The primary difference between PennantPark Floating Rate Capital (PFLT) and PennantPark Investment Corporation (PNNT) lies in their core investment strategies and asset allocations. PFLT focuses predominantly on investing in first-lien senior secured floating-rate debt, emphasizing lower-risk capital preservation and monthly income stability. In contrast, PNNT maintains a more diversified portfolio that includes a mix of first-lien debt, second-lien debt, and equity co-investments, targeting higher overall yields alongside increased exposure to equity-like upside potential and credit risk.