| Q2 2026 | 135 | 190 | 581 | 84.6 | $2.3B |
1 quarter omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
How large is PennantPark Floating Rate Capital's portfolio?
PennantPark Floating Rate Capital reported $2.5B in portfolio fair value across 535 holdings and 292 unique borrowers as of its 2026-08-10 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from PennantPark Floating Rate Capital's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-10 filing date.
About PennantPark Floating Rate Capital
PennantPark Floating Rate Capital (PFLT) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. PennantPark Floating Rate Capital discloses its full loan portfolio through SEC filings.