Many systems such as turbo-generators, wind turbines and helicopters show intrinsic time-periodic behaviors. Usually, these structures are considered to be faithfully modeled as linear time-invariant (LTI). In some cases where the rotor is anisotropic, this modeling does not hold and the equations of motion lead necessarily to a linear periodically time- varying (referred to as LPTV in the control and digital signal field or LTP in the mechanical and nonlinear dynamics world) model. Classical modal analysis methodologies based on the classical time-invariant eigenstructure (frequencies and damping ratios) of the system no more apply. This is the case in particular for subspace methods. For such time-periodic systems, the modal analysis can be described by characteristic exponents called Floquet multipliers. The aim of this paper is to suggest a new subspace-based algorithm that is able to extract these multipliers and the corresponding frequencies and damping ratios. The algorithm is then tested on a numerical model of a hinged-bladed helicopter on the ground.