PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate both current income and capital appreciation while seeking to preserve capital. It seeks to achieve its investment objective by investing primarily in loans bearing variable rates of interest, or floating rate loans, and other investments made to the United States middle-market private companies whose debt is rated below investment grade. It has investments in various sectors, including aerospace and defense; consumer services; high technology industries; healthcare and pharmaceuticals; business services; consumer goods: durable; retail; construction and building; hotel, gaming and leisure; consumer goods: non-durable; media: broadcasting and subscription; wholesale, and others. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers, LLC.