PFLTMEDIUM SIGNALFINANCIAL10-K
PFLT significantly expanded its portfolio with substantial new first lien secured debt investments across healthcare, media, and consumer sectors while experiencing declining profitability despite asset growth.
The portfolio additions indicate aggressive growth strategy with new investments in healthcare providers (Ro Health, Emergency Care Partners, Rancho Health MSO) and consumer companies, while removing some existing positions suggests active portfolio management. The mix of high-coupon debt (9-12% range) shows PFLT is targeting higher-yielding opportunities but faces execution risk from rapid expansion.
Comparing 2025-11-24 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS
PFLT demonstrated significant balance sheet expansion with total assets growing 38% to $2.9B and liabilities surging 49% to $1.8B, indicating aggressive leverage to fund growth. Despite substantially higher dividend payments (+42% to $112M) suggesting confidence in cash generation, net income declined 28% to $66M while operating cash flow remained deeply negative at -$721M. This combination of rapid asset growth, increased leverage, declining profitability, and negative operating cash flow signals potential strain from the expansion strategy.
FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
$1.2B→$1.8B
Liabilities grew 49.3% — significant increase in debt or obligations, assess impact on financial flexibility.
Dividends Paid
Cash Flow
$78.8M→$111.6M
Dividend payments increased 41.6% — management confidence in sustained cash generation.
Total Assets
Balance Sheet
$2.1B→$2.9B
Asset base grew 38.2% — expansion through organic growth, acquisitions, or capital deployment.
Net Income
P&L
$91.8M→$66.4M
Net income declined 27.7% — review whether driven by operations, interest costs, or non-recurring items.
Stockholders Equity
Balance Sheet
$877.3M→$1.1B
Equity base grew 22.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.
Operating Cash Flow
Cash Flow
-$801.4M→-$720.6M
Operating cash flow grew 10.1% — strong conversion of earnings to cash, healthy business fundamentals.
LANGUAGE CHANGES
NEW — 2025-11-24
PRIOR — 2024-11-26
ADDED
Maturity 12/4/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+ 611 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Ro Health, LLC - Funded Revolver Acquisitions 1/16/2025 Maturity 01/17/2031 Industry Healthcare Providers and Services Current Coupon 9.00% Basis Point Spread Above Index 3M SOFR+ 500 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc.
Acquisition 4/26/2024 Maturity 1/23/2029 Industry Media Current Coupon 10.52% Basis Point Spread Above Index SOFR+650 2024-10-01 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Emergency Care Partners, LLC - Unfunded Revolver Acquisition 10/18/2024 Maturity 10/18/2027 Industry Healthcare Providers and Services 2024-10-01 2025-09-30 0001504619 First Lien Secured Debt Issuer Name Rancho Health MSO, Inc.
Acquisition 3/15/2022 Maturity 8/10/2027 Industry Trading Companies Distributors Current Coupon 9.80% Basis Point Spread Above Index SOFR+560 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Halo Buyer, Inc.
Acquisition 02/07/2025 Maturity 08/07/2029 Industry Consumer products Current Coupon 10.16% Basis Point Spread Above Index 1M SOFR+ 600 2024-10-01 2025-09-30 0001504619 First Lien Secured Debt Issuer Name Output Services Group, Inc.
- First-Out Term Loan Acquisition 12/1/2023 Maturity 11/30/2028 Industry Business Services Current Coupon 12.71% Basis Point Spread Above Index SOFR+843 2024-10-01 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Quantic Electronics, LLC (Revolver) Maturity 11/19/2026 Industry Electronic Equipment, Instruments, and Components 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Megawatt Acquisitionco, Inc.
Acquisition 7/11/2023 Maturity 1/15/2026 Industry Consumer Goods: Durable Current Coupon 11.78% Basis Point Spread Above Index SOFR+761 2025-09-30 0001504619 First Lien Secured Debt Issuer Name Pink Lily Holdco, LLC Acquisition 11/30/2021 Maturity 11/9/2027 Industry Textiles, Apparel and Luxury Goods Current Coupon 4.35% 2025-09-30 0001504619 us-gaap:FairValueInputsLevel2Member 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Symplr Software, Inc.
Acquisition 8/27/2025 Maturity 12/20/2027 Industry Software Current Coupon 8.91% Basis Point Spread Above Index 3M SOFR+ 460 2024-10-01 2025-09-30 0001504619 Equity Securities Issuer Name New Insight Holdings, Inc.
Acquisitions 7/31/2025 Maturity 07/31/2031 Industry Professional Services Current Coupon 8.50% 2024-10-01 2025-09-30 0001504619 pflt:TwoThousandAndThirtySevenAssetBackedDebtMember 2024-10-01 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt Infinity Home Services Holdco, Inc.
- Funded Revolver Acquisition 12/21/2022 Maturity 12/28/2028 Industry Commercial Services Supplies Current Coupon 12.25% 2025-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt MDI Buyer, Inc.
Maturity 07/25/2028 Industry Commodity Chemicals Current Coupon 11.25% Basis Point Spread Above Index 3M SOFR+ 575 2023-10-01 2024-09-30 0001504619 pflt:TruistCreditFacilityMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies First Lien Secured Debt PAR Excellence Holdings, Inc.
REMOVED
(Revolver) Maturity 11/03/2025 Industry Personal Products 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% UniTek Global Services, Inc.
Maturity 12/28/2028 Industry Commercial Services Supplies Current Coupon 12.24% Basis Point Spread Above Index 3M SOFR+685 2022-10-01 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,404.5% Issuer Name Schlesinger Global, Inc.
Maturity 07/14/2025 Industry Business Services Current Coupon 13.20% Basis Point Spread Above Index SOFR+835 2024-09-30 0001504619 Related Party PSSL First Lien Secured Debt 1,404.5% Issuer Name Skopima Consilio Parent, LLC Maturity 05/17/2028 Industry Business Services Current Coupon 9.46% Basis Point Spread Above Index SOFR+461 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% Loving Tan Intermediate II, Inc.
Maturity 12/04/2025 Industry Textiles, Apparel and Luxury Goods Current Coupon 10.97% Basis Point Spread Above Index 3M SOFR+611 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 118.1%, Common Equity/Warrants 14.5%, Lightspeed Investment Holdco LLC, Industry Healthcare Technology 2022-10-01 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Preferred Equity - 2.1% C5MI Holdco, LLC.
Maturity 09/28/2027 Industry Distributors Current Coupon 9.75% Basis Point Spread Above Index SOFR+515 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 118.1% First Lien Secured Debt - 101.9% MBS Holdings, Inc.
(Revolver) Maturity 04/16/2027 Industry Internet Software and Services 2023-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name PlayPower, Inc.
- Funded Revolver Maturity 07/13/2027 Industry Media Current Coupon 10.58% Basis Point Spread Above Index 3M SOFR+576 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% Common Equity/Warrants - 15.9% Crane 1 Acquisition Parent Holdings, L.P.
(Revolver) Maturity 08/04/2028 Industry Aerospace and Defense 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 186.1% First Lien Secured Debt - 167.8% EDS Buyer, LLC.
(Revolver) Maturity 01/10/2029 Industry Electronic Equipment, Instruments, and Components 2023-10-01 2024-09-30 0001504619 Related Party PSSL First Lien Secured Debt - 1,347.5% Issuer Name Applied Technical Services, LLC Maturity 12/29/2026 Industry Commercial Services Supplies Current Coupon 11.54% Basis Point Spread Above Index SOFR+615 2023-09-30 0001504619 pflt:HealthcareEducationAndChildcareMember 2023-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 118.1% First Lien Secured Debt - 101.9% Inventus Power, Inc.
Maturity 06/30/2025 Industry Electronic Equipment, Instruments, and Components Current Coupon 12.93% Basis Point Spread Above Index 1M SOFR+761 2022-10-01 2023-09-30 0001504619 pflt:TwoThousandAndThirtyOneAssetBackedDebtMember 2019-09-30 0001504619 pflt:LitigationMember 2023-10-01 2024-09-30 0001504619 Investments in Non-Controlled, Non-Affiliated Portfolio Companies 118.1%, First Lien Secured Debt 101.9%, Compex Legal Services, Inc.
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