On July 17, 2024, PennantPark Floating Rate Capital Ltd. (the “Company”) entered into equity distribution agreements (together, the “Equity Distribution
Agreements”) with each of Citizens JMP Securities, LLC, Raymond James & Associates, Inc. and Truist Securities, Inc., as the sales agents (each, a “Sales
Agent,” and together, the “Sales Agents”), in connection with the sale of shares of the Company’s common stock, par value $0.001 per share (the
“Common Stock”), with an aggregate offering price of up to $500 million. The Equity Distribution Agreements provide that the Company may offer and
sell shares of the Common Stock from time to time through a Sales Agent in amounts and at times to be determined by the Company (the “Offering”).
Actual sales will depend on a variety of factors to be determined by the Company from time to time, including market conditions and the trading price of
the Common Stock. The Company expects to use the net proceeds from this offering to invest in new or existing portfolio companies or for other general
corporate or strategic purposes, including repaying amounts outstanding under its existing indebtedness.