June 30, 2019 N E W Y O R K • C H I C A G O • H O U S T O N • L O S A N G E L E S Forward-looking Statements and Risk Factors This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies and results of our operations. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be ful ...

Financial Data and Key Metrics Changes - For the quarter ended June 30, 2019, net investment income was $0.29 per share, with net unrealized appreciation among investments of approximately $12 million or $0.30 per share, and net realized losses of about $18 million or $0.47 per share [30][31] - NAV decreased from $13.24 to $13.07 per share, indicating a slight decline in the company's overall value [32] Business Line Data and Key Metrics Changes - The PennantPark Senior Secured Loan Fund (PSSL) owned a diversified pool of $470 million across 43 names, with an average yield of 7.9% [9] - The number of non-accruals decreased to two, representing only 1.4% of cost and 0.5% of the market value of the portfolio, showing improved credit quality [19][20] Market Data and Key Metrics Changes - The overall debt portfolio has a weighted average yield of 8.9%, with 99% of the portfolio being floating rate [33] - The cash interest coverage ratio remains healthy at 2.8 times, providing a significant cushion to support stable investment income [17] Company Strategy and Development Direction - The company aims for a debt-to-equity ratio of 1.4 to 1.7 times, with a gradual increase in leverage against a primarily first lien portfolio to enhance earnings [13][14] - The focus remains on financing middle-market financial sponsors, with relationships with about 400 private equity sponsors, emphasizing long-term value and defensive investment strategies [14][16] Management's Comments on Operating Environment and Future Outlook - Management indicated a strong U.S. economy with no signs of recession, and they are optimistic about the portfolio's performance [21] - The company expects continued active deal flow driven by growth and M&A financings for the remainder of 2019 [28] Other Important Information - The company has made investments totaling about $3 billion since inception, with an average yield of 8.1% and an annualized loss ratio of only about 8 basis points [20] - The company is actively considering CLO financing to help achieve its target debt-to-equity ratio, which could provide a differentiated financing source [42][43] Q&A Session Summary Question: Growth in PSSL and NII contribution - Management acknowledged a temporary reduction in PSSL due to repayments but aims to ramp it up in the coming quarters [41] Question: Spread compression and liability side opportunities - Management is actively considering CLO financing as a potential source of capital, which could provide long-term financing benefits [42][43] Question: Return on equity enhancement opportunities - Management indicated that gradual increases in leverage and fixed G&A costs would enhance return on equity as the portfolio grows [44] Question: Recovery rate on non-accruals - The recovery rate has decreased to the 80s, with management hopeful for good recoveries from equity pieces [46] Question: Increase in debt-to-EBITDA ratio - Management attributed the increase to underperforming deals but expects it to normalize back to mid-4s over time [50][53] Question: Loss assumptions and severity - Management believes they will perform better than market expectations of a 2% default rate and 80% recovery rate, citing historical performance of 8 basis points annualized loss [57][58] Question: Drivers of realized and unrealized gains and losses - New Trident was a significant driver of losses, while positive contributions came from equity co-investments like By Light [62] Question: Monetizing equity co-invests - Management indicated that private equity sponsors are considering monetizing gains, but timing is uncertain [63] Question: Thoughts on cumulative preferred dividends - Management chose not to convert to a cumulative preferred position due to underlying performance concerns [65]

PennantPark Floating Rate Capital (NYSE:PFLT) Q2 2019 Earnings Conference Call May 9, 2019 10:00 AM ET Company Participants Art Penn - Chairman & Chief Executive Officer Aviv Efrat - Chief Financial Officer Conference Call Participants Michael Ramirez - SunTrust Ryan Lynch - Keefe, Bruyette & Woods Ray Cheesman - Anfield Capital Doug Crimmins - RVP Operator Good morning and welcome to the PennantPark Floating Rate Capital Second Fiscal Quarter 2019 Earnings Conference Call. Today's conference is being recor ...

PennantPark Floating Rate Capital (NYSE:PFLT) Q1 2019 Earnings Conference Call February 7, 2019 10:00 AM ET Company Participants Art Penn - Chairman & Chief Executive Officer Aviv Efrat - Chief Financial Officer Operator Good morning, and welcome to the PennantPark Floating Rate Capital First Fiscal Quarter 2019 Earnings Conference Call. Today's conference is being recorded. At this time, all participants are placed in a listen-only mode. The call will be open for a question-and-answer session following the ...